Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-31566 | |
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1547151 | |
Entity Address, Address Line One | 239 Washington Street | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07302 | |
City Area Code | 732 | |
Local Phone Number | 590-9200 | |
Title of 12(b) Security | Common | |
Trading Symbol | PFS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,614,511 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001178970 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 208,842 | $ 186,490 |
Short-term investments | 30 | 18 |
Total cash and cash equivalents | 208,872 | 186,508 |
Available for sale debt securities, at fair value | 1,749,889 | 1,803,548 |
Held to maturity debt securities, net (fair value of $365,029 at June 30, 2023 (unaudited) and $373,468 at December 31, 2022) | 378,894 | 387,923 |
Equity securities, at fair value | 1,238 | 1,147 |
Federal Home Loan Bank stock | 93,330 | 68,554 |
Total loans | 10,530,531 | 10,248,883 |
Less allowance for credit losses | 102,073 | 88,023 |
Net loans | 10,428,458 | 10,160,860 |
Foreclosed assets, net | 13,697 | 2,124 |
Banking premises and equipment, net | 70,602 | 79,794 |
Accrued interest receivable | 53,845 | 51,903 |
Intangible assets | 459,383 | 460,892 |
Bank-owned life insurance | 241,107 | 239,040 |
Other assets | 330,288 | 341,143 |
Total assets | 14,029,603 | 13,783,436 |
Deposits: | ||
Demand deposits | 7,965,529 | 8,373,005 |
Savings deposits | 1,275,262 | 1,438,583 |
Certificates of deposit of $100,000 or more | 666,276 | 504,627 |
Other time deposits | 354,053 | 246,809 |
Total deposits | 10,261,120 | 10,563,024 |
Mortgage escrow deposits | 44,280 | 35,705 |
Borrowed funds | 1,849,714 | 1,337,370 |
Subordinated debentures | 10,596 | 10,493 |
Other liabilities | 221,422 | 239,141 |
Total liabilities | 12,387,132 | 12,185,733 |
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,012 shares issued and 75,530,425 shares outstanding at June 30, 2023 and 75,169,196 outstanding at December 31, 2022 | 832 | 832 |
Additional paid-in capital | 986,150 | 981,138 |
Retained earnings | 954,403 | 918,158 |
Accumulated other comprehensive (loss) income | (162,493) | (165,045) |
Treasury stock | (127,818) | (127,154) |
Unallocated common stock held by the Employee Stock Ownership Plan | (8,603) | (10,226) |
Common stock acquired by deferred compensation plans | (3,150) | (3,427) |
Deferred compensation plans | 3,150 | 3,427 |
Total stockholders’ equity | 1,642,471 | 1,597,703 |
Total liabilities and stockholders’ equity | $ 14,029,603 | $ 13,783,436 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, debt securities | $ 365,029 | $ 373,468 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 83,209,012 | 83,209,012 |
Common stock, shares outstanding (in shares) | 75,530,425 | 75,169,196 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Real estate secured loans | $ 99,302 | $ 69,073 | $ 195,290 | $ 132,908 |
Commercial loans | 31,426 | 22,363 | 60,109 | 45,184 |
Consumer loans | 4,431 | 3,344 | 8,673 | 6,483 |
Available for sale debt securities, equity securities and Federal Home Loan Bank stock | 11,432 | 8,454 | 22,862 | 16,406 |
Held to maturity debt securities | 2,357 | 2,489 | 4,725 | 5,085 |
Deposits, Federal funds sold and other short-term investments | 948 | 562 | 1,793 | 1,209 |
Total interest income | 149,896 | 106,285 | 293,452 | 207,275 |
Interest expense: | ||||
Deposits | 36,447 | 5,576 | 63,957 | 10,763 |
Borrowed funds | 14,088 | 1,104 | 21,564 | 2,272 |
Subordinated debt | 255 | 130 | 501 | 239 |
Total interest expense | 50,790 | 6,810 | 86,022 | 13,274 |
Net interest income | 99,106 | 99,475 | 207,430 | 194,001 |
Provision charge (benefit) for credit losses | 10,397 | 2,996 | 16,398 | (3,409) |
Net interest income after provision charge (benefit) for credit losses | 88,709 | 96,479 | 191,032 | 197,410 |
Non-interest income: | ||||
Fees | 5,775 | 7,424 | 12,162 | 14,313 |
Wealth management income | 6,919 | 7,024 | 13,834 | 14,489 |
Insurance agency income | 3,847 | 2,850 | 7,950 | 6,270 |
Bank-owned life insurance | 1,534 | 1,563 | 3,018 | 2,741 |
Net gains on securities transactions | 29 | 141 | 24 | 157 |
Other income | 1,283 | 1,930 | 4,552 | 3,108 |
Total non-interest income | 19,387 | 20,932 | 41,540 | 41,078 |
Non-interest expense: | ||||
Compensation and employee benefits | 35,283 | 37,437 | 74,021 | 74,503 |
Net occupancy expense | 7,949 | 8,479 | 16,360 | 17,810 |
Data processing expense | 5,716 | 5,632 | 11,224 | 10,976 |
FDIC insurance | 2,125 | 1,350 | 4,061 | 2,555 |
Amortization of intangibles | 749 | 873 | 1,511 | 1,732 |
Advertising and promotion expense | 1,379 | 1,222 | 2,589 | 2,326 |
Provision (benefit) charge for credit losses on off-balance sheet credit exposures | (647) | (973) | 92 | (3,363) |
Merger-related expenses | 1,960 | 0 | 3,060 | 0 |
Other operating expenses | 9,949 | 9,826 | 21,032 | 19,191 |
Total non-interest expense | 64,463 | 63,846 | 133,950 | 125,730 |
Income before income tax expense | 43,633 | 53,565 | 98,622 | 112,758 |
Income tax expense | 11,630 | 14,337 | 26,083 | 29,567 |
Net income | $ 32,003 | $ 39,228 | $ 72,539 | $ 83,191 |
Basic earnings per share (usd per share) | $ 0.43 | $ 0.53 | $ 0.97 | $ 1.11 |
Weighted average basic shares outstanding (in shares) | 74,823,272 | 74,328,632 | 74,734,795 | 75,068,154 |
Diluted earnings per share (usd per share) | $ 0.43 | $ 0.53 | $ 0.97 | $ 1.11 |
Weighted average diluted shares outstanding (in shares) | 74,830,187 | 74,400,788 | 74,766,848 | 75,152,286 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 32,003 | $ 39,228 | $ 72,539 | $ 83,191 |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized (losses) gains arising during the period | (14,726) | (45,733) | 6,138 | (130,704) |
Reclassification adjustment for gains included in net income | 0 | (42) | 0 | (42) |
Total | (14,726) | (45,775) | 6,138 | (130,746) |
Unrealized gains and losses on derivatives: | ||||
Net unrealized gains (losses) arising during the period | 3,650 | 2,276 | 3,033 | 12,227 |
Reclassification adjustment for (gains) losses included in net income | (3,010) | (118) | (6,089) | 369 |
Total | 640 | 2,158 | (3,056) | 12,596 |
Amortization related to post-retirement obligations | (261) | (236) | (530) | (512) |
Total other comprehensive (loss) income | (14,347) | (43,853) | 2,552 | (118,662) |
Total comprehensive income (loss) | $ 17,656 | $ (4,625) | $ 75,091 | $ (35,471) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | RETAINED EARNINGS Cumulative Effect, Period of Adoption, Adjustment | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | TREASURYSTOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS |
Beginning Balance at Dec. 31, 2021 | $ 1,697,096 | $ 832 | $ 969,815 | $ 814,533 | $ 6,863 | $ (79,603) | $ (15,344) | $ (3,984) | $ 3,984 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 83,191 | 83,191 | |||||||||
Other comprehensive loss, net of tax | (118,662) | (118,662) | |||||||||
Cash dividends paid | (36,747) | (36,747) | |||||||||
Distributions from deferred comp plans | 86 | 86 | 279 | (279) | |||||||
Purchases of treasury stock | (46,530) | (46,530) | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (958) | (958) | |||||||||
Allocation of ESOP shares | 2,205 | 582 | 1,623 | ||||||||
Allocation of SAP shares | 5,485 | 5,485 | |||||||||
Allocation of stock options | 99 | 99 | |||||||||
Ending Balance at Jun. 30, 2022 | 1,585,265 | 832 | 976,067 | 860,977 | (111,799) | (127,091) | (13,721) | (3,705) | 3,705 | ||
Beginning Balance at Dec. 31, 2021 | $ 1,697,096 | 832 | 969,815 | 814,533 | 6,863 | (79,603) | (15,344) | (3,984) | 3,984 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02, net of tax | Accounting Standards Update 2022-02 [Member] | ||||||||||
Ending Balance at Dec. 31, 2022 | $ 1,597,703 | $ 433 | 832 | 981,138 | 918,158 | $ 433 | (165,045) | (127,154) | (10,226) | (3,427) | 3,427 |
Beginning Balance at Mar. 31, 2022 | 1,621,131 | 832 | 972,552 | 839,807 | (67,946) | (109,581) | (14,533) | (3,844) | 3,844 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 39,228 | 39,228 | |||||||||
Other comprehensive loss, net of tax | (43,853) | (43,853) | |||||||||
Cash dividends paid | (18,058) | (18,058) | |||||||||
Distributions from deferred comp plans | 41 | 41 | 139 | (139) | |||||||
Purchases of treasury stock | (17,505) | (17,505) | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (5) | (5) | |||||||||
Allocation of ESOP shares | 1,062 | 250 | 812 | ||||||||
Allocation of SAP shares | 3,174 | 3,174 | |||||||||
Allocation of stock options | 50 | 50 | |||||||||
Ending Balance at Jun. 30, 2022 | 1,585,265 | 832 | 976,067 | 860,977 | (111,799) | (127,091) | (13,721) | (3,705) | 3,705 | ||
Beginning Balance at Dec. 31, 2022 | 1,597,703 | $ 433 | 832 | 981,138 | 918,158 | $ 433 | (165,045) | (127,154) | (10,226) | (3,427) | 3,427 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 72,539 | 72,539 | |||||||||
Other comprehensive loss, net of tax | 2,552 | 2,552 | |||||||||
Cash dividends paid | (36,727) | (36,727) | |||||||||
Distributions from deferred comp plans | 79 | 79 | 277 | (277) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,671) | (1,671) | |||||||||
Stock option exercises | 790 | (217) | 1,007 | ||||||||
Allocation of ESOP shares | 1,866 | 243 | 1,623 | ||||||||
Allocation of SAP shares | 4,830 | 4,830 | |||||||||
Allocation of stock options | 77 | 77 | |||||||||
Ending Balance at Jun. 30, 2023 | 1,642,471 | 832 | 986,150 | 954,403 | (162,493) | (127,818) | (8,603) | (3,150) | 3,150 | ||
Beginning Balance at Mar. 31, 2023 | 1,640,080 | 832 | 984,089 | 940,533 | (148,146) | (127,814) | (9,414) | (3,289) | 3,289 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 32,003 | 32,003 | |||||||||
Other comprehensive loss, net of tax | (14,347) | (14,347) | |||||||||
Cash dividends paid | (18,133) | (18,133) | |||||||||
Distributions from deferred comp plans | 32 | 32 | 139 | (139) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (4) | (4) | |||||||||
Allocation of ESOP shares | 810 | (1) | 811 | ||||||||
Allocation of SAP shares | 1,997 | 1,997 | |||||||||
Allocation of stock options | 33 | 33 | |||||||||
Ending Balance at Jun. 30, 2023 | $ 1,642,471 | $ 832 | $ 986,150 | $ 954,403 | $ (162,493) | $ (127,818) | $ (8,603) | $ (3,150) | $ 3,150 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 72,539 | $ 83,191 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 5,953 | 6,579 |
Provision charge (benefit) for credit losses on loans and securities | 16,398 | (3,409) |
Provision charge (benefit) for credit losses on off-balance sheet credit exposures | 92 | (3,363) |
Deferred tax (benefit) expense | (2,332) | 3,393 |
Amortization of operating lease right-of-use assets | 5,257 | 5,393 |
Income on Bank-owned life insurance | (3,018) | (2,741) |
Net amortization of premiums and discounts on securities | 4,012 | 7,665 |
Accretion of net deferred loan fees | (4,691) | (4,801) |
Amortization of premiums on purchased loans, net | 120 | 154 |
Originations of loans held for sale | (11,490) | (16,197) |
Proceeds from sales of loans originated for sale | 11,938 | 9,881 |
ESOP expense | 1,866 | 2,205 |
Allocation of stock award expense | 4,830 | 5,485 |
Allocation of stock option expense | 77 | 99 |
Net gain on sale of loans | (972) | (824) |
Net gain on securities transactions | (24) | (157) |
Net gain on sale of premises and equipment | (197) | (22) |
Net gain on sale of foreclosed assets | (2,789) | (16) |
Increase in accrued interest receivable | (1,942) | (868) |
Decrease (increase) in other assets | 7,490 | (12,691) |
(Decrease) increase in other liabilities | (17,719) | 22,578 |
Net cash provided by operating activities | 85,398 | 101,534 |
Cash flows from investing activities: | ||
Net increase in loans | (285,500) | (396,236) |
Purchases of loans | (3,394) | (3,422) |
Proceeds from sales of foreclosed assets | 3,485 | 280 |
Proceeds from maturities, calls and paydowns of held to maturity debt securities | 17,545 | 37,009 |
Purchases of investment securities held to maturity | (9,130) | (12,369) |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 92,681 | 166,855 |
Purchases of available for sale debt securities | (34,802) | (241,725) |
Proceeds from redemption of Federal Home Loan Bank stock | 112,279 | 31,134 |
Purchases of Federal Home Loan Bank stock | (137,055) | (51,680) |
BOLI claim benefits received | 2,347 | 0 |
Proceeds from sales of premises and equipment | 62 | 22 |
Purchases of premises and equipment | (2,959) | (5,944) |
Net cash used in investing activities | (244,441) | (476,076) |
Cash flows from financing activities: | ||
Net decrease in deposits | (301,904) | (359,788) |
Increase in mortgage escrow deposits | 8,575 | 7,906 |
Cash dividends paid to stockholders | (36,727) | (36,747) |
Purchase of treasury stock | 0 | (46,530) |
Purchase of employee restricted shares to fund statutory tax withholding | (1,671) | (958) |
Stock options exercised | 790 | 0 |
Proceeds from long-term borrowings | 446,531 | 964,000 |
Payments on long-term borrowings | (32,500) | (579,111) |
Net increase (decrease) in short-term borrowings | 98,313 | (9,161) |
Net cash provided by (used in) financing activities | 181,407 | (60,389) |
Net increase (decrease) in cash and cash equivalents | 22,364 | (434,931) |
Cash and cash equivalents at beginning of period | 186,438 | 685,163 |
Restricted cash at beginning of period | 70 | 27,300 |
Total cash, cash equivalents and restricted cash at beginning of period | 186,508 | 712,463 |
Cash and cash equivalents at end of period | 208,802 | 277,462 |
Restricted cash at end of period | 70 | 70 |
Total cash, cash equivalents and restricted cash at end of period | 208,872 | 277,532 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 81,490 | 14,308 |
Income taxes | 26,591 | 7,760 |
Non-cash investing activities: | ||
Transfer of loans receivable to foreclosed assets | $ 12,341 | $ 624 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. (the "Company") and its wholly owned subsidiary, Provident Bank (the “Bank") and its wholly owned subsidiaries. In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses is a material estimate that is particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for all of 2023. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2022 Annual Report to Stockholders on Form 10-K. B. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2023 and 2022 (dollars in thousands, except per share amounts): Three months ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Net income $ 32,003 $ 39,228 Basic earnings per share: Income available to common stockholders $ 32,003 74,823,272 $ 0.43 $ 39,228 74,328,632 $ 0.53 Dilutive shares 6,915 72,156 Diluted earnings per share: Income available to common stockholders $ 32,003 74,830,187 $ 0.43 $ 39,228 74,400,788 $ 0.53 Six months ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Net income $ 72,539 $ 83,191 Basic earnings per share: Income available to common stockholders $ 72,539 74,734,795 $ 0.97 $ 83,191 75,068,154 $ 1.11 Dilutive shares 32,053 84,132 Diluted earnings per share: Income available to common stockholders $ 72,539 74,766,848 $ 0.97 $ 83,191 75,152,286 $ 1.11 Anti-dilutive stock options and awards at June 30, 2023 and 2022, totaling 1.3 million shares and 1.0 million shares, respectively, were excluded from the earnings per share calculations. C. Loans Receivable and Allowance for Credit Losses The impact of utilizing the current expected credit loss ("CECL") methodology approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and six months ended June 30, 2023, a worsened economic forecast and related deterioration in the projected commercial property price indices over the expected life of the loan portfolio within our CECL model led to increases to the provisions for credit losses and off-balance sheet credit exposures. See Notes 4 and 9 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures. D. Goodwill |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business CombinationsLakeland Bancorp, Inc. - Merger AgreementOn September 26, 2022, the Company entered into a definitive merger agreement pursuant to which it will merge (the “merger”) with Lakeland Bancorp, Inc. ("Lakeland"), and Lakeland Bank, a wholly owned subsidiary of Lakeland, will merge with and into Provident Bank, a wholly owned subsidiary of the Company. The merger agreement has been unanimously approved by the boards of both companies and shareholder approval has also been received for both companies. The actual value of the Company’s common stock to be recorded as consideration in the merger will be based on the closing price of Company’s common stock at the time of the merger completion date. Under the merger agreement, each share of Lakeland common stock will be exchanged for 0.8319 shares of the Company's common stock plus cash in lieu of fractional shares. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment SecuritiesAt June 30, 2023, the Company had $1.75 billion and $378.9 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, changes in interest rates, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio. The total number of available for sale and held to maturity debt securities in an unrealized loss position at June 30, 2023 totaled 937, compared with 914 at December 31, 2022. The increase in the number of securities in an unrealized loss position at June 30, 2023 was due to higher current market interest rates compared to rates at December 31, 2022. Available for Sale Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Gross Gross Fair U.S. Treasury obligations $ 276,106 — (29,039) 247,067 Agency obligations 31,452 301 — 31,753 Mortgage-backed securities 1,549,842 84 (203,202) 1,346,724 Asset-backed securities 34,351 379 (224) 34,506 State and municipal obligations 64,939 — (9,214) 55,725 Corporate obligations 40,495 — (6,381) 34,114 $ 1,997,185 764 (248,060) 1,749,889 December 31, 2022 Amortized Gross Gross Fair U.S. Treasury obligations $ 275,620 — (29,804) 245,816 Mortgage-backed securities 1,636,913 209 (209,983) 1,427,139 Asset-backed securities 37,706 278 (363) 37,621 State and municipal obligations 67,706 — (10,842) 56,864 Corporate obligations 40,540 50 (4,482) 36,108 $ 2,058,485 537 (255,474) 1,803,548 The amortized cost and fair value of available for sale debt securities at June 30, 2023, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2023 Amortized Fair Due in one year or less $ — — Due after one year through five years 242,910 218,600 Due after five years through ten years 82,226 70,318 Due after ten years 56,404 47,988 $ 381,540 336,906 Investments which pay principal on a periodic basis totaling $1.62 billion at amortized cost and $1.41 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. There were no sales of securities from the available for sale debt securities portfolio for the three and six months ended June 30, 2023 and 2022. For the three and six months ended June 30, 2023, there were no proceeds from calls on securities in the available for sale debt securities portfolio. For the three and six months ended June 30, 2022, proceeds from calls on securities in the available for sale debt securities portfolio totaled $5.4 million with gains of $58,000 and no losses recognized. The number of available for sale debt securities in an unrealized loss position at June 30, 2023 totaled 464, compared with 475 at December 31, 2022. The decline in the number of securities in an unrealized loss position at June 30, 2023 was due to maturities and calls of securities in the quarter. All securities in an unrealized loss position were investment grade at June 30, 2023. Held to Maturity Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Gross Gross Fair Agency obligations $ 12,096 — (929) 11,167 State and municipal obligations 357,003 168 (12,510) 344,661 Corporate obligations 9,820 — (619) 9,201 $ 378,919 168 (14,058) 365,029 December 31, 2022 Amortized Gross Gross Fair Agency obligations $ 9,997 — (1,033) 8,964 State and municipal obligations 366,164 268 (13,015) 353,417 Corporate obligations 11,789 1 (703) 11,087 $ 387,950 269 (14,751) 373,468 The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair value may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three and six months ended June 30, 2023 and 2022. For the three and six months ended June 30, 2023, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $3.5 million and $6.6 million, respectively. As to these calls on securities, for the three months ended June 30, 2023, there were gross gains of $28,000 and no gross losses, while for the six months ended June 30, 2023, gross gains totaled $24,000, with no gross losses. For the three and six months ended June 30, 2022, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $10.3 million and $26.2 million, respectively. As to these calls on securities for the three and six months ended June 30, 2022, gross gains totaled $83,000 and $99,000, respectively, with no gross losses. The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at June 30, 2023 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2023 Amortized Fair Due in one year or less $ 25,283 25,199 Due after one year through five years 169,684 166,605 Due after five years through ten years 153,491 148,121 Due after ten years 30,461 25,104 $ 378,919 365,029 The allowance for credit losses on held to maturity debt securities at June 30, 2023 and December 31, 2022 was $25,000 and $27,000, respectively, and are excluded from amortized cost in the tables above. The number of held to maturity debt securities in an unrealized loss position at June 30, 2023 totaled 473, compared with 439 at December 31, 2022. The increase in the number of securities in an unrealized loss position at June 30, 2023, was due to higher current market interest rates compared to rates at December 31, 2022. Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types: • Agency obligations; • Mortgage-backed securities; • State and municipal obligations; and • Corporate obligations. All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal and corporate obligations carry credit ratings from the rating agencies at June 30, 2023 no lower than A and the Company had no securities rated BBB or worse by Moody’s Investors Service. Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating at June 30, 2023 and December 31, 2021 (in thousands): June 30, 2023 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 12,096 — — — — 12,096 State and municipal obligations 47,125 166,596 142,830 — 452 357,003 Corporate obligations 505 2,073 6,146 — 1,096 9,820 $ 59,726 168,669 148,976 — 1,548 378,919 December 31, 2022 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 9,997 — — — — 9,997 State and municipal obligations 48,453 171,934 143,829 770 1,178 366,164 Corporate obligations 507 3,592 7,415 — 275 11,789 $ 58,957 175,526 151,244 770 1,453 387,950 Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. At June 30, 2023, the held to maturity debt securities portfolio was comprised of 16% rated AAA, 45% rated AA, 39% rated A, and less than 1% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated, such as U.S. Government mortgage-backed securities, were grouped where possible under the credit rating of the issuer of the security. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses Loans receivable at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Mortgage loans: Commercial $ 4,373,436 4,316,185 Multi-family 1,645,770 1,513,818 Construction 707,234 715,494 Residential 1,166,159 1,177,698 Total mortgage loans 7,892,599 7,723,195 Commercial loans 2,348,447 2,233,670 Consumer loans 301,306 304,780 Total gross loans 10,542,352 10,261,645 Premiums on purchased loans 1,374 1,380 Net deferred fees (13,195) (14,142) Total loans $ 10,530,531 10,248,883 The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): June 30, 2023 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Commercial $ 1,445 1,137 7,279 — 9,861 4,363,575 4,373,436 4,276 Multi-family 3,853 — 2,314 — 6,167 1,639,603 1,645,770 2,314 Construction — — 1,874 — 1,874 705,360 707,234 1,874 Residential 1,427 1,171 1,698 — 4,296 1,161,863 1,166,159 1,698 Total mortgage loans 6,725 2,308 13,165 — 22,198 7,870,401 7,892,599 10,162 Commercial loans 3,021 90 31,885 — 34,996 2,313,451 2,348,447 19,504 Consumer loans 957 147 878 — 1,982 299,324 301,306 878 Total gross loans $ 10,703 2,545 45,928 — 59,176 10,483,176 10,542,352 30,544 December 31, 2022 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Commercial $ 2,300 412 28,212 — 30,924 4,285,261 4,316,185 22,961 Multi-family 790 — 1,565 — 2,355 1,511,463 1,513,818 1,565 Construction 905 1,097 1,878 — 3,880 711,614 715,494 1,878 Residential 1,411 1,114 1,928 — 4,453 1,173,245 1,177,698 1,928 Total mortgage loans 5,406 2,623 33,583 — 41,612 7,681,583 7,723,195 28,332 Commercial loans 964 1,014 24,188 — 26,166 2,207,504 2,233,670 21,156 Consumer loans 885 147 738 — 1,770 303,010 304,780 739 Total gross loans $ 7,255 3,784 58,509 — 69,548 10,192,097 10,261,645 50,227 Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $45.9 million and $58.5 million at June 30, 2023 and December 31, 2022, respectively. Included in non-accrual loans were $17.4 million and $42.9 million of loans which were less than 90 days past due at June 30, 2023 and December 31, 2022, respectively. There were no loans 90 days or greater past due and still accruing interest at June 30, 2023 and December 31, 2022. The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands): Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2023 Balance at beginning of period $ 63,195 27,117 2,446 92,758 Provision charge (benefit) to operations 6,742 3,769 (111) 10,400 Recoveries of loans previously charged-off 3 134 173 310 Loans charged-off — (1,313) (82) (1,395) Balance at end of period $ 69,940 29,707 2,426 102,073 2022 Balance at beginning of period $ 50,096 23,799 2,380 76,275 Provision charge (benefit) to operations 5,593 (2,710) 117 3,000 Recoveries of loans previously charged-off 361 443 109 913 Loans charged-off (986) (145) (41) (1,172) Balance at end of period $ 55,064 21,387 2,565 79,016 Six months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2023 Balance at beginning of period $ 58,218 27,413 2,392 88,023 Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02 (510) (43) (41) (594) Provision charge (benefit) to operations 12,954 3,461 (15) 16,400 Recoveries of loans previously charged-off 6 301 258 565 Loans charged-off (728) (1,425) (168) (2,321) Balance at end of period $ 69,940 29,707 2,426 102,073 2022 Balance at beginning of period $ 52,104 26,343 2,293 80,740 Provision charge (benefit) charge to operations 3,599 (7,115) 116 (3,400) Recoveries of loans previously charged-off 371 2,304 275 2,950 Loans charged-off (1,010) (145) (119) (1,274) Balance at end of period $ 55,064 21,387 2,565 79,016 For the three and six months ended June 30, 2023, the Company recorded a $10.4 million and a $16.4 million provision for credit losses on loans, respectively. The increase in provision was attributable to a worsened economic forecast and related deterioration in the projected commercial property price indices over the expected life of the loan portfolio within our CECL model. The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Commercial loans $ — — — — — 1,313 1,313 Consumer loans (1) 4 — — — — 3 7 Total gross loans $ 4 — — — — 1,316 1,320 (1) During the three months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $75,000, which is not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Mortgage loans: Commercial $ — — — — — 707 707 Residential — — — — — 21 21 Total mortgage loans — — — — — 728 728 Commercial loans — — — — — 1,425 1,425 Consumer loans (1) 9 — — — — 13 22 Total gross loans $ 9 — — — — 2,166 2,175 (1) During the six months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $146,000, which is not included in the table above. The Company defines a loan individually evaluated for impairment as a non-homogeneous loan greater than $1.0 million, for which, based on current information, it is not expected to collect all amounts due under the contractual terms of the loan agreement. At June 30, 2023, there were 17 loans totaling $37.1 million, compared to 10 loans totaling $42.8 million at December 31, 2022, that were individually evaluated for impairment. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the collateral’s fair value less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have been no significant time lapses resulting from this process. At June 30, 2023 and December 31, 2022, the Company had $14.6 million and $24.0 million related to the fair value of collateral-dependent loans individually evaluated for impairment, respectively. These loans at June 30, 2023 consisted of $14.6 million in commercial loans. Loan modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearance, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. In addition, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02: Loan Classes Modification types Commercial Term extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term. Residential Mortgage/ Home Equity Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term. As well as, term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement. Automobile/ Direct Installment Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement. Effective January 1, 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a modified retrospective basis. Upon adoption of this guidance, the Company no longer establishes a specific reserve for loan modifications to borrowers experiencing financial difficulty. Instead, these loan modifications are included in their respective pool and a historical loss rate is applied to the current loan balance to arrive at the quantitative and qualitative baseline portion of the allowance for credit losses. As a result, The Company recorded a $594,000 reduction to the allowance for credit losses, which resulted in a $433,000 cumulative effect adjustment increase, net of tax to retained earnings. There were no loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2023. The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans $ 3,771 — 1,250 0.21 % Total gross loans $ 3,771 — 1,250 0.05 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Weighted-Average Months of Term Extension Weight-Average Rate Change Commercial loans 10 0.28 % Total gross loans 10 0.28 % There were no loan modifications made to borrowers experiencing financial difficulty during the three or six months ended June 30, 2023, that subsequently defaulted. The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans $ 5,021 — — — — 5,021 Total gross loans $ 5,021 — — — — 5,021 Prior to our adoption of ASU 2022-02, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. However, our TDR accounting described herein was suspended for most of our loss mitigation activities through our election to account for certain eligible loss mitigation activities occurring between March 2020 and January 1, 2022 under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021. Effective January 1, 2023, we adopted ASU 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2023. The following table presents the number of loans modified as TDRs during the three and six months ended June 30, 2022, along with their balances immediately prior to the modification date and post-modification as of June 30, 2022 (in thousands): For the three and six months ended June 30, 2022 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Mortgage loans: Residential 2 $ 265 206 Multi Family 1 1,618 1,601 Total mortgage loans 3 1,883 1,807 Commercial loans 2 378 274 Total restructured loans 5 $ 2,261 2,081 Durin g the three and six months ended June 30, 2022, $921,000 of charge-offs were recorded on collateral-dependent impaired loans. There was one loan totaling $209,000 which had a payment default (90 days or more past due) for a loan modified as a TDR within the 12 month period ending June 30, 2023. For TDRs that subsequently defaulted, the Company determined the amount of the allowance for the respective loans in accordance with the accounting policy for the allowance for credit losses on loans individually evaluated for impairment. As allowed by CECL, loans acquired by the Company that experience more-than-insignificant deterioration in credit quality after origination, are classified as Purchased Credit Deteriorated ("PCD") loans. At June 30, 2023, the balance of PCD loans totaled $173.3 million with a related allowance for credit losses of $1.6 million. The balance of PCD loans at December 31, 2022 was $193.0 million with a related allowance for credit losses of $1.7 million. Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also reviewed periodically through loan review examinations which are currently performed by an independent third-party. Reports by the independent third-party are presented to the Audit Committee of the Board of Directors. The Company participated in the Paycheck Protection Program (“PPP”) through the United States Department of the Treasury and Small Business Administration. PPP loans were fully guaranteed by the SBA and were eligible for forgiveness by the SBA to the extent that the proceeds were used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan was made as long as certain conditions were met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA are to be repaid by the SBA to the Company. Eligibility ended for this program in May of 2021. PPP loans are included in our commercial loan portfolio. Under the PPP, the Company secured 2,067 PPP loans for its customers totaling $682.0 million. As of June 30, 2023, 2,054 PPP loans totaling $679.4 million were forgiven and repaid by the SBA. The balance of PPP loans at June 30, 2023 was $2.6 million. The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2023 and December 31, 2022 (in thousands): Gross Loans Held for Investment by Year of Origination at June 30, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — — — 2,713 2,346 33,436 485 — 38,980 Substandard — — — 376 — 7,785 434 — 8,595 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 3,089 2,346 41,221 919 — 47,575 Pass/Watch 290,713 910,869 670,781 511,239 513,150 1,318,607 96,163 14,339 4,325,861 Total commercial mortgage $ 290,713 910,869 670,781 514,328 515,496 1,359,828 97,082 14,339 4,373,436 Multi-family Special mention $ — — — — — 9,608 — — 9,608 Substandard — — — — — 3,211 — — 3,211 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 12,819 — — 12,819 Pass/Watch 132,991 170,856 198,427 279,117 232,748 614,456 3,223 1,133 1,632,951 Total multi-family $ 132,991 170,856 198,427 279,117 232,748 627,275 3,223 1,133 1,645,770 Construction Special mention $ — — — — — — — — — Substandard — — — — 1,097 777 — — 1,874 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 1,097 777 — — 1,874 Pass/Watch 33,795 276,155 266,520 105,078 8,456 13,346 2,010 705,360 Total construction $ 33,795 276,155 266,520 105,078 9,553 14,123 — 2,010 707,234 Residential (1) Special mention $ — — — — — 1,172 — — 1,172 Substandard — — — — — 2,142 — — 2,142 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 3,314 — — 3,314 Pass/Watch 42,524 147,449 205,949 205,123 92,537 469,263 — — 1,162,845 Total residential $ 42,524 147,449 205,949 205,123 92,537 472,577 — — 1,166,159 Gross Loans Held for Investment by Year of Origination at June 30, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Total Mortgage Special mention $ — — — 2,713 2,346 44,216 485 — 49,760 Substandard — — — 376 1,097 13,915 434 — 15,822 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 3,089 3,443 58,131 919 — 65,582 Pass/Watch 500,023 1,505,329 1,341,677 1,100,557 846,891 2,415,672 99,386 17,482 7,827,017 Total Mortgage $ 500,023 1,505,329 1,341,677 1,103,646 850,334 2,473,803 100,305 17,482 7,892,599 Commercial Special mention $ — 70 387 577 54 11,490 9,714 — 22,292 Substandard — — 14,966 17,133 3,974 14,473 13,837 352 64,735 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 70 15,353 17,710 4,028 25,963 23,551 352 87,027 Pass/Watch 154,852 379,855 308,290 148,648 151,902 552,747 538,651 26,475 2,261,420 Total commercial $ 154,852 379,925 323,643 166,358 155,930 578,710 562,202 26,827 2,348,447 Consumer (1) Special mention $ — — — — — 145 — 2 147 Substandard — — — — — 4 709 90 803 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 149 709 92 950 Pass/Watch 14,243 29,064 19,513 3,328 15,341 93,900 112,425 12,542 300,356 Total consumer $ 14,243 29,064 19,513 3,328 15,341 94,049 113,134 12,634 301,306 Total Loans Special mention $ — 70 387 3,290 2,400 55,851 10,199 2 72,199 Substandard — — 14,966 17,509 5,071 28,392 14,980 442 81,360 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 70 15,353 20,799 7,471 84,243 25,179 444 153,559 Pass/Watch 669,118 1,914,248 1,669,480 1,252,533 1,014,134 3,062,319 750,462 56,499 10,388,793 Total gross loans $ 669,118 1,914,318 1,684,833 1,273,332 1,021,605 3,146,562 775,641 56,943 10,542,352 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. Gross Loans Held for Investment by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — — 3,071 26,809 52,509 14,740 — — 97,129 Gross Loans Held for Investment by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans Substandard — — — — 18,020 11,774 434 — 30,228 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 3,071 26,809 70,529 26,514 434 — 127,357 Pass/Watch 951,367 630,584 567,448 546,474 218,620 1,164,854 94,716 14,765 4,188,828 Total commercial mortgage $ 951,367 630,584 570,519 573,283 289,149 1,191,368 95,150 14,765 4,316,185 Multi-family Special mention $ — — — — — 9,730 — — 9,730 Substandard — — — — — 2,356 — — 2,356 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 12,086 — — 12,086 Pass/Watch 142,550 150,293 282,228 234,953 187,499 502,177 887 1,145 1,501,732 Total multi-family $ 142,550 150,293 282,228 234,953 187,499 514,263 887 1,145 1,513,818 Construction Special mention $ — — — — 19,728 905 — — 20,633 Substandard — — — 2,197 777 — — — 2,974 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 2,197 20,505 905 — — 23,607 Pass/Watch 168,674 362,542 103,067 38,639 16,917 62 1,986 691,887 Total construction $ 168,674 362,542 103,067 40,836 37,422 967 — 1,986 715,494 Residential (1) Special mention $ — — — — — 1,114 — — 1,114 Substandard — — — — 264 4,417 — — 4,681 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 264 5,531 — — 5,795 Pass/Watch 151,077 212,697 211,445 95,872 58,226 442,586 — — 1,171,903 Total residential $ 151,077 212,697 211,445 95,872 58,490 448,117 — — 1,177,698 Total Mortgage Special mention $ — — 3,071 26,809 72,237 26,489 — — 128,606 Substandard — — — 2,197 19,061 18,547 434 — 40,239 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 3,071 29,006 91,298 45,036 434 — 168,845 Gross Loans Held for Investment by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans Pass/Watch 1,413,668 1,356,116 1,164,188 915,938 481,262 2,109,679 95,603 17,896 7,554,350 Total Mortgage $ 1,413,668 1,356,116 1,167,259 944,944 572,560 2,154,715 96,037 17,896 7,723,195 Commercial Special mention $ 75 1,148 444 201 10,156 4,379 14,530 140 31,073 Substandard — 7,605 10,230 4,391 3,561 13,734 7,604 364 47,489 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 75 8,753 10,674 4,592 13,717 18,113 22,134 504 78,562 Pass/Watch 377,662 320,334 162,175 161,150 87,396 522,798 492,717 30,876 2,155,108 Total commercial $ 377,737 329,087 172,849 165,742 101,113 540,911 514,851 31,380 2,233,670 Consumer (1) Special mention $ — — — — — 146 — — 146 Substandard — 8 — 109 332 209 — 658 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 8 — 109 478 209 — 804 Pass/Watch 30,132 20,671 2,909 16,682 16,156 88,173 115,777 13,476 303,976 Total consumer $ 30,132 20,671 2,917 16,682 16,265 88,651 115,986 13,476 304,780 Total Loans Special mention $ 75 1,148 3,515 27,010 82,393 31,014 14,530 140 159,825 Substandard — 7,605 10,238 6,588 22,731 32,613 8,247 364 88,386 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 75 8,753 13,753 33,598 105,124 63,627 22,777 504 248,211 Pass/Watch 1,821,462 1,697,121 1,329,272 1,093,770 584,814 2,720,650 704,097 62,248 10,013,434 Total gross loans $ 1,821,537 1,705,874 1,343,025 1,127,368 689,938 2,784,277 726,874 62,752 10,261,645 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2023 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Deposits | Deposits Deposits at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Savings $ 1,275,262 1,438,583 Money market 2,272,648 2,542,160 NOW 3,334,509 3,186,926 Non-interest bearing 2,358,372 2,643,919 Certificates of deposit 1,020,329 751,436 Total deposits $ 10,261,120 10,563,024 |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Securities sold under repurchase agreements $ 82,470 98,000 FHLB line of credit 179,000 486,000 FHLB advances 1,588,244 753,370 Total borrowed funds $ 1,849,714 1,337,370 At June 30, 2023, FHLB advances were at fixed rates and mature between July 2023 and September 2026, and at December 31, 2022, FHLB advances were at fixed rates with maturities between January 2023 and July 2025. These advances are secured by loans receivable under a blanket collateral agreement. Scheduled maturities of FHLB advances and overnight borrowings at June 30, 2023 are as follows (in thousands): 2023 Due in one year or less $ 1,020,648 Due after one year through two years 514,492 Due after two years through three years 174,660 Due after three years through four years 57,444 Thereafter — Total FHLB advances and overnight borrowings $ 1,767,244 Scheduled maturities of securities sold under repurchase agreements at June 30, 2023 are as follows (in thousands): 2023 Due in one year or less $ 82,470 Thereafter — Total securities sold under repurchase agreements $ 82,470 The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2023 and December 31, 2022 (in thousands): Maximum balance Average balance Weighted average interest rate June 30, 2023 Securities sold under repurchase agreements $ 99,669 93,066 1.41 % FHLB overnight borrowings 402,000 223,980 4.87 FHLB advances 1,588,245 1,125,698 2.78 December 31, 2022 Securities sold under repurchase agreements $ 125,506 113,550 0.38 % FHLB overnight borrowings 486,000 139,012 3.32 FHLB advances 753,370 503,713 0.85 Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. At June 30, 2023 and December 31, 2022, available for sale debt securities pledged as collateral for repurchase agreements totaled $95.5 million and $116.5 million, respectively. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006. Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2023 and 2022 includes the following components (in thousands): Three months ended June 30, Six months ended June 30, Pension benefits Other post-retirement benefits Pension benefits Other post-retirement benefits 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — — 3 7 $ — — 6 14 Interest cost 302 214 150 111 604 428 300 222 Expected return on plan assets (706) (864) — — (1,412) (1,728) — — Amortization of prior service cost — — — — — — — — Amortization of the net loss (gain) 177 — (533) (326) 354 — (1,066) (652) Net periodic (decrease) increase in benefit cost $ (227) (650) (380) (208) $ (454) (1,300) (760) (416) In its consolidated financial statements for the year ended December 31, 2022, the Company previously disclosed that it does not expect to contribute to the pension plan in 2023. As of June 30, 2023, no contributions have been made to the pension plan. The changes in net periodic benefit cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2023 were calculated using the January 1, 2023 pension and other post-retirement benefits actuarial valuations. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements Accounting Pronouncements Adopted This Year In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-02, "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures," which addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption was permitted if an entity had adopted ASU 2016-13. The Company adopted this ASU on January 1, 2023 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be recorded with previously applicable GAAP. The Company recorded a $594,000 reduction to the allowance for credit losses, which resulted in a $433,000 cumulative effect adjustment increase, net of tax, to retained earnings. In March 2022, the FASB issued Accounting Standards Update (ASU) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method . The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 is effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period permitted. The Company adopted this standard on January 1, 2023 on a prospective basis, with no impact to the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)," |
Allowance for Credit Losses on
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure that may default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors. For the three and six months ended June 30, 2023, the Company recorded a $647,000 negative provision and a $92,000 provision for credit losses for off-balance sheet credit exposures, respectively. For the three and six months ended June 30, 2022, the Company recorded a $973,000 and a $3.4 million negative provision for credit losses for off-balance sheet credit exposures, respectively. The $326,000 increase in the provision for the three months ended June 30, 2023, compared to the same period in 2022, was primarily the result of the period-over-period relative change in line of credit utilization. The $3.5 million increase in the provision for the six months ended June 30, 2023, compared to the six months ended June 30, 2022, was primarily the result of the period-over-period relative change in line of credit utilization and an increase in projected loss factors as a result of a worsened economic forecast. The allowance for credit losses for off-balance sheet credit exposures was $3.2 million at June 30, 2023 and December 31, 2022, and are included in other liabilities on the Consolidated Statements of Financial Condition. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, management utilizes various valuation techniques to estimate fair value. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Assets and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of June 30, 2023 and December 31, 2022. Available for Sale Debt Securities, at Fair Value For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in an adjustment in the prices obtained from the pricing service. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives The Company records all derivatives on the statements of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan related transaction which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings. The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income (loss), and is subsequently reclassified into earnings in the period that the forecasted transactions affect earnings. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of June 30, 2023 and December 31, 2022. Collateral-Dependent Impaired Loans For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 5% and 10%. Management classifies these loans as Level 3 within the fair value hierarchy. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for credit losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of June 30, 2023 or December 31, 2022. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2023 and December 31, 2022, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: U.S. Treasury obligations $ 247,067 247,067 — — Agency obligations 31,753 31,753 — — Mortgage-backed securities 1,346,724 — 1,346,724 — Asset-backed securities 34,506 — 34,506 — State and municipal obligations 55,725 — 55,725 — Corporate obligations 34,114 — 34,114 — Total available for sale debt securities 1,749,889 278,820 1,471,069 — Equity securities 1,238 1,238 — — Derivative assets 131,191 — 131,191 — $ 1,882,318 280,058 1,602,260 — Derivative liabilities $ 108,067 — 108,067 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 14,582 — — 14,582 Foreclosed assets 13,697 — — 13,697 $ 28,279 — — 28,279 Fair Value Measurements at Reporting Date Using: December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: U.S. Treasury obligations $ 245,816 245,816 — — Mortgage-backed securities 1,427,139 — 1,427,139 — Asset-backed securities 37,621 — 37,621 — State and municipal obligations 56,864 — 56,864 — Corporate obligations 36,108 — 36,108 — Total available for sale debt securities 1,803,548 245,816 1,557,732 — Equity Securities 1,147 1,147 — — Derivative assets 148,151 — 148,151 — $ 1,952,846 246,963 1,705,883 — Derivative liabilities $ 120,896 — 120,896 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 23,988 — — 23,988 Foreclosed assets 2,124 — — 2,124 $ 26,112 — — 26,112 There were no transfers between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2023. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on- and off- the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. At June 30, 2023 and December 31, 2022, $70,000 was included in cash and cash equivalents, representing cash collateral pledged to secure loan level swaps, risk participation agreements and reserves required by banking regulations. Held to Maturity Debt Securities For held to maturity debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. Management evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Federal Home Loan Bank of New York ("FHLBNY") Stock The carrying value of FHLBNY stock is its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable-rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date (i.e. exit pricing). The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The Company classifies these commitments as Level 3 within the fair value hierarchy. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2023 and December 31, 2022. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at June 30, 2023 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 208,872 208,872 208,872 — — Available for sale debt securities: U.S. Treasury obligations 247,067 247,067 247,067 — — Agency obligations 31,753 31,753 31,753 — — Mortgage-backed securities 1,346,724 1,346,724 — 1,346,724 — Asset-backed securities 34,506 34,506 — 34,506 — State and municipal obligations 55,725 55,725 — 55,725 — Corporate obligations 34,114 34,114 — 34,114 — Total available for sale debt securities $ 1,749,889 1,749,889 278,820 1,471,069 — Held to maturity debt securities, net of allowance for credit losses: Agency obligations 12,096 11,167 11,167 — — State and municipal obligations 356,987 344,661 — 344,661 — Corporate obligations 9,811 9,201 — 9,201 — Total held to maturity debt securities, net of allowance for credit losses $ 378,894 365,029 11,167 353,862 — FHLBNY stock 93,330 93,330 93,330 — — Equity Securities 1,238 1,238 1,238 — — Loans, net of allowance for credit losses 10,428,458 9,969,672 — — 9,969,672 Derivative assets 131,191 131,191 — 131,191 — Financial liabilities: Deposits other than certificates of deposits $ 9,240,791 9,240,791 9,240,791 — — Certificates of deposit 1,020,329 1,015,211 — 1,015,211 — Total deposits $ 10,261,120 10,256,002 9,240,791 1,015,211 — Borrowings 1,849,714 1,832,814 — 1,832,814 — Subordinated debentures 10,596 9,118 — 9,118 — Derivative liabilities 108,067 108,067 — 108,067 — Fair Value Measurements at December 31, 2022 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 186,508 186,508 186,508 — — Available for sale debt securities: U.S. Treasury obligations 245,816 245,816 245,816 — — Mortgage-backed securities 1,427,139 1,427,139 — 1,427,139 — Asset-backed securities 37,621 37,621 — 37,621 — State and municipal obligations 56,864 56,864 — 56,864 — Corporate obligations 36,108 36,108 — 36,108 — Total available for sale debt securities $ 1,803,548 1,803,548 245,816 1,557,732 — Held to maturity debt securities: Agency obligations $ 9,997 8,964 8,964 — — State and municipal obligations 366,146 353,417 — 353,417 — Corporate obligations 11,780 11,087 — 11,087 — Total held to maturity debt securities $ 387,923 373,468 8,964 364,504 — FHLBNY stock 68,554 68,554 68,554 — — Equity Securities 1,147 1,147 1,147 — — Loans, net of allowance for credit losses 10,160,860 9,768,460 — — 9,768,460 Derivative assets 148,151 148,151 — 148,151 — Financial liabilities: Deposits other than certificates of deposits $ 9,811,588 9,811,588 9,811,588 — — Certificates of deposit 751,436 745,155 — 745,155 — Total deposits $ 10,563,024 10,556,743 9,811,588 745,155 — Borrowings 1,337,370 1,324,578 — 1,324,578 — Subordinated debentures 10,493 9,422 — 9,422 — Derivative liabilities 120,896 120,896 — 120,896 — |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income The following table presents the components of other comprehensive (loss) income, both gross and net of tax, for the three and six months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (20,178) 5,452 (14,726) (62,477) 16,744 (45,733) Reclassification adjustment for gains included in net income — — — (58) 16 (42) Total (20,178) 5,452 (14,726) (62,535) 16,760 (45,775) Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains (losses) arising during the period 5,002 (1,352) 3,650 3,110 (834) 2,276 Reclassification adjustment for gains included in net income (4,124) 1,114 (3,010) (162) 44 (118) Total 878 (238) 640 2,948 (790) 2,158 Amortization related to post-retirement obligations (358) 97 (261) (322) 86 (236) Total other comprehensive (loss) income $ (19,658) 5,311 (14,347) (59,909) 16,056 (43,853) Six months ended June 30, 2023 2022 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized gains (losses) arising during the period $ 7,641 (1,503) 6,138 (178,558) 47,854 (130,704) Reclassification adjustment for gains included in net income — — — (58) 16 (42) Total 7,641 (1,503) 6,138 (178,616) 47,870 (130,746) Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains (losses) arising during the period 4,219 (1,186) 3,033 16,703 (4,476) 12,227 Reclassification adjustment for (gains) losses included in net income (8,343) 2,254 (6,089) 504 (135) 369 Total (4,124) 1,068 (3,056) 17,207 (4,611) 12,596 Amortization related to post-retirement obligations (727) 197 (530) (700) 188 (512) Total other comprehensive income (loss) $ 2,790 (238) 2,552 (162,109) 43,447 (118,662) The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three and six months ended June 30, 2023 and 2022 (in thousands): Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the three months ended June 30, 2023 2022 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains on Post- Retirement Unrealized Losses on Derivatives (cash flow hedges) Accumulated Balance at $ (165,750) 1,303 16,301 (148,146) (85,182) 2,705 14,531 (67,946) Current - period other comprehensive (loss) (14,726) (261) 640 (14,347) (45,775) (236) 2,158 (43,853) Balance at June 30, $ (180,476) 1,042 16,941 (162,493) (130,957) 2,469 16,689 (111,799) Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the six months ended June 30, 2023 2022 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains (Losses) on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at December 31, $ (186,614) 1,572 19,997 (165,045) (211) 2,981 4,093 6,863 Current - period other comprehensive income (loss) 6,138 (530) (3,056) 2,552 (130,746) (512) 12,596 (118,662) Balance at June 30, $ (180,476) 1,042 16,941 (162,493) (130,957) 2,469 16,689 (111,799) The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three and six months ended June 30, 2023 and 2022 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended June 30, Affected line item in the Consolidated 2023 2022 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — (58) Net gain on securities transactions — 16 Income tax expense $ — (42) Net of tax Cash flow hedges: Realized net gains on derivatives $ (4,124) (162) Interest expense 1,114 44 Income tax expense $ (3,010) (118) Post-retirement obligations: Amortization of actuarial gains $ (356) (326) Compensation and employee benefits (1) 96 84 Income tax expense Total reclassification $ (260) (242) Net of tax Total reclassifications $ (3,270) (402) Net of tax Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the six months ended June 30, Affected line item in the Consolidated 2023 2022 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — (58) Net gain on securities transactions — 16 Income tax expense $ — (42) Net of tax Cash flow hedges: Realized net (gains) losses on derivatives $ (8,343) 504 Interest expense 2,254 (136) Income tax expense $ (6,089) 368 Post-retirement obligations: Amortization of actuarial gains $ (712) (652) Compensation and employee benefits (1) 192 171 Income tax expense Total reclassification $ (520) (481) Net of tax Total reclassifications $ (6,609) (155) Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualified commercial borrowers in loan related transactions which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company may execute interest rate swaps with qualified commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower's commercial real estate financed by the Company. As the Company has not elected to apply hedge accounting and these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At June 30, 2023 and December 31, 2022, the Company had 152 loan related interest rate swaps with aggregate notional amounts of $2.23 billion and $2.40 billion, respectively. The Company periodically enters into risk participation agreements ("RPAs"), with the Company functioning as either the lead institution, or as a participant when another company is the lead institution on a commercial loan. These RPAs are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPAs, the Company will either receive or make a payment in the event the borrower defaults on the related interest rate contract. The Company has minimum collateral posting thresholds with certain of its risk participation counterparties, and has posted collateral of $70,000 against the potential risk of default by the borrower under these agreements. For June 30, 2023 and December 31, 2022, the Company had 12 and 14 credit derivatives, respectively, with aggregate notional amounts of $143.5 million and $157.9 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At June 30, 2023, the asset and liability positions of these fair value credit derivatives totaled $47,000 and $11,000, respectively, compared to $26,000 and $12,000, respectively, at December 31, 2022. Cash Flow Hedges of Interest Rate Risk. The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable payment amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk are recorded in accumulated other comprehensive (loss) income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2023 and 2022, such derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings or demand deposits. During the next twelve months, the Company estimates that $15.7 million will be reclassified as a reduction to interest expense. At June 30, 2023, the Company had nine outstanding interest rate derivatives with an aggregate notional amount of $405.0 million that were each designated as a cash flow hedge of interest rate risk. Assets and liabilities relating to certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Statements of Financial Condition and/or subject to enforceable master netting arrangements or similar agreements. The Company does not offset asset and liabilities under such arrangements in the Consolidated Statements of Financial Condition. The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at June 30, 2023 and December 31, 2022 (in thousands). Fair Values of Derivative Instruments as of June 30, 2023 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,114,765 Other assets $ 109,589 1,114,765 Other liabilities 109,871 Credit contracts 46,768 Other assets 47 96,764 Other liabilities 11 Total derivatives not designated as a hedging instrument 109,636 109,882 Derivatives designated as a hedging instrument: Interest rate products 405,000 Other assets 24,769 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 134,405 109,882 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 134,405 109,882 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties (1) 129,021 — Net derivatives not offset $ 5,384 109,882 Fair Values of Derivative Instruments as of December 31, 2022 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,198,191 Other assets $ 122,047 $ 1,198,191 Other liabilities 122,378 Credit contracts 47,143 Other assets 26 110,714 Other liabilities 12 Total derivatives not designated as a hedging instrument 122,073 122,390 Derivatives designated as a hedging instrument: Interest rate products 460,000 Other assets 29,119 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 151,192 122,390 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 151,192 122,390 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties (1) 149,800 — Net derivatives not offset $ 1,392 122,390 (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. (2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2023 and December 31, 2022. The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2023 and 2022 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income June 30, 2023 June 30, 2022 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 126 77 Credit contracts Other income (8) (18) Total $ 118 59 Derivatives designated as a hedging instrument: Interest rate products Interest (income) expense $ (4,124) (162) Total $ (4,124) (162) Gain (loss) recognized in income on derivatives for the six months ended Consolidated Statements of Income June 30, 2023 June 30, 2022 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 52 443 Credit contracts Other income (4) (35) Total $ 48 408 Derivatives designated as a hedging instrument: Interest rate products Interest (income) expense $ (8,343) 504 Total $ (8,343) 504 The Company has agreements with certain of its dealer counterparties which contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be deemed in default on its derivative obligations. In addition, the Company has agreements with certain of its dealer counterparties which contain a provision that if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For both the three and six months ended June 30, 2023, the out-of-scope revenue related to financial instruments was 88.5% and 87.6% of the Company's total revenue, compared to 83.5% for the three and six months ended June 30, 2022, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams are generally classified into three categories: wealth management revenue, insurance agency income and banking service charges and other fees. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Non-interest income In-scope of Topic 606: Wealth management fees $ 6,919 7,024 13,834 14,489 Insurance agency income 3,847 2,850 7,950 6,270 Banking service charges and other fees: Service charges on deposit accounts 3,050 3,068 6,413 6,031 Debit card and ATM fees 761 846 1,466 1,616 Total banking service charges and other fees 3,811 3,914 7,879 7,647 Total in-scope non-interest income 14,577 13,788 29,663 28,406 Total out-of-scope non-interest income 4,810 7,144 11,877 12,672 Total non-interest income $ 19,387 20,932 41,540 41,078 Wealth management fee income represents fees earned from customers as consideration for asset management, investment advisory and trust services. The Company’s performance obligation is generally satisfied monthly and the resulting fees are recognized monthly. The fee is generally based upon the average market value of the assets under management ("AUM") for the month and the applicable fee rate. The monthly accrual of wealth management fees is recorded in other assets on the Company's Consolidated Statements of Financial Condition. Fees are received from the customer on a monthly basis. The Company does not earn performance-based incentives. To a lesser extent, optional services such as tax return preparation and estate settlement are also available to existing customers. The Company’s performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at either a point in time when the service is completed, or in the case of estate settlement, over a relatively short period of time, as each service component is completed. Insurance agency income, consisting of commissions and fees, is generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments. Profit-sharing contingent commissions are recognized when determinable, which is generally when such commissions are received from insurance companies, or when the Company receives formal notification of the amount of such payments. Service charges on deposit accounts include overdraft service fees, account analysis fees and other deposit related fees. These fees are generally transaction-based, or time-based services. The Company's performance obligation for these services are generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of transaction, or monthly. Debit card and ATM fees are generally transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at the time of transaction or monthly. Out-of-scope non-interest income primarily consists of Bank-owned life insurance and net fees on loan level interest rate swaps, along with gains and losses on the sale of loans and foreclosed real estate, loan prepayment fees and loan servicing fees. None of these revenue streams are subject to the requirements of Topic 606. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at June 30, 2023 and December 31, 2021 (in thousands): Classification June 30, 2023 December 31, 2022 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 60,749 60,577 Lease Liabilities: Operating lease liabilities Other liabilities $ 63,916 63,372 The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040. At June 30, 2023, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 8.3 years and 2.71%, respectively. The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended June 30, 2023 Three months ended June 30, 2022 Lease Costs Operating lease cost $ 2,629 2,586 Variable lease cost 842 718 Total lease cost $ 3,471 3,304 Six months ended June 30, 2023 Six months ended June 30, 2022 Lease Costs Operating lease cost $ 5,257 5,393 Variable lease cost 1,722 1,436 Total lease cost $ 6,979 6,829 Cash paid for amounts included in the measurement of lease liabilities: Six months ended June 30, 2023 Six months ended June 30, 2022 Operating cash flows from operating leases $ 4,776 4,060 Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2023, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2022 $ 5,094 2023 9,971 2024 9,488 2025 8,518 2026 7,667 Thereafter 30,707 Total future minimum lease payments 71,445 Amounts representing interest 7,529 Present value of net future minimum lease payments $ 63,916 |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at June 30, 2023 and December 31, 2021 (in thousands): Classification June 30, 2023 December 31, 2022 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 60,749 60,577 Lease Liabilities: Operating lease liabilities Other liabilities $ 63,916 63,372 The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040. At June 30, 2023, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 8.3 years and 2.71%, respectively. The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended June 30, 2023 Three months ended June 30, 2022 Lease Costs Operating lease cost $ 2,629 2,586 Variable lease cost 842 718 Total lease cost $ 3,471 3,304 Six months ended June 30, 2023 Six months ended June 30, 2022 Lease Costs Operating lease cost $ 5,257 5,393 Variable lease cost 1,722 1,436 Total lease cost $ 6,979 6,829 Cash paid for amounts included in the measurement of lease liabilities: Six months ended June 30, 2023 Six months ended June 30, 2022 Operating cash flows from operating leases $ 4,776 4,060 Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2023, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2022 $ 5,094 2023 9,971 2024 9,488 2025 8,518 2026 7,667 Thereafter 30,707 Total future minimum lease payments 71,445 Amounts representing interest 7,529 Present value of net future minimum lease payments $ 63,916 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 32,003 | $ 39,228 | $ 72,539 | $ 83,191 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. (the "Company") and its wholly owned subsidiary, Provident Bank (the “Bank") and its wholly owned subsidiaries. In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses is a material estimate that is particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for all of 2023. |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit LossesThe impact of utilizing the current expected credit loss ("CECL") methodology approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and six months ended June 30, 2023, a worsened economic forecast and related deterioration in the projected commercial property price indices over the expected life of the loan portfolio within our CECL model led to increases to the provisions for credit losses and off-balance sheet credit exposures. See Notes 4 and 9 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures. |
Goodwill | GoodwillGoodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its most recent annual goodwill impairment test as of July 1, 2023. At June 30, 2023, the Company performed an interim goodwill impairment analysis and concluded that no triggering considerations were met and therefore a test for impairment between annual tests was not required. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2023 and 2022 (dollars in thousands, except per share amounts): Three months ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Net income $ 32,003 $ 39,228 Basic earnings per share: Income available to common stockholders $ 32,003 74,823,272 $ 0.43 $ 39,228 74,328,632 $ 0.53 Dilutive shares 6,915 72,156 Diluted earnings per share: Income available to common stockholders $ 32,003 74,830,187 $ 0.43 $ 39,228 74,400,788 $ 0.53 Six months ended June 30, 2023 2022 Net Weighted Per Net Weighted Per Net income $ 72,539 $ 83,191 Basic earnings per share: Income available to common stockholders $ 72,539 74,734,795 $ 0.97 $ 83,191 75,068,154 $ 1.11 Dilutive shares 32,053 84,132 Diluted earnings per share: Income available to common stockholders $ 72,539 74,766,848 $ 0.97 $ 83,191 75,152,286 $ 1.11 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Gross Gross Fair U.S. Treasury obligations $ 276,106 — (29,039) 247,067 Agency obligations 31,452 301 — 31,753 Mortgage-backed securities 1,549,842 84 (203,202) 1,346,724 Asset-backed securities 34,351 379 (224) 34,506 State and municipal obligations 64,939 — (9,214) 55,725 Corporate obligations 40,495 — (6,381) 34,114 $ 1,997,185 764 (248,060) 1,749,889 December 31, 2022 Amortized Gross Gross Fair U.S. Treasury obligations $ 275,620 — (29,804) 245,816 Mortgage-backed securities 1,636,913 209 (209,983) 1,427,139 Asset-backed securities 37,706 278 (363) 37,621 State and municipal obligations 67,706 — (10,842) 56,864 Corporate obligations 40,540 50 (4,482) 36,108 $ 2,058,485 537 (255,474) 1,803,548 |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities at June 30, 2023, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2023 Amortized Fair Due in one year or less $ — — Due after one year through five years 242,910 218,600 Due after five years through ten years 82,226 70,318 Due after ten years 56,404 47,988 $ 381,540 336,906 The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at June 30, 2023 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2023 Amortized Fair Due in one year or less $ 25,283 25,199 Due after one year through five years 169,684 166,605 Due after five years through ten years 153,491 148,121 Due after ten years 30,461 25,104 $ 378,919 365,029 |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Gross Gross Fair Agency obligations $ 12,096 — (929) 11,167 State and municipal obligations 357,003 168 (12,510) 344,661 Corporate obligations 9,820 — (619) 9,201 $ 378,919 168 (14,058) 365,029 December 31, 2022 Amortized Gross Gross Fair Agency obligations $ 9,997 — (1,033) 8,964 State and municipal obligations 366,164 268 (13,015) 353,417 Corporate obligations 11,789 1 (703) 11,087 $ 387,950 269 (14,751) 373,468 |
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating | The following table provides the amortized cost of held to maturity debt securities by credit rating at June 30, 2023 and December 31, 2021 (in thousands): June 30, 2023 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 12,096 — — — — 12,096 State and municipal obligations 47,125 166,596 142,830 — 452 357,003 Corporate obligations 505 2,073 6,146 — 1,096 9,820 $ 59,726 168,669 148,976 — 1,548 378,919 December 31, 2022 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 9,997 — — — — 9,997 State and municipal obligations 48,453 171,934 143,829 770 1,178 366,164 Corporate obligations 507 3,592 7,415 — 275 11,789 $ 58,957 175,526 151,244 770 1,453 387,950 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Mortgage loans: Commercial $ 4,373,436 4,316,185 Multi-family 1,645,770 1,513,818 Construction 707,234 715,494 Residential 1,166,159 1,177,698 Total mortgage loans 7,892,599 7,723,195 Commercial loans 2,348,447 2,233,670 Consumer loans 301,306 304,780 Total gross loans 10,542,352 10,261,645 Premiums on purchased loans 1,374 1,380 Net deferred fees (13,195) (14,142) Total loans $ 10,530,531 10,248,883 |
Summary of Aging Loans Receivable by Portfolio Segment and Class | The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): June 30, 2023 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Commercial $ 1,445 1,137 7,279 — 9,861 4,363,575 4,373,436 4,276 Multi-family 3,853 — 2,314 — 6,167 1,639,603 1,645,770 2,314 Construction — — 1,874 — 1,874 705,360 707,234 1,874 Residential 1,427 1,171 1,698 — 4,296 1,161,863 1,166,159 1,698 Total mortgage loans 6,725 2,308 13,165 — 22,198 7,870,401 7,892,599 10,162 Commercial loans 3,021 90 31,885 — 34,996 2,313,451 2,348,447 19,504 Consumer loans 957 147 878 — 1,982 299,324 301,306 878 Total gross loans $ 10,703 2,545 45,928 — 59,176 10,483,176 10,542,352 30,544 December 31, 2022 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Commercial $ 2,300 412 28,212 — 30,924 4,285,261 4,316,185 22,961 Multi-family 790 — 1,565 — 2,355 1,511,463 1,513,818 1,565 Construction 905 1,097 1,878 — 3,880 711,614 715,494 1,878 Residential 1,411 1,114 1,928 — 4,453 1,173,245 1,177,698 1,928 Total mortgage loans 5,406 2,623 33,583 — 41,612 7,681,583 7,723,195 28,332 Commercial loans 964 1,014 24,188 — 26,166 2,207,504 2,233,670 21,156 Consumer loans 885 147 738 — 1,770 303,010 304,780 739 Total gross loans $ 7,255 3,784 58,509 — 69,548 10,192,097 10,261,645 50,227 |
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands): Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2023 Balance at beginning of period $ 63,195 27,117 2,446 92,758 Provision charge (benefit) to operations 6,742 3,769 (111) 10,400 Recoveries of loans previously charged-off 3 134 173 310 Loans charged-off — (1,313) (82) (1,395) Balance at end of period $ 69,940 29,707 2,426 102,073 2022 Balance at beginning of period $ 50,096 23,799 2,380 76,275 Provision charge (benefit) to operations 5,593 (2,710) 117 3,000 Recoveries of loans previously charged-off 361 443 109 913 Loans charged-off (986) (145) (41) (1,172) Balance at end of period $ 55,064 21,387 2,565 79,016 Six months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2023 Balance at beginning of period $ 58,218 27,413 2,392 88,023 Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02 (510) (43) (41) (594) Provision charge (benefit) to operations 12,954 3,461 (15) 16,400 Recoveries of loans previously charged-off 6 301 258 565 Loans charged-off (728) (1,425) (168) (2,321) Balance at end of period $ 69,940 29,707 2,426 102,073 2022 Balance at beginning of period $ 52,104 26,343 2,293 80,740 Provision charge (benefit) charge to operations 3,599 (7,115) 116 (3,400) Recoveries of loans previously charged-off 371 2,304 275 2,950 Loans charged-off (1,010) (145) (119) (1,274) Balance at end of period $ 55,064 21,387 2,565 79,016 |
Schedule of Loan Modifications | The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Commercial loans $ — — — — — 1,313 1,313 Consumer loans (1) 4 — — — — 3 7 Total gross loans $ 4 — — — — 1,316 1,320 (1) During the three months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $75,000, which is not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Mortgage loans: Commercial $ — — — — — 707 707 Residential — — — — — 21 21 Total mortgage loans — — — — — 728 728 Commercial loans — — — — — 1,425 1,425 Consumer loans (1) 9 — — — — 13 22 Total gross loans $ 9 — — — — 2,166 2,175 (1) During the six months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $146,000, which is not included in the table above. The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans $ 3,771 — 1,250 0.21 % Total gross loans $ 3,771 — 1,250 0.05 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Weighted-Average Months of Term Extension Weight-Average Rate Change Commercial loans 10 0.28 % Total gross loans 10 0.28 % The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans $ 5,021 — — — — 5,021 Total gross loans $ 5,021 — — — — 5,021 The following table presents the number of loans modified as TDRs during the three and six months ended June 30, 2022, along with their balances immediately prior to the modification date and post-modification as of June 30, 2022 (in thousands): For the three and six months ended June 30, 2022 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Mortgage loans: Residential 2 $ 265 206 Multi Family 1 1,618 1,601 Total mortgage loans 3 1,883 1,807 Commercial loans 2 378 274 Total restructured loans 5 $ 2,261 2,081 |
Summary of Loans Receivable by Credit Quality Risk Rating Indicator | The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2023 and December 31, 2022 (in thousands): Gross Loans Held for Investment by Year of Origination at June 30, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — — — 2,713 2,346 33,436 485 — 38,980 Substandard — — — 376 — 7,785 434 — 8,595 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 3,089 2,346 41,221 919 — 47,575 Pass/Watch 290,713 910,869 670,781 511,239 513,150 1,318,607 96,163 14,339 4,325,861 Total commercial mortgage $ 290,713 910,869 670,781 514,328 515,496 1,359,828 97,082 14,339 4,373,436 Multi-family Special mention $ — — — — — 9,608 — — 9,608 Substandard — — — — — 3,211 — — 3,211 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 12,819 — — 12,819 Pass/Watch 132,991 170,856 198,427 279,117 232,748 614,456 3,223 1,133 1,632,951 Total multi-family $ 132,991 170,856 198,427 279,117 232,748 627,275 3,223 1,133 1,645,770 Construction Special mention $ — — — — — — — — — Substandard — — — — 1,097 777 — — 1,874 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 1,097 777 — — 1,874 Pass/Watch 33,795 276,155 266,520 105,078 8,456 13,346 2,010 705,360 Total construction $ 33,795 276,155 266,520 105,078 9,553 14,123 — 2,010 707,234 Residential (1) Special mention $ — — — — — 1,172 — — 1,172 Substandard — — — — — 2,142 — — 2,142 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 3,314 — — 3,314 Pass/Watch 42,524 147,449 205,949 205,123 92,537 469,263 — — 1,162,845 Total residential $ 42,524 147,449 205,949 205,123 92,537 472,577 — — 1,166,159 Gross Loans Held for Investment by Year of Origination at June 30, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Total Mortgage Special mention $ — — — 2,713 2,346 44,216 485 — 49,760 Substandard — — — 376 1,097 13,915 434 — 15,822 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 3,089 3,443 58,131 919 — 65,582 Pass/Watch 500,023 1,505,329 1,341,677 1,100,557 846,891 2,415,672 99,386 17,482 7,827,017 Total Mortgage $ 500,023 1,505,329 1,341,677 1,103,646 850,334 2,473,803 100,305 17,482 7,892,599 Commercial Special mention $ — 70 387 577 54 11,490 9,714 — 22,292 Substandard — — 14,966 17,133 3,974 14,473 13,837 352 64,735 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 70 15,353 17,710 4,028 25,963 23,551 352 87,027 Pass/Watch 154,852 379,855 308,290 148,648 151,902 552,747 538,651 26,475 2,261,420 Total commercial $ 154,852 379,925 323,643 166,358 155,930 578,710 562,202 26,827 2,348,447 Consumer (1) Special mention $ — — — — — 145 — 2 147 Substandard — — — — — 4 709 90 803 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 149 709 92 950 Pass/Watch 14,243 29,064 19,513 3,328 15,341 93,900 112,425 12,542 300,356 Total consumer $ 14,243 29,064 19,513 3,328 15,341 94,049 113,134 12,634 301,306 Total Loans Special mention $ — 70 387 3,290 2,400 55,851 10,199 2 72,199 Substandard — — 14,966 17,509 5,071 28,392 14,980 442 81,360 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 70 15,353 20,799 7,471 84,243 25,179 444 153,559 Pass/Watch 669,118 1,914,248 1,669,480 1,252,533 1,014,134 3,062,319 750,462 56,499 10,388,793 Total gross loans $ 669,118 1,914,318 1,684,833 1,273,332 1,021,605 3,146,562 775,641 56,943 10,542,352 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. Gross Loans Held for Investment by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — — 3,071 26,809 52,509 14,740 — — 97,129 Gross Loans Held for Investment by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans Substandard — — — — 18,020 11,774 434 — 30,228 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 3,071 26,809 70,529 26,514 434 — 127,357 Pass/Watch 951,367 630,584 567,448 546,474 218,620 1,164,854 94,716 14,765 4,188,828 Total commercial mortgage $ 951,367 630,584 570,519 573,283 289,149 1,191,368 95,150 14,765 4,316,185 Multi-family Special mention $ — — — — — 9,730 — — 9,730 Substandard — — — — — 2,356 — — 2,356 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 12,086 — — 12,086 Pass/Watch 142,550 150,293 282,228 234,953 187,499 502,177 887 1,145 1,501,732 Total multi-family $ 142,550 150,293 282,228 234,953 187,499 514,263 887 1,145 1,513,818 Construction Special mention $ — — — — 19,728 905 — — 20,633 Substandard — — — 2,197 777 — — — 2,974 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 2,197 20,505 905 — — 23,607 Pass/Watch 168,674 362,542 103,067 38,639 16,917 62 1,986 691,887 Total construction $ 168,674 362,542 103,067 40,836 37,422 967 — 1,986 715,494 Residential (1) Special mention $ — — — — — 1,114 — — 1,114 Substandard — — — — 264 4,417 — — 4,681 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 264 5,531 — — 5,795 Pass/Watch 151,077 212,697 211,445 95,872 58,226 442,586 — — 1,171,903 Total residential $ 151,077 212,697 211,445 95,872 58,490 448,117 — — 1,177,698 Total Mortgage Special mention $ — — 3,071 26,809 72,237 26,489 — — 128,606 Substandard — — — 2,197 19,061 18,547 434 — 40,239 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 3,071 29,006 91,298 45,036 434 — 168,845 Gross Loans Held for Investment by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans Pass/Watch 1,413,668 1,356,116 1,164,188 915,938 481,262 2,109,679 95,603 17,896 7,554,350 Total Mortgage $ 1,413,668 1,356,116 1,167,259 944,944 572,560 2,154,715 96,037 17,896 7,723,195 Commercial Special mention $ 75 1,148 444 201 10,156 4,379 14,530 140 31,073 Substandard — 7,605 10,230 4,391 3,561 13,734 7,604 364 47,489 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 75 8,753 10,674 4,592 13,717 18,113 22,134 504 78,562 Pass/Watch 377,662 320,334 162,175 161,150 87,396 522,798 492,717 30,876 2,155,108 Total commercial $ 377,737 329,087 172,849 165,742 101,113 540,911 514,851 31,380 2,233,670 Consumer (1) Special mention $ — — — — — 146 — — 146 Substandard — 8 — 109 332 209 — 658 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 8 — 109 478 209 — 804 Pass/Watch 30,132 20,671 2,909 16,682 16,156 88,173 115,777 13,476 303,976 Total consumer $ 30,132 20,671 2,917 16,682 16,265 88,651 115,986 13,476 304,780 Total Loans Special mention $ 75 1,148 3,515 27,010 82,393 31,014 14,530 140 159,825 Substandard — 7,605 10,238 6,588 22,731 32,613 8,247 364 88,386 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 75 8,753 13,753 33,598 105,124 63,627 22,777 504 248,211 Pass/Watch 1,821,462 1,697,121 1,329,272 1,093,770 584,814 2,720,650 704,097 62,248 10,013,434 Total gross loans $ 1,821,537 1,705,874 1,343,025 1,127,368 689,938 2,784,277 726,874 62,752 10,261,645 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Schedule of Deposits | Deposits at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Savings $ 1,275,262 1,438,583 Money market 2,272,648 2,542,160 NOW 3,334,509 3,186,926 Non-interest bearing 2,358,372 2,643,919 Certificates of deposit 1,020,329 751,436 Total deposits $ 10,261,120 10,563,024 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Securities sold under repurchase agreements $ 82,470 98,000 FHLB line of credit 179,000 486,000 FHLB advances 1,588,244 753,370 Total borrowed funds $ 1,849,714 1,337,370 |
Scheduled Maturities of FHLB Advances | Scheduled maturities of FHLB advances and overnight borrowings at June 30, 2023 are as follows (in thousands): 2023 Due in one year or less $ 1,020,648 Due after one year through two years 514,492 Due after two years through three years 174,660 Due after three years through four years 57,444 Thereafter — Total FHLB advances and overnight borrowings $ 1,767,244 |
Scheduled Maturities of Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements at June 30, 2023 are as follows (in thousands): 2023 Due in one year or less $ 82,470 Thereafter — Total securities sold under repurchase agreements $ 82,470 |
Debt Disclosure by Year | The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2023 and December 31, 2022 (in thousands): Maximum balance Average balance Weighted average interest rate June 30, 2023 Securities sold under repurchase agreements $ 99,669 93,066 1.41 % FHLB overnight borrowings 402,000 223,980 4.87 FHLB advances 1,588,245 1,125,698 2.78 December 31, 2022 Securities sold under repurchase agreements $ 125,506 113,550 0.38 % FHLB overnight borrowings 486,000 139,012 3.32 FHLB advances 753,370 503,713 0.85 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost (Increase) | for the three and six months ended June 30, 2023 and 2022 includes the following components (in thousands): Three months ended June 30, Six months ended June 30, Pension benefits Other post-retirement benefits Pension benefits Other post-retirement benefits 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — — 3 7 $ — — 6 14 Interest cost 302 214 150 111 604 428 300 222 Expected return on plan assets (706) (864) — — (1,412) (1,728) — — Amortization of prior service cost — — — — — — — — Amortization of the net loss (gain) 177 — (533) (326) 354 — (1,066) (652) Net periodic (decrease) increase in benefit cost $ (227) (650) (380) (208) $ (454) (1,300) (760) (416) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2023 and December 31, 2022, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: U.S. Treasury obligations $ 247,067 247,067 — — Agency obligations 31,753 31,753 — — Mortgage-backed securities 1,346,724 — 1,346,724 — Asset-backed securities 34,506 — 34,506 — State and municipal obligations 55,725 — 55,725 — Corporate obligations 34,114 — 34,114 — Total available for sale debt securities 1,749,889 278,820 1,471,069 — Equity securities 1,238 1,238 — — Derivative assets 131,191 — 131,191 — $ 1,882,318 280,058 1,602,260 — Derivative liabilities $ 108,067 — 108,067 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 14,582 — — 14,582 Foreclosed assets 13,697 — — 13,697 $ 28,279 — — 28,279 Fair Value Measurements at Reporting Date Using: December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: U.S. Treasury obligations $ 245,816 245,816 — — Mortgage-backed securities 1,427,139 — 1,427,139 — Asset-backed securities 37,621 — 37,621 — State and municipal obligations 56,864 — 56,864 — Corporate obligations 36,108 — 36,108 — Total available for sale debt securities 1,803,548 245,816 1,557,732 — Equity Securities 1,147 1,147 — — Derivative assets 148,151 — 148,151 — $ 1,952,846 246,963 1,705,883 — Derivative liabilities $ 120,896 — 120,896 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 23,988 — — 23,988 Foreclosed assets 2,124 — — 2,124 $ 26,112 — — 26,112 |
Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2023 and December 31, 2022. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at June 30, 2023 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 208,872 208,872 208,872 — — Available for sale debt securities: U.S. Treasury obligations 247,067 247,067 247,067 — — Agency obligations 31,753 31,753 31,753 — — Mortgage-backed securities 1,346,724 1,346,724 — 1,346,724 — Asset-backed securities 34,506 34,506 — 34,506 — State and municipal obligations 55,725 55,725 — 55,725 — Corporate obligations 34,114 34,114 — 34,114 — Total available for sale debt securities $ 1,749,889 1,749,889 278,820 1,471,069 — Held to maturity debt securities, net of allowance for credit losses: Agency obligations 12,096 11,167 11,167 — — State and municipal obligations 356,987 344,661 — 344,661 — Corporate obligations 9,811 9,201 — 9,201 — Total held to maturity debt securities, net of allowance for credit losses $ 378,894 365,029 11,167 353,862 — FHLBNY stock 93,330 93,330 93,330 — — Equity Securities 1,238 1,238 1,238 — — Loans, net of allowance for credit losses 10,428,458 9,969,672 — — 9,969,672 Derivative assets 131,191 131,191 — 131,191 — Financial liabilities: Deposits other than certificates of deposits $ 9,240,791 9,240,791 9,240,791 — — Certificates of deposit 1,020,329 1,015,211 — 1,015,211 — Total deposits $ 10,261,120 10,256,002 9,240,791 1,015,211 — Borrowings 1,849,714 1,832,814 — 1,832,814 — Subordinated debentures 10,596 9,118 — 9,118 — Derivative liabilities 108,067 108,067 — 108,067 — Fair Value Measurements at December 31, 2022 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 186,508 186,508 186,508 — — Available for sale debt securities: U.S. Treasury obligations 245,816 245,816 245,816 — — Mortgage-backed securities 1,427,139 1,427,139 — 1,427,139 — Asset-backed securities 37,621 37,621 — 37,621 — State and municipal obligations 56,864 56,864 — 56,864 — Corporate obligations 36,108 36,108 — 36,108 — Total available for sale debt securities $ 1,803,548 1,803,548 245,816 1,557,732 — Held to maturity debt securities: Agency obligations $ 9,997 8,964 8,964 — — State and municipal obligations 366,146 353,417 — 353,417 — Corporate obligations 11,780 11,087 — 11,087 — Total held to maturity debt securities $ 387,923 373,468 8,964 364,504 — FHLBNY stock 68,554 68,554 68,554 — — Equity Securities 1,147 1,147 1,147 — — Loans, net of allowance for credit losses 10,160,860 9,768,460 — — 9,768,460 Derivative assets 148,151 148,151 — 148,151 — Financial liabilities: Deposits other than certificates of deposits $ 9,811,588 9,811,588 9,811,588 — — Certificates of deposit 751,436 745,155 — 745,155 — Total deposits $ 10,563,024 10,556,743 9,811,588 745,155 — Borrowings 1,337,370 1,324,578 — 1,324,578 — Subordinated debentures 10,493 9,422 — 9,422 — Derivative liabilities 120,896 120,896 — 120,896 — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive (loss) income, both gross and net of tax, for the three and six months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (20,178) 5,452 (14,726) (62,477) 16,744 (45,733) Reclassification adjustment for gains included in net income — — — (58) 16 (42) Total (20,178) 5,452 (14,726) (62,535) 16,760 (45,775) Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains (losses) arising during the period 5,002 (1,352) 3,650 3,110 (834) 2,276 Reclassification adjustment for gains included in net income (4,124) 1,114 (3,010) (162) 44 (118) Total 878 (238) 640 2,948 (790) 2,158 Amortization related to post-retirement obligations (358) 97 (261) (322) 86 (236) Total other comprehensive (loss) income $ (19,658) 5,311 (14,347) (59,909) 16,056 (43,853) Six months ended June 30, 2023 2022 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized gains (losses) arising during the period $ 7,641 (1,503) 6,138 (178,558) 47,854 (130,704) Reclassification adjustment for gains included in net income — — — (58) 16 (42) Total 7,641 (1,503) 6,138 (178,616) 47,870 (130,746) Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains (losses) arising during the period 4,219 (1,186) 3,033 16,703 (4,476) 12,227 Reclassification adjustment for (gains) losses included in net income (8,343) 2,254 (6,089) 504 (135) 369 Total (4,124) 1,068 (3,056) 17,207 (4,611) 12,596 Amortization related to post-retirement obligations (727) 197 (530) (700) 188 (512) Total other comprehensive income (loss) $ 2,790 (238) 2,552 (162,109) 43,447 (118,662) |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three and six months ended June 30, 2023 and 2022 (in thousands): Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the three months ended June 30, 2023 2022 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains on Post- Retirement Unrealized Losses on Derivatives (cash flow hedges) Accumulated Balance at $ (165,750) 1,303 16,301 (148,146) (85,182) 2,705 14,531 (67,946) Current - period other comprehensive (loss) (14,726) (261) 640 (14,347) (45,775) (236) 2,158 (43,853) Balance at June 30, $ (180,476) 1,042 16,941 (162,493) (130,957) 2,469 16,689 (111,799) Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the six months ended June 30, 2023 2022 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains (Losses) on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at December 31, $ (186,614) 1,572 19,997 (165,045) (211) 2,981 4,093 6,863 Current - period other comprehensive income (loss) 6,138 (530) (3,056) 2,552 (130,746) (512) 12,596 (118,662) Balance at June 30, $ (180,476) 1,042 16,941 (162,493) (130,957) 2,469 16,689 (111,799) |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three and six months ended June 30, 2023 and 2022 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended June 30, Affected line item in the Consolidated 2023 2022 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — (58) Net gain on securities transactions — 16 Income tax expense $ — (42) Net of tax Cash flow hedges: Realized net gains on derivatives $ (4,124) (162) Interest expense 1,114 44 Income tax expense $ (3,010) (118) Post-retirement obligations: Amortization of actuarial gains $ (356) (326) Compensation and employee benefits (1) 96 84 Income tax expense Total reclassification $ (260) (242) Net of tax Total reclassifications $ (3,270) (402) Net of tax Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the six months ended June 30, Affected line item in the Consolidated 2023 2022 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — (58) Net gain on securities transactions — 16 Income tax expense $ — (42) Net of tax Cash flow hedges: Realized net (gains) losses on derivatives $ (8,343) 504 Interest expense 2,254 (136) Income tax expense $ (6,089) 368 Post-retirement obligations: Amortization of actuarial gains $ (712) (652) Compensation and employee benefits (1) 192 171 Income tax expense Total reclassification $ (520) (481) Net of tax Total reclassifications $ (6,609) (155) Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting Assets | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at June 30, 2023 and December 31, 2022 (in thousands). Fair Values of Derivative Instruments as of June 30, 2023 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,114,765 Other assets $ 109,589 1,114,765 Other liabilities 109,871 Credit contracts 46,768 Other assets 47 96,764 Other liabilities 11 Total derivatives not designated as a hedging instrument 109,636 109,882 Derivatives designated as a hedging instrument: Interest rate products 405,000 Other assets 24,769 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 134,405 109,882 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 134,405 109,882 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties (1) 129,021 — Net derivatives not offset $ 5,384 109,882 Fair Values of Derivative Instruments as of December 31, 2022 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,198,191 Other assets $ 122,047 $ 1,198,191 Other liabilities 122,378 Credit contracts 47,143 Other assets 26 110,714 Other liabilities 12 Total derivatives not designated as a hedging instrument 122,073 122,390 Derivatives designated as a hedging instrument: Interest rate products 460,000 Other assets 29,119 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 151,192 122,390 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 151,192 122,390 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties (1) 149,800 — Net derivatives not offset $ 1,392 122,390 (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. (2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2023 and December 31, 2022. |
Offsetting Liabilities | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at June 30, 2023 and December 31, 2022 (in thousands). Fair Values of Derivative Instruments as of June 30, 2023 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,114,765 Other assets $ 109,589 1,114,765 Other liabilities 109,871 Credit contracts 46,768 Other assets 47 96,764 Other liabilities 11 Total derivatives not designated as a hedging instrument 109,636 109,882 Derivatives designated as a hedging instrument: Interest rate products 405,000 Other assets 24,769 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 134,405 109,882 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 134,405 109,882 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties (1) 129,021 — Net derivatives not offset $ 5,384 109,882 Fair Values of Derivative Instruments as of December 31, 2022 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,198,191 Other assets $ 122,047 $ 1,198,191 Other liabilities 122,378 Credit contracts 47,143 Other assets 26 110,714 Other liabilities 12 Total derivatives not designated as a hedging instrument 122,073 122,390 Derivatives designated as a hedging instrument: Interest rate products 460,000 Other assets 29,119 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 151,192 122,390 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 151,192 122,390 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties (1) 149,800 — Net derivatives not offset $ 1,392 122,390 (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. (2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2023 and December 31, 2022. |
Effect of the derivative financial instruments on the Income Statement | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2023 and 2022 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income June 30, 2023 June 30, 2022 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 126 77 Credit contracts Other income (8) (18) Total $ 118 59 Derivatives designated as a hedging instrument: Interest rate products Interest (income) expense $ (4,124) (162) Total $ (4,124) (162) Gain (loss) recognized in income on derivatives for the six months ended Consolidated Statements of Income June 30, 2023 June 30, 2022 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 52 443 Credit contracts Other income (4) (35) Total $ 48 408 Derivatives designated as a hedging instrument: Interest rate products Interest (income) expense $ (8,343) 504 Total $ (8,343) 504 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non-interest Income | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Non-interest income In-scope of Topic 606: Wealth management fees $ 6,919 7,024 13,834 14,489 Insurance agency income 3,847 2,850 7,950 6,270 Banking service charges and other fees: Service charges on deposit accounts 3,050 3,068 6,413 6,031 Debit card and ATM fees 761 846 1,466 1,616 Total banking service charges and other fees 3,811 3,914 7,879 7,647 Total in-scope non-interest income 14,577 13,788 29,663 28,406 Total out-of-scope non-interest income 4,810 7,144 11,877 12,672 Total non-interest income $ 19,387 20,932 41,540 41,078 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at June 30, 2023 and December 31, 2021 (in thousands): Classification June 30, 2023 December 31, 2022 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 60,749 60,577 Lease Liabilities: Operating lease liabilities Other liabilities $ 63,916 63,372 |
Schedule of Supplemental Cash Flow and Other information Related to Leases | The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended June 30, 2023 Three months ended June 30, 2022 Lease Costs Operating lease cost $ 2,629 2,586 Variable lease cost 842 718 Total lease cost $ 3,471 3,304 Six months ended June 30, 2023 Six months ended June 30, 2022 Lease Costs Operating lease cost $ 5,257 5,393 Variable lease cost 1,722 1,436 Total lease cost $ 6,979 6,829 Cash paid for amounts included in the measurement of lease liabilities: Six months ended June 30, 2023 Six months ended June 30, 2022 Operating cash flows from operating leases $ 4,776 4,060 |
Schedule of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2023, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2022 $ 5,094 2023 9,971 2024 9,488 2025 8,518 2026 7,667 Thereafter 30,707 Total future minimum lease payments 71,445 Amounts representing interest 7,529 Present value of net future minimum lease payments $ 63,916 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Net income | $ 32,003 | $ 39,228 | $ 72,539 | $ 83,191 |
Basic earnings per share: | ||||
Income available to common stockholders, basic | $ 32,003 | $ 39,228 | $ 72,539 | $ 83,191 |
Weighted average common shares outstanding, basic (in shares) | 74,823,272 | 74,328,632 | 74,734,795 | 75,068,154 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.43 | $ 0.53 | $ 0.97 | $ 1.11 |
Dilutive shares (in shares) | 6,915 | 72,156 | 32,053 | 84,132 |
Diluted earnings per share: | ||||
Income available to common stockholders, diluted | $ 32,003 | $ 39,228 | $ 72,539 | $ 83,191 |
Weighted average common shares outstanding, diluted (in shares) | 74,830,187 | 74,400,788 | 74,766,848 | 75,152,286 |
Income available to common stockholders, per share amount, diluted (usd per share) | $ 0.43 | $ 0.53 | $ 0.97 | $ 1.11 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 1,300,000 | 1,000,000 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) | Mar. 31, 2024 |
Lakeland Bancorp, Inc | Forecast | |
Business Acquisition [Line Items] | |
Exchange conversion ratio | 0.8319 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) security position | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) security position | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) security position | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | $ 1,749,889,000 | $ 1,749,889,000 | $ 1,803,548,000 | ||
Held to maturity debt securities | $ 378,894,000 | $ 378,894,000 | $ 387,923,000 | ||
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 937 | 937 | 914 | ||
Investments which pay principal on periodic basis, amortized cost | $ 1,620,000,000 | $ 1,620,000,000 | |||
Investments which pay principal on periodic basis, fair value | 1,410,000,000 | 1,410,000,000 | |||
Proceeds from sale of held-to-maturity securities | 0 | $ 0 | 0 | $ 0 | |
Proceeds from calls on securities | $ 0 | $ 0 | |||
Proceeds from sales of available for sale debt securities | 5,400,000 | 5,400,000 | |||
Gain recognized on sale of securities | 58,000 | 58,000 | |||
Loss recognized on sale of securities | 0 | 0 | |||
Securities available for sale, number of securities in an unrealized loss position | position | 464 | 464 | 475 | ||
Held to maturity securities, proceeds from calls | $ 3,500,000 | 10,300,000 | $ 6,600,000 | 26,200,000 | |
Held to maturity securities, recognized gain on calls | 28,000 | 83,000 | 24,000 | 99,000 | |
Held to maturity securities, recognized loss on calls | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of securities in an unrealized loss position | security | 473 | 473 | 439 | ||
AAA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 16% | ||||
AA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 45% | ||||
A | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 39% | ||||
A rated or not rated | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 1% | ||||
Mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | $ 1,346,724,000 | $ 1,346,724,000 | $ 1,427,139,000 | ||
Held-to-maturity, debt securities, allowance | $ 25,000 | $ 25,000 | $ 27,000 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 1,997,185 | $ 2,058,485 |
Gross unrealized gains | 764 | 537 |
Gross unrealized losses | (248,060) | (255,474) |
Available for sale debt securities, at fair value | 1,749,889 | 1,803,548 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 276,106 | 275,620 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (29,039) | (29,804) |
Available for sale debt securities, at fair value | 247,067 | 245,816 |
Agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 31,452 | |
Gross unrealized gains | 301 | |
Gross unrealized losses | 0 | |
Available for sale debt securities, at fair value | 31,753 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,549,842 | 1,636,913 |
Gross unrealized gains | 84 | 209 |
Gross unrealized losses | (203,202) | (209,983) |
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 34,351 | 37,706 |
Gross unrealized gains | 379 | 278 |
Gross unrealized losses | (224) | (363) |
Available for sale debt securities, at fair value | 34,506 | 37,621 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 64,939 | 67,706 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (9,214) | (10,842) |
Available for sale debt securities, at fair value | 55,725 | 56,864 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 40,495 | 40,540 |
Gross unrealized gains | 0 | 50 |
Gross unrealized losses | (6,381) | (4,482) |
Available for sale debt securities, at fair value | $ 34,114 | $ 36,108 |
Investment Securities (Availabl
Investment Securities (Available for Sale by Contractual Maturity) (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 0 |
Due after one year through five years, amortized cost | 242,910 |
Due after five years through ten years, amortized cost | 82,226 |
Due after ten years, amortized cost | 56,404 |
Amortized cost | 381,540 |
Due in one year or less, fair value | 0 |
Due after one year through five years, fair value | 218,600 |
Due after five years through ten years, fair value | 70,318 |
Due after ten years, fair value | 47,988 |
Fair value | $ 336,906 |
Investment Securities (Held to
Investment Securities (Held to Maturity) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 378,919 | $ 387,950 |
Gross unrealized gains | 168 | 269 |
Gross unrealized losses | (14,058) | (14,751) |
Held-to-maturity, debt securities | 365,029 | 373,468 |
Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 12,096 | 9,997 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (929) | (1,033) |
Held-to-maturity, debt securities | 11,167 | 8,964 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 357,003 | 366,164 |
Gross unrealized gains | 168 | 268 |
Gross unrealized losses | (12,510) | (13,015) |
Held-to-maturity, debt securities | 344,661 | 353,417 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,820 | 11,789 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (619) | (703) |
Held-to-maturity, debt securities | $ 9,201 | $ 11,087 |
Investment Securities (Securi_2
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 25,283 |
Due after one year through five years, amortized cost | 169,684 |
Due after five years through ten years, amortized cost | 153,491 |
Due after ten years, amortized cost | 30,461 |
Amortized cost | 378,919 |
Due in one year or less, fair value | 25,199 |
Due after one year through five years, fair value | 166,605 |
Due after five years through ten years, fair value | 148,121 |
Due after ten years, fair value | 25,104 |
Fair value | $ 365,029 |
Investment Securities (Amortize
Investment Securities (Amortized Cost of held to Maturity Debt Securities by Year of Originations and Credit Rating) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 378,919 | $ 387,950 |
Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 12,096 | 9,997 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 357,003 | 366,164 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,820 | 11,789 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 59,726 | 58,957 |
AAA | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 12,096 | 9,997 |
AAA | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 47,125 | 48,453 |
AAA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 505 | 507 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 168,669 | 175,526 |
AA | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
AA | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 166,596 | 171,934 |
AA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,073 | 3,592 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 148,976 | 151,244 |
A | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
A | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 142,830 | 143,829 |
A | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,146 | 7,415 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 770 |
BBB | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
BBB | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 770 |
BBB | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 1,548 | 1,453 |
Not Rated | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
Not Rated | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 452 | 1,178 |
Not Rated | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 1,096 | $ 275 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 10,542,352 | $ 10,261,645 |
Premiums on purchased loans | 1,374 | 1,380 |
Net deferred fees | (13,195) | (14,142) |
Total loans | 10,530,531 | 10,248,883 |
Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 4,373,436 | 4,316,185 |
Multi-family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,645,770 | 1,513,818 |
Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 707,234 | 715,494 |
Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,166,159 | 1,177,698 |
Mortgage loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 7,892,599 | 7,723,195 |
Mortgage loans | Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 4,373,436 | 4,316,185 |
Mortgage loans | Multi-family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,645,770 | 1,513,818 |
Mortgage loans | Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 707,234 | 715,494 |
Mortgage loans | Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,166,159 | 1,177,698 |
Commercial loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,348,447 | 2,233,670 |
Consumer loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 301,306 | $ 304,780 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 10,542,352 | $ 10,261,645 |
Non-accrual | 45,928 | 58,509 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 59,176 | 69,548 |
Non-accrual loans with no related allowance | 30,544 | 50,227 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,373,436 | 4,316,185 |
Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,645,770 | 1,513,818 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 707,234 | 715,494 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,166,159 | 1,177,698 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 10,703 | 7,255 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,545 | 3,784 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 10,483,176 | 10,192,097 |
Mortgage loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,892,599 | 7,723,195 |
Non-accrual | 13,165 | 33,583 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 22,198 | 41,612 |
Non-accrual loans with no related allowance | 10,162 | 28,332 |
Mortgage loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,373,436 | 4,316,185 |
Non-accrual | 7,279 | 28,212 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 9,861 | 30,924 |
Non-accrual loans with no related allowance | 4,276 | 22,961 |
Mortgage loans | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,645,770 | 1,513,818 |
Non-accrual | 2,314 | 1,565 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 6,167 | 2,355 |
Non-accrual loans with no related allowance | 2,314 | 1,565 |
Mortgage loans | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 707,234 | 715,494 |
Non-accrual | 1,874 | 1,878 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 1,874 | 3,880 |
Non-accrual loans with no related allowance | 1,874 | 1,878 |
Mortgage loans | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,166,159 | 1,177,698 |
Non-accrual | 1,698 | 1,928 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 4,296 | 4,453 |
Non-accrual loans with no related allowance | 1,698 | 1,928 |
Mortgage loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 6,725 | 5,406 |
Mortgage loans | 30-59 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,445 | 2,300 |
Mortgage loans | 30-59 Days Past Due | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,853 | 790 |
Mortgage loans | 30-59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 905 |
Mortgage loans | 30-59 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,427 | 1,411 |
Mortgage loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,308 | 2,623 |
Mortgage loans | 60-89 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,137 | 412 |
Mortgage loans | 60-89 Days Past Due | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | 60-89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 1,097 |
Mortgage loans | 60-89 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,171 | 1,114 |
Mortgage loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,870,401 | 7,681,583 |
Mortgage loans | Current | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,363,575 | 4,285,261 |
Mortgage loans | Current | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,639,603 | 1,511,463 |
Mortgage loans | Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 705,360 | 711,614 |
Mortgage loans | Current | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,161,863 | 1,173,245 |
Commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,348,447 | 2,233,670 |
Non-accrual | 31,885 | 24,188 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 34,996 | 26,166 |
Non-accrual loans with no related allowance | 19,504 | 21,156 |
Commercial loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,021 | 964 |
Commercial loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 90 | 1,014 |
Commercial loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,313,451 | 2,207,504 |
Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 301,306 | 304,780 |
Non-accrual | 878 | 738 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 1,982 | 1,770 |
Non-accrual loans with no related allowance | 878 | 739 |
Consumer loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 957 | 885 |
Consumer loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 147 | 147 |
Consumer loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 299,324 | $ 303,010 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses (Narrative) (Detail) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | Jun. 30, 2023 USD ($) loan | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) loan | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Principal amount of nonaccrual loans | $ 45,900,000 | $ 58,500,000 | $ 45,900,000 | $ 45,900,000 | |||||
Loans less than 90 days past due | $ 17,400,000 | $ 42,900,000 | $ 17,400,000 | $ 17,400,000 | |||||
Number of loans 90 days past due and still accruing | loan | 0 | 0 | 0 | 0 | |||||
Provision charge (benefit) to operations | $ 10,400,000 | $ 3,000,000 | $ 16,400,000 | $ (3,400,000) | |||||
Impaired loan defined floor limit (greater than) | $ 1,000,000 | 1,000,000 | 1,000,000 | ||||||
Impaired loans number | loan | 17 | 10 | |||||||
Impaired loans | $ 37,100,000 | $ 42,800,000 | 37,100,000 | 37,100,000 | |||||
Allowance for credit losses | 102,073,000 | 88,023,000 | 102,073,000 | 79,016,000 | 102,073,000 | 79,016,000 | $ 92,758,000 | $ 76,275,000 | $ 80,740,000 |
Effect of adopting accounting standards updates | 1,642,471,000 | 1,597,703,000 | 1,642,471,000 | 1,585,265,000 | 1,642,471,000 | 1,585,265,000 | 1,640,080,000 | 1,621,131,000 | 1,697,096,000 |
Charge off, impaired loan | 921,000 | 921,000 | |||||||
Total loans | $ 10,530,531,000 | 10,248,883,000 | $ 10,530,531,000 | $ 10,530,531,000 | |||||
Number of PPP loans | loan | 2,067 | 2,067 | 2,067 | ||||||
Paycheck protection program | $ 682,000,000 | $ 682,000,000 | $ 682,000,000 | ||||||
Number of loans forgiven | loan | 2,054 | 2,054 | 2,054 | ||||||
Paycheck protection program, amount forgiven | $ 679,400,000 | $ 679,400,000 | $ 679,400,000 | ||||||
Paycheck protection program, amount outstanding | 2,600,000 | 2,600,000 | $ 2,600,000 | ||||||
90 days or more Past Due | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Number of payment defaults for loans modified as TDRs | loan | 1 | ||||||||
Payment default amount for loans modified as TDR | $ 209,000 | ||||||||
RETAINED EARNINGS | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Effect of adopting accounting standards updates | 954,403,000 | 918,158,000 | 954,403,000 | 860,977,000 | 954,403,000 | 860,977,000 | 940,533,000 | 839,807,000 | 814,533,000 |
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Allowance for credit losses | (594,000) | ||||||||
Effect of adopting accounting standards updates | 433,000 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | RETAINED EARNINGS | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Effect of adopting accounting standards updates | 433,000 | ||||||||
Real Estate | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 14,600,000 | 24,000,000 | 14,600,000 | 14,600,000 | |||||
Purchased credit-impaired (PCI) loans | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Allowance for credit losses | 1,600,000 | 1,700,000 | 1,600,000 | 1,600,000 | |||||
Total loans | 173,300,000 | 193,000,000 | 173,300,000 | 173,300,000 | |||||
Commercial Loan | Real Estate | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 14,600,000 | 14,600,000 | 14,600,000 | ||||||
Commercial loans | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Provision charge (benefit) to operations | 3,769,000 | (2,710,000) | 3,461,000 | (7,115,000) | |||||
Allowance for credit losses | $ 29,707,000 | 27,413,000 | $ 29,707,000 | $ 21,387,000 | $ 29,707,000 | $ 21,387,000 | $ 27,117,000 | $ 23,799,000 | $ 26,343,000 |
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Allowance for credit losses | $ (43,000) |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses (Schedule of Allowance for Loan Losses by Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 92,758 | $ 76,275 | $ 88,023 | $ 80,740 |
Provision charge (benefit) to operations | 10,400 | 3,000 | 16,400 | (3,400) |
Recoveries of loans previously charged-off | 310 | 913 | 565 | 2,950 |
Loans charged-off | (1,395) | (1,172) | (2,321) | (1,274) |
Balance at end of period | 102,073 | 79,016 | 102,073 | 79,016 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (594) | |||
Mortgage loans | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 63,195 | 50,096 | 58,218 | 52,104 |
Provision charge (benefit) to operations | 6,742 | 5,593 | 12,954 | 3,599 |
Recoveries of loans previously charged-off | 3 | 361 | 6 | 371 |
Loans charged-off | 0 | (986) | (728) | (1,010) |
Balance at end of period | 69,940 | 55,064 | 69,940 | 55,064 |
Mortgage loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (510) | |||
Commercial loans | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 27,117 | 23,799 | 27,413 | 26,343 |
Provision charge (benefit) to operations | 3,769 | (2,710) | 3,461 | (7,115) |
Recoveries of loans previously charged-off | 134 | 443 | 301 | 2,304 |
Loans charged-off | (1,313) | (145) | (1,425) | (145) |
Balance at end of period | 29,707 | 21,387 | 29,707 | 21,387 |
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (43) | |||
Consumer loans | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 2,446 | 2,380 | 2,392 | 2,293 |
Provision charge (benefit) to operations | (111) | 117 | (15) | 116 |
Recoveries of loans previously charged-off | 173 | 109 | 258 | 275 |
Loans charged-off | (82) | (41) | (168) | (119) |
Balance at end of period | $ 2,426 | $ 2,565 | 2,426 | $ 2,565 |
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ (41) |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands | 3 Months Ended |
Jun. 30, 2022 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 5 |
Pre-Modification Outstanding Recorded Investment | $ 2,261 |
Post-Modification Outstanding Recorded Investment | $ 2,081 |
Mortgage Portfolio | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1,883 |
Post-Modification Outstanding Recorded Investment | $ 1,807 |
Mortgage Portfolio | Residential | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 2 |
Pre-Modification Outstanding Recorded Investment | $ 265 |
Post-Modification Outstanding Recorded Investment | $ 206 |
Mortgage Portfolio | Multi Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,618 |
Post-Modification Outstanding Recorded Investment | $ 1,601 |
Commercial Loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 2 |
Pre-Modification Outstanding Recorded Investment | $ 378 |
Post-Modification Outstanding Recorded Investment | $ 274 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Charge Offs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans | $ 1,395 | $ 1,172 | $ 2,321 | $ 1,274 |
Mortgage loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior to 2019 | 728 | |||
Total Loans | 0 | 986 | 728 | 1,010 |
Mortgage loans | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior to 2019 | 707 | |||
Total Loans | 707 | |||
Mortgage loans | Residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior to 2019 | 21 | |||
Total Loans | 21 | |||
Commercial loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2023 | 0 | 0 | ||
2022 | 0 | 0 | ||
2021 | 0 | 0 | ||
2020 | 0 | 0 | ||
2019 | 0 | 0 | ||
Prior to 2019 | 1,313 | 1,425 | ||
Total Loans | 1,313 | 145 | 1,425 | 145 |
Consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2023 | 4 | 9 | ||
2022 | 0 | 0 | ||
2021 | 0 | 0 | ||
2020 | 0 | 0 | ||
2019 | 0 | 0 | ||
Prior to 2019 | 3 | 13 | ||
Total Loans | 7 | 22 | ||
Total gross loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2023 | 4 | 9 | ||
2022 | 0 | 0 | ||
2021 | 0 | 0 | ||
2020 | 0 | 0 | ||
2019 | 0 | 0 | ||
Prior to 2019 | 1,316 | 2,166 | ||
Total Loans | 1,320 | 2,175 | ||
Consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans | 82 | $ 41 | 168 | $ 119 |
Consumer loans | Consumer Loans, Overdraft Accounts | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans | $ 75 | $ 146 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Amortized Basis) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
% of Total Class of Loans and Leases | 0.05% |
Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
% of Total Class of Loans and Leases | 0.21% |
Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | $ 3,771 |
Term Extension | Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 3,771 |
Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Interest Rate Reduction | Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 1,250 |
Interest Rate Reduction and Term Extension | Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | $ 1,250 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (Financial Effect) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Months of Term Extension | 10 months |
Weight-Average Rate Change | 0.28% |
Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Months of Term Extension | 10 months |
Weight-Average Rate Change | 0.28% |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses (Aging Analysis) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | $ 5,021 |
Non- Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 0 |
Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 5,021 |
30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 0 |
60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 0 |
90 days or more Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 0 |
Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 5,021 |
Commercial loans | Non- Accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 0 |
Commercial loans | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 5,021 |
Commercial loans | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 0 |
Commercial loans | 60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | 0 |
Commercial loans | 90 days or more Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Aging analysis, modified | $ 0 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | $ 669,118 | $ 1,821,537 |
2022/2021 | 1,914,318 | 1,705,874 |
2021/2020 | 1,684,833 | 1,343,025 |
2020/2019 | 1,273,332 | 1,127,368 |
2019/2018 | 1,021,605 | 689,938 |
Prior to 2019/2018 | 3,146,562 | 2,784,277 |
Revolving Loans | 775,641 | 726,874 |
Revolving loans to term loans | 56,943 | 62,752 |
Total gross loans | 10,542,352 | 10,261,645 |
Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 75 |
2022/2021 | 70 | 8,753 |
2021/2020 | 15,353 | 13,753 |
2020/2019 | 20,799 | 33,598 |
2019/2018 | 7,471 | 105,124 |
Prior to 2019/2018 | 84,243 | 63,627 |
Revolving Loans | 25,179 | 22,777 |
Revolving loans to term loans | 444 | 504 |
Total gross loans | 153,559 | 248,211 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 75 |
2022/2021 | 70 | 1,148 |
2021/2020 | 387 | 3,515 |
2020/2019 | 3,290 | 27,010 |
2019/2018 | 2,400 | 82,393 |
Prior to 2019/2018 | 55,851 | 31,014 |
Revolving Loans | 10,199 | 14,530 |
Revolving loans to term loans | 2 | 140 |
Total gross loans | 72,199 | 159,825 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 7,605 |
2021/2020 | 14,966 | 10,238 |
2020/2019 | 17,509 | 6,588 |
2019/2018 | 5,071 | 22,731 |
Prior to 2019/2018 | 28,392 | 32,613 |
Revolving Loans | 14,980 | 8,247 |
Revolving loans to term loans | 442 | 364 |
Total gross loans | 81,360 | 88,386 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 669,118 | 1,821,462 |
2022/2021 | 1,914,248 | 1,697,121 |
2021/2020 | 1,669,480 | 1,329,272 |
2020/2019 | 1,252,533 | 1,093,770 |
2019/2018 | 1,014,134 | 584,814 |
Prior to 2019/2018 | 3,062,319 | 2,720,650 |
Revolving Loans | 750,462 | 704,097 |
Revolving loans to term loans | 56,499 | 62,248 |
Total gross loans | 10,388,793 | 10,013,434 |
Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 42,524 | 151,077 |
2022/2021 | 147,449 | 212,697 |
2021/2020 | 205,949 | 211,445 |
2020/2019 | 205,123 | 95,872 |
2019/2018 | 92,537 | 58,490 |
Prior to 2019/2018 | 472,577 | 448,117 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,166,159 | 1,177,698 |
Residential | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 264 |
Prior to 2019/2018 | 3,314 | 5,531 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 3,314 | 5,795 |
Residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 1,172 | 1,114 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,172 | 1,114 |
Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 264 |
Prior to 2019/2018 | 2,142 | 4,417 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 2,142 | 4,681 |
Residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 42,524 | 151,077 |
2022/2021 | 147,449 | 212,697 |
2021/2020 | 205,949 | 211,445 |
2020/2019 | 205,123 | 95,872 |
2019/2018 | 92,537 | 58,226 |
Prior to 2019/2018 | 469,263 | 442,586 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,162,845 | 1,171,903 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 290,713 | 951,367 |
2022/2021 | 910,869 | 630,584 |
2021/2020 | 670,781 | 570,519 |
2020/2019 | 514,328 | 573,283 |
2019/2018 | 515,496 | 289,149 |
Prior to 2019/2018 | 1,359,828 | 1,191,368 |
Revolving Loans | 97,082 | 95,150 |
Revolving loans to term loans | 14,339 | 14,765 |
Total gross loans | 4,373,436 | 4,316,185 |
Commercial | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 3,071 |
2020/2019 | 3,089 | 26,809 |
2019/2018 | 2,346 | 70,529 |
Prior to 2019/2018 | 41,221 | 26,514 |
Revolving Loans | 919 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 47,575 | 127,357 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 3,071 |
2020/2019 | 2,713 | 26,809 |
2019/2018 | 2,346 | 52,509 |
Prior to 2019/2018 | 33,436 | 14,740 |
Revolving Loans | 485 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 38,980 | 97,129 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 376 | 0 |
2019/2018 | 0 | 18,020 |
Prior to 2019/2018 | 7,785 | 11,774 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 8,595 | 30,228 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Commercial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Commercial | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 290,713 | 951,367 |
2022/2021 | 910,869 | 630,584 |
2021/2020 | 670,781 | 567,448 |
2020/2019 | 511,239 | 546,474 |
2019/2018 | 513,150 | 218,620 |
Prior to 2019/2018 | 1,318,607 | 1,164,854 |
Revolving Loans | 96,163 | 94,716 |
Revolving loans to term loans | 14,339 | 14,765 |
Total gross loans | 4,325,861 | 4,188,828 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 132,991 | 142,550 |
2022/2021 | 170,856 | 150,293 |
2021/2020 | 198,427 | 282,228 |
2020/2019 | 279,117 | 234,953 |
2019/2018 | 232,748 | 187,499 |
Prior to 2019/2018 | 627,275 | 514,263 |
Revolving Loans | 3,223 | 887 |
Revolving loans to term loans | 1,133 | 1,145 |
Total gross loans | 1,645,770 | 1,513,818 |
Multi-family | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 12,819 | 12,086 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 12,819 | 12,086 |
Multi-family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 9,608 | 9,730 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 9,608 | 9,730 |
Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 3,211 | 2,356 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 3,211 | 2,356 |
Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Multi-family | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Multi-family | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 132,991 | 142,550 |
2022/2021 | 170,856 | 150,293 |
2021/2020 | 198,427 | 282,228 |
2020/2019 | 279,117 | 234,953 |
2019/2018 | 232,748 | 187,499 |
Prior to 2019/2018 | 614,456 | 502,177 |
Revolving Loans | 3,223 | 887 |
Revolving loans to term loans | 1,133 | 1,145 |
Total gross loans | 1,632,951 | 1,501,732 |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 33,795 | 168,674 |
2022/2021 | 276,155 | 362,542 |
2021/2020 | 266,520 | 103,067 |
2020/2019 | 105,078 | 40,836 |
2019/2018 | 9,553 | 37,422 |
Prior to 2019/2018 | 14,123 | 967 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 2,010 | 1,986 |
Total gross loans | 707,234 | 715,494 |
Construction | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 2,197 |
2019/2018 | 1,097 | 20,505 |
Prior to 2019/2018 | 777 | 905 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,874 | 23,607 |
Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 19,728 |
Prior to 2019/2018 | 0 | 905 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 20,633 |
Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 2,197 |
2019/2018 | 1,097 | 777 |
Prior to 2019/2018 | 777 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,874 | 2,974 |
Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Construction | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 33,795 | 168,674 |
2022/2021 | 276,155 | 362,542 |
2021/2020 | 266,520 | 103,067 |
2020/2019 | 105,078 | 38,639 |
2019/2018 | 8,456 | 16,917 |
Prior to 2019/2018 | 13,346 | 62 |
Revolving Loans | ||
Revolving loans to term loans | 2,010 | 1,986 |
Total gross loans | 705,360 | 691,887 |
Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 500,023 | 1,413,668 |
2022/2021 | 1,505,329 | 1,356,116 |
2021/2020 | 1,341,677 | 1,167,259 |
2020/2019 | 1,103,646 | 944,944 |
2019/2018 | 850,334 | 572,560 |
Prior to 2019/2018 | 2,473,803 | 2,154,715 |
Revolving Loans | 100,305 | 96,037 |
Revolving loans to term loans | 17,482 | 17,896 |
Total gross loans | 7,892,599 | 7,723,195 |
Mortgage loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 3,071 |
2020/2019 | 3,089 | 29,006 |
2019/2018 | 3,443 | 91,298 |
Prior to 2019/2018 | 58,131 | 45,036 |
Revolving Loans | 919 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 65,582 | 168,845 |
Mortgage loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 3,071 |
2020/2019 | 2,713 | 26,809 |
2019/2018 | 2,346 | 72,237 |
Prior to 2019/2018 | 44,216 | 26,489 |
Revolving Loans | 485 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 49,760 | 128,606 |
Mortgage loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 376 | 2,197 |
2019/2018 | 1,097 | 19,061 |
Prior to 2019/2018 | 13,915 | 18,547 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 15,822 | 40,239 |
Mortgage loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 500,023 | 1,413,668 |
2022/2021 | 1,505,329 | 1,356,116 |
2021/2020 | 1,341,677 | 1,164,188 |
2020/2019 | 1,100,557 | 915,938 |
2019/2018 | 846,891 | 481,262 |
Prior to 2019/2018 | 2,415,672 | 2,109,679 |
Revolving Loans | 99,386 | 95,603 |
Revolving loans to term loans | 17,482 | 17,896 |
Total gross loans | 7,827,017 | 7,554,350 |
Mortgage loans | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,166,159 | 1,177,698 |
Mortgage loans | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 4,373,436 | 4,316,185 |
Mortgage loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,645,770 | 1,513,818 |
Mortgage loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 707,234 | 715,494 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 154,852 | 377,737 |
2022/2021 | 379,925 | 329,087 |
2021/2020 | 323,643 | 172,849 |
2020/2019 | 166,358 | 165,742 |
2019/2018 | 155,930 | 101,113 |
Prior to 2019/2018 | 578,710 | 540,911 |
Revolving Loans | 562,202 | 514,851 |
Revolving loans to term loans | 26,827 | 31,380 |
Total gross loans | 2,348,447 | 2,233,670 |
Commercial loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 75 |
2022/2021 | 70 | 8,753 |
2021/2020 | 15,353 | 10,674 |
2020/2019 | 17,710 | 4,592 |
2019/2018 | 4,028 | 13,717 |
Prior to 2019/2018 | 25,963 | 18,113 |
Revolving Loans | 23,551 | 22,134 |
Revolving loans to term loans | 352 | 504 |
Total gross loans | 87,027 | 78,562 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 75 |
2022/2021 | 70 | 1,148 |
2021/2020 | 387 | 444 |
2020/2019 | 577 | 201 |
2019/2018 | 54 | 10,156 |
Prior to 2019/2018 | 11,490 | 4,379 |
Revolving Loans | 9,714 | 14,530 |
Revolving loans to term loans | 0 | 140 |
Total gross loans | 22,292 | 31,073 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 7,605 |
2021/2020 | 14,966 | 10,230 |
2020/2019 | 17,133 | 4,391 |
2019/2018 | 3,974 | 3,561 |
Prior to 2019/2018 | 14,473 | 13,734 |
Revolving Loans | 13,837 | 7,604 |
Revolving loans to term loans | 352 | 364 |
Total gross loans | 64,735 | 47,489 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Commercial loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 154,852 | 377,662 |
2022/2021 | 379,855 | 320,334 |
2021/2020 | 308,290 | 162,175 |
2020/2019 | 148,648 | 161,150 |
2019/2018 | 151,902 | 87,396 |
Prior to 2019/2018 | 552,747 | 522,798 |
Revolving Loans | 538,651 | 492,717 |
Revolving loans to term loans | 26,475 | 30,876 |
Total gross loans | 2,261,420 | 2,155,108 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 14,243 | 30,132 |
2022/2021 | 29,064 | 20,671 |
2021/2020 | 19,513 | 2,917 |
2020/2019 | 3,328 | 16,682 |
2019/2018 | 15,341 | 16,265 |
Prior to 2019/2018 | 94,049 | 88,651 |
Revolving Loans | 113,134 | 115,986 |
Revolving loans to term loans | 12,634 | 13,476 |
Total gross loans | 301,306 | 304,780 |
Consumer loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 8 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 109 |
Prior to 2019/2018 | 149 | 478 |
Revolving Loans | 709 | 209 |
Revolving loans to term loans | 92 | 0 |
Total gross loans | 950 | 804 |
Consumer loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 145 | 146 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 2 | 0 |
Total gross loans | 147 | 146 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | |
2021/2020 | 0 | 8 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 109 |
Prior to 2019/2018 | 4 | 332 |
Revolving Loans | 709 | 209 |
Revolving loans to term loans | 90 | 0 |
Total gross loans | 803 | 658 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Consumer loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 0 | 0 |
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
Prior to 2019/2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Consumer loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023/2022 | 14,243 | 30,132 |
2022/2021 | 29,064 | 20,671 |
2021/2020 | 19,513 | 2,909 |
2020/2019 | 3,328 | 16,682 |
2019/2018 | 15,341 | 16,156 |
Prior to 2019/2018 | 93,900 | 88,173 |
Revolving Loans | 112,425 | 115,777 |
Revolving loans to term loans | 12,542 | 13,476 |
Total gross loans | $ 300,356 | $ 303,976 |
Deposits (Detail)
Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Banking and Thrift, Other Disclosure [Abstract] | ||
Savings | $ 1,275,262 | $ 1,438,583 |
Money market | 2,272,648 | 2,542,160 |
NOW | 3,334,509 | 3,186,926 |
Non-interest bearing | 2,358,372 | 2,643,919 |
Certificates of deposit | 1,020,329 | 751,436 |
Total deposits | $ 10,261,120 | $ 10,563,024 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 82,470 | $ 98,000 |
FHLB line of credit | 179,000 | 486,000 |
FHLB advances | 1,588,244 | 753,370 |
Total borrowed funds | $ 1,849,714 | $ 1,337,370 |
Borrowed Funds - Scheduled FHLB
Borrowed Funds - Scheduled FHLB Advances (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Due in one year or less | $ 1,020,648 |
Due after one year through two years | 514,492 |
Due after two years through three years | 174,660 |
Due after three years through four years | 57,444 |
Thereafter | 0 |
Total FHLB advances and overnight borrowings | $ 1,767,244 |
Borrowed Funds - Scheduled Secu
Borrowed Funds - Scheduled Securities Sold Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total securities sold under repurchase agreements | $ 82,470 | $ 98,000 |
Securities Loaned or Sold under Agreements to Repurchase | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 82,470 | |
Thereafter | 0 | |
Total securities sold under repurchase agreements | $ 82,470 |
Borrowed Funds - Debt Disclosur
Borrowed Funds - Debt Disclosure by Year (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, maximum balance | $ 99,669,000 | $ 125,506,000 |
FHLB overnight borrowing, maximum balance | 402,000,000 | 486,000,000 |
FHLB overnight borrowing, maximum balance | 1,588,245,000 | 753,370,000 |
Securities sold under repurchase agreements, average balance | 93,066,000 | 113,550,000 |
FHLB overnight borrowing, average balance | 223,980,000 | 139,012,000 |
FHLB overnight borrowing, average balance | $ 1,125,698,000 | $ 503,713,000 |
Securities sold under repurchase agreements, weighted average interest rate | 1.41% | 0.38% |
FHLB overnight borrowing, weighted average interest rate | 4.87% | 3.32% |
FHLB advances, weighted average interest rate | 2.78% | 0.85% |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Available for sale debt securities, at fair value | $ 1,749,889 | $ 1,749,889 | $ 1,803,548 | ||
Interest expense, borrowings | 14,100 | $ 1,100 | 21,600 | $ 2,300 | |
Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase | |||||
Debt Instrument [Line Items] | |||||
Available for sale debt securities, at fair value | $ 95,500 | $ 95,500 | $ 116,500 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jan. 01, 2007 | Jun. 30, 2023 | Dec. 31, 2002 | |
Retirement Benefits [Abstract] | |||
Service period for employees of coverage age, years (at least) | 1 year | ||
Defined benefit plan, percentage vested | 100% | ||
Retiree benefits eliminated if less than service period, years (less than) | 10 years | 10 years | |
Defined benefit plan, contributions by employer | $ 0 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost (Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension benefits | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 302 | 214 | 604 | 428 |
Expected return on plan assets | (706) | (864) | (1,412) | (1,728) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | 177 | 0 | 354 | 0 |
Net periodic (decrease) increase in benefit cost | (227) | (650) | (454) | (1,300) |
Other post-retirement benefits | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 3 | 7 | 6 | 14 |
Interest cost | 150 | 111 | 300 | 222 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | (533) | (326) | (1,066) | (652) |
Net periodic (decrease) increase in benefit cost | $ (380) | $ (208) | $ (760) | $ (416) |
Impact of Recent Accounting P_2
Impact of Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of adopting accounting standards updates | $ 1,642,471 | $ 1,640,080 | $ 1,597,703 | $ 1,585,265 | $ 1,621,131 | $ 1,697,096 |
Allowance for credit losses | (102,073) | (92,758) | (88,023) | (79,016) | (76,275) | (80,740) |
RETAINED EARNINGS | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of adopting accounting standards updates | $ 954,403 | $ 940,533 | 918,158 | $ 860,977 | $ 839,807 | $ 814,533 |
Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of adopting accounting standards updates | 433 | |||||
Allowance for credit losses | 594 | |||||
Cumulative Effect, Period of Adoption, Adjustment | RETAINED EARNINGS | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of adopting accounting standards updates | $ 433 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Credit Loss [Abstract] | |||||
Provision (benefit) charge for credit losses on off-balance sheet credit exposures | $ (647) | $ (973) | $ 92 | $ (3,363) | |
Increase (decrease) in provision | 326 | 3,500 | |||
Provision for credit losses for off-balance sheet credit exposure | $ 3,200 | $ 3,200 | $ 3,200 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) $ in Thousands | Jun. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ | $ 70 | $ 70 |
Minimum | Measurement Input, Cost to Sell | Valuation, Market Approach | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.05 | |
Foreclosed assets, measurement input | 0.05 | |
Maximum | Measurement Input, Cost to Sell | Valuation, Market Approach | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.10 | |
Foreclosed assets, measurement input | 0.10 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | $ 1,749,889 | $ 1,803,548 |
Equity securities | 1,238 | 1,147 |
Derivative assets | 134,405 | 151,192 |
Derivative liability | 109,882 | 122,390 |
Foreclosed assets | 13,697 | 2,124 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 278,820 | 245,816 |
Equity securities | 1,238 | 1,147 |
Derivative assets | 0 | 0 |
Derivative liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,471,069 | 1,557,732 |
Equity securities | 0 | 0 |
Derivative assets | 131,191 | 148,151 |
Derivative liability | 108,067 | 120,896 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liability | 0 | 0 |
U.S. Treasury obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 247,067 | 245,816 |
U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 247,067 | 245,816 |
U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 31,753 | |
Agency obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 31,753 | |
Agency obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Agency obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,506 | 37,621 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,506 | 37,621 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 55,725 | 56,864 |
State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State and municipal obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 55,725 | 56,864 |
State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,114 | 36,108 |
Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,114 | 36,108 |
Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,749,889 | 1,803,548 |
Equity securities | 1,238 | 1,147 |
Derivative assets | 131,191 | 148,151 |
Assets, Fair Value Disclosure, Total | 1,882,318 | 1,952,846 |
Derivative liability | 108,067 | 120,896 |
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 278,820 | 245,816 |
Equity securities | 1,238 | 1,147 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure, Total | 280,058 | 246,963 |
Derivative liability | 0 | 0 |
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,471,069 | 1,557,732 |
Equity securities | 0 | 0 |
Derivative assets | 131,191 | 148,151 |
Assets, Fair Value Disclosure, Total | 1,602,260 | 1,705,883 |
Derivative liability | 108,067 | 120,896 |
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure, Total | 0 | 0 |
Derivative liability | 0 | 0 |
Measured on a Recurring Basis | U.S. Treasury obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 247,067 | 245,816 |
Measured on a Recurring Basis | U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 247,067 | 245,816 |
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 31,753 | |
Measured on a Recurring Basis | Agency obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 31,753 | |
Measured on a Recurring Basis | Agency obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Measured on a Recurring Basis | Agency obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Measured on a Recurring Basis | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 |
Measured on a Recurring Basis | Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 |
Measured on a Recurring Basis | Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,506 | 37,621 |
Measured on a Recurring Basis | Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,506 | 37,621 |
Measured on a Recurring Basis | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 55,725 | 56,864 |
Measured on a Recurring Basis | State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | State and municipal obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 55,725 | 56,864 |
Measured on a Recurring Basis | State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,114 | 36,108 |
Measured on a Recurring Basis | Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Corporate obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 34,114 | 36,108 |
Measured on a Recurring Basis | Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Non-Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Total | 28,279 | 26,112 |
Loans measured for impairment based on the fair value of the underlying collateral | 14,582 | 23,988 |
Foreclosed assets | 13,697 | 2,124 |
Measured on a Non-Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Total | 28,279 | 26,112 |
Loans measured for impairment based on the fair value of the underlying collateral | 14,582 | 23,988 |
Foreclosed assets | $ 13,697 | $ 2,124 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||||
Cash and cash equivalents | $ 208,802 | $ 186,438 | $ 277,462 | $ 685,163 |
Available for sale debt securities, at fair value | 1,749,889 | 1,803,548 | ||
Investment securities held to maturity, fair value | 365,029 | 373,468 | ||
Federal Home Loan Bank stock | 93,330 | 68,554 | ||
Equity securities | 1,238 | 1,147 | ||
Loans, net of allowance for credit losses | 10,428,458 | 10,160,860 | ||
Derivative assets | 134,405 | 151,192 | ||
Financial liabilities: | ||||
Certificates of deposit | 1,020,329 | 751,436 | ||
Total deposits | 10,261,120 | 10,563,024 | ||
Borrowed funds | 1,849,714 | 1,337,370 | ||
Subordinated debentures | 10,596 | 10,493 | ||
Derivative liability | 109,882 | 122,390 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Cash and cash equivalents | 208,872 | 186,508 | ||
Available for sale debt securities, at fair value | 278,820 | 245,816 | ||
Investment securities held to maturity, fair value | 11,167 | 8,964 | ||
Federal Home Loan Bank stock | 93,330 | 68,554 | ||
Equity securities | 1,238 | 1,147 | ||
Loans, net of allowance for credit losses | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 9,240,791 | 9,811,588 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 9,240,791 | 9,811,588 | ||
Borrowed funds | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available for sale debt securities, at fair value | 1,471,069 | 1,557,732 | ||
Investment securities held to maturity, fair value | 353,862 | 364,504 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Loans, net of allowance for credit losses | 0 | 0 | ||
Derivative assets | 131,191 | 148,151 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 1,015,211 | 745,155 | ||
Total deposits | 1,015,211 | 745,155 | ||
Borrowed funds | 1,832,814 | 1,324,578 | ||
Subordinated debentures | 9,118 | 9,422 | ||
Derivative liability | 108,067 | 120,896 | ||
Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available for sale debt securities, at fair value | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Loans, net of allowance for credit losses | 9,969,672 | 9,768,460 | ||
Derivative assets | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Borrowed funds | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
U.S. Treasury obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 247,067 | 245,816 | ||
U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 247,067 | 245,816 | ||
U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Agency obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 31,753 | |||
Investment securities held to maturity, fair value | 11,167 | 8,964 | ||
Agency obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 31,753 | |||
Investment securities held to maturity, fair value | 11,167 | 8,964 | ||
Agency obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | |||
Investment securities held to maturity, fair value | 0 | 0 | ||
Agency obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | |||
Investment securities held to maturity, fair value | 0 | 0 | ||
Mortgage-backed securities | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 | ||
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 | ||
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Asset-backed securities | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,506 | 37,621 | ||
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,506 | 37,621 | ||
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
State and municipal obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 55,725 | 56,864 | ||
Investment securities held to maturity, fair value | 344,661 | 353,417 | ||
State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
State and municipal obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 55,725 | 56,864 | ||
Investment securities held to maturity, fair value | 344,661 | 353,417 | ||
State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Corporate obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,114 | 36,108 | ||
Investment securities held to maturity, fair value | 9,201 | 11,087 | ||
Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Corporate obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,114 | 36,108 | ||
Investment securities held to maturity, fair value | 9,201 | 11,087 | ||
Corporate obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Carrying Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 208,872 | 186,508 | ||
Available for sale debt securities, at fair value | 1,749,889 | 1,803,548 | ||
Investment securities held to maturity, fair value | 378,894 | 387,923 | ||
Federal Home Loan Bank stock | 93,330 | 68,554 | ||
Equity securities | 1,238 | 1,147 | ||
Loans, net of allowance for credit losses | 10,428,458 | 10,160,860 | ||
Derivative assets | 131,191 | 148,151 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 9,240,791 | 9,811,588 | ||
Certificates of deposit | 1,020,329 | 751,436 | ||
Total deposits | 10,261,120 | 10,563,024 | ||
Borrowed funds | 1,849,714 | 1,337,370 | ||
Subordinated debentures | 10,596 | 10,493 | ||
Derivative liability | 108,067 | 120,896 | ||
Carrying Value | U.S. Treasury obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 247,067 | 245,816 | ||
Carrying Value | Agency obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 31,753 | |||
Investment securities held to maturity, fair value | 12,096 | 9,997 | ||
Carrying Value | Mortgage-backed securities | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 | ||
Carrying Value | Asset-backed securities | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,506 | 37,621 | ||
Carrying Value | State and municipal obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 55,725 | 56,864 | ||
Investment securities held to maturity, fair value | 356,987 | 366,146 | ||
Carrying Value | Corporate obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,114 | 36,108 | ||
Investment securities held to maturity, fair value | 9,811 | 11,780 | ||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 208,872 | 186,508 | ||
Available for sale debt securities, at fair value | 1,749,889 | 1,803,548 | ||
Investment securities held to maturity, fair value | 365,029 | 373,468 | ||
Federal Home Loan Bank stock | 93,330 | 68,554 | ||
Equity securities | 1,238 | 1,147 | ||
Loans, net of allowance for credit losses | 9,969,672 | 9,768,460 | ||
Derivative assets | 131,191 | 148,151 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 9,240,791 | 9,811,588 | ||
Certificates of deposit | 1,015,211 | 745,155 | ||
Total deposits | 10,256,002 | 10,556,743 | ||
Borrowed funds | 1,832,814 | 1,324,578 | ||
Subordinated debentures | 9,118 | 9,422 | ||
Derivative liability | 108,067 | 120,896 | ||
Fair Value | U.S. Treasury obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 247,067 | 245,816 | ||
Fair Value | Agency obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 31,753 | |||
Investment securities held to maturity, fair value | 11,167 | 8,964 | ||
Fair Value | Mortgage-backed securities | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 1,346,724 | 1,427,139 | ||
Fair Value | Asset-backed securities | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,506 | 37,621 | ||
Fair Value | State and municipal obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 55,725 | 56,864 | ||
Investment securities held to maturity, fair value | 344,661 | 353,417 | ||
Fair Value | Corporate obligations | ||||
Financial assets: | ||||
Available for sale debt securities, at fair value | 34,114 | 36,108 | ||
Investment securities held to maturity, fair value | $ 9,201 | $ 11,087 |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Components of OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized (losses) gains arising during the period | $ (20,178) | $ (62,477) | $ 7,641 | $ (178,558) |
Reclassification adjustment for gains included in net income | 0 | (58) | 0 | (58) |
Total | (20,178) | (62,535) | 7,641 | (178,616) |
Unrealized gains and losses on derivatives (cash flow hedges): | ||||
Net unrealized gains (losses) arising during the period | 5,002 | 3,110 | 4,219 | 16,703 |
Reclassification adjustment for (gains) losses included in net income | (4,124) | (162) | (8,343) | 504 |
Total | 878 | 2,948 | (4,124) | 17,207 |
Amortization related to post-retirement obligations | (358) | (322) | (727) | (700) |
Total other comprehensive (loss) income | (19,658) | (59,909) | 2,790 | (162,109) |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized (losses) gains arising during the period | 5,452 | 16,744 | (1,503) | 47,854 |
Reclassification adjustment for gains included in net income | 0 | 16 | 0 | 16 |
Total | 5,452 | 16,760 | (1,503) | 47,870 |
Unrealized gains and losses on derivatives (cash flow hedges): | ||||
Net unrealized gains (losses) arising during the period | (1,352) | (834) | (1,186) | (4,476) |
Reclassification adjustment for (gains) losses included in net income | 1,114 | 44 | 2,254 | (135) |
Total | (238) | (790) | 1,068 | (4,611) |
Amortization related to post-retirement obligations | 97 | 86 | 197 | 188 |
Total other comprehensive income (loss) | 5,311 | 16,056 | (238) | 43,447 |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized gains (losses) arising during the period | (14,726) | (45,733) | 6,138 | (130,704) |
Reclassification adjustment for gains included in net income | 0 | (42) | 0 | (42) |
Total | (14,726) | (45,775) | 6,138 | (130,746) |
Unrealized gains and losses on derivatives (cash flow hedges): | ||||
Net unrealized gains (losses) arising during the period | 3,650 | 2,276 | 3,033 | 12,227 |
Reclassification adjustment for (gains) losses included in net income | (3,010) | (118) | (6,089) | 369 |
Total | 640 | 2,158 | (3,056) | 12,596 |
Amortization related to post-retirement obligations | (261) | (236) | (530) | (512) |
Total other comprehensive income (loss) | $ (14,347) | $ (43,853) | $ 2,552 | $ (118,662) |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income (Components of AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,640,080 | $ 1,621,131 | $ 1,597,703 | $ 1,697,096 |
Current - period other comprehensive (loss) | (14,347) | (43,853) | 2,552 | (118,662) |
Ending Balance | 1,642,471 | 1,585,265 | 1,642,471 | 1,585,265 |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (148,146) | (67,946) | (165,045) | 6,863 |
Current - period other comprehensive (loss) | (14,347) | (43,853) | 2,552 | (118,662) |
Ending Balance | (162,493) | (111,799) | (162,493) | (111,799) |
Unrealized Losses on Available for Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (165,750) | (85,182) | (186,614) | (211) |
Current - period other comprehensive (loss) | (14,726) | (45,775) | 6,138 | (130,746) |
Ending Balance | (180,476) | (130,957) | (180,476) | (130,957) |
Post- Retirement Obligations | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 1,303 | 2,705 | 1,572 | 2,981 |
Current - period other comprehensive (loss) | (261) | (236) | (530) | (512) |
Ending Balance | 1,042 | 2,469 | 1,042 | 2,469 |
Unrealized Gains on Derivatives (cash flow hedges) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 16,301 | 14,531 | 19,997 | 4,093 |
Current - period other comprehensive (loss) | 640 | 2,158 | (3,056) | 12,596 |
Ending Balance | $ 16,941 | $ 16,689 | $ 16,941 | $ 16,689 |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net gain on securities transactions | $ 29 | $ 141 | $ 24 | $ 157 |
Income tax expense | 11,630 | 14,337 | 26,083 | 29,567 |
Interest expense | 50,790 | 6,810 | 86,022 | 13,274 |
Compensation and employee benefits | (35,283) | (37,437) | (74,021) | (74,503) |
Total reclassification | 32,003 | 39,228 | 72,539 | 83,191 |
Reclassification adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total reclassification | (3,270) | (402) | (6,609) | (155) |
Reclassification adjustment | Available for sale debt securities: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net gain on securities transactions | 0 | (58) | 0 | (58) |
Income tax expense | 0 | 16 | 0 | 16 |
Total reclassification | 0 | (42) | 0 | (42) |
Reclassification adjustment | Cash flow hedges: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax expense | 1,114 | 44 | 2,254 | (136) |
Interest expense | (4,124) | (162) | (8,343) | 504 |
Total reclassification | (3,010) | (118) | (6,089) | 368 |
Reclassification adjustment | Post-retirement obligations: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax expense | 96 | 84 | 192 | 171 |
Compensation and employee benefits | (356) | (326) | (712) | (652) |
Total reclassification | $ (260) | $ (242) | $ (520) | $ (481) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) instrument counterparty | Dec. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | ||
Amount of collateral | $ 0 | $ 0 |
Derivative assets | 134,405 | 151,192 |
Derivative liability | 109,882 | $ 122,390 |
Derivative instruments in accumulated other comprehensive income (loss) reclassified to interest expense | 15,700 | |
Notional amount | $ 405,000 | |
Number of counterparties | counterparty | 4 | |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 152 | 152 |
Derivative notional amount | $ 2,230,000 | $ 2,400,000 |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 12 | 14 |
Derivative notional amount | $ 143,500 | $ 157,900 |
Amount of collateral | 70 | |
Derivative assets | 47 | 26 |
Derivative liability | $ 11 | $ 12 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 9 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Offset Fair Value and Notional Amount) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Offsetting Derivative Assets [Abstract] | ||
Total gross derivative amounts recognized on the balance sheet | $ 134,405 | $ 151,192 |
Gross amounts offset on the balance sheet | 0 | 0 |
Net derivative amounts presented on the balance sheet | 134,405 | 151,192 |
Financial instruments - institutional counterparties | 0 | 0 |
Cash collateral - institutional counterparties | 129,021 | 149,800 |
Net derivatives not offset | 5,384 | 1,392 |
Liability Derivatives | ||
Notional Amount | 405,000 | |
Total gross derivative amounts recognized on the balance sheet | 109,882 | 122,390 |
Gross amounts offset on the balance sheet | 0 | 0 |
Net derivative amounts presented on the balance sheet | 109,882 | 122,390 |
Financial instruments - institutional counterparties | 0 | 0 |
Cash Collateral | 0 | 0 |
Net derivatives not offset | 109,882 | 122,390 |
Derivatives Not Designated as a Hedging Instruments | ||
Offsetting Derivative Assets [Abstract] | ||
Fair Value | 109,636 | 122,073 |
Liability Derivatives | ||
Fair Value | 109,882 | 122,390 |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Offsetting Derivative Assets [Abstract] | ||
Net derivative amounts presented on the balance sheet | 47 | 26 |
Liability Derivatives | ||
Net derivative amounts presented on the balance sheet | 11 | 12 |
Cash Collateral | 70 | |
Other assets | Derivatives Not Designated as a Hedging Instruments | Interest rate products | ||
Offsetting Derivative Assets [Abstract] | ||
Notional Amount | 1,114,765 | 1,198,191 |
Fair Value | 109,589 | 122,047 |
Other assets | Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Offsetting Derivative Assets [Abstract] | ||
Notional Amount | 46,768 | 47,143 |
Fair Value | 47 | 26 |
Other assets | Designated as Hedging Instrument | Interest rate products | ||
Offsetting Derivative Assets [Abstract] | ||
Notional Amount | 405,000 | 460,000 |
Fair Value | 24,769 | 29,119 |
Other liabilities | Derivatives Not Designated as a Hedging Instruments | Interest rate products | ||
Liability Derivatives | ||
Notional Amount | 1,114,765 | 1,198,191 |
Fair Value | 109,871 | 122,378 |
Other liabilities | Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Liability Derivatives | ||
Notional Amount | 96,764 | 110,714 |
Fair Value | 11 | 12 |
Other liabilities | Designated as Hedging Instrument | Interest rate products | ||
Liability Derivatives | ||
Notional Amount | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense, Other income | Interest expense, Other income | Interest expense, Other income | Interest expense, Other income |
Derivatives Not Designated as a Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | $ 118 | $ 59 | $ 48 | $ 408 |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | 126 | 77 | 52 | 443 |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | (8) | (18) | (4) | (35) |
Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | (4,124) | (162) | (8,343) | 504 |
Designated as Hedging Instrument | Interest rate products | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | $ (4,124) | $ (162) | $ (8,343) | $ 504 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Percentage of total revenue excluded from adoption of 606 | 88.50% | 83.50% | 87.60% | 83.50% |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 14,577 | $ 13,788 | $ 29,663 | $ 28,406 |
Total out-of-scope non-interest income | 4,810 | 7,144 | 11,877 | 12,672 |
Total non-interest income | 19,387 | 20,932 | 41,540 | 41,078 |
Wealth management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 6,919 | 7,024 | 13,834 | 14,489 |
Insurance agency income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 3,847 | 2,850 | 7,950 | 6,270 |
Banking service charges and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 3,811 | 3,914 | 7,879 | 7,647 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 3,050 | 3,068 | 6,413 | 6,031 |
Debit card and ATM fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 761 | $ 846 | $ 1,466 | $ 1,616 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 60,749 | $ 60,577 |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets |
Operating lease liabilities | $ 63,916 | $ 63,372 |
Operating lease, liability, statement of financial position [Extensible List] | Other liabilities | Other liabilities |
Leases (Additional Information)
Leases (Additional Information) (Detail) | Jun. 30, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease term | 8 years 3 months 18 days |
Weighted-average discount rate | 2.71% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow and Lease Cost Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,629 | $ 2,586 | $ 5,257 | $ 5,393 |
Variable lease cost | 842 | 718 | 1,722 | 1,436 |
Total lease cost | $ 3,471 | $ 3,304 | 6,979 | 6,829 |
Operating cash flows from operating leases | $ 4,776 | $ 4,060 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2022 | $ 5,094 | |
2024 | 9,971 | |
2025 | 9,488 | |
2026 | 8,518 | |
2027 | 7,667 | |
Thereafter | 30,707 | |
Total future minimum lease payments | 71,445 | |
Amounts representing interest | 7,529 | |
Present value of net future minimum lease payments | $ 63,916 | $ 63,372 |