Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 25, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35385 | ||
Entity Registrant Name | STERLING BANCORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0091851 | ||
Entity Address, Address Line One | Two Blue Hill Plaza, Second Floor | ||
Entity Address, City or Town | Pearl River, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10965 | ||
City Area Code | 845 | ||
Local Phone Number | 369-8040 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Smaller Reporting Company | false | ||
Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.3 | ||
Entity Common Stock, Shares Outstanding (in shares) | 193,461,131 | ||
Documents Incorporated by Reference | Proxy Statement for the Annual Meeting of Stockholders (Part III) to be filed within 120 days after the end of the Registrant’s year ended December 31, 2020. | ||
Entity Central Index Key | 0001070154 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, par value $0.01 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | STL | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/40th interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A | ||
Trading Symbol | STLPRA | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Cash and due from banks | $ 305,002 | $ 329,151 |
Securities: | ||
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 |
Securities HTM, net of allowance for credit losses of $1,499 at December 31, 2020 | 1,740,838 | 1,979,661 |
Total securities | 4,039,456 | 5,075,309 |
Loans held for sale | 11,749 | 8,125 |
Portfolio loans | 21,848,409 | 21,440,212 |
ACL - loans | (326,100) | (106,238) |
Portfolio loans, net | 21,522,309 | 21,333,974 |
FHLB and FRB stock, at cost | 166,190 | 251,805 |
Accrued interest receivable | 97,505 | 100,312 |
Premises and equipment, net | 202,555 | 227,070 |
Goodwill | 1,683,482 | 1,683,482 |
Core deposit and other intangible assets | 93,564 | 110,364 |
BOLI | 629,576 | 613,848 |
OREO | 5,347 | 12,189 |
Other assets | 1,063,403 | 840,868 |
Total assets | 29,820,138 | 30,586,497 |
LIABILITIES: | ||
Deposits | 23,119,522 | 22,418,658 |
FHLB borrowings | 382,000 | 2,245,653 |
Federal Funds Purchased | 277,000 | 0 |
Other borrowings (repurchase agreements) | 27,101 | 22,678 |
3.50% Senior Notes | 0 | 173,504 |
Mortgage escrow funds | 59,686 | 58,316 |
Other liabilities | 728,702 | 693,452 |
Total liabilities | 25,229,624 | 26,056,384 |
Commitments and Contingent liabilities (See Notes 19 and 20.) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at December 31, 2020 and December 31, 2019) | 136,689 | 137,581 |
Common stock (par value $0.01 per share; 310,000,000 shares authorized at December 31, 2020 and December 31, 2019; 229,872,925 shares issued at December 31, 2020 and December 31, 2019; 192,923,371 and 198,455,324 shares outstanding at December 31, 2020 and December 31, 2019, respectively) | 2,299 | 2,299 |
Additional paid-in capital | 3,761,993 | 3,766,716 |
Treasury stock, at cost (36,949,554 shares at December 31, 2020 and 31,417,601 shares at December 31, 2019) | (686,911) | (583,408) |
Retained earnings | 1,291,628 | 1,166,709 |
Accumulated other comprehensive income, net of tax expense of $32,399 at December 31, 2020 and $15,361 at December 31, 2019 | 84,816 | 40,216 |
Total stockholders’ equity | 4,590,514 | 4,530,113 |
Total liabilities and stockholders’ equity | 29,820,138 | 30,586,497 |
Sterling National Bank | ||
Securities: | ||
ACL - loans | (179,610) | (106,892) |
LIABILITIES: | ||
Subordinated Notes - Company | 143,703 | 173,182 |
Sterling Bancorp | ||
Securities: | ||
ACL - loans | (179,610) | (106,892) |
Goodwill | 27,910 | 27,910 |
Other assets | 31,875 | 24,521 |
Total assets | 5,090,847 | 4,981,098 |
LIABILITIES: | ||
3.50% Senior Notes | 0 | 173,504 |
Subordinated Notes - Company | 491,910 | 270,941 |
Other liabilities | 8,423 | 6,540 |
Total liabilities | 500,333 | 450,985 |
STOCKHOLDERS’ EQUITY: | ||
Total stockholders’ equity | 4,590,514 | 4,530,113 |
Total liabilities and stockholders’ equity | $ 5,090,847 | $ 4,981,098 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total ACL - HTM securities | $ 1,499 | $ 0 |
Held to maturity, fair value | $ 1,874,504 | $ 2,053,191 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 135,000 | 135,000 |
Preferred stock, shares outstanding (in shares) | 135,000 | 135,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 310,000,000 | 310,000,000 |
Common stock, shares issued (in shares) | 229,872,925 | 229,872,925 |
Common stock, shares outstanding (in shares) | 192,923,371 | 198,455,324 |
Treasury stock (in shares) | 36,949,554 | 31,417,601 |
Accumulated other comprehensive income, tax benefit | $ 32,399 | $ 15,361 |
3.50% Senior Notes | Senior Notes | ||
Interest rate | 3.50% |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income: | |||
Loans, including fees | $ 882,874 | $ 1,029,369 | $ 1,006,496 |
Taxable securities | 73,786 | 94,823 | 115,971 |
Non-taxable securities | 49,924 | 55,802 | 61,062 |
Other earning assets | 7,437 | 22,546 | 24,944 |
Total interest and dividend income | 1,014,021 | 1,202,540 | 1,208,473 |
Interest expense: | |||
Deposits | 105,559 | 192,361 | 130,096 |
Borrowings | 43,541 | 91,256 | 110,974 |
Total interest expense | 149,100 | 283,617 | 241,070 |
Net interest income | 864,921 | 918,923 | 967,403 |
Provision for credit losses - loans | 251,683 | 45,985 | 46,000 |
Provision for credit losses - HTM securities | 703 | 0 | 0 |
Net interest income after provision for credit losses | 612,535 | 872,938 | 921,403 |
Non-interest income: | |||
Deposit fees and service charges | 23,903 | 26,398 | 26,830 |
Accounts receivable management / factoring commissions and other related fees | 21,847 | 23,837 | 22,772 |
BOLI | 20,292 | 20,670 | 15,651 |
Loan commissions and fees | 39,537 | 24,129 | 16,181 |
Investment management fees | 6,660 | 7,305 | 7,790 |
Net gain (loss) on sale of securities | 9,428 | (6,905) | (10,788) |
Net gain on called securities | 4,880 | 0 | 0 |
Net gain on termination of pension plan | 0 | 11,817 | 0 |
Gain on sale of premises and equipment | 0 | 0 | 11,800 |
Gain on sale of residential mortgage loans | 0 | 8,313 | 0 |
Other | 9,015 | 15,301 | 12,961 |
Total non-interest income | 135,562 | 130,865 | 103,197 |
Non-interest expense: | |||
Compensation and employee benefits | 222,067 | 215,766 | 220,340 |
Stock-based compensation plans | 23,010 | 19,473 | 12,984 |
Occupancy and office operations | 59,358 | 64,363 | 68,536 |
Information technology | 33,311 | 35,580 | 41,174 |
Professional fees | 24,893 | 19,519 | 13,371 |
Amortization of intangible assets | 16,800 | 19,181 | 23,646 |
FDIC insurance and regulatory assessments | 13,041 | 12,660 | 20,493 |
OREO, net | 1,719 | 622 | 1,650 |
Charge for asset write-downs, systems integration, severance and retention | 0 | 8,477 | 4,396 |
Loss (gain) on extinguishment of borrowings | 19,462 | (46) | (172) |
Impairment related to financial centers and real estate consolidation strategy | 13,311 | 14,398 | 8,736 |
Other | 65,457 | 53,844 | 43,216 |
Total non-interest expense | 492,429 | 463,837 | 458,370 |
Income before income taxes | 255,668 | 539,966 | 566,230 |
Income tax expense | 29,899 | 112,925 | 118,976 |
Net income | 225,769 | 427,041 | 447,254 |
Preferred stock dividends | 7,883 | 7,933 | 7,978 |
Net income available to common stockholders | $ 217,886 | $ 419,108 | $ 439,276 |
Weighted average common shares: | |||
Basic (in shares) | 194,084,358 | 205,679,874 | 224,299,488 |
Diluted (in shares) | 194,393,343 | 206,131,628 | 224,816,996 |
EPS: | |||
Basic (in dollars per share) | $ 1.12 | $ 2.04 | $ 1.96 |
Diluted (in dollars per share) | $ 1.12 | $ 2.03 | $ 1.95 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 225,769 | $ 427,041 | $ 447,254 |
Other comprehensive income (loss): | |||
Change in unrealized holding gains (losses) on securities available for sale | 72,358 | 161,255 | (77,645) |
Unrealized loss on transfer of securities held to maturity to available for sale | 0 | (11,813) | 0 |
Change in net unrealized gain on securities transferred to held to maturity | 396 | 2,775 | 908 |
Reclassification adjustment for net realized (gains) losses included in net income | (9,428) | 6,905 | 10,788 |
Change in funded status of defined benefit plans and acceleration of future amortization of accumulated other comprehensive (loss) gain on defined benefit pension plan | (1,688) | (12,410) | 17,824 |
Total other comprehensive income (loss) items | 61,638 | 146,712 | (48,125) |
Related income tax (expense) benefit | (17,038) | (40,551) | 13,475 |
Other comprehensive income (loss) | 44,600 | 106,161 | (34,650) |
Total comprehensive income | $ 270,369 | $ 533,202 | $ 412,604 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common stock | Common stockCumulative Effect, Period of Adoption, Adjusted Balance | Preferred stock | Preferred stockCumulative Effect, Period of Adoption, Adjusted Balance | Additional paid-in capital | Additional paid-in capitalCumulative Effect, Period of Adoption, Adjusted Balance | Treasury stock | Treasury stockCumulative Effect, Period of Adoption, Adjusted Balance | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | Retained earningsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated other comprehensive (loss) income | Accumulated other comprehensive (loss) incomeCumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance (in shares) at Dec. 31, 2017 | 224,782,694 | |||||||||||||||
Beginning balance at Dec. 31, 2017 | $ 4,240,178 | $ 2,299 | $ 139,220 | $ 3,780,908 | $ (58,039) | $ 401,956 | $ (26,166) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 447,254 | 447,254 | ||||||||||||||
Other comprehensive income (loss) | (34,650) | (34,650) | ||||||||||||||
Stock option & other stock transactions, net (in shares) | 66,028 | |||||||||||||||
Stock option & other stock transactions, net | 697 | 6 | 831 | (140) | ||||||||||||
Restricted stock awards, net (in shares) | 493,901 | |||||||||||||||
Restricted stock awards, net | 7,170 | (4,453) | 3,176 | 8,447 | ||||||||||||
Purchase of treasury stock (in shares) | (9,114,771) | |||||||||||||||
Purchase of treasury stock | (159,903) | (159,903) | ||||||||||||||
Cash dividends declared, common | (63,118) | (63,118) | ||||||||||||||
Cash dividends paid, preferred | (8,775) | (797) | (7,978) | |||||||||||||
Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI | (5,129) | 5,129 | (5,129) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 216,227,852 | |||||||||||||||
Ending balance at Dec. 31, 2018 | 4,428,853 | $ 2,299 | 138,423 | 3,776,461 | (213,935) | 791,550 | (65,945) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 427,041 | 427,041 | ||||||||||||||
Other comprehensive income (loss) | 106,161 | 106,161 | ||||||||||||||
Stock option & other stock transactions, net (in shares) | 257,765 | |||||||||||||||
Stock option & other stock transactions, net | 2,909 | 0 | 2,182 | 727 | ||||||||||||
Restricted stock awards, net (in shares) | 1,282,401 | |||||||||||||||
Restricted stock awards, net | 14,917 | (9,745) | 11,228 | 13,434 | ||||||||||||
Purchase of treasury stock (in shares) | (19,312,694) | |||||||||||||||
Purchase of treasury stock | (382,883) | (382,883) | ||||||||||||||
Cash dividends declared, common | (58,110) | (58,110) | ||||||||||||||
Cash dividends paid, preferred | (8,775) | (842) | (7,933) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 198,455,324 | |||||||||||||||
Ending balance at Dec. 31, 2019 | $ 4,530,113 | $ (54,254) | $ 4,475,859 | $ 2,299 | $ 2,299 | 137,581 | $ 137,581 | 3,766,716 | $ 3,766,716 | (583,408) | $ (583,408) | 1,166,709 | $ (54,254) | $ 1,112,455 | 40,216 | $ 40,216 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||
Net income | $ 225,769 | 225,769 | ||||||||||||||
Other comprehensive income (loss) | 44,600 | 44,600 | ||||||||||||||
Stock option & other stock transactions, net (in shares) | 60,500 | |||||||||||||||
Stock option & other stock transactions, net | 610 | 531 | 79 | |||||||||||||
Restricted stock awards, net (in shares) | 1,232,900 | |||||||||||||||
Restricted stock awards, net | 18,543 | (4,723) | 7,563 | 15,703 | ||||||||||||
Purchase of treasury stock (in shares) | (6,825,353) | |||||||||||||||
Purchase of treasury stock | (111,597) | (111,597) | ||||||||||||||
Cash dividends declared, common | (54,495) | (54,495) | ||||||||||||||
Cash dividends paid, preferred | (8,775) | (892) | (7,883) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 192,923,371 | |||||||||||||||
Ending balance at Dec. 31, 2020 | $ 4,590,514 | $ 2,299 | $ 136,689 | $ 3,761,993 | $ (686,911) | $ 1,291,628 | $ 84,816 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, cash dividends paid (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.28 |
Preferred stock, cash dividends paid (in dollars per share) | $ 65 | $ 65 | $ 65 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 225,769 | $ 427,041 | $ 447,254 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses - loans | 251,683 | 45,985 | 46,000 |
Provision for credit losses - HTM securities | 703 | 0 | 0 |
Charge of asset write-downs, systems integration, severance and retention | 0 | 8,477 | 4,396 |
(Gain) from termination of defined benefit pension plan | 0 | (11,817) | 0 |
Loss (gain) on extinguishment of borrowings | 19,462 | (46) | (172) |
Loss (gain) and write-downs on OREO | 1,024 | (593) | (1,001) |
(Gain) on sale of premises and equipment | 0 | 0 | (11,800) |
Depreciation and amortization of premises and equipment | 19,490 | 19,926 | 20,349 |
Loss on sale and impairment on premises and equipment | 10,550 | 10,751 | 6,769 |
Impairment from early termination of leases | 2,761 | 3,647 | 1,967 |
Amortization of intangibles | 16,800 | 19,181 | 23,646 |
Amortization of low income housing tax credits | 34,295 | 16,718 | 6,655 |
(Gain) on sale of loans held for sale | (6,620) | (8,313) | (41) |
Net (gains) losses on sales of securities | (9,428) | 6,905 | 10,788 |
(Gain) on security calls available for sale | (4,897) | 0 | 0 |
Loss on security calls held to maturity | 17 | 0 | 0 |
Net (accretion) on loans | (37,305) | (90,011) | (110,942) |
Net amortization of premiums on securities | 30,814 | 34,109 | 38,985 |
Amortization of premium on certificates of deposit | (1,998) | (3,819) | (6,178) |
Net accretion of discount (amortization of premium), on borrowings | 129 | (1,540) | (1,748) |
Restricted stock expense | 23,010 | 19,473 | 12,978 |
Stock option compensation expense | 0 | 0 | 6 |
Originations of loans held for sale | (47,930) | (8,000) | (52,919) |
Proceeds from sales of loans held for sale | 39,806 | 28,687 | 33,005 |
Increase in cash surrender value of BOLI | (20,292) | (20,670) | (15,651) |
Deferred income tax (benefit) expense | (48,492) | 81,176 | 56,903 |
Other adjustments (principally net changes in other assets and other liabilities) | (107,513) | (139,198) | (114,474) |
Net cash provided by operating activities | 391,838 | 438,069 | 394,775 |
Purchases of securities: | |||
AFS | (373,958) | (226,689) | (873,557) |
HTM | (9,741) | (22,700) | (145,685) |
Proceeds from maturities, calls and other principal payments on securities: | |||
AFS | 605,694 | 464,261 | 345,037 |
HTM | 125,170 | 106,098 | 177,790 |
Proceeds from sales of securities AFS | 484,934 | 1,386,236 | 186,914 |
Proceeds from sales of securities HTM | 93,036 | 0 | 254 |
Proceeds from calls of securities AFS | 149,997 | 0 | 0 |
Proceeds from calls of securities HTM | 5,645 | 0 | 0 |
Loan originations, net | (1,072,709) | (953,920) | (123,454) |
Portfolio loans purchased | 0 | 0 | (113,698) |
Proceeds from sales of OREO | 6,801 | 14,072 | 23,942 |
Redemption (purchase) of FHLB and FRB stock, net | 85,615 | 117,885 | (85,578) |
Purchase of low income housing tax credit | (87,610) | (96,342) | (20,810) |
Redemption of and benefits received on BOLI | 4,564 | 64,317 | 13,294 |
Purchases of premises and equipment | (20,058) | (23,705) | (24,015) |
Proceeds from the sale of premises and equipment | 12,486 | 30,152 | 58,551 |
Cash (paid for) received from acquisitions | 0 | (1,361,804) | (481,544) |
Net cash provided by (used in) investing activities | 618,411 | 1,032,750 | (1,062,559) |
Cash flows from financing activities: | |||
Net increase in transaction, savings and money market deposits | 2,152,085 | 233,390 | 638,651 |
Net (decrease) increase in time deposits | (1,449,223) | 974,939 | 43,471 |
Net increase (decrease) in short-term FHLB borrowings | 187,000 | (792,000) | (260,000) |
Advances of term FHLB borrowings | 447,000 | 2,350,000 | 4,025,000 |
Repayments of term FHLB borrowings | (2,497,000) | (4,150,000) | (3,435,000) |
Advances under the PPP Liquidity Facility | 568,350 | 0 | 0 |
Repayment of PPP Liquidity Facility | (568,350) | 0 | 0 |
Net increase (decrease) in other borrowings | 281,423 | 1,340 | (8,824) |
Repayment of 3.50% Senior Notes | (173,373) | (6,954) | (96,455) |
Issuance of Subordinated Notes - 2030 and 2029, respectively | 221,577 | 270,941 | 0 |
Net increase (decrease) in mortgage escrow funds | 1,370 | (14,575) | (49,750) |
Proceeds from stock option exercises | 610 | 2,909 | 691 |
Treasury shares purchased | (111,597) | (382,883) | (159,903) |
Cash dividends paid - common stock | (54,495) | (58,110) | (63,118) |
Cash dividends paid - preferred stock | (8,775) | (8,775) | (8,775) |
Net cash (used in) provided by financing activities | (1,034,398) | (1,579,778) | 625,988 |
Net (decrease) in cash and cash equivalents | (24,149) | (108,959) | (41,796) |
Cash and cash equivalents at beginning of period | 329,151 | 438,110 | 479,906 |
Cash and cash equivalents at end of period | 305,002 | 329,151 | 438,110 |
Supplemental cash flow information: | |||
Interest payments | 158,663 | 284,575 | 236,807 |
Income tax payments | 17,359 | 62,368 | 32,365 |
Real estate acquired in settlement of loans | 983 | 6,291 | 15,223 |
Loans transferred from held for investment to held for sale | 716,304 | 125,555 | 1,540,819 |
Securities held to maturity transferred to available for sale | 0 | 708,627 | 0 |
Residential loans transferred from held for sale to portfolio | 4,500 | 127,833 | 0 |
Operating cash flows from operating leases | 16,106 | 0 | 0 |
Right-of-use assets obtained in exchange for lease liabilities | 11,908 | 112,226 | 0 |
Non-cash assets acquired: | |||
Total loans, net | 0 | 1,217,188 | |
Total loans, net | 439,622 | ||
Accrued interest receivable | 0 | 2,854 | 0 |
Goodwill | 0 | 70,449 | 39,356 |
Premises and equipment, net | 0 | 0 | 379 |
Other assets | 0 | 75,379 | 7,071 |
Total non-cash assets acquired | 0 | 1,365,870 | 486,428 |
Total liabilities assumed | 0 | 4,066 | 4,884 |
Net non-cash asset acquired | 0 | 1,361,804 | 481,544 |
Cash and cash equivalents acquired in acquisitions | 0 | 0 | 20,508 |
Total consideration paid | 0 | 1,361,804 | 502,052 |
Sterling Bancorp | |||
Cash flows from operating activities: | |||
Net income | 225,769 | 427,041 | 447,254 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) on extinguishment of borrowings | 0 | (46) | (172) |
Other adjustments (principally net changes in other assets and other liabilities) | 13,339 | 6,171 | 5,560 |
Net cash provided by operating activities | 165,629 | 484,876 | 277,527 |
Cash flows from financing activities: | |||
Repayment of 3.50% Senior Notes | (173,373) | (6,954) | (19,455) |
Repayments of Subordinated Debt | 0 | 0 | (77,000) |
Issuance of Subordinated Notes - 2030 and 2029, respectively | 221,577 | 270,941 | 0 |
Treasury shares purchased | (111,597) | (382,883) | (159,903) |
Cash dividends paid - common stock | (54,495) | (58,110) | (63,118) |
Cash dividends paid - preferred stock | (8,775) | (8,775) | (8,775) |
Net cash (used in) provided by financing activities | (127,053) | (182,872) | (327,560) |
Net (decrease) in cash and cash equivalents | (136,424) | 227,004 | (50,033) |
Cash and cash equivalents at beginning of period | 265,145 | 38,141 | 88,174 |
Cash and cash equivalents at end of period | 128,721 | 265,145 | 38,141 |
Federal Home Loan Bank Advances | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) on extinguishment of borrowings | 19,462 | ||
Subordinated Debt | Sterling Bancorp | Subordinated Notes - 2029 | |||
Cash flows from financing activities: | |||
Repayments of Subordinated Debt | (1,000) | 0 | 0 |
Subordinated Debt | Sterling National Bank | |||
Cash flows from financing activities: | |||
Repayments of Subordinated Debt | (30,000) | 0 | 0 |
Commercial | |||
Proceeds from maturities, calls and other principal payments on securities: | |||
Proceeds from sale of residential mortgage, commercial and PPP loans | 608,545 | 125,555 | 0 |
Residential mortgage | Residential mortgage | |||
Proceeds from maturities, calls and other principal payments on securities: | |||
Proceeds from sale of residential mortgage, commercial and PPP loans | $ 0 | $ 1,409,334 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2020 |
3.50% Senior Notes | Senior Notes | |
Interest rate | 3.50% |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | Basis of Financial Statement Presentation and Summary of Significant Accounting Policies Nature of Business The Company is a bank holding company and financial holding company as defined under the Bank Holding Company Act of 1956, as amended and a Delaware corporation. It owns all of the outstanding shares of the Bank and is listed on the New York Stock Exchange under the symbol STL. The Bank, our principal subsidiary, accounts for substantially all of our consolidated assets and results of operations. An independent, full-service national bank founded in 1888, Sterling National Bank is headquartered in Pearl River, New York operates through commercial banking teams and financial centers which serve the Greater New York metropolitan region and targets the following geographic markets: (i) the New York Metro Market, which includes Manhattan, the boroughs and Long Island; and (ii) the New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster and Westchester counties in New York and Bergen County in New Jersey. The Bank also operates its commercial finance businesses, which targets markets across the U.S. and includes ABL, payroll financing, factoring, warehouse lending, equipment financing, and public sector financing. The Bank’s principal business is accepting deposits and investing those deposits, together with funds generated from operations and borrowings, in various types of loans and securities. The Bank’s deposits are insured up to applicable limits by the DIF of the FDIC. The OCC and the FRB are the primary regulators for the Bank and the Company, respectively. Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling, the Bank and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2020: (i) Sterling National Funding Corp, a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (ii) Sterling REIT, Inc., a real estate investment trust that holds a portion of our real estate mortgage loans; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers; (iv) AF Agency, Inc., which provides various annuity and wealth management products through contractual agreements with various third parties, and makes insurance products available, primarily to customers of the Bank; (v) several limited liability companies which hold OREO; and (vi) several other companies that have no significant operations or assets. Intercompany transactions and balances are eliminated in consolidation. Use of Estimates To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and actual results could differ. An estimate that is particularly susceptible to significant near-term change is the ACL - loans, which is discussed further below. Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation. Reclassifications had no effect on prior period net income or total stockholders’ equity. Cash Flows For purposes of reporting cash flows, cash equivalents include cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, short-term FHLB borrowings, mortgage escrow funds and other borrowings. Restrictions on Cash The Bank is required to maintain reserve balances comprised of cash on hand or on deposit with the Federal Reserve Bank based on a percentage of deposits; however, the Federal Reserve reduced the reserve requirement to zero effective March 26, 2020. The total reserve requirement was $0 and $92.8 million at December 31, 2020 and 2019, respectively. Securities Securities include U.S. government agency and government sponsored agencies securities, state and municipal and corporate bonds, and MBS. We classify our securities as either HTM or AFS and determine the appropriate classification at the time of purchase. HTM securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. All other debt and marketable equity securities are classified as AFS. We do not engage in trading activities. AFS securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in accumulated other comprehensive income or loss, a separate component of stockholders’ equity. AFS securities include securities that we intend to hold for an indefinite period of time, such as securities to be used as part of our asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates and prepayment risks, the need to increase capital, or similar factors. Premiums on debt securities are generally amortized to interest income on a level yield basis over the period ending on the earlier of the call date or maturity. Discounts on debt securities are accreted to interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on MBS are based on the estimated cash flows of the MBS, periodically adjusted for changes in estimated lives, on a level yield basis. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. Securities are evaluated for OTTI at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, we consider the extent and duration of the unrealized loss, and the financial condition of the issuer. We also assess whether we intend to sell, or it is more likely than not that we will be required to sell a security that is in an unrealized loss position before the anticipated recovery in value. If it is determined that we intend to sell or it is more likely than not that we will be required to sell, the entire difference between amortized cost and fair value is recognized through earnings. If (i) we do not expect to recover the entire amortized cost basis of the security; (ii) we do not intend to sell the security; and (iii) it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the impairment that is related to credit factors and (b) the amount related to all other factors. The amount of OTTI related to credit factors is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. When declines in fair value as compared to amortized cost are considered to be other than temporary, the cost basis of individual equity securities is written down to estimated fair value through a charge to earnings. As of December 31, 2020, we did not intend to sell, nor is it more likely than not that we would be required to sell, any of our debt securities with unrealized losses prior to recovery of the amortized cost basis less any current period credit loss. (See Note 3. “Securities”.) Loans Held For Sale Commercial loans originated and intended for sale generally represent loan syndications and are carried at amortized cost, which approximates fair value, as these loans are variable-rate loans that reprice frequently and present no significant change in credit risk since origination. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Portfolio Loans Loans where we have the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at the principal balance outstanding, net of acquisition related purchase accounting adjustments, deferred loan fees and origination costs and net of the ACL - loans. Interest income on loans is accrued on the unpaid principal balance. We defer nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortize the net amount as an adjustment of the yield over the estimated life of the loan using the level-yield method without anticipating prepayments. If a loan is prepaid or sold, the net deferred amount is recognized in the income statement at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of: (i) when we determine that the borrower will be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due based on the contractual terms of the loan, unless the loan is well secured and in the process of collection. In general, uncollected past due interest is reversed and reduces current interest income. Interest payments received on non-accrual loans, including impaired loans, are generally applied to reduce the principal balance outstanding and not recognized as income. (See Note 4. “Portfolio Loans”). Acquired Loans, Including Purchased Credit Impaired Loans In accordance with accounting guidance in effect prior to the adoption of the CECL, acquired loans were initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involved estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans were recorded as part of portfolio loans in the consolidated balance sheets. Loans acquired at a discount, in part due to credit quality, were, under the prior guidance deemed PCI loans. Our PCI loans consisted of loans acquired in business combinations in 2015 and later. (See Note 2. “Acquisitions.”) PCI loans were aggregated and accounted for as a pool of loans if the loans being aggregated had common risk characteristics. The difference between the undiscounted cash flows expected at acquisition and the investment in the loans, or the accretable yield, was recognized as interest income using the level yield method over the life of each loan pool. Contractually required payments for interest and principal that exceeded the undiscounted cash flows expected at acquisition, or the non-accretable difference, were not recognized as a yield adjustment, a loss accrual, or as an allowance for loan losses. Increases in expected cash flows subsequent to the acquisition were recognized through adjustment of the yield on the pool over its remaining life, while decreases in expected cash flows were recognized as impairment through provision for loan loss and an increase in the allowance for loan losses. On a quarterly basis, we continued to evaluate whether the timing and the amount of cash to be collected was reasonably expected. Subsequent significant increases in cash flows we expected to collect first reduced any previously recognized valuation allowance and then was reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows generally resulted in the loan being considered impaired. Interest income was not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For loans for which, at acquisition there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, we accrete interest income based on the contractually required cash flows. Acquired loans at December 31, 2019 included loans that were acquired in : the Santander Portfolio Acquisition, the Woodforest Portfolio Acquisition and Advantage Funding Acquisition (See Note 2. “Acquisitions”); the Astoria Merger; the June 30, 2015 merger with Hudson Valley Holding Corp., and the October 31, 2013 merger between legacy Provident New York Bancorp and legacy Sterling Bancorp. Under the credit and accounting guidelines we used until December 31, 2019, once a loan relationship reached maturity and was re-underwritten, the loan was no longer considered an acquired loan and was included in originated loans. In addition, acquired performing loans that were subsequently subject to a credit evaluation, such as after designation as criticized or classified or being placed on non-accrual since the acquisition date, were also included in originated loans. Through this process acquired loans that were subject to a purchase accounting adjustment with a life of loan loss estimate become subject to our loan loss methodology and allowance for loan loss evaluation methodology. In connection with the adoption of the CECL standard, loans that were considered PCI loans were designated as PCD loans. PCD loans are discussed below in “Recently Adopted Accounting Standards - PCD Loans.” Allowance for Credit Losses - See “Recently Adopted Accounting Standards” below. Allowance for Loan Losses Prior to January 1, 2020, the incurred loss model was used to determine the allowance for loan losses, a valuation allowance, which was established through a provision for loan losses charged to expense, and represented management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The level of the allowance for loan losses reflected management’s continuing evaluation of loan loss experience, specific credit risks, loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolio. The allowance for loan losses was a critical accounting estimate and required the exercise of substantial judgment by management. The allowance for loan losses consisted of specific and general components. The specific component of the valuation reserve related to individual loans that were classified as impaired based on current and existing information that indicated it was probable that we would be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans in which the borrower was experiencing financial difficulties and for which the terms had been modified resulting in a concession were considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by us in determining impairment included payment status, collateral value, and the probability of collecting scheduled principal and interest when due. Loans that experienced insignificant payment delays and payment shortfalls generally were not classified as impaired. We determined the significance of payment delays and payment shortfalls on a case-by-case basis, taking into account all circumstances surrounding the loan and the borrower, including the length of the delay, reasons for the delay, prior payment history and the amount of the shortfall in relation to the total amount owed. Our policy was to individually evaluate loans over $750 thousand individually for evidence of impairment. If a loan was determined to be impaired, and there was a shortfall in the present value of the estimated future cash flows using the existing interest rate of the loan or as determined by the fair value of collateral if repayment was expected solely from the collateral, our practice was to charge-off the identified shortfall. Accordingly, at December 31, 2019, there was no portion of the allowance for loan losses allocated to impaired loans. The general component of the allowance for loan losses covered loans that were evaluated collectively for evidence of impairment. Large groups of smaller balance homogeneous loans, such as consumer loans, which included home equity lines of credit and residential mortgage loans, were generally collectively evaluated for impairment and were not included in the separately identified impairment disclosures. The general allowance for loan losses component of the valuation reserve also included loans that were not individually identified for impairment evaluation, such as commercial loans below the individual evaluation threshold, as well as those loans that were individually evaluated and considered at risk, but not considered impaired, including loans rated special mention. The general component of the allowance was based on historical loss experience adjusted for factors existing at the date of evaluation. The historical loss experience was determined by portfolio segment and was based on the actual loss history experienced by us over the most recent three years, except for consumer loans, which was based on the most recent two years. The actual loss experience was supplemented with relevant qualitative loss factors determined by management and included: • levels of, and trends in, delinquencies and non-performing loans, and criticized and classified loans; • trends in volume of loans; • impact of exceptions to lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations risk as a result of such factors as property type, industry, and relationship; and • for commercial loans, trends in risk ratings. Troubled Debt Restructuring A TDR is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. At the time of restructuring, we evaluate whether a TDR loan should remain on accrual based on the accrual status immediately prior to modification and whether, as a result of the TDR, we recorded a partial charge-off. A TDR on accrual prior to modification may remain on accrual status provided we believe, based on our credit analysis, that collection of principal and interest in accordance with the modified terms is reasonably certain. If the restructuring results in a partial charge-off, the loan is generally classified as non-accrual. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. Under the CARES Act, and to account for the effects of the pandemic, financial institutions were permitted to suspend certain requirements under GAAP related to TDR for a limited period of time. To qualify for a CARES Act modification, the loan must have been current at December 31, 2019. All modifications are eligible so long as they are executed between March 1, 2020, and the earlier of (i) December 31, 2020, or (ii) the 60th day after the end of the COVID-19 national emergency. Multiple modifications of the same credits are allowed. On December 21, 2020, certain provisions of the CARES Act, including the temporary suspension of certain requirements related to TDRs, were extended through December 31, 2021. (See Note 4. “Portfolio Loans”). Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the asset has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from us, the transferee has obtained the rights (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and when we do not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. FRBNY and FHLB Stock As a member of the FRBNY and the FHLB, the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. Both cash and stock dividends are reported as interest and dividend income on other earning assets in the consolidated income statements. Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the related assets, which ranges from three years for equipment to 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. We lease certain financial centers and back office locations under operating leases. We also own certain financial centers in which we lease a portion of the location to outside parties under operating leases; however, these leases are not material. For operating leases in which we are the lessee, other than those considered to be short-term, we recognize right of use assets and related lease liabilities. Right of use assets are included as a component of other assets, and lease liabilities are included with other liabilities in our consolidated balance sheets. In recognizing right of use assets and related lease liabilities, we account for lease and non-lease components (such as taxes, insurance and common area maintenance costs) separately when such amounts are readily determinable under our lease contracts. Lease payments over the expected term were discounted using our incremental borrowing rate, which is deemed to be the FHLB advance rate for borrowings of a similar term. If it is reasonably certain that a renewal or termination option will be exercised, the effect of exercise is included in the determination of the expected lease term. Generally, we are not reasonably certain about whether or not we will renew a lease until the lease is within the last year of the existing lease term. Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets acquired. Goodwill and trade names that are deemed to have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill is generally tested for impairment in the fourth quarter of each year. However, due to the impact of COVID-19 and other macroeconomic factors, we concluded it was appropriate to evaluate the fair value of goodwill during the six months ended June 30, 2020. We engaged an independent third party to perform a quantitative goodwill impairment test. We concluded goodwill was not impaired. (See Note 7. “Goodwill and Other Intangible Assets”.) Core deposit intangibles and customer lists are amortized to expense using an accelerated method over their estimated lives of eight Goodwill and trade names are the only intangible assets with an indefinite life on our balance sheet. We operate as one reporting unit. BOLI We own life insurance policies (purchased and acquired) on certain officers and key executives. BOLI is recorded at its cash surrender value, being the amount that can be realized at surrender. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are included in non-interest income on the consolidated income statements and are not subject to income taxes. BOLI with a carrying value of $409.3 million and $397.6 million, at December 31, 2020 and 2019, respectively, included a claims stabilization reserve of $11.9 million and $11.1 million, respectively. Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) is guaranteed by the insurance carrier provided that certain conditions are met at the date of contract surrender. We satisfied these conditions at December 31, 2020 and 2019. OREO Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the ACL - loans. The carrying amount of OREO is reduced by a charge to OREO, net to and reflects any subsequent decline in the estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. Other Borrowings - Securities Repurchase Agreements Under the terms of securities repurchase agreements, we transfer securities to a counterparty and agree to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in our investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. (See Note 9. “Borrowings, Senior Notes and Subordinated Notes”). Derivatives Derivatives are recognized as assets and liabilities in the consolidated balance sheets and carried at fair value. For exchange-traded contracts, fair value is based on quoted market prices. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques that may require management to exercise judgment in estimating future rates and credit activities. The Bank enters into interest rate swap agreements with its customers as an accommodation. The Bank also enters into an offsetting agreement with a broker. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. These swap agreements are derivative instruments and these instruments effectively convert a portion of the Bank’s fixed-rate loans to variable rate loans. (See Note 11. “Derivatives”). Fair Values of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21. “Fair Value Measurements.” Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Retirement Plans As part of the Astoria Merger, the Company assumed Astoria Bank’s pension plan, which covered Astoria employees and former Astoria employees meeting specified eligibility criteria. In addition to this pension plan, it assumed other non-qualified and unfunded supplemental retirement plans. We also assumed the liability for a health care plan that provided for post-retirement medical and dental coverage to select individuals, which was an active plan in which select individuals continued to vest through December 31, 2018. During 2019, we terminated the pension plan assumed in the Astoria Merger and recorded a net gain of $11.8 million on the termination. For the remainder of the retirement plans, the net liabilities are included in other liabilities in the consolidated balance sheets. (See Note 15. “Pension and Other Post Retirement Benefits”). Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. We do not believe there are such matters that will have a material effect on the consolidated financial statements. (See Note 20. “Litigation”). Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (See Note 19. “Off-Balance Sheet Financial Instruments”). EPS Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed in a similar manner to basic EPS, except that the weighted average number of common shares is increased to include incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options were exercised and unvested restricted stock became vested during the periods. (See Note 17. “Earnings Per Common Share”). Revenue Recognition We recognize revenue from contracts with customers, when: (i) persuasive evidence of an arrangement exists; (ii) our obligations under the contract or arrangement have been substantially satisfied; (iii) the price is fixed or determinable; and (iv) collectability is reasonably assured. Interest income and fees. Interest income and fees on loans and investment securities are recognized based on the contractual provisions of the underlying agreements and instruments. Loan origination fees and costs are generally deferred and amortized into interest income as yield adjustments over the contractual life and / or commitment period using the effective interest method. Payroll finance. We provide financing and business process outsourcing, including full back-office, technology and tax accounting services, to temporary staffing companies nationwide. Non-interest income is recognized at the time of billing which occurs when substantially all of our obligations have been met. We remit collections from the client’s customers to our clients for the amounts collected, net of payroll taxes withheld, and our fees, subject to a hold back reserve to offset potential uncollectible balances from the client’s end customers. Factored Receivables. We provide accounts receivable management services. The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee. The factoring fee included in non-interest income represents compensation to us for the bookkeeping and collection services provided. The factoring fee, which is non-refundable, is recognized at the time the receivable is assigned to us. Other revenue associated with factored receivables includes wire fees, technology fees, field examination fees and UCC fees. All such fees are recognized as income when our obligations to our customers are satisfied. (See Note 16. “Non-Interest Income, Other Non-Interest Expense, Other Assets and Other Liabilities” for additional disclosure regarding revenue recognition.) Stock-Based Compensation Plans Compensation expense for stock options and non-vested stock awards/stock units is based on the fair value of the award on the measurement date, which is the date of grant. The expense is recognized ratably over the vesting period of the award. The fair value of non-vested stock awards/stock units is generally the market price of our common stock on the date of grant. (See Note 14. “Stock-Based Compensation”). Income Taxes Income tax expense includes U.S. federal corporate income taxes and income taxes due to states and other jurisdictions in which we operate. In the year ended December 31, 2020, income tax expense included our reasonable estimates of the impact of the CARES Act. For the year ended December 31, 2018, income tax expense included our reasonable estimates of the impact of the enactment of Tax Reform Act. Net deferred tax assets are recognized based on the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the te |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Santander Portfolio Acquisition On November 29, 2019, the Bank acquired an equipment finance loan and lease portfolio consisting of equipment finance loans, sales-type leases and operating leases from Santander. In addition, the Bank obtained sales and relationship management and business development personnel who will continue to manage the acquired loan and lease portfolio and originate new loans and leases. The total consideration paid in cash at closing was $846.1 million. We acquired $764.0 million of equipment finance loans and leases (classified as portfolio loans on the consolidated balance sheets), and $74.8 million of operating leases (classified as other assets on the consolidated balance sheets). The fair value of these loans and leases was $820.1 million at the time of acquisition. The Bank paid a premium of 0.75% on the unpaid principal balance of the loans or $6.3 million. The transaction was accounted for as a business combination. We recorded a $5.1 million restructuring charge consisting mainly of severance, retention, systems integration expense and facilities consolidation, which is included in charge for asset write-downs, systems integration, severance and retention on the consolidated income statements. The acquired loans and origination platform have been fully integrated into our equipment finance business line. Woodforest Portfolio Acquisition On February 28, 2019, the Bank acquired a commercial loan portfolio consisting of equipment finance loans and leases and ABL loans from Woodforest. In addition, the Bank obtained sales and relationship management and business development personnel based in Novi, Michigan, who will continue to originate new loans and leases. The total consideration paid in cash at closing was $515.7 million. We acquired $166.1 million of equipment finance loans, which are mainly fixed rate loans, and $331.8 million of ABL loans, which are mainly variable rate loans. The fair value of these loans was $471.9 million at the time of acquisition. The Bank paid a premium of 3.75% on the unpaid principal balance of the loans or $18.7 million. The transaction was accounted for as a business combination. We recorded a $3.3 million restructuring charge consisting mainly of systems integration, severance, retention, facilities consolidation and professional fees, which is included in charge for asset write-downs, retention and severance on the consolidated income statement. The acquired loans and origination platform have been fully integrated into our ABL and equipment finance business lines. Advantage Funding Acquisition On April 2, 2018, the Bank acquired 100% of the outstanding common stock of Advantage Funding. The total consideration in the transaction was $502.1 million and was paid in cash on the closing date. Advantage Funding is a provider of commercial vehicle and transportation financing services based in Lake Success, New York. Advantage Funding had total outstanding loans and leases of $457.6 million on the acquisition date consisting mainly of fixed rate assets. The fair value of these loans was $439.6 million. The Bank paid a premium on the gross loans and leases receivable of 4.50% or $20.3 million. In the year ended December 31, 2018, we recorded a $4.4 million restructuring charge consisting mainly of professional fees, retention and severance compensation, systems integration expense and facilities consolidation. This charge is included in charge for asset write-downs, systems integration, severance and retention on the consolidated income statement. We recognized goodwill of $39.4 million as a result of the Advantage Funding Acquisition. The Advantage Funding Acquisition is consistent with our strategy of growing commercial loans and increasing the proportion of commercial loans in its loan portfolio. The operations of the business were fully integrated into our equipment finance business line. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2020 AFS HTM Amortized Gross Gross Fair Amortized Gross Gross Fair ACL - HTM Residential MBS: Agency-backed $ 873,358 $ 44,911 $ (9) $ 918,260 $ 104,329 $ 4,100 $ — $ 108,429 $ — Other MBS (1) 352,473 20,811 — 373,284 — — — — — Total residential MBS 1,225,831 65,722 (9) 1,291,544 104,329 4,100 — 108,429 — Other securities: Federal agencies 149,852 6,615 — 156,467 24,811 844 — 25,655 — Corporate bonds 438,226 27,334 (2,048) 463,512 19,851 535 — 20,386 75 State and municipal 369,186 18,090 (181) 387,095 1,575,596 126,575 (69) 1,702,102 1,379 Other — — — — 17,750 189 (7) 17,932 45 Total other securities 957,264 52,039 (2,229) 1,007,074 1,638,008 128,143 (76) 1,766,075 1,499 Total securities $ 2,183,095 $ 117,761 $ (2,238) $ 2,298,618 $ 1,742,337 $ 132,243 $ (76) $ 1,874,504 $ 1,499 1 Other MBS at December 31, 2020 is mainly comprised of multi-family Ginnie Mae securities. December 31, 2019 AFS HTM Amortized Gross Gross Fair Amortized Gross Gross Fair Residential MBS: Agency-backed $ 1,595,766 $ 20,385 $ (1,032) $ 1,615,119 $ 168,743 $ 1,827 $ (75) $ 170,495 Other MBS 508,217 4,104 (44) 512,277 — — — — Total residential MBS 2,103,983 24,489 (1,076) 2,127,396 168,743 1,827 (75) 170,495 Other securities: Federal agencies 196,809 4,582 (253) 201,138 59,475 822 — 60,297 Corporate 307,050 13,917 (45) 320,922 19,904 415 — 20,319 State and municipal 435,213 11,321 (342) 446,192 1,718,789 70,530 (134) 1,789,185 Other — — — — 12,750 147 (2) 12,895 Total other securities 939,072 29,820 (640) 968,252 1,810,918 71,914 (136) 1,882,696 Total securities $ 3,043,055 $ 54,309 $ (1,716) $ 3,095,648 $ 1,979,661 $ 73,741 $ (211) $ 2,053,191 The amortized cost and estimated fair value of securities at December 31, 2020 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential MBS are shown separately since they are not due at a single maturity date. December 31, 2020 AFS HTM Amortized Fair Amortized Fair Other securities remaining period to contractual maturity: One year or less $ 1,425 $ 1,426 $ 23,977 $ 24,442 One to five years 182,909 196,132 85,605 89,850 Five to ten years 485,064 508,921 377,308 407,150 Greater than ten years 287,866 300,595 1,151,118 1,244,633 Total other securities 957,264 1,007,074 1,638,008 1,766,075 Residential MBS 1,225,831 1,291,544 104,329 108,429 Total securities $ 2,183,095 $ 2,298,618 $ 1,742,337 $ 1,874,504 Sales of securities for the periods indicated below were as follows: Year ended December 31, 2020 2019 2018 AFS: Proceeds from sales $ 484,934 $ 1,386,236 $ 186,914 Gross realized gains 8,966 12,170 219 Gross realized losses (308) (19,075) (10,933) Income tax (benefit) on realized net losses 1,818 (1,450) (2,961) Proceeds from calls $ 155,642 $ — $ — Gross realized gains 4,880 — — Gross realized losses — — — Income tax expense on realized net gains — — — HTM: (1) Proceeds from sales $ 93,036 $ — $ 254 Gross realized gains 1,809 — — Gross realized losses (1,039) — (74) Income tax expense (benefit) on realized net gains / (losses) 162 — (21) (1) In the year ended December 31, 2020, we sold $93.0 million of state and municipal securities that were classified as HTM. We evaluated the issuer and individual securities and determined that the issuer had demonstrated significant deterioration in its creditworthiness since our acquisition of the securities. In the year ended December 31, 2018, we sold a security that was classified held to maturity due to a decline in the credit rating and other evidence of deterioration of the issuer’s creditworthiness. We adopted ASU 2017-12, as of January 1, 2019 , which allowed us to reclassify a debt security from HTM to AFS if the debt security was eligible to be hedged under the last-of-layer method in accordance with ASU 2017-12. Generally, this includes debt securities that are pre-payable, including MBS, and debt securities that are callable by the issuer, which applies to many of our state and municipal debt securities. At adoption, we transferred HTM securities with a book value of $720.4 million and a fair value of $708.6 million to AFS effective January 1, 2019. In the first quarter of 2019, we sold securities with a book value of $751.9 million and received proceeds of $738.8 million, to raise liquidity for the Woodforest Portfolio Acquisition, and to reduce the amount of lower yielding securities as a percentage of total assets. At December 31, 2020 and 2019, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The following table summarizes securities AFS with the amount of unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized AFS December 31, 2020 Residential MBS: Agency-backed $ 1,970 $ (8) $ 396 $ (1) $ 2,366 $ (9) Other securities: Federal agencies — — — — — — Corporate — — 83,191 (2,048) 83,191 (2,048) State and municipal 10,872 (152) 2,507 (29) 13,379 (181) Total other securities 10,872 (152) 85,698 (2,077) 96,570 (2,229) Total $ 12,842 $ (160) $ 86,094 $ (2,078) $ 98,936 $ (2,238) December 31, 2019 Residential MBS: Agency-backed $ 98,350 $ (317) $ 108,052 $ (715) $ 206,402 $ (1,032) Other MBS — — 5,916 (44) 5,916 (44) Total residential MBS 98,350 (317) 113,968 (759) 212,318 (1,076) Other securities: Federal agencies 39,573 (253) — — 39,573 (253) Corporate — — 12,006 (45) 12,006 (45) State and municipal 12,795 (94) 14,651 (248) 27,446 (342) Total other securities 52,368 (347) 26,657 (293) 79,025 (640) Total $ 150,718 $ (664) $ 140,625 $ (1,052) $ 291,343 $ (1,716) The adoption of CECL did not have an impact on our accounting for AFS securities. We regularly review AFS securities for impairment resulting from deterioration in the creditworthiness of the issuer using both qualitative and quantitative criteria based at the individual security level at each reporting period. Unrealized losses on corporate and state and municipal securities have not been recognized into income because we do not intend to sell and it is likely that we will not be required to sell the securities prior to the to the anticipated recovery of the security to a price that eliminates the impairment or maturity. The decline in fair value is largely due to market conditions, primarily changes in interest rates. The issuers continue to make timely principal and interest payments on the securities and the fair value is expected to recover as the securities approach maturity. At December 31, 2020, a total of 25 AFS securities were in a continuous unrealized loss position for less than 12 months, and 61 securities were in an unrealized loss position for 12 months or longer. The following table summarizes HTM securities with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized HTM December 31, 2020 Residential MBS: Agency-backed $ — $ — $ — $ — $ — $ — Other MBS — — — — — — Total residential MBS — — — — — — Other securities: Corporate — — — — — — State and municipal 105 (1) 4,386 (68) 4,491 (69) Other 9,993 (7) — — 9,993 (7) Total other securities 10,098 (8) 4,386 (68) 14,484 (76) Total $ 10,098 $ (8) $ 4,386 $ (68) $ 14,484 $ (76) December 31, 2019 Residential MBS: Agency-backed $ 39,732 $ (69) $ 1,598 $ (6) $ 41,330 $ (75) Other MBS — — — — — — Total residential MBS 39,732 (69) 1,598 (6) 41,330 (75) Other securities: State and municipal 177 (2) 8,258 (132) 8,435 (134) Other 9,998 (2) — — 9,998 (2) Total other securities 10,175 (4) 8,258 (132) 18,433 (136) Total $ 49,907 $ (73) $ 9,856 $ (138) $ 59,763 $ (211) The following table presents the activity in the ACL - HTM securities by type of security for the twelve month period ended December 31, 2020: Type of security Corporate and Other State and municipal ACL - HTM: Balance at December 31, 2019 $ — $ — Impact of adoption on January 1, 2020 108 688 Provision for credit loss expense recorded in the year ended December 31, 2020 12 691 Total ACL - HTM at December 31, 2020 $ 120 $ 1,379 The ACL - HTM securities was estimated using a discounted cash flow approach. We discounted the expected cash flows using the effective interest rate inherent in the security. For floating rate securities, we projected interest rates using forward interest rate curves. We review the term structures for probability of default, probability of prepayment and loss given default. We estimate a reasonable and supportable term of three years, which was supported by our back testing process. Credit Quality Indicators We monitor the credit quality of HTM securities through the use of external credit ratings, internal reviews and analysis of financial information and other data, and external reviews from a third-party vendor. We monitor credit quality indicators at least quarterly. At December 31, 2020, a total of three HTM securities were in a continuous unrealized loss position for less than 12 months and 30 HTM securities were in a continuous unrealized loss position for 12 months or longer. The following table summarizes the amortized cost of HTM securities at December 31, 2020 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 755,350 AA 17,750 523,143 A — 290,768 BBB — 64 Non-rated 19,851 6,271 Total $ 37,601 $ 1,575,596 The majority of state and municipal securities had a rating of A or greater at December 31, 2020. State and municipal securities consist mainly of securities issued by local and state jurisdictions in the US. The non-rated state and municipal securities consist of general obligation securities and short-term bond anticipation notes and tax anticipation notes issued by municipalities in the state of New York. The non-rated corporate and other securities consist of two securities from regional bank issuers. A security is considered to be delinquent once it is 30 days past due under the terms of the agreement. There were no past due securities and there were no securities on non-accrual at December 31, 2020. Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: December 31, 2020 2019 AFS securities pledged for borrowings, at fair value $ 27,101 $ 22,678 AFS securities pledged for municipal deposits, at fair value 569,724 866,020 HTM securities pledged for borrowings, at amortized cost — 483 HTM securities pledged for municipal deposits, at amortized cost 1,221,964 1,432,909 Total securities pledged $ 1,818,789 $ 2,322,090 |
Portfolio Loans
Portfolio Loans | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans At and prior to December 31, 2019, portfolio loans were accounted for under the incurred loss model. On January 1, 2020, portfolio loans began to be accounted for under the CECL Standard. Accordingly, some of the information presented below is not comparable from period to period. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Recently Adopted Accounting Standards” for additional information. The composition of our loan portfolio, including leases net of unearned discounts and excluding loans held for sale, was the following: December 31, 2020 December 31, 2019 Commercial: C&I: Traditional C&I $ 2,920,205 $ 2,355,031 ABL 803,004 1,082,618 Payroll finance 159,237 226,866 Warehouse lending 1,953,677 1,330,884 Factored receivables 220,217 223,638 Equipment finance 1,531,109 1,800,564 Public sector finance 1,572,819 1,213,118 Total C&I 9,160,268 8,232,719 Commercial mortgage: CRE 5,831,990 5,418,648 Multi-family 4,406,660 4,876,870 ADC 642,943 467,331 Total commercial mortgage 10,881,593 10,762,849 Total commercial 20,041,861 18,995,568 Residential mortgage 1,616,641 2,210,112 Consumer 189,907 234,532 Total portfolio loans 21,848,409 21,440,212 ACL - loans 1 (326,100) (106,238) Total portfolio loans, net $ 21,522,309 $ 21,333,974 1 ACL - loans is applicable to 2020 only, in 2019 the allowance for loan losses was calculated under the former incurred loss model. Portfolio loans are shown at amortized cost, which includes deferred fees, deferred costs and purchase accounting adjustments, which were $20.9 million at December 31, 2020 and $79.6 million at December 31, 2019. Included in traditional C&I loans at December 31, 2020 were $142.8 million in principal balances on loans originated under the SBA PPP. The CARES Act authorized the SBA to temporarily guarantee loans under a new 7(a) loan program, the PPP. These loans are 100% guaranteed by the SBA and the full principal amount of the loan may qualify for forgiveness. The loans we originated have a maturity of two years, an interest rate of 1.00% and loan payments are deferred for the initial nine months. During 2020, we sold $461.7 million of the PPP loans we originated. In the third quarter of 2020, we sold the majority of our non-performing residential mortgage loans which had a carrying value of $53.2 million and our remaining small balance transportation finance loans which had a carrying value of $106.2 million. In the first quarter of 2020, we sold a portion of our small balance transportation finance portfolio which had a carrying value of $95.2 million. At December 31, 2020, we pledged loans totaling $6.5 billion to the FHLB as collateral for certain borrowing arrangements. See Note 9. “Borrowings, Senior Notes and Subordinated Notes”. See Note 10. “Leases” for additional information regarding assets leased to others that are classified as portfolio loans. The following tables set forth the amounts and status of our loans and TDRs at December 31, 2020 and 2019: December 31, 2020 Current 30-59 60-89 90+ Total Traditional C&I $ 2,905,964 $ 1,215 $ 6,054 $ 6,972 $ 2,920,205 ABL 803,004 — — — 803,004 Payroll finance 159,237 — — — 159,237 Warehouse lending 1,953,677 — — — 1,953,677 Factored receivables 220,217 — — — 220,217 Equipment finance 1,469,653 24,286 11,077 26,093 1,531,109 Public sector finance 1,572,819 — — — 1,572,819 CRE 5,794,115 13,591 17,421 6,863 5,831,990 Multi-family 4,393,950 11,578 811 321 4,406,660 ADC 612,943 — — 30,000 642,943 Residential mortgage 1,590,068 7,444 3,426 15,703 1,616,641 Consumer 178,587 1,043 907 9,370 189,907 Total loans $ 21,654,234 $ 59,157 $ 39,696 $ 95,322 $ 21,848,409 Total TDRs included above 60,257 $ 2,927 $ 13,492 $ 2,295 $ 78,971 Non-performing loans: Loans 90+ days past due and still accruing $ 170 Non-accrual loans 166,889 Total non-performing loans $ 167,059 December 31, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,324,737 $ 961 $ 2,075 $ 110 $ 27,148 $ 2,355,031 ABL 1,077,652 — — — 4,966 1,082,618 Payroll finance 217,470 — — — 9,396 226,866 Warehouse lending 1,330,884 — — — — 1,330,884 Factored receivables 223,638 — — — — 223,638 Equipment finance 1,739,772 15,678 12,064 — 33,050 1,800,564 Public sector finance 1,213,118 — — — — 1,213,118 CRE 5,391,483 762 190 — 26,213 5,418,648 Multi-family 4,872,379 1,078 13 — 3,400 4,876,870 ADC 466,826 71 — — 434 467,331 Residential mortgage 2,129,840 17,904 93 — 62,275 2,210,112 Consumer 220,372 1,988 3 — 12,169 234,532 Total loans $ 21,208,171 $ 38,442 $ 14,438 $ 110 $ 179,051 $ 21,440,212 Total TDRs included above $ 49,260 $ 547 $ — $ — $ 25,849 $ 75,656 Non-performing loans: Loans 90+ days past due and still accruing $ 110 Non-accrual loans 179,051 Total non-performing loans $ 179,161 The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of December 31, 2020: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 425 $ — $ 5,998 $ 10,916 $ 17,339 ABL — 8,280 — — 8,280 Payroll finance — 2,300 — — 2,300 Equipment finance — 1,117 10,461 — 11,578 CRE 53,212 — — — 53,212 Multi-family 9,914 — — — 9,914 ADC 30,000 — — — 30,000 Residential mortgage 5,025 — — — 5,025 Consumer 7,384 — — — 7,384 Total $ 105,960 $ 11,697 $ 16,459 $ 10,916 $ 145,032 There were no warehouse lending, factored receivable or public sector finance loans that were collateral-dependent at December 31, 2020. Collateral-dependent loans include all loans that were TDRs at December 31, 2020. In the table above, $115.9 million of the total loans were on non-accrual at December 31, 2020. Business assets that secure traditional C&I and ABL loans generally include accounts receivable, inventory, machinery and equipment. The following table provides additional information on our non-accrual loans and loans 90 days past due at December 31, 2020: December 31, 2020 Total non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Traditional C&I $ 19,223 $ 16,914 $ 94 ABL 5,255 4,613 — Payroll finance 2,300 2,300 — Equipment finance 30,634 11,578 2 CRE 46,053 38,529 74 Multi-family 4,485 2,156 — ADC 30,000 — — Residential mortgage 18,661 808 — Consumer 10,278 875 — Total $ 166,889 $ 77,773 $ 170 There were no factored receivables, warehouse lending or public sector finance loans that were non-accrual or 90 days past due at December 31, 2020. When the ultimate collectability of the total principal of a collateral dependent loan is in doubt and the loan is on non-accrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an collateral dependent loan is not in doubt and the loan is on non-accrual status, contractual interest may be credited to interest income when received, under the cash basis method. At December 31, 2020 and 2019, the recorded investment in residential mortgage loans that were formally in process of foreclosure was $3.2 million and $38.0 million, respectively, which are included in non-accrual residential mortgage loans above. The following table provides information on accrued interest receivable that was reversed against interest income for the years ended December 31, 2020, 2019 and 2018: Interest reversed For the year ended December 31, 2020 2019 2018 Traditional C&I $ 115 $ 136 $ 237 ABL 67 77 — Payroll finance — 175 — Equipment finance 60 441 — CRE 922 88 270 Multi-family 155 36 19 ADC 297 5 — Residential mortgage 539 406 12 Consumer 43 62 32 Total interest reversed $ 2,198 $ 1,426 $ 570 The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2019: Loans evaluated by segment Allowance evaluated by segment Individually Collectively PCI loans Total Individually Collectively Total ACL - loans Traditional C&I $ 29,838 $ 2,320,256 $ 4,937 $ 2,355,031 $ — $ 15,951 $ 15,951 ABL 4,684 1,064,275 13,659 1,082,618 — 14,272 14,272 Payroll finance 9,396 217,470 — 226,866 — 2,064 2,064 Warehouse lending — 1,330,884 — 1,330,884 — 917 917 Factored receivables — 223,638 — 223,638 — 654 654 Equipment finance 4,971 1,794,036 1,557 1,800,564 — 16,723 16,723 Public sector finance — 1,213,118 — 1,213,118 — 1,967 1,967 CRE 39,882 5,358,023 20,743 5,418,648 — 27,965 27,965 Multi-family 11,159 4,860,246 5,465 4,876,870 — 11,440 11,440 ADC — 467,331 — 467,331 — 4,732 4,732 Residential mortgage 6,364 2,140,650 63,098 2,210,112 — 7,598 7,598 Consumer 2,731 224,986 6,815 234,532 — 1,955 1,955 Total loans $ 109,025 $ 21,214,913 $ 116,274 $ 21,440,212 $ — $ 106,238 $ 106,238 The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2019: December 31, 2019 Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 39,595 $ 29,838 ABL 16,181 4,684 Payroll finance 9,396 9,396 Equipment finance 6,409 4,971 CRE 44,526 39,882 Multi-family 11,491 11,159 Residential 7,728 6,364 Consumer 2,928 2,731 Total $ 138,254 $ 109,025 Our policy generally requires a charge-off of the difference between the present value of the cash flows or the net value of the collateral securing the loan and our recorded investment. As a result, there were no impaired loans with an allowance recorded at December 31, 2019. Short-term Loan Deferrals Under the CARES Act, financial institutions are permitted not to classify loan modifications as TDRs if those modifications were in connection with the impact of COVID-19 providing: • The modifications were made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the public health emergency, and • The underlying loans were not more than 30 days past due as of December 31, 2019. We implemented a loan modification program in accordance with the CARES Act to provide temporary relief to borrowers that meet the requirements. The program allows for deferral of payments for up to 90 days, which we may extend for an additional 90 days at our option. The deferred payments and accrued interest during the deferral period are due and payable on or before the maturity of the loan. At December 31, 2020, we had temporary deferrals on 359 loans with an outstanding balance of $208.4 million. There was $9.2 million of accrued interest associated with these loans. Under the provisions of the CARES Act, none of these loans were considered a TDR at December 31, 2020. The relief related to TDRs under the CARES Act was extended by the Consolidated Appropriations Act of 2021. Under the Consolidated Appropriations Act, relief under the CARES Act will continue to the earlier of (i) 60 days after the date the COVID-19 national emergency comes to an end or (ii) January 1, 2022. The table below reflects the balance of deferrals by portfolio as of December 31, 2020: Non-pass rated loans Loan balance outstanding Deferral of principal and interest % Special mention Substandard Commercial C&I: Traditional C&I $ 2,920,205 $ 413 — % $ — $ — ABL 803,004 — — — — Payroll finance 159,237 — — — — Warehouse lending 1,953,677 — — — — Factored receivables 220,217 — — — — Equipment finance 1,531,109 2,403 0.2 — 1,194 Public sector finance 1,572,819 — — — — Total C&I 9,160,268 2,816 — — 1,194 Commercial mortgage: CRE 5,831,990 60,032 1.0 19,323 24,243 Multi-family 4,406,660 22,216 0.5 8,178 — ADC 642,943 — — — — Total commercial mortgage 10,881,593 82,248 0.8 27,501 24,243 Total commercial 20,041,861 85,064 0.4 27,501 25,437 Residential 1,616,641 116,254 7.2 — 865 Consumer 189,907 7,093 3.7 — — Total Portfolio loans $ 21,848,409 $ 208,411 1.0 % $ 27,501 $ 26,302 The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for 2019 and 2018: For the year ended December 31, 2019 2018 YTD Interest YTD Interest With no related allowance recorded: Traditional C&I $ 32,253 $ 329 $ 38,242 $ 1,073 ABL 15,930 — 9,440 — Payroll finance 2,349 — — — Equipment finance 5,111 23 965 — CRE 31,177 531 23,671 777 Multi-family 5,809 58 1,713 65 ADC 386 13 — — Residential mortgage 5,548 4 1,751 — Consumer 3,646 — 4,248 — Total $ 102,209 $ 958 $ 80,030 $ 1,915 Troubled Debt Restructuring At December 31, 2020 and December 31, 2019, TDRs were $79.0 million and $75.7 million, respectively. Our ACL - loans related to TDRs amounted to $915 thousand and $2.3 million at December 31, 2020 and December 31, 2019, respectively. As of December 31, 2020 or December 31, 2019 we did not have any outstanding commitments to lend additional amounts to customers with loans classified as TDRs. The modification of the terms of loans that were subject to a TDR in the twelve months ended December 31, 2020 and December 31, 2019 consisted mainly of an extension of a loan maturity date, converting a loan to interest only for a defined period of time, deferral of interest payments, waiver of certain covenants, or reducing collateral requirements or interest rates. The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2020 and December 31, 2019: December 31, 2020 Current loans 30-59 60-89 90+ Non- Total Traditional C&I $ 892 $ — $ — $ — $ 2,976 $ 3,868 ABL 3,668 — — — 643 4,311 Equipment finance 1,100 — — — 3,080 4,180 CRE 15,555 — — — 33,993 49,548 Multi-family 7,758 — — — — 7,758 ADC — — — — — — Residential mortgage 5,998 491 — — 672 7,161 Consumer 2,030 — — — 115 2,145 Total $ 37,001 $ 491 $ — $ — $ 41,479 $ 78,971 December 31, 2019 Current loans 30-59 60-89 90+ Non- Total Traditional C&I $ 929 $ — $ — $ — $ 13,392 $ 14,321 ABL — — — — 912 912 Equipment finance 5,261 — — — 3,764 9,025 CRE 25,295 — — — 4,600 29,895 Multi-family 7,819 — — — — 7,819 ADC — — — — 434 434 Residential mortgage 7,537 547 — — 2,507 10,591 Consumer 2,419 — — — 240 2,659 Total $ 49,260 $ 547 $ — $ — $ 25,849 $ 75,656 The following table identifies TDRs that occurred during 2020 and 2019: December 31, 2020 December 31, 2019 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Traditional C&I — $ — $ — 1 $ 5,026 $ 5,026 ABL 2 10,553 9,822 — — — Equipment finance 1 1,027 773 8 8,563 7,728 CRE 1 24,270 24,270 2 15,659 15,659 Multi-family — — — 1 7,819 7,819 Residential mortgage — — — 6 3,215 3,215 Total TDRs 4 $ 35,850 $ 34,865 18 $ 40,282 $ 39,447 The amount of TDRs charged-off against the ACL - loans was $12.5 million in 2020, $630 thousand in 2019, and $2.0 million in 2018. TDRs that subsequently defaulted resulted in provision for credit losses - loans of $11.2 million during the year ended December 31, 2020. |
ACL - Loans
ACL - Loans | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
ACL - Loans | ACL - Loans Activity in the ACL - loans for 2020 is summarized below: For the year ended December 31, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (23,132) $ 1,462 $ (21,670) $ 43,064 $ 42,670 ABL 14,272 11,973 (3,782) — (3,782) (9,701) 12,762 Payroll finance 2,064 1,334 (1,290) 310 (980) (461) 1,957 Warehouse lending 917 (362) — — — 1,169 1,724 Factored receivables 654 795 (12,730) 312 (12,418) 13,873 2,904 Equipment finance 16,723 33,000 (58,229) 2,525 (55,704) 37,775 31,794 Public sector finance 1,967 (766) — — — 3,315 4,516 CRE 27,965 8,037 (8,202) 818 (7,384) 126,695 155,313 Multi-family 11,440 14,906 (584) 1 (583) 7,557 33,320 ADC 4,732 (119) (311) 105 (206) 13,520 17,927 Residential mortgage 7,598 14,104 (19,150) 1 (19,149) 13,976 16,529 Consumer 1,955 2,357 (1,736) 1,207 (529) 901 4,684 Total ACL - loans $ 106,238 $ 90,584 $ (129,146) $ 6,741 $ (122,405) $ 251,683 $ 326,100 Annualized net charge-offs to average loans outstanding 0.56 % On January 1, 2020, we adopted CECL, which replaced the incurred loss method used in prior periods for determining the provision for credit losses and the ACL with an expected loss model. Under CECL, we record an expected loss related to all cash flows we do not expect to collect over the life of the loan at the inception of the loan and at each subsequent remeasurement date. The adoption of CECL resulted in an increase in our ACL - loans of $90.6 million, which did not impact our consolidated income statements but was recorded in accordance with the CECL Standard as a reduction in stockholders’ equity. We recorded provision for credit losses - loans of $251.7 million for the twelve months ended December 31, 2020. The tables below for the years ended December 31, 2019 and 2018 present the roll forward of the allowance for loan losses under the former incurred loss methodology. For the year ended December 31, 2019 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 14,201 $ (6,186) $ 952 $ (5,234) $ 6,984 $ 15,951 ABL 7,979 (18,984) — (18,984) 25,277 14,272 Payroll finance 2,738 (252) 17 (235) (439) 2,064 Warehouse lending 2,800 — — — (1,883) 917 Factored receivables 1,064 (141) 137 (4) (406) 654 Equipment finance 12,450 (7,034) 723 (6,311) 10,584 16,723 Public sector finance 1,739 — — — 228 1,967 CRE 32,285 (891) 845 (46) (4,274) 27,965 Multi-family 8,355 — 304 304 2,781 11,440 ADC 1,769 (6) — (6) 2,969 4,732 Residential mortgage 7,454 (4,092) 133 (3,959) 4,103 7,598 Consumer 2,843 (1,552) 603 (949) 61 1,955 Total allowance for loan losses $ 95,677 $ (39,138) $ 3,714 $ (35,424) $ 45,985 $ 106,238 Annualized net charge-offs to average loans outstanding 0.17 % For the year ended December 31, 2018 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 19,072 $ (9,270) $ 1,080 $ (8,190) $ 3,319 $ 14,201 ABL 6,625 (4,936) 9 (4,927) 6,281 7,979 Payroll finance 1,565 (337) 43 (294) 1,467 2,738 Warehouse lending 3,705 — — — (905) 2,800 Factored receivables 1,395 (205) 15 (190) (141) 1,064 Equipment finance 4,862 (8,565) 951 (7,614) 15,202 12,450 Public sector finance 1,797 — — — (58) 1,739 CRE 24,945 (4,935) 888 (4,047) 11,387 32,285 Multi-family 3,261 (308) 283 (25) 5,119 8,355 ADC 1,680 (721) — (721) 810 1,769 Residential mortgage 5,819 (1,391) 64 (1,327) 2,962 7,454 Consumer 3,181 (1,408) 513 (895) 557 2,843 Total allowance for loan losses $ 77,907 $ (32,076) $ 3,846 $ (28,230) $ 46,000 $ 95,677 Annualized net charge-offs to average loans outstanding 0.14 % Credit Quality Indicators As part of the on-going monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk grade of commercial loans; (ii) the level of classified commercial loans; (iii) the delinquency status of residential mortgage loans and consumer loans; (iv) net charge-offs; (v) non-performing loans (see details above); and (vi) the general economic conditions in the Greater New York metropolitan region and nationally as appropriate. The Bank analyzes most loans individually by classifying the loans based on their assigned credit risk. Residential mortgage loans and consumer loans are evaluated on a homogeneous pool basis unless the loan balance is greater than $500 thousand. This analysis is performed at least quarterly on all criticized/classified loans. The Bank uses the following definitions of risk ratings: 1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies. 3 - This grade includes loans to borrowers with strong earnings and cash flow and that have the ability to service debt. The borrower’s assets and liabilities are generally well matched and are above average quality. The borrower has ready access to multiple sources of funding including alternatives such as term loans, private equity placements or trade credit. 4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates. 5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt service coverage ratios. Overall leverage is acceptable and there is average reliance upon trade credit. Management has a reasonable amount of experience and depth, and owners are willing to invest available outside capital as necessary. 6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon debt funding for working capital support. 7 - Special Mention (OCC definition) - OAEM are loans that have potential weaknesses which may, if not reversed or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of “Substandard.” The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset. 8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some losses if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. 9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as “Substandard” with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidating procedures, capital injections, perfecting liens or additional collateral and refinancing plans. 10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not reflect that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of December 31, 2020, the risk category of gross loans by segment was as follows: Special Mention Substandard December 31, 2020 Traditional C&I $ 24,162 $ 84,792 ABL 111,597 11,669 Payroll finance — 2,300 Factored receivables 5,523 — Equipment finance 7,737 45,018 CRE 249,403 280,796 Multi-family 61,146 44,872 ADC 1,407 30,000 Residential mortgage 468 18,942 Consumer 15 10,371 Total $ 461,458 $ 528,760 As of December 31, 2019, the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 8,349 $ 54 $ 8,403 $ 38,669 $ 801 $ 39,470 ABL 57,560 20,885 78,445 24,508 — 24,508 Payroll finance 437 — 437 17,156 — 17,156 Equipment finance 18,639 7,258 25,897 42,503 — 42,503 CRE 16,926 9,437 26,363 75,761 4,231 79,992 Multi-family 18,463 — 18,463 15,425 822 16,247 ADC 1,855 — 1,855 505 — 505 Residential mortgage 93 — 93 41,552 21,219 62,771 Consumer 20 — 20 9,209 3,067 12,276 Total $ 122,342 $ 37,634 $ 159,976 $ 265,288 $ 30,140 $ 295,428 At December 31, 2019, there were $74.7 million of special mention loans and $119.9 million of substandard loans that were originally considered acquired loans but were migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. Term loans amortized cost basis by origination year Revolving loans converted to term 2020 2019 2018 2017 2016 Prior Revolving loans Total Traditional C&I Pass $ 439,320 $ 237,124 $ 268,082 $ 130,648 $ 68,994 $ 139,922 $ 1,526,857 $ — $ 2,810,947 Special mention 31 3,268 3,819 1,300 3,006 2,878 9,860 — 24,162 Substandard 136 40,319 5,736 6,994 100 6,696 24,811 — 84,792 Doubtful — — — — — — 304 304 Total traditional C&I 439,487 280,711 277,637 138,942 72,100 149,496 1,561,832 — 2,920,205 ABL Pass — 2,695 3,167 8,245 24,138 480 641,013 — 679,738 Special mention 6,500 772 723 15,330 3,011 — 85,261 — 111,597 Substandard — — — — 1,141 653 9,875 — 11,669 Total ABL 6,500 3,467 3,890 23,575 28,290 1,133 736,149 — 803,004 Payroll Finance Pass — — 8,444 — — — 148,493 — 156,937 Special mention — — — — — — — — — Substandard — — — — — — 2,300 — 2,300 Total payroll finance — — 8,444 — — — 150,793 — 159,237 Warehouse Lending Pass 164,499 76,685 181,885 245,290 657,044 628,274 — — 1,953,677 Special mention — — — — — — — — — Substandard — — — — — — — — — Total warehouse lending 164,499 76,685 181,885 245,290 657,044 628,274 — — 1,953,677 Factored Receivables Pass — — — — — — 214,694 — 214,694 Special mention — — — — — — 5,523 — 5,523 Substandard — — — — — — — — — Total factored receivables — — — — — — 220,217 — 220,217 Equipment Finance Pass 449,409 537,994 252,477 113,352 77,241 47,881 — — 1,478,354 Special mention — 3,847 1,827 944 76 1,043 — — 7,737 Substandard 23 19,424 8,898 12,714 2,407 1,552 — — 45,018 Total equipment finance 449,432 561,265 263,202 127,010 79,724 50,476 — — 1,531,109 Term loans amortized cost basis by origination year Revolving loans converted to term 2020 2019 2018 2017 2016 Prior Revolving loans Total Public Sector Finance Pass 452,330 400,674 208,683 267,076 178,670 65,386 — — 1,572,819 Special mention — — — — — — — — — Substandard — — — — — — — — — Total public sector finance 452,330 400,674 208,683 267,076 178,670 65,386 — — 1,572,819 CRE Pass 1,081,860 1,259,292 894,965 486,185 527,882 1,051,607 — — 5,301,791 Special mention 9,158 66,563 21,453 72,570 38,600 41,059 — — 249,403 Substandard 27,369 46,571 84,170 1,988 22,997 97,701 — — 280,796 Total CRE 1,118,387 1,372,426 1,000,588 560,743 589,479 1,190,367 — — 5,831,990 Multi-family Pass 369,882 774,194 412,306 616,513 572,433 1,484,098 71,216 — 4,300,642 Special mention — — 11,914 30,152 — 17,339 1,741 — 61,146 Substandard — 3,688 4,763 — 5,318 30,022 1,081 — 44,872 Total multi-family 369,882 777,882 428,983 646,665 577,751 1,531,459 74,038 — 4,406,660 ADC Pass 94,840 270,584 127,648 69,145 26,646 22,673 — — 611,536 Special mention 1,407 — — — — — — — 1,407 Substandard — — — 30,000 — — — — 30,000 Total ADC 96,247 270,584 127,648 99,145 26,646 22,673 — — 642,943 Residential Pass 5,043 11,940 39,338 46,551 115,918 1,378,441 — — 1,597,231 Special mention — — — — — 468 — — 468 Substandard — — 520 — — 18,422 — — 18,942 Total residential 5,043 11,940 39,858 46,551 115,918 1,397,331 — — 1,616,641 Consumer Pass 75 400 457 278 85 5,334 109,491 63,401 179,521 Special mention — — — — — — 15 — 15 Substandard — — — — — 441 2,795 7,135 10,371 Total consumer 75 400 457 278 85 5,775 112,301 70,536 189,907 Total Loans $ 3,101,882 $ 3,756,034 $ 2,541,275 $ 2,155,275 $ 2,325,707 $ 5,042,370 $ 2,855,330 $ 70,536 $ 21,848,409 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment are summarized as follows: December 31, 2020 2019 Land and land improvements $ 91,215 $ 105,683 Buildings 79,726 92,762 Leasehold improvements 32,910 29,956 Furniture, fixtures and equipment 116,223 105,397 Total premises and equipment, gross 320,074 333,798 Accumulated depreciation and amortization (117,519) (106,728) Total premises and equipment, net $ 202,555 $ 227,070 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets are presented in the tables below. Acquired goodwill includes $44.8 million from the Woodforest Portfolio Acquisition and $25.7 million from the Santander Portfolio Acquisition both completed in 2019. (See Note 2. “Acquisitions”). Goodwill The change in goodwill for the periods presented was as follows: For the year ended December 31, 2020 2019 Beginning of period balance $ 1,683,482 $ 1,613,033 Acquired goodwill — 70,449 End of period balance $ 1,683,482 $ 1,683,482 Other intangible assets The balance of other intangible assets for the periods presented was as follows: Gross Accumulated Net intangible December 31, 2020 Core deposits $ 157,959 $ (88,151) $ 69,808 Customer lists 10,450 (7,194) 3,256 Non-compete agreements 11,808 (11,808) — Trade name 20,500 — 20,500 $ 200,717 $ (107,153) $ 93,564 December 31, 2019 Core deposits $ 157,959 $ (72,037) $ 85,922 Customer lists 10,450 (6,508) 3,942 Non-compete agreements 11,808 (11,808) — Trade name 20,500 — 20,500 $ 200,717 $ (90,353) $ 110,364 Impairment of goodwill and other intangible assets may exist when the carrying value of goodwill exceeds its fair value. To the extent that it is determined that the carrying amount of goodwill exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. During the quarter ended June 30, 2020, in the context of the severe deterioration in macroeconomic conditions that resulted from the pandemic and other factors, we concluded a quantitative evaluation of goodwill was required to determine if it was more likely than not that goodwill and other intangible assets were impaired. We engaged an independent third-party to perform a quantitative goodwill impairment test. The third-party relied mainly on a discounted cash flow analysis to estimate fair value, which was determined to be approximately 10% greater than carrying value. We performed a qualitative analysis for the existence of goodwill impairment at December 31, 2020, and concluded our goodwill and other intangible assets were not impaired. If we deem our intangible assets to be impaired in the future, a non-cash charge for the amount of such impairment would be recorded to earnings. The charge would have no impact on tangible capital or our regulatory capital ratios. With the exception of the trade name, other intangible assets are amortized on a straight-line or accelerated basis over their estimated useful lives, which range from one Amortization 2021 $ 15,103 2022 13,703 2023 12,322 2024 10,448 2025 8,722 Thereafter 12,766 Total $ 73,064 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at December 31, 2020 and 2019 are summarized as follows: December 31, 2020 2019 Non-interest bearing demand $ 5,443,907 $ 4,304,943 Interest bearing demand 4,960,800 4,427,012 Savings 2,603,570 2,652,764 Money market 8,114,415 7,585,888 Certificates of deposit 1,996,830 3,448,051 Total deposits $ 23,119,522 $ 22,418,658 Municipal deposits totaled $1.6 billion and $2.0 billion at December 31, 2020 and December 31, 2019, respectively. See Note 3. “Securities” for the amount of securities that were pledged as collateral for municipal deposits and other purposes. Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2020 2019 Remaining period to contractual maturity: Less than one year $ 1,629,168 $ 3,009,102 One to two years 158,830 221,227 Two to three years 62,632 107,589 Three to four years 58,672 47,711 Four to five years 87,528 62,422 Total certificates of deposit $ 1,996,830 $ 3,448,051 Certificate of deposit accounts that exceeded the FDIC Insurance limit of $250 thousand totaled $318.6 million and $1.4 billion at December 31, 2020 and 2019, respectively. Of the $318.6 million of certificates of deposit accounts greater than $250 thousand at December 31, 2020, $100.0 million were brokered certificates of deposit, which are mainly an aggregation of individual depositor accounts below the FDIC insurance limit. Listed below are our brokered deposits: December 31, 2020 2019 Interest bearing demand $ 433,790 $ 149,566 Money market 1,045,478 944,627 Certificates of deposit 100,003 772,251 Total brokered deposits $ 1,579,271 $ 1,866,444 |
Borrowings, Senior Notes and Su
Borrowings, Senior Notes and Subordinated Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instruments [Abstract] | |
Borrowings, Senior Notes and Subordinated Notes | Borrowings, Senior Notes and Subordinated Notes Our borrowings and weighted average interest rates are summarized as follows: December 31, 2020 2019 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 382,000 0.35 % $ 2,245,653 2.04 % Repurchase agreements 27,101 0.10 22,678 1.20 Federal funds purchased 277,000 0.11 — — Subordinated Notes - Bank 143,703 5.45 173,182 5.45 Subordinated Notes - 2029 270,284 4.17 270,941 4.17 Subordinated Notes - 2030 221,626 4.06 — — 3.50% Senior Notes — — 173,504 3.19 Total borrowings $ 1,321,714 2.25 $ 2,885,958 2.53 By remaining period to maturity: Less than one year $ 686,101 0.24 % $ 1,491,446 2.19 % One to two years — — 925,388 2.07 Two to three years — — 25,000 1.71 Three to four years — — — — Greater than five years 635,613 4.43 444,124 4.67 Total borrowings $ 1,321,714 2.25 $ 2,885,958 2.53 FHLB advances and overnight. As a member of the FHLB, the Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of December 31, 2020 and 2019, the Bank had pledged residential mortgage and CRE loans with eligible collateral values of $6.5 billion and $7.7 billion, respectively. The Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. “Securities.” As of December 31, 2020, the Bank may increase its borrowing capacity by pledging unencumbered securities and mortgage loans that are not required to be pledged for other purposes with an estimated collateral value of $2.2 billion. Repurchase agreements. Securities sold under repurchase agreements are utilized to facilitate the needs of our clients and are secured short-term borrowings that mature in one Federal funds purchased. Federal funds purchased are unsecured short-term borrowings that typically mature each business day. Federal funds purchased are stated at the amount of cash received. Subordinated Notes - Bank. On March 29, 2016, the Bank issued the Subordinated Notes - Bank comprised of $110.0 million aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes through a private placement at a discount of 1.25%. The cost of issuance was $500 thousand. On September 2, 2016, the Bank reopened the Subordinated Notes - Bank offering and issued an additional $65.0 million principal amount of Subordinated Notes - Bank. The Subordinated Notes - Bank issued September 2, 2016 are fully fungible with, rank equally in right of payment with, and form a single series with the Subordinated Notes - Bank issued March 29, 2016. Such notes were issued to the purchasers at a premium of 0.50% and with a discount of 1.25%. The cost of issuance was $275 thousand. At December 31, 2020, the net unamortized discount of all Subordinated Notes - Bank was $1.3 million, which will be accreted to interest expense over the life of the Subordinated Notes - Bank, resulting in an effective yield of 5.45%. Interest is due semi-annually in arrears on April 1 and October 1 of each year, until April 1, 2021. From and including April 1, 2021, the Subordinated Notes - Bank will bear interest at a floating rate per annum equal to three-month LIBOR plus 3.937%, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, through maturity on April 1, 2026 or earlier redemption. The Subordinated Notes - Bank are redeemable by the Bank, in whole or in part, on April 1, 2021 and on each interest payment date thereafter and at any time upon the occurrence of certain specified events. During the fourth quarter of 2020, we redeemed $30.0 million of the Subordinated Notes - Bank. The Subordinated Notes - Bank are unsecured, subordinated obligations of the Bank and are subordinated in right of payment to all of the Bank’s existing and future senior indebtedness, including claims of depositors and general creditors. The Subordinated Notes - Bank qualify as Tier 2 capital for regulatory purposes. See Note 18. “Stockholders’ Equity” for additional information regarding regulatory capital. Subordinated Notes - 2029. On December 16, 2019, we issued the Subordinated Notes - 2029, comprised of $275.0 million aggregate principal amount of 4.00% fixed-to-floating rate subordinated notes that mature on December 30, 2029 through a public offering at a discount of 1.25%. The cost of issuance was $634 thousand. At December 31, 2020, the net unamortized discount of the Subordinated Notes - 2029 was $3.7 million, which will be accreted to interest expense over the remaining life of the note, resulting in an effective yield of 4.17%. Interest is due semi-annually in arrears on June 30 and December 30 each year, commencing on June 30, 2020, until December 30, 2024. From and including December 30, 2024, the Subordinated Notes - 2029 will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be three-month term SOFR plus 253 basis points, payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, through maturity on December 30, 2029 or earlier redemption. The Subordinated Notes - 2029 are redeemable by us, in whole or in part on December 30, 2024 and on each interest payment date thereafter and upon the occurrence of certain specified events. The Subordinated Notes - 2029 are unsecured, subordinated obligations and are subordinated in right to payment of all of our existing and future senior indebtedness, including claims of depositors and general creditors and rank equally to the Subordinated Notes - Bank and the Subordinated Notes - 2030, discussed below. The Subordinated Notes - 2029 qualify as Tier 2 capital for regulatory purposes. See Note 18. “Stockholders’ Equity” for additional information regarding regulatory capital. Subordinated Notes - 2030. On October 30, 2020, we issued the Subordinated Notes - 2030, comprised of $225.0 million aggregate principal amount of 3.875% fixed-to-floating rate subordinated notes that mature on November 1, 2030 through a public offering at a discount of 1.25%. The cost of issuance was $610 thousand. At December 31, 2020, the net unamortized discount of the Subordinated Notes - 2030 was $3.4 million, which will be accreted to interest expense over the remaining life, resulting in an effective yield of 4.06%. Interest is due semi-annually in arrears on May 1 and December 30 each year, commencing on May 1, 2021, until November 1, 2025. From and including November 1, 2025, the Subordinated Notes - 2030 will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be three-month term SOFR plus 369 basis points, payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year, beginning on February 1, 2026, through maturity on November 1, 2030 or earlier redemption. The Subordinated Notes - 2030 are redeemable by us, in whole or in part on December 30, 2024 and on each interest payment date thereafter and upon the occurrence of certain specified events. The Subordinated Notes - 2030 are unsecured, subordinated obligations and are subordinated in right to payment of all of our existing and future senior indebtedness, including claims of depositors and general creditors and rank equally to the Subordinated Notes - 2029 and Subordinated Notes - Bank, discussed above. The Subordinated Notes - 2030 qualify as Tier 2 capital for regulatory purposes. See Note 18. “Stockholders’ Equity” for additional information regarding regulatory capital. 3.50% Senior Notes. On October 2, 2017, in connection with the Astoria Merger, we assumed $200.0 million principal amount of 3.50% fixed rate senior notes (the “3.50% Senior Notes”). The 3.50% Senior Notes were issued by Astoria on June 8, 2017 through a public offering. The 3.50% Senior Notes matured on June 8, 2020 and we used cash on hand to pay the principal balance outstanding in full. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Lessor Arrangements In our equipment finance portfolio we finance various types of equipment and machinery for clients through operating and sales-type leases. Sales-type leases and operating leases are carried at the aggregate value of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income. Any purchase accounting adjustments are accreted into interest income over the lease term using the interest method. Our leases generally do not contain non-lease components. Payment terms are generally fixed, however, in some agreements, lease payments may be indexed to a rate or index, such as LIBOR. Leases are typically payable in monthly installments with terms ranging from 30 to 120 months and may contain renewal options and purchase options that allow the client to acquire the leased asset at or near the end of the lease. To estimate the amount we expect to derive from a leased asset at the end of the lease term, we consider both internal and third-party appraisals as well as historical experience. We acquire leased assets at fair market value and provide funding to our clients at our cost at acquisition, less any volume or trade discounts as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at lease inception. The residual value of a sales-type or operating lease represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, we may rely on industry data, historical experience, and independent appraisals. At maturity of a lease, residual assets are offered for sale, which may result in an extension of the lease by our client, a lease to a new client, or purchase of the residual asset by our client or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. We assess our net investment in sales-type leases (including residual values) for impairment on at least an annual basis with any impairment losses recognized in the ACL - loans. At December 31, 2020, there were no impairment losses recognized. The components of our net investments in sales-type leases, which are included in Portfolio Loans on the consolidated balance sheet, are as follows: December 31, 2020 2019 Sales-type leases: Lease receivables $ 170,347 $ 218,861 Unguaranteed residual values 85,024 76,361 Total net investment in sales-type leases $ 255,371 $ 295,222 During the year ended December 31, 2020 and December 31, 2019, we recognized lease interest income of $11.3 million, and $1.1 million on sales-type leases and $16.1 million and $2.4 million on operating leases respectively. The remaining maturities of lease receivables as of December 31, 2020 were as follows: Operating Sales-type 2021 $ 12,491 $ 64,512 2022 12,194 72,895 2023 11,126 73,715 2024 9,761 29,667 2025 6,711 21,695 Thereafter 2,941 31,280 Total lease payments $ 55,224 293,764 Unearned income (38,393) Net lease receivables $ 255,371 Lessee Arrangements We determine if an arrangement is a lease at inception. We enter into leases in the normal course of business primarily for financial centers, back-office operations locations, business development offices, data centers and equipment used n our business. Our leases have remaining terms of three months to 15 years. Some of which include options to extend the lease for up to 20 years and some of which include options to terminate the lease within 180 days. Sub-leases are not material to our consolidated financial statements and were not considered in the right-of-use asset or lease liability. Our leases do not include residual value guarantees or significant covenants. Lease terms account for extension or termination options if, after considering relevant economic factors, it is reasonably certain we will exercise the option. At December 31, 2020 and December 31, 2019, operating lease right-of-use assets of $105.7 million and $112.2 million; and operating lease liabilities of $113.4 million and $119.0 million were included in other assets and other liabilities, respectively, on our consolidated balance sheet. We do not have any significant finance leases in which we are the lessee. The components of lease expense were as follows: December 2020 2019 Operating lease expense $ 19,257 $ 19,550 Sub-lease income (2,277) (2,581) Net lease expense $ 16,980 $ 16,969 Net lease expense for the year ended December 31, 2018, was $17.1 million. Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2020 were as follows: 2021 $ 18,336 2022 18,069 2023 16,604 2024 14,790 2025 12,175 2026 and thereafter 49,461 Total lease payments 129,435 Interest 16,030 Present value of lease liabilities $ 113,405 The weighted average remaining lease term and discount rate used to calculate the present value of our right-of-use asset and lease liabilities were the following: December 2020 2019 Weighted average remaining lease term (years) 7.85 7.94 Weighted average remaining discount rate 3.33 % 3.26 % |
Leases | Leases Lessor Arrangements In our equipment finance portfolio we finance various types of equipment and machinery for clients through operating and sales-type leases. Sales-type leases and operating leases are carried at the aggregate value of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income. Any purchase accounting adjustments are accreted into interest income over the lease term using the interest method. Our leases generally do not contain non-lease components. Payment terms are generally fixed, however, in some agreements, lease payments may be indexed to a rate or index, such as LIBOR. Leases are typically payable in monthly installments with terms ranging from 30 to 120 months and may contain renewal options and purchase options that allow the client to acquire the leased asset at or near the end of the lease. To estimate the amount we expect to derive from a leased asset at the end of the lease term, we consider both internal and third-party appraisals as well as historical experience. We acquire leased assets at fair market value and provide funding to our clients at our cost at acquisition, less any volume or trade discounts as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at lease inception. The residual value of a sales-type or operating lease represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, we may rely on industry data, historical experience, and independent appraisals. At maturity of a lease, residual assets are offered for sale, which may result in an extension of the lease by our client, a lease to a new client, or purchase of the residual asset by our client or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. We assess our net investment in sales-type leases (including residual values) for impairment on at least an annual basis with any impairment losses recognized in the ACL - loans. At December 31, 2020, there were no impairment losses recognized. The components of our net investments in sales-type leases, which are included in Portfolio Loans on the consolidated balance sheet, are as follows: December 31, 2020 2019 Sales-type leases: Lease receivables $ 170,347 $ 218,861 Unguaranteed residual values 85,024 76,361 Total net investment in sales-type leases $ 255,371 $ 295,222 During the year ended December 31, 2020 and December 31, 2019, we recognized lease interest income of $11.3 million, and $1.1 million on sales-type leases and $16.1 million and $2.4 million on operating leases respectively. The remaining maturities of lease receivables as of December 31, 2020 were as follows: Operating Sales-type 2021 $ 12,491 $ 64,512 2022 12,194 72,895 2023 11,126 73,715 2024 9,761 29,667 2025 6,711 21,695 Thereafter 2,941 31,280 Total lease payments $ 55,224 293,764 Unearned income (38,393) Net lease receivables $ 255,371 Lessee Arrangements We determine if an arrangement is a lease at inception. We enter into leases in the normal course of business primarily for financial centers, back-office operations locations, business development offices, data centers and equipment used n our business. Our leases have remaining terms of three months to 15 years. Some of which include options to extend the lease for up to 20 years and some of which include options to terminate the lease within 180 days. Sub-leases are not material to our consolidated financial statements and were not considered in the right-of-use asset or lease liability. Our leases do not include residual value guarantees or significant covenants. Lease terms account for extension or termination options if, after considering relevant economic factors, it is reasonably certain we will exercise the option. At December 31, 2020 and December 31, 2019, operating lease right-of-use assets of $105.7 million and $112.2 million; and operating lease liabilities of $113.4 million and $119.0 million were included in other assets and other liabilities, respectively, on our consolidated balance sheet. We do not have any significant finance leases in which we are the lessee. The components of lease expense were as follows: December 2020 2019 Operating lease expense $ 19,257 $ 19,550 Sub-lease income (2,277) (2,581) Net lease expense $ 16,980 $ 16,969 Net lease expense for the year ended December 31, 2018, was $17.1 million. Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2020 were as follows: 2021 $ 18,336 2022 18,069 2023 16,604 2024 14,790 2025 12,175 2026 and thereafter 49,461 Total lease payments 129,435 Interest 16,030 Present value of lease liabilities $ 113,405 The weighted average remaining lease term and discount rate used to calculate the present value of our right-of-use asset and lease liabilities were the following: December 2020 2019 Weighted average remaining lease term (years) 7.85 7.94 Weighted average remaining discount rate 3.33 % 3.26 % |
Leases | Leases Lessor Arrangements In our equipment finance portfolio we finance various types of equipment and machinery for clients through operating and sales-type leases. Sales-type leases and operating leases are carried at the aggregate value of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income. Any purchase accounting adjustments are accreted into interest income over the lease term using the interest method. Our leases generally do not contain non-lease components. Payment terms are generally fixed, however, in some agreements, lease payments may be indexed to a rate or index, such as LIBOR. Leases are typically payable in monthly installments with terms ranging from 30 to 120 months and may contain renewal options and purchase options that allow the client to acquire the leased asset at or near the end of the lease. To estimate the amount we expect to derive from a leased asset at the end of the lease term, we consider both internal and third-party appraisals as well as historical experience. We acquire leased assets at fair market value and provide funding to our clients at our cost at acquisition, less any volume or trade discounts as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at lease inception. The residual value of a sales-type or operating lease represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, we may rely on industry data, historical experience, and independent appraisals. At maturity of a lease, residual assets are offered for sale, which may result in an extension of the lease by our client, a lease to a new client, or purchase of the residual asset by our client or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. We assess our net investment in sales-type leases (including residual values) for impairment on at least an annual basis with any impairment losses recognized in the ACL - loans. At December 31, 2020, there were no impairment losses recognized. The components of our net investments in sales-type leases, which are included in Portfolio Loans on the consolidated balance sheet, are as follows: December 31, 2020 2019 Sales-type leases: Lease receivables $ 170,347 $ 218,861 Unguaranteed residual values 85,024 76,361 Total net investment in sales-type leases $ 255,371 $ 295,222 During the year ended December 31, 2020 and December 31, 2019, we recognized lease interest income of $11.3 million, and $1.1 million on sales-type leases and $16.1 million and $2.4 million on operating leases respectively. The remaining maturities of lease receivables as of December 31, 2020 were as follows: Operating Sales-type 2021 $ 12,491 $ 64,512 2022 12,194 72,895 2023 11,126 73,715 2024 9,761 29,667 2025 6,711 21,695 Thereafter 2,941 31,280 Total lease payments $ 55,224 293,764 Unearned income (38,393) Net lease receivables $ 255,371 Lessee Arrangements We determine if an arrangement is a lease at inception. We enter into leases in the normal course of business primarily for financial centers, back-office operations locations, business development offices, data centers and equipment used n our business. Our leases have remaining terms of three months to 15 years. Some of which include options to extend the lease for up to 20 years and some of which include options to terminate the lease within 180 days. Sub-leases are not material to our consolidated financial statements and were not considered in the right-of-use asset or lease liability. Our leases do not include residual value guarantees or significant covenants. Lease terms account for extension or termination options if, after considering relevant economic factors, it is reasonably certain we will exercise the option. At December 31, 2020 and December 31, 2019, operating lease right-of-use assets of $105.7 million and $112.2 million; and operating lease liabilities of $113.4 million and $119.0 million were included in other assets and other liabilities, respectively, on our consolidated balance sheet. We do not have any significant finance leases in which we are the lessee. The components of lease expense were as follows: December 2020 2019 Operating lease expense $ 19,257 $ 19,550 Sub-lease income (2,277) (2,581) Net lease expense $ 16,980 $ 16,969 Net lease expense for the year ended December 31, 2018, was $17.1 million. Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2020 were as follows: 2021 $ 18,336 2022 18,069 2023 16,604 2024 14,790 2025 12,175 2026 and thereafter 49,461 Total lease payments 129,435 Interest 16,030 Present value of lease liabilities $ 113,405 The weighted average remaining lease term and discount rate used to calculate the present value of our right-of-use asset and lease liabilities were the following: December 2020 2019 Weighted average remaining lease term (years) 7.85 7.94 Weighted average remaining discount rate 3.33 % 3.26 % |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | Derivatives From time to time we enter into interest rate swap agreements with customers who wish to manage their interest rate risk. In connection with such transaction, we execute offsetting interest rate swap with another financial institution. In connection with each swap transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. We manage our interest rate risk position by agreeing to pay another financial institution the same fixed interest rate on the same notional amount and to receive the same variable interest rate on the same notional amount. Because we enter into offsetting or “back to back” transactions, changes in the fair value of the underlying derivative contracts largely offset each other and do not materially impact the results of our operations. We have entered into both over-the-counter (“OTC”) and exchange traded interest rate swap contracts. At December 31, 2020 and December 31, 2019, the OTC derivatives traded OTC are included in the financial statements at the gross fair value amount of the asset (included in other assets) and liability (included in other liabilities). In respect of interest rate swap contracts executed on an exchange we are required to make daily variation margin payments, a payment which represents the daily change in the fair value of our interest rate swap contracts. This settlement is referred to as settled-to-market and at December 31, 2020 and December 31, 2019 we had paid cash representing such variation margin in the amount of $89.8 million and $43.0 million, respectively. We do not typically require our commercial customers to post cash or securities as collateral or margin in respect of interest rate swap agreements with us. However, in the case of default, our agreements and loan documents permit us to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. Summary information regarding these derivatives as of December 31, 2020 and 2019 is presented below: Notional Average Weighted Weighted Fair value December 31, 2020 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,913,607 149,797 Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 149,797 Included in other liabilities: Third-party interest rate swap $ 1,913,607 $ 60,004 Customer interest rate swap — — Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 60,004 December 31, 2019 Included in other assets: Third-party interest rate swap $ 116,874 $ 15 Customer interest rate swap 1,738,675 67,303 Total $ 1,855,549 5.18 4.50 % 1 m Libor + 2.23% $ 67,318 Included in other liabilities: Third-party interest rate swap $ 1,738,675 $ 23,998 Customer interest rate swap 116,874 316 Total $ 1,855,549 5.18 4.50 % 1 m Libor +2.23% $ 24,314 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the periods indicated consisted of the following: For the year ended December 31, 2020 2019 2018 Current income tax expense: Federal $ 51,609 $ 4,133 $ 44,810 State and local 26,782 27,616 17,263 Total current income tax expense 78,391 31,749 62,073 Deferred income tax (benefit) expense: Federal (35,455) 72,030 38,661 State and local (13,037) 9,146 18,242 Total deferred income tax (benefit) expense (48,492) 81,176 56,903 Total income tax expense $ 29,899 $ 112,925 $ 118,976 Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: For the year ended December 31, 2020 2019 2018 Tax at federal statutory rate of 21% $ 53,690 $ 113,393 $ 118,908 State and local income taxes, net of federal tax benefit 10,858 29,042 28,049 Tax-exempt interest, net of disallowed interest (23,106) (20,238) (19,521) BOLI income (4,315) (4,963) (3,279) Low income housing tax credits and other benefits (39,630) (19,567) (9,823) Low income housing investment amortization expense 34,295 16,718 6,655 Equity-based stock compensation benefit 995 (468) (680) FDIC insurance premium limitation 1,018 977 1,777 Impact of rate remeasurement on NOL carryback (17,955) — — Change in uncertain tax position 7,000 — — Other, net 7,049 (1,969) (3,110) Actual income tax expense $ 29,899 $ 112,925 $ 118,976 Effective income tax rate 11.7 % 20.9 % 21.0 % Under the CARES Act, net operating losses arising in tax years beginning after December 31, 2017, and before January 1, 2021 can be carried back for up to five tax years preceding the tax year which the loss originated. Following the passage of the CARES Act, we determined that we were eligible to carry back a net operating loss incurred in 2019 to offset taxable income reported in 2014 and 2016. As a result, in 2020, we recorded a reduction in our tax expense of $18.0 million, as a result of federal statutory rates in 2014 and 2016 being higher than those in effect in 2019. As of December 31, 2020, we recorded $7.0 million of unrecognized gross tax benefits. The gross tax benefits do not reflect federal tax effect associated with the state tax amounts. The total amount of net unrecognized tax benefits at December 31, 2020 that would have affected the effective tax rate, if recognized, was $6.1 million. As of December 31, 2020, the accrual for unrecognized gross tax benefits was as follows: For the year ended December 31, 2020 2019 2018 Uncertain tax positions beginning of period $ — $ — $ — Additions for tax positions related to prior tax years 11,480 — — Decrease due to settlement (1,315) — — Interest expense in tax positions 123 — — Reduction due to expiration of statute of limitation (3,288) — — Uncertain tax positions at December 31, 2020 $ 7,000 $ — $ — For the tax year ended December 31, 2020, we recognized income tax expense attributed to interest and penalties of approximately $500 thousand. For the tax years ended December 31, 2019 and 2018, we recognized no income tax expense attributed to interest and penalties. Accrued interest and penalties on tax liabilities were approximately $500 thousand and none, respectively, at December 31, 2020 and 2019. We do not expect the total amount of unrecognized tax benefits to increase significantly within the next twelve months. Significant tax filings that remain open for examination include the following: • Federal tax filings for tax years 2017 through present; • New York State tax filings for tax years 2017 through present; • New York City tax filings for tax years 2015 through present; and • New Jersey State tax filings for tax years 2017 through present. We are generally no longer subject to examination by federal, state or local taxing authorities for tax years prior to 2017. The following table presents our deferred tax position at December 31, 2020 and 2019: December 31, 2020 2019 Deferred tax assets: ACL - loans $ 86,269 $ 28,779 Lease liability 30,482 32,232 Deferred compensation 337 333 Other accrued compensation and benefits 10,189 8,953 Deferred rent 805 1,496 Pension and post retirement expense 5,235 4,207 Deferred loan fees and costs 3,532 2,694 Accrued expenses 269 1,590 Net operating loss carryforwards 6,916 41,044 Other 5,373 3,605 Total deferred tax assets 149,407 124,933 Deferred tax liabilities: Right of use asset (leases) 28,402 30,401 Acquisition fair value adjustments 58,157 56,292 Depreciation of premises and equipment and tax leases 60,715 79,349 Other comprehensive income (securities) 31,834 14,331 Deferred capital gains 6,368 6,590 Mortgage servicing rights 1,190 2,250 Other comprehensive gain (defined benefit plans) 564 624 Intangible asset amortization 4,428 1,633 Other 1,035 1,033 Total deferred tax liabilities 192,693 192,503 Net deferred tax liability $ (43,286) $ (67,570) Net deferred tax liabilities were $43.3 million at December 31, 2020, compared to $67.6 million at December 31, 2019. The change was mainly due to the provision for credit loss expense recorded under CECL, which was partially offset by the realization of the deferred tax asset for the federal net operating loss which was carried back to prior tax years under the provisions of the CARES Act. No valuation allowance was recorded against any deferred tax assets as of those dates. During 2018, we completed our accounting for the income tax effects related to certain elements of the Tax Reform Act, including purchase accounting adjustments recorded in connection with the Astoria Merger. After completion of the Astoria short-period final tax returns, we reduced income tax balances and goodwill by $6.2 million, which finalized all purchase accounting adjustments for the Astoria Merger and resolved substantially all items initially estimated as a result of the Tax Act. Retained earnings at December 31, 2020 and 2019 included approximately $9.3 million for which no provision for federal income taxes has been made. This amount represents the tax bad debt reserve at December 31, 1987, which is the end of the Bank ’ s base year for purposes of calculating the bad debt deduction for tax purposes. If this portion of retained earnings is used in the future for any purposes other than to absorb bad debts, the amount used will be added to future taxable income. The unrecorded deferred tax liability on the above amount at December 31, 2020 and 2019, was approximately $2.0 million. |
Investments in Low Income Housi
Investments in Low Income Housing Tax Credits | 12 Months Ended |
Dec. 31, 2020 | |
Investments in Affordable Housing Projects [Abstract] | |
Investments in Low Income Housing Tax Credits | Investments in Low Income Housing Tax Credits We have invested in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to assist the Bank in achieving its strategic plan associated with the Community Reinvestment Act and to augment our securities portfolio with investments designed to achieve a satisfactory return on capital. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity. We are a limited partner in each LIHTC limited partnership. Each limited partnership is managed by an unrelated third party general partner who exercises full control over the affairs of the limited partnership. The general partner has all the rights, powers and authority granted or permitted to be granted to a general partner of a limited partnership. Duties entrusted to the general partner of each limited partnership include, but are not limited to: investment in operating companies, company expenditures, investment of excess funds, borrowing funds, employment of agents, disposition of fund property, prepayment and refinancing of liabilities, votes and consents, contract authority, disbursement of funds, accounting methods, tax elections, bank accounts, insurance, litigation, cash reserve, and use of working capital reserve funds. Except for limited rights granted to the limited partner(s) relating to the approval of certain transactions, the limited partner(s) may not participate in the operation, management, or control of the limited partnership’s business, transact any business in the limited partnership’s name or have any power to sign documents for or otherwise bind the limited partnership. In addition, the general partner may only be removed by the limited partner(s) in the event the general partner fails to comply with the terms of the agreement or is negligent in performing its duties. The general partner of each limited partnership has both the power to direct the activities which most significantly affect the performance of each partnership and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. Therefore, we have concluded that we are not the primary beneficiary of any LIHTC partnership. We use the proportional amortization method to account for our investments in these entities. Our net investment in LIHTC are recorded in other assets in the consolidated balance sheets and the unfunded commitments are recorded in other liabilities in the consolidated balance sheets and were as follows: December 31, 2020 2019 Gross investment in LIHTC $ 574,470 $ 439,877 Accumulated amortization (86,167) (53,053) Net investment in LIHTC $ 488,303 $ 386,824 Unfunded commitments for LIHTC investments $ 283,849 $ 264,930 Unfunded Commitments The expected payments for unfunded affordable housing commitments at December 31, 2020 were as follows: 2021 $ 152,913 2022 91,335 2023 24,086 2024 4,571 2025 1,483 2026 and thereafter 9,461 $ 283,849 The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing as follows: For the year ended December 31, 2020 2019 2018 Tax credits and other tax benefits recognized $ (39,630) $ (19,567) $ (9,823) Amortization expense included in income tax expense 34,295 16,718 6,655 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We have one active stock-based compensation plan, as described below. Our stockholders approved the 2015 Plan on May 28, 2015. The 2015 Plan permitted the grant of stock options, stock appreciation rights, restricted stock (both time-based and performance-based), restricted stock units, deferred stock and other stock-based awards. The total number of shares that could be awarded under the 2015 Plan at approval was 2,800,000 shares, plus the remaining shares available for grant under the 2014 Stock Incentive Plan as of the date of adoption of the 2015 Plan. On May 29, 2019, our stockholders approved the Amended Omnibus Plan. The Amended Omnibus Plan increased the shares available for issuance to 7,000,000 the remaining shares available under the 2015 Plan of 4,454,318, and updated certain tax-related provisions as a result of the Tax Reform Act and related administrative changes. The Amended Omnibus Plan provides the same authority for the granting of instruments as the 2015 Plan. At December 31, 2020, there were 1,811,418 shares available for future grant under the Amended Omnibus Plan. Restricted stock awards are granted with a fair value equal to the market price of our common stock at the date of grant. Stock option awards are granted with a strike price that is equal to the market price of our common stock at the date of grant. The restricted stock awards generally vest in equal installments annually on the anniversary date of grant and have total vesting periods ranging from one The following table summarizes the activity in our active stock-based compensation plans for the periods presented: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2018 3,101,327 1,238,760 $ 20.00 757,867 $ 11.15 Granted (813,239) 813,239 23.22 — — Stock awards vested (1) (33,392) (654,231) 19.12 — — Exercised — — — (66,028) 10.46 Forfeited 69,554 (64,254) 22.47 (5,300) 13.18 Canceled/expired (5,300) — — — — Balance at December 31, 2018 2,318,950 1,333,514 $ 22.12 686,539 $ 11.20 Increase per Amended Omnibus Plan 2,545,682 — — — — Granted (1,544,013) 1,544,013 19.66 — — Stock awards vested (2) (70,353) (593,560) 19.37 — — Exercised — — — (257,765) 11.29 Forfeited 98,270 (96,770) 21.92 (1,500) 10.03 Canceled/expired (1,500) — — — — Balance at December 31, 2019 3,347,036 2,187,197 $ 20.96 427,274 $ 11.15 Granted (1,652,071) 1,652,071 18.69 — — Stock awards vested (3) (39,504) (689,668) 21.78 — — Exercised — — — (60,500) 10.08 Forfeited 186,110 (155,957) 20.55 (30,153) 13.43 Canceled/expired (30,153) — — — — Balance at December 31, 2020 1,811,418 2,993,643 $ 19.54 336,621 $ 11.14 Exercisable at December 31, 2020 336,621 $ 11.14 (1) The 33,392 shares vested represent performance shares that were granted in October 2014 to certain executives with a three-year measurement period. On December 31, 2018, these shares vested at 144.4% of the amount initially granted. (2) The 70,353 shares vested represents performance shares that were granted in February 2016 to certain executives with a three-year measurement period. These shares vested in the first quarter of 2019 at 150.0% of the target amount granted, which resulted in these additional shares being awarded and additional expense of $1.0 million which was recorded in the first quarter of 2019. (3) The 39,504 shares vested represents performance shares that were granted in February 2017 to certain executives with a three-year measurement period. These shares vested in the first quarter of 2020 at 150.0% of the target amount granted, which resulted in these additional shares being awarded and additional expense of $960 thousand, which was recorded in the first quarter of 2020. Other information regarding options outstanding and exercisable at December 31, 2020 follows: Outstanding and Exercisable Weighted average Number of Exercise Life Range of exercise prices: $7.63 to $9.27 82,700 $ 8.34 1.35 9.28 to 11.35 25,000 9.28 1.93 11.36 to 13.22 115,764 11.36 2.81 13.23 to 15.01 113,157 13.36 3.89 336,621 11.14 2.75 The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $2.3 million at December 31, 2020. We use an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted in 2020, 2019 or 2018. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit was as follows: For the year ended December 31, 2020 2019 2018 Stock options $ — $ — $ 6 Non-vested stock awards/performance units 23,010 19,473 12,978 Total $ 23,010 $ 19,473 $ 12,984 Income tax benefit $ 4,832 $ 4,089 $ 2,727 Proceeds from stock option exercises $ 610 $ 2,909 $ 691 Unrecognized stock-based compensation expense at December 31, 2020 was $32.5 million and the weighted average period over which unrecognized non-vested awards/performance units is expected to be recognized is 1.6 years. |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Pension and Other Post Retirement Benefits | Pension and Other Post Retirement Benefits (a) Existing Pension Plans and Other Post Retirement Benefits Our pension benefit plans include all of the assets and liabilities of the Astoria Excess and Supplemental Benefit Plans, the Astoria Directors’ Retirement Plan, the Greater New York Savings Bank Directors’ Retirement Plan and the Long Island Bancorp Directors’ Retirement Plan, which were assumed in the Astoria Merger. Our other post-retirement benefit plans include the Astoria Bank Retiree Health Care Plan and the Astoria Bank BOLI plan, which were assumed in the Astoria Merger, and other non-qualified Supplemental Executive Retirement Plans that provide certain directors, officers and executives with supplemental retirement benefits. During the third quarter of 2019, we terminated the Astoria Bank Employees’ Pension Plan. We purchased annuities from a third-party insurance carrier and made lump sum distributions in accordance with elections by the plan’s participants. In connection with the plan termination, we recognized a net gain of $11.8 million, which was mainly comprised of the remaining balance of accumulated other comprehensive income and related deferred taxes. At December 31, 2020, a pension reversion asset of $12.7 million was recorded in other assets in the consolidated balance sheets, and is held in custody by the Bank’s 401(k) plan custodian. The pension reversion asset is expected to be charged to earnings over the next five to seven years as it is distributed to employees under qualified compensation and benefit programs. The following is a summary of changes in the projected benefit obligation and fair value of pension plans and other post-retirement benefits plan assets. Pension benefits Other post-retirement benefits December 31, December 31, 2020 2019 2020 2019 Changes in projected benefit obligation: Beginning of year balance $ 4,529 $ 231,525 $ 32,238 $ 30,878 Service cost — — 61 48 Interest cost 111 6,924 838 997 Actuarial loss (gain) 305 (8,469) 2,904 1,338 Benefits and distributions paid (326) (11,004) (813) (1,023) Pension termination — (213,552) — — Other — (895) — — End of year balance 4,619 4,529 35,228 32,238 Changes in fair value of plan assets: Beginning of year balance — 240,733 — — Employer contributions 326 361 813 1,023 Benefits and distributions paid (326) (11,004) (813) (1,023) Pension termination — (213,552) — — Transfer to 401(k) plan pension reversion asset — (16,538) — — End of year balance — — — — Funded status at end of year $ (4,619) $ (4,529) $ (35,228) $ (32,238) The underfunded pension benefits and the other post-retirement benefits are included in other liabilities in our consolidated balance sheets at December 31, 2020 and 2019. We made contributions of $326 thousand and $361 thousand to pension plans in 2020 and 2019, respectively. The following is a summary of the components of accumulated other comprehensive gain related to pension plans and other post-retirement benefits. We do not expect that any net actuarial gain or prior service cost will be recognized as components of net periodic cost in 2021. Pension benefits Other post-retirement benefits December 31, December 31, 2020 2019 2020 2019 Net actuarial gain $ 1,761 $ 1,647 $ 279 $ 2,081 Deferred tax expense (487) (455) (77) (575) Amount included in accumulated other comprehensive gain, net of tax $ 1,274 $ 1,192 $ 202 $ 1,506 The following is a summary of the discount rates used to determine the benefit obligations at the dates indicated. December 31, 2020 2019 Pension benefit plans: Astoria Excess and Supplemental Benefit Plans 1.67 % 2.68 % Astoria Directors’ Retirement Plan 1.35 2.39 Greater New York Savings Bank Directors’ Retirement Plan 1.38 2.50 Long Island Bancorp Directors’ Retirement Plan N/A N/A Other post-retirement benefit plans: Sterling Other post-retirement life insurance, and other plans 1.11% to 2.53% 2.34% to 3.23% Astoria Bank Retiree Health Care Plan 2.19 3.00 The components of net periodic pension expense (benefit) were as follows: Pension benefits Other post-retirement benefits For the Year Ended December 31, For the Year Ended December 31, 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ 61 $ 48 $ 64 Interest cost 111 6,924 8,521 838 997 1,040 Expected return on plan assets — (8,800) (14,059) — — — Amortization of unrecognized actuarial loss (gain) — — — 190 (102) 21 Amortization of transition obligation — — — 14 — — Amortization of prior service cost — — — 2 — — Net periodic pension expense (benefit) $ 111 $ (1,876) $ (5,538) $ 1,105 $ 943 $ 1,125 Net periodic pension expense (benefit) is included in other non-interest income in the consolidated income statements. The following is a summary of the assumptions used to determine the net periodic cost (benefit) for the years ended December 31, 2020 and 2019. Discount rate 2020 2019 Pension benefit plans: Astoria Excess and Supplemental Benefit Plans 2.68 % 3.82 % Astoria Directors’ Retirement Plan 2.39 3.52 Greater New York Savings Bank Directors’ Retirement Plan 2.50 3.66 Long Island Bancorp Directors’ Retirement Plan N/A N/A Other post retirement benefit plans: Sterling Other Post retirement life insurance and other plans 1.11% to 3.20% 2.34% to 4.15% Astoria Bank Retiree Health Care Plan 3.00 4.05 As part of the Astoria Merger, we assumed the Astoria Bank Retiree Health Care Plan. The following table presents the assumed health care cost trend rates at the dates indicated. December 31, 2020 2019 Health care cost trend rate assumed for the next year: Pre-age 65 6.20 % 6.50 % Post-age 65 5.80 6.00 Rate to which the cost trend rate is assumed to decline (the “ultimate trend rate”) 4.75 4.75 Year that ultimate trend rate is reached 2026 2026 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. The following table presents the effects on a one-percentage point change in assumed health care cost trend rates. One percentage point increase One percentage point decrease Effect on total service and interest cost components $ 81 $ (67) Effect on the post retirement benefit obligation 2,540 (2,108) Estimated future total benefits expected to be paid are the following for the years ending December 31,: Pension Other post 2021 $ 1,519 $ 1,916 2022 316 1,848 2023 307 1,798 2024 296 1,758 2025 284 1,677 Thereafter 1,180 15,679 (b) Employee Savings Plan We sponsor a defined contribution plan established under Section 401(k) of the IRS Code. Eligible employees may elect to contribute up to 50.0% of their compensation to the plan. We provide a profit sharing contribution equal to 3.0% of the eligible compensation of all employees. The contribution is made for all eligible employees regardless of their 401(k) elective deferral percentage. Voluntary matching and profit sharing contributions are invested in accordance with the participant’s direction in one or a number of investment options. Employee savings plan expense was $7.6 million for 2020, $7.9 million for 2019 and $4.8 million for 2018. |
Non-Interest Income, Other Non-
Non-Interest Income, Other Non-interest Expense, Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Non-Interest Income, Other Non-interest Expense, Other Assets and Other Liabilities | Non-Interest Income, Other Non-Interest Expense, Other Assets and Other Liabilities (a) Non-Interest Income - Revenue from Contracts with Customers Our significant sources of non-interest income is set forth in our consolidated income statements. A description of our revenue streams is the following: Deposit fees and service charges. We earn fees from our deposit customers mainly for transaction-based, account maintenance, and overdraft services. Transaction-based fees include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, and are recognized at the time the transaction is executed. Account maintenance fees, which relate primarily to monthly account maintenance, are earned over the course of a month, which represents the period over which we satisfy the performance obligation. Overdraft fees are recognized when the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Accounts receivable management / factoring commissions and other related fees. We earn these fees / commissions in our payroll finance and factoring businesses, as described below. Payroll finance. We provide financing and business process outsourcing, including full back-office, technology and tax accounting services, to temporary staffing companies nationwide. Services provided include preparation of payroll, payroll tax payments, billings and collections. Upon completion of the back-office support services, and as payroll remittances are made on behalf of the client to fund their employee payroll, we recognize a portion of the total revenue generated as non-interest income. We collect invoices directly from the borrower’s customers, retain the amounts billed for the temporary staffing services provided, and remit the remaining funds to the borrower. The funds are remitted net of amounts previously advanced, payroll taxes withheld, service fees charged by us, and a reserve amount which is retained as collateral to offset potential uncollectible balances. Factored Receivables. We provide accounts receivable management services. The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee. The factoring fee included in non-interest income represents compensation to us for bookkeeping and collection services provided. The factoring fee, which is non-refundable, is recognized at the time the receivable is assigned to us. Other revenue associated with factored receivables includes wire transfer fees, technology fees, field examination fees and UCC fees. All such fees are recognized as income upon receipt. Investment management fees. We earn investment management fees from our contracts with customers to manage assets for investment, and / or to transact on their accounts. Advisory fees are primarily earned over time as we provide the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management at month end. Fees that are transaction-based, including trade execution services, are recognized when the transaction is executed, i.e., the trade date. Gains / Losses on sales of OREO. We record a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When we finance the sale of OREO to the buyer, we assesses whether the buyer is committed to performing its obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, we may adjust the transaction price and related gain (loss) on sale if a significant financing component is present. Contract Balances. A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. Our non-interest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as investment management fees based on period-end market values. Consideration is often received immediately or shortly after we satisfy our performance obligation and revenue is recognized. We do not typically enter into long-term revenue contracts with customers, and therefore, we do not experience significant contract balances. As of December 31, 2020 and 2019, we did not have any significant contract balances. (b) Other Non-Interest Expense Other non-interest expense items are presented in the following table. For the year ended December 31, 2020 2019 2018 Other non-interest expense: Depreciation expense on operating leases $ 12,888 $ — $ — Advertising and promotion 7,090 8,458 5,930 Communication 5,678 6,684 6,451 Residential mortgage loan servicing 5,337 5,926 3,393 Insurance & surety bond premium 4,818 3,831 3,630 Commercial loan servicing 4,512 3,093 2,280 Operational losses 2,430 3,643 3,176 Other 22,704 22,209 18,356 Total other non-interest expense $ 65,457 $ 53,844 $ 43,216 (c) Other Assets Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. At December 31, 2020 2019 Other assets: Low income housing tax credit investments (see Note 13) $ 488,303 $ 386,824 Right of use asset for operating leases (see Note 10) 105,667 112,226 Fair value of swaps (see Note 11) 149,797 67,318 Cash on deposit as swap collateral / settlement (see Note 11) 82,478 93,606 Operating leases - equipment and vehicles leased to others (see Note 10) 55,224 72,291 Other asset balances 181,934 108,603 Total other assets $ 1,063,403 $ 840,868 Other asset items include income tax balances, collateral posted for swaps that are not exchange traded, prepaid insurance, prepaid property taxes, prepaid maintenance, accounts receivable and miscellaneous assets. (d) Other Liabilities Other liabilities are presented in the following table. Significant components of the aggregate of other liabilities are presented separately. At December 31, 2020 2019 Other liabilities: Commitment to fund low income housing tax credit investments (see Note 13) $ 283,849 $ 264,930 Lease liability (see Note 10) 113,405 118,986 Payroll finance and factoring liabilities 115,802 105,972 Fair value of swap liabilities (see Note 11) 60,004 24,314 Other liability balances 155,642 179,250 Total other liabilities $ 728,702 $ 693,452 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a summary of the calculation of EPS: For the year ended December 31, 2020 2019 2018 Net income available to common stockholders $ 217,886 $ 419,108 $ 439,276 Weighted average common shares outstanding for computation of basic EPS 194,084,358 205,679,874 224,299,488 Common-equivalent shares due to the dilutive effect of stock options (1) 308,985 451,754 517,508 Weighted average common shares for computation of diluted EPS 194,393,343 206,131,628 224,816,996 EPS: Basic $ 1.12 $ 2.04 $ 1.96 Diluted 1.12 2.03 1.95 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) 74,040 — — (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted earnings per share. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (a) Regulatory Capital Requirements Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines, and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk-weighting, and other factors. The Basel III Capital Rules became fully effective for us and the Bank on January 1, 2019. Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital (as defined in the regulations), Tier 1 capital (as defined in the regulations) and Total capital (as defined in the regulations) to RWA, and of Tier 1 capital to adjusted quarterly average assets (as defined in the regulations) (the “Tier 1 leverage ratio”). The Company’s and the Bank’s Common Equity Tier 1 capital consists of common stock and related paid-in capital, net of treasury stock, and retained earnings. In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 capital. Common Equity Tier 1 capital for both the Company and the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Tier 1 capital includes Common Equity Tier 1 capital and additional Tier 1 capital, including preferred stock. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital (as defined in the regulations) for both the Bank and the Company includes a permissible portion of the ACL and $143.7 million and $102.4 million of the Subordinated Notes - Bank, respectively. Tier 2 capital at the Company includes $491.9 million of the Subordinated Notes - Company. During the final five years of the terms of both outstanding issuances of the Subordinated Notes - Bank or Subordinated Notes - company the permissible portion eligible for inclusion in Tier 2 capital decreases by 20% annually. The Common Equity Tier 1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by RWA. RWA is calculated based on regulatory requirements and includes total assets, excluding goodwill and other intangible assets, allocated by risk weight category, and certain off-balance-sheet items, among other items. The Tier 1 leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things. As fully phased-in on January 1, 2019, the Basel III Capital Rules require the Company and the Bank to maintain: (i) a minimum ratio of Common Equity Tier 1 capital to RWA of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% Common Equity Tier 1 capital ratio, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to RWA of at least 7.0%); (ii) a minimum ratio of Tier 1 capital to RWA of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio, effectively resulting in a minimum Tier 1 capital ratio of 8.5%); (iii) a minimum ratio of Total capital to RWA of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio, effectively resulting in a minimum total capital ratio of 10.5%); and (iv) a minimum Tier 1 leverage ratio of 4.0%. The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and as of December 31, 2020 or 2019 does not have any applicability to the Company or the Bank. The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to RWA above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. As discussed in Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Recently Adopted Accounting Standards”, in connection with the adoption of the CECL standard, we recognized an after-tax cumulative adjustment to retained earnings of $54.3 million on January 1, 2020. In accordance with revised, applicable federal bank capital adequacy regulations, we elected to delay for two years an estimate of the day one adverse impact on our capital ratios and, thereafter, to phase-in the impact over the permitted three-year transition period. The following tables present actual and required capital ratios as of December 31, 2020 and December 31, 2019 for the Company and the Bank under the Basel III Capital Rules. The Basel III Capital Rules became fully phased-in on January 1, 2019. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2020 and December 31, 2019 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2020 Common equity tier 1 to RWA: Sterling National Bank $ 3,198,145 13.38 % $ 1,673,516 7.00 % $ 1,553,979 6.50 % Sterling Bancorp 2,727,385 11.39 1,675,747 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,198,145 13.38 2,032,127 8.50 1,912,590 8.00 Sterling Bancorp 2,864,074 11.96 2,034,836 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,521,458 14.73 2,510,274 10.50 2,390,737 10.00 Sterling Bancorp 3,638,033 15.20 2,513,621 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,198,145 11.33 1,128,913 4.00 1,411,142 5.00 Sterling Bancorp 2,864,074 10.14 1,130,362 4.00 N/A N/A Actual Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2019 Common equity tier 1 to RWA: Sterling National Bank $ 2,882,208 12.32 % $ 1,637,001 7.00 % $ 1,520,073 6.50 % Sterling Bancorp 2,588,975 11.06 1,638,718 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,882,208 12.32 1,987,787 8.50 1,870,859 8.00 Sterling Bancorp 2,726,556 11.65 1,989,872 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,162,282 13.52 2,455,502 10.50 2,338,574 10.00 Sterling Bancorp 3,252,412 13.89 2,458,077 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,882,208 10.11 1,140,570 4.00 1,425,713 5.00 Sterling Bancorp 2,726,556 9.55 1,141,603 4.00 N/A N/A Management believes that as of December 31, 2020, the Bank was “well-capitalized”. At December 31, 2020 and December 31, 2019, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2020 and 2019 is as follows: The Company The Bank December 31, December 31, 2020 2019 2020 2019 Total U.S. GAAP common stockholders’ equity $ 4,453,825 $ 4,392,532 $ 4,881,841 $ 4,643,022 CECL transition provision 109,562 — 109,562 — Disallowed goodwill and other intangible assets (1,751,186) (1,763,341) (1,708,442) (1,720,598) Net unrealized gain on available for sale securities (83,592) (38,056) (83,592) (38,056) Net accumulated other comprehensive income components (1,224) (2,160) (1,224) (2,160) Tier 1 risk-based capital 2,727,385 2,588,975 3,198,145 2,882,208 Preferred stock - additional Tier 1 capital 136,689 137,581 — — Total Tier 1 capital 2,864,074 2,726,556 3,198,145 2,882,208 Subordinated notes - Bank 102,439 148,023 143,703 173,182 Subordinated notes - Company 491,910 270,941 — — Total Tier 2 capital 594,349 418,964 143,703 173,182 ACL - loans, HTM securities and off-balance sheet commitments, under the CECL transition provision 179,610 106,892 179,610 106,892 Total risk-based capital $ 3,638,033 $ 3,252,412 $ 3,521,458 $ 3,162,282 (b) Dividend Restrictions We are mainly dependent upon dividends from the Bank to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid by the Bank. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. Under the foregoing dividend restrictions, and while maintaining its “well-capitalized” status, at December 31, 2020, the Bank had capacity to pay aggregate dividends of up to $198.0 million to us without prior regulatory approval. (c) Preferred Stock On October 2, 2017 and in connection with the Astoria Merger, we registered and issued 135,000 shares equal to $135.0 million of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A, with a par value of $0.01 and with a liquidation preference of $1.0 thousand per share (the “Company Preferred Stock”) in exchange for each share of Astoria’s 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share, issued and outstanding at the date of the Astoria Merger. In addition, we registered and issued 5,400,000 depositary shares, with each depositary share representing 1/40th interest in the Company Preferred Stock. Holders of the depositary shares referenced in the prior sentence will be entitled to all proportional rights and preferences of the Company Preferred Stock (including dividends, voting, redemption and liquidation rights). Under the terms of the Company Preferred Stock, our ability to pay dividends on, make distributions with respect to or repurchase, redeem or otherwise acquire shares of our common stock or any preferred stock ranking on parity with or junior to the Company Preferred Stock will be subject to restrictions in the event that we do not declare and either pay or set aside a sum sufficient for payment of dividends on the Company Preferred Stock for the immediately preceding dividend period. Dividends are payable January 15, April 15, July 15 and October 15 of each year. The Preferred Stock is redeemable in whole or in part from time to time, on October 15, 2022 or any dividend payment date thereafter. (d) Stock Repurchase Plan As of December 31, 2020, our Board of Directors had authorized the repurchase of up to 50,000,000 shares of our common stock under our common stock repurchase program. In 2020, we repurchased 6,825,353 shares of our common stock at a weighted average price of $16.35 per share, for total consideration of $111.6 million. In 2019, we repurchased 19,312,694 shares at a weighted average price of $19.83 per share, for total consideration of $382.9 million. During 2018, we repurchased 9,114,771 shares of our common stock at a weighted average price of $17.54 per share, for total consideration of $159.9 million. Repurchases are made at management’s discretion through open market purchases and block trades in compliance with SEC and regulatory requirements. Any common shares purchased are held as treasury stock and made available for general corporate purposes. At December 31, 2020 there were 14,747,182 shares available for repurchase under our common stock repurchase program. (e) Liquidation Rights Upon completion of the second-step conversion in January 2004, the Bank established a special “liquidation account” in accordance with OCC regulations. The account was established for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders (as defined in the plan of conversion) in an amount equal to the greater of (i) the Mutual Holding Company’s ownership interest in the retained earnings of the Bank as of the date of its latest balance sheet contained in the prospectus; or (ii) the retained earnings of the Bank at the time that the Bank reorganized into the Mutual Holding Company in 1999. Each Eligible Account Holder and Supplemental Eligible Account Holder that continues to maintain his or her deposit account at the Bank would be entitled, in the event of a complete liquidation of the Bank, to a pro rata interest in the liquidation account prior to any payment to the stockholders of the Holding Company (as defined in the plan of conversion). The liquidation account is reduced annually on September 30 to the extent that Eligible Account Holders and Supplemental Eligible Account Holders have reduced their qualifying deposits as of each anniversary date. At December 31, 2020, the liquidation account had a balance of $13.3 million. Subsequent increases in deposits do not restore such account holder’s interest in the liquidation account. The Bank may not pay cash dividends or make other capital distributions if the effect thereof would be to reduce its stockholder’s equity below the amount of the liquidation account. |
Off-Balance-Sheet Financial Ins
Off-Balance-Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Off-Balance-Sheet Financial Instruments | Off-Balance Sheet Financial InstrumentsIn the normal course of business, we enter into various transactions to meet the financing needs of our customers, which, in accordance with GAAP, are not included in our consolidated balance sheets. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. We minimize our exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. We enter into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of our commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued by us to guarantee our customer’s performance to a third-party. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, we would be required to fund the commitment. The maximum potential amount of future payments we could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, we would be entitled to seek recovery from the customer. Our standby letter of credit the arrangements contain security and debt covenants similar to those contained in loan agreements. As of December 31, 2020, we had $181.9 million in outstanding letters of credit, of which $90.7 million were secured by cash collateral and $88.3 million were secured by other collateral. The carrying value of these obligations are not considered material. The contractual or notional amounts of these instruments, which reflect the extent of our involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: December 31, 2020 2019 Loan origination commitments $ 641,965 $ 565,392 Undrawn lines of credit 1,623,745 1,532,702 Letters of credit 181,890 307,287 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation The Company and the Bank are involved in a number of judicial proceedings concerning matters arising from conducting their business activities, including routine legal proceedings arising in the ordinary course of business. These proceedings also include actions brought against the Company and the Bank with respect to corporate matters and transactions in which the Company and the Bank were involved. In addition, the Company and the Bank may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. There can be no assurance as to the ultimate outcome of a legal proceeding; however, the Company and the Bank have generally denied, or believe they have meritorious defenses and will deny, liability in all significant litigation pending against them and intend to vigorously defend each case, other than matters deemed appropriate for settlement. The Company accrues a liability for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that at the measurement date, would be received upon exchange of an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants occurring in the principal or most advantageous market for such asset or liability. In estimating fair value, we use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. GAAP establishes a fair value hierarchy comprised of three levels of inputs that may be used to measure fair values. Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risk, etc.) or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair value of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. In general, when available, fair value is based on quoted market prices. If quoted market prices in active markets are not available, fair value is based on internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincide with our monthly and/or quarterly valuation process. The following categories of financial assets are measured at fair value on a recurring basis. Investment Securities AFS The majority of our AFS securities are reported at fair value utilizing Level 2 inputs, as quoted market prices are generally not available. For these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements are calculated based on market prices of similar securities and consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. We review the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, we do not purchase investment securities that have a complicated structure. Our entire portfolio consists of traditional investments, nearly all of which are mortgage-backed securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is generally easily obtained. From time to time, we validate, on a sample basis, prices supplied by the independent pricing service by comparing to prices obtained from other third-party sources or that are derived using internal models. At December 31, 2020, we do not believe any of our securities are OTTI; however, we review all of our securities on at least a quarterly basis to assess whether impairments, if any, are OTTI. Derivatives The fair values of derivatives are based on valuation models using current observable market data (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counterparty as of the measurement date, which are considered Level 2 inputs. Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Our derivatives at December 31, 2020, consisted of interest rate swaps. (See Note 11. “Derivatives.”) A summary of assets and liabilities at December 31, 2020 measured at estimated fair value on a recurring basis is as follows: December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities AFS: Residential MBS: Agency-backed $ 918,260 $ — $ 918,260 $ — CMO/Other MBS 373,284 — 373,284 — Total residential MBS 1,291,544 — 1,291,544 — Federal agencies 156,467 — 156,467 — Corporate bonds 463,512 — 463,512 — State and municipal 387,095 — 387,095 — Total other securities 1,007,074 — 1,007,074 — Total investment securities AFS 2,298,618 — 2,298,618 — Swaps 149,797 — 149,797 — Total assets $ 2,448,415 $ — $ 2,448,415 $ — Liabilities: Swaps $ 60,004 $ — $ 60,004 $ — Total liabilities $ 60,004 $ — $ 60,004 $ — A summary of assets and liabilities at December 31, 2019 measured at estimated fair value on a recurring basis is as follows: December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities AFS: Residential MBS: Agency-backed $ 1,615,119 $ — $ 1,615,119 $ — CMO/Other MBS 512,277 — 512,277 — Total residential MBS 2,127,396 — 2,127,396 — Federal agencies 201,138 — 201,138 — Corporate bonds 320,922 — 320,922 — State and municipal 446,192 — 446,192 — Total other investment securities AFS 968,252 — 968,252 — Total AFS securities 3,095,648 — 3,095,648 — Interest rate caps and swaps 67,318 — 67,318 — Total assets $ 3,162,966 $ — $ 3,162,966 $ — Liabilities: Swaps $ 24,314 $ — $ 24,314 $ — Total liabilities $ 24,314 $ — $ 24,314 $ — The following categories of financial assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Loans Held for Sale The estimated fair value of commercial loans originated and intended for sale approximates their carrying value as these loans are variable-rate loans that reprice frequently with no significant change in credit risk since origination. Residential loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. Fair value is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors. Collateral Dependent Loans For collateral dependent loans, which are presented in the table below, where we determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and we expect repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL- loans is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For real estate loans, the fair value of the loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. The unobservable inputs may vary depending on the individual assets. We review third party appraisals for appropriateness and adjust the value downward to consider selling and closing costs, which generally range from 4% to 10% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. A summary of collateral dependent loans at December 31, 2020: December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs C&I $ 10,916 $ — $ — $ 10,916 ABL 1,899 — — 1,899 Payroll Finance 2,300 — — 2,300 CRE 27,323 — — 27,323 Residential mortgage 1,307 — — 1,307 Consumer 3,593 — — 3,593 Total collateral dependent loans measured at fair value $ 47,338 $ — $ — $ 47,338 Impaired Loans Impaired loans are presented in our consolidated financial statements in the same manner as collateral dependent loans. A summary of impaired loans at December 31, 2019 measured at estimated fair value on a non-recurring basis is the following: December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 14,515 $ — $ — $ 14,515 ABL 3,772 — — 3,772 Equipment finance 1,794 — — 1,794 CRE 12,614 — — 12,614 Multi-family 1,184 — — 1,184 Residential mortgage 2,924 — — 2,924 Consumer 1,300 — — 1,300 Total impaired loans measured at fair value $ 38,103 $ — $ — $ 38,103 OREO OREO is initially recorded at fair value less our estimate of costs to sell. These assets are subsequently remeasured and reported at the lower of cost or fair value, less costs to sell, and are primarily comprised of commercial and residential real estate property. Upon initial recognition, OREO is re-measured and reported at fair value through a charge-off to the ACL – loans based on the fair value of the underlying collateral. The fair value is generally determined using Level 3 inputs, including appraisals or other indications of value based on recent comparable sales of similar properties or data inputs that are generally observable in the market place. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between comparable sales and income data available. Appraisals are reviewed by our credit department, our external loan review consultant and verified by officers in our credit administration area. OREO subject to non-recurring fair value measurement was $5.3 million and $12.2 million at December 31, 2020 and 2019, respectively. There were write-downs of $1.6 million in 2020, $959 thousand in 2019 and $678 thousand in 2018 related to changes in fair value recognized through income for those foreclosed assets held by us. Significant Unobservable Inputs to Level 3 Measurements The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for collateral dependent Level 3 assets at December 31, 2020: Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds(1) (weighted average) Impaired loans: C&I $ 10,916 Discount analysis Mainly value of taxi medallions 10% -19% (14)% Asset-based lending 1,899 Appraisal Value of underlying collateral Approx. 50% Payroll finance 2,300 Appraisal Value of underlying collateral Approx. 50% CRE 27,323 Appraisal Adjustments for comparable properties 22.0% Residential mortgage 1,307 Appraisal Adjustments for comparable properties 22.0% Consumer 3,593 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 1,425 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 2,368 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 1,554 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% (1) For loans collateralized by real estate and real estate assets taken in foreclosure the discount rate represents the discount factors applied to the appraisal to determine fair value, which includes a general discount to the appraised value based on historical experience, estimated costs to carry and costs of sale. The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2019: Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds(1) (weighted average) Impaired loans: C&I $ 14,515 Discount analysis Mainly value of taxi medallions 6% -10% (7.9)% Asset-based lending 3,772 Appraisal Value of underlying collateral Approx. 50% Equipment finance 1,794 Appraisal Value of underlying collateral 15.0% CRE 12,614 Appraisal Adjustments for comparable properties 22.0% Multi-family 1,184 Appraisal Adjustments for comparable properties 22.0% Residential mortgage 2,924 Appraisal Adjustments for comparable properties 22.0% Consumer 1,300 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 5,220 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 4,682 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 2,287 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% (1) See (1) above. Fair Values of Financial Instruments GAAP requires disclosure of fair value information for those financial instruments for which it is practicable to estimate fair value, whether or not such financial instruments are recognized in the consolidated financial statements for interim and annual periods. Quoted market prices are used to estimate fair values when those prices are available. Active markets do not exist for many types of financial instruments and fair values for these instruments must be estimated using techniques such as discounted cash flow analysis and by comparison to similar instruments. These estimates are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values disclosed in accordance with GAAP do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect possible tax ramifications or estimated transaction costs. The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2020: December 31, 2020 Carrying Financial assets: Cash and due from banks $ 305,002 $ 305,002 $ — $ — Securities AFS 2,298,618 — 2,298,618 — Securities HTM 1,740,838 — 1,874,504 — Portfolio loans, net 21,522,309 — — 21,791,489 Loans held for sale 11,749 — 11,749 — Accrued interest receivable on securities 26,508 — 26,508 — Accrued interest receivable on loans 70,997 — — 70,997 FHLB stock and FRB stock 166,190 — — — Swaps 149,797 — 149,797 — Financial liabilities: Non-maturity deposits 21,122,692 21,122,692 — — Certificates of deposit 1,996,830 — 2,002,702 — FHLB borrowings 382,000 — 382,000 — Other borrowings 304,101 — 304,101 — Subordinated Notes - Bank 143,703 — 145,870 — Subordinated Notes - Company 491,910 — 506,497 — Mortgage escrow funds 59,686 — 59,686 — Accrued interest payable on deposits 1,068 — 1,068 — Accrued interest payable on borrowings 3,425 — 3,425 — Swaps 60,004 — 60,004 — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2019: December 31, 2019 Carrying Financial assets: Cash and due from banks $ 329,151 $ 329,151 $ — $ — Securities AFS 3,095,648 — 3,095,648 — Securities HTM 1,979,661 — 2,053,191 — Portfolio loans, net 21,333,974 — — 21,382,990 Loans held for sale 8,125 — 8,125 — Accrued interest receivable on securities 29,308 — 29,308 — Accrued interest receivable on loans 71,004 — — 71,004 FHLB stock and FRB stock 251,805 — — — Swaps 67,318 — 67,318 — Financial liabilities: Non-maturity deposits 18,970,607 18,970,607 — — Certificates of deposit 3,448,051 — 3,444,669 — FHLB borrowings 2,245,653 — 2,248,851 — Other borrowings 22,678 — 22,677 — 3.50% Senior Notes 173,504 — 173,733 — Subordinated Notes - 2029 444,123 453,512 Mortgage escrow funds 58,316 — 58,315 — Accrued interest payable on deposits 5,427 — 5,427 — Accrued interest payable on borrowings 8,629 — 8,629 — Swaps 24,314 — 24,314 — The following paragraphs summarize the principal methods and assumptions used by us to estimate the fair value of certain of our financial instruments noted above: Loans The fair value of portfolio loans, net is determined using an exit price methodology. The exit price methodology is based on a discounted cash flow analysis, in which projected cash flows are based on contractual cash flows adjusted for prepayments for certain loan types ( e.g . each of the loan types we reported in Note 4. “Portfolio Loans”) and the use of a discount rate based on expected relative risk of the cash flows. The discount rate selected considers loan type, maturity date, a liquidity premium, cost to service, and cost of capital, which is a Level 3 fair value estimate. Accrued interest receivable The carrying amounts of accrued interest approximates fair value and is classified in the fair value hierarchy in the same level as the asset/liability the interest is related to. FHLB and FRB stock Due to restrictions placed on transferability, it is not practical to determine the fair value of these securities. Deposits and mortgage escrow funds The fair values disclosed for non-maturity deposits ( e.g., interest and non-interest checking, savings, and money market accounts) are by definition, equal to the amount payable on demand at the reporting date ( i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of certificates of deposit and mortgage escrow funds are segregated by account type and original term, and fair values are estimated by using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. These fair values do not include the value of core deposit relationships that comprise a significant portion of our deposits. We believe that our core deposit relationships provide a relatively stable, low-cost funding source that has a substantial value separate from the deposit balances. FHLB borrowings, other borrowings, 3.50% Senior Notes and Subordinated Notes Bank and Company The carrying amounts of FHLB short-term borrowings, and borrowings under repurchase agreements, generally maturing within ninety days, approximate their fair values, resulting in a Level 2 classification. The fair value of long-term FHLB borrowings, the 3.50% Senior Notes, and the Subordinated Notes - Bank and Company are estimated using discounted cash flow analyzes based on current borrowing rates for similar types of borrowing arrangements, resulting in a Level 2 classification. Other financial instruments Other financial assets and liabilities listed in the table above have estimated fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. The fair values of our off-balance-sheet financial instruments described in Note 19. “Off-Balance Sheet Financial Instruments” were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the credit worthiness of the counterparties. At December 31, 2020 and 2019, the estimated fair value of these instruments approximated the related carrying amounts, which were not material. Accrued interest payable The carrying amounts of accrued interest approximate fair value and are classified in accordance with the related instrument. We may elect to measure certain financial instruments at fair value at specified election dates. The fair value measurement option may be applied instrument by instrument, is generally irrevocable and is applied only to entire instruments and not to portions of instruments. Unrealized gains and losses on items for which the fair value measurement option was elected must be reported in earnings at each reporting date. For the periods presented in this report, we had no financial instruments measured at fair value under the fair value measurement option. |
AOCI
AOCI | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
AOCI | AOCI Components of AOCI were as follows as of the dates shown below: December 31, 2020 2019 Net unrealized holding gain on AFS securities $ 115,523 $ 52,593 Related income tax (expense) (31,931) (14,537) Available for sale securities AOCI, net of tax 83,592 38,056 Net unrealized holding loss on securities transferred to HTM (348) (744) Related income tax benefit 96 206 Securities transferred to HTM AOCI, net of tax (252) (538) Net unrealized holding gain on retirement plans 2,040 3,728 Related income tax (expense) (564) (1,030) Retirement plan AOCI, net of tax 1,476 2,698 Accumulated other comprehensive income $ 84,816 $ 40,216 The following table presents the changes in each component of AOCI for 2020 and 2019, and 2018: Net unrealized holding gain (loss) on AFS securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2020 Balance at beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 52,358 — — 52,358 Amounts reclassified from AOCI (6,822) 286 (1,222) (7,758) Total other comprehensive income (loss) 45,536 286 (1,222) 44,600 Balance at end of period $ 83,592 $ (252) $ 1,476 $ 84,816 Year ended December 31, 2019 Balance at beginning of the period $ (75,077) $ (2,546) $ 11,678 $ (65,945) Other comprehensive income before reclassification 116,684 — — 116,684 Securities reclassified from HTM to AFS (8,548) — — (8,548) Amounts reclassified from AOCI 4,997 2,008 (8,980) (1,975) Total other comprehensive income (loss) 113,133 2,008 (8,980) 106,161 Balance at end of period $ 38,056 $ (538) $ 2,698 $ 40,216 Year ended December 31, 2018 Balance at beginning of the period $ (22,324) $ (2,678) $ (1,164) $ (26,166) Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI (4,376) (525) (228) $ (5,129) Other comprehensive (loss) before reclassification (56,183) — — (56,183) Amounts reclassified from AOCI 7,806 657 13,070 21,533 Total other comprehensive (loss) income (52,753) 132 12,842 (39,779) Balance at end of period $ (75,077) $ (2,546) $ 11,678 $ (65,945) Location in consolidated income statement where reclassification from AOCI is included Net gain (loss) on sale of securities Interest income on securities Other non-interest expense |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Set forth below are the condensed balance sheets of the Company: December 31, 2020 2019 Assets: Cash $ 128,721 $ 265,145 Investment in the Bank 4,881,841 4,643,022 Goodwill 27,910 27,910 Trade name 20,500 20,500 Other assets 31,875 24,521 Total assets $ 5,090,847 $ 4,981,098 Liabilities: 3.50% Senior Notes $ — $ 173,504 Subordinated Notes - Company 491,910 270,941 Other liabilities 8,423 6,540 Total liabilities 500,333 450,985 Stockholders’ equity 4,590,514 4,530,113 Total liabilities & stockholders’ equity $ 5,090,847 $ 4,981,098 The table below presents the condensed income statement of the Company: For the year ended December 31, 2020 2019 2018 Interest income $ 166 $ 43 $ 46 Dividends from the Bank 185,000 500,000 290,007 Interest expense (15,233) (5,986) (8,747) Non-interest expense (24,963) (21,566) (14,564) Income tax benefit 7,320 6,260 5,397 Income before equity in undistributed earnings of the Bank 152,290 478,751 272,139 Equity in undistributed earnings (excess distributed) of the Bank 73,479 (51,710) 175,115 Net income 225,769 427,041 447,254 Preferred stock dividends 7,883 7,933 7,978 Net income available to common stockholders $ 217,886 $ 419,108 $ 439,276 The table below presents the condensed statements of cash flows of the Company: For the year ended December 31, 2020 2019 2018 Cash flows from operating activities: Net income $ 225,769 $ 427,041 $ 447,254 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (undistributed) excess distributed earnings of the Bank (73,479) 51,710 (175,115) (Gain) on extinguishment of 3.50% Senior Notes — (46) (172) Other adjustments, net 13,339 6,171 5,560 Net cash provided by operating activities 165,629 484,876 277,527 Cash flows from investing activities: Investment in the Bank (175,000) (75,000) — Cash flows from financing activities: Proceeds from issuance of Subordinated Notes - Company 221,577 270,941 — Maturity and early redemption of 3.50% Senior Notes (173,373) (6,954) (19,455) Repayment of Subordinated Notes - 2029 (1,000) — — Maturity of 5.50% Senior Notes — — (77,000) Cash dividends paid on common stock (54,495) (58,110) (63,118) Cash dividend paid on preferred stock (8,775) (8,775) (8,775) Stock-based compensation transactions 610 2,909 691 Repurchase of treasury stock (111,597) (382,883) (159,903) Net cash (used for) financing activities (127,053) (182,872) (327,560) Net (decrease) increase in cash (136,424) 227,004 (50,033) Cash at beginning of the period 265,145 38,141 88,174 Cash at end of the period $ 128,721 $ 265,145 $ 38,141 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following is a consolidated condensed summary of quarterly results of operations for 2020 and 2019: For the year ended December 31, 2020 For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 273,527 $ 253,226 $ 244,658 $ 242,610 Interest expense 61,755 39,927 26,834 20,584 Net interest income 211,772 213,299 217,824 222,026 Provision for credit losses 138,280 56,606 30,000 27,500 Non-interest income 47,326 26,090 28,225 33,921 Non-interest expense 114,713 124,881 119,362 133,473 Income before income tax 6,105 57,902 96,687 94,974 Income tax (benefit) expense (8,042) 7,110 12,280 18,551 Net income 14,147 50,792 84,407 76,423 Preferred stock dividend 1,976 1,972 1,969 1,966 Net income available to common stockholders $ 12,171 $ 48,820 $ 82,438 $ 74,457 Earnings per common share: Basic $ 0.06 $ 0.25 $ 0.43 $ 0.39 Diluted 0.06 0.25 0.43 0.38 For the year ended December 31, 2019 For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 309,400 $ 302,457 $ 295,209 295,474 Interest expense 73,894 70,618 71,888 67,217 Net interest income 235,506 231,839 223,321 228,257 Provision for loan losses 10,200 11,500 13,700 10,585 Non-interest income 19,597 27,058 51,830 32,381 Non-interest expense 114,992 126,940 106,455 115,450 Income before income tax 129,911 120,457 154,996 134,603 Income tax expense 28,474 23,997 32,549 27,905 Net income 101,437 96,460 122,447 106,698 Preferred stock dividend 1,989 1,987 1,982 1,976 Net income available to common stockholders $ 99,448 $ 94,473 $ 120,465 104,722 Earnings per common share: Basic $ 0.47 $ 0.46 $ 0.59 $ 0.52 Diluted 0.47 0.46 0.59 0.52 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards ASU 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20).” ASU 2018-14 amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for us on January 1, 2021, and is not expected to have a significant impact on our financial statements. ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” ASU 2019-12 provides guidance to simplify the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 will be effective for us on January 1, 2021, and is not expected to have a significant impact on our financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs.” ASU 2020-08 clarifies the accounting for the amortization of purchase premiums for callable debt securities with multiple call dates. ASU 2020-8 will be effective for us on January 1, 2021 and is not expected to have a significant impact on our financial statements. ASU 2020-09, “Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 .” ASU 2020-9 amends the ASC to reflect the issuance of an SEC rule related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. ASU 2020-09 will be effective for us on January 4, 2021, concurrent with the effective date of the SEC release, and is not expected to have a significant impact on our financial statements. ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards that affected the consolidated financial statements contained in this report. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Basis of Financial Statement _2
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling, the Bank and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2020: (i) Sterling National Funding Corp, a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (ii) Sterling REIT, Inc., a real estate investment trust that holds a portion of our real estate mortgage loans; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers; (iv) AF Agency, Inc., which provides various annuity and wealth management products through contractual agreements with various third parties, and makes insurance products available, primarily to customers of the Bank; (v) several limited liability companies which hold OREO; and (vi) several other companies that have no significant operations or assets. Intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | Use of EstimatesTo prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and actual results could differ. An estimate that is particularly susceptible to significant near-term change is the ACL - loans, which is discussed further below. |
Reclassifications | Reclassifications |
Cash Flows | Cash FlowsFor purposes of reporting cash flows, cash equivalents include cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, short-term FHLB borrowings, mortgage escrow funds and other borrowings. |
Restrictions on Cash | Restrictions on CashThe Bank is required to maintain reserve balances comprised of cash on hand or on deposit with the Federal Reserve Bank based on a percentage of deposits; however, the Federal Reserve reduced the reserve requirement to zero effective March 26, 2020. The total reserve requirement was $0 and $92.8 million at December 31, 2020 and 2019, respectively. |
Securities | Securities Securities include U.S. government agency and government sponsored agencies securities, state and municipal and corporate bonds, and MBS. We classify our securities as either HTM or AFS and determine the appropriate classification at the time of purchase. HTM securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. All other debt and marketable equity securities are classified as AFS. We do not engage in trading activities. AFS securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in accumulated other comprehensive income or loss, a separate component of stockholders’ equity. AFS securities include securities that we intend to hold for an indefinite period of time, such as securities to be used as part of our asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates and prepayment risks, the need to increase capital, or similar factors. Premiums on debt securities are generally amortized to interest income on a level yield basis over the period ending on the earlier of the call date or maturity. Discounts on debt securities are accreted to interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on MBS are based on the estimated cash flows of the MBS, periodically adjusted for changes in estimated lives, on a level yield basis. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. Securities are evaluated for OTTI at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, we consider the extent and duration of the unrealized loss, and the financial condition of the issuer. We also assess whether we intend to sell, or it is more likely than not that we will be required to sell a security that is in an unrealized loss position before the anticipated recovery in value. If it is determined that we intend to sell or it is more likely than not that we will be required to sell, the entire difference between amortized cost and fair value is recognized through earnings. If (i) we do not expect to recover the entire amortized cost basis of the security; (ii) we do not intend to sell the security; and (iii) it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the impairment that is related to credit factors and (b) the amount related to all other factors. The amount of OTTI related to credit factors is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. When declines in fair value as compared to amortized cost are considered to be other than temporary, the cost basis of individual equity securities is written down to estimated fair value through a charge to earnings. As of December 31, 2020, we did not intend to sell, nor is it more likely than not that we would be required to sell, any of our debt securities with unrealized losses prior to recovery of the amortized cost basis less any current period credit loss. (See Note 3. “Securities”.) |
Loans Held For Sale | Loans Held For Sale Commercial loans originated and intended for sale generally represent loan syndications and are carried at amortized cost, which approximates fair value, as these loans are variable-rate loans that reprice frequently and present no significant change in credit risk since origination. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. |
Portfolio Loans | Portfolio Loans Loans where we have the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at the principal balance outstanding, net of acquisition related purchase accounting adjustments, deferred loan fees and origination costs and net of the ACL - loans. Interest income on loans is accrued on the unpaid principal balance. We defer nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortize the net amount as an adjustment of the yield over the estimated life of the loan using the level-yield method without anticipating prepayments. If a loan is prepaid or sold, the net deferred amount is recognized in the income statement at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of: (i) when we determine that the borrower will be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due based on the contractual terms of the loan, unless the loan is well secured and in the process of collection. In general, uncollected past due interest is reversed and reduces current interest income. Interest payments received on non-accrual loans, including impaired loans, are generally applied to reduce the principal balance outstanding and not recognized as income. (See Note 4. “Portfolio Loans”). |
Acquired Loans, Including Purchased Credit Impaired Loans | Acquired Loans, Including Purchased Credit Impaired Loans In accordance with accounting guidance in effect prior to the adoption of the CECL, acquired loans were initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involved estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans were recorded as part of portfolio loans in the consolidated balance sheets. Loans acquired at a discount, in part due to credit quality, were, under the prior guidance deemed PCI loans. Our PCI loans consisted of loans acquired in business combinations in 2015 and later. (See Note 2. “Acquisitions.”) PCI loans were aggregated and accounted for as a pool of loans if the loans being aggregated had common risk characteristics. The difference between the undiscounted cash flows expected at acquisition and the investment in the loans, or the accretable yield, was recognized as interest income using the level yield method over the life of each loan pool. Contractually required payments for interest and principal that exceeded the undiscounted cash flows expected at acquisition, or the non-accretable difference, were not recognized as a yield adjustment, a loss accrual, or as an allowance for loan losses. Increases in expected cash flows subsequent to the acquisition were recognized through adjustment of the yield on the pool over its remaining life, while decreases in expected cash flows were recognized as impairment through provision for loan loss and an increase in the allowance for loan losses. On a quarterly basis, we continued to evaluate whether the timing and the amount of cash to be collected was reasonably expected. Subsequent significant increases in cash flows we expected to collect first reduced any previously recognized valuation allowance and then was reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows generally resulted in the loan being considered impaired. Interest income was not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For loans for which, at acquisition there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, we accrete interest income based on the contractually required cash flows. Acquired loans at December 31, 2019 included loans that were acquired in : the Santander Portfolio Acquisition, the Woodforest Portfolio Acquisition and Advantage Funding Acquisition (See Note 2. “Acquisitions”); the Astoria Merger; the June 30, 2015 merger with Hudson Valley Holding Corp., and the October 31, 2013 merger between legacy Provident New York Bancorp and legacy Sterling Bancorp. Under the credit and accounting guidelines we used until December 31, 2019, once a loan relationship reached maturity and was re-underwritten, the loan was no longer considered an acquired loan and was included in originated loans. In addition, acquired performing loans that were subsequently subject to a credit evaluation, such as after designation as criticized or classified or being placed on non-accrual since the acquisition date, were also included in originated loans. Through this process acquired loans that were subject to a purchase accounting adjustment with a life of loan loss estimate become subject to our loan loss methodology and allowance for loan loss evaluation methodology. In connection with the adoption of the CECL standard, loans that were considered PCI loans were designated as PCD loans. PCD loans are discussed below in “Recently Adopted Accounting Standards - PCD Loans.” |
Allowance for Credit Losses | Allowance for Credit Losses - See “Recently Adopted Accounting Standards” below. Investment Securities: Investment securities are classified as HTM and carried at amortized cost when management has the intent and ability to hold them to maturity. Investment securities classified as trading are carried at fair value, with unrealized holding gains and losses reported in earnings. Investment securities not classified as HTM or trading are classified as AFS. Securities AFS are carried at fair value, with unrealized holding gains and losses reported in comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized using the level-yield method without estimating prepayments, except for MBS, where prepayment rates are estimated. Premiums on callable investment securities are amortized to their earliest call date. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. An investment security is placed on non-accrual status when management concludes it will not receive all principal and interest in a timely fashion in accordance with the terms of the security. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. At December 31, 2020, there were no securities placed on non-accrual. ACL - HTM securities: HTM securities include residential MBS issued by government agencies, federal agency securities, corporate securities, state and municipal securities and other securities. We estimate expected credit losses on HTM securities individually using a discounted cash flow methodology. Our expected loss model estimates the probability of default and loss given default based on the security rating, historical loss rates by security ratings, whether the issuer continues to make timely principal and interest payments in accordance with the contractual terms of the security, and reasonable and supportable forecasts and assumptions. For unrated state and municipal securities, we perform an internal credit evaluation and assign a rating to the security for ACL - HTM securities modeling purposes. The loss given default is estimated by security, and the aggregate amount results in the estimated ACL - HTM securities balance. Included in state and municipal securities at December 31, 2020 were non-rated securities of $6.3 million, which consisted mainly of short-term general obligation securities and bond anticipation notes and tax anticipation notes issued by jurisdictions in New York State. At December 31, 2020, all of our residential MBS and federal agency securities were issued by U.S. government entities or agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by a nationally recognized statistical rating organization and have had no historical credit defaults. We expect these securities are fully collectible, as these securities are backed by the full faith and credit of, or directly guaranteed by, the U.S. Government. Accordingly, we established no ACL for such securities. At December 31, 2020, accrued interest receivable on HTM investment securities totaled $15.6 million and was excluded from the estimate of ACL. Accrued interest receivable on HTM investment securities is included in accrued interest receivable on the consolidated balance sheets. ACL - AFS securities: For AFS securities which are in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of the amortized cost basis. If either of the criteria is met, the amortized cost basis of the security is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from an actual or estimated credit loss event or from other non-credit related factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss is likely, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an ACL is recorded for the estimated credit loss. Any impairment that is not credit-related and has not therefore been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we confirm an AFS security is uncollectible or if either of the criteria regarding intent or requirement to sell is met. At December 31, 2020, accrued interest receivable on AFS securities totaled $10.9 million and was excluded from the estimate of credit losses. Accrued interest receivable on AFS securities is included in accrued interest receivable on the consolidated balance sheets. Portfolio loans: Portfolio loans are loans we have the intent and ability to hold for the foreseeable future, or until maturity or payoff, and are reported at amortized cost. The amortized cost is the principal balance outstanding, net of purchase premiums and discounts, including purchase accounting adjustments from prior merger transactions, deferred loan fees and costs. At December 31, 2020, accrued interest receivable on portfolio loans totaled $71.0 million and is reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. For portfolio loans with a term of one year or more, loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Generally, interest income is discontinued on portfolio loans and loans are placed on non-accrual status at the earlier of: (i) when we determine the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when the loan is 90 days delinquent unless the loan is well secured and in process of collection. Consumer loans are generally charged-off no later than 120 days past due unless the loan is in the process of collection. For other portfolio loans, when we conclude the collateral and/or debt service capacity of the borrower are insufficient to repay the loan, we charge-off the amount that is deemed uncollectible. Past due status is based on the contractual terms of the loan. Interest accrued but not received on loans placed on non-accrual is reversed against interest income. Interest received on such loans is generally accounted for under the cost-recovery method, until the loan qualifies to be returned to accrual status. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. We may elect to account for interest receipts on non-accrual loans on a cash-basis when we have determined we are in a well-secured position. Under the cash basis method, interest income is recorded when cash payments are received. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. PCD Loans: We have acquired loans through direct purchase and, more often, in merger transactions, some of which have experienced more than an insignificant credit deterioration since origination. Criteria we consider to determine whether a loan should be designated PCD includes, but is not limited to, the following: (i) loans delinquent over 60 days as of the date of acquisition; (ii) loans downgraded and rated special mention or worse as of the date of acquisition; (iii) loans on non-accrual; and (iv) loans deemed collateral dependent as of the date of acquisition. PCD loans are recorded at the purchase price paid. An ACL is determined using the same methodology as for other portfolio loans and the sum of the purchase price and ACL represents the initial amortized cost basis of the loan. The difference between the initial amortized cost basis and the par value of the loan represents either a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit loss expense. The only loans classified as PCD as of December 31, 2020 are loans that were formerly classified as PCI loans under the incurred loss model at adoption of the CECL Standard. ACL - Loans: The ACL - loans is a valuation account that is deducted from the amortized cost basis of portfolio loans to present the net amount expected to be collected on portfolio loans over their contractual life. Loans are charged-off against the allowance when we believe any portion of the loan balance is uncollectible, and the expected recoveries do not exceed the aggregate of amounts previously charged-off or expected to be charged-off. We estimate the balance of the ACL - loans using relevant available information and data from internal and external sources, that is related to past events, current conditions, and reasonable and supportable forecasts. The methodologies for estimating the ACL - loans apply historical loss information as, adjusted for current loan-specific risk characteristics, including differences in underwriting standards, portfolio composition, delinquency levels and loan terms as well as changes in existing and forecast macro-economic conditions such as changes in GDP, unemployment rates, credit spreads, benchmark interest rates, property values, and other relevant factors, that are reasonable and supportable, to the identified financial assets for which the historical loss experience was observed. Our methodologies revert back to historical loss information at the individual macro variable level, which begins in two The ACL - loans is measured on a collective (pool) basis when the loans in the pool exhibit similar risk characteristics. We measure our warehouse lending portfolio and certain consumer loans on a pooled basis. Generally, for all other loan types, the estimated expected credit loss is also calculated at the loan level and pool assignments are only utilized for aggregating the allowance estimates of similar loan types for financial statement disclosure purposes. We have identified the following portfolio segments and estimate our ACL - loans using the following methods: Portfolio segment ACL Methodology Risk characteristics Portfolio composition Traditional C&I Loss rate Actual cash flow varies from amounts estimated, changes in collateral value, business not successful Various types of secured and unsecured traditional C&I loans to small and medium-sized businesses in our market area, including loans collateralized by assets, such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. ABL Loss rate Actual cash flow varies from amounts estimated, borrower unable to collect accounts receivable or convert inventory, uncertain value of collateral Loans to mid-size businesses on a national basis. ABL loans are secured with a blanket lien on all business assets and will include direct control and supervision of accounts receivable, inventory, machinery and equipment and real estate collateral. Payroll finance Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover Financing and business process outsourcing, including full back-office, technology and tax accounting services, to independently-owned temporary staffing companies nationwide. Loans typically are structured as an advance used by our clients to fund their employee payroll and are outstanding on average for 40 to 45 days. Warehouse lending No historical losses, qualitative overlay Inability to sell underlying mortgage loan collateral into the secondary market Residential mortgage warehouse funding facilities to non-bank mortgage companies. These loans consist of a line of credit used as temporary financing during the period between the closing of a mortgage loan until its sale into the secondary market, which on average occurs 20 days of the original loan closing. Factored receivables Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee, which is generally a percentage of the factored receivables or sales volume, which is designed to compensate the Bank for the bookkeeping and collection services provided and, if applicable, its credit review of the client’s customer and assumption of customer credit risk. Portfolio segment ACL Methodology Risk characteristics Portfolio composition Equipment finance Loss rate Actual cash flow varies from amounts estimated, changes in collateral value Equipment finance loans are offered through direct lending programs, third-party sources and vendor programs nationally. Our equipment finance lending mainly includes full payout term loans and secured loans for various types of business equipment. Public sector finance Discounted Cash Flow Municipal tax / revenue receipts insufficient to service debt; loss of access to capital markets Loans to state, municipal and local government entities nationally. Loans are either secured by equipment, or are obligations that are backed by the ability to levy taxes, either generally or associated with a specific project. CRE/ multi-family PD/LGD for non-owner occupied and loss rate for owner occupied Actual cash flow varies from amounts estimated, changes in collateral value CRE loans secured mainly by first liens on properties, including retail properties, office buildings, nursing homes, hotels, motels or restaurants, warehouses, schools and industrial complexes. To a lesser extent, we originate CRE loans for recreation, medical use, land, gas stations, not for profit and other categories. These loans are generally secured by properties located in our primary market area. ADC PD/LGD Construction costs are greater than anticipated, changes in estimated collateral value, project completion Construction loans are made in accordance with a schedule reflecting the cost of construction. Repayment of construction loans on residential subdivisions is normally expected from the sale of units to individual purchasers, except in cases of owner occupied construction loans. In the case of income-producing property, repayment is usually expected from permanent financing upon completion of construction. We provide permanent mortgage financing on most of our construction loans on income-producing property. Residential mortgage and home equity lines of credit PD/LGD Product type, conforming vs. non-conforming, interest only, converted interest only, amortizing, FICO score, LTV Residential mortgage conforming and non-conforming, fixed-rate and ARM loans with maturities up to 30 years. Also includes home equity lines of credit. Other consumer loans 8 quarter historical loss FICO, LTV, product type Other consumer loans consist of loans for personal use. Under the loss rate and the eight quarter historical loss rate methods, expected credit losses are estimated using a loss rate that is multiplied by the amortized cost of the asset at the balance sheet date. For each loan segment identified above, we apply an expected historical loss trend based on third-party loss estimates, correlate them to observed economic metrics and reasonable and supportable forecasts of economic conditions and overlay qualitative factors as determined by management. Under the discounted cash flow method, expected credit losses are determined by comparing the amortized cost of the asset at the balance sheet date to the present value of estimated future principal and interest payments expected to be collected over the remaining life of the asset. Our loss model generates cash flow projections at the loan level based on reasonable and supportable projections, from which we estimate payment collections adjusted for curtailments, recovery time, probability of default and loss given default. Under the probability of default and loss given default method (the PD/LGD Method), expected credit losses are calculated by multiplying the PD by the LGD, and multiplying this factor by the amortized cost of the asset at the balance sheet date. The PD and LGD are calculated based on third party historical information of loan performance, real estate prices and other factors, adjusted for current conditions and reasonable and supportable forecasts. Qualitative loss factors are based on our judgement of company, market, industry or business specific data, loan trends, changes in portfolio segment composition, delinquency and loan ratings. When a foreclosure is deemed probable, we estimate the fair value of the collateral at the reporting date to adjust the net carrying amount of the asset and determine the ACL needed. When repayment is dependent upon the sale of the collateral, the fair value of the collateral is adjusted for estimated costs to sell. If repayment depends on the operation, rather than the sale, of the collateral, an estimate for cost to sell is not included in the fair value of the collateral. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayment rates when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: we have a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by us. Collateral Dependent Loans: A loan, with a principal balance of $750 thousand or greater, is considered to be collateral dependent when, based upon our assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For loans we designate as collateral dependent, the ACL - loans is based on the fair value of the collateral at the measurement date, adjusted for selling costs if we expect repayment of the loan depends on the sale of the collateral. We update the fair value of collateral supporting collateral dependent loans on a quarterly basis. When we believe foreclosure is probable we generally charge-off the difference as measured by the amount by which the fair value of the collateral, less cost to sell exceeds the amortized cost of the loan. TDRs: A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The ACL on a TDR is measured using the same method as all other portfolio loans, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the ACL is determined by discounting the expected future cash flows at the original interest rate of the loan. ACL on Off-Balance Sheet Credit Exposures: We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation, unless that obligation is unconditionally cancellable by us. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated life of the commitments. Generally, expected credit losses on commitments are based on historical losses on similar portfolio segments, economic conditions, and qualitative factors. Our off-balance sheet credit exposures include mainly loan origination commitments on construction loans, unused committed lines on traditional C&I loans, ABL loans, equipment finance loans, warehouse lending loans, and standby and performance-based letters of credit. |
Allowance for Loan Losses | Allowance for Loan Losses Prior to January 1, 2020, the incurred loss model was used to determine the allowance for loan losses, a valuation allowance, which was established through a provision for loan losses charged to expense, and represented management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The level of the allowance for loan losses reflected management’s continuing evaluation of loan loss experience, specific credit risks, loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolio. The allowance for loan losses was a critical accounting estimate and required the exercise of substantial judgment by management. The allowance for loan losses consisted of specific and general components. The specific component of the valuation reserve related to individual loans that were classified as impaired based on current and existing information that indicated it was probable that we would be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans in which the borrower was experiencing financial difficulties and for which the terms had been modified resulting in a concession were considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by us in determining impairment included payment status, collateral value, and the probability of collecting scheduled principal and interest when due. Loans that experienced insignificant payment delays and payment shortfalls generally were not classified as impaired. We determined the significance of payment delays and payment shortfalls on a case-by-case basis, taking into account all circumstances surrounding the loan and the borrower, including the length of the delay, reasons for the delay, prior payment history and the amount of the shortfall in relation to the total amount owed. Our policy was to individually evaluate loans over $750 thousand individually for evidence of impairment. If a loan was determined to be impaired, and there was a shortfall in the present value of the estimated future cash flows using the existing interest rate of the loan or as determined by the fair value of collateral if repayment was expected solely from the collateral, our practice was to charge-off the identified shortfall. Accordingly, at December 31, 2019, there was no portion of the allowance for loan losses allocated to impaired loans. The general component of the allowance for loan losses covered loans that were evaluated collectively for evidence of impairment. Large groups of smaller balance homogeneous loans, such as consumer loans, which included home equity lines of credit and residential mortgage loans, were generally collectively evaluated for impairment and were not included in the separately identified impairment disclosures. The general allowance for loan losses component of the valuation reserve also included loans that were not individually identified for impairment evaluation, such as commercial loans below the individual evaluation threshold, as well as those loans that were individually evaluated and considered at risk, but not considered impaired, including loans rated special mention. The general component of the allowance was based on historical loss experience adjusted for factors existing at the date of evaluation. The historical loss experience was determined by portfolio segment and was based on the actual loss history experienced by us over the most recent three years, except for consumer loans, which was based on the most recent two years. The actual loss experience was supplemented with relevant qualitative loss factors determined by management and included: • levels of, and trends in, delinquencies and non-performing loans, and criticized and classified loans; • trends in volume of loans; • impact of exceptions to lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations risk as a result of such factors as property type, industry, and relationship; and • for commercial loans, trends in risk ratings. |
Troubled Debt Restructuring | Troubled Debt Restructuring A TDR is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. At the time of restructuring, we evaluate whether a TDR loan should remain on accrual based on the accrual status immediately prior to modification and whether, as a result of the TDR, we recorded a partial charge-off. A TDR on accrual prior to modification may remain on accrual status provided we believe, based on our credit analysis, that collection of principal and interest in accordance with the modified terms is reasonably certain. If the restructuring results in a partial charge-off, the loan is generally classified as non-accrual. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. Under the CARES Act, and to account for the effects of the pandemic, financial institutions were permitted to suspend certain requirements under GAAP related to TDR for a limited period of time. To qualify for a CARES Act modification, the loan must have been current at December 31, 2019. All modifications are eligible so long as they are executed between March 1, 2020, and the earlier of (i) December 31, 2020, or (ii) the 60th day after the end of the COVID-19 national emergency. Multiple modifications of the same credits are allowed. On December 21, 2020, certain provisions of the CARES Act, including the temporary suspension of certain requirements related to TDRs, were extended through December 31, 2021. (See Note 4. “Portfolio Loans”). |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the asset has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from us, the transferee has obtained the rights (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and when we do not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
FRBNY and FHLB Stock | FRBNY and FHLB Stock As a member of the FRBNY and the FHLB, the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. Both cash and stock dividends are reported as interest and dividend income on other earning assets in the consolidated income statements. |
Premises and Equipment | Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the related assets, which ranges from three years for equipment to 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. We lease certain financial centers and back office locations under operating leases. We also own certain financial centers in which we lease a portion of the location to outside parties under operating leases; however, these leases are not material. For operating leases in which we are the lessee, other than those considered to be short-term, we recognize right of use assets and related lease liabilities. Right |
Goodwill, Trade Names and Other Intangible Assets | Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets acquired. Goodwill and trade names that are deemed to have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill is generally tested for impairment in the fourth quarter of each year. However, due to the impact of COVID-19 and other macroeconomic factors, we concluded it was appropriate to evaluate the fair value of goodwill during the six months ended June 30, 2020. We engaged an independent third party to perform a quantitative goodwill impairment test. We concluded goodwill was not impaired. (See Note 7. “Goodwill and Other Intangible Assets”.) Core deposit intangibles and customer lists are amortized to expense using an accelerated method over their estimated lives of eight Goodwill and trade names are the only intangible assets with an indefinite life on our balance sheet. We operate as one reporting unit. |
BOLI | BOLI We own life insurance policies (purchased and acquired) on certain officers and key executives. BOLI is recorded at its cash surrender value, being the amount that can be realized at surrender. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are included in non-interest income on the consolidated income statements and are not subject to income taxes. |
OREO | OREO Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the ACL - loans. The carrying amount of OREO is reduced by a charge to OREO, net to and reflects any subsequent decline in the estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. |
Other Borrowings - Securities Repurchase Agreements | Other Borrowings - Securities Repurchase Agreements Under the terms of securities repurchase agreements, we transfer securities to a counterparty and agree to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in our investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. (See Note 9. “Borrowings, Senior Notes and Subordinated Notes”). |
Derivatives | Derivatives Derivatives are recognized as assets and liabilities in the consolidated balance sheets and carried at fair value. For exchange-traded contracts, fair value is based on quoted market prices. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques that may require management to exercise judgment in estimating future rates and credit activities. The Bank enters into interest rate swap agreements with its customers as an accommodation. The Bank also enters into an offsetting agreement with a broker. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. |
Fair Values of Financial Instruments | Fair Values of Financial InstrumentsFair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21. “Fair Value Measurements.” Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Retirement Plans | Retirement PlansAs part of the Astoria Merger, the Company assumed Astoria Bank’s pension plan, which covered Astoria employees and former Astoria employees meeting specified eligibility criteria. In addition to this pension plan, it assumed other non-qualified and unfunded supplemental retirement plans. We also assumed the liability for a health care plan that provided for post-retirement medical and dental coverage to select individuals, which was an active plan in which select individuals continued to vest through December 31, 2018. During 2019, we terminated the pension plan assumed in the Astoria Merger and recorded a net gain of $11.8 million on the termination. For the remainder of the retirement plans, the net liabilities are included in other liabilities in the consolidated balance sheets. (See Note 15. “Pension and Other Post Retirement Benefits”). |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. We do not believe there are such matters that will have a material effect on the consolidated financial statements. (See Note 20. “Litigation”). |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (See Note 19. “Off-Balance Sheet Financial Instruments”). |
EPS | Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed in a similar manner to basic EPS, except that the weighted average number of common shares is increased to include incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options were exercised and unvested restricted stock became vested during the periods. (See Note 17. “Earnings Per Common Share”). |
Revenue Recognition | Revenue Recognition We recognize revenue from contracts with customers, when: (i) persuasive evidence of an arrangement exists; (ii) our obligations under the contract or arrangement have been substantially satisfied; (iii) the price is fixed or determinable; and (iv) collectability is reasonably assured. Interest income and fees. Interest income and fees on loans and investment securities are recognized based on the contractual provisions of the underlying agreements and instruments. Loan origination fees and costs are generally deferred and amortized into interest income as yield adjustments over the contractual life and / or commitment period using the effective interest method. Payroll finance. We provide financing and business process outsourcing, including full back-office, technology and tax accounting services, to temporary staffing companies nationwide. Non-interest income is recognized at the time of billing which occurs when substantially all of our obligations have been met. We remit collections from the client’s customers to our clients for the amounts collected, net of payroll taxes withheld, and our fees, subject to a hold back reserve to offset potential uncollectible balances from the client’s end customers. Factored Receivables. We provide accounts receivable management services. The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee. The factoring fee included in non-interest income represents compensation to us for the bookkeeping and collection services provided. The factoring fee, which is non-refundable, is recognized at the time the receivable is assigned to us. Other revenue associated with factored receivables includes wire fees, technology fees, field examination fees and UCC fees. All such fees are recognized as income when our obligations to our customers are |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Compensation expense for stock options and non-vested stock awards/stock units is based on the fair value of the award on the measurement date, which is the date of grant. The expense is recognized ratably over the vesting period of the award. The fair value of non-vested stock awards/stock units is generally the market price of our common stock on the date of grant. (See Note 14. “Stock-Based Compensation”). |
Income Taxes | Income Taxes Income tax expense includes U.S. federal corporate income taxes and income taxes due to states and other jurisdictions in which we operate. In the year ended December 31, 2020, income tax expense included our reasonable estimates of the impact of the CARES Act. For the year ended December 31, 2018, income tax expense included our reasonable estimates of the impact of the enactment of Tax Reform Act. Net deferred tax assets are recognized based on the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in the availability of future tax deductions, net of any valuation allowance. A valuation allowance is recognized if, based on an analysis of available evidence, we determine that it is more likely than not that some portion, or all, of the future value, of the deferred tax asset will not be realized. The valuation allowance is subject to ongoing adjustment based on changes in circumstances that in management’s judgment affect the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. The Company recognizes interest and/or penalties related to income tax matters in other non-interest expense. We evaluate uncertain tax positions via a two-step process. The first step is recognition, which requires a determination of whether it is more likely than not that a tax position will be sustained upon examination by a taxing authority. The second step is measurement. Under the measurement step, a tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely than not recognition threshold is recognized in the first subsequent financial reporting period in which that threshold is met. A previously recognized tax position that no longer meets the more likely than not recognition threshold is reversed in the first subsequent financial reporting period in which the threshold is no longer met. See Note 12. “Income Taxes” for additional information regarding our uncertain tax positions as of December 31, 2020. |
Segment Information | Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards We adopted the following new accounting standards effective January 1, 2020: Effective January 1, 2020, we adopted ASU 2016-13 “ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” , which replaced the prior incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss or CECL Standard. The measurement of expected credit losses under the CECL Standard is applicable to financial assets measured at amortized cost, including portfolio loans and investment securities classified as HTM. It also applies to off-balance sheet credit exposures, including loan commitments, standby letters of credit, financial guarantees and other similar instruments. In addition, the CECL Standard changes the accounting for investment securities classified as AFS, including a ASU 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20).” ASU 2018-14 amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for us on January 1, 2021, and is not expected to have a significant impact on our financial statements. ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” ASU 2019-12 provides guidance to simplify the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 will be effective for us on January 1, 2021, and is not expected to have a significant impact on our financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs.” ASU 2020-08 clarifies the accounting for the amortization of purchase premiums for callable debt securities with multiple call dates. ASU 2020-8 will be effective for us on January 1, 2021 and is not expected to have a significant impact on our financial statements. ASU 2020-09, “Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 .” ASU 2020-9 amends the ASC to reflect the issuance of an SEC rule related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. ASU 2020-09 will be effective for us on January 4, 2021, concurrent with the effective date of the SEC release, and is not expected to have a significant impact on our financial statements. ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards that affected the consolidated financial statements contained in this report. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of CECL Adoption Impact and Portfolio Segment Analysis | The adoption of the CECL Standard resulted in the following adjustments to our consolidated financial statements: Change in consolidated balance sheet Tax effect Change to retained earnings from adoption of new accounting principle ACL - loans $ 68,088 $ 18,820 $ 49,268 ACL - loans - (adjustment related to PCI loan mark) 1 22,496 — — Total ACL - loans 90,584 18,820 49,268 ACL - HTM securities 796 220 576 ACL - off balance sheet credit exposure (recorded in other liabilities) 6,095 1,685 4,410 Total impact of CECL adoption $ 97,475 $ 20,725 $ 54,254 1 This amount represents gross-up of the balance of the amortized cost of PCI loans that were considered PCD loans on adoption of the CECL Standard. The table below presents additional details on the impact of the adoption of the CECL Standard on HTM securities, portfolio loans and off-balance sheet credit exposures as of January 1, 2020: As reported under CECL Prior to CECL Standard adoption Impact of CECL adoption Assets: ACL - HTM securities: Corporate and other $ 108 $ — $ 108 State and municipal 688 — 688 Total ACL - HTM securities 796 — 796 ACL - loans $ 196,822 106,238 $ 90,584 Liabilities: ACL - off-balance sheet credit exposures (recorded in other liabilities) $ 6,749 $ 654 $ 6,095 At December 31, 2019 December 31, 2019 Originated Acquired Total ALLL C&I $ 6,982,226 $ 1,250,493 $ 8,232,719 $ 52,548 Commercial mortgage (1) 7,788,749 2,974,100 10,762,849 44,137 Residential mortgage 541,681 1,668,431 2,210,112 7,598 Consumer 121,310 113,222 234,532 1,955 Total $ 15,433,966 $ 6,006,246 $ 21,440,212 $ 106,238 The increase in the ACL - loans from the adoption of the CECL Standard included the following adjustments: ALLL as of December 31, 2019 Adjustments recorded as of January 1, 2020 ACL as of January 1, 2020 CECL Day 1 PCD gross-up C&I $ 52,548 $ 44,675 $ 6,624 $ 103,847 Commercial mortgage (1) 44,137 21,384 1,440 66,961 Residential mortgage 7,598 942 13,162 21,702 Consumer 1,955 1,087 1,270 4,312 Total $ 106,238 $ 68,088 $ 22,496 $ 196,822 (1) Commercial mortgage includes CRE, multi-family and ADC loans. Portfolio segment ACL Methodology Risk characteristics Portfolio composition Traditional C&I Loss rate Actual cash flow varies from amounts estimated, changes in collateral value, business not successful Various types of secured and unsecured traditional C&I loans to small and medium-sized businesses in our market area, including loans collateralized by assets, such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. ABL Loss rate Actual cash flow varies from amounts estimated, borrower unable to collect accounts receivable or convert inventory, uncertain value of collateral Loans to mid-size businesses on a national basis. ABL loans are secured with a blanket lien on all business assets and will include direct control and supervision of accounts receivable, inventory, machinery and equipment and real estate collateral. Payroll finance Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover Financing and business process outsourcing, including full back-office, technology and tax accounting services, to independently-owned temporary staffing companies nationwide. Loans typically are structured as an advance used by our clients to fund their employee payroll and are outstanding on average for 40 to 45 days. Warehouse lending No historical losses, qualitative overlay Inability to sell underlying mortgage loan collateral into the secondary market Residential mortgage warehouse funding facilities to non-bank mortgage companies. These loans consist of a line of credit used as temporary financing during the period between the closing of a mortgage loan until its sale into the secondary market, which on average occurs 20 days of the original loan closing. Factored receivables Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee, which is generally a percentage of the factored receivables or sales volume, which is designed to compensate the Bank for the bookkeeping and collection services provided and, if applicable, its credit review of the client’s customer and assumption of customer credit risk. Portfolio segment ACL Methodology Risk characteristics Portfolio composition Equipment finance Loss rate Actual cash flow varies from amounts estimated, changes in collateral value Equipment finance loans are offered through direct lending programs, third-party sources and vendor programs nationally. Our equipment finance lending mainly includes full payout term loans and secured loans for various types of business equipment. Public sector finance Discounted Cash Flow Municipal tax / revenue receipts insufficient to service debt; loss of access to capital markets Loans to state, municipal and local government entities nationally. Loans are either secured by equipment, or are obligations that are backed by the ability to levy taxes, either generally or associated with a specific project. CRE/ multi-family PD/LGD for non-owner occupied and loss rate for owner occupied Actual cash flow varies from amounts estimated, changes in collateral value CRE loans secured mainly by first liens on properties, including retail properties, office buildings, nursing homes, hotels, motels or restaurants, warehouses, schools and industrial complexes. To a lesser extent, we originate CRE loans for recreation, medical use, land, gas stations, not for profit and other categories. These loans are generally secured by properties located in our primary market area. ADC PD/LGD Construction costs are greater than anticipated, changes in estimated collateral value, project completion Construction loans are made in accordance with a schedule reflecting the cost of construction. Repayment of construction loans on residential subdivisions is normally expected from the sale of units to individual purchasers, except in cases of owner occupied construction loans. In the case of income-producing property, repayment is usually expected from permanent financing upon completion of construction. We provide permanent mortgage financing on most of our construction loans on income-producing property. Residential mortgage and home equity lines of credit PD/LGD Product type, conforming vs. non-conforming, interest only, converted interest only, amortizing, FICO score, LTV Residential mortgage conforming and non-conforming, fixed-rate and ARM loans with maturities up to 30 years. Also includes home equity lines of credit. Other consumer loans 8 quarter historical loss FICO, LTV, product type Other consumer loans consist of loans for personal use. |
Securities - (Tables)
Securities - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2020 AFS HTM Amortized Gross Gross Fair Amortized Gross Gross Fair ACL - HTM Residential MBS: Agency-backed $ 873,358 $ 44,911 $ (9) $ 918,260 $ 104,329 $ 4,100 $ — $ 108,429 $ — Other MBS (1) 352,473 20,811 — 373,284 — — — — — Total residential MBS 1,225,831 65,722 (9) 1,291,544 104,329 4,100 — 108,429 — Other securities: Federal agencies 149,852 6,615 — 156,467 24,811 844 — 25,655 — Corporate bonds 438,226 27,334 (2,048) 463,512 19,851 535 — 20,386 75 State and municipal 369,186 18,090 (181) 387,095 1,575,596 126,575 (69) 1,702,102 1,379 Other — — — — 17,750 189 (7) 17,932 45 Total other securities 957,264 52,039 (2,229) 1,007,074 1,638,008 128,143 (76) 1,766,075 1,499 Total securities $ 2,183,095 $ 117,761 $ (2,238) $ 2,298,618 $ 1,742,337 $ 132,243 $ (76) $ 1,874,504 $ 1,499 1 Other MBS at December 31, 2020 is mainly comprised of multi-family Ginnie Mae securities. December 31, 2019 AFS HTM Amortized Gross Gross Fair Amortized Gross Gross Fair Residential MBS: Agency-backed $ 1,595,766 $ 20,385 $ (1,032) $ 1,615,119 $ 168,743 $ 1,827 $ (75) $ 170,495 Other MBS 508,217 4,104 (44) 512,277 — — — — Total residential MBS 2,103,983 24,489 (1,076) 2,127,396 168,743 1,827 (75) 170,495 Other securities: Federal agencies 196,809 4,582 (253) 201,138 59,475 822 — 60,297 Corporate 307,050 13,917 (45) 320,922 19,904 415 — 20,319 State and municipal 435,213 11,321 (342) 446,192 1,718,789 70,530 (134) 1,789,185 Other — — — — 12,750 147 (2) 12,895 Total other securities 939,072 29,820 (640) 968,252 1,810,918 71,914 (136) 1,882,696 Total securities $ 3,043,055 $ 54,309 $ (1,716) $ 3,095,648 $ 1,979,661 $ 73,741 $ (211) $ 2,053,191 |
Summary of securities held-to-maturity | A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2020 AFS HTM Amortized Gross Gross Fair Amortized Gross Gross Fair ACL - HTM Residential MBS: Agency-backed $ 873,358 $ 44,911 $ (9) $ 918,260 $ 104,329 $ 4,100 $ — $ 108,429 $ — Other MBS (1) 352,473 20,811 — 373,284 — — — — — Total residential MBS 1,225,831 65,722 (9) 1,291,544 104,329 4,100 — 108,429 — Other securities: Federal agencies 149,852 6,615 — 156,467 24,811 844 — 25,655 — Corporate bonds 438,226 27,334 (2,048) 463,512 19,851 535 — 20,386 75 State and municipal 369,186 18,090 (181) 387,095 1,575,596 126,575 (69) 1,702,102 1,379 Other — — — — 17,750 189 (7) 17,932 45 Total other securities 957,264 52,039 (2,229) 1,007,074 1,638,008 128,143 (76) 1,766,075 1,499 Total securities $ 2,183,095 $ 117,761 $ (2,238) $ 2,298,618 $ 1,742,337 $ 132,243 $ (76) $ 1,874,504 $ 1,499 1 Other MBS at December 31, 2020 is mainly comprised of multi-family Ginnie Mae securities. December 31, 2019 AFS HTM Amortized Gross Gross Fair Amortized Gross Gross Fair Residential MBS: Agency-backed $ 1,595,766 $ 20,385 $ (1,032) $ 1,615,119 $ 168,743 $ 1,827 $ (75) $ 170,495 Other MBS 508,217 4,104 (44) 512,277 — — — — Total residential MBS 2,103,983 24,489 (1,076) 2,127,396 168,743 1,827 (75) 170,495 Other securities: Federal agencies 196,809 4,582 (253) 201,138 59,475 822 — 60,297 Corporate 307,050 13,917 (45) 320,922 19,904 415 — 20,319 State and municipal 435,213 11,321 (342) 446,192 1,718,789 70,530 (134) 1,789,185 Other — — — — 12,750 147 (2) 12,895 Total other securities 939,072 29,820 (640) 968,252 1,810,918 71,914 (136) 1,882,696 Total securities $ 3,043,055 $ 54,309 $ (1,716) $ 3,095,648 $ 1,979,661 $ 73,741 $ (211) $ 2,053,191 |
Summary of amortized cost and fair value of investment securities available for sale by remaining period to contractual maturity | The amortized cost and estimated fair value of securities at December 31, 2020 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential MBS are shown separately since they are not due at a single maturity date. December 31, 2020 AFS HTM Amortized Fair Amortized Fair Other securities remaining period to contractual maturity: One year or less $ 1,425 $ 1,426 $ 23,977 $ 24,442 One to five years 182,909 196,132 85,605 89,850 Five to ten years 485,064 508,921 377,308 407,150 Greater than ten years 287,866 300,595 1,151,118 1,244,633 Total other securities 957,264 1,007,074 1,638,008 1,766,075 Residential MBS 1,225,831 1,291,544 104,329 108,429 Total securities $ 2,183,095 $ 2,298,618 $ 1,742,337 $ 1,874,504 |
Sale of securities | Sales of securities for the periods indicated below were as follows: Year ended December 31, 2020 2019 2018 AFS: Proceeds from sales $ 484,934 $ 1,386,236 $ 186,914 Gross realized gains 8,966 12,170 219 Gross realized losses (308) (19,075) (10,933) Income tax (benefit) on realized net losses 1,818 (1,450) (2,961) Proceeds from calls $ 155,642 $ — $ — Gross realized gains 4,880 — — Gross realized losses — — — Income tax expense on realized net gains — — — HTM: (1) Proceeds from sales $ 93,036 $ — $ 254 Gross realized gains 1,809 — — Gross realized losses (1,039) — (74) Income tax expense (benefit) on realized net gains / (losses) 162 — (21) (1) In the year ended December 31, 2020, we sold $93.0 million of state and municipal securities that were classified as HTM. We evaluated the issuer and individual securities and determined that the issuer had demonstrated significant deterioration in its creditworthiness since our acquisition of the securities. In the year ended December 31, 2018, we sold a security that was classified held to maturity due to a decline in the credit rating and other evidence of deterioration of the issuer’s creditworthiness. |
Securities available for sale with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes securities AFS with the amount of unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized AFS December 31, 2020 Residential MBS: Agency-backed $ 1,970 $ (8) $ 396 $ (1) $ 2,366 $ (9) Other securities: Federal agencies — — — — — — Corporate — — 83,191 (2,048) 83,191 (2,048) State and municipal 10,872 (152) 2,507 (29) 13,379 (181) Total other securities 10,872 (152) 85,698 (2,077) 96,570 (2,229) Total $ 12,842 $ (160) $ 86,094 $ (2,078) $ 98,936 $ (2,238) December 31, 2019 Residential MBS: Agency-backed $ 98,350 $ (317) $ 108,052 $ (715) $ 206,402 $ (1,032) Other MBS — — 5,916 (44) 5,916 (44) Total residential MBS 98,350 (317) 113,968 (759) 212,318 (1,076) Other securities: Federal agencies 39,573 (253) — — 39,573 (253) Corporate — — 12,006 (45) 12,006 (45) State and municipal 12,795 (94) 14,651 (248) 27,446 (342) Total other securities 52,368 (347) 26,657 (293) 79,025 (640) Total $ 150,718 $ (664) $ 140,625 $ (1,052) $ 291,343 $ (1,716) The adoption of CECL did not have an impact on our accounting for AFS securities. We regularly review AFS securities for impairment resulting from deterioration in the creditworthiness of the issuer using both qualitative and quantitative criteria based at the individual security level at each reporting period. Unrealized losses on corporate and state and municipal securities have not been recognized into income because we do not intend to sell and it is likely that we will not be required to sell the securities prior to the to the anticipated recovery of the security to a price that eliminates the impairment or maturity. The decline in fair value is largely due to market conditions, primarily changes in interest rates. The issuers continue to make timely principal and interest payments on the securities and the fair value is expected to recover as the securities approach maturity. At December 31, 2020, a total of 25 AFS securities were in a continuous unrealized loss position for less than 12 months, and 61 securities were in an unrealized loss position for 12 months or longer. The following table summarizes HTM securities with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized HTM December 31, 2020 Residential MBS: Agency-backed $ — $ — $ — $ — $ — $ — Other MBS — — — — — — Total residential MBS — — — — — — Other securities: Corporate — — — — — — State and municipal 105 (1) 4,386 (68) 4,491 (69) Other 9,993 (7) — — 9,993 (7) Total other securities 10,098 (8) 4,386 (68) 14,484 (76) Total $ 10,098 $ (8) $ 4,386 $ (68) $ 14,484 $ (76) December 31, 2019 Residential MBS: Agency-backed $ 39,732 $ (69) $ 1,598 $ (6) $ 41,330 $ (75) Other MBS — — — — — — Total residential MBS 39,732 (69) 1,598 (6) 41,330 (75) Other securities: State and municipal 177 (2) 8,258 (132) 8,435 (134) Other 9,998 (2) — — 9,998 (2) Total other securities 10,175 (4) 8,258 (132) 18,433 (136) Total $ 49,907 $ (73) $ 9,856 $ (138) $ 59,763 $ (211) |
Debt securities, held-to-maturity, allowance for credit loss rollforward | The following table presents the activity in the ACL - HTM securities by type of security for the twelve month period ended December 31, 2020: Type of security Corporate and Other State and municipal ACL - HTM: Balance at December 31, 2019 $ — $ — Impact of adoption on January 1, 2020 108 688 Provision for credit loss expense recorded in the year ended December 31, 2020 12 691 Total ACL - HTM at December 31, 2020 $ 120 $ 1,379 |
Debt securities, held-to-maturity, credit quality indicators | The following table summarizes the amortized cost of HTM securities at December 31, 2020 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 755,350 AA 17,750 523,143 A — 290,768 BBB — 64 Non-rated 19,851 6,271 Total $ 37,601 $ 1,575,596 |
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes | Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: December 31, 2020 2019 AFS securities pledged for borrowings, at fair value $ 27,101 $ 22,678 AFS securities pledged for municipal deposits, at fair value 569,724 866,020 HTM securities pledged for borrowings, at amortized cost — 483 HTM securities pledged for municipal deposits, at amortized cost 1,221,964 1,432,909 Total securities pledged $ 1,818,789 $ 2,322,090 |
Portfolio Loans - (Tables)
Portfolio Loans - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Components of loan portfolio excluding loans held for sale | The composition of our loan portfolio, including leases net of unearned discounts and excluding loans held for sale, was the following: December 31, 2020 December 31, 2019 Commercial: C&I: Traditional C&I $ 2,920,205 $ 2,355,031 ABL 803,004 1,082,618 Payroll finance 159,237 226,866 Warehouse lending 1,953,677 1,330,884 Factored receivables 220,217 223,638 Equipment finance 1,531,109 1,800,564 Public sector finance 1,572,819 1,213,118 Total C&I 9,160,268 8,232,719 Commercial mortgage: CRE 5,831,990 5,418,648 Multi-family 4,406,660 4,876,870 ADC 642,943 467,331 Total commercial mortgage 10,881,593 10,762,849 Total commercial 20,041,861 18,995,568 Residential mortgage 1,616,641 2,210,112 Consumer 189,907 234,532 Total portfolio loans 21,848,409 21,440,212 ACL - loans 1 (326,100) (106,238) Total portfolio loans, net $ 21,522,309 $ 21,333,974 1 ACL - loans is applicable to 2020 only, in 2019 the allowance for loan losses was calculated under the former incurred loss model. |
Schedule of amounts and status of loans and TDRs | The following tables set forth the amounts and status of our loans and TDRs at December 31, 2020 and 2019: December 31, 2020 Current 30-59 60-89 90+ Total Traditional C&I $ 2,905,964 $ 1,215 $ 6,054 $ 6,972 $ 2,920,205 ABL 803,004 — — — 803,004 Payroll finance 159,237 — — — 159,237 Warehouse lending 1,953,677 — — — 1,953,677 Factored receivables 220,217 — — — 220,217 Equipment finance 1,469,653 24,286 11,077 26,093 1,531,109 Public sector finance 1,572,819 — — — 1,572,819 CRE 5,794,115 13,591 17,421 6,863 5,831,990 Multi-family 4,393,950 11,578 811 321 4,406,660 ADC 612,943 — — 30,000 642,943 Residential mortgage 1,590,068 7,444 3,426 15,703 1,616,641 Consumer 178,587 1,043 907 9,370 189,907 Total loans $ 21,654,234 $ 59,157 $ 39,696 $ 95,322 $ 21,848,409 Total TDRs included above 60,257 $ 2,927 $ 13,492 $ 2,295 $ 78,971 Non-performing loans: Loans 90+ days past due and still accruing $ 170 Non-accrual loans 166,889 Total non-performing loans $ 167,059 December 31, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,324,737 $ 961 $ 2,075 $ 110 $ 27,148 $ 2,355,031 ABL 1,077,652 — — — 4,966 1,082,618 Payroll finance 217,470 — — — 9,396 226,866 Warehouse lending 1,330,884 — — — — 1,330,884 Factored receivables 223,638 — — — — 223,638 Equipment finance 1,739,772 15,678 12,064 — 33,050 1,800,564 Public sector finance 1,213,118 — — — — 1,213,118 CRE 5,391,483 762 190 — 26,213 5,418,648 Multi-family 4,872,379 1,078 13 — 3,400 4,876,870 ADC 466,826 71 — — 434 467,331 Residential mortgage 2,129,840 17,904 93 — 62,275 2,210,112 Consumer 220,372 1,988 3 — 12,169 234,532 Total loans $ 21,208,171 $ 38,442 $ 14,438 $ 110 $ 179,051 $ 21,440,212 Total TDRs included above $ 49,260 $ 547 $ — $ — $ 25,849 $ 75,656 Non-performing loans: Loans 90+ days past due and still accruing $ 110 Non-accrual loans 179,051 Total non-performing loans $ 179,161 |
Schedule of Collateral-Dependent Financing Receivables | The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of December 31, 2020: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 425 $ — $ 5,998 $ 10,916 $ 17,339 ABL — 8,280 — — 8,280 Payroll finance — 2,300 — — 2,300 Equipment finance — 1,117 10,461 — 11,578 CRE 53,212 — — — 53,212 Multi-family 9,914 — — — 9,914 ADC 30,000 — — — 30,000 Residential mortgage 5,025 — — — 5,025 Consumer 7,384 — — — 7,384 Total $ 105,960 $ 11,697 $ 16,459 $ 10,916 $ 145,032 |
Schedule of additional analysis of non-accrual loans | The following table provides additional information on our non-accrual loans and loans 90 days past due at December 31, 2020: December 31, 2020 Total non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Traditional C&I $ 19,223 $ 16,914 $ 94 ABL 5,255 4,613 — Payroll finance 2,300 2,300 — Equipment finance 30,634 11,578 2 CRE 46,053 38,529 74 Multi-family 4,485 2,156 — ADC 30,000 — — Residential mortgage 18,661 808 — Consumer 10,278 875 — Total $ 166,889 $ 77,773 $ 170 |
Schedule of accrued interest receivable reversed against interest income | The following table provides information on accrued interest receivable that was reversed against interest income for the years ended December 31, 2020, 2019 and 2018: Interest reversed For the year ended December 31, 2020 2019 2018 Traditional C&I $ 115 $ 136 $ 237 ABL 67 77 — Payroll finance — 175 — Equipment finance 60 441 — CRE 922 88 270 Multi-family 155 36 19 ADC 297 5 — Residential mortgage 539 406 12 Consumer 43 62 32 Total interest reversed $ 2,198 $ 1,426 $ 570 |
Impaired financing receivables | The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2019: Loans evaluated by segment Allowance evaluated by segment Individually Collectively PCI loans Total Individually Collectively Total ACL - loans Traditional C&I $ 29,838 $ 2,320,256 $ 4,937 $ 2,355,031 $ — $ 15,951 $ 15,951 ABL 4,684 1,064,275 13,659 1,082,618 — 14,272 14,272 Payroll finance 9,396 217,470 — 226,866 — 2,064 2,064 Warehouse lending — 1,330,884 — 1,330,884 — 917 917 Factored receivables — 223,638 — 223,638 — 654 654 Equipment finance 4,971 1,794,036 1,557 1,800,564 — 16,723 16,723 Public sector finance — 1,213,118 — 1,213,118 — 1,967 1,967 CRE 39,882 5,358,023 20,743 5,418,648 — 27,965 27,965 Multi-family 11,159 4,860,246 5,465 4,876,870 — 11,440 11,440 ADC — 467,331 — 467,331 — 4,732 4,732 Residential mortgage 6,364 2,140,650 63,098 2,210,112 — 7,598 7,598 Consumer 2,731 224,986 6,815 234,532 — 1,955 1,955 Total loans $ 109,025 $ 21,214,913 $ 116,274 $ 21,440,212 $ — $ 106,238 $ 106,238 The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2019: December 31, 2019 Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 39,595 $ 29,838 ABL 16,181 4,684 Payroll finance 9,396 9,396 Equipment finance 6,409 4,971 CRE 44,526 39,882 Multi-family 11,491 11,159 Residential 7,728 6,364 Consumer 2,928 2,731 Total $ 138,254 $ 109,025 For the year ended December 31, 2019 2018 YTD Interest YTD Interest With no related allowance recorded: Traditional C&I $ 32,253 $ 329 $ 38,242 $ 1,073 ABL 15,930 — 9,440 — Payroll finance 2,349 — — — Equipment finance 5,111 23 965 — CRE 31,177 531 23,671 777 Multi-family 5,809 58 1,713 65 ADC 386 13 — — Residential mortgage 5,548 4 1,751 — Consumer 3,646 — 4,248 — Total $ 102,209 $ 958 $ 80,030 $ 1,915 |
Schedule of loan deferrals | The table below reflects the balance of deferrals by portfolio as of December 31, 2020: Non-pass rated loans Loan balance outstanding Deferral of principal and interest % Special mention Substandard Commercial C&I: Traditional C&I $ 2,920,205 $ 413 — % $ — $ — ABL 803,004 — — — — Payroll finance 159,237 — — — — Warehouse lending 1,953,677 — — — — Factored receivables 220,217 — — — — Equipment finance 1,531,109 2,403 0.2 — 1,194 Public sector finance 1,572,819 — — — — Total C&I 9,160,268 2,816 — — 1,194 Commercial mortgage: CRE 5,831,990 60,032 1.0 19,323 24,243 Multi-family 4,406,660 22,216 0.5 8,178 — ADC 642,943 — — — — Total commercial mortgage 10,881,593 82,248 0.8 27,501 24,243 Total commercial 20,041,861 85,064 0.4 27,501 25,437 Residential 1,616,641 116,254 7.2 — 865 Consumer 189,907 7,093 3.7 — — Total Portfolio loans $ 21,848,409 $ 208,411 1.0 % $ 27,501 $ 26,302 |
Troubled debt restructurings | The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2020 and December 31, 2019: December 31, 2020 Current loans 30-59 60-89 90+ Non- Total Traditional C&I $ 892 $ — $ — $ — $ 2,976 $ 3,868 ABL 3,668 — — — 643 4,311 Equipment finance 1,100 — — — 3,080 4,180 CRE 15,555 — — — 33,993 49,548 Multi-family 7,758 — — — — 7,758 ADC — — — — — — Residential mortgage 5,998 491 — — 672 7,161 Consumer 2,030 — — — 115 2,145 Total $ 37,001 $ 491 $ — $ — $ 41,479 $ 78,971 December 31, 2019 Current loans 30-59 60-89 90+ Non- Total Traditional C&I $ 929 $ — $ — $ — $ 13,392 $ 14,321 ABL — — — — 912 912 Equipment finance 5,261 — — — 3,764 9,025 CRE 25,295 — — — 4,600 29,895 Multi-family 7,819 — — — — 7,819 ADC — — — — 434 434 Residential mortgage 7,537 547 — — 2,507 10,591 Consumer 2,419 — — — 240 2,659 Total $ 49,260 $ 547 $ — $ — $ 25,849 $ 75,656 The following table identifies TDRs that occurred during 2020 and 2019: December 31, 2020 December 31, 2019 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Traditional C&I — $ — $ — 1 $ 5,026 $ 5,026 ABL 2 10,553 9,822 — — — Equipment finance 1 1,027 773 8 8,563 7,728 CRE 1 24,270 24,270 2 15,659 15,659 Multi-family — — — 1 7,819 7,819 Residential mortgage — — — 6 3,215 3,215 Total TDRs 4 $ 35,850 $ 34,865 18 $ 40,282 $ 39,447 |
ACL - Loans - (Tables)
ACL - Loans - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in the ACL - loans for 2020 is summarized below: For the year ended December 31, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (23,132) $ 1,462 $ (21,670) $ 43,064 $ 42,670 ABL 14,272 11,973 (3,782) — (3,782) (9,701) 12,762 Payroll finance 2,064 1,334 (1,290) 310 (980) (461) 1,957 Warehouse lending 917 (362) — — — 1,169 1,724 Factored receivables 654 795 (12,730) 312 (12,418) 13,873 2,904 Equipment finance 16,723 33,000 (58,229) 2,525 (55,704) 37,775 31,794 Public sector finance 1,967 (766) — — — 3,315 4,516 CRE 27,965 8,037 (8,202) 818 (7,384) 126,695 155,313 Multi-family 11,440 14,906 (584) 1 (583) 7,557 33,320 ADC 4,732 (119) (311) 105 (206) 13,520 17,927 Residential mortgage 7,598 14,104 (19,150) 1 (19,149) 13,976 16,529 Consumer 1,955 2,357 (1,736) 1,207 (529) 901 4,684 Total ACL - loans $ 106,238 $ 90,584 $ (129,146) $ 6,741 $ (122,405) $ 251,683 $ 326,100 Annualized net charge-offs to average loans outstanding 0.56 % For the year ended December 31, 2019 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 14,201 $ (6,186) $ 952 $ (5,234) $ 6,984 $ 15,951 ABL 7,979 (18,984) — (18,984) 25,277 14,272 Payroll finance 2,738 (252) 17 (235) (439) 2,064 Warehouse lending 2,800 — — — (1,883) 917 Factored receivables 1,064 (141) 137 (4) (406) 654 Equipment finance 12,450 (7,034) 723 (6,311) 10,584 16,723 Public sector finance 1,739 — — — 228 1,967 CRE 32,285 (891) 845 (46) (4,274) 27,965 Multi-family 8,355 — 304 304 2,781 11,440 ADC 1,769 (6) — (6) 2,969 4,732 Residential mortgage 7,454 (4,092) 133 (3,959) 4,103 7,598 Consumer 2,843 (1,552) 603 (949) 61 1,955 Total allowance for loan losses $ 95,677 $ (39,138) $ 3,714 $ (35,424) $ 45,985 $ 106,238 Annualized net charge-offs to average loans outstanding 0.17 % For the year ended December 31, 2018 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 19,072 $ (9,270) $ 1,080 $ (8,190) $ 3,319 $ 14,201 ABL 6,625 (4,936) 9 (4,927) 6,281 7,979 Payroll finance 1,565 (337) 43 (294) 1,467 2,738 Warehouse lending 3,705 — — — (905) 2,800 Factored receivables 1,395 (205) 15 (190) (141) 1,064 Equipment finance 4,862 (8,565) 951 (7,614) 15,202 12,450 Public sector finance 1,797 — — — (58) 1,739 CRE 24,945 (4,935) 888 (4,047) 11,387 32,285 Multi-family 3,261 (308) 283 (25) 5,119 8,355 ADC 1,680 (721) — (721) 810 1,769 Residential mortgage 5,819 (1,391) 64 (1,327) 2,962 7,454 Consumer 3,181 (1,408) 513 (895) 557 2,843 Total allowance for loan losses $ 77,907 $ (32,076) $ 3,846 $ (28,230) $ 46,000 $ 95,677 Annualized net charge-offs to average loans outstanding 0.14 % |
Financing receivable credit quality indicators | Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of December 31, 2020, the risk category of gross loans by segment was as follows: Special Mention Substandard December 31, 2020 Traditional C&I $ 24,162 $ 84,792 ABL 111,597 11,669 Payroll finance — 2,300 Factored receivables 5,523 — Equipment finance 7,737 45,018 CRE 249,403 280,796 Multi-family 61,146 44,872 ADC 1,407 30,000 Residential mortgage 468 18,942 Consumer 15 10,371 Total $ 461,458 $ 528,760 As of December 31, 2019, the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 8,349 $ 54 $ 8,403 $ 38,669 $ 801 $ 39,470 ABL 57,560 20,885 78,445 24,508 — 24,508 Payroll finance 437 — 437 17,156 — 17,156 Equipment finance 18,639 7,258 25,897 42,503 — 42,503 CRE 16,926 9,437 26,363 75,761 4,231 79,992 Multi-family 18,463 — 18,463 15,425 822 16,247 ADC 1,855 — 1,855 505 — 505 Residential mortgage 93 — 93 41,552 21,219 62,771 Consumer 20 — 20 9,209 3,067 12,276 Total $ 122,342 $ 37,634 $ 159,976 $ 265,288 $ 30,140 $ 295,428 Term loans amortized cost basis by origination year Revolving loans converted to term 2020 2019 2018 2017 2016 Prior Revolving loans Total Traditional C&I Pass $ 439,320 $ 237,124 $ 268,082 $ 130,648 $ 68,994 $ 139,922 $ 1,526,857 $ — $ 2,810,947 Special mention 31 3,268 3,819 1,300 3,006 2,878 9,860 — 24,162 Substandard 136 40,319 5,736 6,994 100 6,696 24,811 — 84,792 Doubtful — — — — — — 304 304 Total traditional C&I 439,487 280,711 277,637 138,942 72,100 149,496 1,561,832 — 2,920,205 ABL Pass — 2,695 3,167 8,245 24,138 480 641,013 — 679,738 Special mention 6,500 772 723 15,330 3,011 — 85,261 — 111,597 Substandard — — — — 1,141 653 9,875 — 11,669 Total ABL 6,500 3,467 3,890 23,575 28,290 1,133 736,149 — 803,004 Payroll Finance Pass — — 8,444 — — — 148,493 — 156,937 Special mention — — — — — — — — — Substandard — — — — — — 2,300 — 2,300 Total payroll finance — — 8,444 — — — 150,793 — 159,237 Warehouse Lending Pass 164,499 76,685 181,885 245,290 657,044 628,274 — — 1,953,677 Special mention — — — — — — — — — Substandard — — — — — — — — — Total warehouse lending 164,499 76,685 181,885 245,290 657,044 628,274 — — 1,953,677 Factored Receivables Pass — — — — — — 214,694 — 214,694 Special mention — — — — — — 5,523 — 5,523 Substandard — — — — — — — — — Total factored receivables — — — — — — 220,217 — 220,217 Equipment Finance Pass 449,409 537,994 252,477 113,352 77,241 47,881 — — 1,478,354 Special mention — 3,847 1,827 944 76 1,043 — — 7,737 Substandard 23 19,424 8,898 12,714 2,407 1,552 — — 45,018 Total equipment finance 449,432 561,265 263,202 127,010 79,724 50,476 — — 1,531,109 Term loans amortized cost basis by origination year Revolving loans converted to term 2020 2019 2018 2017 2016 Prior Revolving loans Total Public Sector Finance Pass 452,330 400,674 208,683 267,076 178,670 65,386 — — 1,572,819 Special mention — — — — — — — — — Substandard — — — — — — — — — Total public sector finance 452,330 400,674 208,683 267,076 178,670 65,386 — — 1,572,819 CRE Pass 1,081,860 1,259,292 894,965 486,185 527,882 1,051,607 — — 5,301,791 Special mention 9,158 66,563 21,453 72,570 38,600 41,059 — — 249,403 Substandard 27,369 46,571 84,170 1,988 22,997 97,701 — — 280,796 Total CRE 1,118,387 1,372,426 1,000,588 560,743 589,479 1,190,367 — — 5,831,990 Multi-family Pass 369,882 774,194 412,306 616,513 572,433 1,484,098 71,216 — 4,300,642 Special mention — — 11,914 30,152 — 17,339 1,741 — 61,146 Substandard — 3,688 4,763 — 5,318 30,022 1,081 — 44,872 Total multi-family 369,882 777,882 428,983 646,665 577,751 1,531,459 74,038 — 4,406,660 ADC Pass 94,840 270,584 127,648 69,145 26,646 22,673 — — 611,536 Special mention 1,407 — — — — — — — 1,407 Substandard — — — 30,000 — — — — 30,000 Total ADC 96,247 270,584 127,648 99,145 26,646 22,673 — — 642,943 Residential Pass 5,043 11,940 39,338 46,551 115,918 1,378,441 — — 1,597,231 Special mention — — — — — 468 — — 468 Substandard — — 520 — — 18,422 — — 18,942 Total residential 5,043 11,940 39,858 46,551 115,918 1,397,331 — — 1,616,641 Consumer Pass 75 400 457 278 85 5,334 109,491 63,401 179,521 Special mention — — — — — — 15 — 15 Substandard — — — — — 441 2,795 7,135 10,371 Total consumer 75 400 457 278 85 5,775 112,301 70,536 189,907 Total Loans $ 3,101,882 $ 3,756,034 $ 2,541,275 $ 2,155,275 $ 2,325,707 $ 5,042,370 $ 2,855,330 $ 70,536 $ 21,848,409 |
Premises and Equipment, Net - (
Premises and Equipment, Net - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and equipment are summarized as follows: December 31, 2020 2019 Land and land improvements $ 91,215 $ 105,683 Buildings 79,726 92,762 Leasehold improvements 32,910 29,956 Furniture, fixtures and equipment 116,223 105,397 Total premises and equipment, gross 320,074 333,798 Accumulated depreciation and amortization (117,519) (106,728) Total premises and equipment, net $ 202,555 $ 227,070 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in goodwill for the periods presented was as follows: For the year ended December 31, 2020 2019 Beginning of period balance $ 1,683,482 $ 1,613,033 Acquired goodwill — 70,449 End of period balance $ 1,683,482 $ 1,683,482 |
Schedule of Finite-Lived Intangible Assets | The balance of other intangible assets for the periods presented was as follows: Gross Accumulated Net intangible December 31, 2020 Core deposits $ 157,959 $ (88,151) $ 69,808 Customer lists 10,450 (7,194) 3,256 Non-compete agreements 11,808 (11,808) — Trade name 20,500 — 20,500 $ 200,717 $ (107,153) $ 93,564 December 31, 2019 Core deposits $ 157,959 $ (72,037) $ 85,922 Customer lists 10,450 (6,508) 3,942 Non-compete agreements 11,808 (11,808) — Trade name 20,500 — 20,500 $ 200,717 $ (90,353) $ 110,364 |
Future amortization expense | The estimated aggregate future amortization expense for other intangible assets remaining as of December 31, 2020 was as follows: Amortization 2021 $ 15,103 2022 13,703 2023 12,322 2024 10,448 2025 8,722 Thereafter 12,766 Total $ 73,064 |
Deposits - (Tables)
Deposits - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at December 31, 2020 and 2019 are summarized as follows: December 31, 2020 2019 Non-interest bearing demand $ 5,443,907 $ 4,304,943 Interest bearing demand 4,960,800 4,427,012 Savings 2,603,570 2,652,764 Money market 8,114,415 7,585,888 Certificates of deposit 1,996,830 3,448,051 Total deposits $ 23,119,522 $ 22,418,658 |
Schedule of Maturities of Deposits | Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2020 2019 Remaining period to contractual maturity: Less than one year $ 1,629,168 $ 3,009,102 One to two years 158,830 221,227 Two to three years 62,632 107,589 Three to four years 58,672 47,711 Four to five years 87,528 62,422 Total certificates of deposit $ 1,996,830 $ 3,448,051 |
List of Company's Brokered deposits | Listed below are our brokered deposits: December 31, 2020 2019 Interest bearing demand $ 433,790 $ 149,566 Money market 1,045,478 944,627 Certificates of deposit 100,003 772,251 Total brokered deposits $ 1,579,271 $ 1,866,444 |
Borrowings, Senior Notes and _2
Borrowings, Senior Notes and Subordinated Notes - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instruments [Abstract] | |
Schedule of debt | Our borrowings and weighted average interest rates are summarized as follows: December 31, 2020 2019 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 382,000 0.35 % $ 2,245,653 2.04 % Repurchase agreements 27,101 0.10 22,678 1.20 Federal funds purchased 277,000 0.11 — — Subordinated Notes - Bank 143,703 5.45 173,182 5.45 Subordinated Notes - 2029 270,284 4.17 270,941 4.17 Subordinated Notes - 2030 221,626 4.06 — — 3.50% Senior Notes — — 173,504 3.19 Total borrowings $ 1,321,714 2.25 $ 2,885,958 2.53 By remaining period to maturity: Less than one year $ 686,101 0.24 % $ 1,491,446 2.19 % One to two years — — 925,388 2.07 Two to three years — — 25,000 1.71 Three to four years — — — — Greater than five years 635,613 4.43 444,124 4.67 Total borrowings $ 1,321,714 2.25 $ 2,885,958 2.53 |
Leases - (Tables)
Leases - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Direct Financing Lease and Sales-type Lease | The components of our net investments in sales-type leases, which are included in Portfolio Loans on the consolidated balance sheet, are as follows: December 31, 2020 2019 Sales-type leases: Lease receivables $ 170,347 $ 218,861 Unguaranteed residual values 85,024 76,361 Total net investment in sales-type leases $ 255,371 $ 295,222 The remaining maturities of lease receivables as of December 31, 2020 were as follows: Operating Sales-type 2021 $ 12,491 $ 64,512 2022 12,194 72,895 2023 11,126 73,715 2024 9,761 29,667 2025 6,711 21,695 Thereafter 2,941 31,280 Total lease payments $ 55,224 293,764 Unearned income (38,393) Net lease receivables $ 255,371 |
Schedule of Operating Lease Receivable Maturities | The remaining maturities of lease receivables as of December 31, 2020 were as follows: Operating Sales-type 2021 $ 12,491 $ 64,512 2022 12,194 72,895 2023 11,126 73,715 2024 9,761 29,667 2025 6,711 21,695 Thereafter 2,941 31,280 Total lease payments $ 55,224 293,764 Unearned income (38,393) Net lease receivables $ 255,371 |
Schedule of Lease Cost | The components of lease expense were as follows: December 2020 2019 Operating lease expense $ 19,257 $ 19,550 Sub-lease income (2,277) (2,581) Net lease expense $ 16,980 $ 16,969 The weighted average remaining lease term and discount rate used to calculate the present value of our right-of-use asset and lease liabilities were the following: December 2020 2019 Weighted average remaining lease term (years) 7.85 7.94 Weighted average remaining discount rate 3.33 % 3.26 % |
Schedule of Operating Lease Liability Maturities | Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2020 were as follows: 2021 $ 18,336 2022 18,069 2023 16,604 2024 14,790 2025 12,175 2026 and thereafter 49,461 Total lease payments 129,435 Interest 16,030 Present value of lease liabilities $ 113,405 |
Derivatives - (Tables)
Derivatives - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information regarding these derivatives as of December 31, 2020 and 2019 is presented below: Notional Average Weighted Weighted Fair value December 31, 2020 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,913,607 149,797 Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 149,797 Included in other liabilities: Third-party interest rate swap $ 1,913,607 $ 60,004 Customer interest rate swap — — Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 60,004 December 31, 2019 Included in other assets: Third-party interest rate swap $ 116,874 $ 15 Customer interest rate swap 1,738,675 67,303 Total $ 1,855,549 5.18 4.50 % 1 m Libor + 2.23% $ 67,318 Included in other liabilities: Third-party interest rate swap $ 1,738,675 $ 23,998 Customer interest rate swap 116,874 316 Total $ 1,855,549 5.18 4.50 % 1 m Libor +2.23% $ 24,314 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense for the periods indicated consisted of the following: For the year ended December 31, 2020 2019 2018 Current income tax expense: Federal $ 51,609 $ 4,133 $ 44,810 State and local 26,782 27,616 17,263 Total current income tax expense 78,391 31,749 62,073 Deferred income tax (benefit) expense: Federal (35,455) 72,030 38,661 State and local (13,037) 9,146 18,242 Total deferred income tax (benefit) expense (48,492) 81,176 56,903 Total income tax expense $ 29,899 $ 112,925 $ 118,976 |
Schedule of Effective Income Tax Rate Reconciliation | Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: For the year ended December 31, 2020 2019 2018 Tax at federal statutory rate of 21% $ 53,690 $ 113,393 $ 118,908 State and local income taxes, net of federal tax benefit 10,858 29,042 28,049 Tax-exempt interest, net of disallowed interest (23,106) (20,238) (19,521) BOLI income (4,315) (4,963) (3,279) Low income housing tax credits and other benefits (39,630) (19,567) (9,823) Low income housing investment amortization expense 34,295 16,718 6,655 Equity-based stock compensation benefit 995 (468) (680) FDIC insurance premium limitation 1,018 977 1,777 Impact of rate remeasurement on NOL carryback (17,955) — — Change in uncertain tax position 7,000 — — Other, net 7,049 (1,969) (3,110) Actual income tax expense $ 29,899 $ 112,925 $ 118,976 Effective income tax rate 11.7 % 20.9 % 21.0 % |
Schedule of Unrecognized Tax Benefits Roll Forward | As of December 31, 2020, the accrual for unrecognized gross tax benefits was as follows: For the year ended December 31, 2020 2019 2018 Uncertain tax positions beginning of period $ — $ — $ — Additions for tax positions related to prior tax years 11,480 — — Decrease due to settlement (1,315) — — Interest expense in tax positions 123 — — Reduction due to expiration of statute of limitation (3,288) — — Uncertain tax positions at December 31, 2020 $ 7,000 $ — $ — |
Schedule of Deferred Tax Assets and Liabilities | The following table presents our deferred tax position at December 31, 2020 and 2019: December 31, 2020 2019 Deferred tax assets: ACL - loans $ 86,269 $ 28,779 Lease liability 30,482 32,232 Deferred compensation 337 333 Other accrued compensation and benefits 10,189 8,953 Deferred rent 805 1,496 Pension and post retirement expense 5,235 4,207 Deferred loan fees and costs 3,532 2,694 Accrued expenses 269 1,590 Net operating loss carryforwards 6,916 41,044 Other 5,373 3,605 Total deferred tax assets 149,407 124,933 Deferred tax liabilities: Right of use asset (leases) 28,402 30,401 Acquisition fair value adjustments 58,157 56,292 Depreciation of premises and equipment and tax leases 60,715 79,349 Other comprehensive income (securities) 31,834 14,331 Deferred capital gains 6,368 6,590 Mortgage servicing rights 1,190 2,250 Other comprehensive gain (defined benefit plans) 564 624 Intangible asset amortization 4,428 1,633 Other 1,035 1,033 Total deferred tax liabilities 192,693 192,503 Net deferred tax liability $ (43,286) $ (67,570) |
Investments in Low Income Hou_2
Investments in Low Income Housing Tax Credits - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments in Affordable Housing Projects [Abstract] | |
Activity in Investments in Low Income Housing Tax Credits | Our net investment in LIHTC are recorded in other assets in the consolidated balance sheets and the unfunded commitments are recorded in other liabilities in the consolidated balance sheets and were as follows: December 31, 2020 2019 Gross investment in LIHTC $ 574,470 $ 439,877 Accumulated amortization (86,167) (53,053) Net investment in LIHTC $ 488,303 $ 386,824 Unfunded commitments for LIHTC investments $ 283,849 $ 264,930 Unfunded Commitments The expected payments for unfunded affordable housing commitments at December 31, 2020 were as follows: 2021 $ 152,913 2022 91,335 2023 24,086 2024 4,571 2025 1,483 2026 and thereafter 9,461 $ 283,849 The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing as follows: For the year ended December 31, 2020 2019 2018 Tax credits and other tax benefits recognized $ (39,630) $ (19,567) $ (9,823) Amortization expense included in income tax expense 34,295 16,718 6,655 |
Stock-Based Compensation - (Tab
Stock-Based Compensation - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Company's stock option activity | The following table summarizes the activity in our active stock-based compensation plans for the periods presented: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2018 3,101,327 1,238,760 $ 20.00 757,867 $ 11.15 Granted (813,239) 813,239 23.22 — — Stock awards vested (1) (33,392) (654,231) 19.12 — — Exercised — — — (66,028) 10.46 Forfeited 69,554 (64,254) 22.47 (5,300) 13.18 Canceled/expired (5,300) — — — — Balance at December 31, 2018 2,318,950 1,333,514 $ 22.12 686,539 $ 11.20 Increase per Amended Omnibus Plan 2,545,682 — — — — Granted (1,544,013) 1,544,013 19.66 — — Stock awards vested (2) (70,353) (593,560) 19.37 — — Exercised — — — (257,765) 11.29 Forfeited 98,270 (96,770) 21.92 (1,500) 10.03 Canceled/expired (1,500) — — — — Balance at December 31, 2019 3,347,036 2,187,197 $ 20.96 427,274 $ 11.15 Granted (1,652,071) 1,652,071 18.69 — — Stock awards vested (3) (39,504) (689,668) 21.78 — — Exercised — — — (60,500) 10.08 Forfeited 186,110 (155,957) 20.55 (30,153) 13.43 Canceled/expired (30,153) — — — — Balance at December 31, 2020 1,811,418 2,993,643 $ 19.54 336,621 $ 11.14 Exercisable at December 31, 2020 336,621 $ 11.14 (1) The 33,392 shares vested represent performance shares that were granted in October 2014 to certain executives with a three-year measurement period. On December 31, 2018, these shares vested at 144.4% of the amount initially granted. (2) The 70,353 shares vested represents performance shares that were granted in February 2016 to certain executives with a three-year measurement period. These shares vested in the first quarter of 2019 at 150.0% of the target amount granted, which resulted in these additional shares being awarded and additional expense of $1.0 million which was recorded in the first quarter of 2019. |
Schedule of Exercise Prices for Outstanding and Exercisable Options | Other information regarding options outstanding and exercisable at December 31, 2020 follows: Outstanding and Exercisable Weighted average Number of Exercise Life Range of exercise prices: $7.63 to $9.27 82,700 $ 8.34 1.35 9.28 to 11.35 25,000 9.28 1.93 11.36 to 13.22 115,764 11.36 2.81 13.23 to 15.01 113,157 13.36 3.89 336,621 11.14 2.75 |
Schedule of stock-based compensation expense associated with stock options and non-vested stock awards | Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit was as follows: For the year ended December 31, 2020 2019 2018 Stock options $ — $ — $ 6 Non-vested stock awards/performance units 23,010 19,473 12,978 Total $ 23,010 $ 19,473 $ 12,984 Income tax benefit $ 4,832 $ 4,089 $ 2,727 Proceeds from stock option exercises $ 610 $ 2,909 $ 691 |
Pension and Other Post Retire_2
Pension and Other Post Retirement Benefits - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Summary of changes in the projected benefit obligation and fair value of plan assets | The following is a summary of changes in the projected benefit obligation and fair value of pension plans and other post-retirement benefits plan assets. Pension benefits Other post-retirement benefits December 31, December 31, 2020 2019 2020 2019 Changes in projected benefit obligation: Beginning of year balance $ 4,529 $ 231,525 $ 32,238 $ 30,878 Service cost — — 61 48 Interest cost 111 6,924 838 997 Actuarial loss (gain) 305 (8,469) 2,904 1,338 Benefits and distributions paid (326) (11,004) (813) (1,023) Pension termination — (213,552) — — Other — (895) — — End of year balance 4,619 4,529 35,228 32,238 Changes in fair value of plan assets: Beginning of year balance — 240,733 — — Employer contributions 326 361 813 1,023 Benefits and distributions paid (326) (11,004) (813) (1,023) Pension termination — (213,552) — — Transfer to 401(k) plan pension reversion asset — (16,538) — — End of year balance — — — — Funded status at end of year $ (4,619) $ (4,529) $ (35,228) $ (32,238) |
Schedule of pre-tax components of accumulated other comprehensive loss | The following is a summary of the components of accumulated other comprehensive gain related to pension plans and other post-retirement benefits. We do not expect that any net actuarial gain or prior service cost will be recognized as components of net periodic cost in 2021. Pension benefits Other post-retirement benefits December 31, December 31, 2020 2019 2020 2019 Net actuarial gain $ 1,761 $ 1,647 $ 279 $ 2,081 Deferred tax expense (487) (455) (77) (575) Amount included in accumulated other comprehensive gain, net of tax $ 1,274 $ 1,192 $ 202 $ 1,506 |
Schedule of assumptions used for plan | The following is a summary of the discount rates used to determine the benefit obligations at the dates indicated. December 31, 2020 2019 Pension benefit plans: Astoria Excess and Supplemental Benefit Plans 1.67 % 2.68 % Astoria Directors’ Retirement Plan 1.35 2.39 Greater New York Savings Bank Directors’ Retirement Plan 1.38 2.50 Long Island Bancorp Directors’ Retirement Plan N/A N/A Other post-retirement benefit plans: Sterling Other post-retirement life insurance, and other plans 1.11% to 2.53% 2.34% to 3.23% Astoria Bank Retiree Health Care Plan 2.19 3.00 The following is a summary of the assumptions used to determine the net periodic cost (benefit) for the years ended December 31, 2020 and 2019. Discount rate 2020 2019 Pension benefit plans: Astoria Excess and Supplemental Benefit Plans 2.68 % 3.82 % Astoria Directors’ Retirement Plan 2.39 3.52 Greater New York Savings Bank Directors’ Retirement Plan 2.50 3.66 Long Island Bancorp Directors’ Retirement Plan N/A N/A Other post retirement benefit plans: Sterling Other Post retirement life insurance and other plans 1.11% to 3.20% 2.34% to 4.15% Astoria Bank Retiree Health Care Plan 3.00 4.05 |
Components of the net periodic pension expense (benefit) | The components of net periodic pension expense (benefit) were as follows: Pension benefits Other post-retirement benefits For the Year Ended December 31, For the Year Ended December 31, 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ 61 $ 48 $ 64 Interest cost 111 6,924 8,521 838 997 1,040 Expected return on plan assets — (8,800) (14,059) — — — Amortization of unrecognized actuarial loss (gain) — — — 190 (102) 21 Amortization of transition obligation — — — 14 — — Amortization of prior service cost — — — 2 — — Net periodic pension expense (benefit) $ 111 $ (1,876) $ (5,538) $ 1,105 $ 943 $ 1,125 |
Schedule of Health Care Cost Trend Rates | The following table presents the assumed health care cost trend rates at the dates indicated. December 31, 2020 2019 Health care cost trend rate assumed for the next year: Pre-age 65 6.20 % 6.50 % Post-age 65 5.80 6.00 Rate to which the cost trend rate is assumed to decline (the “ultimate trend rate”) 4.75 4.75 Year that ultimate trend rate is reached 2026 2026 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The following table presents the effects on a one-percentage point change in assumed health care cost trend rates. One percentage point increase One percentage point decrease Effect on total service and interest cost components $ 81 $ (67) Effect on the post retirement benefit obligation 2,540 (2,108) |
Schedule of expected benefit payments | Estimated future total benefits expected to be paid are the following for the years ending December 31,: Pension Other post 2021 $ 1,519 $ 1,916 2022 316 1,848 2023 307 1,798 2024 296 1,758 2025 284 1,677 Thereafter 1,180 15,679 |
Non-Interest Income, Other No_2
Non-Interest Income, Other Non-interest Expense, Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items are presented in the following table. For the year ended December 31, 2020 2019 2018 Other non-interest expense: Depreciation expense on operating leases $ 12,888 $ — $ — Advertising and promotion 7,090 8,458 5,930 Communication 5,678 6,684 6,451 Residential mortgage loan servicing 5,337 5,926 3,393 Insurance & surety bond premium 4,818 3,831 3,630 Commercial loan servicing 4,512 3,093 2,280 Operational losses 2,430 3,643 3,176 Other 22,704 22,209 18,356 Total other non-interest expense $ 65,457 $ 53,844 $ 43,216 |
Schedule of Other Assets | Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. At December 31, 2020 2019 Other assets: Low income housing tax credit investments (see Note 13) $ 488,303 $ 386,824 Right of use asset for operating leases (see Note 10) 105,667 112,226 Fair value of swaps (see Note 11) 149,797 67,318 Cash on deposit as swap collateral / settlement (see Note 11) 82,478 93,606 Operating leases - equipment and vehicles leased to others (see Note 10) 55,224 72,291 Other asset balances 181,934 108,603 Total other assets $ 1,063,403 $ 840,868 |
Schedule of Other Liabilities | Other liabilities are presented in the following table. Significant components of the aggregate of other liabilities are presented separately. At December 31, 2020 2019 Other liabilities: Commitment to fund low income housing tax credit investments (see Note 13) $ 283,849 $ 264,930 Lease liability (see Note 10) 113,405 118,986 Payroll finance and factoring liabilities 115,802 105,972 Fair value of swap liabilities (see Note 11) 60,004 24,314 Other liability balances 155,642 179,250 Total other liabilities $ 728,702 $ 693,452 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following is a summary of the calculation of EPS: For the year ended December 31, 2020 2019 2018 Net income available to common stockholders $ 217,886 $ 419,108 $ 439,276 Weighted average common shares outstanding for computation of basic EPS 194,084,358 205,679,874 224,299,488 Common-equivalent shares due to the dilutive effect of stock options (1) 308,985 451,754 517,508 Weighted average common shares for computation of diluted EPS 194,393,343 206,131,628 224,816,996 EPS: Basic $ 1.12 $ 2.04 $ 1.96 Diluted 1.12 2.03 1.95 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) 74,040 — — (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted earnings per share. |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following tables present actual and required capital ratios as of December 31, 2020 and December 31, 2019 for the Company and the Bank under the Basel III Capital Rules. The Basel III Capital Rules became fully phased-in on January 1, 2019. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2020 and December 31, 2019 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2020 Common equity tier 1 to RWA: Sterling National Bank $ 3,198,145 13.38 % $ 1,673,516 7.00 % $ 1,553,979 6.50 % Sterling Bancorp 2,727,385 11.39 1,675,747 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,198,145 13.38 2,032,127 8.50 1,912,590 8.00 Sterling Bancorp 2,864,074 11.96 2,034,836 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,521,458 14.73 2,510,274 10.50 2,390,737 10.00 Sterling Bancorp 3,638,033 15.20 2,513,621 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,198,145 11.33 1,128,913 4.00 1,411,142 5.00 Sterling Bancorp 2,864,074 10.14 1,130,362 4.00 N/A N/A Actual Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2019 Common equity tier 1 to RWA: Sterling National Bank $ 2,882,208 12.32 % $ 1,637,001 7.00 % $ 1,520,073 6.50 % Sterling Bancorp 2,588,975 11.06 1,638,718 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,882,208 12.32 1,987,787 8.50 1,870,859 8.00 Sterling Bancorp 2,726,556 11.65 1,989,872 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,162,282 13.52 2,455,502 10.50 2,338,574 10.00 Sterling Bancorp 3,252,412 13.89 2,458,077 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,882,208 10.11 1,140,570 4.00 1,425,713 5.00 Sterling Bancorp 2,726,556 9.55 1,141,603 4.00 N/A N/A |
Reconciliation of Stockholders' Equity to Bank Regulatory Capital | A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2020 and 2019 is as follows: The Company The Bank December 31, December 31, 2020 2019 2020 2019 Total U.S. GAAP common stockholders’ equity $ 4,453,825 $ 4,392,532 $ 4,881,841 $ 4,643,022 CECL transition provision 109,562 — 109,562 — Disallowed goodwill and other intangible assets (1,751,186) (1,763,341) (1,708,442) (1,720,598) Net unrealized gain on available for sale securities (83,592) (38,056) (83,592) (38,056) Net accumulated other comprehensive income components (1,224) (2,160) (1,224) (2,160) Tier 1 risk-based capital 2,727,385 2,588,975 3,198,145 2,882,208 Preferred stock - additional Tier 1 capital 136,689 137,581 — — Total Tier 1 capital 2,864,074 2,726,556 3,198,145 2,882,208 Subordinated notes - Bank 102,439 148,023 143,703 173,182 Subordinated notes - Company 491,910 270,941 — — Total Tier 2 capital 594,349 418,964 143,703 173,182 ACL - loans, HTM securities and off-balance sheet commitments, under the CECL transition provision 179,610 106,892 179,610 106,892 Total risk-based capital $ 3,638,033 $ 3,252,412 $ 3,521,458 $ 3,162,282 |
Off-Balance-Sheet Financial I_2
Off-Balance-Sheet Financial Instruments - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of off-balance-sheet financial instruments | The contractual or notional amounts of these instruments, which reflect the extent of our involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: December 31, 2020 2019 Loan origination commitments $ 641,965 $ 565,392 Undrawn lines of credit 1,623,745 1,532,702 Letters of credit 181,890 307,287 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at December 31, 2020 measured at estimated fair value on a recurring basis is as follows: December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities AFS: Residential MBS: Agency-backed $ 918,260 $ — $ 918,260 $ — CMO/Other MBS 373,284 — 373,284 — Total residential MBS 1,291,544 — 1,291,544 — Federal agencies 156,467 — 156,467 — Corporate bonds 463,512 — 463,512 — State and municipal 387,095 — 387,095 — Total other securities 1,007,074 — 1,007,074 — Total investment securities AFS 2,298,618 — 2,298,618 — Swaps 149,797 — 149,797 — Total assets $ 2,448,415 $ — $ 2,448,415 $ — Liabilities: Swaps $ 60,004 $ — $ 60,004 $ — Total liabilities $ 60,004 $ — $ 60,004 $ — A summary of assets and liabilities at December 31, 2019 measured at estimated fair value on a recurring basis is as follows: December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities AFS: Residential MBS: Agency-backed $ 1,615,119 $ — $ 1,615,119 $ — CMO/Other MBS 512,277 — 512,277 — Total residential MBS 2,127,396 — 2,127,396 — Federal agencies 201,138 — 201,138 — Corporate bonds 320,922 — 320,922 — State and municipal 446,192 — 446,192 — Total other investment securities AFS 968,252 — 968,252 — Total AFS securities 3,095,648 — 3,095,648 — Interest rate caps and swaps 67,318 — 67,318 — Total assets $ 3,162,966 $ — $ 3,162,966 $ — Liabilities: Swaps $ 24,314 $ — $ 24,314 $ — Total liabilities $ 24,314 $ — $ 24,314 $ — |
Impaired loans measured at estimated fair value on nonrecurring basis | A summary of collateral dependent loans at December 31, 2020: December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs C&I $ 10,916 $ — $ — $ 10,916 ABL 1,899 — — 1,899 Payroll Finance 2,300 — — 2,300 CRE 27,323 — — 27,323 Residential mortgage 1,307 — — 1,307 Consumer 3,593 — — 3,593 Total collateral dependent loans measured at fair value $ 47,338 $ — $ — $ 47,338 Impaired Loans Impaired loans are presented in our consolidated financial statements in the same manner as collateral dependent loans. A summary of impaired loans at December 31, 2019 measured at estimated fair value on a non-recurring basis is the following: December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 14,515 $ — $ — $ 14,515 ABL 3,772 — — 3,772 Equipment finance 1,794 — — 1,794 CRE 12,614 — — 12,614 Multi-family 1,184 — — 1,184 Residential mortgage 2,924 — — 2,924 Consumer 1,300 — — 1,300 Total impaired loans measured at fair value $ 38,103 $ — $ — $ 38,103 |
Quantitative information of Level 3 assets | The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for collateral dependent Level 3 assets at December 31, 2020: Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds(1) (weighted average) Impaired loans: C&I $ 10,916 Discount analysis Mainly value of taxi medallions 10% -19% (14)% Asset-based lending 1,899 Appraisal Value of underlying collateral Approx. 50% Payroll finance 2,300 Appraisal Value of underlying collateral Approx. 50% CRE 27,323 Appraisal Adjustments for comparable properties 22.0% Residential mortgage 1,307 Appraisal Adjustments for comparable properties 22.0% Consumer 3,593 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 1,425 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 2,368 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 1,554 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% (1) For loans collateralized by real estate and real estate assets taken in foreclosure the discount rate represents the discount factors applied to the appraisal to determine fair value, which includes a general discount to the appraised value based on historical experience, estimated costs to carry and costs of sale. The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2019: Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds(1) (weighted average) Impaired loans: C&I $ 14,515 Discount analysis Mainly value of taxi medallions 6% -10% (7.9)% Asset-based lending 3,772 Appraisal Value of underlying collateral Approx. 50% Equipment finance 1,794 Appraisal Value of underlying collateral 15.0% CRE 12,614 Appraisal Adjustments for comparable properties 22.0% Multi-family 1,184 Appraisal Adjustments for comparable properties 22.0% Residential mortgage 2,924 Appraisal Adjustments for comparable properties 22.0% Consumer 1,300 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 5,220 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 4,682 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 2,287 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% |
Carrying amounts and estimated fair value of financial assets and liabilities | The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2020: December 31, 2020 Carrying Financial assets: Cash and due from banks $ 305,002 $ 305,002 $ — $ — Securities AFS 2,298,618 — 2,298,618 — Securities HTM 1,740,838 — 1,874,504 — Portfolio loans, net 21,522,309 — — 21,791,489 Loans held for sale 11,749 — 11,749 — Accrued interest receivable on securities 26,508 — 26,508 — Accrued interest receivable on loans 70,997 — — 70,997 FHLB stock and FRB stock 166,190 — — — Swaps 149,797 — 149,797 — Financial liabilities: Non-maturity deposits 21,122,692 21,122,692 — — Certificates of deposit 1,996,830 — 2,002,702 — FHLB borrowings 382,000 — 382,000 — Other borrowings 304,101 — 304,101 — Subordinated Notes - Bank 143,703 — 145,870 — Subordinated Notes - Company 491,910 — 506,497 — Mortgage escrow funds 59,686 — 59,686 — Accrued interest payable on deposits 1,068 — 1,068 — Accrued interest payable on borrowings 3,425 — 3,425 — Swaps 60,004 — 60,004 — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2019: December 31, 2019 Carrying Financial assets: Cash and due from banks $ 329,151 $ 329,151 $ — $ — Securities AFS 3,095,648 — 3,095,648 — Securities HTM 1,979,661 — 2,053,191 — Portfolio loans, net 21,333,974 — — 21,382,990 Loans held for sale 8,125 — 8,125 — Accrued interest receivable on securities 29,308 — 29,308 — Accrued interest receivable on loans 71,004 — — 71,004 FHLB stock and FRB stock 251,805 — — — Swaps 67,318 — 67,318 — Financial liabilities: Non-maturity deposits 18,970,607 18,970,607 — — Certificates of deposit 3,448,051 — 3,444,669 — FHLB borrowings 2,245,653 — 2,248,851 — Other borrowings 22,678 — 22,677 — 3.50% Senior Notes 173,504 — 173,733 — Subordinated Notes - 2029 444,123 453,512 Mortgage escrow funds 58,316 — 58,315 — Accrued interest payable on deposits 5,427 — 5,427 — Accrued interest payable on borrowings 8,629 — 8,629 — Swaps 24,314 — 24,314 — |
AOCI (Tables)
AOCI (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of AOCI were as follows as of the dates shown below: December 31, 2020 2019 Net unrealized holding gain on AFS securities $ 115,523 $ 52,593 Related income tax (expense) (31,931) (14,537) Available for sale securities AOCI, net of tax 83,592 38,056 Net unrealized holding loss on securities transferred to HTM (348) (744) Related income tax benefit 96 206 Securities transferred to HTM AOCI, net of tax (252) (538) Net unrealized holding gain on retirement plans 2,040 3,728 Related income tax (expense) (564) (1,030) Retirement plan AOCI, net of tax 1,476 2,698 Accumulated other comprehensive income $ 84,816 $ 40,216 The following table presents the changes in each component of AOCI for 2020 and 2019, and 2018: Net unrealized holding gain (loss) on AFS securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2020 Balance at beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 52,358 — — 52,358 Amounts reclassified from AOCI (6,822) 286 (1,222) (7,758) Total other comprehensive income (loss) 45,536 286 (1,222) 44,600 Balance at end of period $ 83,592 $ (252) $ 1,476 $ 84,816 Year ended December 31, 2019 Balance at beginning of the period $ (75,077) $ (2,546) $ 11,678 $ (65,945) Other comprehensive income before reclassification 116,684 — — 116,684 Securities reclassified from HTM to AFS (8,548) — — (8,548) Amounts reclassified from AOCI 4,997 2,008 (8,980) (1,975) Total other comprehensive income (loss) 113,133 2,008 (8,980) 106,161 Balance at end of period $ 38,056 $ (538) $ 2,698 $ 40,216 Year ended December 31, 2018 Balance at beginning of the period $ (22,324) $ (2,678) $ (1,164) $ (26,166) Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI (4,376) (525) (228) $ (5,129) Other comprehensive (loss) before reclassification (56,183) — — (56,183) Amounts reclassified from AOCI 7,806 657 13,070 21,533 Total other comprehensive (loss) income (52,753) 132 12,842 (39,779) Balance at end of period $ (75,077) $ (2,546) $ 11,678 $ (65,945) Location in consolidated income statement where reclassification from AOCI is included Net gain (loss) on sale of securities Interest income on securities Other non-interest expense |
Condensed Parent Company Fina_2
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Set forth below are the condensed balance sheets of the Company: December 31, 2020 2019 Assets: Cash $ 128,721 $ 265,145 Investment in the Bank 4,881,841 4,643,022 Goodwill 27,910 27,910 Trade name 20,500 20,500 Other assets 31,875 24,521 Total assets $ 5,090,847 $ 4,981,098 Liabilities: 3.50% Senior Notes $ — $ 173,504 Subordinated Notes - Company 491,910 270,941 Other liabilities 8,423 6,540 Total liabilities 500,333 450,985 Stockholders’ equity 4,590,514 4,530,113 Total liabilities & stockholders’ equity $ 5,090,847 $ 4,981,098 |
Condensed Statement of Operations | The table below presents the condensed income statement of the Company: For the year ended December 31, 2020 2019 2018 Interest income $ 166 $ 43 $ 46 Dividends from the Bank 185,000 500,000 290,007 Interest expense (15,233) (5,986) (8,747) Non-interest expense (24,963) (21,566) (14,564) Income tax benefit 7,320 6,260 5,397 Income before equity in undistributed earnings of the Bank 152,290 478,751 272,139 Equity in undistributed earnings (excess distributed) of the Bank 73,479 (51,710) 175,115 Net income 225,769 427,041 447,254 Preferred stock dividends 7,883 7,933 7,978 Net income available to common stockholders $ 217,886 $ 419,108 $ 439,276 |
Condensed Statements of Cash Flows | The table below presents the condensed statements of cash flows of the Company: For the year ended December 31, 2020 2019 2018 Cash flows from operating activities: Net income $ 225,769 $ 427,041 $ 447,254 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (undistributed) excess distributed earnings of the Bank (73,479) 51,710 (175,115) (Gain) on extinguishment of 3.50% Senior Notes — (46) (172) Other adjustments, net 13,339 6,171 5,560 Net cash provided by operating activities 165,629 484,876 277,527 Cash flows from investing activities: Investment in the Bank (175,000) (75,000) — Cash flows from financing activities: Proceeds from issuance of Subordinated Notes - Company 221,577 270,941 — Maturity and early redemption of 3.50% Senior Notes (173,373) (6,954) (19,455) Repayment of Subordinated Notes - 2029 (1,000) — — Maturity of 5.50% Senior Notes — — (77,000) Cash dividends paid on common stock (54,495) (58,110) (63,118) Cash dividend paid on preferred stock (8,775) (8,775) (8,775) Stock-based compensation transactions 610 2,909 691 Repurchase of treasury stock (111,597) (382,883) (159,903) Net cash (used for) financing activities (127,053) (182,872) (327,560) Net (decrease) increase in cash (136,424) 227,004 (50,033) Cash at beginning of the period 265,145 38,141 88,174 Cash at end of the period $ 128,721 $ 265,145 $ 38,141 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a consolidated condensed summary of quarterly results of operations for 2020 and 2019: For the year ended December 31, 2020 For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 273,527 $ 253,226 $ 244,658 $ 242,610 Interest expense 61,755 39,927 26,834 20,584 Net interest income 211,772 213,299 217,824 222,026 Provision for credit losses 138,280 56,606 30,000 27,500 Non-interest income 47,326 26,090 28,225 33,921 Non-interest expense 114,713 124,881 119,362 133,473 Income before income tax 6,105 57,902 96,687 94,974 Income tax (benefit) expense (8,042) 7,110 12,280 18,551 Net income 14,147 50,792 84,407 76,423 Preferred stock dividend 1,976 1,972 1,969 1,966 Net income available to common stockholders $ 12,171 $ 48,820 $ 82,438 $ 74,457 Earnings per common share: Basic $ 0.06 $ 0.25 $ 0.43 $ 0.39 Diluted 0.06 0.25 0.43 0.38 For the year ended December 31, 2019 For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 309,400 $ 302,457 $ 295,209 295,474 Interest expense 73,894 70,618 71,888 67,217 Net interest income 235,506 231,839 223,321 228,257 Provision for loan losses 10,200 11,500 13,700 10,585 Non-interest income 19,597 27,058 51,830 32,381 Non-interest expense 114,992 126,940 106,455 115,450 Income before income tax 129,911 120,457 154,996 134,603 Income tax expense 28,474 23,997 32,549 27,905 Net income 101,437 96,460 122,447 106,698 Preferred stock dividend 1,989 1,987 1,982 1,976 Net income available to common stockholders $ 99,448 $ 94,473 $ 120,465 104,722 Earnings per common share: Basic $ 0.47 $ 0.46 $ 0.59 $ 0.52 Diluted 0.47 0.46 0.59 0.52 |
Basis of Financial Statement _3
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Restrictions on Cash Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Required cash on hand or on deposit with the Federal Reserve Bank | $ 0 | $ 92,800 |
Basis of Financial Statement _4
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Portfolio Loans and Allowance for Loan Losses Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing receivable, threshold period past due, placed on non-accrual status | 90 days |
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 750 |
Loss history period to determine allowance for loan and lease losses | 3 years |
Consumer loans, including home equity | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loss history period to determine allowance for loan and lease losses | 2 years |
Basis of Financial Statement _5
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Troubled Debt Restructuring Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Minimum duration of performance required by loan restructures | 6 months |
Basis of Financial Statement _6
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Premises and Equipment Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Basis of Financial Statement _7
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Goodwill, Trade Names and Other Intangible Assets Narrative (Details) | 12 Months Ended |
Dec. 31, 2020reporting_unit | |
Finite-Lived Intangible Assets [Line Items] | |
Number of reporting units | 1 |
Minimum | Core Deposit Intangibles and Customer Lists | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired intangible assets, weighted average useful life | 8 years |
Maximum | Core Deposit Intangibles and Customer Lists | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired intangible assets, weighted average useful life | 10 years |
Basis of Financial Statement _8
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Bank Owned Life Insurance Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
BOLI, including claims stabilization reserves | $ 409.3 | $ 397.6 |
Claims stabilization reserve | $ 11.9 | $ 11.1 |
Basis of Financial Statement _9
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Retirement Plans Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net gain on termination of pension plan | $ 0 | $ 11,817 | $ 0 |
Basis of Financial Statement_10
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Schedule of CECL Adoption (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | $ 1,499 | $ 0 | |||
ACL - loans | 326,100 | 106,238 | |||
ACL - off-balance sheet credit exposures (recorded in other liabilities) | 654 | ||||
Corporate bonds | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | 75 | 0 | |||
State and municipal | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | 1,379 | 0 | |||
Financial asset, other than financial asset acquired with credit deterioration | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans | $ 915 | 2,300 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans | $ 90,600 | 90,584 | |||
Cumulative Effect, Period of Adoption, Adjustment | State and municipal | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | 688 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Change to retained earnings from adoption of new accounting principle | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - loans | 49,268 | ||||
ACL - HTM securities | 576 | ||||
ACL - off balance sheet credit exposure (recorded in other liabilities) | 4,410 | ||||
Total impact of CECL adoption | 54,254 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Financial asset, other than financial asset acquired with credit deterioration | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans | 68,088 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Financial asset, other than financial asset acquired with credit deterioration | Change to retained earnings from adoption of new accounting principle | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans | 49,268 | ||||
Cumulative Effect, Period of Adoption, Adjustment | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans | 22,496 | $ 22,500 | |||
Cumulative Effect, Period of Adoption, Adjustment | PCI Loans | Change to retained earnings from adoption of new accounting principle | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans - (adjustment related to purchase credit impaired loan mark) | 0 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - loans | $ 90,584 | ||||
ACL - HTM securities | 796 | ||||
ACL - off balance sheet credit exposure (recorded in other liabilities) | 6,095 | ||||
Total impact of CECL adoption | 97,475 | ||||
Total ACL - HTM securities | 796 | ||||
ACL - loans | 90,584 | ||||
ACL - off-balance sheet credit exposures (recorded in other liabilities) | 6,095 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Corporate bonds | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | 108 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | State and municipal | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | 688 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Tax effect | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - loans | 18,820 | ||||
ACL - HTM securities | 220 | ||||
ACL - off balance sheet credit exposure (recorded in other liabilities) | 1,685 | ||||
Total impact of CECL adoption | 20,725 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Financial asset, other than financial asset acquired with credit deterioration | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans | 68,088 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Financial asset, other than financial asset acquired with credit deterioration | Tax effect | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans | 18,820 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans - (adjustment related to purchase credit impaired loan mark) | $ 22,496 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | PCI Loans | Tax effect | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
ACL - loans - (adjustment related to purchase credit impaired loan mark) | $ 0 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | 796 | ||||
ACL - loans | 196,822 | ||||
ACL - off-balance sheet credit exposures (recorded in other liabilities) | 6,749 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Corporate bonds | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | 108 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | State and municipal | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total ACL - HTM securities | $ 688 |
Basis of Financial Statement_11
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Portfolio Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 21,848,409 | $ 21,440,212 | ||
ACL - loans | 326,100 | 106,238 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | $ 90,600 | 90,584 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 196,822 | |||
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,616,641 | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 189,907 | |||
ACL - loans | 4,684 | 1,955 | ||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 2,357 | |||
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 20,041,861 | 18,995,568 | ||
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,616,641 | 2,210,112 | ||
Residential mortgage | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 2,210,112 | |||
ACL - loans | 7,598 | |||
Residential mortgage | Residential mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 21,702 | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 189,907 | 234,532 | ||
Consumer | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 234,532 | |||
ACL - loans | 1,955 | |||
Consumer | Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 4,312 | |||
Commercial & Industrial (C&I) | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 9,160,268 | 8,232,719 | ||
ACL - loans | 52,548 | |||
Commercial & Industrial (C&I) | Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 103,847 | |||
Commercial mortgage | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 10,881,593 | 10,762,849 | ||
ACL - loans | 44,137 | |||
Commercial mortgage | Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 66,961 | |||
Originated | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 15,433,966 | |||
Originated | Residential mortgage | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 541,681 | |||
Originated | Consumer | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 121,310 | |||
Originated | Commercial & Industrial (C&I) | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 6,982,226 | |||
Originated | Commercial mortgage | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 7,788,749 | |||
Acquired | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 6,006,246 | |||
Acquired | Residential mortgage | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,668,431 | |||
Acquired | Consumer | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 113,222 | |||
Acquired | Commercial & Industrial (C&I) | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,250,493 | |||
Acquired | Commercial mortgage | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 2,974,100 | |||
Financial asset, other than financial asset acquired with credit deterioration | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | $ 915 | 2,300 | ||
Financial asset, other than financial asset acquired with credit deterioration | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 68,088 | |||
Financial asset, other than financial asset acquired with credit deterioration | Residential mortgage | Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 942 | |||
Financial asset, other than financial asset acquired with credit deterioration | Consumer | Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 1,087 | |||
Financial asset, other than financial asset acquired with credit deterioration | Commercial & Industrial (C&I) | Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 44,675 | |||
Financial asset, other than financial asset acquired with credit deterioration | Commercial mortgage | Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 21,384 | |||
PCI Loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 22,496 | $ 22,500 | ||
PCI Loans | Residential mortgage | Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 13,162 | |||
PCI Loans | Consumer | Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 1,270 | |||
PCI Loans | Commercial & Industrial (C&I) | Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | 6,624 | |||
PCI Loans | Commercial mortgage | Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | $ 1,440 |
Basis of Financial Statement_12
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - CECL Adoption Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | $ 326,100 | $ 106,238 | ||
PCI loans | 21,522,309 | 21,333,974 | ||
Debt securities, held-to-maturity | 1,742,337 | 1,979,661 | ||
Accrued interest receivable | $ 97,505 | 100,312 | ||
Financing receivable, threshold period past due, placed on non-accrual status | 90 days | |||
Financing receivable, threshold period past due, writeoff | 120 days | |||
Collateral dependent loan assessment threshold | $ 750 | |||
Minimum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individual macro variable level, historical Loss information, starting period | 2 years | |||
Maximum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individual macro variable level, historical Loss information, starting period | 3 years | |||
Financing Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest receivable | $ 71,000 | 71,000 | ||
Held-to-maturity Securities | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest receivable | 15,600 | |||
Available-for-sale Securities | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest receivable | 10,900 | |||
State and municipal | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt securities, held-to-maturity | 1,575,596 | 1,718,789 | ||
Non-rated | State and municipal | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt securities, held-to-maturity | $ 6,271 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | $ 90,600 | 90,584 | ||
Originated | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
PCI loans | 15,400,000 | |||
Acquired | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
PCI loans | 6,000,000 | |||
Acquired loans remaining purchase accounting adjustments | 69,200 | |||
PCI Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
PCI loans | 116,274 | $ 116,300 | ||
Financing receivable, threshold period past due, writeoff | 60 days | |||
PCI Loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ACL - loans | $ 22,496 | $ 22,500 |
Acquisitions - Loan portfolio o
Acquisitions - Loan portfolio of Santander and Woodforest Bank (Details) - USD ($) $ in Millions | Nov. 29, 2019 | Feb. 28, 2019 |
Santander Bank | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 846.1 | |
Premium paid for loans receivable acquired as a percent of gross loans acquired | 0.75% | |
Financing receivable, unpaid principal balance | $ 6.3 | |
Restructuring and integration costs | 5.1 | |
Woodforest National Bank | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ 515.7 | |
Premium paid for loans receivable acquired as a percent of gross loans acquired | 3.75% | |
Financing receivable, unpaid principal balance | $ 18.7 | |
Restructuring and integration costs | 3.3 | |
Equipment finance | Santander Bank | ||
Business Acquisition [Line Items] | ||
Loans receivable acquired | 764 | |
Equipment finance | Woodforest National Bank | ||
Business Acquisition [Line Items] | ||
Loans receivable acquired | 166.1 | |
ABL | Santander Bank | ||
Business Acquisition [Line Items] | ||
Loans receivable acquired | 74.8 | |
ABL | Woodforest National Bank | ||
Business Acquisition [Line Items] | ||
Loans receivable acquired | 331.8 | |
Estimate of Fair Value Measurement | Santander Bank | ||
Business Acquisition [Line Items] | ||
Loans receivable acquired | $ 820.1 | |
Estimate of Fair Value Measurement | Woodforest National Bank | ||
Business Acquisition [Line Items] | ||
Loans receivable acquired | $ 471.9 |
Acquisitions - Advantage Fundin
Acquisitions - Advantage Funding Acquisition Narrative (Details) - USD ($) $ in Thousands | Apr. 02, 2018 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,683,482 | $ 1,683,482 | $ 1,613,033 | |
Advantage Funding Management Co., Inc. | ||||
Business Acquisition [Line Items] | ||||
Percentage of outstanding common stock acquired | 100.00% | |||
Cash consideration | $ 502,100 | |||
Loans receivable acquired | $ 457,600 | |||
Premium paid for loans receivable acquired as a percent of gross loans acquired | 4.50% | |||
Premium paid for loans receivables acquired | $ 20,300 | |||
Restructuring charges | $ 4,400 | |||
Goodwill | 39,400 | |||
Estimate of Fair Value Measurement | Advantage Funding Management Co., Inc. | ||||
Business Acquisition [Line Items] | ||||
Loans receivable acquired | $ 439,600 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for sale | ||
Amortized cost | $ 2,183,095 | $ 3,043,055 |
Gross unrealized gains | 117,761 | 54,309 |
Gross unrealized losses | (2,238) | (1,716) |
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 |
Held to maturity | ||
Amortized cost | 1,742,337 | 1,979,661 |
Gross unrealized gains | 132,243 | 73,741 |
Gross unrealized losses | (76) | (211) |
Held to maturity, fair value | 1,874,504 | 2,053,191 |
Total ACL - HTM securities | 1,499 | 0 |
Agency-backed | ||
Available for sale | ||
Amortized cost | 873,358 | 1,595,766 |
Gross unrealized gains | 44,911 | 20,385 |
Gross unrealized losses | (9) | (1,032) |
Securities AFS, at estimated fair value | 918,260 | 1,615,119 |
Held to maturity | ||
Amortized cost | 104,329 | 168,743 |
Gross unrealized gains | 4,100 | 1,827 |
Gross unrealized losses | 0 | (75) |
Held to maturity, fair value | 108,429 | 170,495 |
Total ACL - HTM securities | 0 | |
Other MBS(1) | ||
Available for sale | ||
Amortized cost | 352,473 | 508,217 |
Gross unrealized gains | 20,811 | 4,104 |
Gross unrealized losses | 0 | (44) |
Securities AFS, at estimated fair value | 373,284 | 512,277 |
Held to maturity | ||
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 0 | 0 |
Total ACL - HTM securities | 0 | |
Total residential MBS | ||
Available for sale | ||
Amortized cost | 1,225,831 | 2,103,983 |
Gross unrealized gains | 65,722 | 24,489 |
Gross unrealized losses | (9) | (1,076) |
Securities AFS, at estimated fair value | 1,291,544 | 2,127,396 |
Held to maturity | ||
Amortized cost | 104,329 | 168,743 |
Gross unrealized gains | 4,100 | 1,827 |
Gross unrealized losses | 0 | (75) |
Held to maturity, fair value | 108,429 | 170,495 |
Total ACL - HTM securities | 0 | |
Federal agencies | ||
Available for sale | ||
Amortized cost | 149,852 | 196,809 |
Gross unrealized gains | 6,615 | 4,582 |
Gross unrealized losses | 0 | (253) |
Securities AFS, at estimated fair value | 156,467 | 201,138 |
Held to maturity | ||
Amortized cost | 24,811 | 59,475 |
Gross unrealized gains | 844 | 822 |
Gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 25,655 | 60,297 |
Total ACL - HTM securities | 0 | |
Corporate bonds | ||
Available for sale | ||
Amortized cost | 438,226 | 307,050 |
Gross unrealized gains | 27,334 | 13,917 |
Gross unrealized losses | (2,048) | (45) |
Securities AFS, at estimated fair value | 463,512 | 320,922 |
Held to maturity | ||
Amortized cost | 19,851 | 19,904 |
Gross unrealized gains | 535 | 415 |
Gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 20,386 | 20,319 |
Total ACL - HTM securities | 75 | 0 |
State and municipal | ||
Available for sale | ||
Amortized cost | 369,186 | 435,213 |
Gross unrealized gains | 18,090 | 11,321 |
Gross unrealized losses | (181) | (342) |
Securities AFS, at estimated fair value | 387,095 | 446,192 |
Held to maturity | ||
Amortized cost | 1,575,596 | 1,718,789 |
Gross unrealized gains | 126,575 | 70,530 |
Gross unrealized losses | (69) | (134) |
Held to maturity, fair value | 1,702,102 | 1,789,185 |
Total ACL - HTM securities | 1,379 | 0 |
Other | ||
Available for sale | ||
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Securities AFS, at estimated fair value | 0 | 0 |
Held to maturity | ||
Amortized cost | 17,750 | 12,750 |
Gross unrealized gains | 189 | 147 |
Gross unrealized losses | (7) | (2) |
Held to maturity, fair value | 17,932 | 12,895 |
Total ACL - HTM securities | 45 | |
Total other securities | ||
Available for sale | ||
Amortized cost | 957,264 | 939,072 |
Gross unrealized gains | 52,039 | 29,820 |
Gross unrealized losses | (2,229) | (640) |
Securities AFS, at estimated fair value | 1,007,074 | 968,252 |
Held to maturity | ||
Amortized cost | 1,638,008 | 1,810,918 |
Gross unrealized gains | 128,143 | 71,914 |
Gross unrealized losses | (76) | (136) |
Held to maturity, fair value | 1,766,075 | $ 1,882,696 |
Total ACL - HTM securities | $ 1,499 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Amortized costs, one year or less | $ 1,425 | |
Amortized costs, one to five years | 182,909 | |
Amortized costs, five to ten years | 485,064 | |
Amortized costs, greater than ten years | 287,866 | |
Total other securities | 957,264 | |
Residential MBS | 1,225,831 | |
Amortized cost | 2,183,095 | $ 3,043,055 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair value, one year or less | 1,426 | |
Fair value, one to five years | 196,132 | |
Fair value, five to ten years | 508,921 | |
Fair value, greater than ten years | 300,595 | |
Fair value, total other securities | 1,007,074 | |
Fair value, Residential MBS | 1,291,544 | |
Fair value, total securities | 2,298,618 | 3,095,648 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Amortized cost, one year or less | 23,977 | |
Amortized cost, one to five years | 85,605 | |
Amortized cost, five to ten years | 377,308 | |
Amortized cost, greater than ten years | 1,151,118 | |
Amortized cost, total other securities | 1,638,008 | |
Amortized cost, Residential MBS | 104,329 | |
Amortized cost | 1,742,337 | 1,979,661 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair value, one year or less | 24,442 | |
Fair value, one to five years | 89,850 | |
Fair value, five to ten years | 407,150 | |
Fair value, greater than ten years | 1,244,633 | |
Fair value, total other securities | 1,766,075 | |
Fair value, Residential MBS | 108,429 | |
Fair value, total securities | $ 1,874,504 | $ 2,053,191 |
Securities - Sale of Securities
Securities - Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Available for sale | ||||
Proceeds from sales of securities AFS | $ 738,800 | $ 484,934 | $ 1,386,236 | $ 186,914 |
Gross realized gains | 8,966 | 12,170 | 219 | |
Gross realized losses | (308) | (19,075) | (10,933) | |
Income tax (benefit) on realized net losses | 1,818 | (1,450) | (2,961) | |
Proceeds from calls | 155,642 | 0 | 0 | |
Gross realized gains | 4,880 | 0 | 0 | |
Gross realized losses | 0 | 0 | 0 | |
Income tax expense on realized net gains | 0 | 0 | 0 | |
Held to maturity | ||||
Proceeds from sales | 93,036 | 0 | 254 | |
Gross realized gains | 1,809 | 0 | 0 | |
Gross realized losses | (1,039) | 0 | (74) | |
Income tax expense (benefit) on realized net gains / (losses) | $ (162) | $ 0 | $ 21 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, amortized cost | $ 2,183,095 | $ 3,043,055 | |||
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 | |||
Securities sold, book value | $ 751,900 | ||||
Proceeds from sales of securities AFS | $ 738,800 | $ 484,934 | $ 1,386,236 | $ 186,914 | |
Number of securities which were in continuous unrealized loss position for less than 12 months | security | 25 | ||||
Number of securities which were in continuous unrealized loss position for 12 months or more | security | 61 | ||||
Current expected credit loss, discounted cash flow approach, period | 3 years | ||||
Number of held to maturity securities which were in continuous unrealized loss position for less than 12 months | security | 3 | ||||
Number of held to maturity securities which were in continuous unrealized loss position for 12 months or more | security | 30 | ||||
Debt securities, held-to-maturity, threshold period past due | 30 days | ||||
Accounting Standards Update 2017-12 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, amortized cost | $ 720,400 | ||||
Securities AFS, at estimated fair value | $ 708,600 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 12,842 | $ 150,718 |
Unrealized losses, less than 12 months | (160) | (664) |
Fair value, 12 months or longer | 86,094 | 140,625 |
Unrealized losses, 12 months or longer | (2,078) | (1,052) |
Fair value, total | 98,936 | 291,343 |
Unrealized losses, total | (2,238) | (1,716) |
Agency-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 1,970 | 98,350 |
Unrealized losses, less than 12 months | (8) | (317) |
Fair value, 12 months or longer | 396 | 108,052 |
Unrealized losses, 12 months or longer | (1) | (715) |
Fair value, total | 2,366 | 206,402 |
Unrealized losses, total | (9) | (1,032) |
Other MBS(1) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | |
Unrealized losses, less than 12 months | 0 | |
Fair value, 12 months or longer | 5,916 | |
Unrealized losses, 12 months or longer | (44) | |
Fair value, total | 5,916 | |
Unrealized losses, total | (44) | |
Total residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 98,350 | |
Unrealized losses, less than 12 months | (317) | |
Fair value, 12 months or longer | 113,968 | |
Unrealized losses, 12 months or longer | (759) | |
Fair value, total | 212,318 | |
Unrealized losses, total | (1,076) | |
Federal agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | 39,573 |
Unrealized losses, less than 12 months | 0 | (253) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Fair value, total | 0 | 39,573 |
Unrealized losses, total | 0 | (253) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | 0 |
Unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 83,191 | 12,006 |
Unrealized losses, 12 months or longer | (2,048) | (45) |
Fair value, total | 83,191 | 12,006 |
Unrealized losses, total | (2,048) | (45) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 10,872 | 12,795 |
Unrealized losses, less than 12 months | (152) | (94) |
Fair value, 12 months or longer | 2,507 | 14,651 |
Unrealized losses, 12 months or longer | (29) | (248) |
Fair value, total | 13,379 | 27,446 |
Unrealized losses, total | (181) | (342) |
Total other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 10,872 | 52,368 |
Unrealized losses, less than 12 months | (152) | (347) |
Fair value, 12 months or longer | 85,698 | 26,657 |
Unrealized losses, 12 months or longer | (2,077) | (293) |
Fair value, total | 96,570 | 79,025 |
Unrealized losses, total | $ (2,229) | $ (640) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | $ 10,098 | $ 49,907 |
Unrealized losses, less than 12 months | (8) | (73) |
Fair value, 12 months or longer | 4,386 | 9,856 |
Unrealized losses, 12 months or longer | (68) | (138) |
Fair value, total | 14,484 | 59,763 |
Unrealized losses, total | (76) | (211) |
Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 0 | 39,732 |
Unrealized losses, less than 12 months | 0 | (69) |
Fair value, 12 months or longer | 0 | 1,598 |
Unrealized losses, 12 months or longer | 0 | (6) |
Fair value, total | 0 | 41,330 |
Unrealized losses, total | 0 | (75) |
Other MBS(1) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 0 | 0 |
Unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Fair value, total | 0 | 0 |
Unrealized losses, total | 0 | 0 |
Total residential MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 0 | 39,732 |
Unrealized losses, less than 12 months | 0 | (69) |
Fair value, 12 months or longer | 0 | 1,598 |
Unrealized losses, 12 months or longer | 0 | (6) |
Fair value, total | 0 | 41,330 |
Unrealized losses, total | 0 | (75) |
Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 0 | |
Unrealized losses, less than 12 months | 0 | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Fair value, total | 0 | |
Unrealized losses, total | 0 | |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 105 | 177 |
Unrealized losses, less than 12 months | (1) | (2) |
Fair value, 12 months or longer | 4,386 | 8,258 |
Unrealized losses, 12 months or longer | (68) | (132) |
Fair value, total | 4,491 | 8,435 |
Unrealized losses, total | (69) | (134) |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 9,993 | 9,998 |
Unrealized losses, less than 12 months | (7) | (2) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Fair value, total | 9,993 | 9,998 |
Unrealized losses, total | (7) | (2) |
Total other securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 10,098 | 10,175 |
Unrealized losses, less than 12 months | (8) | (4) |
Fair value, 12 months or longer | 4,386 | 8,258 |
Unrealized losses, 12 months or longer | (68) | (132) |
Fair value, total | 14,484 | 18,433 |
Unrealized losses, total | $ (76) | $ (136) |
Securities Impact of CECL Adopt
Securities Impact of CECL Adoption (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Total ACL - HTM securities | $ 1,499 | $ 0 | |
Provision for credit losses - HTM securities | 703 | 0 | $ 0 |
Corporate and Other | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Total ACL - HTM securities | 120 | 0 | |
Provision for credit losses - HTM securities | 12 | ||
Corporate and Other | Cumulative Effect, Period of Adoption, Adjustment | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Total ACL - HTM securities | 108 | ||
State and municipal | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Total ACL - HTM securities | 1,379 | 0 | |
Provision for credit losses - HTM securities | $ 691 | ||
State and municipal | Cumulative Effect, Period of Adoption, Adjustment | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Total ACL - HTM securities | $ 688 |
Securities - Credit Ratings (De
Securities - Credit Ratings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | $ 1,742,337 | $ 1,979,661 |
Corporate and Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 37,601 | |
Corporate and Other | Non-rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 19,851 | |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 1,575,596 | $ 1,718,789 |
State and municipal | Non-rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 6,271 | |
AAA | Corporate and Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 0 | |
AAA | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 755,350 | |
AA | Corporate and Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 17,750 | |
AA | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 523,143 | |
A | Corporate and Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 0 | |
A | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 290,768 | |
BBB | Corporate and Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | 0 | |
BBB | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, held-to-maturity | $ 64 |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - Collateral Pledged - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 1,818,789 | $ 2,322,090 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 27,101 | 22,678 |
Held-to-maturity securities pledged as collateral | 0 | 483 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 569,724 | 866,020 |
Held-to-maturity securities pledged as collateral | $ 1,221,964 | $ 1,432,909 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | $ 21,848,409 | $ 21,440,212 |
ACL - loans | (326,100) | (106,238) |
Portfolio loans, net | 21,522,309 | 21,333,974 |
Traditional C&I | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 2,920,205 | |
ACL - loans | (42,670) | (15,951) |
ABL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 803,004 | |
ACL - loans | (12,762) | (14,272) |
Payroll finance | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 159,237 | |
ACL - loans | (1,957) | (2,064) |
Warehouse lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 1,953,677 | |
ACL - loans | (1,724) | (917) |
Factored receivables | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 220,217 | |
ACL - loans | (2,904) | (654) |
Equipment finance | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 1,531,109 | |
ACL - loans | (31,794) | (16,723) |
Public sector finance | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 1,572,819 | |
ACL - loans | (4,516) | (1,967) |
ADC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 642,943 | |
ACL - loans | (17,927) | (4,732) |
Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 20,041,861 | 18,995,568 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 1,616,641 | 2,210,112 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 189,907 | 234,532 |
Commercial & Industrial (C&I) | Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 9,160,268 | 8,232,719 |
ACL - loans | (52,548) | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 2,920,205 | 2,355,031 |
ACL - loans | (15,951) | |
Commercial & Industrial (C&I) | Commercial | ABL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 803,004 | 1,082,618 |
ACL - loans | (14,272) | |
Commercial & Industrial (C&I) | Commercial | Payroll finance | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 159,237 | 226,866 |
ACL - loans | (2,064) | |
Commercial & Industrial (C&I) | Commercial | Warehouse lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 1,953,677 | 1,330,884 |
ACL - loans | (917) | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 220,217 | 223,638 |
ACL - loans | (654) | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 1,531,109 | 1,800,564 |
ACL - loans | (16,723) | |
Commercial & Industrial (C&I) | Commercial | Public sector finance | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 1,572,819 | 1,213,118 |
ACL - loans | (1,967) | |
Commercial mortgage | Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 10,881,593 | 10,762,849 |
ACL - loans | (44,137) | |
Commercial mortgage | Commercial | CRE | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 5,831,990 | 5,418,648 |
ACL - loans | (27,965) | |
Commercial mortgage | Commercial | ADC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | 642,943 | 467,331 |
ACL - loans | (4,732) | |
Commercial mortgage | Commercial | Multi-family | Real estate loan | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans | $ 4,406,660 | 4,876,870 |
ACL - loans | $ (11,440) |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Net deferred loan origination costs | $ 20,900,000 | $ 79,600,000 | |||
Total portfolio loans | 21,848,409,000 | 21,440,212,000 | |||
Pledged loans | 6,500,000,000 | 7,700,000,000 | |||
Non accrual loans | 166,889,000 | 179,051,000 | |||
Loans 90 days or more past due still accruing interest | 170,000 | ||||
Impaired loans with related allowance recorded | 0 | ||||
Troubled debt restructurings | 78,971,000 | 75,656,000 | |||
ACL - loans | 326,100,000 | 106,238,000 | |||
Charge-offs | 12,500,000 | $ 630,000 | $ 2,000,000 | ||
Provision for credit losses for TDR's subsequently defaulted | 11,200,000 | ||||
TDR subsequent default, number of loans | security | 1 | ||||
TDR subsequent default | 17,200,000 | ||||
Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 145,032,000 | ||||
Collateral Pledged | Nonperforming loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 115,900,000 | ||||
Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 208,411,000 | ||||
Number of loans | security | 359 | ||||
Accrued interest | $ 9,200,000 | ||||
Residential mortgage | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,616,641,000 | ||||
Loans formally in process of foreclosure | 3,200,000 | $ 38,000,000 | |||
Payroll finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 159,237,000 | ||||
ACL - loans | 1,957,000 | 2,064,000 | |||
Warehouse lending | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,953,677,000 | ||||
ACL - loans | 1,724,000 | 917,000 | |||
Factored receivables | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 220,217,000 | ||||
ACL - loans | 2,904,000 | 654,000 | |||
Public sector finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,572,819,000 | ||||
ACL - loans | 4,516,000 | 1,967,000 | |||
ABL | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 803,004,000 | ||||
ACL - loans | 12,762,000 | 14,272,000 | |||
Traditional C&I | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 2,920,205,000 | ||||
ACL - loans | 42,670,000 | 15,951,000 | |||
Equipment finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,531,109,000 | ||||
ACL - loans | 31,794,000 | 16,723,000 | |||
Small Balance Transportation Finance Loans | Nonperforming loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 106,200,000 | $ 95,200,000 | |||
Financial asset, other than financial asset acquired with credit deterioration | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 78,971,000 | ||||
ACL - loans | 915,000 | 2,300,000 | |||
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 20,041,861,000 | 18,995,568,000 | |||
Commercial | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 85,064,000 | ||||
Commercial | Real estate loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 7,819,000 | ||||
Residential mortgage | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,616,641,000 | 2,210,112,000 | |||
Residential mortgage | Nonperforming loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 53,200,000 | ||||
Residential mortgage | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 116,254,000 | ||||
Residential mortgage | Residential mortgage | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 2,210,112,000 | ||||
Non accrual loans | 18,661,000 | 62,275,000 | |||
Loans 90 days or more past due still accruing interest | $ 0 | ||||
Troubled debt restructurings | 10,591,000 | ||||
ACL - loans | 7,598,000 | ||||
TDR subsequent default, number of loans | security | 3 | ||||
Residential mortgage | Residential mortgage | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 5,025,000 | ||||
Residential mortgage | Financial asset, other than financial asset acquired with credit deterioration | Residential mortgage | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 7,161,000 | ||||
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 189,907,000 | 234,532,000 | |||
TDR subsequent default, number of loans | security | 2 | ||||
Consumer | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 7,093,000 | ||||
Commercial & Industrial (C&I) | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 9,160,268,000 | 8,232,719,000 | |||
ACL - loans | 52,548,000 | ||||
Commercial & Industrial (C&I) | Commercial | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 2,816,000 | ||||
Commercial & Industrial (C&I) | Commercial | Payroll finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 159,237,000 | 226,866,000 | |||
Non accrual loans | 2,300,000 | 9,396,000 | |||
Loans 90 days or more past due still accruing interest | 0 | ||||
ACL - loans | 2,064,000 | ||||
Commercial & Industrial (C&I) | Commercial | Payroll finance | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Payroll finance | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Warehouse lending | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,953,677,000 | 1,330,884,000 | |||
Non accrual loans | 0 | ||||
ACL - loans | 917,000 | ||||
Commercial & Industrial (C&I) | Commercial | Warehouse lending | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Non accrual loans | 0 | ||||
Loans 90 days or more past due still accruing interest | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Warehouse lending | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Factored receivables | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 220,217,000 | 223,638,000 | |||
Non accrual loans | 0 | ||||
ACL - loans | 654,000 | ||||
Commercial & Industrial (C&I) | Commercial | Factored receivables | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 2,300,000 | ||||
Non accrual loans | 0 | ||||
Loans 90 days or more past due still accruing interest | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Factored receivables | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Public sector finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,572,819,000 | 1,213,118,000 | |||
Non accrual loans | 0 | ||||
ACL - loans | 1,967,000 | ||||
Commercial & Industrial (C&I) | Commercial | Public sector finance | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Non accrual loans | 0 | ||||
Loans 90 days or more past due still accruing interest | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Public sector finance | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Commercial & Industrial (C&I) | Commercial | ABL | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 803,004,000 | 1,082,618,000 | |||
Non accrual loans | 5,255,000 | 4,966,000 | |||
Loans 90 days or more past due still accruing interest | 0 | ||||
Troubled debt restructurings | 912,000 | ||||
ACL - loans | 14,272,000 | ||||
Commercial & Industrial (C&I) | Commercial | ABL | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 8,280,000 | ||||
Commercial & Industrial (C&I) | Commercial | ABL | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 0 | ||||
Commercial & Industrial (C&I) | Commercial | Traditional C&I | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 2,920,205,000 | 2,355,031,000 | |||
Non accrual loans | 19,223,000 | 27,148,000 | |||
Loans 90 days or more past due still accruing interest | 94,000 | ||||
Troubled debt restructurings | 14,321,000 | ||||
ACL - loans | 15,951,000 | ||||
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 17,339,000 | ||||
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Small Business Administration Paycheck Protection Program | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 142,800,000 | ||||
Proceeds from sale of finance receivables | 461,700,000 | ||||
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 413,000 | ||||
Commercial & Industrial (C&I) | Commercial | Equipment finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 1,531,109,000 | 1,800,564,000 | |||
Non accrual loans | 30,634,000 | 33,050,000 | |||
Loans 90 days or more past due still accruing interest | $ 2,000 | ||||
Troubled debt restructurings | 9,025,000 | ||||
ACL - loans | 16,723,000 | ||||
TDR subsequent default, number of loans | security | 3 | ||||
Commercial & Industrial (C&I) | Commercial | Equipment finance | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 11,578,000 | ||||
Commercial & Industrial (C&I) | Commercial | Equipment finance | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 2,403,000 | ||||
Commercial & Industrial (C&I) | Commercial | Financial asset, other than financial asset acquired with credit deterioration | ABL | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 4,311,000 | ||||
Commercial & Industrial (C&I) | Commercial | Financial asset, other than financial asset acquired with credit deterioration | Traditional C&I | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 3,868,000 | ||||
Commercial & Industrial (C&I) | Commercial | Financial asset, other than financial asset acquired with credit deterioration | Equipment finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 4,180,000 | ||||
Commercial mortgage | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 10,881,593,000 | 10,762,849,000 | |||
ACL - loans | 44,137,000 | ||||
Commercial mortgage | Commercial | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 82,248,000 | ||||
Commercial mortgage | Commercial | CRE | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 5,831,990,000 | 5,418,648,000 | |||
Non accrual loans | 46,053,000 | 26,213,000 | |||
Loans 90 days or more past due still accruing interest | $ 74,000 | ||||
Troubled debt restructurings | 29,895,000 | ||||
ACL - loans | 27,965,000 | ||||
TDR subsequent default, number of loans | security | 2 | ||||
Commercial mortgage | Commercial | CRE | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 53,212,000 | ||||
Commercial mortgage | Commercial | CRE | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 60,032,000 | ||||
Commercial mortgage | Commercial | Financial asset, other than financial asset acquired with credit deterioration | Real estate loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 7,758,000 | ||||
Commercial mortgage | Commercial | Financial asset, other than financial asset acquired with credit deterioration | CRE | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Troubled debt restructurings | 49,548,000 | ||||
Multi-family | Commercial mortgage | Commercial | Real estate loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 4,406,660,000 | 4,876,870,000 | |||
Non accrual loans | 4,485,000 | 3,400,000 | |||
Loans 90 days or more past due still accruing interest | 0 | ||||
ACL - loans | $ 11,440,000 | ||||
Multi-family | Commercial mortgage | Commercial | Real estate loan | Collateral Pledged | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | 9,914,000 | ||||
Multi-family | Commercial mortgage | Commercial | Real estate loan | Impact of COVID-19 | Payment Deferral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total portfolio loans | $ 22,216,000 |
Portfolio Loans - Status of Loa
Portfolio Loans - Status of Loans and TDRs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-Performing loans: | ||
Current loans | $ 21,654,234 | $ 21,208,171 |
Non accrual loans | 166,889 | 179,051 |
Total portfolio loans | 21,848,409 | 21,440,212 |
TDRs, Current | 60,257 | 49,260 |
TDRs, Non-accrual | 25,849 | |
Troubled debt restructurings | 78,971 | 75,656 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 170 | |
Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 166,889 | 179,051 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 170 | 110 |
Total non-performing loans | 167,059 | 179,161 |
30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 59,157 | 38,442 |
Troubled debt restructurings | 2,927 | 547 |
60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 39,696 | 14,438 |
Troubled debt restructurings | 13,492 | 0 |
90+ days past due | ||
Non-Performing loans: | ||
Past due loans | 95,322 | 110 |
Troubled debt restructurings | 2,295 | 0 |
Commercial | Real estate loan | ||
Non-Performing loans: | ||
Troubled debt restructurings | 7,819 | |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Non-Performing loans: | ||
Current loans | 2,905,964 | 2,324,737 |
Non accrual loans | 19,223 | 27,148 |
Total portfolio loans | 2,920,205 | 2,355,031 |
Troubled debt restructurings | 14,321 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 94 | |
Commercial | Commercial & Industrial (C&I) | ABL | ||
Non-Performing loans: | ||
Current loans | 803,004 | 1,077,652 |
Non accrual loans | 5,255 | 4,966 |
Total portfolio loans | 803,004 | 1,082,618 |
Troubled debt restructurings | 912 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Commercial | Commercial & Industrial (C&I) | Payroll finance | ||
Non-Performing loans: | ||
Current loans | 159,237 | 217,470 |
Non accrual loans | 2,300 | 9,396 |
Total portfolio loans | 159,237 | 226,866 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Commercial | Commercial & Industrial (C&I) | Warehouse lending | ||
Non-Performing loans: | ||
Current loans | 1,953,677 | 1,330,884 |
Non accrual loans | 0 | |
Total portfolio loans | 1,953,677 | 1,330,884 |
Commercial | Commercial & Industrial (C&I) | Factored receivables | ||
Non-Performing loans: | ||
Current loans | 220,217 | 223,638 |
Non accrual loans | 0 | |
Total portfolio loans | 220,217 | 223,638 |
Commercial | Commercial & Industrial (C&I) | Equipment finance | ||
Non-Performing loans: | ||
Current loans | 1,469,653 | 1,739,772 |
Non accrual loans | 30,634 | 33,050 |
Total portfolio loans | 1,531,109 | 1,800,564 |
Troubled debt restructurings | 9,025 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 2 | |
Commercial | Commercial & Industrial (C&I) | Public sector finance | ||
Non-Performing loans: | ||
Current loans | 1,572,819 | 1,213,118 |
Non accrual loans | 0 | |
Total portfolio loans | 1,572,819 | 1,213,118 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 1,215 | 961 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | ABL | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Equipment finance | ||
Non-Performing loans: | ||
Past due loans | 24,286 | 15,678 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 6,054 | 2,075 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | ABL | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Equipment finance | ||
Non-Performing loans: | ||
Past due loans | 11,077 | 12,064 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 90+ days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 6,972 | 110 |
Commercial | Commercial & Industrial (C&I) | 90+ days past due | ABL | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 90+ days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 90+ days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 90+ days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 90+ days past due | Equipment finance | ||
Non-Performing loans: | ||
Past due loans | 26,093 | 0 |
Commercial | Commercial & Industrial (C&I) | 90+ days past due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial mortgage | CRE | ||
Non-Performing loans: | ||
Current loans | 5,794,115 | 5,391,483 |
Non accrual loans | 46,053 | 26,213 |
Total portfolio loans | 5,831,990 | 5,418,648 |
Troubled debt restructurings | 29,895 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 74 | |
Commercial | Commercial mortgage | ADC | ||
Non-Performing loans: | ||
Current loans | 612,943 | 466,826 |
Non accrual loans | 30,000 | 434 |
Total portfolio loans | 642,943 | 467,331 |
Troubled debt restructurings | 434 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Commercial | Commercial mortgage | 30-59 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 13,591 | 762 |
Commercial | Commercial mortgage | 30-59 days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 0 | 71 |
Commercial | Commercial mortgage | 60-89 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 17,421 | 190 |
Commercial | Commercial mortgage | 60-89 days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial | Commercial mortgage | 90+ days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 6,863 | 0 |
Commercial | Commercial mortgage | 90+ days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 30,000 | 0 |
Residential mortgage | Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 1,590,068 | 2,129,840 |
Non accrual loans | 18,661 | 62,275 |
Total portfolio loans | 1,616,641 | 2,210,112 |
Troubled debt restructurings | 10,591 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Residential mortgage | 30-59 days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 7,444 | 17,904 |
Residential mortgage | 60-89 days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 3,426 | 93 |
Residential mortgage | 90+ days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 15,703 | 0 |
Consumer | Consumer | ||
Non-Performing loans: | ||
Current loans | 178,587 | 220,372 |
Non accrual loans | 10,278 | 12,169 |
Total portfolio loans | 189,907 | 234,532 |
Troubled debt restructurings | 2,659 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Consumer | 30-59 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 1,043 | 1,988 |
Consumer | 60-89 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 907 | 3 |
Consumer | 90+ days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 9,370 | 0 |
Multi-family | Commercial | Commercial mortgage | Real estate loan | ||
Non-Performing loans: | ||
Current loans | 4,393,950 | 4,872,379 |
Non accrual loans | 4,485 | 3,400 |
Total portfolio loans | 4,406,660 | 4,876,870 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Multi-family | Commercial | Commercial mortgage | 30-59 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | 11,578 | 1,078 |
Multi-family | Commercial | Commercial mortgage | 60-89 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | 811 | 13 |
Multi-family | Commercial | Commercial mortgage | 90+ days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | $ 321 | $ 0 |
Portfolio Loans - Schedule of C
Portfolio Loans - Schedule of Collateral-Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | $ 21,848,409 | $ 21,440,212 |
Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 105,960 | |
Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 11,697 | |
Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 16,459 | |
Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 10,916 | |
Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 145,032 | |
Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 2,920,205 | |
ABL | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 803,004 | |
Factored receivables | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 220,217 | |
Equipment finance | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 1,531,109 | |
ADC | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 642,943 | |
Residential mortgage | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 1,616,641 | |
Consumer | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 189,907 | |
Commercial | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 20,041,861 | 18,995,568 |
Residential mortgage | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 1,616,641 | 2,210,112 |
Residential mortgage | Residential mortgage | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 2,210,112 | |
Residential mortgage | Residential mortgage | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 5,025 | |
Residential mortgage | Residential mortgage | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Residential mortgage | Residential mortgage | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Residential mortgage | Residential mortgage | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Residential mortgage | Residential mortgage | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 5,025 | |
Consumer | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 189,907 | 234,532 |
Consumer | Consumer | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 234,532 | |
Consumer | Consumer | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 7,384 | |
Consumer | Consumer | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Consumer | Consumer | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Consumer | Consumer | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Consumer | Consumer | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 7,384 | |
Commercial & Industrial (C&I) | Commercial | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 9,160,268 | 8,232,719 |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 2,920,205 | 2,355,031 |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 425 | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 5,998 | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 10,916 | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 17,339 | |
Commercial & Industrial (C&I) | Commercial | ABL | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 803,004 | 1,082,618 |
Commercial & Industrial (C&I) | Commercial | ABL | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | ABL | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 8,280 | |
Commercial & Industrial (C&I) | Commercial | ABL | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | ABL | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | ABL | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 8,280 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 220,217 | 223,638 |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 2,300 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 2,300 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 1,531,109 | 1,800,564 |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 1,117 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 10,461 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 11,578 | |
Commercial mortgage | Commercial | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 10,881,593 | 10,762,849 |
Commercial mortgage | Commercial | CRE | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 5,831,990 | 5,418,648 |
Commercial mortgage | Commercial | CRE | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 53,212 | |
Commercial mortgage | Commercial | CRE | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | CRE | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | CRE | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | CRE | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 53,212 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 4,406,660 | 4,876,870 |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 9,914 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 9,914 | |
Commercial mortgage | Commercial | ADC | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 642,943 | $ 467,331 |
Commercial mortgage | Commercial | ADC | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 30,000 | |
Commercial mortgage | Commercial | ADC | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | ADC | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | ADC | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | ADC | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Total portfolio loans | $ 30,000 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | $ 166,889 | $ 179,051 |
Non-accrual loans with no ACL | 77,773 | |
Loans 90 days or more past due still accruing interest | 170 | |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 19,223 | 27,148 |
Non-accrual loans with no ACL | 16,914 | |
Loans 90 days or more past due still accruing interest | 94 | |
Commercial | Commercial & Industrial (C&I) | ABL | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,255 | 4,966 |
Non-accrual loans with no ACL | 4,613 | |
Loans 90 days or more past due still accruing interest | 0 | |
Commercial | Commercial & Industrial (C&I) | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 2,300 | 9,396 |
Non-accrual loans with no ACL | 2,300 | |
Loans 90 days or more past due still accruing interest | 0 | |
Commercial | Commercial & Industrial (C&I) | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 30,634 | 33,050 |
Non-accrual loans with no ACL | 11,578 | |
Loans 90 days or more past due still accruing interest | 2 | |
Commercial | Commercial mortgage | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 46,053 | 26,213 |
Non-accrual loans with no ACL | 38,529 | |
Loans 90 days or more past due still accruing interest | 74 | |
Commercial | Commercial mortgage | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 30,000 | 434 |
Non-accrual loans with no ACL | 0 | |
Loans 90 days or more past due still accruing interest | 0 | |
Residential mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 18,661 | 62,275 |
Non-accrual loans with no ACL | 808 | |
Loans 90 days or more past due still accruing interest | 0 | |
Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 10,278 | 12,169 |
Non-accrual loans with no ACL | 875 | |
Loans 90 days or more past due still accruing interest | 0 | |
Multi-family | Commercial | Commercial mortgage | Real estate loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 4,485 | $ 3,400 |
Non-accrual loans with no ACL | 2,156 | |
Loans 90 days or more past due still accruing interest | $ 0 |
Portfolio Loans - Schedule of A
Portfolio Loans - Schedule of Accrued Interest Receivable Reversed Against Interest Income (Details) - Interest Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | $ 2,198 | $ 1,426 | $ 570 |
Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 539 | 406 | 12 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 43 | 62 | 32 |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 115 | 136 | 237 |
Commercial & Industrial (C&I) | Commercial | ABL | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 67 | 77 | 0 |
Commercial & Industrial (C&I) | Commercial | Payroll finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 0 | 175 | 0 |
Commercial & Industrial (C&I) | Commercial | Equipment finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 60 | 441 | 0 |
Commercial mortgage | Commercial | CRE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 922 | 88 | 270 |
Commercial mortgage | Commercial | Real estate loan | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | 155 | 36 | 19 |
Commercial mortgage | Commercial | ADC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable, reversed against interest income | $ 297 | $ 5 | $ 0 |
Portfolio Loans - Loans Evaluat
Portfolio Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Loans evaluated by segment | |||
Individually evaluated for impairment | $ 109,025 | ||
Collectively evaluated for impairment | 21,214,913 | ||
PCI loans | $ 21,522,309 | 21,333,974 | |
Total portfolio loans | 21,848,409 | 21,440,212 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 106,238 | ||
Total ACL - loans | 326,100 | 106,238 | |
Traditional C&I | |||
Allowance evaluated by segment | |||
Total ACL - loans | 42,670 | 15,951 | |
ABL | |||
Allowance evaluated by segment | |||
Total ACL - loans | 12,762 | 14,272 | |
Payroll finance | |||
Allowance evaluated by segment | |||
Total ACL - loans | 1,957 | 2,064 | |
Warehouse lending | |||
Allowance evaluated by segment | |||
Total ACL - loans | 1,724 | 917 | |
Factored receivables | |||
Allowance evaluated by segment | |||
Total ACL - loans | 2,904 | 654 | |
Equipment finance | |||
Allowance evaluated by segment | |||
Total ACL - loans | 31,794 | 16,723 | |
Public sector finance | |||
Allowance evaluated by segment | |||
Total ACL - loans | 4,516 | 1,967 | |
ADC | |||
Allowance evaluated by segment | |||
Total ACL - loans | 17,927 | 4,732 | |
Consumer | |||
Allowance evaluated by segment | |||
Total ACL - loans | 4,684 | 1,955 | |
Receivables acquired with deteriorated credit quality | |||
Loans evaluated by segment | |||
PCI loans | 116,274 | $ 116,300 | |
Commercial | Commercial & Industrial (C&I) | |||
Allowance evaluated by segment | |||
Total ACL - loans | 52,548 | ||
Commercial | Commercial & Industrial (C&I) | Traditional C&I | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 29,838 | ||
Collectively evaluated for impairment | 2,320,256 | ||
Total portfolio loans | 2,920,205 | 2,355,031 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 15,951 | ||
Total ACL - loans | 15,951 | ||
Commercial | Commercial & Industrial (C&I) | ABL | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 4,684 | ||
Collectively evaluated for impairment | 1,064,275 | ||
Total portfolio loans | 803,004 | 1,082,618 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 14,272 | ||
Total ACL - loans | 14,272 | ||
Commercial | Commercial & Industrial (C&I) | Payroll finance | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 9,396 | ||
Collectively evaluated for impairment | 217,470 | ||
Total portfolio loans | 159,237 | 226,866 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 2,064 | ||
Total ACL - loans | 2,064 | ||
Commercial | Commercial & Industrial (C&I) | Warehouse lending | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 1,330,884 | ||
Total portfolio loans | 1,953,677 | 1,330,884 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 917 | ||
Total ACL - loans | 917 | ||
Commercial | Commercial & Industrial (C&I) | Factored receivables | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 223,638 | ||
Total portfolio loans | 220,217 | 223,638 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 654 | ||
Total ACL - loans | 654 | ||
Commercial | Commercial & Industrial (C&I) | Equipment finance | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 4,971 | ||
Collectively evaluated for impairment | 1,794,036 | ||
Total portfolio loans | 1,531,109 | 1,800,564 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 16,723 | ||
Total ACL - loans | 16,723 | ||
Commercial | Commercial & Industrial (C&I) | Public sector finance | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 1,213,118 | ||
Total portfolio loans | 1,572,819 | 1,213,118 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 1,967 | ||
Total ACL - loans | 1,967 | ||
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Traditional C&I | |||
Loans evaluated by segment | |||
PCI loans | 4,937 | ||
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | ABL | |||
Loans evaluated by segment | |||
PCI loans | 13,659 | ||
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Payroll finance | |||
Loans evaluated by segment | |||
PCI loans | 0 | ||
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Warehouse lending | |||
Loans evaluated by segment | |||
PCI loans | 0 | ||
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Factored receivables | |||
Loans evaluated by segment | |||
PCI loans | 0 | ||
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Equipment finance | |||
Loans evaluated by segment | |||
PCI loans | 1,557 | ||
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Public sector finance | |||
Loans evaluated by segment | |||
PCI loans | 0 | ||
Commercial | Commercial mortgage | |||
Allowance evaluated by segment | |||
Total ACL - loans | 44,137 | ||
Commercial | Commercial mortgage | CRE | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 39,882 | ||
Collectively evaluated for impairment | 5,358,023 | ||
Total portfolio loans | 5,831,990 | 5,418,648 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 27,965 | ||
Total ACL - loans | 27,965 | ||
Commercial | Commercial mortgage | ADC | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 467,331 | ||
Total portfolio loans | 642,943 | 467,331 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 4,732 | ||
Total ACL - loans | 4,732 | ||
Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | CRE | |||
Loans evaluated by segment | |||
PCI loans | 20,743 | ||
Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | ADC | |||
Loans evaluated by segment | |||
PCI loans | 0 | ||
Residential mortgage | Residential mortgage | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 6,364 | ||
Collectively evaluated for impairment | 2,140,650 | ||
Total portfolio loans | 1,616,641 | 2,210,112 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 7,598 | ||
Total ACL - loans | 7,598 | ||
Residential mortgage | Receivables acquired with deteriorated credit quality | Residential mortgage | |||
Loans evaluated by segment | |||
PCI loans | 63,098 | ||
Consumer | Consumer | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 2,731 | ||
Collectively evaluated for impairment | 224,986 | ||
Total portfolio loans | 189,907 | 234,532 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 1,955 | ||
Total ACL - loans | 1,955 | ||
Consumer | Receivables acquired with deteriorated credit quality | Consumer | |||
Loans evaluated by segment | |||
PCI loans | 6,815 | ||
Multi-family | Commercial | Commercial mortgage | Real estate loan | |||
Loans evaluated by segment | |||
Individually evaluated for impairment | 11,159 | ||
Collectively evaluated for impairment | 4,860,246 | ||
Total portfolio loans | $ 4,406,660 | 4,876,870 | |
Allowance evaluated by segment | |||
Individually evaluated for impairment | 0 | ||
Collectively evaluated for impairment | 11,440 | ||
Total ACL - loans | 11,440 | ||
Multi-family | Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | Real estate loan | |||
Loans evaluated by segment | |||
PCI loans | $ 5,465 |
Portfolio Loans - Loans Individ
Portfolio Loans - Loans Individually Evaluated for Impairment (Details) $ in Thousands | Dec. 31, 2019USD ($) |
With no related allowance recorded: | |
Unpaid principal balance | $ 138,254 |
Recorded investment | 109,025 |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | |
With no related allowance recorded: | |
Unpaid principal balance | 39,595 |
Recorded investment | 29,838 |
Commercial | Commercial & Industrial (C&I) | ABL | |
With no related allowance recorded: | |
Unpaid principal balance | 16,181 |
Recorded investment | 4,684 |
Commercial | Commercial & Industrial (C&I) | Payroll finance | |
With no related allowance recorded: | |
Unpaid principal balance | 9,396 |
Recorded investment | 9,396 |
Commercial | Commercial & Industrial (C&I) | Equipment finance | |
With no related allowance recorded: | |
Unpaid principal balance | 6,409 |
Recorded investment | 4,971 |
Commercial | Commercial mortgage | CRE | |
With no related allowance recorded: | |
Unpaid principal balance | 44,526 |
Recorded investment | 39,882 |
Residential mortgage | Residential mortgage | |
With no related allowance recorded: | |
Unpaid principal balance | 7,728 |
Recorded investment | 6,364 |
Consumer | Consumer | |
With no related allowance recorded: | |
Unpaid principal balance | 2,928 |
Recorded investment | 2,731 |
Multi-family | Commercial | Commercial mortgage | Real estate loan | |
With no related allowance recorded: | |
Unpaid principal balance | 11,491 |
Recorded investment | $ 11,159 |
Portfolio Loans - Loan Deferral
Portfolio Loans - Loan Deferrals (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 21,848,409 | $ 21,440,212 |
Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 1.00% | |
Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 27,501 | |
Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 208,411 | |
Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 26,302 | |
Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 2,920,205 | |
Traditional C&I | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 24,162 | |
Traditional C&I | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 84,792 | |
ABL | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 803,004 | |
ABL | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 111,597 | |
ABL | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 11,669 | |
Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 159,237 | |
Payroll finance | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Payroll finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 2,300 | |
Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 1,953,677 | |
Warehouse lending | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Warehouse lending | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 220,217 | |
Factored receivables | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 5,523 | |
Factored receivables | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 1,531,109 | |
Equipment finance | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 7,737 | |
Equipment finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 45,018 | |
Public sector finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 1,572,819 | |
Public sector finance | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Public sector finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 642,943 | |
ADC | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 1,407 | |
ADC | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 30,000 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 20,041,861 | 18,995,568 |
Commercial | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.40% | |
Commercial | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 27,501 | |
Commercial | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 85,064 | |
Commercial | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 25,437 | |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 1,616,641 | 2,210,112 |
Residential mortgage | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 7.20% | |
Residential mortgage | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Residential mortgage | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 116,254 | |
Residential mortgage | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 865 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 189,907 | 234,532 |
Consumer | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 3.70% | |
Consumer | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Consumer | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 7,093 | |
Consumer | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 9,160,268 | 8,232,719 |
Commercial & Industrial (C&I) | Commercial | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial & Industrial (C&I) | Commercial | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 2,816 | |
Commercial & Industrial (C&I) | Commercial | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 1,194 | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 2,920,205 | 2,355,031 |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 413 | |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | ABL | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 803,004 | 1,082,618 |
Commercial & Industrial (C&I) | Commercial | ABL | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial & Industrial (C&I) | Commercial | ABL | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | ABL | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | ABL | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 159,237 | 226,866 |
Commercial & Industrial (C&I) | Commercial | Payroll finance | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial & Industrial (C&I) | Commercial | Payroll finance | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Payroll finance | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Payroll finance | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 1,953,677 | 1,330,884 |
Commercial & Industrial (C&I) | Commercial | Warehouse lending | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial & Industrial (C&I) | Commercial | Warehouse lending | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Warehouse lending | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Warehouse lending | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 220,217 | 223,638 |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 1,531,109 | 1,800,564 |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.20% | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 2,403 | |
Commercial & Industrial (C&I) | Commercial | Equipment finance | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 1,194 | |
Commercial & Industrial (C&I) | Commercial | Public sector finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 1,572,819 | 1,213,118 |
Commercial & Industrial (C&I) | Commercial | Public sector finance | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial & Industrial (C&I) | Commercial | Public sector finance | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Public sector finance | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial & Industrial (C&I) | Commercial | Public sector finance | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 10,881,593 | 10,762,849 |
Commercial mortgage | Commercial | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.80% | |
Commercial mortgage | Commercial | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 27,501 | |
Commercial mortgage | Commercial | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 82,248 | |
Commercial mortgage | Commercial | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 24,243 | |
Commercial mortgage | Commercial | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 5,831,990 | 5,418,648 |
Commercial mortgage | Commercial | CRE | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 1.00% | |
Commercial mortgage | Commercial | CRE | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 19,323 | |
Commercial mortgage | Commercial | CRE | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 60,032 | |
Commercial mortgage | Commercial | CRE | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 24,243 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 4,406,660 | 4,876,870 |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.50% | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 8,178 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 22,216 | |
Commercial mortgage | Commercial | Real estate loan | Multi-family | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 642,943 | $ 467,331 |
Commercial mortgage | Commercial | ADC | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial mortgage | Commercial | ADC | Impact of COVID-19 | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 | |
Commercial mortgage | Commercial | ADC | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | 0 | |
Commercial mortgage | Commercial | ADC | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total portfolio loans | $ 0 |
Portfolio Loans - Average Recor
Portfolio Loans - Average Recorded Investment and Interest Income Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | $ 102,209 | $ 80,030 |
Interest income recognized | 958 | 1,915 |
Residential mortgage | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 5,548 | 1,751 |
Interest income recognized | 4 | 0 |
Consumer | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 3,646 | 4,248 |
Interest income recognized | 0 | 0 |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 32,253 | 38,242 |
Interest income recognized | 329 | 1,073 |
Commercial & Industrial (C&I) | Commercial | ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 15,930 | 9,440 |
Interest income recognized | 0 | 0 |
Commercial & Industrial (C&I) | Commercial | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 2,349 | 0 |
Interest income recognized | 0 | 0 |
Commercial & Industrial (C&I) | Commercial | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 5,111 | 965 |
Interest income recognized | 23 | 0 |
Commercial mortgage | Commercial | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 31,177 | 23,671 |
Interest income recognized | 531 | 777 |
Commercial mortgage | Commercial | Real estate loan | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 5,809 | 1,713 |
Interest income recognized | 58 | 65 |
Commercial mortgage | Commercial | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average recorded investment | 386 | 0 |
Interest income recognized | $ 13 | $ 0 |
Portfolio Loans - Past Due Stat
Portfolio Loans - Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | $ 60,257 | $ 49,260 |
Troubled debt restructurings | 78,971 | 75,656 |
Non-accrual | 25,849 | |
30-59 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 2,927 | 547 |
60-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 13,492 | 0 |
90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 2,295 | 0 |
Commercial | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 7,819 | |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 14,321 | |
Commercial | Commercial & Industrial (C&I) | ABL | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 912 | |
Commercial | Commercial & Industrial (C&I) | Equipment finance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 9,025 | |
Commercial | Commercial mortgage | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 29,895 | |
Commercial | Commercial mortgage | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 434 | |
Residential mortgage | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 10,591 | |
Consumer | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 2,659 | |
Financial asset, other than financial asset acquired with credit deterioration | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 37,001 | |
Troubled debt restructurings | 78,971 | |
Non-accrual | 41,479 | |
Financial asset, other than financial asset acquired with credit deterioration | 30-59 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 491 | |
Financial asset, other than financial asset acquired with credit deterioration | 60-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | 90+ days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 7,819 | |
Non-accrual | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | 30-59 days past due | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | 60-89 days past due | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | 90+ days past due | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 892 | 929 |
Troubled debt restructurings | 3,868 | |
Non-accrual | 2,976 | 13,392 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | ABL | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 3,668 | 0 |
Troubled debt restructurings | 4,311 | |
Non-accrual | 643 | 912 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | Equipment finance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 1,100 | 5,261 |
Troubled debt restructurings | 4,180 | |
Non-accrual | 3,080 | 3,764 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | ABL | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Equipment finance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | ABL | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Equipment finance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 90+ days past due | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 90+ days past due | ABL | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial & Industrial (C&I) | 90+ days past due | Equipment finance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 15,555 | 25,295 |
Troubled debt restructurings | 49,548 | |
Non-accrual | 33,993 | 4,600 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 7,758 | |
Troubled debt restructurings | 7,758 | |
Non-accrual | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 0 | 0 |
Troubled debt restructurings | 0 | |
Non-accrual | 0 | 434 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 30-59 days past due | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 30-59 days past due | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 30-59 days past due | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 60-89 days past due | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 60-89 days past due | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 60-89 days past due | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 90+ days past due | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 90+ days past due | Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | |
Financial asset, other than financial asset acquired with credit deterioration | Commercial | Commercial mortgage | 90+ days past due | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Residential mortgage | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 5,998 | 7,537 |
Troubled debt restructurings | 7,161 | |
Non-accrual | 672 | 2,507 |
Financial asset, other than financial asset acquired with credit deterioration | Residential mortgage | 30-59 days past due | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 491 | 547 |
Financial asset, other than financial asset acquired with credit deterioration | Residential mortgage | 60-89 days past due | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Residential mortgage | 90+ days past due | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Consumer | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 2,030 | 2,419 |
Troubled debt restructurings | 2,145 | |
Non-accrual | 115 | 240 |
Financial asset, other than financial asset acquired with credit deterioration | Consumer | 30-59 days past due | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Consumer | 60-89 days past due | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Financial asset, other than financial asset acquired with credit deterioration | Consumer | 90+ days past due | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings | $ 0 | $ 0 |
Portfolio Loans - Troubled Debt
Portfolio Loans - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 4 | 18 |
Recorded investment, Pre-modification | $ 35,850 | $ 40,282 |
Recorded investment, Post-modification | $ 34,865 | $ 39,447 |
Real estate loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 7,819 |
Recorded investment, Post-modification | $ 0 | $ 7,819 |
Residential mortgage | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 6 |
Recorded investment, Pre-modification | $ 0 | $ 3,215 |
Recorded investment, Post-modification | $ 0 | $ 3,215 |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 5,026 |
Recorded investment, Post-modification | $ 0 | $ 5,026 |
Commercial & Industrial (C&I) | Commercial | ABL | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 2 | 0 |
Recorded investment, Pre-modification | $ 10,553 | $ 0 |
Recorded investment, Post-modification | $ 9,822 | $ 0 |
Commercial & Industrial (C&I) | Commercial | Equipment finance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 1 | 8 |
Recorded investment, Pre-modification | $ 1,027 | $ 8,563 |
Recorded investment, Post-modification | $ 773 | $ 7,728 |
Commercial mortgage | Commercial | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 1 | 2 |
Recorded investment, Pre-modification | $ 24,270 | $ 15,659 |
Recorded investment, Post-modification | $ 24,270 | $ 15,659 |
ACL - Loans - Allowance Rollfor
ACL - Loans - Allowance Rollforward (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | $ 106,238 | $ 106,238 | ||
Charge-offs | (129,146) | $ (39,138) | $ (32,076) | |
Recoveries | 6,741 | 3,714 | 3,846 | |
Net charge-offs | (122,405) | |||
Provision/ (credit) | 251,700 | 251,683 | 45,985 | $ 46,000 |
Ending balance | $ 326,100 | $ 106,238 | ||
Annualized net charge-offs to average loans outstanding | 0.56% | 0.17% | 0.14% | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 90,584 | $ 90,584 | ||
Ending balance | 90,600 | $ 90,584 | ||
Traditional C&I | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 15,951 | 15,951 | ||
Charge-offs | (23,132) | (6,186) | $ (9,270) | |
Recoveries | 1,462 | 952 | 1,080 | |
Net charge-offs | (21,670) | |||
Provision/ (credit) | 43,064 | |||
Ending balance | 42,670 | 15,951 | ||
Traditional C&I | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 5,325 | 5,325 | ||
Ending balance | 5,325 | |||
ABL | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 14,272 | 14,272 | ||
Charge-offs | (3,782) | (18,984) | (4,936) | |
Recoveries | 0 | 0 | 9 | |
Net charge-offs | (3,782) | |||
Provision/ (credit) | (9,701) | |||
Ending balance | 12,762 | 14,272 | ||
ABL | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 11,973 | 11,973 | ||
Ending balance | 11,973 | |||
Payroll finance | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 2,064 | 2,064 | ||
Charge-offs | (1,290) | (252) | (337) | |
Recoveries | 310 | 17 | 43 | |
Net charge-offs | (980) | |||
Provision/ (credit) | (461) | |||
Ending balance | 1,957 | 2,064 | ||
Payroll finance | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 1,334 | 1,334 | ||
Ending balance | 1,334 | |||
Warehouse lending | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 917 | 917 | ||
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Net charge-offs | 0 | |||
Provision/ (credit) | 1,169 | |||
Ending balance | 1,724 | 917 | ||
Warehouse lending | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | (362) | (362) | ||
Ending balance | (362) | |||
Factored receivables | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 654 | 654 | ||
Charge-offs | (12,730) | (141) | (205) | |
Recoveries | 312 | 137 | 15 | |
Net charge-offs | (12,418) | |||
Provision/ (credit) | 13,873 | |||
Ending balance | 2,904 | 654 | ||
Factored receivables | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 795 | 795 | ||
Ending balance | 795 | |||
Equipment finance | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 16,723 | 16,723 | ||
Charge-offs | (58,229) | (7,034) | (8,565) | |
Recoveries | 2,525 | 723 | 951 | |
Net charge-offs | (55,704) | |||
Provision/ (credit) | 37,775 | |||
Ending balance | 31,794 | 16,723 | ||
Equipment finance | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 33,000 | 33,000 | ||
Ending balance | 33,000 | |||
Public sector finance | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 1,967 | 1,967 | ||
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Net charge-offs | 0 | |||
Provision/ (credit) | 3,315 | |||
Ending balance | 4,516 | 1,967 | ||
Public sector finance | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | (766) | (766) | ||
Ending balance | (766) | |||
CRE | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 27,965 | 27,965 | ||
Charge-offs | (8,202) | (891) | (4,935) | |
Recoveries | 818 | 845 | 888 | |
Net charge-offs | (7,384) | |||
Provision/ (credit) | 126,695 | |||
Ending balance | 155,313 | 27,965 | ||
CRE | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 8,037 | 8,037 | ||
Ending balance | 8,037 | |||
Multi-family | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 11,440 | 11,440 | ||
Charge-offs | (584) | 0 | (308) | |
Recoveries | 1 | 304 | 283 | |
Net charge-offs | (583) | |||
Provision/ (credit) | 7,557 | |||
Ending balance | 33,320 | 11,440 | ||
Multi-family | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 14,906 | 14,906 | ||
Ending balance | 14,906 | |||
ADC | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 4,732 | 4,732 | ||
Charge-offs | (311) | (6) | (721) | |
Recoveries | 105 | 0 | 0 | |
Net charge-offs | (206) | |||
Provision/ (credit) | 13,520 | |||
Ending balance | 17,927 | 4,732 | ||
ADC | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | (119) | (119) | ||
Ending balance | (119) | |||
Residential mortgage | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 7,598 | 7,598 | ||
Charge-offs | (19,150) | (4,092) | (1,391) | |
Recoveries | 1 | 133 | 64 | |
Net charge-offs | (19,149) | |||
Provision/ (credit) | 13,976 | |||
Ending balance | 16,529 | 7,598 | ||
Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 14,104 | 14,104 | ||
Ending balance | 14,104 | |||
Consumer | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 1,955 | 1,955 | ||
Charge-offs | (1,736) | (1,552) | (1,408) | |
Recoveries | 1,207 | 603 | $ 513 | |
Net charge-offs | (529) | |||
Provision/ (credit) | 901 | |||
Ending balance | 4,684 | 1,955 | ||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | $ 2,357 | $ 2,357 | ||
Ending balance | $ 2,357 |
ACL - Loans - Allowance Rollf_2
ACL - Loans - Allowance Rollforward Pre-CECL Adoption (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | $ 106,238 | $ 95,677 | $ 77,907 |
Charge-offs | (129,146) | (39,138) | (32,076) |
Recoveries | $ 6,741 | 3,714 | 3,846 |
Net charge-offs | (35,424) | (28,230) | |
Provision | 45,985 | 46,000 | |
Ending balance | $ 106,238 | $ 95,677 | |
Annualized net charge-offs to average loans outstanding | 0.56% | 0.17% | 0.14% |
Traditional C&I | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | $ 15,951 | $ 14,201 | $ 19,072 |
Charge-offs | (23,132) | (6,186) | (9,270) |
Recoveries | 1,462 | 952 | 1,080 |
Net charge-offs | (5,234) | (8,190) | |
Provision | 6,984 | 3,319 | |
Ending balance | 15,951 | 14,201 | |
ABL | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 14,272 | 7,979 | 6,625 |
Charge-offs | (3,782) | (18,984) | (4,936) |
Recoveries | 0 | 0 | 9 |
Net charge-offs | (18,984) | (4,927) | |
Provision | 25,277 | 6,281 | |
Ending balance | 14,272 | 7,979 | |
Payroll finance | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 2,064 | 2,738 | 1,565 |
Charge-offs | (1,290) | (252) | (337) |
Recoveries | 310 | 17 | 43 |
Net charge-offs | (235) | (294) | |
Provision | (439) | 1,467 | |
Ending balance | 2,064 | 2,738 | |
Warehouse lending | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 917 | 2,800 | 3,705 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | |
Provision | (1,883) | (905) | |
Ending balance | 917 | 2,800 | |
Factored receivables | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 654 | 1,064 | 1,395 |
Charge-offs | (12,730) | (141) | (205) |
Recoveries | 312 | 137 | 15 |
Net charge-offs | (4) | (190) | |
Provision | (406) | (141) | |
Ending balance | 654 | 1,064 | |
Equipment finance | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 16,723 | 12,450 | 4,862 |
Charge-offs | (58,229) | (7,034) | (8,565) |
Recoveries | 2,525 | 723 | 951 |
Net charge-offs | (6,311) | (7,614) | |
Provision | 10,584 | 15,202 | |
Ending balance | 16,723 | 12,450 | |
Public sector finance | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 1,967 | 1,739 | 1,797 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | |
Provision | 228 | (58) | |
Ending balance | 1,967 | 1,739 | |
CRE | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 27,965 | 32,285 | 24,945 |
Charge-offs | (8,202) | (891) | (4,935) |
Recoveries | 818 | 845 | 888 |
Net charge-offs | (46) | (4,047) | |
Provision | (4,274) | 11,387 | |
Ending balance | 27,965 | 32,285 | |
Multi-family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 11,440 | 8,355 | 3,261 |
Charge-offs | (584) | 0 | (308) |
Recoveries | 1 | 304 | 283 |
Net charge-offs | 304 | (25) | |
Provision | 2,781 | 5,119 | |
Ending balance | 11,440 | 8,355 | |
ADC | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 4,732 | 1,769 | 1,680 |
Charge-offs | (311) | (6) | (721) |
Recoveries | 105 | 0 | 0 |
Net charge-offs | (6) | (721) | |
Provision | 2,969 | 810 | |
Ending balance | 4,732 | 1,769 | |
Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 7,598 | 7,454 | 5,819 |
Charge-offs | (19,150) | (4,092) | (1,391) |
Recoveries | 1 | 133 | 64 |
Net charge-offs | (3,959) | (1,327) | |
Provision | 4,103 | 2,962 | |
Ending balance | 7,598 | 7,454 | |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 1,955 | 2,843 | 3,181 |
Charge-offs | (1,736) | (1,552) | (1,408) |
Recoveries | $ 1,207 | 603 | 513 |
Net charge-offs | (949) | (895) | |
Provision | 61 | 557 | |
Ending balance | $ 1,955 | $ 2,843 |
ACL - Loans - Narrative (Detail
ACL - Loans - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 500,000 | |
PCI loans | 21,522,309,000 | $ 21,333,974,000 |
Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans acquired transferred to originated | 74,700,000 | |
PCI loans | 461,458,000 | 159,976,000 |
Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans | 15,000 | 20,000 |
Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans | 24,162,000 | 8,403,000 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans acquired transferred to originated | 119,900,000 | |
PCI loans | 528,760,000 | 295,428,000 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans | 10,371,000 | 12,276,000 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans | 84,792,000 | 39,470,000 |
Doubtful | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans | 0 | |
Doubtful | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans | 304,000 | |
Loss | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans | $ 0 | $ 0 |
ACL - Loans - Risk Category of
ACL - Loans - Risk Category of Gross Loans by Segment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | $ 21,522,309,000 | $ 21,333,974,000 |
Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 461,458,000 | 159,976,000 |
Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 24,162,000 | 8,403,000 |
Special Mention | ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 111,597,000 | 78,445,000 |
Special Mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 437,000 |
Special Mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 5,523,000 | |
Special Mention | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 7,737,000 | 25,897,000 |
Special Mention | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 249,403,000 | 26,363,000 |
Special Mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 61,146,000 | 18,463,000 |
Special Mention | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 1,407,000 | 1,855,000 |
Special Mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 468,000 | 93,000 |
Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 15,000 | 20,000 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 528,760,000 | 295,428,000 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 84,792,000 | 39,470,000 |
Substandard | ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 11,669,000 | 24,508,000 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 2,300,000 | 17,156,000 |
Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Substandard | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 45,018,000 | 42,503,000 |
Substandard | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 280,796,000 | 79,992,000 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 44,872,000 | 16,247,000 |
Substandard | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 30,000,000 | 505,000 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 18,942,000 | 62,771,000 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 10,371,000 | 12,276,000 |
Doubtful | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Doubtful | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 304,000 | |
Loss | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | $ 0 | 0 |
Originated | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 122,342,000 | |
Originated | Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 8,349,000 | |
Originated | Special Mention | ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 57,560,000 | |
Originated | Special Mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 437,000 | |
Originated | Special Mention | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 18,639,000 | |
Originated | Special Mention | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 16,926,000 | |
Originated | Special Mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 18,463,000 | |
Originated | Special Mention | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 1,855,000 | |
Originated | Special Mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 93,000 | |
Originated | Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 20,000 | |
Originated | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 265,288,000 | |
Originated | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 38,669,000 | |
Originated | Substandard | ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 24,508,000 | |
Originated | Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 17,156,000 | |
Originated | Substandard | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 42,503,000 | |
Originated | Substandard | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 75,761,000 | |
Originated | Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 15,425,000 | |
Originated | Substandard | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 505,000 | |
Originated | Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 41,552,000 | |
Originated | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 9,209,000 | |
Acquired | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 37,634,000 | |
Acquired | Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 54,000 | |
Acquired | Special Mention | ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 20,885,000 | |
Acquired | Special Mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Special Mention | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 7,258,000 | |
Acquired | Special Mention | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 9,437,000 | |
Acquired | Special Mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Special Mention | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Special Mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 30,140,000 | |
Acquired | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 801,000 | |
Acquired | Substandard | ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Substandard | Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Substandard | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 4,231,000 | |
Acquired | Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 822,000 | |
Acquired | Substandard | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired | Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 21,219,000 | |
Acquired | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | $ 3,067,000 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loans - Schedule of Term Loans Amortized Cost Basis by Origination Year (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | $ 3,101,882 | |
2019 | 3,756,034 | |
2018 | 2,541,275 | |
2017 | 2,155,275 | |
2016 | 2,325,707 | |
Prior | 5,042,370 | |
Revolving loans | 2,855,330 | |
Revolving loans converted to term | 70,536 | |
Total | 21,848,409 | $ 21,440,212 |
Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 439,487 | |
2019 | 280,711 | |
2018 | 277,637 | |
2017 | 138,942 | |
2016 | 72,100 | |
Prior | 149,496 | |
Revolving loans | 1,561,832 | |
Revolving loans converted to term | 0 | |
Total | 2,920,205 | |
Traditional C&I | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 439,320 | |
2019 | 237,124 | |
2018 | 268,082 | |
2017 | 130,648 | |
2016 | 68,994 | |
Prior | 139,922 | |
Revolving loans | 1,526,857 | |
Revolving loans converted to term | 0 | |
Total | 2,810,947 | |
Traditional C&I | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 31 | |
2019 | 3,268 | |
2018 | 3,819 | |
2017 | 1,300 | |
2016 | 3,006 | |
Prior | 2,878 | |
Revolving loans | 9,860 | |
Revolving loans converted to term | 0 | |
Total | 24,162 | |
Traditional C&I | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 136 | |
2019 | 40,319 | |
2018 | 5,736 | |
2017 | 6,994 | |
2016 | 100 | |
Prior | 6,696 | |
Revolving loans | 24,811 | |
Revolving loans converted to term | 0 | |
Total | 84,792 | |
Traditional C&I | Doubtful | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 304 | |
Revolving loans converted to term | ||
Total | 304 | |
ABL | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 6,500 | |
2019 | 3,467 | |
2018 | 3,890 | |
2017 | 23,575 | |
2016 | 28,290 | |
Prior | 1,133 | |
Revolving loans | 736,149 | |
Revolving loans converted to term | 0 | |
Total | 803,004 | |
ABL | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 2,695 | |
2018 | 3,167 | |
2017 | 8,245 | |
2016 | 24,138 | |
Prior | 480 | |
Revolving loans | 641,013 | |
Revolving loans converted to term | 0 | |
Total | 679,738 | |
ABL | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 6,500 | |
2019 | 772 | |
2018 | 723 | |
2017 | 15,330 | |
2016 | 3,011 | |
Prior | 0 | |
Revolving loans | 85,261 | |
Revolving loans converted to term | 0 | |
Total | 111,597 | |
ABL | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 1,141 | |
Prior | 653 | |
Revolving loans | 9,875 | |
Revolving loans converted to term | 0 | |
Total | 11,669 | |
Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 8,444 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 150,793 | |
Revolving loans converted to term | 0 | |
Total | 159,237 | |
Payroll finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 8,444 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 148,493 | |
Revolving loans converted to term | 0 | |
Total | 156,937 | |
Payroll finance | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
Payroll finance | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 2,300 | |
Revolving loans converted to term | 0 | |
Total | 2,300 | |
Warehouse lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 164,499 | |
2019 | 76,685 | |
2018 | 181,885 | |
2017 | 245,290 | |
2016 | 657,044 | |
Prior | 628,274 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,953,677 | |
Warehouse lending | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 164,499 | |
2019 | 76,685 | |
2018 | 181,885 | |
2017 | 245,290 | |
2016 | 657,044 | |
Prior | 628,274 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,953,677 | |
Warehouse lending | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
Warehouse lending | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 220,217 | |
Revolving loans converted to term | 0 | |
Total | 220,217 | |
Factored receivables | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 214,694 | |
Revolving loans converted to term | 0 | |
Total | 214,694 | |
Factored receivables | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 5,523 | |
Revolving loans converted to term | 0 | |
Total | 5,523 | |
Factored receivables | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
Equipment finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 449,432 | |
2019 | 561,265 | |
2018 | 263,202 | |
2017 | 127,010 | |
2016 | 79,724 | |
Prior | 50,476 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,531,109 | |
Equipment finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 449,409 | |
2019 | 537,994 | |
2018 | 252,477 | |
2017 | 113,352 | |
2016 | 77,241 | |
Prior | 47,881 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,478,354 | |
Equipment finance | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 3,847 | |
2018 | 1,827 | |
2017 | 944 | |
2016 | 76 | |
Prior | 1,043 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 7,737 | |
Equipment finance | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 23 | |
2019 | 19,424 | |
2018 | 8,898 | |
2017 | 12,714 | |
2016 | 2,407 | |
Prior | 1,552 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 45,018 | |
Public sector finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 452,330 | |
2019 | 400,674 | |
2018 | 208,683 | |
2017 | 267,076 | |
2016 | 178,670 | |
Prior | 65,386 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,572,819 | |
Public sector finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 452,330 | |
2019 | 400,674 | |
2018 | 208,683 | |
2017 | 267,076 | |
2016 | 178,670 | |
Prior | 65,386 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,572,819 | |
Public sector finance | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
Public sector finance | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 1,118,387 | |
2019 | 1,372,426 | |
2018 | 1,000,588 | |
2017 | 560,743 | |
2016 | 589,479 | |
Prior | 1,190,367 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 5,831,990 | |
CRE | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 1,081,860 | |
2019 | 1,259,292 | |
2018 | 894,965 | |
2017 | 486,185 | |
2016 | 527,882 | |
Prior | 1,051,607 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 5,301,791 | |
CRE | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 9,158 | |
2019 | 66,563 | |
2018 | 21,453 | |
2017 | 72,570 | |
2016 | 38,600 | |
Prior | 41,059 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 249,403 | |
CRE | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 27,369 | |
2019 | 46,571 | |
2018 | 84,170 | |
2017 | 1,988 | |
2016 | 22,997 | |
Prior | 97,701 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 280,796 | |
Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 369,882 | |
2019 | 777,882 | |
2018 | 428,983 | |
2017 | 646,665 | |
2016 | 577,751 | |
Prior | 1,531,459 | |
Revolving loans | 74,038 | |
Revolving loans converted to term | 0 | |
Total | 4,406,660 | |
Multi-family | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 369,882 | |
2019 | 774,194 | |
2018 | 412,306 | |
2017 | 616,513 | |
2016 | 572,433 | |
Prior | 1,484,098 | |
Revolving loans | 71,216 | |
Revolving loans converted to term | 0 | |
Total | 4,300,642 | |
Multi-family | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 11,914 | |
2017 | 30,152 | |
2016 | 0 | |
Prior | 17,339 | |
Revolving loans | 1,741 | |
Revolving loans converted to term | 0 | |
Total | 61,146 | |
Multi-family | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 3,688 | |
2018 | 4,763 | |
2017 | 0 | |
2016 | 5,318 | |
Prior | 30,022 | |
Revolving loans | 1,081 | |
Revolving loans converted to term | 0 | |
Total | 44,872 | |
ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 96,247 | |
2019 | 270,584 | |
2018 | 127,648 | |
2017 | 99,145 | |
2016 | 26,646 | |
Prior | 22,673 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 642,943 | |
ADC | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 94,840 | |
2019 | 270,584 | |
2018 | 127,648 | |
2017 | 69,145 | |
2016 | 26,646 | |
Prior | 22,673 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 611,536 | |
ADC | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 1,407 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,407 | |
ADC | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 30,000 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 30,000 | |
Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 5,043 | |
2019 | 11,940 | |
2018 | 39,858 | |
2017 | 46,551 | |
2016 | 115,918 | |
Prior | 1,397,331 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,616,641 | |
Residential mortgage | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 5,043 | |
2019 | 11,940 | |
2018 | 39,338 | |
2017 | 46,551 | |
2016 | 115,918 | |
Prior | 1,378,441 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,597,231 | |
Residential mortgage | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 468 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 468 | |
Residential mortgage | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 520 | |
2017 | 0 | |
2016 | 0 | |
Prior | 18,422 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 18,942 | |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 75 | |
2019 | 400 | |
2018 | 457 | |
2017 | 278 | |
2016 | 85 | |
Prior | 5,775 | |
Revolving loans | 112,301 | |
Revolving loans converted to term | 70,536 | |
Total | 189,907 | |
Consumer | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 75 | |
2019 | 400 | |
2018 | 457 | |
2017 | 278 | |
2016 | 85 | |
Prior | 5,334 | |
Revolving loans | 109,491 | |
Revolving loans converted to term | 63,401 | |
Total | 179,521 | |
Consumer | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 15 | |
Revolving loans converted to term | 0 | |
Total | 15 | |
Consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 441 | |
Revolving loans | 2,795 | |
Revolving loans converted to term | 7,135 | |
Total | $ 10,371 |
Premises and Equipment, Net -_2
Premises and Equipment, Net - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | $ 320,074 | $ 333,798 | |
Accumulated depreciation and amortization | (117,519) | (106,728) | |
Total premises and equipment, net | 202,555 | 227,070 | |
Depreciation and amortization of premises and equipment | 19,490 | 19,926 | $ 20,349 |
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | 91,215 | 105,683 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | 79,726 | 92,762 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | 32,910 | 29,956 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | $ 116,223 | $ 105,397 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Acquired goodwill | $ 0 | $ 70,449 | |
Reporting unit, percentage of fair value in excess of carrying amount | 10.00% | ||
Amortization of intangible assets | $ 16,800 | 19,181 | $ 23,646 |
Minimum | |||
Goodwill [Line Items] | |||
Estimated useful life | 1 year | ||
Maximum | |||
Goodwill [Line Items] | |||
Estimated useful life | 10 years | ||
Woodforest National Bank | |||
Goodwill [Line Items] | |||
Acquired goodwill | 44,800 | ||
Santander Bank | |||
Goodwill [Line Items] | |||
Acquired goodwill | $ 25,700 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Beginning of period balance | $ 1,683,482 | $ 1,613,033 |
Acquired goodwill | 0 | 70,449 |
End of period balance | $ 1,683,482 | $ 1,683,482 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Balance of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | $ 200,717 | $ 200,717 | |
Accumulated amortization | (107,153) | (90,353) | |
Net intangible assets | 93,564 | 110,364 | |
Amortization of intangible assets | 16,800 | 19,181 | $ 23,646 |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 157,959 | 157,959 | |
Accumulated amortization | (88,151) | (72,037) | |
Net intangible assets | 69,808 | 85,922 | |
Customer lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 10,450 | 10,450 | |
Accumulated amortization | (7,194) | (6,508) | |
Net intangible assets | 3,256 | 3,942 | |
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 11,808 | 11,808 | |
Accumulated amortization | (11,808) | (11,808) | |
Net intangible assets | 0 | 0 | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 20,500 | 20,500 | |
Accumulated amortization | 0 | 0 | |
Net intangible assets | $ 20,500 | $ 20,500 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 15,103 |
2022 | 13,703 |
2023 | 12,322 |
2024 | 10,448 |
2025 | 8,722 |
Thereafter | 12,766 |
Total | $ 73,064 |
Deposits - Deposit Balances (De
Deposits - Deposit Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 5,443,907 | $ 4,304,943 |
Interest bearing demand | 4,960,800 | 4,427,012 |
Savings | 2,603,570 | 2,652,764 |
Money market | 8,114,415 | 7,585,888 |
Certificates of deposit | 1,996,830 | 3,448,051 |
Total deposits | $ 23,119,522 | $ 22,418,658 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Classification of Deposits [Line Items] | ||
Municipal deposits | $ 1,600,000 | $ 2,000,000 |
Cash in excess of FDIC insurance limits | 318,600 | 1,400,000 |
Brokered deposits | 1,579,271 | 1,866,444 |
Certificates of deposit | ||
Schedule of Classification of Deposits [Line Items] | ||
Brokered deposits | $ 100,003 | $ 772,251 |
Deposits - Remaining Period to
Deposits - Remaining Period to Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Less than one year | $ 1,629,168 | $ 3,009,102 |
One to two years | 158,830 | 221,227 |
Two to three years | 62,632 | 107,589 |
Three to four years | 58,672 | 47,711 |
Four to five years | 87,528 | 62,422 |
Total certificates of deposit | $ 1,996,830 | $ 3,448,051 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 1,579,271 | $ 1,866,444 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 433,790 | 149,566 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 1,045,478 | 944,627 |
Certificates of deposit | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 100,003 | $ 772,251 |
Borrowings, Senior Notes and _3
Borrowings, Senior Notes and Subordinated Notes - Summary of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Oct. 30, 2020 | Dec. 31, 2019 | Mar. 29, 2016 |
By period to maturity: | ||||
Less than one year, amount | $ 686,101 | $ 1,491,446 | ||
Less than one year, rate | 0.24% | 2.19% | ||
One to two years, amount | $ 0 | $ 925,388 | ||
One to two years, rate | 0.00% | 2.07% | ||
Two to three years, amount | $ 0 | $ 25,000 | ||
Two to three years, rate | 0.00% | 1.71% | ||
Three to four years, amount | $ 0 | $ 0 | ||
Three to four years, rate | 0.00% | 0.00% | ||
Greater than five years, amount | $ 635,613 | $ 444,124 | ||
Greater than five years, rate | 4.43% | 4.67% | ||
Total borrowings, amount | $ 1,321,714 | $ 2,885,958 | ||
Total borrowings, rate | 2.25% | 2.53% | ||
Federal Home Loan Bank Advances | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 382,000 | $ 2,245,653 | ||
Total borrowings, rate | 0.35% | 2.04% | ||
Repurchase agreements | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 27,101 | $ 22,678 | ||
Total borrowings, rate | 0.10% | 1.20% | ||
Federal funds purchased | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 277,000 | $ 0 | ||
Total borrowings, rate | 0.11% | 0.00% | ||
Senior Notes | 3.50% Senior Notes | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 0 | $ 173,504 | ||
Total borrowings, rate | 0.00% | 3.19% | ||
Interest rate | 3.50% | |||
Subordinated Debt | Subordinated Notes - 2030 | ||||
By period to maturity: | ||||
Interest rate | 3.875% | |||
Sterling National Bank | Subordinated Debt | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 143,703 | $ 173,182 | ||
Total borrowings, rate | 5.45% | 5.45% | ||
Interest rate | 5.25% | |||
Sterling Bancorp | Subordinated Debt | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 491,910 | $ 270,941 | ||
Sterling Bancorp | Subordinated Debt | Subordinated Notes - 2029 | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 270,284 | $ 270,941 | ||
Total borrowings, rate | 4.17% | 4.17% | ||
Sterling Bancorp | Subordinated Debt | Subordinated Notes - 2030 | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 221,626 | $ 0 | ||
Total borrowings, rate | 4.06% | 0.00% |
Borrowings, Senior Notes and _4
Borrowings, Senior Notes and Subordinated Notes - Narrative (Details) - USD ($) | Oct. 30, 2020 | Dec. 16, 2019 | Sep. 02, 2016 | Mar. 29, 2016 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2019 | Oct. 02, 2017 |
Debt Instrument [Line Items] | ||||||||||
Bank pledged mortgages | $ 6,500,000,000 | $ 6,500,000,000 | $ 7,700,000,000 | |||||||
Increased borrowing capacity by pledging securities | $ 2,200,000,000 | $ 2,200,000,000 | ||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repurchase agreements maturity | 1 day | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repurchase agreements maturity | 30 days | |||||||||
Senior Notes | 3.50% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.50% | 3.50% | ||||||||
Senior Notes | 3.50% Senior Notes | Astoria Financial Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.50% | |||||||||
Debt assumed | $ 200,000,000 | |||||||||
Subordinated Debt | Subordinated Notes - 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 225,000,000 | |||||||||
Interest rate | 3.875% | |||||||||
Private placement discount rate | 1.25% | |||||||||
Debt issuance costs | $ 610,000 | |||||||||
Unamortized discount | $ 3,400,000 | $ 3,400,000 | ||||||||
Effective yield | 4.06% | 4.06% | ||||||||
Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving line of credit amount | $ 35,000,000 | |||||||||
Revolving line of credit balance | $ 0 | $ 0 | 0 | |||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread rate | 1.25% | |||||||||
Parent | Subordinated Debt | Subordinated Notes - 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 275,000,000 | |||||||||
Interest rate | 4.00% | |||||||||
Unamortized discount | $ 3,700,000 | $ 3,700,000 | ||||||||
Effective yield | 4.17% | 4.17% | ||||||||
Basis spread rate | 0.253% | |||||||||
Parent | Subordinated Debt | Subordinated Notes - 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Private placement discount rate | 1.25% | |||||||||
Debt issuance costs | $ 634,000 | |||||||||
Basis spread rate | 0.369% | |||||||||
Sterling National Bank | Subordinated Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 65,000,000 | $ 110,000,000 | ||||||||
Interest rate | 5.25% | |||||||||
Private placement discount rate | 1.25% | 1.25% | ||||||||
Debt issuance costs | $ 275,000 | $ 500,000 | ||||||||
Issue premium | 0.50% | |||||||||
Unamortized discount | $ 1,300,000 | $ 1,300,000 | ||||||||
Effective yield | 5.45% | 5.45% | ||||||||
Repayments of subordinated debt | $ 30,000,000 | $ 30,000,000 | $ 0 | $ 0 | ||||||
Sterling National Bank | Subordinated Debt | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread rate | 3.937% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leased Assets [Line Items] | |||
Sales-type lease, impairment loss | $ 0 | ||
Financing lease income | 11,300,000 | $ 1,100,000 | |
Operating lease income | $ 16,100,000 | 2,400,000 | |
Operating lease, renewal term | 20 years | ||
Operating lease, option to terminate term | 180 days | ||
Operating lease, right-of-use asset | $ 105,667,000 | 112,226,000 | |
Operating lease liability | $ 113,405,000 | $ 118,986,000 | |
Operating leases, rent expense | $ 17,100,000 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Sale-type lease term | 30 months | ||
Term of contract | 3 months | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Sale-type lease term | 120 months | ||
Term of contract | 15 years |
Leases - Sales-type and Direct
Leases - Sales-type and Direct Financing Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Sales-type leases: | ||
Lease receivables | $ 170,347 | $ 218,861 |
Unguaranteed residual values | 85,024 | 76,361 |
Total net investment in sales-type leases | $ 255,371 | $ 295,222 |
Leases - Remaining Lease Maturi
Leases - Remaining Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating | ||
2021 | $ 12,491 | |
2022 | 12,194 | |
2023 | 11,126 | |
2024 | 9,761 | |
2025 | 6,711 | |
Thereafter | 2,941 | |
Total lease payments | 55,224 | $ 72,291 |
Sales-type | ||
2021 | 64,512 | |
2022 | 72,895 | |
2023 | 73,715 | |
2024 | 29,667 | |
2025 | 21,695 | |
Thereafter | 31,280 | |
Total lease payments | 293,764 | |
Unearned income | (38,393) | |
Net lease receivables | $ 255,371 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 19,257 | $ 19,550 |
Sub-lease income | 2,277 | 2,581 |
Net lease expense | $ 16,980 | $ 16,969 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 18,336 | |
2022 | 18,069 | |
2023 | 16,604 | |
2024 | 14,790 | |
2025 | 12,175 | |
2026 and thereafter | 49,461 | |
Total lease payments | 129,435 | |
Interest | 16,030 | |
Present value of lease liabilities | $ 113,405 | $ 118,986 |
Leases - Weighted Average Terms
Leases - Weighted Average Terms and Discount Rates (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted average remaining lease term (years) | 7 years 10 months 6 days | 7 years 11 months 8 days |
Weighted average remaining discount rate | 3.33% | 3.26% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Cash pledged as collateral for swaps | $ 89.8 | $ 43 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of derivatives | ||
Derivative assets, fair value | $ 149,797 | $ 67,318 |
Derivative liabilities, fair value | 60,004 | 24,314 |
Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 1,913,607 | 1,855,549 |
Derivative assets, fair value | 149,797 | 67,318 |
Other Liabilities | ||
Summary of derivatives | ||
Derivative liabilities, notional amount | 1,913,607 | 1,855,549 |
Derivative liabilities, fair value | 60,004 | 24,314 |
Third-party interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 0 | 116,874 |
Derivative assets, fair value | 0 | 15 |
Third-party interest rate swap | Other Liabilities | ||
Summary of derivatives | ||
Derivative liabilities, notional amount | 1,913,607 | 1,738,675 |
Derivative liabilities, fair value | 60,004 | 23,998 |
Customer interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 1,913,607 | 1,738,675 |
Derivative assets, fair value | 149,797 | 67,303 |
Customer interest rate swap | Other Liabilities | ||
Summary of derivatives | ||
Derivative liabilities, notional amount | 0 | 116,874 |
Derivative liabilities, fair value | $ 0 | $ 316 |
Interest Rate Swap | Other assets | ||
Summary of derivatives | ||
Average maturity (in years) | 4 years 4 months 24 days | 5 years 2 months 4 days |
Weighted average fixed rate | 4.44% | 4.50% |
Interest Rate Swap | Other assets | London Interbank Offered Rate (LIBOR) | ||
Summary of derivatives | ||
Basis spread | 2.20% | 2.23% |
Interest Rate Swap | Other Liabilities | ||
Summary of derivatives | ||
Average maturity (in years) | 4 years 4 months 24 days | 5 years 2 months 4 days |
Weighted average fixed rate | 4.44% | 4.50% |
Interest Rate Swap | Other Liabilities | London Interbank Offered Rate (LIBOR) | ||
Summary of derivatives | ||
Basis spread | 2.20% | 2.23% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current income tax expense: | |||||||||||
Federal | $ 51,609 | $ 4,133 | $ 44,810 | ||||||||
State and local | 26,782 | 27,616 | 17,263 | ||||||||
Total current income tax expense | 78,391 | 31,749 | 62,073 | ||||||||
Deferred income tax (benefit) expense: | |||||||||||
Federal | (35,455) | 72,030 | 38,661 | ||||||||
State and local | (13,037) | 9,146 | 18,242 | ||||||||
Total deferred income tax (benefit) expense | (48,492) | 81,176 | 56,903 | ||||||||
Total income tax expense | $ 18,551 | $ 12,280 | $ 7,110 | $ (8,042) | $ 27,905 | $ 32,549 | $ 23,997 | $ 28,474 | $ 29,899 | $ 112,925 | $ 118,976 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Efftective tax rate reconciliation: | |||||||||||
Tax at federal statutory rate of 21% | $ 53,690 | $ 113,393 | $ 118,908 | ||||||||
State and local income taxes, net of federal tax benefit | 10,858 | 29,042 | 28,049 | ||||||||
Tax-exempt interest, net of disallowed interest | (23,106) | (20,238) | (19,521) | ||||||||
BOLI income | (4,315) | (4,963) | (3,279) | ||||||||
Low income housing tax credits and other benefits | (39,630) | (19,567) | (9,823) | ||||||||
Low income housing investment amortization expense | 34,295 | 16,718 | 6,655 | ||||||||
Equity-based stock compensation benefit | 995 | (468) | (680) | ||||||||
FDIC insurance premium limitation | 1,018 | 977 | 1,777 | ||||||||
Impact of rate remeasurement on NOL carryback | (17,955) | 0 | 0 | ||||||||
Change in uncertain tax position | 7,000 | 0 | 0 | ||||||||
Other, net | 7,049 | (1,969) | (3,110) | ||||||||
Total income tax expense | $ 18,551 | $ 12,280 | $ 7,110 | $ (8,042) | $ 27,905 | $ 32,549 | $ 23,997 | $ 28,474 | $ 29,899 | $ 112,925 | $ 118,976 |
Effective income tax rate | 11.70% | 20.90% | 21.00% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||||||||||
Reduction of income tax expense | $ (18,551,000) | $ (12,280,000) | $ (7,110,000) | $ 8,042,000 | $ (27,905,000) | $ (32,549,000) | $ (23,997,000) | $ (28,474,000) | $ (29,899,000) | $ (112,925,000) | $ (118,976,000) | |
Unrecognized tax benefits | 7,000,000 | 0 | 7,000,000 | 0 | 0 | $ 0 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 6,100,000 | 6,100,000 | ||||||||||
Income tax examination, penalties and interest expense | 500,000 | 0 | 0 | |||||||||
Income tax examination, penalties and interest accrued | 500,000 | 0 | 500,000 | 0 | ||||||||
Deferred tax liabilities, net | 43,286,000 | 67,570,000 | 43,286,000 | 67,570,000 | ||||||||
Deferred tax assets, valuation allowance | 0 | 0 | 0 | 0 | ||||||||
Bad debt reserve for tax purposes | 9,300,000 | 9,300,000 | 9,300,000 | 9,300,000 | ||||||||
Provision for federal income tax | 0 | 0 | ||||||||||
Deferred tax liability not recognized | 2,000,000 | $ 2,000,000 | 2,000,000 | $ 2,000,000 | ||||||||
CARES Act | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Reduction of income tax expense | 18,000,000 | |||||||||||
State | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Operating loss carryforward | 82,400,000 | 82,400,000 | ||||||||||
Operating loss carryforward, subject to expiration | $ 21,900,000 | $ 21,900,000 | ||||||||||
Astoria Financial Corporation | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Adjustment to provisional goodwill from Astoria Merger | $ 6,200,000 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Uncertain Tax Positions [Roll Forward] | |||
Uncertain tax positions beginning of period | $ 0 | $ 0 | $ 0 |
Additions for tax positions related to prior tax years | 11,480 | 0 | 0 |
Decrease due to settlement | (1,315) | 0 | 0 |
Interest expense in tax positions | 123 | 0 | 0 |
Reduction due to expiration of statute of limitation | (3,288) | 0 | 0 |
Uncertain tax positions at September 30, 2020 | $ 7,000 | $ 0 | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
ACL - loans | $ 86,269 | $ 28,779 |
Lease liability | 30,482 | 32,232 |
Deferred compensation | 337 | 333 |
Other accrued compensation and benefits | 10,189 | 8,953 |
Deferred rent | 805 | 1,496 |
Pension and post retirement expense | 5,235 | 4,207 |
Deferred loan fees and costs | 3,532 | 2,694 |
Accrued expenses | 269 | 1,590 |
Net operating loss carryforwards | 6,916 | 41,044 |
Other | 5,373 | 3,605 |
Total deferred tax assets | 149,407 | 124,933 |
Deferred tax liabilities: | ||
Right of use asset (leases) | 28,402 | 30,401 |
Acquisition fair value adjustments | 58,157 | 56,292 |
Depreciation of premises and equipment and tax leases | 60,715 | 79,349 |
Other comprehensive income (securities) | 31,834 | 14,331 |
Deferred capital gains | 6,368 | 6,590 |
Mortgage servicing rights | 1,190 | 2,250 |
Other comprehensive gain (defined benefit plans) | 564 | 624 |
Intangible asset amortization | 4,428 | 1,633 |
Other | 1,035 | 1,033 |
Total deferred tax liabilities | 192,693 | 192,503 |
Net deferred tax liability | $ (43,286) | $ (67,570) |
Investments in Low Income Hou_3
Investments in Low Income Housing Tax Credits - Balance Sheet Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in Affordable Housing Projects [Abstract] | ||
Gross investment in LIHTC | $ 574,470 | $ 439,877 |
Accumulated amortization | (86,167) | (53,053) |
Net investment in LIHTC | 488,303 | 386,824 |
Unfunded commitments for LIHTC investments | $ 283,849 | $ 264,930 |
Investments in Low Income Hou_4
Investments in Low Income Housing Tax Credits - Unfunded Commitments Maturity Schedule (Details) - Low Income Housing Tax Credit Expected Payments $ in Thousands | Dec. 31, 2020USD ($) |
Other Commitments [Line Items] | |
2021 | $ 152,913 |
2022 | 91,335 |
2023 | 24,086 |
2024 | 4,571 |
2025 | 1,483 |
2026 and thereafter | 9,461 |
Total unfunded commitments for LIHTC investments | $ 283,849 |
Investments in Low Income Hou_5
Investments in Low Income Housing Tax Credits - Tax Credits And Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |||
Tax credits and other tax benefits recognized | $ (39,630) | $ (19,567) | $ (9,823) |
Amortization of low income housing tax credits | $ 34,295 | $ 16,718 | $ 6,655 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)planshares | Dec. 31, 2019shares | Dec. 31, 2018shares | May 29, 2019shares | May 28, 2019shares | Dec. 31, 2017shares | May 28, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of active stock-based compensation plans | plan | 1 | ||||||
Shares remaining that are authorized and available for future grant (in shares) | 1,811,418 | 3,347,036 | 2,318,950 | 3,101,327 | |||
Intrinsic value of options outstanding | $ | $ 2,300 | ||||||
Grant of share options (in shares) | 0 | 0 | 0 | ||||
Unrecognized stock-based compensation expense | $ | $ 32,500 | ||||||
Weighted-average period total unrecognized compensation cost related to non-vested shares granted | 1 year 7 months 6 days | ||||||
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Term of contract | 10 years | ||||||
Stock options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period for awards | 1 year | ||||||
Stock options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period for awards | 5 years | ||||||
2015 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized (in shares) | 4,454,318 | 2,800,000 | |||||
Amended and restated 2015 omnibus plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized (in shares) | 7,000,000 | ||||||
Shares remaining that are authorized and available for future grant (in shares) | 1,811,418 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares available for grant (in shares) | ||||||
Beginning balance (in shares) | 3,347,036 | 2,318,950 | 3,347,036 | 2,318,950 | 3,101,327 | |
Granted (in shares) | (1,652,071) | (1,544,013) | (813,239) | |||
Stock awards vested (in shares) | 33,392 | 70,353 | 39,504 | 70,353 | 33,392 | |
Exercised (in shares) | 0 | 0 | 0 | |||
Forfeited (in shares) | 186,110 | 98,270 | 69,554 | |||
Canceled/expired (in shares) | (30,153) | (1,500) | (5,300) | |||
Ending balance (in shares) | 2,318,950 | 1,811,418 | 3,347,036 | 2,318,950 | ||
Stock options outstanding - Number of shares | ||||||
Beginning balance (in shares) | 427,274 | 686,539 | 427,274 | 686,539 | 757,867 | |
Granted (in shares) | 0 | 0 | 0 | |||
Stock awards vested (in shares) | 0 | 0 | 0 | |||
Exercised (in shares) | (60,500) | (257,765) | (66,028) | |||
Forfeited (in shares) | (30,153) | (1,500) | (5,300) | |||
Canceled/expired (in shares) | 0 | 0 | 0 | |||
Ending balance (in shares) | 686,539 | 336,621 | 427,274 | 686,539 | ||
Exercisable (in shares) | 336,621 | |||||
Stock options outstanding - Weighted average exercise price | ||||||
Beginning balance (in dollars per share) | $ 11.15 | $ 11.20 | $ 11.15 | $ 11.20 | $ 11.15 | |
Granted (in dollars per share) | 0 | 0 | 0 | |||
Stock awards vested (in dollars per share) | 0 | 0 | 0 | |||
Exercised (in dollars per share) | 10.08 | 11.29 | 10.46 | |||
Forfeited (in dollars per share) | 13.43 | 10.03 | 13.18 | |||
Canceled/expired (in dollars per share) | 0 | 0 | 0 | |||
Ending balance (in dollars per share) | $ 11.20 | 11.14 | $ 11.15 | $ 11.20 | ||
Exercisable (in dollars per share) | $ 11.14 | |||||
Performance measurement period | 3 years | 3 years | ||||
Vesting percentage of shares initially granted | 144.40% | 150.00% | ||||
Stock-based compensation expense | $ 1,000 | $ 23,010 | $ 19,473 | $ 12,984 | ||
Non-vested stock awards/performance units | ||||||
Stock options outstanding - Weighted average exercise price | ||||||
Stock-based compensation expense | $ 23,010 | $ 19,473 | $ 12,978 | |||
Performance Shares | ||||||
Shares available for grant (in shares) | ||||||
Stock awards vested (in shares) | 39,504 | |||||
Stock options outstanding - Weighted average exercise price | ||||||
Performance measurement period | 3 years | |||||
Vesting percentage of shares initially granted | 150.00% | |||||
Stock-based compensation expense | $ 960 | |||||
Recognition and Retention Plan | ||||||
Non-vested stock awards/stock units outstanding - Number of shares | ||||||
Canceled/expired (in shares) | 0 | |||||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | ||||||
Canceled/expired (in dollars per share) | $ 0 | $ 0 | ||||
Recognition and Retention Plan | Non-vested stock awards/performance units | ||||||
Non-vested stock awards/stock units outstanding - Number of shares | ||||||
Beginning balance (in shares) | 2,187,197 | 1,333,514 | 2,187,197 | 1,333,514 | 1,238,760 | |
Granted (in shares) | 1,652,071 | 1,544,013 | 813,239 | |||
Stock awards vested (in shares) | (689,668) | (593,560) | (654,231) | |||
Forfeited (in shares) | (155,957) | (96,770) | (64,254) | |||
Canceled/expired (in shares) | 0 | 0 | ||||
Ending balance (in shares) | 1,333,514 | 2,993,643 | 2,187,197 | 1,333,514 | ||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | ||||||
Beginning balance (in dollars per share) | $ 20.96 | $ 22.12 | $ 20.96 | $ 22.12 | $ 20 | |
Granted (in dollars per share) | 18.69 | 19.66 | 23.22 | |||
Stock awards vested (in dollars per share) | 21.78 | 19.37 | 19.12 | |||
Forfeited (in dollars per share) | 20.55 | 21.92 | 22.47 | |||
Canceled/expired (in dollars per share) | 0 | |||||
Ending balance (in dollars per share) | $ 22.12 | $ 19.54 | $ 20.96 | $ 22.12 | ||
Amended and restated 2015 omnibus plan | ||||||
Shares available for grant (in shares) | ||||||
Amended 2015 omnibus equity and incentive plan (in shares) | 2,545,682 | |||||
Ending balance (in shares) | 1,811,418 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Outstanding by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
$7.63 to $9.27 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (in dollars per share) | $ 7.63 |
Range of exercise price, upper range limit (in dollars per share) | 9.27 |
9.28 to 11.35 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (in dollars per share) | 9.28 |
Range of exercise price, upper range limit (in dollars per share) | 11.35 |
11.36 to 13.22 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (in dollars per share) | 11.36 |
Range of exercise price, upper range limit (in dollars per share) | 13.22 |
13.23 to 15.01 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (in dollars per share) | 13.23 |
Range of exercise price, upper range limit (in dollars per share) | $ 15.01 |
Stock options | |
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 336,621 |
Outstanding, weighted-average exercise price (in dollars per share) | $ 11.14 |
Outstanding, weighted-average life (in years) | 2 years 9 months |
Stock options | $7.63 to $9.27 | |
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 82,700 |
Outstanding, weighted-average exercise price (in dollars per share) | $ 8.34 |
Outstanding, weighted-average life (in years) | 1 year 4 months 6 days |
Stock options | 9.28 to 11.35 | |
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 25,000 |
Outstanding, weighted-average exercise price (in dollars per share) | $ 9.28 |
Outstanding, weighted-average life (in years) | 1 year 11 months 4 days |
Stock options | 11.36 to 13.22 | |
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 115,764 |
Outstanding, weighted-average exercise price (in dollars per share) | $ 11.36 |
Outstanding, weighted-average life (in years) | 2 years 9 months 21 days |
Stock options | 13.23 to 15.01 | |
Share-based Payment Arrangement, Option, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 113,157 |
Outstanding, weighted-average exercise price (in dollars per share) | $ 13.36 |
Outstanding, weighted-average life (in years) | 3 years 10 months 20 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,000 | $ 23,010 | $ 19,473 | $ 12,984 |
Stock-based compensation expense, income tax benefit | 4,832 | 4,089 | 2,727 | |
Proceeds from stock option exercises | 610 | 2,909 | 691 | |
Stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 0 | 0 | 6 | |
Non-vested stock awards/performance units | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 23,010 | $ 19,473 | $ 12,978 |
Pension and Other Post Retire_3
Pension and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net gain on termination of pension plan | $ 0 | $ 11,817 | $ 0 | |
Astoria bank pension plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net gain on termination of pension plan | $ 11,800 | |||
Employee savings plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum contribution by employee, percent | 50.00% | |||
Maximum annual contribution per employee, percent | 3.00% | |||
Savings plan expense | $ 7,600 | 7,900 | $ 4,800 | |
Pension benefits | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employer contributions to fund pension plan | 326 | $ 361 | ||
Other assets | Astoria bank pension plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pension reversion asset | $ 12,700 |
Pension and Other Post Retire_4
Pension and Other Post Retirement Benefits - Projected Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension benefits | |||
Changes in projected benefit obligation: | |||
Beginning of year balance | $ 4,529 | $ 231,525 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 111 | 6,924 | 8,521 |
Actuarial loss | 305 | (8,469) | |
Benefits paid | (326) | (11,004) | |
Pension termination | 0 | (213,552) | |
Other | 0 | (895) | |
End of year balance | 4,619 | 4,529 | 231,525 |
Changes in fair value of plan assets: | |||
Beginning of year balance | 0 | 240,733 | |
Employer contributions | 326 | 361 | |
Benefits and distributions paid | (326) | (11,004) | |
Pension termination | 0 | (213,552) | |
Transfer to 401(k) plan pension reversion asset | 0 | (16,538) | |
End of year balance | 0 | 0 | 240,733 |
Funded status at end of year | (4,619) | (4,529) | |
Other post retirement benefits | |||
Changes in projected benefit obligation: | |||
Beginning of year balance | 32,238 | 30,878 | |
Service cost | 61 | 48 | 64 |
Interest cost | 838 | 997 | 1,040 |
Actuarial loss | 2,904 | 1,338 | |
Benefits paid | (813) | (1,023) | |
Pension termination | 0 | 0 | |
Other | 0 | 0 | |
End of year balance | 35,228 | 32,238 | 30,878 |
Changes in fair value of plan assets: | |||
Beginning of year balance | 0 | 0 | |
Employer contributions | 813 | 1,023 | |
Benefits and distributions paid | (813) | (1,023) | |
Pension termination | 0 | 0 | |
Transfer to 401(k) plan pension reversion asset | 0 | 0 | |
End of year balance | 0 | 0 | $ 0 |
Funded status at end of year | $ (35,228) | $ (32,238) |
Pension and Other Post Retire_5
Pension and Other Post Retirement Benefits - Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | $ 1,761 | $ 1,647 |
Deferred tax expense | (487) | (455) |
Amount included in accumulated other comprehensive gain, net of tax | 1,274 | 1,192 |
Other post retirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | 279 | 2,081 |
Deferred tax expense | (77) | (575) |
Amount included in accumulated other comprehensive gain, net of tax | $ 202 | $ 1,506 |
Pension and Other Post Retire_6
Pension and Other Post Retirement Benefits - Plan assumptions (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension benefits | Astoria Excess and Supplemental Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.67% | 2.68% |
Discount rate used to value periodic cost | 2.68% | 3.82% |
Pension benefits | Astoria Directors’ Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.35% | 2.39% |
Discount rate used to value periodic cost | 2.39% | 3.52% |
Pension benefits | Greater New York Savings Bank Directors’ Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.38% | 2.50% |
Discount rate used to value periodic cost | 2.50% | 3.66% |
Other post retirement benefits | Sterling Other Post retirement life insurance, and other plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.11% | 2.34% |
Discount rate used to value periodic cost | 1.11% | 2.34% |
Other post retirement benefits | Sterling Other Post retirement life insurance, and other plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.53% | 4.15% |
Discount rate used to value periodic cost | 3.20% | 3.23% |
Other post retirement benefits | Astoria Bank Retiree Health Care Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.19% | 3.00% |
Discount rate used to value periodic cost | 3.00% | 4.05% |
Pension and Other Post Retire_7
Pension and Other Post Retirement Benefits - Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 111 | 6,924 | 8,521 |
Expected return on plan assets | 0 | (8,800) | (14,059) |
Amortization of unrecognized actuarial loss (gain) | 0 | 0 | 0 |
Amortization of transition obligation | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Net periodic pension expense (benefit) | 111 | (1,876) | (5,538) |
Other post retirement benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 61 | 48 | 64 |
Interest cost | 838 | 997 | 1,040 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of unrecognized actuarial loss (gain) | 190 | (102) | 21 |
Amortization of transition obligation | 14 | 0 | 0 |
Amortization of prior service cost | 2 | 0 | 0 |
Net periodic pension expense (benefit) | $ 1,105 | $ 943 | $ 1,125 |
Pension and Other Post Retire_8
Pension and Other Post Retirement Benefits - Cost Trend Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Rate to which the cost trend rate is assumed to decline (the “ultimate trend rate”) | 4.75% | 4.75% |
Year that ultimate trend rate is reached | 2026 | 2026 |
On percentage point increase, effect on total service and interest cost components | $ 81 | |
On percentage point increase, effect on the post retirement benefit obligation | 2,540 | |
On percentage point decrease, effect on total service and interest cost components | (67) | |
On percentage point decrease, effect on the post retirement benefit obligation | $ (2,108) | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for the next year | 6.20% | 6.50% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for the next year | 5.80% | 6.00% |
Pension and Other Post Retire_9
Pension and Other Post Retirement Benefits - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Pension benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | $ 1,519 |
2022 | 316 |
2023 | 307 |
2024 | 296 |
2025 | 284 |
Thereafter | 1,180 |
Other post retirement benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | 1,916 |
2022 | 1,848 |
2023 | 1,798 |
2024 | 1,758 |
2025 | 1,677 |
Thereafter | $ 15,679 |
Non-Interest Income, Other No_3
Non-Interest Income, Other Non-interest Expense, Other Assets and Other Liabilities - Significant Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Depreciation expense on operating leases | $ 12,888 | $ 0 | $ 0 |
Advertising and promotion | 7,090 | 8,458 | 5,930 |
Communication | 5,678 | 6,684 | 6,451 |
Residential mortgage loan servicing | 5,337 | 5,926 | 3,393 |
Insurance & surety bond premium | 4,818 | 3,831 | 3,630 |
Commercial loan servicing | 4,512 | 3,093 | 2,280 |
Operational losses | 2,430 | 3,643 | 3,176 |
Other | 22,704 | 22,209 | 18,356 |
Total other non-interest expense | $ 65,457 | $ 53,844 | $ 43,216 |
Non-Interest Income, Other No_4
Non-Interest Income, Other Non-interest Expense, Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Income and Expenses [Abstract] | ||
Low income housing tax credit investments | $ 488,303 | $ 386,824 |
Right of use asset for operating leases | 105,667 | 112,226 |
Swaps | 149,797 | 67,318 |
Cash on deposit as swap collateral and settlement | 82,478 | 93,606 |
Operating leases - equipment and vehicles leased to others | 55,224 | 72,291 |
Other asset balances | 181,934 | 108,603 |
Total other assets | $ 1,063,403 | $ 840,868 |
Non-Interest Income, Other No_5
Non-Interest Income, Other Non-interest Expense, Other Assets and Other Liabilities - Other Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Income and Expenses [Abstract] | ||
Commitment to fund low income housing tax credit investments | $ 283,849 | $ 264,930 |
Operating lease liability | 113,405 | 118,986 |
Payroll finance and factoring liabilities | 115,802 | 105,972 |
Swaps | 60,004 | 24,314 |
Other liability balances | 155,642 | 179,250 |
Total other liabilities | $ 728,702 | $ 693,452 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Computation of basic and diluted earnings per share: | |||||||||||
Net income available to common stockholders | $ 74,457 | $ 82,438 | $ 48,820 | $ 12,171 | $ 104,722 | $ 120,465 | $ 94,473 | $ 99,448 | $ 217,886 | $ 419,108 | $ 439,276 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 194,084,358 | 205,679,874 | 224,299,488 | ||||||||
Common-equivalent shares due to the dilutive effect of stock options (in shares) | 308,985 | 451,754 | 517,508 | ||||||||
Weighted average common shares for computation of diluted EPS (in shares) | 194,393,343 | 206,131,628 | 224,816,996 | ||||||||
Basic - earnings per common share (in dollars per share) | $ 0.39 | $ 0.43 | $ 0.25 | $ 0.06 | $ 0.52 | $ 0.59 | $ 0.46 | $ 0.47 | $ 1.12 | $ 2.04 | $ 1.96 |
Diluted - earnings per common share (in dollars per share) | $ 0.38 | $ 0.43 | $ 0.25 | $ 0.06 | $ 0.52 | $ 0.59 | $ 0.46 | $ 0.47 | $ 1.12 | $ 2.03 | $ 1.95 |
Weighted average common shares that could be exercised that were anti-dilutive for the period (in shares) | 74,040 | 0 | 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Oct. 02, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||
Long-term debt | $ 1,321,714,000 | $ 2,885,958,000 | ||||
Stockholders' equity, reduction to retained earnings | (4,590,514,000) | $ (4,530,113,000) | $ (4,428,853,000) | $ (4,240,178,000) | ||
Aggregate dividend capacity without prior regulatory approval | $ 198,000,000 | |||||
Preferred stock, shares issued (in shares) | 135,000 | 135,000 | ||||
Preferred stock (in shares) | $ 136,689,000 | $ 137,581,000 | ||||
Preferred stock, par value (in dollars per share) | $ 1 | $ 0.01 | $ 0.01 | |||
Payments for purchase of treasury stock | $ 111,597,000 | $ 382,883,000 | $ 159,903,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Class of Stock [Line Items] | ||||||
Stockholders' equity, reduction to retained earnings | 54,254,000 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Change to retained earnings from adoption of new accounting principle | ||||||
Class of Stock [Line Items] | ||||||
Stockholders' equity, reduction to retained earnings | $ 54,300,000 | |||||
Sterling National Bank | ||||||
Class of Stock [Line Items] | ||||||
Subordinated Notes - Company | 143,703,000 | 173,182,000 | ||||
Liquidation account | 13,300,000 | |||||
Sterling National Bank | Subordinated Debt | ||||||
Class of Stock [Line Items] | ||||||
Long-term debt | 143,703,000 | 173,182,000 | ||||
Sterling Bancorp | ||||||
Class of Stock [Line Items] | ||||||
Subordinated Notes - Company | 491,910,000 | 270,941,000 | ||||
Stockholders' equity, reduction to retained earnings | (4,590,514,000) | (4,530,113,000) | ||||
Sterling Bancorp | Subordinated Debt | ||||||
Class of Stock [Line Items] | ||||||
Long-term debt | $ 491,910,000 | $ 270,941,000 | ||||
Astoria Financial Corporation | ||||||
Class of Stock [Line Items] | ||||||
Depositary shares issued (in shares) | 5,400,000 | |||||
Astoria Financial Corporation | Series A Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 135,000 | |||||
Preferred stock (in shares) | $ 135,000,000 | |||||
Preferred stock dividend rate | 6.50% | |||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||||
Preferred stock liquidation preference (in dollars per share) | $ 1,000 | |||||
Astoria Financial Corporation | Series C Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock dividend rate | 6.50% | |||||
2018 Stock Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Shares authorized to be repurchased (up to) (in shares) | 50,000,000 | |||||
Purchase of treasury stock (in shares) | 6,825,353 | 19,312,694 | 9,114,771 | |||
Purchase of treasury stock, wieghted average price (in dollars per share) | $ 16.35 | $ 19.83 | $ 17.54 | |||
Payments for purchase of treasury stock | $ 111,600,000 | $ 382,900,000 | $ 159,900,000 | |||
Remaining shares authorized for repurchase (in shares) | $ 14,747,182 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Total capital to RWA: | ||
Deferred capital gains | $ 6,368 | $ 6,590 |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 risk-based capital | $ 3,198,145 | $ 2,882,208 |
Tier 1 common equity, actual, ratio | 0.1338 | 0.1232 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,673,516 | $ 1,637,001 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 common equity required to be well capitalized, capital | $ 1,553,979 | $ 1,520,073 |
Tier 1 common equity required to be well capitalized, ratio | 6.50% | 6.50% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 3,198,145 | $ 2,882,208 |
Tier 1 risk-based capital, actual, ratio | 0.1338 | 0.1232 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,032,127 | $ 1,987,787 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Tier 1 risk-based capital required to be well capitalized, capital amount | $ 1,912,590 | $ 1,870,859 |
Tier 1 risk-based capital required to be well capitalized, ratio | 0.0800 | 0.0800 |
Total capital to RWA: | ||
Deferred capital gains | $ 3,521,458 | $ 3,162,282 |
Total risk-based capital, actual, ratio | 0.1473 | 0.1352 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,510,274 | $ 2,455,502 |
Total risk-based capital required for minimum capital adequacy ratio, fully phased-in, ratio | 10.50% | 10.50% |
Total risk-based capital required to be well capitalized, capital amount | $ 2,390,737 | $ 2,338,574 |
Total risk-based capital required to be well capitalized, ratio | 0.1000 | 0.1000 |
Tier 1 leverage ratio: | ||
Tier 1 leverage ratio, actual, capital amount | $ 3,198,145 | $ 2,882,208 |
Tier 1 (core) capital, actual, ratio | 0.1133 | 0.1011 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in, capital amount | $ 1,128,913 | $ 1,140,570 |
Tier 1 (core) capital required for minimum capital adequacy ratio, fully phased-in, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required to be well capitalized, capital amount | $ 1,411,142 | $ 1,425,713 |
Tier 1 (core) capital required to be well capitalized, ratio | 0.0500 | 0.0500 |
Sterling Bancorp | ||
Common equity tier 1 to RWA: | ||
Tier 1 risk-based capital | $ 2,727,385 | $ 2,588,975 |
Tier 1 common equity, actual, ratio | 0.1139 | 0.1106 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,675,747 | $ 1,638,718 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 2,864,074 | $ 2,726,556 |
Tier 1 risk-based capital, actual, ratio | 0.1196 | 0.1165 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,034,836 | $ 1,989,872 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Total capital to RWA: | ||
Deferred capital gains | $ 3,638,033 | $ 3,252,412 |
Total risk-based capital, actual, ratio | 0.1520 | 0.1389 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,513,621 | $ 2,458,077 |
Total risk-based capital required for minimum capital adequacy ratio, fully phased-in, ratio | 10.50% | 10.50% |
Tier 1 leverage ratio: | ||
Tier 1 leverage ratio, actual, capital amount | $ 2,864,074 | $ 2,726,556 |
Tier 1 (core) capital, actual, ratio | 0.1014 | 0.0955 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in, capital amount | $ 1,130,362 | $ 1,141,603 |
Tier 1 (core) capital required for minimum capital adequacy ratio, fully phased-in, ratio | 4.00% | 4.00% |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Stockholders' Equity to Bank Regulatory Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Tier One Risk Based Capital [Abstract] | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||
Net accumulated other comprehensive income components | $ 44,600 | $ 106,161 | $ (39,779) | |
Tier Two Risk Based Capital [Abstract] | ||||
ACL - loans, HTM securities and off-balance sheet commitments, under the CECL transition provision | 326,100 | 106,238 | ||
Total risk-based capital | 6,368 | 6,590 | ||
Long-term debt | 1,321,714 | 2,885,958 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Tier Two Risk Based Capital [Abstract] | ||||
ACL - loans, HTM securities and off-balance sheet commitments, under the CECL transition provision | 90,584 | $ 90,600 | ||
Sterling Bancorp | ||||
Tier One Risk Based Capital [Abstract] | ||||
Total U.S. GAAP common stockholders’ equity | 4,453,825 | 4,392,532 | ||
Disallowed goodwill and other intangible assets | (1,751,186) | (1,763,341) | ||
Net unrealized gain on available for sale securities | (83,592) | (38,056) | ||
Net accumulated other comprehensive income components | (1,224) | (2,160) | ||
Tier 1 risk-based capital | 2,727,385 | 2,588,975 | ||
Preferred stock - additional Tier 1 capital | 136,689 | 137,581 | ||
Total Tier 1 capital | 2,864,074 | 2,726,556 | ||
Subordinated Notes - Company | 491,910 | 270,941 | ||
Tier Two Risk Based Capital [Abstract] | ||||
Total Tier 2 capital | 594,349 | 418,964 | ||
ACL - loans, HTM securities and off-balance sheet commitments, under the CECL transition provision | 179,610 | 106,892 | ||
Total risk-based capital | 3,638,033 | 3,252,412 | ||
Sterling Bancorp | Cumulative Effect, Period of Adoption, Adjustment | ||||
Tier One Risk Based Capital [Abstract] | ||||
Total U.S. GAAP common stockholders’ equity | 109,562 | |||
Sterling Bancorp | Subordinated Debt | ||||
Tier Two Risk Based Capital [Abstract] | ||||
Long-term debt | 491,910 | 270,941 | ||
Sterling National Bank | ||||
Tier One Risk Based Capital [Abstract] | ||||
Total U.S. GAAP common stockholders’ equity | 4,881,841 | 4,643,022 | ||
Disallowed goodwill and other intangible assets | (1,708,442) | (1,720,598) | ||
Net unrealized gain on available for sale securities | (83,592) | (38,056) | ||
Net accumulated other comprehensive income components | (1,224) | (2,160) | ||
Tier 1 risk-based capital | 3,198,145 | 2,882,208 | ||
Preferred stock - additional Tier 1 capital | 0 | 0 | ||
Total Tier 1 capital | 3,198,145 | 2,882,208 | ||
Subordinated Notes - Company | 143,703 | 173,182 | ||
Tier Two Risk Based Capital [Abstract] | ||||
Total Tier 2 capital | 143,703 | 173,182 | ||
ACL - loans, HTM securities and off-balance sheet commitments, under the CECL transition provision | 179,610 | 106,892 | ||
Total risk-based capital | 3,521,458 | 3,162,282 | ||
Sterling National Bank | Cumulative Effect, Period of Adoption, Adjustment | ||||
Tier One Risk Based Capital [Abstract] | ||||
Total U.S. GAAP common stockholders’ equity | 109,562 | |||
Sterling National Bank | Subordinated Debt | ||||
Tier Two Risk Based Capital [Abstract] | ||||
Long-term debt | 143,703 | 173,182 | ||
Sterling National Bank | Sterling Bancorp | ||||
Tier One Risk Based Capital [Abstract] | ||||
Subordinated Notes - Company | 102,439 | 148,023 | ||
Sterling National Bank | Sterling National Bank | ||||
Tier One Risk Based Capital [Abstract] | ||||
Subordinated Notes - Company | $ 143,703 | $ 173,182 |
Off-Balance-Sheet Financial I_3
Off-Balance-Sheet Financial Instruments - Narrative (Details) - Letters of credit - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 181,890 | $ 307,287 |
Assets secured by cash as collateral | 90,700 | |
Assets secured by other collateral | $ 88,300 |
Off-Balance-Sheet Financial I_4
Off-Balance-Sheet Financial Instruments - Contractual or Notional Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loan origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 641,965 | $ 565,392 |
Undrawn lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | 1,623,745 | 1,532,702 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 181,890 | $ 307,287 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment securities AFS: | ||
Securities AFS, at estimated fair value | $ 2,298,618 | $ 3,095,648 |
Swaps | 149,797 | 67,318 |
Swaps | 60,004 | 24,314 |
Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 |
Swaps | 149,797 | 67,318 |
Swaps | 60,004 | 24,314 |
Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 |
Swaps | 149,797 | 67,318 |
Total assets | 2,448,415 | 3,162,966 |
Swaps | 60,004 | 24,314 |
Total liabilities | 60,004 | 24,314 |
Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 |
Swaps | 149,797 | 67,318 |
Total assets | 2,448,415 | 3,162,966 |
Swaps | 60,004 | 24,314 |
Total liabilities | 60,004 | 24,314 |
Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Agency-backed | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 918,260 | 1,615,119 |
Agency-backed | Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 918,260 | 1,615,119 |
Agency-backed | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Agency-backed | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 918,260 | 1,615,119 |
Agency-backed | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Other MBS(1) | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 373,284 | 512,277 |
Other MBS(1) | Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 373,284 | 512,277 |
Other MBS(1) | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Other MBS(1) | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 373,284 | 512,277 |
Other MBS(1) | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Total residential MBS | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 1,291,544 | 2,127,396 |
Total residential MBS | Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 1,291,544 | 2,127,396 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 1,291,544 | 2,127,396 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Federal agencies | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 156,467 | 201,138 |
Federal agencies | Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 156,467 | 201,138 |
Federal agencies | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Federal agencies | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 156,467 | 201,138 |
Federal agencies | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Corporate bonds | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 463,512 | 320,922 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 463,512 | 320,922 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 463,512 | 320,922 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
State and municipal | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 387,095 | 446,192 |
State and municipal | Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 387,095 | 446,192 |
State and municipal | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
State and municipal | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 387,095 | 446,192 |
State and municipal | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Total other securities | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 1,007,074 | 968,252 |
Total other securities | Fair Value, Measurements, Recurring | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 1,007,074 | 968,252 |
Total other securities | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 0 | 0 |
Total other securities | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | 1,007,074 | 968,252 |
Total other securities | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities AFS: | ||
Securities AFS, at estimated fair value | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets taken in foreclosure, defaulted loans and facilities held for sale | $ 5,347 | $ 12,189 | |
Changes in fair value recognized through income for foreclosed assets held by the Company | $ 1,600 | $ 959 | $ 678 |
Minimum | Measurement Input, Appraised Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans, measurement input | 0.04 | ||
Maximum | Measurement Input, Appraised Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans, measurement input | 0.10 |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | $ 0 | $ 0 |
Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 21,791,489 | 21,382,990 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 47,338 | 38,103 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 10,916 | 14,515 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | ABL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,899 | 3,772 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Payroll finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 2,300 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Equipment finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,794 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 27,323 | 12,614 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,184 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,307 | 2,924 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 3,593 | 1,300 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | ABL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Payroll finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Equipment finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | ABL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Payroll finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Equipment finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 47,338 | 38,103 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 10,916 | 14,515 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | ABL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,899 | 3,772 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Payroll finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 2,300 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Equipment finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,794 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 27,323 | 12,614 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,184 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,307 | 2,924 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | $ 3,593 | $ 1,300 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs to Level 3 (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | $ 5,347 | $ 12,189 |
Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 21,791,489 | 21,382,990 |
CRE | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | 2,368 | 4,682 |
Residential mortgage | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | 1,425 | 5,220 |
ADC | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | $ 1,554 | $ 2,287 |
Value of underlying collateral | ABL | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.50 | 0.50 |
Value of underlying collateral | Payroll finance | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.50 | |
Value of underlying collateral | Equipment finance | Level 3 inputs | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.150 | |
Adjustments for comparable properties | CRE | Level 3 inputs | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.220 | 0.220 |
Adjustments for comparable properties | Residential mortgage | Level 3 inputs | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.220 | 0.220 |
Adjustments for comparable properties | Consumer | Level 3 inputs | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.220 | 0.220 |
Adjustments by management to reflect current conditions/selling costs | CRE | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, measurement input | 0.220 | 0.220 |
Adjustments by management to reflect current conditions/selling costs | Residential mortgage | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, measurement input | 0.220 | 0.220 |
Adjustments by management to reflect current conditions/selling costs | ADC | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, measurement input | 0.220 | 0.220 |
Fair Value, Measurements, Nonrecurring | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | $ 47,338 | $ 38,103 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 47,338 | 38,103 |
Fair Value, Measurements, Nonrecurring | C&I | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 10,916 | 14,515 |
Fair Value, Measurements, Nonrecurring | C&I | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 10,916 | 14,515 |
Fair Value, Measurements, Nonrecurring | C&I | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 10,916 | 14,515 |
Fair Value, Measurements, Nonrecurring | ABL | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,899 | 3,772 |
Fair Value, Measurements, Nonrecurring | ABL | Impaired | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,899 | 3,772 |
Fair Value, Measurements, Nonrecurring | ABL | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,899 | 3,772 |
Fair Value, Measurements, Nonrecurring | Payroll finance | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 2,300 | |
Fair Value, Measurements, Nonrecurring | Payroll finance | Impaired | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 2,300 | |
Fair Value, Measurements, Nonrecurring | Payroll finance | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 2,300 | |
Fair Value, Measurements, Nonrecurring | Equipment finance | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,794 | |
Fair Value, Measurements, Nonrecurring | Equipment finance | Impaired | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,794 | |
Fair Value, Measurements, Nonrecurring | Equipment finance | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,794 | |
Fair Value, Measurements, Nonrecurring | CRE | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 27,323 | 12,614 |
Fair Value, Measurements, Nonrecurring | CRE | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 27,323 | 12,614 |
Fair Value, Measurements, Nonrecurring | CRE | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 27,323 | 12,614 |
Fair Value, Measurements, Nonrecurring | Multi-family | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,184 | |
Fair Value, Measurements, Nonrecurring | Residential mortgage | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,307 | 2,924 |
Fair Value, Measurements, Nonrecurring | Residential mortgage | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,307 | 2,924 |
Fair Value, Measurements, Nonrecurring | Residential mortgage | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,307 | 2,924 |
Fair Value, Measurements, Nonrecurring | Consumer | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 3,593 | 1,300 |
Fair Value, Measurements, Nonrecurring | Consumer | Level 3 inputs | Collateral Pledged | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 3,593 | 1,300 |
Fair Value, Measurements, Nonrecurring | Consumer | Level 3 inputs | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | $ 3,593 | $ 1,300 |
Fair Value, Measurements, Nonrecurring | Mainly value of taxi medallions | C&I | Impaired | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.10 | 0.06 |
Fair Value, Measurements, Nonrecurring | Mainly value of taxi medallions | C&I | Impaired | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.19 | 0.10 |
Fair Value, Measurements, Nonrecurring | Mainly value of taxi medallions | C&I | Impaired | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | (0.14) | (0.079) |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities AFS, at estimated fair value | $ 2,298,618 | $ 3,095,648 |
Securities HTM | 1,874,504 | 2,053,191 |
Swaps | 149,797 | 67,318 |
Senior Notes | 0 | 173,504 |
Swaps | $ 60,004 | 24,314 |
3.50% Senior Notes | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate | 3.50% | |
Sterling Bancorp | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | $ 0 | 173,504 |
Subordinated Notes - Company | 491,910 | 270,941 |
Sterling National Bank | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 143,703 | 173,182 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 305,002 | 329,151 |
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 |
Securities HTM | 1,740,838 | 1,979,661 |
Portfolio loans, net | 21,522,309 | 21,333,974 |
Loans held for sale | 11,749 | 8,125 |
Accrued interest receivable on securities | 26,508 | 29,308 |
Accrued interest receivable on loans | 70,997 | 71,004 |
FHLB stock and FRB stock | 166,190 | 251,805 |
Swaps | 149,797 | 67,318 |
Non-maturity deposits | 21,122,692 | 18,970,607 |
Certificates of deposit | 1,996,830 | 3,448,051 |
FHLB borrowings | 382,000 | 2,245,653 |
Other borrowings | 304,101 | 22,678 |
Senior Notes | 173,504 | |
Subordinated Notes - Company | 444,123 | |
Mortgage escrow funds | 59,686 | 58,316 |
Accrued interest payable on deposits | 1,068 | 5,427 |
Accrued interest payable on borrowings | 3,425 | 8,629 |
Swaps | 60,004 | 24,314 |
Carrying amount | Sterling Bancorp | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 143,703 | |
Carrying amount | Sterling National Bank | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 491,910 | |
Level 1 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 305,002 | 329,151 |
Securities AFS, at estimated fair value | 0 | 0 |
Securities HTM | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | 21,122,692 | 18,970,607 |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior Notes | 0 | |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | 0 |
Level 1 inputs | Sterling Bancorp | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 0 | |
Level 1 inputs | Sterling National Bank | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 0 | |
Level 2 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Securities AFS, at estimated fair value | 2,298,618 | 3,095,648 |
Securities HTM | 1,874,504 | 2,053,191 |
Portfolio loans, net | 0 | 0 |
Loans held for sale | 11,749 | 8,125 |
Accrued interest receivable on securities | 26,508 | 29,308 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 149,797 | 67,318 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 2,002,702 | 3,444,669 |
FHLB borrowings | 382,000 | 2,248,851 |
Other borrowings | 304,101 | 22,677 |
Senior Notes | 173,733 | |
Subordinated Notes - Company | 453,512 | |
Mortgage escrow funds | 59,686 | 58,315 |
Accrued interest payable on deposits | 1,068 | 5,427 |
Accrued interest payable on borrowings | 3,425 | 8,629 |
Swaps | 60,004 | 24,314 |
Level 2 inputs | Sterling Bancorp | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 145,870 | |
Level 2 inputs | Sterling National Bank | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 506,497 | |
Level 3 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Securities AFS, at estimated fair value | 0 | 0 |
Securities HTM | 0 | 0 |
Portfolio loans, net | 21,791,489 | 21,382,990 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 70,997 | 71,004 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior Notes | 0 | |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | $ 0 |
Level 3 inputs | Sterling Bancorp | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | 0 | |
Level 3 inputs | Sterling National Bank | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes - Company | $ 0 |
AOCI - Components of AOCI (Deta
AOCI - Components of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized holding gain (loss) | $ 61,638 | $ 146,712 | $ (48,125) | |
Related income tax (expense) | (17,038) | (40,551) | 13,475 | |
Other comprehensive income (loss) | 44,600 | 106,161 | (34,650) | |
Accumulated other comprehensive income (loss) | 4,590,514 | 4,530,113 | 4,428,853 | $ 4,240,178 |
Net unrealized holding gain (loss) on AFS securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 83,592 | 38,056 | (75,077) | (22,324) |
Net unrealized holding gain (loss) on AFS securities | Available-for-sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized holding gain (loss) | 115,523 | 52,593 | ||
Related income tax (expense) | (31,931) | (14,537) | ||
Other comprehensive income (loss) | 83,592 | 38,056 | ||
Net unrealized holding gain (loss) on AFS securities | Held-to-maturity Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized holding gain (loss) | (348) | (744) | ||
Related income tax (expense) | 96 | 206 | ||
Other comprehensive income (loss) | (252) | (538) | ||
Net unrealized holding (loss) gain on securities transferred to held to maturity | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | (252) | (538) | (2,546) | (2,678) |
Net unrealized holding gain (loss) on retirement plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized holding gain (loss) | 2,040 | 3,728 | ||
Related income tax (expense) | (564) | (1,030) | ||
Other comprehensive income (loss) | 1,476 | 2,698 | ||
Accumulated other comprehensive income (loss) | 1,476 | 2,698 | 11,678 | (1,164) |
Accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) | 44,600 | 106,161 | (34,650) | |
Accumulated other comprehensive income (loss) | $ 84,816 | $ 40,216 | $ (65,945) | $ (26,166) |
AOCI - Changes in AOCI (Details
AOCI - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 4,530,113 | $ 4,428,853 | $ 4,240,178 |
Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI | (5,129) | ||
Other comprehensive income before reclassification | 52,358 | 116,684 | (56,183) |
Securities reclassified from HTM to AFS | (8,548) | ||
Amounts reclassified from AOCI | (7,758) | (1,975) | 21,533 |
Total other comprehensive (loss) income | 44,600 | 106,161 | (39,779) |
Ending balance | 4,590,514 | 4,530,113 | 4,428,853 |
Net unrealized holding gain (loss) on AFS securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 38,056 | (75,077) | (22,324) |
Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI | (4,376) | ||
Other comprehensive income before reclassification | 52,358 | 116,684 | (56,183) |
Securities reclassified from HTM to AFS | (8,548) | ||
Amounts reclassified from AOCI | (6,822) | 4,997 | 7,806 |
Total other comprehensive (loss) income | 45,536 | 113,133 | (52,753) |
Ending balance | 83,592 | 38,056 | (75,077) |
Net unrealized holding (loss) gain on securities transferred to held to maturity | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (538) | (2,546) | (2,678) |
Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI | (525) | ||
Other comprehensive income before reclassification | 0 | 0 | 0 |
Securities reclassified from HTM to AFS | 0 | ||
Amounts reclassified from AOCI | 286 | 2,008 | 657 |
Total other comprehensive (loss) income | 286 | 2,008 | 132 |
Ending balance | (252) | (538) | (2,546) |
Net unrealized holding gain (loss) on retirement plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 2,698 | 11,678 | (1,164) |
Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI | (228) | ||
Other comprehensive income before reclassification | 0 | 0 | 0 |
Securities reclassified from HTM to AFS | 0 | ||
Amounts reclassified from AOCI | (1,222) | (8,980) | 13,070 |
Total other comprehensive (loss) income | (1,222) | (8,980) | 12,842 |
Ending balance | 1,476 | 2,698 | 11,678 |
Accumulated other comprehensive (loss) income | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 40,216 | (65,945) | (26,166) |
Reclassification of the stranded income tax effects from the enactment of the Tax Reform Act from AOCI | (5,129) | ||
Ending balance | $ 84,816 | $ 40,216 | $ (65,945) |
Condensed Parent Company Fina_3
Condensed Parent Company Financial Statements - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||||
Goodwill | $ 1,683,482 | $ 1,683,482 | $ 1,613,033 | |
Other assets | 1,063,403 | 840,868 | ||
Total assets | 29,820,138 | 30,586,497 | ||
Liabilities: | ||||
Senior Notes | 0 | 173,504 | ||
Other liabilities | 728,702 | 693,452 | ||
Total liabilities | 25,229,624 | 26,056,384 | ||
Stockholders’ equity | 4,590,514 | 4,530,113 | $ 4,428,853 | $ 4,240,178 |
Total liabilities and stockholders’ equity | 29,820,138 | 30,586,497 | ||
Sterling Bancorp | ||||
Assets: | ||||
Cash | 128,721 | 265,145 | ||
Investment in the Bank | 4,881,841 | 4,643,022 | ||
Goodwill | 27,910 | 27,910 | ||
Trade name | 20,500 | 20,500 | ||
Other assets | 31,875 | 24,521 | ||
Total assets | 5,090,847 | 4,981,098 | ||
Liabilities: | ||||
Senior Notes | 0 | 173,504 | ||
Subordinated Notes - Company | 491,910 | 270,941 | ||
Other liabilities | 8,423 | 6,540 | ||
Total liabilities | 500,333 | 450,985 | ||
Stockholders’ equity | 4,590,514 | 4,530,113 | ||
Total liabilities and stockholders’ equity | $ 5,090,847 | $ 4,981,098 |
Condensed Parent Company Fina_4
Condensed Parent Company Financial Statements - Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest expense | $ (20,584) | $ (26,834) | $ (39,927) | $ (61,755) | $ (67,217) | $ (71,888) | $ (70,618) | $ (73,894) | $ (149,100) | $ (283,617) | $ (241,070) |
Non-interest expense | (133,473) | (119,362) | (124,881) | (114,713) | (115,450) | (106,455) | (126,940) | (114,992) | (492,429) | (463,837) | (458,370) |
Income tax benefit | (18,551) | (12,280) | (7,110) | 8,042 | (27,905) | (32,549) | (23,997) | (28,474) | (29,899) | (112,925) | (118,976) |
Net income | 76,423 | 84,407 | 50,792 | 14,147 | 106,698 | 122,447 | 96,460 | 101,437 | 225,769 | 427,041 | 447,254 |
Preferred stock dividends | 1,966 | 1,969 | 1,972 | 1,976 | 1,976 | 1,982 | 1,987 | 1,989 | 7,883 | 7,933 | 7,978 |
Net income available to common stockholders | $ 74,457 | $ 82,438 | $ 48,820 | $ 12,171 | $ 104,722 | $ 120,465 | $ 94,473 | $ 99,448 | 217,886 | 419,108 | 439,276 |
Sterling Bancorp | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | 166 | 43 | 46 | ||||||||
Interest expense | (15,233) | (5,986) | (8,747) | ||||||||
Non-interest expense | (24,963) | (21,566) | (14,564) | ||||||||
Income tax benefit | 7,320 | 6,260 | 5,397 | ||||||||
Income before equity in undistributed earnings of the Bank | 152,290 | 478,751 | 272,139 | ||||||||
Net income | 225,769 | 427,041 | 447,254 | ||||||||
Preferred stock dividends | 7,883 | 7,933 | 7,978 | ||||||||
Net income available to common stockholders | 217,886 | 419,108 | 439,276 | ||||||||
Sterling Bancorp | Sterling National Bank | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from the Bank | 185,000 | 500,000 | 290,007 | ||||||||
Equity in undistributed (excess distributed) earnings | $ 73,479 | $ (51,710) | $ 175,115 |
Condensed Parent Company Fina_5
Condensed Parent Company Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 76,423 | $ 84,407 | $ 50,792 | $ 14,147 | $ 106,698 | $ 122,447 | $ 96,460 | $ 101,437 | $ 225,769 | $ 427,041 | $ 447,254 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain (Loss) on Extinguishment of Debt | 19,462 | (46) | (172) | ||||||||
Other adjustments, net | (107,513) | (139,198) | (114,474) | ||||||||
Net cash provided by operating activities | 391,838 | 438,069 | 394,775 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of Subordinated Notes - Company | 221,577 | 270,941 | 0 | ||||||||
Maturity and early redemption of 3.50% Senior Notes | (173,373) | (6,954) | (96,455) | ||||||||
Cash dividends paid on common stock | (54,495) | (58,110) | (63,118) | ||||||||
Cash dividend paid on preferred stock | (8,775) | (8,775) | (8,775) | ||||||||
Repurchase of treasury stock | (111,597) | (382,883) | (159,903) | ||||||||
Net cash (used in) provided by financing activities | (1,034,398) | (1,579,778) | 625,988 | ||||||||
Net (decrease) in cash and cash equivalents | (24,149) | (108,959) | (41,796) | ||||||||
Cash and cash equivalents at beginning of period | 329,151 | 438,110 | 329,151 | 438,110 | 479,906 | ||||||
Cash and cash equivalents at end of period | $ 305,002 | 329,151 | $ 305,002 | 329,151 | $ 438,110 | ||||||
3.50% Senior Notes | Senior Notes | |||||||||||
Cash flows from financing activities: | |||||||||||
Interest rate | 3.50% | 3.50% | |||||||||
Senior Notes, 5.50% | Senior Notes | |||||||||||
Cash flows from financing activities: | |||||||||||
Interest rate | 5.50% | ||||||||||
Sterling Bancorp | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ 225,769 | 427,041 | $ 447,254 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | (46) | (172) | ||||||||
Other adjustments, net | 13,339 | 6,171 | 5,560 | ||||||||
Net cash provided by operating activities | 165,629 | 484,876 | 277,527 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in the Bank | (175,000) | (75,000) | 0 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of Subordinated Notes - Company | 221,577 | 270,941 | 0 | ||||||||
Maturity and early redemption of 3.50% Senior Notes | (173,373) | (6,954) | (19,455) | ||||||||
Maturity of 5.50% Senior Notes | 0 | 0 | (77,000) | ||||||||
Cash dividends paid on common stock | (54,495) | (58,110) | (63,118) | ||||||||
Cash dividend paid on preferred stock | (8,775) | (8,775) | (8,775) | ||||||||
Stock-based compensation transactions | 610 | 2,909 | 691 | ||||||||
Repurchase of treasury stock | (111,597) | (382,883) | (159,903) | ||||||||
Net cash (used in) provided by financing activities | (127,053) | (182,872) | (327,560) | ||||||||
Net (decrease) in cash and cash equivalents | (136,424) | 227,004 | (50,033) | ||||||||
Cash and cash equivalents at beginning of period | $ 265,145 | $ 38,141 | 265,145 | 38,141 | 88,174 | ||||||
Cash and cash equivalents at end of period | $ 128,721 | $ 265,145 | 128,721 | 265,145 | 38,141 | ||||||
Sterling Bancorp | Subordinated Notes - 2029 | Subordinated Debt | |||||||||||
Cash flows from financing activities: | |||||||||||
Maturity of 5.50% Senior Notes | (1,000) | 0 | 0 | ||||||||
Sterling Bancorp | Sterling National Bank | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in (undistributed) excess distributed earnings of the Bank | $ (73,479) | $ 51,710 | $ (175,115) |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and dividend income | $ 242,610 | $ 244,658 | $ 253,226 | $ 273,527 | $ 295,474 | $ 295,209 | $ 302,457 | $ 309,400 | $ 1,014,021 | $ 1,202,540 | $ 1,208,473 |
Interest expense | 20,584 | 26,834 | 39,927 | 61,755 | 67,217 | 71,888 | 70,618 | 73,894 | 149,100 | 283,617 | 241,070 |
Net interest income | 222,026 | 217,824 | 213,299 | 211,772 | 228,257 | 223,321 | 231,839 | 235,506 | 864,921 | 918,923 | 967,403 |
Provisions for credit losses - loans | 27,500 | 30,000 | 56,606 | 138,280 | 10,585 | 13,700 | 11,500 | 10,200 | |||
Non-interest income | 33,921 | 28,225 | 26,090 | 47,326 | 32,381 | 51,830 | 27,058 | 19,597 | 135,562 | 130,865 | 103,197 |
Non-interest expense | 133,473 | 119,362 | 124,881 | 114,713 | 115,450 | 106,455 | 126,940 | 114,992 | 492,429 | 463,837 | 458,370 |
Income before income taxes | 94,974 | 96,687 | 57,902 | 6,105 | 134,603 | 154,996 | 120,457 | 129,911 | 255,668 | 539,966 | 566,230 |
Income tax expense | 18,551 | 12,280 | 7,110 | (8,042) | 27,905 | 32,549 | 23,997 | 28,474 | 29,899 | 112,925 | 118,976 |
Net income | 76,423 | 84,407 | 50,792 | 14,147 | 106,698 | 122,447 | 96,460 | 101,437 | 225,769 | 427,041 | 447,254 |
Preferred stock dividends | 1,966 | 1,969 | 1,972 | 1,976 | 1,976 | 1,982 | 1,987 | 1,989 | 7,883 | 7,933 | 7,978 |
Net income available to common stockholders | $ 74,457 | $ 82,438 | $ 48,820 | $ 12,171 | $ 104,722 | $ 120,465 | $ 94,473 | $ 99,448 | $ 217,886 | $ 419,108 | $ 439,276 |
Basic (in dollars per share) | $ 0.39 | $ 0.43 | $ 0.25 | $ 0.06 | $ 0.52 | $ 0.59 | $ 0.46 | $ 0.47 | $ 1.12 | $ 2.04 | $ 1.96 |
Diluted (in dollars per share) | $ 0.38 | $ 0.43 | $ 0.25 | $ 0.06 | $ 0.52 | $ 0.59 | $ 0.46 | $ 0.47 | $ 1.12 | $ 2.03 | $ 1.95 |