Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 01, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-31566 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 75,601,505 | ||
Entity Public Float | $ 1,120 | ||
Documents Incorporated by Reference | Proxy Statement for the 2024 Annual Meeting of Stockholders of the Registrant (Part III). | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001178970 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Location | Short Hills, New Jersey |
Auditor Firm ID | 185 |
Auditor Name | KPMG LLP |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 180,241 | $ 186,490 |
Short-term investments | 14 | 18 |
Total cash and cash equivalents | 180,255 | 186,508 |
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 |
Held to maturity debt securities, net (fair value of $352,601 and $373,468 as of December 31, 2023 and December 31, 2022, respectively). | 363,080 | 387,923 |
Equity securities, at fair value | 1,270 | 1,147 |
Federal Home Loan Bank stock | 79,217 | 68,554 |
Loans | 10,873,701 | 10,248,883 |
Less allowance for credit losses | 107,200 | 88,023 |
Net loans | 10,766,501 | 10,160,860 |
Foreclosed assets, net | 11,651 | 2,124 |
Banking premises and equipment, net | 70,998 | 79,794 |
Accrued interest receivable | 58,966 | 51,903 |
Intangible assets | 457,942 | 460,892 |
Bank-owned life insurance | 243,050 | 239,040 |
Other assets | 287,768 | 341,143 |
Total assets | 14,210,810 | 13,783,436 |
Deposits: | ||
Demand deposits | 8,020,889 | 8,373,005 |
Savings deposits | 1,175,683 | 1,438,583 |
Certificates of deposit of $250 thousand or more | 218,549 | 108,176 |
Other time deposits | 877,393 | 643,260 |
Total deposits | 10,292,514 | 10,563,024 |
Mortgage escrow deposits | 36,838 | 35,705 |
Borrowed funds | 1,970,033 | 1,337,370 |
Subordinated debentures | 10,695 | 10,493 |
Other liabilities | 210,134 | 239,141 |
Total liabilities | 12,520,214 | 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 75,537,186 shares outstanding as of December 31, 2023, and 75,169,196 shares outstanding as of December 31, 2022 | 832 | 832 |
Additional paid-in capital | 989,058 | 981,138 |
Retained earnings | 974,542 | 918,158 |
Accumulated other comprehensive (loss) income, net of tax | (141,115) | (165,045) |
Treasury stock | (127,825) | (127,154) |
Unallocated common stock held by the Employee Stock Ownership Plan | (4,896) | (10,226) |
Common stock acquired by deferred compensation plans | (2,694) | (3,427) |
Deferred compensation plans | 2,694 | 3,427 |
Total stockholders’ equity | 1,690,596 | 1,597,703 |
Total liabilities and stockholders’ equity | $ 14,210,810 | $ 13,783,436 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, debt securities | $ 352,601 | $ 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 | |
Common stock, shares outstanding (in shares) | 75,537,186 | 75,169,196 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income: | |||
Real estate secured loans | $ 408,942 | $ 304,321 | $ 252,336 |
Commercial loans | 128,854 | 98,961 | 99,163 |
Consumer loans | 18,439 | 14,368 | 13,574 |
Available for sale debt securities and Federal Home Loan Bank stock | 46,790 | 36,619 | 23,798 |
Held to maturity debt securities | 9,362 | 9,894 | 10,743 |
Deposits, federal funds sold and other short-term investments | 3,433 | 2,018 | 2,725 |
Total interest and dividend income | 615,820 | 466,181 | 402,339 |
Interest expense: | |||
Deposits | 159,459 | 38,704 | 26,513 |
Borrowed funds | 55,856 | 9,310 | 8,614 |
Subordinated debentures | 1,051 | 615 | 1,189 |
Total interest expense | 216,366 | 48,629 | 36,316 |
Net interest income | 399,454 | 417,552 | 366,023 |
Provision charge (benefit) for credit losses | 27,904 | 8,388 | (24,339) |
Net interest income after provision for credit losses | 371,550 | 409,164 | 390,362 |
Non-interest income: | |||
Fees | 24,396 | 28,128 | 29,967 |
Wealth management income | 27,669 | 27,870 | 30,756 |
Insurance agency income | 13,934 | 11,440 | 10,216 |
Bank-owned life insurance | 6,482 | 5,988 | 7,930 |
Net gain on securities transactions | 30 | 181 | 255 |
Other income | 7,318 | 14,182 | 7,685 |
Total non-interest income | 79,829 | 87,789 | 86,809 |
Non-interest expense: | |||
Compensation and employee benefits | 148,497 | 147,203 | 143,366 |
Net occupancy expense | 32,271 | 34,566 | 32,932 |
Data processing expense | 22,993 | 21,729 | 19,755 |
FDIC Insurance | 8,578 | 5,195 | 6,260 |
Advertising and promotion expense | 4,822 | 5,191 | 3,951 |
Provision charge (benefit) for credit losses on off-balance sheet credit exposures | 264 | (3,384) | 1,515 |
Amortization of intangibles | 2,952 | 3,292 | 3,664 |
Merger-related expenses | 7,826 | 4,128 | 0 |
Other operating expenses | 47,397 | 38,927 | 38,610 |
Total non-interest expense | 275,600 | 256,847 | 250,053 |
Income before income tax expense | 175,779 | 240,106 | 227,118 |
Income tax expense | 47,381 | 64,458 | 59,197 |
Net income | $ 128,398 | $ 175,648 | $ 167,921 |
Basic earnings per share (in dollars per share) | $ 1.72 | $ 2.35 | $ 2.20 |
Average basic shares outstanding (in shares) | 74,844,489 | 74,700,623 | 76,471,933 |
Diluted earnings per share (in dollars per share) | $ 1.71 | $ 2.35 | $ 2.19 |
Average diluted shares outstanding (in shares) | 74,873,256 | 74,782,370 | 76,560,840 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 128,398 | $ 175,648 | $ 167,921 |
Unrealized gains and losses on available for sale debt securities: | |||
Net unrealized (losses) gains arising during the period | 32,125 | (186,361) | (23,730) |
Reclassification adjustment for gains included in net income | 0 | (42) | (171) |
Total | 32,125 | (186,403) | (23,901) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent [Abstract] | |||
Unrealized gains (losses) on derivatives designated as cash flow hedges: | 2,388 | 19,201 | 6,169 |
Reclassification adjustment for gains included in net income | (12,948) | (3,297) | 2,878 |
Total | (10,560) | 15,904 | 9,047 |
Amortization related to post-retirement obligations | 2,365 | (1,409) | 4,062 |
Total other comprehensive (loss) income, net of tax | 23,930 | (171,908) | (10,792) |
Total comprehensive income | $ 152,328 | $ 3,740 | $ 157,129 |
Consolidated Statement of Chang
Consolidated Statement 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 INCOME | TREASURY STOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS |
Balance at the beginning of the period at Dec. 31, 2020 | $ 1,619,797 | $ 832 | $ 962,453 | $ 718,090 | $ 17,655 | $ (59,018) | $ (20,215) | $ (4,549) | $ 4,549 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 167,921 | 167,921 | |||||||||
Other comprehensive income, net of tax | (10,792) | (10,792) | |||||||||
Cash dividends paid | (71,478) | (71,478) | |||||||||
Distributions from deferred comp plans | 154 | 154 | 565 | (565) | |||||||
Purchases of treasury stock | (20,711) | (20,711) | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (961) | (961) | |||||||||
Option exercises | 887 | (200) | 1,087 | ||||||||
Allocation of ESOP shares | 6,628 | 1,757 | 4,871 | ||||||||
Allocation of Stock Award Plan ("SAP") shares | 5,451 | 5,451 | |||||||||
Allocation of stock options | 200 | 200 | |||||||||
Balance at the end of the period 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 | 175,648 | 175,648 | |||||||||
Other comprehensive income, net of tax | (171,908) | (171,908) | |||||||||
Cash dividends paid | (72,023) | (72,023) | |||||||||
Distributions from deferred comp plans | 176 | 176 | 557 | (557) | |||||||
Purchases of treasury stock | (46,530) | (46,530) | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,021) | (1,021) | |||||||||
Option exercises | 0 | 0 | 0 | ||||||||
Allocation of ESOP shares | 6,660 | 1,542 | 5,118 | ||||||||
Allocation of Stock Award Plan ("SAP") shares | 9,407 | 9,407 | |||||||||
Allocation of stock options | 198 | 198 | |||||||||
Balance at the end of the period 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 | 128,398 | 128,398 | |||||||||
Other comprehensive income, net of tax | 23,930 | 23,930 | |||||||||
Cash dividends paid | (72,447) | (72,447) | |||||||||
Distributions from deferred comp plans | 152 | 152 | 733 | (733) | |||||||
Purchases of treasury stock | 0 | 0 | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,678) | (1,678) | |||||||||
Option exercises | 790 | (217) | 1,007 | ||||||||
Allocation of ESOP shares | 5,602 | 272 | 5,330 | ||||||||
Allocation of Stock Award Plan ("SAP") shares | 7,569 | 7,569 | |||||||||
Allocation of stock options | 144 | 144 | |||||||||
Balance at the end of the period at Dec. 31, 2023 | $ 1,690,596 | $ 832 | $ 989,058 | $ 974,542 | $ (141,115) | $ (127,825) | $ (4,896) | $ (2,694) | $ 2,694 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Financial Position [Abstract] | |||
Cash dividends paid (in dollars per share) | $ 0.96 | $ 0.94 | $ 0.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 128,398 | $ 175,648 | $ 167,921 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 11,695 | 13,076 | 12,656 |
Provision charge (benefit) for credit losses | 27,904 | 8,388 | (24,339) |
Provision charge (benefit) for credit losses on off-balance sheet credit exposures | 264 | (3,384) | 1,515 |
Deferred tax expense | 2,725 | 2,220 | 12,413 |
Amortization of operating lease right-of-use assets | 10,495 | 10,617 | 10,074 |
Income on Bank-owned life insurance | (6,482) | (5,988) | (7,930) |
Net amortization of premiums and discounts on securities | 8,326 | 12,673 | 15,841 |
Accretion of net deferred loan fees | (8,724) | (9,262) | (7,763) |
Amortization of premiums on purchased loans, net | 206 | 270 | 604 |
Originations of loans held for sale | (19,371) | (22,295) | (47,675) |
Proceeds from sales of loans originated for sale | 22,895 | 20,521 | 49,530 |
ESOP expense | 3,086 | 4,140 | 4,318 |
Allocation of stock award shares | 7,569 | 9,407 | 5,451 |
Allocation of stock options | 144 | 198 | 200 |
Net gain on sale of loans | (2,019) | (1,515) | (1,855) |
Net gain on securities transactions | (30) | (181) | (255) |
Net loss (gain) on sale of premises and equipment | 154 | (22) | (42) |
Net gain on sale of foreclosed assets | (2,854) | (8,541) | (461) |
Net change in balance sheet: | |||
(Increase) decrease in accrued interest receivable | (7,063) | (9,913) | 4,460 |
Decrease (increase) in other assets | 25,085 | (56,291) | 10,264 |
(Decrease) increase in other liabilities | (29,007) | 60,544 | (48,113) |
Net cash provided by operating activities | 173,396 | 200,310 | 156,814 |
Cash flows from investing activities: | |||
Net (increase) decrease in loans | (625,691) | (649,216) | 253,221 |
Proceeds from sales of loans held for investment | 2,017 | 0 | |
Proceeds from sales of foreclosed assets | 4,340 | 16,155 | 1,368 |
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 40,816 | 73,841 | 47,637 |
Purchases of investment securities held to maturity | (17,099) | (27,043) | (34,599) |
Proceeds from sales of securities available for sale | 0 | 0 | 9,442 |
Proceeds from maturities calls and paydowns of securities available for sale | 189,542 | 278,779 | 393,173 |
Purchases of securities available for sale | (40,089) | (290,426) | (1,400,980) |
Proceeds from redemption of Federal Home Loan Bank stock | 212,527 | 162,987 | 30,870 |
Purchases of Federal Home Loan Bank stock | (223,190) | (197,251) | (5,671) |
BOLI claim benefits received | 3,873 | 970 | 7,964 |
Purchases of loans | (9,263) | (6,971) | (5,230) |
Proceeds from sales of premises and equipment | 105 | 22 | 42 |
Purchases of premises and equipment | (7,488) | (9,411) | (13,805) |
Net cash used in investing activities | (469,600) | (647,564) | (716,568) |
Cash flows from financing activities: | |||
Net (decrease) increase in deposits | (270,510) | (670,988) | 1,396,183 |
Increase in mortgage escrow deposits | 1,133 | 1,265 | 142 |
Purchase of treasury stock | 0 | (46,530) | (20,711) |
Purchase of employee restricted shares to fund statutory tax withholding | (1,678) | (1,021) | (961) |
Cash dividends paid to stockholders | (72,447) | (72,023) | (71,478) |
Stock options exercised | 790 | 0 | 887 |
Proceeds from long-term borrowings | 534,807 | 3,982,100 | 913,685 |
Repayments of long-term borrowings | (58,443) | (3,252,556) | (1,454,440) |
Net increase (decrease) in short-term borrowings | 156,299 | (18,948) | (8,443) |
Repayment of subordinated debentures | 0 | 0 | (15,000) |
Net cash provided by (used in) financing activities | 289,951 | (78,701) | 739,864 |
Net (decrease) increase in cash and cash equivalents | (6,253) | (525,955) | 180,110 |
Cash and cash equivalents at beginning of period | 186,438 | 685,163 | 418,053 |
Restricted cash at beginning of period | 70 | 27,300 | 114,300 |
Total cash, cash equivalents and restricted cash at beginning of period | 186,508 | 712,463 | 532,353 |
Cash and cash equivalents at end of period | 180,185 | 186,438 | 685,163 |
Restricted cash at end of period | 70 | 70 | 27,300 |
Total cash, cash equivalents and restricted cash at end of period | 180,255 | 186,508 | 712,463 |
Cash paid during the period for: | |||
Interest on deposits and borrowings | 210,345 | 46,896 | 35,910 |
Income taxes | 46,461 | 51,050 | 57,471 |
Non cash investing activities: | |||
Transfer of loans receivable to foreclosed assets | $ 15,131 | $ 1,208 | $ 434 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies In the normal course of business, various commitments and contingent liabilities are outstanding which are not reflected in the accompanying consolidated financial statements. In the opinion of management, the consolidated financial position of the Company will not be materially affected by the outcome of such commitments or contingent liabilities. The Company is involved in various litigation and claims arising in the normal course of business. Liabilities for loss contingencies arising from such litigation and claims are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. On May 2, 2022, a purported class action complaint was filed against the Bank in the Superior Court of New Jersey, which alleges that the Bank wrongfully assessed overdraft fees related to debit card transactions. The complaint asserts claims for breach of contract and breach of the covenant of good faith and fair dealing as well as an alleged violation of the New Jersey Consumer Fraud Act. Plaintiff seeks to represent a proposed class of all the Bank's checking account customers who were charged overdraft fees on transactions that were authorized into a positive available balance. Plaintiff seeks unspecified damages, costs, attorneys’ fees, pre-judgment interest, an injunction, and other relief as the Court deems proper for the plaintiff and the proposed class. The Bank denies the allegations and is vigorously defending the matter. The parties had an initial mediation meeting on October 20, 2023, and the matter remains pending. Although the Bank is vigorously defending the litigation, the ultimate outcome of this litigation, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the reasonably possible range of loss is estimable, is inherently uncertain. As a result of this, a $3.0 million charge was recorded in the fourth quarter of 2023 for estimated contingent litigation reserves. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Provident Financial Services, Inc. (the “Company”), Provident Bank (the “Bank”) and their wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. Business The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey, Queens and Nassau Counties, New York and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for credit losses, evaluation of goodwill for impairment, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the currently forecasted economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates will be reflected in the financial statements in future periods. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with original maturity dates less than 90 days. Securities Securities include held to maturity debt securities and available for sale debt securities. The available for sale debt securities portfolio is carried at estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in Stockholders’ Equity. Estimated fair values are provided by reputable and widely used pricing services who maintain pricing methodologies appropriate for varying security classes using valuation techniques that are in accordance with GAAP. Securities which the Company has the positive intent and ability to hold to maturity are classified as held to maturity debt securities and carried at amortized cost. On January 1, 2020, the Company adopted the current expected credit loss ("CECL") methodology which replaces the incurred loss methodology with an expected loss methodology. 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 no lower than A ratings from the rating agencies as of December 31, 2023 and the Company had no securities rated BBB or worse by Moody’s Investors Service. Premiums on securities are amortized into income using a method that approximates the interest method over the remaining period to the earliest call date or contractual maturity, adjusted for anticipated prepayments. Discounts on securities are accreted into income over the remaining period to the contractual maturity, adjusted for anticipated prepayments. Interest income is recognized on an accrual basis, while dividend income is recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. Accrued interest receivable on held to maturity debt securities are excluded from the estimate of credit losses. See Note 3 for additional information on investment securities. Equity Securities The Company holds equity securities that are traded in active markets with readily determinable fair value using quoted market prices. Fair Value of Financial Instruments 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). 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. Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank of New York (“FHLBNY”), is required to hold shares of capital stock of the FHLBNY at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. Loans Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments and certain deferred loan origination costs, less certain deferred direct loan origination fees, unaccreted discounts, and the allowance for credit losses. The Bank defers loan origination fees and certain direct loan origination costs and accretes or amortizes such amounts as an adjustment to the yield over the contractual lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using the effective interest method. Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. An impaired loan is defined as a loan for which it is probable, based on current information, that the Bank will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. Purchased credit deteriorated (“PCD”) loans are loans acquired that have experienced more-than-insignificant deterioration in credit quality since origination. Allowance for Credit Losses on Loans On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with the CECL methodology. The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses. The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses. The calculation of the allowance for credit losses is a critical accounting policy of the Company. Management estimates the allowance using relevant available information, from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and peers provides the basis for the estimation of expected credit losses, where observed credit losses are converted to probability of default rate (“PDR”) curves through the use of segment-specific loss given default (“LGD”) risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical PDR curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle. Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using an externally developed economic forecast. This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four-quarter reversion period to historical average macroeconomic factors. The Company's economic forecast is approved by the Company's Allowance for Credit Loss ("ACL") Committee. The allowance for credit losses is measured on a collective (pool) basis, with both a quantitative and qualitative analysis that is applied on a quarterly basis, when similar risk characteristics exist. The respective quantitative allowance for each loan segment is measured using an econometric, discounted PDR/LGD modeling methodology in which distinct, segment-specific multi-variate regression models are applied to an external economic forecast. Under the discounted cash flows methodology, expected credit losses are estimated over the effective life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies at the reporting date: management has a reasonable expectation that a modification will be executed with an individual borrower; or when an extension or renewal option is included in the original contract and is not unconditionally cancellable by the Company. Management will assess the likelihood of the option being exercised by the borrower and appropriately extend the maturity for modeling purposes. The Company considers qualitative adjustments to credit loss estimates for information not already captured in the quantitative component of the loss estimation process. Qualitative factors are based on portfolio concentration levels, model imprecision, changes in industry conditions, changes in the Company’s loan review process, changes in the Company’s loan policies and procedures, and economic forecast uncertainty. One of the most significant judgments involved in estimating the Company’s allowance for credit losses relates to the macroeconomic forecasts used to estimate expected credit losses over the forecast period. As of December 31, 2023, the model incorporated Moody’s baseline economic forecast, as adjusted for qualitative factors, as well as an extensive review of classified loans and loans that were classified as impaired with a specific reserve assigned to those loans. This baseline outlook reflected a worsened economic forecast and related deterioration in the projected commercial property price index used in our CECL model. The Company made qualitative adjustments to the projected commercial real estate property price index, considering the differences in portfolio collateral composition versus the commercial property price index used in our CECL models. This resulted in a total provision of $27.9 million for the year ended December 31, 2023, and an overall coverage ratio of 99 basis points. If the Company used the unadjusted baseline outlooks for the commercial property price index over the expected lives of Commercial Real Estate Non-Owner Occupied and Owner-Occupied loan portfolios, the provision would have risen by $6.5 million, leading to an overall coverage ratio of 105 basis points. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation. The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. As of December 31, 2023, the portfolio and class segments for the Company’s loan portfolio were: • Mortgage Loans – Residential, Commercial Real Estate, Multi-Family and Construction • Commercial Loans – Commercial Owner-Occupied and Commercial Non-Owner Occupied • Consumer Loans – First Lien Home Equity and Other Consumer The allowance for credit losses on loans individually evaluated for impairment is based upon loans that have been identified through the Company’s normal loan monitoring process. This process includes the review of delinquent and problem loans at the Company’s Delinquency, Credit, Credit Risk Management and Allowance Committees; or which may be identified through the Company’s loan review process. Generally, the Company only evaluates loans individually for impairment if the loan is non-accrual, non-homogeneous and the balance is greater than $1.0 million. In instances where the loan is under $1.0 million, but part of a relationship over $1.0 million, all loans in the relationship would be evaluated individually for impairment. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. If the loan is not collateral dependent, the allowance for credit losses related to individually assessed loans is based on discounted expected cash flows using the loan’s initial effective interest rate. For loans acquired that have experienced more-than-insignificant deterioration in credit quality since their origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) modification designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Management believes the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment or a protracted period of elevated unemployment, increasing vacancy rates in commercial investment properties and possible increases in interest rates in the absence of economic improvement. Any one or a combination of these events may adversely affect borrowers’ ability to repay the loans, resulting in increased delinquencies, credit losses and higher levels of provisions. Management considers it important to maintain the ratio of the allowance for credit losses to total loans at an acceptable level given current and forecasted economic conditions, interest rates and the composition of the portfolio. The CECL 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 creates greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. Although management believes that the Company has established and maintained the allowance for credit losses at appropriate levels, additions may be necessary if future economic and other conditions differ substantially from the current operating environment and economic forecast. Management evaluates its estimates and assumptions on an ongoing basis giving consideration to forecasted economic factors, historical loss experience and other factors. The model includes both quantitative and qualitative components. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods, and to the extent actual losses are higher than management estimates, additional provision for credit losses on loans could be required and could adversely affect our earnings or financial position in future periods. In addition, various regulatory agencies periodically review the adequacy of the Company’s allowance for credit losses as an integral part of their examination process. Such agencies may require the Company to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. Although management uses the best information available, the level of the allowance for credit losses remains an estimate that is subject to significant judgment and short-term volatility. See Note 7 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans. Material changes to these and other relevant factors creates greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the year ended December 31, 2023, the increase in provision was primarily attributable to a worsened economic forecast and related deterioration in the projected commercial property price indices used in our CECL model. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, 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. Banking Premises and Equipment Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives. Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in tax expense in the period that includes the enactment date. Deferred tax assets and liabilities are reported as a component of Other Assets on the Consolidated Statements of Financial Condition. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. Trust Assets Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. Intangible Assets Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill 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. 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 annual qualitative assessment of goodwill as of July 1, 2023. Based upon its assessment of goodwill, the Company concluded that no further quantitative analysis was warranted. Core deposit premiums represent the intangible value of depositor relationships assumed in previous purchase acquisitions and are amortized on an accelerated basis over 8.8 years, while the core deposit premium related to SB One is amortized over its estimated useful life of 10.0 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisitions of Beacon Trust Company ("Beacon"), The MDE Group, Inc. ("MDE"), Tirschwell & Loewy, Inc. ("T&L"), and SB One Bank and are amortized on an accelerated basis over 12.0 years, 10.4 years, 10.0 years, and 13.0 years, respectively. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. Bank-owned Life Insurance Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. Employee Benefit Plans The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial condition the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the board of directors in its sole discretion. The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as return on average assets, are valued on the closing stock price on the date of grant. Performance-vesting stock awards and options that are based on a market condition, such as total shareholder return, would be valued using a generally accepted statistical technique to simulate future stock prices for the Bank and the components of the peer group which the Bank would be measured against. Expense related to time-vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. In connection with the First Sentinel acquisition in July 2004, the Company assumed the First Savings Bank Directors’ Deferred Fee Plan (the “DDFP”). The DDFP was frozen prior to the acquisition. The Company recorded a deferred compensation equity instrument and corresponding contra-equity account for the value of the shares held by the DDFP at the July 14, 2004 acquisition date. Effective November 1, 2023, the DDFP was terminated and final distributions are expected on or about November 1, 2024. As of December 31, 2023, there were 65,744 shares held by the DDFP. The Bank maintains a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. Post-retirement Benefits Other Than Pensions The Bank provides post-retirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. 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. On December 31, 2002, the Bank eliminated post-retirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial condition the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. 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 |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity On January 15, 2003, the Bank completed its plan of conversion, and the Bank became a wholly owned subsidiary of the Company. The Company sold 59.6 million shares of common stock (par value $0.01 per share) at $10.00 per share. The Company received net proceeds in the amount of $567.2 million. In connection with the Bank’s commitment to its community, the plan of conversion provided for the establishment of a charitable foundation. The Bank donated $4.8 million in cash and 1.92 million of authorized but unissued shares of common stock to the foundation, which amounted to $24.0 million in aggregate. The Company recognized an expense, net of income tax benefit, equal to the cash and fair value of the stock during 2003. Conversion costs were deferred and deducted from the proceeds of the shares sold in the offering. Upon completion of the plan of conversion, a “liquidation account” was established in an amount equal to the total equity of the Bank as of the latest practicable date prior to the conversion. The liquidation account was established to provide a limited priority claim to the assets of the Bank to “eligible account holders” and “supplemental eligible account holders” as defined in the Plan, who continue to maintain deposits in the Bank after the conversion. In the unlikely event of a complete liquidation of the Bank, and only in such event, each eligible account holder and supplemental eligible account holder would receive a liquidation distribution, prior to any payment to the holder of the Bank’s common stock. This distribution would be based upon each eligible account holder's and supplemental eligible account holder’s proportionate share of the then total remaining qualifying deposits. As of December 31, 2023, the liquidation account, which is an off-balance sheet memorandum account, amounted to $7.2 million. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Lakeland Bancorp, Inc. Merger Agreement On September 26, 2022, the Company, NL 239 Corp., a direct, wholly owned subsidiary of the Company (“Merger Sub”), and Lakeland Bancorp, Inc. entered into an Agreement and Plan of Merger (as may be amended, modified or supplemented from time to time in accordance with its terms, the “merger agreement”), pursuant to which the Company and Lakeland have agreed to combine their respective businesses. Under the merger agreement, Merger Sub will merge with and into Lakeland, with Lakeland as the surviving entity (the “merger”), and as soon as reasonably practicable following the merger, Lakeland will merge with and into the Company, with the Company as the surviving entity (the “holdco merger”). At a date and time following the holdco merger as determined by the Company, Lakeland Bank, a New Jersey state-charted commercial bank and a wholly owned subsidiary of Lakeland (“Lakeland Bank”), will merge with and into the Bank, with the Bank as the surviving bank (the “bank merger” and, together with the merger and the holdco merger, the “mergers”). The Company as the surviving institution will have approximately $25 billion in total assets, $18 billion in total loans and $20 billion in total deposits with banking locations across northern and central New Jersey and in surrounding areas of New York and Pennsylvania. In the merger, Lakeland shareholders will receive 0.8319 of a share of the Company’s common stock for each share of Lakeland common stock they own. Upon completion of the transaction, which remains subject to regulatory approvals and other closing conditions, Company shareholders will own approximately 58% and Lakeland shareholders will own approximately 42% of the combined company. |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Banks | Restrictions on Cash and Due from Banks Included in cash on hand and due from banks as of December 31, 2023 and 2022 was $70,000, which represents cash collateral pledged to secure loan level swaps and risk participation agreements. |
Held to Maturity Debt Securitie
Held to Maturity Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Held to Maturity Debt Securities | 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 as of December 31, 2023 and 2022 (in thousands): 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Treasury Obligations $ 5,146 1 — 5,147 Agency-sponsored obligations 11,058 — (652) 10,406 State and municipal obligations 339,816 244 (9,700) 330,360 Corporate obligations 7,091 — (403) 6,688 $ 363,111 245 (10,755) 352,601 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency-sponsored 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 Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $3.1 million and $3.4 million as of December 31, 2023 and December 31, 2022, respectively, and is presented within total accrued interest receivable The amortized cost and fair value of held to maturity debt securities as of December 31, 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. 2023 Amortized cost Fair value Due in one year or less $ 32,659 32,619 Due after one year through five years 170,306 168,350 Due after five years through ten years 133,538 129,451 Due after ten years 26,608 22,181 $ 363,111 352,601 The allowance for credit losses on held to maturity debt securities as of December 31, 2023 and 2022 were $31,000 and $27,000, respectively, and are excluded from amortized cost in the tables above. Accrued interest receivable on held to maturity debt securities are excluded from the estimate of credit losses. The Company generally purchases securities for long-term investment purposes, and differences between carrying and fair values may fluctuate during the investment period. Held to maturity debt securities having a carrying value of $317.6 million and $340.2 million as of December 31, 2023 and 2022, respectively, were pledged to secure municipal deposits. During 2023, the Company recognized gains of $45,000 and losses of $15,000 related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $11.6 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2023. For 2022, the Company recognized gains of $123,000 and no losses related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $39.2 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2022. For the 2021 period, the Company recognized gains of $25,000 and no losses related to calls on certain securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $36.0 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2021. The number of securities in an unrealized loss position as of December 31, 2023 totaled 372, compared with 439 as of December 31, 2022. The decrease in the number of securities in an unrealized loss position as of December 31, 2023 was due to lower current market interest rates on the intermediate part of the curve compared to rates as of 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-sponsored 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 as of December 31, 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 as of December 31, 2023 (in thousands): December 31, 2023 Total Portfolio AAA AA A BBB Not Rated Total Treasury obligations $ 5,146 — — — — 5,146 Agency-sponsored obligations 11,058 — — — — 11,058 State and municipal obligations 43,749 156,438 137,231 — 2,398 339,816 Corporate obligations 504 2,510 4,052 — 25 7,091 $ 60,457 158,948 141,283 — 2,423 363,111 December 31, 2022 Total Portfolio AAA AA A BBB Not Rated Total Agency-sponsored 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. As of December 31, 2023, the held to maturity debt securities portfolio was comprised of 17% rated AAA, 44% 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. |
Available for Sale Debt Securit
Available for Sale Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Debt Securities | 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 as of December 31, 2023 and 2022 (in thousands): 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair U.S. Treasury obligations $ 276,618 — (22,740) 253,878 Agency guaranteed obligations 26,310 1,188 — 27,498 Mortgage-backed securities 1,462,159 377 (176,927) 1,285,609 Asset-backed securities 31,809 594 (168) 32,235 State and municipal obligations 64,454 — (7,870) 56,584 Corporate obligations 40,448 — (6,140) 34,308 $ 1,901,798 2,159 (213,845) 1,690,112 2022 Amortized cost Gross unrealized gains Gross unrealized losses 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 Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $4.9 million and $4.8 million as of December 31, 2023 and December 31, 2022, respectively, and is presented within total accrued interest receivable Available for sale debt securities having a carrying value of $1.13 billion and $1.25 billion as of December 31, 2023 and 2022, respectively, were pledged as collateral for municipal deposits and repurchase agreements. The amortized cost and fair value of available for sale debt securities as of December 31, 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. 2023 Amortized cost Fair value Due in one year or less $ — — Due after one year through five years 284,034 261,097 Due after five years through ten years 43,269 36,399 Due after ten years 54,217 47,274 $ 381,520 344,770 Investments which pay principal on a periodic basis totaling $1.52 billion at amortized cost and $1.35 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. During 2023, proceeds from calls on securities in the available for sale debt securities portfolio totaled $2.3 million with no gains and no losses recognized. For 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. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Credit Losses Loans receivable as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 2022 Mortgage loans: Commercial $ 4,512,411 4,316,185 Multi-family 1,812,500 1,513,818 Construction 653,246 715,494 Residential 1,164,956 1,177,698 Total mortgage loans 8,143,113 7,723,195 Commercial loans 2,442,406 2,233,670 Consumer loans 299,164 304,780 Total gross loans 10,884,683 10,261,645 Premiums on purchased loans 1,474 1,380 Net deferred fees (12,456) (14,142) Total loans $ 10,873,701 10,248,883 Accrued interest on loans totaled $50.9 million and $43.8 million as of December 31, 2023 and December 31, 2022, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. The Bank does not, as a general practice, make loans to its directors, or to their immediate family members and related interests. As of December 31, 2023, As of December 31, 2023, the Bank had aggregate loans and loan commitments totaling $3.6 million to its executive officers or their related entities. These loans and loan commitments were made on substantially the same terms, including interest rates and collateral, as those prevailing for comparable transactions with the general public and do not involve more than the normal risk of repayment or present other unfavorable features. It is the policy of the Bank that no loan or extension of credit of any type shall be made to any member of the board of directors or their immediate family, or to any entity which is controlled by a member of the board of directors or their immediate family and none existed as of December 31, 2023. Premiums and discounts on purchased loans are amortized or accreted over the lives of the loans as an adjustment to yield. Required reductions due to loan prepayments are charged against or credited to interest income, as appropriate. For the years ended December 31, 2023, 2022 and 2021, as a result of prepayments and normal amortization, interest income decreased $206,000, $270,000 and $604,000, respectively. The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): As of December 31, 2023 30-59 60-89 90 days or more past due and Non-accrual Total Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Commercial $ 825 — — 5,151 5,976 4,506,435 4,512,411 5,151 Multi-family 3,815 1,635 — 744 6,194 1,806,306 1,812,500 744 Construction — — — 771 771 652,475 653,246 771 Residential 3,429 1,208 — 853 5,490 1,159,466 1,164,956 853 Total mortgage loans 8,069 2,843 — 7,519 18,431 8,124,682 8,143,113 7,519 Commercial loans 998 198 — 41,487 42,683 2,399,723 2,442,406 36,281 Consumer loans 875 275 — 633 1,783 297,381 299,164 633 Total gross loans $ 9,942 3,316 — 49,639 62,897 10,821,786 10,884,683 44,433 As of December 31, 2022 30-59 60-89 90 days or more past due and Non-accrual Total 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 1097 — 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. Generally, accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status. The principal amount of non-accrual loans was $49.6 million and $58.5 million as of December 31, 2023 and 2022, respectively. There were no loans 90-days or greater past due and still accruing interest as of December 31, 2023 and 2022. If the non-accrual loans had performed in accordance with their original terms, interest income would have increased by $1.6 million, $1.0 million and $1.2 million, for the years ended December 31, 2023, 2022 and 2021, respectively. The activity in the allowance for credit losses for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Balance at beginning of period $ 88,023 80,740 101,466 Cumulative effect of adopting ASU 2022-02 (594) — — Provision charge (benefit) for credit losses on loans 27,900 8,400 (24,300) Recoveries of loans previously charged off 2,292 5,431 9,030 Loans charged off (10,421) (6,548) (5,456) Balance at end of period $ 107,200 88,023 80,740 The activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2023 and 2022 are as follows (in thousands): For the Year Ended December 31, 2023 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 58,218 27,413 2,392 88,023 Cumulative effect of adopting ASU 2022-02 (510) (43) (41) (594) Provision charge (benefit) for credit losses on loans 16,877 11,159 (136) 27,900 Recoveries of loans previously charged off 546 1,309 437 2,292 Loans charged off (1,724) (8,363) (334) (10,421) Balance at end of period $ 73,407 31,475 2,318 107,200 For the Year Ended December 31, 2022 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 52,104 26,343 2,293 80,740 Provision charge (benefit) for credit losses on loans 11,087 (2,489) (198) 8,400 Recoveries of loans previously charged off 585 4,192 654 5,431 Loans charged off (5,558) (633) (357) (6,548) Balance at end of period $ 58,218 27,413 2,392 88,023 For the year ended December 31, 2023, the Company recorded an $27.9 million provision for credit losses on loans, compared with a provision for credit losses of $8.4 million for the year ended December 31, 2022. The increase in the year-over-year provision for credit losses was primarily attributable to a worsened economic forecast and related deterioration in the projected commercial property price indices used in our CECL model. The following table summarizes the Company's gross charge-offs recorded for the year ended December 31, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Mortgage loans: Commercial $ — — — — — 1,700 1,700 Residential — — — — — 24 24 Total mortgage loans $ — — — — — 1,724 1,724 Commercial loans — — — 5,000 — 3,363 8,363 Consumer loans (1) 24 — — — — 13 37 Total gross loans $ 24 — — 5,000 — 5,100 10,124 (1) During the year ended December 31, 2023, charge-offs on consumer overdraft accounts totaled $297,000, which are not included in the table above. The Company defines an impaired loan as a non-accrual, non-homogeneous loan greater than $1.0 million, or which, based on current information, it is not expected to collect all amounts due under the contractual terms of the loan agreement. As of December 31, 2023, there were 17 impaired loans totaling $42.3 million 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. As of December 31, 2023, impaired loans totaled $42.3 million with related specific reserves of $2.9 million. As of December 31, 2023, the Company had collateral-dependent impaired loans with a fair value of $24.1 million secured by commercial real estate. As of December 31, 2022, the Company had collateral-dependent loans with a fair value of $21.3 million secured by commercial real estate, $1.9 million secured by business assets and $800,000 secured by residential real estate. 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 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 projected 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. The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands): Year Ended December 31, 2023 Term Extension Interest Rate Change Interest Rate Change and Term Extension Total % of Total Class of Loans and Leases Mortgage loans: Multi-family $ — — 1,508 1,508 0.08 % Total mortgage loans — — 1,508 1,508 0.02 Commercial loans 3,771 — 1,250 5,021 0.21 Total gross loans $ 3,771 — 2,758 6,529 0.06 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands): Weighted Average Months of Term Extension Weighted Average Rate Increase Mortgage loans: Multi-family 2 2.23 % Total mortgage loans 2 2.23 Commercial loans 10 0.20 Total gross loans 9 0.61 % There were no loan modifications made to borrowers experiencing financial difficulty for year ended December 31, 2023, that subsequently defaulted. The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Mortgage loans: Multi-family $ 1,508 — — — — 1,508 Total mortgage loans 1,508 — — — — 1,508 Commercial loans 5,021 — — — — 5,021 Total gross loans $ 6,529 — — — — 6,529 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 year ended December 31, 2022 and their balances immediately prior to the modification date and post-modification as of December 31, 2022: Year Ended December 31, 2022 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Multi-Family 1 $ 1,618 1,566 Residential 2 265 198 Total mortgage loans 3 1,883 1,764 Commercial loans 1 209 143 Consumer loans 1 108 85 Total restructured loans 5 $ 2,200 1,992 During the year ended December 31, 2022, $5.5 million of charge-offs were recorded on collateral dependent impaired loans. There was one loan totaling $143,000 which had a payment default (90 days or more past due) for a loan modified as a TDR within the 12-month period ending December 31, 2022. For TDRs that subsequently default, 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 PCD loans. As of December 31, 2023, the balance of PCD loans totaled $165.1 million with a related allowance for credit losses of $1.7 million. The balance of PCD loans as of 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 were 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. As of December 31, 2023, the Company secured 2,067 PPP loans for its customers totaling $682.0 million, which includes both the initial round and the second round of PPP. As of December 31, 2023, 2,054 PPP loans totaling $679.4 million were forgiven. The balance as of December 31, 2023 for PPP loans was $2.5 million. The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades (in thousands): Gross Loans Held for Investment by Year of Origination 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — 10,926 3,048 28,511 10,558 24,598 4,500 — 82,141 Substandard 482 — — — — 9,599 434 — 10,515 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 482 10,926 3,048 28,511 10,558 34,197 4,934 — 92,656 Pass/Watch 628,709 883,149 677,464 470,257 470,971 1,166,205 90,760 32,240 4,419,755 Total commercial mortgage $ 629,191 894,075 680,512 498,768 481,529 1,200,402 95,694 32,240 4,512,411 Multi-family Special mention $ — — — — — 9,500 — — 9,500 Substandard 3,253 — — — — — — — 3,253 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,253 — — — — 9,500 — — 12,753 Pass/Watch 340,842 172,244 184,136 271,878 230,456 592,470 6,115 1,606 1,799,747 Total multi-family $ 344,095 172,244 184,136 271,878 230,456 601,970 6,115 1,606 1,812,500 Construction Special mention $ — — — — — — — — — Substandard — — — — — 771 — — 771 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 771 — — 771 Pass/Watch 41,209 342,890 185,034 68,603 1,339 13,400 — — 652,475 Total construction $ 41,209 342,890 185,034 68,603 1,339 14,171 — — 653,246 Residential (1) Special mention $ — — — — — 1,208 — — 1,208 Substandard — — — — — 1,285 — — 1,285 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 2,493 — — 2,493 Pass/Watch 96,259 141,683 200,111 195,964 89,654 438,792 — — 1,162,463 Total residential $ 96,259 141,683 200,111 195,964 89,654 441,285 — — 1,164,956 Total Mortgage Special mention $ — 10,926 3,048 28,511 10,558 35,306 4,500 — 92,849 Substandard 3,735 — — — — 11,655 434 — 15,824 Doubtful — — — — — — — — — Gross Loans Held for Investment by Year of Origination 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Loss — — — — — — — — — Total criticized and classified 3,735 10,926 3,048 28,511 10,558 46,961 4,934 — 108,673 Pass/Watch 1,107,019 1,539,966 1,246,745 1,006,702 792,420 2,210,867 96,875 33,846 8,034,440 Total Mortgage $ 1,110,754 1,550,892 1,249,793 1,035,213 802,978 2,257,828 101,809 33,846 8,143,113 Commercial Special mention $ 450 17,008 9,338 2,409 152 22,752 23,333 687 76,129 Substandard 686 — 20,262 9,235 2,034 11,313 10,736 508 54,774 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 8,147 17,008 29,600 11,644 2,186 34,065 34,069 1,195 137,914 Pass/Watch 358,578 316,015 318,416 131,647 143,677 493,191 471,962 71,006 2,304,492 Total commercial $ 366,725 333,023 348,016 143,291 145,863 527,256 506,031 72,201 2,442,406 Consumer (1) Special mention $ — — — — — 97 178 — 275 Substandard — — — — 9 146 389 90 634 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 9 243 567 90 909 Pass/Watch 29,083 26,098 18,101 3,459 14,375 85,383 108,431 13,325 298,255 Total consumer $ 29,083 26,098 18,101 3,459 14,384 85,626 108,998 13,415 299,164 Total Loans Special mention $ 450 27,934 12,386 30,920 10,710 58,155 28,011 687 169,253 Substandard 4,421 — 20,262 9,235 2,043 23,114 11,559 598 71,232 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 11,882 27,934 32,648 40,155 12,753 81,269 39,570 1,285 247,496 Pass/Watch 1,494,680 1,882,079 1,583,262 1,141,808 950,472 2,789,441 677,268 118,177 10,637,187 Total gross loans $ 1,506,562 1,910,013 1,615,910 1,181,963 963,225 2,870,710 716,838 119,462 10,884,683 (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 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 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 Gross Loans Held for Investment by Year of Origination 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans 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 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. |
Banking Premises and Equipment
Banking Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Banking Premises and Equipment | Banking Premises and Equipment A summary of banking premises and equipment as of December 31, 2023 and 2022 is as follows (in thousands): 2023 2022 Land $ 13,394 14,424 Banking premises 72,905 74,945 Furniture, fixtures and equipment 56,082 55,883 Leasehold improvements 45,154 49,878 Construction in progress 5,331 1,012 Total banking premises and equipment 192,866 196,142 Less accumulated depreciation and amortization 121,868 116,348 Net banking premises and equipment $ 70,998 79,794 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 amounted to $8.7 million, $9.8 million and $9.0 million, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 2022 Goodwill $ 443,623 443,623 Core deposit premiums 1,901 2,445 Customer relationship and other intangibles 11,867 14,202 Mortgage servicing rights 551 622 Total intangible assets $ 457,942 460,892 Amortization expense of intangible assets for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 Core deposit premiums $ 544 730 917 Customer relationship and other intangibles 2,335 2,488 2,597 Mortgage servicing rights 73 74 150 Total amortization expense of intangible assets $ 2,952 3,292 3,664 Scheduled amortization of core deposit premiums and customer relationship intangibles for each of the next five years is as follows (in thousands): Year ended December 31, Scheduled Amortization 2024 $ 2,432 2025 2,266 2026 2,096 2027 2,043 2028 2,004 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities [Abstract] | |
Deposits | Deposits Deposits as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 Weighted average interest rate 2022 Weighted average interest rate Savings deposits $ 1,175,683 0.21 % $ 1,438,583 0.15 % Money market accounts 2,325,364 2.67 2,542,160 1.21 NOW accounts (1) 3,492,184 2.77 3,186,926 1.24 Non-interest bearing deposits 2,203,341 — 2,643,919 — Certificates of deposit (2) 1,095,942 3.85 751,436 1.88 Total deposits $ 10,292,514 $ 10,563,024 (1) Our insured cash sweep ("ICS") product totaled $520.2 million as of December 31, 2023 and are located within NOW accounts. (2) Time deposits equal to or in excess of $250,000 were, $218.5 million and $108.2 million as of December 31, 2023 and December 31, 2022, respectively. Additionally, our Certificate of Deposit Account Registry Service ("CDARS") product totaled $163.9 million as of December 31, 2023. Within total deposits, brokered deposits totaled $689.3 million as of December 31, 2023. Our brokered deposits are made up primarily of ICS deposits and CDARS. Both of these services are provided by the bank to increase the level of customers' deposit insurance. Scheduled maturities of certificates of deposit accounts as of December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Within one year $ 1,020,285 584,150 One to three years 63,866 146,053 Three to five years 11,773 21,111 Five years and thereafter 18 122 $ 1,095,942 751,436 Interest expense on deposits for the years ended December 31, 2023, 2022 and 2021 is summarized as follows (in thousands): Years ended December 31, 2023 2022 2021 Savings deposits $ 2,184 1,276 1,604 NOW and money market accounts 125,471 32,048 20,458 Certificates of deposits 31,804 5,380 4,451 $ 159,459 38,704 26,513 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 2022 Securities sold under repurchase agreements $ 72,161 98,000 FHLB line of credit 148,000 486,000 FHLB advances 1,299,872 753,370 FED Bank Term Funding Program ("BTFP") Borrowing 450,000 — Total borrowed funds $ 1,970,033 1,337,370 Total long-term borrowings totaled $534.8 million and $134.9 million as of December 31, 2023 and December 31, 2022, respectively, while total short-term borrowings totaled $1.44 billion and $1.20 billion for the same periods. As of December 31, 2023, FHLB advances were at fixed rates and mature between January 2024 and September 2027, and as of December 31, 2022, FHLB advances were at fixed rates and mature between January 2023 and July 2025. These advances are secured by loans receivable under a blanket collateral agreement. In March 2023, the Bank established a facility under the BTFP with the Federal Reserve Bank of New York. The Bank pledged approximately $589.1 million in security collateral to the facility improving its access to immediate funding. Advances under the Program can be requested until March 11, 2024. We elected to participate in the BTFP program due to significant cost savings compared to other wholesale funding sources. The funding was used to pay off existing wholesale borrowings. The ability to prepay at any time without penalty also enhances our ability to manage our interest rate risk position. Scheduled maturities of FHLB advances and lines of credit as of December 31, 2023 are as follows (in thousands): 2023 Due in one year or less $ 1,063,065 Due after one year through two years 502,362 Due after two years through three years 157,445 Due after three years through four years 175,000 Due after four years through five years — Thereafter — Total FHLB advances and lines of credit $ 1,897,872 Scheduled maturities of securities sold under repurchase agreements as of December 31, 2023 are as follows (in thousands): 2023 Due in one year or less $ 72,161 Thereafter — Total securities sold under repurchase agreements $ 72,161 The following tables set forth certain information as to borrowed funds for the years ended December 31, 2023 and 2022 (in thousands): Maximum balance Average balance Weighted average interest rate 2023 Securities sold under repurchase agreements $ 99,669 87,227 1.69 % FHLB line of credit 500,000 262,289 5.29 FHLB advances 1,592,277 1,282,124 3.14 FED BTFP Borrowing 450,000 4,932 4.83 2022 Securities sold under repurchase agreements $ 125,506 113,550 0.38 % FHLB line of credit 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. As of December 31, 2023 and December 31, 2022, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit, FHLB advances and other purposes required by law, totaled $924.6 million and $1.59 billion, respectively. Additionally, as of December 31, 2023, the par value of securities pledged to secure the BTFP was $589.1 million. Interest expense on borrowings for the years ended December 31, 2023, 2022 and 2021 amounted to $55.9 million, $9.3 million and $8.6 million, respectively. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer [Abstract] | |
Subordinated Debentures | Subordinated Debentures Sussex Capital Trust II, a non-consolidated subsidiary of the Company acquired as part of the SB One acquisition and a Delaware statutory business trust established on June 28, 2007, issued $12.5 million of variable rate capital trust pass-through securities to investors. In accordance with FASB ASC 810, Consolidation, Sussex Capital Trust II, is not included in our consolidated financial statements. For regulatory reporting purposes, capital trust pass-through securities qualify as Tier I capital subject to specified limitations. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Pension and Post-retirement Benefits 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 pension 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. Based on the measurement date of December 31, 2023, no contributions will be made to the pension plan in 2024. 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. The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): Pension Post-retirement 2023 2022 2021 2023 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 24,550 32,517 35,170 12,095 16,748 18,805 Service cost — — — 13 28 34 Interest cost 1,208 855 790 600 443 424 Actuarial (gain) loss (149) (48) (294) (357) 140 (412) Benefits paid (1,648) (1,658) (1,656) (658) (933) (584) Change in actuarial assumptions 462 (7,116) (1,493) (349) (4,331) (1,519) Benefit obligation at end of year $ 24,423 24,550 32,517 11,344 12,095 16,748 Change in plan assets: Fair value of plan assets at beginning of year $ 47,930 58,451 54,617 — — — Actual (loss) return on plan assets 6,452 (8,863) 5,490 — — — Employer contributions — — — 658 933 584 Benefits paid (1,648) (1,658) (1,656) (658) (933) (584) Fair value of plan assets at end of year 52,734 47,930 58,451 — — — Funded status at end of year $ 28,311 23,380 25,934 (11,344) (12,095) (16,748) For the years ended December 31, 2023 and 2022, the Company, in the measurement of its pension plan and post-retirement obligations updated its mortality assumptions to the PRI 2012 mortality table with the fully generational projection scale MP 2021 issued by The Society of Actuaries ("SOA") in October 2021. The prepaid pension benefits of $28.3 million and the unfunded post-retirement healthcare and life insurance benefits of $11.3 million as of December 31, 2023 are included in other assets and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The components of accumulated other comprehensive loss (income) related to the pension plan and other post-retirement benefits, on a pre-tax basis, as of December 31, 2023 and 2022 are summarized in the following table (in thousands): Pension Post-retirement 2023 2022 2023 2022 Unrecognized prior service cost $ — — — — Unrecognized net actuarial loss (income) 5,633 9,658 (10,378) (11,802) Total accumulated other comprehensive loss (income) $ 5,633 9,658 (10,378) (11,802) Net periodic (benefit) increase cost for the years ending December 31, 2023, 2022 and 2021, included the following components (in thousands): Pension Post-retirement 2023 2022 2021 2023 2022 2021 Service cost $ — — — 13 28 34 Interest cost 1,208 855 790 600 443 424 Return on plan assets (2,824) (3,456) (3,227) — — — Amortization of: Net loss (gain) 709 — 472 (2,130) (1,304) (1070) Unrecognized prior service cost — — — — — — Net periodic (benefit) increase cost $ (907) (2,601) (1,965) (1,517) (833) (612) The weighted average actuarial assumptions used in the plan determinations as of December 31, 2023, 2022 and 2021 were as follows: Pension Post-retirement 2023 2022 2021 2023 2022 2021 Discount rate 4.90 % 5.10 % 2.70 % 4.90 % 5.10 % 2.70 % Rate of compensation increase — — — — — — Expected return on plan assets 6.00 6.00 6.00 — — — Medical and life insurance benefits cost rate of increase — — — 5.50 6.00 6.00 The Company provides its actuary with certain rate assumptions used in measuring the benefit obligation. The most significant of these is the discount rate used to calculate the period-end present value of the benefit obligations, and the expense to be included in the following year’s financial statements. A lower discount rate will result in a higher benefit obligation and expense, while a higher discount rate will result in a lower benefit obligation and expense. The discount rate assumption was determined based on a cash flow-yield curve model specific to the Company’s pension and post-retirement plans. The Company compares this rate to certain market indices, such as long-term treasury bonds, or the Citigroup pension liability indices, for reasonableness. A discount rate of 4.90% was selected for the December 31, 2023 measurement date. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits as of December 31, 2023 (in thousands): 1% increase 1% decrease Effect on total service cost and interest cost $ 60 (50) Effect on post-retirement benefits obligation $ 1,200 (1,000) Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): Pension Post-retirement 2024 $ 1,757 681 2025 1,766 717 2026 1,768 720 2027 1,776 741 2028 1,779 746 The weighted-average asset allocation of pension plan assets as of December 31, 2023 and 2022 were as follows: Asset Category 2023 2022 Domestic equities 38 % 37 % Foreign equities 11 % 11 % Fixed income 49 % 50 % Real estate 2 % 2 % Cash — % — % Total 100 % 100 % The Company’s expected return on pension plan assets assumption is based on historical investment return experience and evaluation of input from the Plan's Investment Consultant and the Company's Benefits Committee which manages the pension plan’s assets. The expected return on pension plan assets is also impacted by the target allocation of assets, which is based on the Company’s goal of earning the highest rate of return while maintaining risk at acceptable levels. Management strives to have pension plan assets sufficiently diversified so that adverse or unexpected results from one security class will not have a significant detrimental impact on the entire portfolio. The target allocation of assets and acceptable ranges around the targets are as follows: Asset Category Target Allowable Range Domestic equities 37 % 30-41% Foreign equities 11 % 5-13% Fixed income 50 % 40-65% Real estate 2 % 0-4% Cash 0 % 0% Total 100 % The Company anticipates that the long-term asset allocation on average will approximate the targeted allocation. Actual asset allocations are the result of investment decisions by a third-party investment manager. The following tables present the assets that are measured at fair value on a recurring basis by level within the GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits as of December 31, 2023 and 2022, respectively (in thousands): Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value measurements as of December 31, 2023 Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 76 — 76 — Mutual funds: Fixed income 25,728 25,728 — — International equity 5,713 5,713 — — Large U.S. equity 1,577 1,577 — — Small/Mid U.S. equity 1,114 1,114 — — Total mutual funds 34,132 34,132 — — Pooled separate accounts 18,526 — 18,526 — Total Plan assets $ 52,734 34,132 18,602 — Fair value measurements as of December 31, 2022 Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 92 — 92 — Mutual funds: Fixed income 23,819 23,819 — — International equity 5,362 5,362 — — Large U.S. equity 1,433 1,433 — — Small/Mid U.S. equity 929 929 — — Total mutual funds 31,543 31,543 — — Pooled separate accounts 16,295 — 16,295 — Total Plan assets $ 47,930 31,543 16,387 — 401(k) Plan The Bank has a 401(k) plan covering substantially all employees of the Bank. For 2023, 2022 and 2021, the Bank matched 25% of the first 6% contributed by the participants. The contribution percentage is determined by the board of directors in its sole discretion. The Bank’s aggregate contributions to the 401(k) Plan for 2023, 2022 and 2021 were $1.3 million, $1.2 million and $1.2 million, respectively. Supplemental Executive Retirement Plan The Bank maintains a non-qualified supplemental retirement plan for certain senior officers of the Bank. This unfunded plan, which was frozen as of April 1, 2003, provides benefits in excess of the benefits permitted to be paid by the pension plan under provisions of the tax law. Amounts expensed under this supplemental retirement plan amounted to $73,000, $73,000 and $74,000 for the years 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, $1.6 million and $1.7 million, respectively, were recorded in other liabilities on the Consolidated Statements of Financial Condition for this supplemental retirement plan. In connection with this supplemental retirement plan, there was no change recorded in other comprehensive income (loss) for 2023, while an increase of $283,000 and an increase of $68,000, net of tax, were recorded for 2022 and 2021, respectively. Retirement Plan for the Board of Directors of Provident Bank The Bank maintains a Retirement Plan for the board of directors of the Bank, a non-qualified plan that provides cash payments for up to 10 years to eligible retired board members based on age and length of service requirements. The maximum payment under this plan to a board member, who terminates service on or after the age of 72 with at least ten years of service on the board, is forty quarterly payments of $1,250. The Bank may suspend payments under this plan if it does not meet Federal Deposit Insurance Corporation or New Jersey Department of Banking and Insurance minimum capital requirements. The Bank may terminate this plan at any time although such termination may not reduce or eliminate any benefit previously accrued to a board member without his or her consent. The plan was amended in December 2005 to terminate benefits under this plan for any directors who had less than ten years of service on the board of directors of the Bank as of December 31, 2006. The plan further provides that, in the event of a change in control (as defined in the plan), the undistributed balance of a director’s accrued benefit will be distributed to him or her within 60 days of the change in control. The Bank paid $5,000, $5,000, and $6,250 to former board members under this plan for each of the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, $126,000 and $125,000, respectively, were recorded in other liabilities on the Consolidated Statements of Financial Condition for this retirement plan. A decrease of $7,000, net of tax, was recorded in other comprehensive income for 2023, while increases of $11,000 and $689, net of tax, were recorded for 2022 and 2021, respectively, in connection with this plan. Employee Stock Ownership Plan The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock that provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP purchased 4,769,464 shares of the Company’s common stock at an average price of $17.09 per share with the proceeds of a loan from the Company to the ESOP. The outstanding loan principal as of December 31, 2023, was $6.4 million. Shares of the Company’s common stock pledged as collateral for the loan are released from the pledge for allocation to participants as loan payments are made. For the years ending December 31, 2023 and 2022, 311,946 shares and 299,566 shares from the ESOP were released, respectively. Unallocated ESOP shares held in suspense totaled 286,562 as of December 31, 2023, and had a fair value of $5.2 million. ESOP compensation expense for the years ended December 31, 2023, 2022 and 2021 was $3.1 million, $4.1 million and $4.3 million, respectively. Non-Qualified Supplemental Defined Contribution Plan (“the Supplemental Employee Stock Ownership Plan”) Effective January 1, 2004, the Bank established a deferred compensation plan for executive management and key employees of the Bank, known as Provident Bank Non-Qualified Supplemental Employee Stock Ownership Plan (the “Supplemental ESOP”). The Supplemental ESOP was amended and restated as the Non-Qualified Supplemental Defined Contribution Plan (the “Supplemental DC Plan”), effective January 1, 2010. The Supplemental DC Plan is a non-qualified plan that provides additional benefits to certain executives whose benefits under the 401(k) Plan and ESOP are limited by tax law limitations applicable to tax-qualified plans. The Supplemental DC Plan requires a contribution by the Bank for each participant who also participates in the 401(k) Plan and ESOP equal to the amount that would have been contributed under the terms of the 401(k) Plan and ESOP but for the tax law limitations, less the amount actually contributed under the 401(k) Plan and ESOP. The Supplemental DC Plan provides for a phantom stock allocation for qualified contributions that may not be accrued in the qualified ESOP and for matching contributions that may not be accrued in the qualified 401(k) Plan due to tax law limitations. Under the Supplemental 401(k) provision, the estimated (benefit) expense for the years ending December 31, 2023, 2022 and 2021 was $262,000, $312,000 and $25,000, respectively, and included the matching contributions plus interest credited at an annual rate equal to the ten-year bond-equivalent yield on U.S. Treasury securities. Under the Supplemental ESOP provision, the estimated expense for the years ending December 31, 2023, 2022 and 2021 was $432,000, $144,000 and $180,000, respectively. The phantom equity is treated as equity awards (expensed at the time of allocation) and not liability awards which would require periodic adjustment to market, as participants do not have an option to take their distribution in cash. 2019 Long-Term Equity Incentive Plan Upon stockholders’ approval of the 2019 Long-Term Equity Incentive Plan on April 25, 2019, shares available for stock awards and stock options under the Amended and Restated Long-Term Incentive Plan were reserved for issuance under the new 2019 Long-Term Equity Incentive Plan. No additional grants of stock awards and stock options will be made under the Amended and Restated Long-Term Incentive Plan. The new plan authorized the issuance of up to 1,350,000 shares of Company common stock to be issued as stock awards. As of December 31, 2023, 749,860 shares remain available for grant under the plan. Shares previously awarded under prior equity incentive plans that are subsequently forfeited or expire may also be issued under this new plan. Stock Awards As a general rule, restricted stock grants are held in escrow for the benefit of the award recipient until vested. Awards outstanding generally vest in three A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: Restricted Stock Awards 2023 2022 2021 Outstanding at beginning of year 1,023,130 900,483 785,181 Granted 427,053 447,526 500,892 Forfeited (328,761) (105,556) (144,476) Vested (68,330) (219,323) (241,114) Outstanding at the end of year 1,053,092 1,023,130 900,483 As of December 31, 2023, unrecognized compensation cost relating to unvested restricted stock totaled $7.1 million. This amount will be recognized over a remaining weighted average period of 1.6 years. Stock Options Each stock option granted entitles the holder to purchase one share of the Company’s common stock at an exercise price not less than the fair value of a share of the Company’s common stock at the date of grant. Options generally vest over a five-year period from the date of grant and expire no later than 10 years following the grant date. Additionally, certain options are three-year performance-vesting options, which may or may not vest depending upon the attainment of certain corporate financial targets. A summary of the status of the granted but unexercised stock options as of December 31, 2023, 2022 and 2021, and changes during the year is presented below: 2023 2022 2021 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding at beginning of year 600,806 $ 19.01 566,453 $ 18.73 596,441 $ 17.96 Granted — — 34,353 23.70 56,605 20.66 Exercised (51,881) 15.23 — — (86,593) 14.69 Forfeited — — — — — — Expired — — — — — — Outstanding at the end of year 548,925 $ 19.37 600,806 $ 19.01 566,453 $ 18.73 The total fair value of options vesting during 2023, 2022 and 2021 was $198,000, $195,000 and $190,000, respectively. Compensation expense of approximately $77,000 and $11,000 is projected for 2024 and 2025 respectively, on stock options outstanding as of December 31, 2023. No compensation expense is projected for 2026 on stock options outstanding as of December 31, 2023. The following table summarizes information about stock options outstanding as of December 31, 2023: Options Outstanding Options Exercisable Range of exercise prices Number of options outstanding Average remaining contractual life Weighted average exercise price Number of options exercisable Weighted average exercise price $15.23-18.70 223,061 1.1 $ 17.75 223,061 $ 17.75 $20.62-27.25 325,864 5.8 $ 23.20 284,094 $ 23.33 The stock options outstanding and stock options exercisable as of December 31, 2023, both had an aggregate intrinsic value of $133,000. The expense related to stock options is based on the fair value of the options at the date of the grant and is recognized ratably over the vesting period of the options. Compensation expense related to the Company’s stock option plan totaled $144,000, $198,000 and $200,000 for 2023, 2022 and 2021, respectively. The estimated fair values were determined on the dates of grant using the Black-Scholes Option pricing model. The fair value of the Company’s stock option awards are expensed on a straight-line basis over the vesting period of the stock option. The risk-free rate is based on the implied yield on a U.S. Treasury bond with a term approximating the expected term of the option. The expected volatility computation is based on historical volatility over a period approximating the expected term of the option. The dividend yield is based on the annual dividend payment per share, divided by the grant date stock price. The expected option term is a function of the option life and the vesting period. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: For the year ended December 31, 2022 2021 Expected dividend yield 4.05 % 4.45 % Expected volatility 36.33 % 30.75 % Risk-free interest rate 1.74 % 0.73 % Expected option life 8 years 8 years There were no options granted during 2023, while the weighted average fair value of options granted during 2022 and 2021 was $5.80 and $3.52 per option, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): Years ended December 31, 2023 2022 2021 Current: Federal $ 31,972 41,379 28,798 State 12,684 20,859 17,986 Total current income tax expense 44,656 62,238 46,784 Deferred: Federal 905 1,825 10,548 State 1,820 395 1,865 Total deferred income tax expense 2,725 2,220 12,413 Total income tax expense $ 47,381 64,458 59,197 The Company recorded a deferred tax expense (benefit) of $11.1 million, ($68.2) million and ($8.3) million during 2023, 2022 and 2021, respectively, related to the unrealized gains (losses) on available for sale debt securities, which is reported in accumulated other comprehensive income (loss), net of tax. The Company recorded a deferred tax (benefit) expense of ($3.9) million, $6.2 million and $3.1 million in 2023, 2022 and 2021, respectively, related to the unrealized gains (losses) on cash flow hedge advances, which is reported in accumulated other comprehensive income (losses), net of tax. Also, the Company recorded a deferred tax expense (benefit) of $884,000, $(517,000) and $1.4 million in 2023, 2022 and 2021, respectively, related to the amortization of post-retirement benefit obligations, which is reported in accumulated other comprehensive income (loss), net of tax. A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): Years ended December 31, 2023 2022 2021 Tax expense at statutory rates $ 36,932 50,422 47,695 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 11,313 16,791 15,682 Tax-exempt interest income (2,514) (2,590) (2,690) Bank-owned life insurance (1,361) (1,257) (1,665) Other, net 3,011 1,092 175 Total income tax expense $ 47,381 64,458 59,197 The net deferred tax asset is included in other assets in the Consolidated Statements of Financial Condition. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Deferred tax assets: Allowance for credit losses on loans $ 28,404 23,794 Allowance for credit loss on off-balance sheet ("OBS") credit exposure 924 853 Post-retirement benefit 5,758 6,458 Deferred compensation 384 569 Depreciation 1,126 1,412 SERP 1,137 1,130 ESOP 402 812 Stock-based compensation 2,963 5,818 Non-accrual interest 172 234 Federal Net Operating Loss ("NOL") 160 197 Unrealized losses on available for sale debt securities 57,198 68,324 Lease liability 15,914 17,126 Other 112 — Total gross deferred tax assets 114,654 126,727 Deferred tax liabilities: Pension expense 8,997 8,928 Contingent consideration 283 162 Deferred loan costs 11,376 8,533 Investment securities, principally due to accretion of discounts 66 95 Purchase accounting adjustments 371 363 Intangibles 1,620 1,366 Originated mortgage servicing rights 147 169 Pension liability adjustments 1,459 575 Net unrealized gain on hedging activities 3,674 7,576 Lease right-of-use asset 15,084 16,370 Other — 361 Total gross deferred tax liabilities 43,077 44,498 Net deferred tax asset $ 71,577 82,229 Retained earnings as of December 31, 2023 includes approximately $51.8 million for which no provision for income tax has been made. This amount represents an allocation of income to bad debt deductions for tax purposes only. Events that would result in taxation of these reserves include the failure to qualify as a bank for tax purposes, distributions in complete or partial liquidation, stock redemptions and excess distributions to stockholders. As of December 31, 2023, the Company had an unrecognized tax liability of $14.0 million with respect to this reserve. As a result of the Beacon acquisition in 2011, the Company acquired federal net operating loss carryforwards. There are approximately $760,000 of NOL carryforwards available to offset future taxable income as of December 31, 2023. If not utilized, these carryforwards will expire in 2031. The federal NOLs are subject to a combined annual Code Section 382 limitation in the amount of approximately $197,000. Management has determined that it is more likely than not that it will realize the net deferred tax asset based upon the nature and timing of the items listed above. In order to fully realize the net deferred tax asset, the Company will need to generate future taxable income. Management has projected that the Company will generate sufficient taxable income to utilize the net deferred tax asset; however, there can be no assurance that such levels of taxable income will be generated. The Company’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company did not have any liabilities for uncertain tax positions as of December 31, 2023 and 2022. The Company and its subsidiaries file a consolidated U.S. Federal income tax return. For tax periods prior to December 31, 2018, New Jersey tax law does not and has not allowed for a taxpayer to file a tax return on a combined or consolidated basis with another member of the affiliated group where there is common ownership . The Company and its subsidiaries is required to file a combined New Jersey state income tax return on apportioned and allocated income. Also, the Company and its subsidiaries file a combined New York State income tax return on apportioned and allocated income. The Company, through its bank subsidiary, files a Pennsylvania Mutual Thrift Institution Tax return. |
Commitments, Contingencies and
Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Concentrations of Credit Risk | Commitments and Concentrations of Credit Risk In the normal course of conducting its business, the Bank extends credit to meet the financing needs of its customers through commitments. Commitments and contingent liabilities, such as commitments to extend credit (including loan commitments of $2.09 billion and $2.06 billion as of December 31, 2023 and 2022, respectively, and undisbursed home equity and personal credit lines of $273.0 million and $279.2 million, as of December 31, 2023 and 2022, respectively, are not reflected in the accompanying consolidated financial statements. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. The Bank uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet loans. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the borrower. The Bank grants residential real estate loans on single- and multi-family dwellings to borrowers primarily in New Jersey. Its borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the underlying collateral and value of the underlying collateral. Such factors are dependent upon various economic conditions and individual circumstances beyond the Bank’s control; the Bank is therefore subject to risk of loss. The Bank believes that its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or guarantees are required for virtually all loans. A substantial portion of the Bank’s loans are to borrowers operating in or, are secured by real estate located in New Jersey, our primary market area. Accordingly, the collectability of a substantial portion of the Bank’s loan portfolio may be susceptible to changes in local real estate market conditions and the regional business environment. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements FDIC regulations require banks to maintain minimum levels of regulatory capital. Under the regulations in effect as of December 31, 2023, the Bank is required to maintain: (1) a Tier 1 capital to total assets leverage ratio of 4.0%; (2) a common equity Tier 1 capital to risk-based assets ratio of 4.5%; (3) a Tier 1 capital to risk-based assets ratio of 6.0%; and (4) a total capital to risk-based assets ratio of 8.0%. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted asset above the amount necessary to meet its minimum risk-based capital requirements. Under its prompt corrective action regulations, the FDIC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. The regulations establish a framework for the classification of savings institutions into five categories: well capitalized; adequately capitalized; undercapitalized, significantly undercapitalized; and critically undercapitalized. Generally, an institution is considered well capitalized if it has: a leverage (Tier 1) capital ratio of at least 5.00%; a common equity Tier 1 risk-based capital ratio of 6.50%; a Tier 1 risk-based capital ratio of at least 8.00%; and a total risk-based capital ratio of at least 10.00%. In the first quarter of 2020, U.S. federal regulatory authorities issued an interim final rule providing banking institutions that adopt CECL during the 2020 calendar year with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during the initial two-year delay (i.e., a five-year transition in total). In connection with its adoption of CECL on January 1, 2020, the Company elected to utilize the five-year CECL transition. The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the FDIC about capital components, risk weightings and other factors. As of December 31, 2023 and 2022, the Bank exceeded all minimum capital adequacy requirements to which it is subject. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. The Company is regulated as a bank holding company, and as such, is subject to examination, regulation and periodic reporting under the Bank Holding Company Act, as administered by the Federal Reserve Board (“FRB”). The FRB has adopted capital adequacy guidelines for bank holding companies on a consolidated basis substantially similar to those of the FDIC for the Bank. As of December 31, 2023 and 2022, the Company was “well capitalized” under FRB guidelines. Regulations of the FRB provide that a bank holding company must serve as a source of strength to any of its subsidiary banks and must not conduct its activities in an unsafe or unsound manner. Under the prompt corrective action provisions discussed above, a bank holding company parent of an undercapitalized subsidiary bank would be directed to guarantee, within limitations, the capital restoration plan that is required of such an undercapitalized bank. If the undercapitalized bank fails to file an acceptable capital restoration plan or fails to implement an accepted plan, the FRB may prohibit the bank holding company parent of the undercapitalized bank from paying any dividend or making any other form of capital distribution without the prior approval of the FRB. The following table shows the Company’s actual capital amounts and ratios as of December 31, 2023 and 2022, compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FRB minimum capital FRB minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Tier 1 leverage capital $ 1,396,512 10.22 % $ 546,662 4.00 % $ 546,662 4.00 % $ 683,327 5.00 % Common equity Tier 1 risk-based capital 1,383,625 11.45 543,720 4.50 845,786 7.00 785,373 6.50 Tier 1 risk-based capital 1,396,512 11.56 724,959 6.00 1,027,026 8.50 966,612 8.00 Total risk-based capital 1,496,545 12.39 966,612 8.00 1,268,679 10.50 1,208,266 10.00 Actual capital FRB minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Tier 1 leverage capital $ 1,326,676 10.00 % $ 530,610 4.00 % $ 530,610 4.00 % $ 663,262 5.00 % Common equity Tier 1 risk-based capital 1,313,789 11.36 520,312 4.50 809,374 7.00 751,562 6.50 Tier 1 risk-based capital 1,326,676 11.47 693,749 6.00 982,812 8.50 924,999 8.00 Total risk-based capital 1,404,466 12.15 924,999 8.00 1,214,061 10.50 1,156,249 10.00 The following table shows the Bank’s actual capital amounts and ratios as of December 31, 2023 and 2022, compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FDIC minimum capital FDIC minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Tier 1 leverage capital $ 1,343,223 9.84 % $ 546,168 4.00 % $ 546,168 4.00 % $ 682,709 5.00 % Common equity Tier 1 risk-based capital 1,343,223 11.12 543,465 4.50 845,390 7.00 785,005 6.50 Tier 1 risk-based capital 1,343,223 11.12 724,620 6.00 1,026,545 8.50 966,160 8.00 Total risk-based capital 1,443,256 11.95 966,160 8.00 1,268,085 10.50 1,207,700 10.00 Actual capital FDIC minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Tier 1 leverage capital $ 1,260,603 9.51 % $ 530,396 4.00 % $ 530,396 4.00 % $ 662,995 5.00 % Common equity Tier 1 risk-based capital 1,260,603 10.91 520,070 4.50 808,998 7.00 751,213 6.50 Tier 1 risk-based capital 1,260,603 10.91 693,427 6.00 982,355 8.50 924,569 8.00 Total risk-based capital 1,338,393 11.58 924,569 8.00 1,213,497 10.50 1,155,712 10.00 |
Allowance for Credit Losses on
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | 12 Months Ended |
Dec. 31, 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 at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses. For the years ended December 31, 2023, 2022 and 2021, the Company recorded a $264,000 provision, a $3.4 million negative provision and a $1.5 million provision for credit losses for off-balance sheet credit exposures, respectively. The allowance for credit losses for off-balance sheet credit exposures was $3.4 million and $3.2 million as of December 31, 2023 and 2022, respectively, and included in other liabilities on the Consolidated Statements of Financial Condition. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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, the Company 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 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 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 December 31, 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. The Company also holds debt instruments issued by the U.S. government that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily determinable fair value using quoted market prices. 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 these 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 December 31, 2023 and 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 the lower of the outstanding loan balance at the time of foreclosure or 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 during the years ended December 31, 2023 and 2022. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair value as of December 31, 2023 and 2022, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: December 31, 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 $ 253,878 $ 253,878 — — Agency guaranteed obligations 27,498 — 27,498 — Mortgage-backed securities 1,285,609 — 1,285,609 — Asset-backed securities 32,235 — 32,235 — State and municipal obligations 56,584 — 56,584 — Corporate obligations 34,308 — 34,308 — Total available for sale debt securities $ 1,690,112 253,878 1,436,234 — Equity Securities 1,270 1,270 — — Derivative assets 101,754 — 101,754 $ 1,793,136 255,148 1,537,988 — Derivative liabilities $ 88,835 — 88,835 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 24,139 — — 24,139 Foreclosed assets 11,651 — — 11,651 $ 35,790 — — 35,790 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 years ended December 31, 2023 and 2022. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off 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. As of December 31, 2023 and December 31, 2022, $70,000 was included in cash and cash equivalents, representing cash collateral pledged to secure loan level swaps and risk participation agreements. Held to Maturity Debt Securities, Net of Allowance for Credit Losses 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-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. 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 December 31, 2023 and December 31, 2022. Fair values are presented by level within the fair value hierarchy: Fair Value Measurements as of December 31, 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 $ 180,255 180,255 180,255 — — Available for sale debt securities: U.S. Treasury obligations $ 253,878 253,878 253,878 — — Agency guaranteed obligations 27,498 27,498 — 27,498 — Mortgage-backed securities 1,285,609 1,285,609 — 1,285,609 — Asset-backed securities 32,235 32,235 — 32,235 — State and municipal obligations 56,584 56,584 — 56,584 — Corporate obligations 34,308 34,308 — 34,308 — Total available for sale debt securities $ 1,690,112 1,690,112 253,878 1,436,234 — Held to maturity debt securities, net of allowance for credit losses: U.S. Treasury obligations $ 5,146 5,147 5,147 — — Agency-sponsored obligations 11,058 10,406 10,406 — — State and municipal obligations 339,789 330,360 — 330,360 — Corporate obligations 7,087 6,688 — 6,688 — Total held to maturity debt securities, net of allowance for credit losses $ 363,080 352,601 15,553 337,048 — FHLBNY stock 79,217 79,217 79,217 — — Equity Securities 1,270 1,270 1,270 — — Loans, net of allowance for credit losses 10,766,501 10,437,204 — — 10,437,204 Derivative assets 101,754 101,754 — 101,754 — Financial liabilities: Deposits other than certificates of deposits $ 9,196,572 9,196,572 9,196,572 — — Certificates of deposit 1,095,942 1,093,125 — 1,093,125 — Total deposits $ 10,292,514 10,289,697 9,196,572 1,093,125 — Borrowings 1,970,033 1,960,174 — 1,960,174 — Subordinated Debentures 10,695 9,198 — 9,198 — Derivative liabilities 88,835 88,835 — 88,835 — Fair Value Measurements as of 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-sponsored 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, net of allowance for credit losses $ 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 — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. For the Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Net income $ 128,398 175,648 167,921 Basic weighted average common shares outstanding 74,844,489 74,700,623 76,471,933 Plus: Dilutive shares 28,767 81,747 88,907 Diluted weighted average common shares outstanding 74,873,256 74,782,370 76,560,840 Earnings per share: Basic $ 1.72 2.35 2.20 Diluted $ 1.71 2.35 2.19 Anti-dilutive stock options and awards totaling 1,222,890 shares, 884,333 shares and 769,458 shares as of December 31, 2023, 2022 and 2021, respectively, were excluded from the earnings per share calculations. |
Parent-only Financial Informati
Parent-only Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent-only Financial Information | Parent-only Financial Information The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: Condensed Statements of Financial Condition (Dollars in Thousands) December 31, 2023 December 31, 2022 Assets Cash and due from banks $ 7,948 10,854 Available for sale debt securities, at fair value 1,084 960 Investment in subsidiary 1,652,767 1,544,518 Due from subsidiary—SAP 28,677 34,439 ESOP loan 6,411 13,228 Other assets 4,571 4,410 Total assets $ 1,701,458 1,608,409 Liabilities and Stockholders’ Equity Other liabilities 167 213 Subordinated Debentures 10,695 10,493 Total stockholders’ equity 1,690,596 1,597,703 Total liabilities and stockholders’ equity $ 1,701,458 1,608,409 Condensed Statements of Operations (Dollars in Thousands) For the Years Ended December 31, 2023 2022 2021 Dividends from subsidiary $ 61,213 109,013 102,014 Interest income 529 785 1,022 Investment gain 169 178 167 Total income 61,911 109,976 103,203 Subordinated debentures 1,051 615 1,189 Non-interest expense 2,200 1,451 1,292 Total expense 3,251 2,066 2,481 Income before income tax expense 58,660 107,910 100,722 Income tax expense 247 — — Income before undistributed net income of subsidiary 58,413 107,910 100,722 Earnings in excess of dividends (equity in undistributed net income) of subsidiary 69,985 67,738 67,199 Net income $ 128,398 175,648 167,921 Condensed Statements of Cash Flows (Dollars in Thousands) For the Years Ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 128,398 175,648 167,921 Adjustments to reconcile net income to net cash provided by operating activities Earnings in excess of dividends (equity in undistributed net income) of subsidiary (69,985) (67,738) (67,199) ESOP allocation 3,086 4,140 4,318 SAP allocation 7,569 9,407 5,451 Stock option allocation 144 198 200 Decrease (increase) in due from subsidiary—SAP 5,762 3,847 (4,061) Increase in other assets (11,317) (13,817) (3,430) Decrease in other liabilities (45) (142) (12) Net cash provided by (used in) operating activities 63,612 111,543 103,188 Cash flows from investing activities: Cash received, net of cash consideration paid for acquisition — — — Net decrease in ESOP loan 6,817 6,387 5,939 Net cash provided by investing activities 6,817 6,387 5,939 Cash flows from financing activities: Purchases of treasury stock — (46,530) (20,711) Purchase of employee restricted shares to fund statutory tax withholding (1,678) (1,021) (961) Cash dividends paid (72,447) (72,023) (71,478) Repayment of subordinated debentures — — (15,000) Shares issued dividend reinvestment plan — — — Stock options exercised 790 — 887 Net cash used in financing activities (73,335) (119,574) (107,263) Net increase (decrease) in cash and cash equivalents (2,906) (1,644) 1,864 Cash and cash equivalents at beginning of period 10,854 12,498 10,634 Cash and cash equivalents at end of period $ 7,948 10,854 12,498 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table presents the components of other comprehensive (loss) income both gross and net of tax, for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the Years Ended December 31, 2023 2022 2021 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive Income ( Loss): Unrealized losses on available for sale debt securities: Net (losses) gains arising during the period $ 43,250 (11,125) 32,125 (254,591) 68,230 (186,361) (31,972) 8,242 (23,730) Reclassification adjustment for gains included in net income — — — (58) 16 (42) (230) 59 (171) Total 43,250 (11,125) 32,125 (254,649) 68,246 (186,403) (32,202) 8,301 (23,901) Unrealized gains (losses) on derivatives designated as cash flow hedges: Net (losses) gains arising during the period 3,288 (900) 2,388 26,231 (7,030) 19,201 8,311 (2,142) 6,169 Reclassification adjustment for gains included in net income (17,713) 4,765 (12,948) (4,504) 1,207 (3,297) 3,878 (1,000) 2,878 Total (14,425) 3,865 (10,560) 21,727 (5,823) 15,904 12,189 (3,142) 9,047 Amortization related to post-retirement obligations 3,249 (884) 2,365 (1,926) 517 (1,409) 5,474 (1,412) 4,062 Total other comprehensive (loss) income $ 32,074 (8,144) 23,930 (234,848) 62,940 (171,908) (14,539) 3,747 (10,792) The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2023 and 2022 (in thousands): Changes in Accumulated Other Comprehensive Income by Component, net of tax For the Years Ended December 31, 2023 2022 Unrealized Losses on Available for Sale Debt Securities Post-Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains (Losses) on Available for Sale Debt Securities Post-Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at the beginning of the period $ (186,614) 1,572 19,997 (165,045) (211) 2,981 4,093 6,863 Current period change in other comprehensive (loss) income 32,125 2,365 (10,560) 23,930 (186,403) (1,409) 15,904 (171,908) Balance at the end of the period $ (154,489) 3,937 9,437 (141,115) (186,614) 1,572 19,997 (165,045) The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2023, 2022 and 2021 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the years ended December 31, Affected line item in the Consolidated 2023 2022 2021 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — (58) (230) Net gain on securities transactions — 16 59 Income tax expense — (42) (171) Net of tax Cash flow hedges: Unrealized gains (losses) on derivatives designated as cash flow hedges (17,713) (4,504) 3,878 Interest expense 4,765 1,207 (1,000) Income tax expense (12,948) (3,297) 2,878 Post-retirement obligations: Amortization of actuarial (gains) losses (1,421) (1304) (598) Compensation and employee benefits (1) 384 349 154 Income tax expense (1,037) (955) (444) Net of tax Total reclassifications $ (13,985) (4,293) 2,263 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 13. Benefit Plans |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 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. As of December 31, 2023 and 2022, the Company had 154 and 152 interest rate swaps with an aggregate notional amount of $2.30 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. As of December 31, 2023 and 2022, the Company had 12 and 14 credit derivatives, respectively, with aggregate notional amounts of $142.8 million and $157.9 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. As of December 31, 2023, the asset and liability positions of these fair value credit derivatives totaled $17,000 and $8,000, respectively, compared to $26,000 and $12,000, respectively, as of 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 income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2023, 2022 and 2021, 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 $11.6 million will be reclassified as a reduction to interest expense. As of December 31, 2023, the Company had 9 outstanding interest rate derivatives with an aggregate notional amount of $455.0 million that was 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 as of December 31, 2023 and December 31, 2022 (in thousands). Fair Values of Derivative Instruments as of December 31, 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 $ 1,152,200 Other assets $ 89,261 $ 1,152,200 Other liabilities $ 89,461 Credit contracts 46,359 Other assets 17 96,462 Other liabilities 8 Total derivatives not designated as a hedging instrument 89,278 89,469 Derivatives designated as a hedging instrument: Interest rate products 330,000 Other assets 15,886 125,000 Other liabilities 1,365 Total gross derivative amounts recognized on the balance sheet 105,164 90,834 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 105,164 $ 90,834 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — $ — Cash collateral - institutional counterparties (1) 101,328 — Net derivatives not offset $ 3,836 $ 90,834 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 December 31, 2023 and December 31, 2022. The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 (in thousands). Gain recognized in Income on derivatives For the Year Ended December 31, Consolidated Statements of Income 2023 2022 2021 Derivatives not designated as hedging instruments: Interest rate products Other income $ 133 722 384 Credit contracts Other income (7) (49) 29 Total derivatives not designated as hedging instruments $ 126 673 413 Derivatives designated as hedging instruments: (Gain) Loss recognized in Expense on derivatives Interest rate products Interest (income) expense $ (17,713) (4,504) 3,878 Total derivatives designated as a hedging instruments $ (17,713) (4,504) 3,878 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 | 12 Months Ended |
Dec. 31, 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 the years ended December 31, 2023, 2022 and 2021 the out-of-scope revenue related to financial instruments were 89%, 84% and 82% of the Company's total revenue, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams can generally be classified into 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 years ended December 31, 2023, 2022 and 2021: December 31, (in-thousands) 2023 2022 2021 Non-interest income In-scope of Topic 606: Wealth management fees $ 27,669 27,870 30,756 Insurance agency income 13,934 11,440 10,216 Banking service charges and other fees: Service charges on deposit accounts 12,959 12,553 10,921 Debit card and ATM fees 2,963 3,124 5,665 Total banking service charges and other fees 15,922 15,677 16,586 Total in-scope non-interest income 57,525 54,987 57,558 Total out-of-scope non-interest income 22,304 32,802 29,251 Total non-interest income $ 79,829 87,789 86,809 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 is 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 is 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 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 | 12 Months Ended |
Dec. 31, 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 as of December 31, 2023 and December 31, 2022 (in thousands): Classification December 31, 2023 December 31, 2022 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 56,907 $ 60,577 Lease Liabilities: Operating lease liabilities Other liabilities $ 60,039 $ 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 property for branches and administrative offices with terms extending through 2040. As of December 31, 2023, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.9 years and 2.71%, respectively. The following table represents 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): Year ended December 31, 2023 Year ended December 31, 2022 Lease Costs Operating lease cost $ 10,495 10,617 Variable lease cost 3,193 2,722 Total Lease Cost $ 13,688 13,339 Cash paid for amounts included in the measurement of lease liabilities (in thousands): Year ended December 31, 2023 Year ended December 31, 2022 Operating cash flows from operating leases $ 9,904 8,665 Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows (in thousands): Operating Leases Years ended: 2022 $ 10,020 2023 9,540 2024 8,647 2025 7,813 2026 6,926 Thereafter 23,850 Total future minimum lease payments 66,796 Amounts representing interest 6,757 Present value of net future minimum lease payments $ 60,039 |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities as of December 31, 2023 and December 31, 2022 (in thousands): Classification December 31, 2023 December 31, 2022 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 56,907 $ 60,577 Lease Liabilities: Operating lease liabilities Other liabilities $ 60,039 $ 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 property for branches and administrative offices with terms extending through 2040. As of December 31, 2023, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.9 years and 2.71%, respectively. The following table represents 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): Year ended December 31, 2023 Year ended December 31, 2022 Lease Costs Operating lease cost $ 10,495 10,617 Variable lease cost 3,193 2,722 Total Lease Cost $ 13,688 13,339 Cash paid for amounts included in the measurement of lease liabilities (in thousands): Year ended December 31, 2023 Year ended December 31, 2022 Operating cash flows from operating leases $ 9,904 8,665 Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows (in thousands): Operating Leases Years ended: 2022 $ 10,020 2023 9,540 2024 8,647 2025 7,813 2026 6,926 Thereafter 23,850 Total future minimum lease payments 66,796 Amounts representing interest 6,757 Present value of net future minimum lease payments $ 60,039 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 128,398 | $ 175,648 | $ 167,921 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Business | Business The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey, Queens and Nassau Counties, New York and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for credit losses, evaluation of goodwill for impairment, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the currently forecasted economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates will be reflected in the financial statements in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with original maturity dates less than 90 days. |
Securities | Securities Securities include held to maturity debt securities and available for sale debt securities. The available for sale debt securities portfolio is carried at estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in Stockholders’ Equity. Estimated fair values are provided by reputable and widely used pricing services who maintain pricing methodologies appropriate for varying security classes using valuation techniques that are in accordance with GAAP. Securities which the Company has the positive intent and ability to hold to maturity are classified as held to maturity debt securities and carried at amortized cost. On January 1, 2020, the Company adopted the current expected credit loss ("CECL") methodology which replaces the incurred loss methodology with an expected loss methodology. 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 no lower than A ratings from the rating agencies as of December 31, 2023 and the Company had no securities rated BBB or worse by Moody’s Investors Service. Premiums on securities are amortized into income using a method that approximates the interest method over the remaining period to the earliest call date or contractual maturity, adjusted for anticipated prepayments. Discounts on securities are accreted into income over the remaining period to the contractual maturity, adjusted for anticipated prepayments. Interest income is recognized on an accrual basis, while dividend income is recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. Accrued interest receivable on held to maturity debt securities are excluded from the estimate of credit losses. See Note 3 for additional information on investment securities. Equity Securities The Company holds equity securities that are traded in active markets with readily determinable fair value using quoted market prices. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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). 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. |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank of New York (“FHLBNY”), is required to hold shares of capital stock of the FHLBNY at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. |
Loans | Loans Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments and certain deferred loan origination costs, less certain deferred direct loan origination fees, unaccreted discounts, and the allowance for credit losses. The Bank defers loan origination fees and certain direct loan origination costs and accretes or amortizes such amounts as an adjustment to the yield over the contractual lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using the effective interest method. Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. An impaired loan is defined as a loan for which it is probable, based on current information, that the Bank will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. |
Allowance for Loan Losses | Allowance for Credit Losses on Loans On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with the CECL methodology. The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses. The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses. The calculation of the allowance for credit losses is a critical accounting policy of the Company. Management estimates the allowance using relevant available information, from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and peers provides the basis for the estimation of expected credit losses, where observed credit losses are converted to probability of default rate (“PDR”) curves through the use of segment-specific loss given default (“LGD”) risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical PDR curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle. Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using an externally developed economic forecast. This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four-quarter reversion period to historical average macroeconomic factors. The Company's economic forecast is approved by the Company's Allowance for Credit Loss ("ACL") Committee. The allowance for credit losses is measured on a collective (pool) basis, with both a quantitative and qualitative analysis that is applied on a quarterly basis, when similar risk characteristics exist. The respective quantitative allowance for each loan segment is measured using an econometric, discounted PDR/LGD modeling methodology in which distinct, segment-specific multi-variate regression models are applied to an external economic forecast. Under the discounted cash flows methodology, expected credit losses are estimated over the effective life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies at the reporting date: management has a reasonable expectation that a modification will be executed with an individual borrower; or when an extension or renewal option is included in the original contract and is not unconditionally cancellable by the Company. Management will assess the likelihood of the option being exercised by the borrower and appropriately extend the maturity for modeling purposes. The Company considers qualitative adjustments to credit loss estimates for information not already captured in the quantitative component of the loss estimation process. Qualitative factors are based on portfolio concentration levels, model imprecision, changes in industry conditions, changes in the Company’s loan review process, changes in the Company’s loan policies and procedures, and economic forecast uncertainty. One of the most significant judgments involved in estimating the Company’s allowance for credit losses relates to the macroeconomic forecasts used to estimate expected credit losses over the forecast period. As of December 31, 2023, the model incorporated Moody’s baseline economic forecast, as adjusted for qualitative factors, as well as an extensive review of classified loans and loans that were classified as impaired with a specific reserve assigned to those loans. This baseline outlook reflected a worsened economic forecast and related deterioration in the projected commercial property price index used in our CECL model. The Company made qualitative adjustments to the projected commercial real estate property price index, considering the differences in portfolio collateral composition versus the commercial property price index used in our CECL models. This resulted in a total provision of $27.9 million for the year ended December 31, 2023, and an overall coverage ratio of 99 basis points. If the Company used the unadjusted baseline outlooks for the commercial property price index over the expected lives of Commercial Real Estate Non-Owner Occupied and Owner-Occupied loan portfolios, the provision would have risen by $6.5 million, leading to an overall coverage ratio of 105 basis points. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation. The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. As of December 31, 2023, the portfolio and class segments for the Company’s loan portfolio were: • Mortgage Loans – Residential, Commercial Real Estate, Multi-Family and Construction • Commercial Loans – Commercial Owner-Occupied and Commercial Non-Owner Occupied • Consumer Loans – First Lien Home Equity and Other Consumer The allowance for credit losses on loans individually evaluated for impairment is based upon loans that have been identified through the Company’s normal loan monitoring process. This process includes the review of delinquent and problem loans at the Company’s Delinquency, Credit, Credit Risk Management and Allowance Committees; or which may be identified through the Company’s loan review process. Generally, the Company only evaluates loans individually for impairment if the loan is non-accrual, non-homogeneous and the balance is greater than $1.0 million. In instances where the loan is under $1.0 million, but part of a relationship over $1.0 million, all loans in the relationship would be evaluated individually for impairment. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. If the loan is not collateral dependent, the allowance for credit losses related to individually assessed loans is based on discounted expected cash flows using the loan’s initial effective interest rate. For loans acquired that have experienced more-than-insignificant deterioration in credit quality since their origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) modification designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Management believes the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment or a protracted period of elevated unemployment, increasing vacancy rates in commercial investment properties and possible increases in interest rates in the absence of economic improvement. Any one or a combination of these events may adversely affect borrowers’ ability to repay the loans, resulting in increased delinquencies, credit losses and higher levels of provisions. Management considers it important to maintain the ratio of the allowance for credit losses to total loans at an acceptable level given current and forecasted economic conditions, interest rates and the composition of the portfolio. The CECL 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 creates greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. Although management believes that the Company has established and maintained the allowance for credit losses at appropriate levels, additions may be necessary if future economic and other conditions differ substantially from the current operating environment and economic forecast. Management evaluates its estimates and assumptions on an ongoing basis giving consideration to forecasted economic factors, historical loss experience and other factors. The model includes both quantitative and qualitative components. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods, and to the extent actual losses are higher than management estimates, additional provision for credit losses on loans could be required and could adversely affect our earnings or financial position in future periods. In addition, various regulatory agencies periodically review the adequacy of the Company’s allowance for credit losses as an integral part of their examination process. Such agencies may require the Company to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. Although management uses the best information available, the level of the allowance for credit losses remains an estimate that is subject to significant judgment and short-term volatility. See Note 7 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans. |
Foreclosed Assets | Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, 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. |
Banking Premises and Equipment | Banking Premises and Equipment Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives. Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in tax expense in the period that includes the enactment date. Deferred tax assets and liabilities are reported as a component of Other Assets on the Consolidated Statements of Financial Condition. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. |
Trust Assets | Trust Assets Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. |
Intangible Assets | Intangible Assets Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill 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. 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 annual qualitative assessment of goodwill as of July 1, 2023. Based upon its assessment of goodwill, the Company concluded that no further quantitative analysis was warranted. Core deposit premiums represent the intangible value of depositor relationships assumed in previous purchase acquisitions and are amortized on an accelerated basis over 8.8 years, while the core deposit premium related to SB One is amortized over its estimated useful life of 10.0 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisitions of Beacon Trust Company ("Beacon"), The MDE Group, Inc. ("MDE"), Tirschwell & Loewy, Inc. ("T&L"), and SB One Bank and are amortized on an accelerated basis over 12.0 years, 10.4 years, 10.0 years, and 13.0 years, respectively. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. |
Bank-owned Life Insurance | Bank-owned Life Insurance Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. |
Employee Benefit Plans | Employee Benefit Plans The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial condition the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the board of directors in its sole discretion. The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as return on average assets, are valued on the closing stock price on the date of grant. Performance-vesting stock awards and options that are based on a market condition, such as total shareholder return, would be valued using a generally accepted statistical technique to simulate future stock prices for the Bank and the components of the peer group which the Bank would be measured against. Expense related to time-vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. In connection with the First Sentinel acquisition in July 2004, the Company assumed the First Savings Bank Directors’ Deferred Fee Plan (the “DDFP”). The DDFP was frozen prior to the acquisition. The Company recorded a deferred compensation equity instrument and corresponding contra-equity account for the value of the shares held by the DDFP at the July 14, 2004 acquisition date. Effective November 1, 2023, the DDFP was terminated and final distributions are expected on or about November 1, 2024. As of December 31, 2023, there were 65,744 shares held by the DDFP. The Bank maintains a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. |
Post-retirement Benefits Other Than Pensions | Post-retirement Benefits Other Than Pensions The Bank provides post-retirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. 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. On December 31, 2002, the Bank eliminated post-retirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial condition the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. |
Derivatives | 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. |
Comprehensive Income | Comprehensive Income Comprehensive income is divided into net income and other comprehensive income (loss). Other comprehensive income (loss) includes items previously recorded directly to equity, such as unrealized gains and losses on available for sale debt securities, unrealized gains and losses on derivatives that are designated as cash flow hedges and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. |
Segment Reporting | Segment Reporting |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. |
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. 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. 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)," which provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance: (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized; and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or re-measurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. In addition, in January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The Company has reviewed all of its LIBOR-based products and all products have been adjusted to another index or are scheduled to be adjusted at their next repricing, as LIBOR ceased to be published after June 30, 2023. The Company adjusted its processes and procedures related to the amendments and it did not have a material impact to the Company’s financial position and results and operations. |
Revenue | 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 is 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 is 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 time of transaction or monthly. |
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, the Company 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 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 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 December 31, 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. The Company also holds debt instruments issued by the U.S. government that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily determinable fair value using quoted market prices. 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 these 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 December 31, 2023 and 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. |
Held to Maturity Debt Securit_2
Held to Maturity Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
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 as of December 31, 2023 and 2022 (in thousands): 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Treasury Obligations $ 5,146 1 — 5,147 Agency-sponsored obligations 11,058 — (652) 10,406 State and municipal obligations 339,816 244 (9,700) 330,360 Corporate obligations 7,091 — (403) 6,688 $ 363,111 245 (10,755) 352,601 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency-sponsored 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 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of held to maturity debt securities as of December 31, 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. 2023 Amortized cost Fair value Due in one year or less $ 32,659 32,619 Due after one year through five years 170,306 168,350 Due after five years through ten years 133,538 129,451 Due after ten years 26,608 22,181 $ 363,111 352,601 The amortized cost and fair value of available for sale debt securities as of December 31, 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. 2023 Amortized cost Fair value Due in one year or less $ — — Due after one year through five years 284,034 261,097 Due after five years through ten years 43,269 36,399 Due after ten years 54,217 47,274 $ 381,520 344,770 |
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 as of December 31, 2023 (in thousands): December 31, 2023 Total Portfolio AAA AA A BBB Not Rated Total Treasury obligations $ 5,146 — — — — 5,146 Agency-sponsored obligations 11,058 — — — — 11,058 State and municipal obligations 43,749 156,438 137,231 — 2,398 339,816 Corporate obligations 504 2,510 4,052 — 25 7,091 $ 60,457 158,948 141,283 — 2,423 363,111 December 31, 2022 Total Portfolio AAA AA A BBB Not Rated Total Agency-sponsored 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 |
Available for Sale Debt Secur_2
Available for Sale Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2023 and 2022 (in thousands): 2023 Amortized cost Gross unrealized gains Gross unrealized losses Fair U.S. Treasury obligations $ 276,618 — (22,740) 253,878 Agency guaranteed obligations 26,310 1,188 — 27,498 Mortgage-backed securities 1,462,159 377 (176,927) 1,285,609 Asset-backed securities 31,809 594 (168) 32,235 State and municipal obligations 64,454 — (7,870) 56,584 Corporate obligations 40,448 — (6,140) 34,308 $ 1,901,798 2,159 (213,845) 1,690,112 2022 Amortized cost Gross unrealized gains Gross unrealized losses 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 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of held to maturity debt securities as of December 31, 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. 2023 Amortized cost Fair value Due in one year or less $ 32,659 32,619 Due after one year through five years 170,306 168,350 Due after five years through ten years 133,538 129,451 Due after ten years 26,608 22,181 $ 363,111 352,601 The amortized cost and fair value of available for sale debt securities as of December 31, 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. 2023 Amortized cost Fair value Due in one year or less $ — — Due after one year through five years 284,034 261,097 Due after five years through ten years 43,269 36,399 Due after ten years 54,217 47,274 $ 381,520 344,770 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 2022 Mortgage loans: Commercial $ 4,512,411 4,316,185 Multi-family 1,812,500 1,513,818 Construction 653,246 715,494 Residential 1,164,956 1,177,698 Total mortgage loans 8,143,113 7,723,195 Commercial loans 2,442,406 2,233,670 Consumer loans 299,164 304,780 Total gross loans 10,884,683 10,261,645 Premiums on purchased loans 1,474 1,380 Net deferred fees (12,456) (14,142) Total loans $ 10,873,701 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): As of December 31, 2023 30-59 60-89 90 days or more past due and Non-accrual Total Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Commercial $ 825 — — 5,151 5,976 4,506,435 4,512,411 5,151 Multi-family 3,815 1,635 — 744 6,194 1,806,306 1,812,500 744 Construction — — — 771 771 652,475 653,246 771 Residential 3,429 1,208 — 853 5,490 1,159,466 1,164,956 853 Total mortgage loans 8,069 2,843 — 7,519 18,431 8,124,682 8,143,113 7,519 Commercial loans 998 198 — 41,487 42,683 2,399,723 2,442,406 36,281 Consumer loans 875 275 — 633 1,783 297,381 299,164 633 Total gross loans $ 9,942 3,316 — 49,639 62,897 10,821,786 10,884,683 44,433 As of December 31, 2022 30-59 60-89 90 days or more past due and Non-accrual Total 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 1097 — 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 for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Balance at beginning of period $ 88,023 80,740 101,466 Cumulative effect of adopting ASU 2022-02 (594) — — Provision charge (benefit) for credit losses on loans 27,900 8,400 (24,300) Recoveries of loans previously charged off 2,292 5,431 9,030 Loans charged off (10,421) (6,548) (5,456) Balance at end of period $ 107,200 88,023 80,740 The activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2023 and 2022 are as follows (in thousands): For the Year Ended December 31, 2023 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 58,218 27,413 2,392 88,023 Cumulative effect of adopting ASU 2022-02 (510) (43) (41) (594) Provision charge (benefit) for credit losses on loans 16,877 11,159 (136) 27,900 Recoveries of loans previously charged off 546 1,309 437 2,292 Loans charged off (1,724) (8,363) (334) (10,421) Balance at end of period $ 73,407 31,475 2,318 107,200 For the Year Ended December 31, 2022 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 52,104 26,343 2,293 80,740 Provision charge (benefit) for credit losses on loans 11,087 (2,489) (198) 8,400 Recoveries of loans previously charged off 585 4,192 654 5,431 Loans charged off (5,558) (633) (357) (6,548) Balance at end of period $ 58,218 27,413 2,392 88,023 |
Schedule of Troubled Debt Restructuring | The following table summarizes the Company's gross charge-offs recorded for the year ended December 31, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Mortgage loans: Commercial $ — — — — — 1,700 1,700 Residential — — — — — 24 24 Total mortgage loans $ — — — — — 1,724 1,724 Commercial loans — — — 5,000 — 3,363 8,363 Consumer loans (1) 24 — — — — 13 37 Total gross loans $ 24 — — 5,000 — 5,100 10,124 (1) During the year ended December 31, 2023, charge-offs on consumer overdraft accounts totaled $297,000, which are not included in the table above. 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. The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands): Year Ended December 31, 2023 Term Extension Interest Rate Change Interest Rate Change and Term Extension Total % of Total Class of Loans and Leases Mortgage loans: Multi-family $ — — 1,508 1,508 0.08 % Total mortgage loans — — 1,508 1,508 0.02 Commercial loans 3,771 — 1,250 5,021 0.21 Total gross loans $ 3,771 — 2,758 6,529 0.06 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands): Weighted Average Months of Term Extension Weighted Average Rate Increase Mortgage loans: Multi-family 2 2.23 % Total mortgage loans 2 2.23 Commercial loans 10 0.20 Total gross loans 9 0.61 % The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Mortgage loans: Multi-family $ 1,508 — — — — 1,508 Total mortgage loans 1,508 — — — — 1,508 Commercial loans 5,021 — — — — 5,021 Total gross loans $ 6,529 — — — — 6,529 The following table presents the number of loans modified as TDRs during the year ended December 31, 2022 and their balances immediately prior to the modification date and post-modification as of December 31, 2022: Year Ended December 31, 2022 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Multi-Family 1 $ 1,618 1,566 Residential 2 265 198 Total mortgage loans 3 1,883 1,764 Commercial loans 1 209 143 Consumer loans 1 108 85 Total restructured loans 5 $ 2,200 1,992 |
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 (in thousands): Gross Loans Held for Investment by Year of Origination 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — 10,926 3,048 28,511 10,558 24,598 4,500 — 82,141 Substandard 482 — — — — 9,599 434 — 10,515 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 482 10,926 3,048 28,511 10,558 34,197 4,934 — 92,656 Pass/Watch 628,709 883,149 677,464 470,257 470,971 1,166,205 90,760 32,240 4,419,755 Total commercial mortgage $ 629,191 894,075 680,512 498,768 481,529 1,200,402 95,694 32,240 4,512,411 Multi-family Special mention $ — — — — — 9,500 — — 9,500 Substandard 3,253 — — — — — — — 3,253 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,253 — — — — 9,500 — — 12,753 Pass/Watch 340,842 172,244 184,136 271,878 230,456 592,470 6,115 1,606 1,799,747 Total multi-family $ 344,095 172,244 184,136 271,878 230,456 601,970 6,115 1,606 1,812,500 Construction Special mention $ — — — — — — — — — Substandard — — — — — 771 — — 771 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 771 — — 771 Pass/Watch 41,209 342,890 185,034 68,603 1,339 13,400 — — 652,475 Total construction $ 41,209 342,890 185,034 68,603 1,339 14,171 — — 653,246 Residential (1) Special mention $ — — — — — 1,208 — — 1,208 Substandard — — — — — 1,285 — — 1,285 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 2,493 — — 2,493 Pass/Watch 96,259 141,683 200,111 195,964 89,654 438,792 — — 1,162,463 Total residential $ 96,259 141,683 200,111 195,964 89,654 441,285 — — 1,164,956 Total Mortgage Special mention $ — 10,926 3,048 28,511 10,558 35,306 4,500 — 92,849 Substandard 3,735 — — — — 11,655 434 — 15,824 Doubtful — — — — — — — — — Gross Loans Held for Investment by Year of Origination 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Loss — — — — — — — — — Total criticized and classified 3,735 10,926 3,048 28,511 10,558 46,961 4,934 — 108,673 Pass/Watch 1,107,019 1,539,966 1,246,745 1,006,702 792,420 2,210,867 96,875 33,846 8,034,440 Total Mortgage $ 1,110,754 1,550,892 1,249,793 1,035,213 802,978 2,257,828 101,809 33,846 8,143,113 Commercial Special mention $ 450 17,008 9,338 2,409 152 22,752 23,333 687 76,129 Substandard 686 — 20,262 9,235 2,034 11,313 10,736 508 54,774 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 8,147 17,008 29,600 11,644 2,186 34,065 34,069 1,195 137,914 Pass/Watch 358,578 316,015 318,416 131,647 143,677 493,191 471,962 71,006 2,304,492 Total commercial $ 366,725 333,023 348,016 143,291 145,863 527,256 506,031 72,201 2,442,406 Consumer (1) Special mention $ — — — — — 97 178 — 275 Substandard — — — — 9 146 389 90 634 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 9 243 567 90 909 Pass/Watch 29,083 26,098 18,101 3,459 14,375 85,383 108,431 13,325 298,255 Total consumer $ 29,083 26,098 18,101 3,459 14,384 85,626 108,998 13,415 299,164 Total Loans Special mention $ 450 27,934 12,386 30,920 10,710 58,155 28,011 687 169,253 Substandard 4,421 — 20,262 9,235 2,043 23,114 11,559 598 71,232 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 11,882 27,934 32,648 40,155 12,753 81,269 39,570 1,285 247,496 Pass/Watch 1,494,680 1,882,079 1,583,262 1,141,808 950,472 2,789,441 677,268 118,177 10,637,187 Total gross loans $ 1,506,562 1,910,013 1,615,910 1,181,963 963,225 2,870,710 716,838 119,462 10,884,683 (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 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 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 Gross Loans Held for Investment by Year of Origination 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Revolving loans to term loans Total Loans 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 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. |
Banking Premises and Equipment
Banking Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Banking Premises and Equipment | A summary of banking premises and equipment as of December 31, 2023 and 2022 is as follows (in thousands): 2023 2022 Land $ 13,394 14,424 Banking premises 72,905 74,945 Furniture, fixtures and equipment 56,082 55,883 Leasehold improvements 45,154 49,878 Construction in progress 5,331 1,012 Total banking premises and equipment 192,866 196,142 Less accumulated depreciation and amortization 121,868 116,348 Net banking premises and equipment $ 70,998 79,794 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 2022 Goodwill $ 443,623 443,623 Core deposit premiums 1,901 2,445 Customer relationship and other intangibles 11,867 14,202 Mortgage servicing rights 551 622 Total intangible assets $ 457,942 460,892 |
Amortization Expense of Intangible Assets | Amortization expense of intangible assets for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 Core deposit premiums $ 544 730 917 Customer relationship and other intangibles 2,335 2,488 2,597 Mortgage servicing rights 73 74 150 Total amortization expense of intangible assets $ 2,952 3,292 3,664 |
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit premiums and customer relationship intangibles for each of the next five years is as follows (in thousands): Year ended December 31, Scheduled Amortization 2024 $ 2,432 2025 2,266 2026 2,096 2027 2,043 2028 2,004 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities [Abstract] | |
Schedule of Deposits | Deposits as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 Weighted average interest rate 2022 Weighted average interest rate Savings deposits $ 1,175,683 0.21 % $ 1,438,583 0.15 % Money market accounts 2,325,364 2.67 2,542,160 1.21 NOW accounts (1) 3,492,184 2.77 3,186,926 1.24 Non-interest bearing deposits 2,203,341 — 2,643,919 — Certificates of deposit (2) 1,095,942 3.85 751,436 1.88 Total deposits $ 10,292,514 $ 10,563,024 (1) Our insured cash sweep ("ICS") product totaled $520.2 million as of December 31, 2023 and are located within NOW accounts. (2) Time deposits equal to or in excess of $250,000 were, $218.5 million and $108.2 million as of December 31, 2023 and December 31, 2022, respectively. Additionally, our Certificate of Deposit Account Registry Service ("CDARS") product totaled $163.9 million as of December 31, 2023. |
Scheduled Maturities of Certificates of Deposit | Scheduled maturities of certificates of deposit accounts as of December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Within one year $ 1,020,285 584,150 One to three years 63,866 146,053 Three to five years 11,773 21,111 Five years and thereafter 18 122 $ 1,095,942 751,436 |
Interest Expense on Deposits | Interest expense on deposits for the years ended December 31, 2023, 2022 and 2021 is summarized as follows (in thousands): Years ended December 31, 2023 2022 2021 Savings deposits $ 2,184 1,276 1,604 NOW and money market accounts 125,471 32,048 20,458 Certificates of deposits 31,804 5,380 4,451 $ 159,459 38,704 26,513 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds as of December 31, 2023 and 2022 are summarized as follows (in thousands): 2023 2022 Securities sold under repurchase agreements $ 72,161 98,000 FHLB line of credit 148,000 486,000 FHLB advances 1,299,872 753,370 FED Bank Term Funding Program ("BTFP") Borrowing 450,000 — Total borrowed funds $ 1,970,033 1,337,370 |
Scheduled Maturities of FHLB Advances | Scheduled maturities of FHLB advances and lines of credit as of December 31, 2023 are as follows (in thousands): 2023 Due in one year or less $ 1,063,065 Due after one year through two years 502,362 Due after two years through three years 157,445 Due after three years through four years 175,000 Due after four years through five years — Thereafter — Total FHLB advances and lines of credit $ 1,897,872 |
Scheduled Maturities of Securities Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements as of December 31, 2023 are as follows (in thousands): 2023 Due in one year or less $ 72,161 Thereafter — Total securities sold under repurchase agreements $ 72,161 |
Debt Disclosure by Year | The following tables set forth certain information as to borrowed funds for the years ended December 31, 2023 and 2022 (in thousands): Maximum balance Average balance Weighted average interest rate 2023 Securities sold under repurchase agreements $ 99,669 87,227 1.69 % FHLB line of credit 500,000 262,289 5.29 FHLB advances 1,592,277 1,282,124 3.14 FED BTFP Borrowing 450,000 4,932 4.83 2022 Securities sold under repurchase agreements $ 125,506 113,550 0.38 % FHLB line of credit 486,000 139,012 3.32 FHLB advances 753,370 503,713 0.85 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans | The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): Pension Post-retirement 2023 2022 2021 2023 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 24,550 32,517 35,170 12,095 16,748 18,805 Service cost — — — 13 28 34 Interest cost 1,208 855 790 600 443 424 Actuarial (gain) loss (149) (48) (294) (357) 140 (412) Benefits paid (1,648) (1,658) (1,656) (658) (933) (584) Change in actuarial assumptions 462 (7,116) (1,493) (349) (4,331) (1,519) Benefit obligation at end of year $ 24,423 24,550 32,517 11,344 12,095 16,748 Change in plan assets: Fair value of plan assets at beginning of year $ 47,930 58,451 54,617 — — — Actual (loss) return on plan assets 6,452 (8,863) 5,490 — — — Employer contributions — — — 658 933 584 Benefits paid (1,648) (1,658) (1,656) (658) (933) (584) Fair value of plan assets at end of year 52,734 47,930 58,451 — — — Funded status at end of year $ 28,311 23,380 25,934 (11,344) (12,095) (16,748) |
Components of Accumulated Other Comprehensive Loss (Gain) related to Pension Plan and Other Post-retirement Benefits | The components of accumulated other comprehensive loss (income) related to the pension plan and other post-retirement benefits, on a pre-tax basis, as of December 31, 2023 and 2022 are summarized in the following table (in thousands): Pension Post-retirement 2023 2022 2023 2022 Unrecognized prior service cost $ — — — — Unrecognized net actuarial loss (income) 5,633 9,658 (10,378) (11,802) Total accumulated other comprehensive loss (income) $ 5,633 9,658 (10,378) (11,802) |
Net Periodic Benefit Cost (Increase) | Net periodic (benefit) increase cost for the years ending December 31, 2023, 2022 and 2021, included the following components (in thousands): Pension Post-retirement 2023 2022 2021 2023 2022 2021 Service cost $ — — — 13 28 34 Interest cost 1,208 855 790 600 443 424 Return on plan assets (2,824) (3,456) (3,227) — — — Amortization of: Net loss (gain) 709 — 472 (2,130) (1,304) (1070) Unrecognized prior service cost — — — — — — Net periodic (benefit) increase cost $ (907) (2,601) (1,965) (1,517) (833) (612) |
Weighted Average Actuarial Assumptions Used | The weighted average actuarial assumptions used in the plan determinations as of December 31, 2023, 2022 and 2021 were as follows: Pension Post-retirement 2023 2022 2021 2023 2022 2021 Discount rate 4.90 % 5.10 % 2.70 % 4.90 % 5.10 % 2.70 % Rate of compensation increase — — — — — — Expected return on plan assets 6.00 6.00 6.00 — — — Medical and life insurance benefits cost rate of increase — — — 5.50 6.00 6.00 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits as of December 31, 2023 (in thousands): 1% increase 1% decrease Effect on total service cost and interest cost $ 60 (50) Effect on post-retirement benefits obligation $ 1,200 (1,000) |
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): Pension Post-retirement 2024 $ 1,757 681 2025 1,766 717 2026 1,768 720 2027 1,776 741 2028 1,779 746 |
Weighted-Average Asset Allocation of Pension Plan Assets | The weighted-average asset allocation of pension plan assets as of December 31, 2023 and 2022 were as follows: Asset Category 2023 2022 Domestic equities 38 % 37 % Foreign equities 11 % 11 % Fixed income 49 % 50 % Real estate 2 % 2 % Cash — % — % Total 100 % 100 % |
Target Allocation of Assets and Acceptable Ranges | The target allocation of assets and acceptable ranges around the targets are as follows: Asset Category Target Allowable Range Domestic equities 37 % 30-41% Foreign equities 11 % 5-13% Fixed income 50 % 40-65% Real estate 2 % 0-4% Cash 0 % 0% Total 100 % |
Assets Measured at Fair Value on Recurring Basis | The following tables present the assets that are measured at fair value on a recurring basis by level within the GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits as of December 31, 2023 and 2022, respectively (in thousands): Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value measurements as of December 31, 2023 Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 76 — 76 — Mutual funds: Fixed income 25,728 25,728 — — International equity 5,713 5,713 — — Large U.S. equity 1,577 1,577 — — Small/Mid U.S. equity 1,114 1,114 — — Total mutual funds 34,132 34,132 — — Pooled separate accounts 18,526 — 18,526 — Total Plan assets $ 52,734 34,132 18,602 — Fair value measurements as of December 31, 2022 Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 92 — 92 — Mutual funds: Fixed income 23,819 23,819 — — International equity 5,362 5,362 — — Large U.S. equity 1,433 1,433 — — Small/Mid U.S. equity 929 929 — — Total mutual funds 31,543 31,543 — — Pooled separate accounts 16,295 — 16,295 — Total Plan assets $ 47,930 31,543 16,387 — |
Status of Unvested Stock Awards | A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: Restricted Stock Awards 2023 2022 2021 Outstanding at beginning of year 1,023,130 900,483 785,181 Granted 427,053 447,526 500,892 Forfeited (328,761) (105,556) (144,476) Vested (68,330) (219,323) (241,114) Outstanding at the end of year 1,053,092 1,023,130 900,483 |
Status of Unexercised Stock Options | A summary of the status of the granted but unexercised stock options as of December 31, 2023, 2022 and 2021, and changes during the year is presented below: 2023 2022 2021 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding at beginning of year 600,806 $ 19.01 566,453 $ 18.73 596,441 $ 17.96 Granted — — 34,353 23.70 56,605 20.66 Exercised (51,881) 15.23 — — (86,593) 14.69 Forfeited — — — — — — Expired — — — — — — Outstanding at the end of year 548,925 $ 19.37 600,806 $ 19.01 566,453 $ 18.73 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding as of December 31, 2023: Options Outstanding Options Exercisable Range of exercise prices Number of options outstanding Average remaining contractual life Weighted average exercise price Number of options exercisable Weighted average exercise price $15.23-18.70 223,061 1.1 $ 17.75 223,061 $ 17.75 $20.62-27.25 325,864 5.8 $ 23.20 284,094 $ 23.33 |
Weighted Average Assumptions of Fair Value Option Grants | The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: For the year ended December 31, 2022 2021 Expected dividend yield 4.05 % 4.45 % Expected volatility 36.33 % 30.75 % Risk-free interest rate 1.74 % 0.73 % Expected option life 8 years 8 years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Amounts of Income Tax Expense (Benefit) | The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): Years ended December 31, 2023 2022 2021 Current: Federal $ 31,972 41,379 28,798 State 12,684 20,859 17,986 Total current income tax expense 44,656 62,238 46,784 Deferred: Federal 905 1,825 10,548 State 1,820 395 1,865 Total deferred income tax expense 2,725 2,220 12,413 Total income tax expense $ 47,381 64,458 59,197 |
Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate | A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): Years ended December 31, 2023 2022 2021 Tax expense at statutory rates $ 36,932 50,422 47,695 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 11,313 16,791 15,682 Tax-exempt interest income (2,514) (2,590) (2,690) Bank-owned life insurance (1,361) (1,257) (1,665) Other, net 3,011 1,092 175 Total income tax expense $ 47,381 64,458 59,197 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Deferred tax assets: Allowance for credit losses on loans $ 28,404 23,794 Allowance for credit loss on off-balance sheet ("OBS") credit exposure 924 853 Post-retirement benefit 5,758 6,458 Deferred compensation 384 569 Depreciation 1,126 1,412 SERP 1,137 1,130 ESOP 402 812 Stock-based compensation 2,963 5,818 Non-accrual interest 172 234 Federal Net Operating Loss ("NOL") 160 197 Unrealized losses on available for sale debt securities 57,198 68,324 Lease liability 15,914 17,126 Other 112 — Total gross deferred tax assets 114,654 126,727 Deferred tax liabilities: Pension expense 8,997 8,928 Contingent consideration 283 162 Deferred loan costs 11,376 8,533 Investment securities, principally due to accretion of discounts 66 95 Purchase accounting adjustments 371 363 Intangibles 1,620 1,366 Originated mortgage servicing rights 147 169 Pension liability adjustments 1,459 575 Net unrealized gain on hedging activities 3,674 7,576 Lease right-of-use asset 15,084 16,370 Other — 361 Total gross deferred tax liabilities 43,077 44,498 Net deferred tax asset $ 71,577 82,229 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Actual Capital Amounts and Ratios | The following table shows the Company’s actual capital amounts and ratios as of December 31, 2023 and 2022, compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FRB minimum capital FRB minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Tier 1 leverage capital $ 1,396,512 10.22 % $ 546,662 4.00 % $ 546,662 4.00 % $ 683,327 5.00 % Common equity Tier 1 risk-based capital 1,383,625 11.45 543,720 4.50 845,786 7.00 785,373 6.50 Tier 1 risk-based capital 1,396,512 11.56 724,959 6.00 1,027,026 8.50 966,612 8.00 Total risk-based capital 1,496,545 12.39 966,612 8.00 1,268,679 10.50 1,208,266 10.00 Actual capital FRB minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Tier 1 leverage capital $ 1,326,676 10.00 % $ 530,610 4.00 % $ 530,610 4.00 % $ 663,262 5.00 % Common equity Tier 1 risk-based capital 1,313,789 11.36 520,312 4.50 809,374 7.00 751,562 6.50 Tier 1 risk-based capital 1,326,676 11.47 693,749 6.00 982,812 8.50 924,999 8.00 Total risk-based capital 1,404,466 12.15 924,999 8.00 1,214,061 10.50 1,156,249 10.00 |
FDIC Minimum Capital Adequacy Requirements | The following table shows the Bank’s actual capital amounts and ratios as of December 31, 2023 and 2022, compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FDIC minimum capital FDIC minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Tier 1 leverage capital $ 1,343,223 9.84 % $ 546,168 4.00 % $ 546,168 4.00 % $ 682,709 5.00 % Common equity Tier 1 risk-based capital 1,343,223 11.12 543,465 4.50 845,390 7.00 785,005 6.50 Tier 1 risk-based capital 1,343,223 11.12 724,620 6.00 1,026,545 8.50 966,160 8.00 Total risk-based capital 1,443,256 11.95 966,160 8.00 1,268,085 10.50 1,207,700 10.00 Actual capital FDIC minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Tier 1 leverage capital $ 1,260,603 9.51 % $ 530,396 4.00 % $ 530,396 4.00 % $ 662,995 5.00 % Common equity Tier 1 risk-based capital 1,260,603 10.91 520,070 4.50 808,998 7.00 751,213 6.50 Tier 1 risk-based capital 1,260,603 10.91 693,427 6.00 982,355 8.50 924,569 8.00 Total risk-based capital 1,338,393 11.58 924,569 8.00 1,213,497 10.50 1,155,712 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 value as of December 31, 2023 and 2022, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: December 31, 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 $ 253,878 $ 253,878 — — Agency guaranteed obligations 27,498 — 27,498 — Mortgage-backed securities 1,285,609 — 1,285,609 — Asset-backed securities 32,235 — 32,235 — State and municipal obligations 56,584 — 56,584 — Corporate obligations 34,308 — 34,308 — Total available for sale debt securities $ 1,690,112 253,878 1,436,234 — Equity Securities 1,270 1,270 — — Derivative assets 101,754 — 101,754 $ 1,793,136 255,148 1,537,988 — Derivative liabilities $ 88,835 — 88,835 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 24,139 — — 24,139 Foreclosed assets 11,651 — — 11,651 $ 35,790 — — 35,790 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 December 31, 2023 and December 31, 2022. Fair values are presented by level within the fair value hierarchy: Fair Value Measurements as of December 31, 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 $ 180,255 180,255 180,255 — — Available for sale debt securities: U.S. Treasury obligations $ 253,878 253,878 253,878 — — Agency guaranteed obligations 27,498 27,498 — 27,498 — Mortgage-backed securities 1,285,609 1,285,609 — 1,285,609 — Asset-backed securities 32,235 32,235 — 32,235 — State and municipal obligations 56,584 56,584 — 56,584 — Corporate obligations 34,308 34,308 — 34,308 — Total available for sale debt securities $ 1,690,112 1,690,112 253,878 1,436,234 — Held to maturity debt securities, net of allowance for credit losses: U.S. Treasury obligations $ 5,146 5,147 5,147 — — Agency-sponsored obligations 11,058 10,406 10,406 — — State and municipal obligations 339,789 330,360 — 330,360 — Corporate obligations 7,087 6,688 — 6,688 — Total held to maturity debt securities, net of allowance for credit losses $ 363,080 352,601 15,553 337,048 — FHLBNY stock 79,217 79,217 79,217 — — Equity Securities 1,270 1,270 1,270 — — Loans, net of allowance for credit losses 10,766,501 10,437,204 — — 10,437,204 Derivative assets 101,754 101,754 — 101,754 — Financial liabilities: Deposits other than certificates of deposits $ 9,196,572 9,196,572 9,196,572 — — Certificates of deposit 1,095,942 1,093,125 — 1,093,125 — Total deposits $ 10,292,514 10,289,697 9,196,572 1,093,125 — Borrowings 1,970,033 1,960,174 — 1,960,174 — Subordinated Debentures 10,695 9,198 — 9,198 — Derivative liabilities 88,835 88,835 — 88,835 — Fair Value Measurements as of 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-sponsored 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, net of allowance for credit losses $ 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 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings (Loss) Per Share | The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. For the Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Net income $ 128,398 175,648 167,921 Basic weighted average common shares outstanding 74,844,489 74,700,623 76,471,933 Plus: Dilutive shares 28,767 81,747 88,907 Diluted weighted average common shares outstanding 74,873,256 74,782,370 76,560,840 Earnings per share: Basic $ 1.72 2.35 2.20 Diluted $ 1.71 2.35 2.19 |
Parent-only Financial Informa_2
Parent-only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statements of Financial Condition | The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: Condensed Statements of Financial Condition (Dollars in Thousands) December 31, 2023 December 31, 2022 Assets Cash and due from banks $ 7,948 10,854 Available for sale debt securities, at fair value 1,084 960 Investment in subsidiary 1,652,767 1,544,518 Due from subsidiary—SAP 28,677 34,439 ESOP loan 6,411 13,228 Other assets 4,571 4,410 Total assets $ 1,701,458 1,608,409 Liabilities and Stockholders’ Equity Other liabilities 167 213 Subordinated Debentures 10,695 10,493 Total stockholders’ equity 1,690,596 1,597,703 Total liabilities and stockholders’ equity $ 1,701,458 1,608,409 |
Condensed Statements of Operations | Condensed Statements of Operations (Dollars in Thousands) For the Years Ended December 31, 2023 2022 2021 Dividends from subsidiary $ 61,213 109,013 102,014 Interest income 529 785 1,022 Investment gain 169 178 167 Total income 61,911 109,976 103,203 Subordinated debentures 1,051 615 1,189 Non-interest expense 2,200 1,451 1,292 Total expense 3,251 2,066 2,481 Income before income tax expense 58,660 107,910 100,722 Income tax expense 247 — — Income before undistributed net income of subsidiary 58,413 107,910 100,722 Earnings in excess of dividends (equity in undistributed net income) of subsidiary 69,985 67,738 67,199 Net income $ 128,398 175,648 167,921 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in Thousands) For the Years Ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 128,398 175,648 167,921 Adjustments to reconcile net income to net cash provided by operating activities Earnings in excess of dividends (equity in undistributed net income) of subsidiary (69,985) (67,738) (67,199) ESOP allocation 3,086 4,140 4,318 SAP allocation 7,569 9,407 5,451 Stock option allocation 144 198 200 Decrease (increase) in due from subsidiary—SAP 5,762 3,847 (4,061) Increase in other assets (11,317) (13,817) (3,430) Decrease in other liabilities (45) (142) (12) Net cash provided by (used in) operating activities 63,612 111,543 103,188 Cash flows from investing activities: Cash received, net of cash consideration paid for acquisition — — — Net decrease in ESOP loan 6,817 6,387 5,939 Net cash provided by investing activities 6,817 6,387 5,939 Cash flows from financing activities: Purchases of treasury stock — (46,530) (20,711) Purchase of employee restricted shares to fund statutory tax withholding (1,678) (1,021) (961) Cash dividends paid (72,447) (72,023) (71,478) Repayment of subordinated debentures — — (15,000) Shares issued dividend reinvestment plan — — — Stock options exercised 790 — 887 Net cash used in financing activities (73,335) (119,574) (107,263) Net increase (decrease) in cash and cash equivalents (2,906) (1,644) 1,864 Cash and cash equivalents at beginning of period 10,854 12,498 10,634 Cash and cash equivalents at end of period $ 7,948 10,854 12,498 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Components of Other Comprehensive Loss | The following table presents the components of other comprehensive (loss) income both gross and net of tax, for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the Years Ended December 31, 2023 2022 2021 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive Income ( Loss): Unrealized losses on available for sale debt securities: Net (losses) gains arising during the period $ 43,250 (11,125) 32,125 (254,591) 68,230 (186,361) (31,972) 8,242 (23,730) Reclassification adjustment for gains included in net income — — — (58) 16 (42) (230) 59 (171) Total 43,250 (11,125) 32,125 (254,649) 68,246 (186,403) (32,202) 8,301 (23,901) Unrealized gains (losses) on derivatives designated as cash flow hedges: Net (losses) gains arising during the period 3,288 (900) 2,388 26,231 (7,030) 19,201 8,311 (2,142) 6,169 Reclassification adjustment for gains included in net income (17,713) 4,765 (12,948) (4,504) 1,207 (3,297) 3,878 (1,000) 2,878 Total (14,425) 3,865 (10,560) 21,727 (5,823) 15,904 12,189 (3,142) 9,047 Amortization related to post-retirement obligations 3,249 (884) 2,365 (1,926) 517 (1,409) 5,474 (1,412) 4,062 Total other comprehensive (loss) income $ 32,074 (8,144) 23,930 (234,848) 62,940 (171,908) (14,539) 3,747 (10,792) |
Changes in Accumulated Other Comprehensive Income by Component, net of tax | The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2023 and 2022 (in thousands): Changes in Accumulated Other Comprehensive Income by Component, net of tax For the Years Ended December 31, 2023 2022 Unrealized Losses on Available for Sale Debt Securities Post-Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains (Losses) on Available for Sale Debt Securities Post-Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at the beginning of the period $ (186,614) 1,572 19,997 (165,045) (211) 2,981 4,093 6,863 Current period change in other comprehensive (loss) income 32,125 2,365 (10,560) 23,930 (186,403) (1,409) 15,904 (171,908) Balance at the end of the period $ (154,489) 3,937 9,437 (141,115) (186,614) 1,572 19,997 (165,045) |
Reclassification Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2023, 2022 and 2021 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the years ended December 31, Affected line item in the Consolidated 2023 2022 2021 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — (58) (230) Net gain on securities transactions — 16 59 Income tax expense — (42) (171) Net of tax Cash flow hedges: Unrealized gains (losses) on derivatives designated as cash flow hedges (17,713) (4,504) 3,878 Interest expense 4,765 1,207 (1,000) Income tax expense (12,948) (3,297) 2,878 Post-retirement obligations: Amortization of actuarial (gains) losses (1,421) (1304) (598) Compensation and employee benefits (1) 384 349 154 Income tax expense (1,037) (955) (444) Net of tax Total reclassifications $ (13,985) (4,293) 2,263 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 13. Benefit Plans |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2023 and December 31, 2022 (in thousands). Fair Values of Derivative Instruments as of December 31, 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 $ 1,152,200 Other assets $ 89,261 $ 1,152,200 Other liabilities $ 89,461 Credit contracts 46,359 Other assets 17 96,462 Other liabilities 8 Total derivatives not designated as a hedging instrument 89,278 89,469 Derivatives designated as a hedging instrument: Interest rate products 330,000 Other assets 15,886 125,000 Other liabilities 1,365 Total gross derivative amounts recognized on the balance sheet 105,164 90,834 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 105,164 $ 90,834 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — $ — Cash collateral - institutional counterparties (1) 101,328 — Net derivatives not offset $ 3,836 $ 90,834 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 December 31, 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 as of December 31, 2023 and December 31, 2022 (in thousands). Fair Values of Derivative Instruments as of December 31, 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 $ 1,152,200 Other assets $ 89,261 $ 1,152,200 Other liabilities $ 89,461 Credit contracts 46,359 Other assets 17 96,462 Other liabilities 8 Total derivatives not designated as a hedging instrument 89,278 89,469 Derivatives designated as a hedging instrument: Interest rate products 330,000 Other assets 15,886 125,000 Other liabilities 1,365 Total gross derivative amounts recognized on the balance sheet 105,164 90,834 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 105,164 $ 90,834 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — $ — Cash collateral - institutional counterparties (1) 101,328 — Net derivatives not offset $ 3,836 $ 90,834 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 December 31, 2023 and December 31, 2022. |
Derivative Instruments, Gain (Loss) | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 (in thousands). Gain recognized in Income on derivatives For the Year Ended December 31, Consolidated Statements of Income 2023 2022 2021 Derivatives not designated as hedging instruments: Interest rate products Other income $ 133 722 384 Credit contracts Other income (7) (49) 29 Total derivatives not designated as hedging instruments $ 126 673 413 Derivatives designated as hedging instruments: (Gain) Loss recognized in Expense on derivatives Interest rate products Interest (income) expense $ (17,713) (4,504) 3,878 Total derivatives designated as a hedging instruments $ (17,713) (4,504) 3,878 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023, 2022 and 2021: December 31, (in-thousands) 2023 2022 2021 Non-interest income In-scope of Topic 606: Wealth management fees $ 27,669 27,870 30,756 Insurance agency income 13,934 11,440 10,216 Banking service charges and other fees: Service charges on deposit accounts 12,959 12,553 10,921 Debit card and ATM fees 2,963 3,124 5,665 Total banking service charges and other fees 15,922 15,677 16,586 Total in-scope non-interest income 57,525 54,987 57,558 Total out-of-scope non-interest income 22,304 32,802 29,251 Total non-interest income $ 79,829 87,789 86,809 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2023 and December 31, 2022 (in thousands): Classification December 31, 2023 December 31, 2022 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 56,907 $ 60,577 Lease Liabilities: Operating lease liabilities Other liabilities $ 60,039 $ 63,372 |
Schedule of Supplemental Cash Flow and Other Information Related to Leases | The following table represents 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): Year ended December 31, 2023 Year ended December 31, 2022 Lease Costs Operating lease cost $ 10,495 10,617 Variable lease cost 3,193 2,722 Total Lease Cost $ 13,688 13,339 Cash paid for amounts included in the measurement of lease liabilities (in thousands): Year ended December 31, 2023 Year ended December 31, 2022 Operating cash flows from operating leases $ 9,904 8,665 |
Schedule of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows (in thousands): Operating Leases Years ended: 2022 $ 10,020 2023 9,540 2024 8,647 2025 7,813 2026 6,926 Thereafter 23,850 Total future minimum lease payments 66,796 Amounts representing interest 6,757 Present value of net future minimum lease payments $ 60,039 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent litigation reserves | $ 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2002 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Cash and cash equivalents maturity period, days | 90 days | ||||
Percentage of participants matched contribution | 6% | ||||
Dividends paid on unallocated ESOP shares over period | 30 years | ||||
Shares held by the DDFP | 65,744 | ||||
Dividends paid on unallocated ESOP shares over period | 10 years | ||||
Allowance for credit loss | $ (107,200) | $ (88,023) | $ (80,740) | $ (101,466) | |
Total stockholders’ equity | 1,690,596 | 1,597,703 | 1,697,096 | 1,619,797 | |
Provision charge (benefit) for credit losses | 27,904 | 8,388 | (24,339) | ||
RETAINED EARNINGS | |||||
Property, Plant and Equipment [Line Items] | |||||
Total stockholders’ equity | $ 974,542 | 918,158 | 814,533 | 718,090 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Property, Plant and Equipment [Line Items] | |||||
Allowance for credit loss | 594 | $ 0 | $ 0 | ||
Total stockholders’ equity | 433 | ||||
Cumulative Effect, Period of Adoption, Adjustment | RETAINED EARNINGS | |||||
Property, Plant and Equipment [Line Items] | |||||
Total stockholders’ equity | $ 433 | ||||
Depositor Relationships | |||||
Property, Plant and Equipment [Line Items] | |||||
Amortized accelerated basis period | 8 years 9 months 18 days | ||||
Estimated useful life of core deposits | 10 years | ||||
Beacon Trust | Customer Relationships | |||||
Property, Plant and Equipment [Line Items] | |||||
Amortized accelerated basis period | 12 years | ||||
The MDE Group | Customer Relationships | |||||
Property, Plant and Equipment [Line Items] | |||||
Amortized accelerated basis period | 10 years 4 months 24 days | ||||
Tirschwell & Loewy, Inc. | Customer Relationships | |||||
Property, Plant and Equipment [Line Items] | |||||
Amortized accelerated basis period | 10 years | ||||
SB One Bancorp | Customer Relationships | |||||
Property, Plant and Equipment [Line Items] | |||||
Amortized accelerated basis period | 13 years |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2003 | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | |||
Common stock, shares issued (in shares) | 59,600,000 | 83,209,012 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, per share (in dollars per share) | $ 10 | ||
Proceeds from issuance of common stock | $ 567.2 | ||
Cash donated | $ 4.8 | ||
Number of shares donated | 1,920,000 | ||
Value of shares donated | $ 24 | ||
Liquidation account balance | $ 7.2 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 10 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Assets | $ 14,210,810 | $ 13,783,436 |
Loans, net of allowance for credit losses | 10,766,501 | 10,160,860 |
Deposits | 10,292,514 | $ 10,563,024 |
Lakeland Bancorp, Inc. - Merger Agreement | ||
Business Acquisition [Line Items] | ||
Assets | 25,000,000 | |
Loans, net of allowance for credit losses | 18,000,000 | |
Deposits | $ 20,000,000 | |
Common stock portion, number of acquisition stock for each share of company common stock converted | 0.8319 | |
Lakeland Bancorp, Inc. - Merger Agreement | Provident Shareholders | ||
Business Acquisition [Line Items] | ||
Percent of voting interest acquired | 58% | |
Lakeland Bancorp, Inc. - Merger Agreement | Lakeland Shareholders | ||
Business Acquisition [Line Items] | ||
Percent of voting interest acquired | 42% |
Restrictions on Cash and Due _2
Restrictions on Cash and Due from Banks (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $ 180,241 | $ 186,490 |
Cash Reserves Required by Banking Regulations | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $ 70 | $ 70 |
Held to Maturity Debt Securit_3
Held to Maturity Debt Securities - Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 363,111 | $ 387,950 |
Gross unrealized gains | 245 | 269 |
Gross unrealized losses | (10,755) | (14,751) |
Fair value | 352,601 | 373,468 |
U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 5,146 | |
Gross unrealized gains | 1 | |
Gross unrealized losses | 0 | |
Fair value | 5,147 | |
Agency guaranteed obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 11,058 | 9,997 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (652) | (1,033) |
Fair value | 10,406 | 8,964 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 339,816 | 366,164 |
Gross unrealized gains | 244 | 268 |
Gross unrealized losses | (9,700) | (13,015) |
Fair value | 330,360 | 353,417 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 7,091 | 11,789 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (403) | (703) |
Fair value | $ 6,688 | $ 11,087 |
Held to Maturity Debt Securit_4
Held to Maturity Debt Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Accrued interest on held to maturity debt securities | $ 3,100,000 | $ 3,400,000 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Allowance for credit losses | $ 31,000 | $ 27,000 | |
Held to maturity securities at carrying value | 317,600,000 | 340,200,000 | |
Recognized gain on calls of securities held to maturity portfolio | 45,000 | 123,000 | $ 25,000 |
Recognized loss on calls of securities held to maturity portfolio | 15,000 | 0 | 0 |
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 40,816,000 | 73,841,000 | 47,637,000 |
Sales of securities from held to maturity debt securities | $ 0 | $ 0 | 0 |
Number of securities in an unrealized loss position | security | 372 | 439 | |
AAA | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amount of total portfolio | 17% | ||
AA | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amount of total portfolio | 44% | ||
A | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amount of total portfolio | 39% | ||
Fitch, A Rating 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] | |||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | $ 11,600,000 | $ 39,200,000 | $ 36,000,000 |
Held to Maturity Debt Securit_5
Held to Maturity Debt Securities - Securities Held to Maturity by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 32,659 |
Due after one year through five years, amortized cost | 170,306 |
Due after five years through ten years, amortized cost | 133,538 |
Due after ten years, amortized cost | 26,608 |
Amortized cost | 363,111 |
Due in one year or less, fair value | 32,619 |
Due after one year through five years, fair value | 168,350 |
Due after five years through ten years, fair value | 129,451 |
Due after ten years, fair value | 22,181 |
Fair value | $ 352,601 |
Held to Maturity Debt Securit_6
Held to Maturity Debt Securities - Amortized Cost of held to Maturity Debt Securities by Year of Originations and Credit Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 363,111 | $ 387,950 |
U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 5,146 | |
Agency guaranteed obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 11,058 | 9,997 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 339,816 | 366,164 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 7,091 | 11,789 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 60,457 | 58,957 |
AAA | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 5,146 | |
AAA | Agency guaranteed obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 11,058 | 9,997 |
AAA | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 43,749 | 48,453 |
AAA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 504 | 507 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 158,948 | 175,526 |
AA | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | |
AA | Agency guaranteed 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 | 156,438 | 171,934 |
AA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,510 | 3,592 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 141,283 | 151,244 |
A | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | |
A | Agency guaranteed 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 | 137,231 | 143,829 |
A | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 4,052 | 7,415 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 770 |
BBB | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | |
BBB | Agency guaranteed 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 | 2,423 | 1,453 |
Not Rated | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | |
Not Rated | Agency guaranteed 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 | 2,398 | 1,178 |
Not Rated | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 25 | $ 275 |
Available for Sale Debt Secur_3
Available for Sale Debt Securities - Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 1,901,798 | $ 2,058,485 |
Gross unrealized gains | 2,159 | 537 |
Gross unrealized losses | (213,845) | (255,474) |
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 276,618 | 275,620 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (22,740) | (29,804) |
Available for sale debt securities, at fair value | 253,878 | 245,816 |
Agency guaranteed obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 26,310 | |
Gross unrealized gains | 1,188 | |
Gross unrealized losses | 0 | |
Available for sale debt securities, at fair value | 27,498 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,462,159 | 1,636,913 |
Gross unrealized gains | 377 | 209 |
Gross unrealized losses | (176,927) | (209,983) |
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 31,809 | 37,706 |
Gross unrealized gains | 594 | 278 |
Gross unrealized losses | (168) | (363) |
Available for sale debt securities, at fair value | 32,235 | 37,621 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 64,454 | 67,706 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (7,870) | (10,842) |
Available for sale debt securities, at fair value | 56,584 | 56,864 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 40,448 | 40,540 |
Gross unrealized gains | 0 | 50 |
Gross unrealized losses | (6,140) | (4,482) |
Available for sale debt securities, at fair value | $ 34,308 | $ 36,108 |
Available for Sale Debt Secur_4
Available for Sale Debt Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Accrued interest | $ 4,900,000 | $ 4,800,000 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Securities available for sale at carrying value | $ 1,130,000,000 | $ 1,250,000,000 | |
Debt securities, available for sale, without single maturity date, amortized cost | 1,520,000,000 | ||
Debt securities, available for sale, without single maturity date, fair value | 1,350,000,000 | ||
Gain recognized on sale of securities | 58,000 | ||
Loss recognized on sale of securities | 0 | 0 | |
Proceeds from sale of securities | 0 | ||
Proceeds from sales of securities available for sale | 0 | 0 | $ 9,442,000 |
Proceeds from calls of available for sale securities | $ 2,300,000 | $ 5,400,000 | |
Number of securities in an unrealized loss position | security | 436 | 475 |
Available for Sale Debt Secur_5
Available for Sale Debt Securities - Securities Available for Sale by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 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 | 284,034 |
Due after five years through ten years, amortized cost | 43,269 |
Due after ten years, amortized cost | 54,217 |
Amortized cost | 381,520 |
Due in one year or less, fair value | 0 |
Due after one year through five years, fair value | 261,097 |
Due after five years through ten years, fair value | 36,399 |
Due after ten years, fair value | 47,274 |
Fair value | $ 344,770 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses - Schedule of Summarized Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 10,884,683 | $ 10,261,645 |
Premiums on purchased loans | 1,474 | 1,380 |
Net deferred fees | (12,456) | (14,142) |
Loans | 10,873,701 | 10,248,883 |
Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 8,143,113 | 7,723,195 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,442,406 | 2,233,670 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 299,164 | 304,780 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 4,512,411 | 4,316,185 |
Commercial | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 4,512,411 | 4,316,185 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,812,500 | 1,513,818 |
Multi-family | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,812,500 | 1,513,818 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 653,246 | 715,494 |
Construction | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 653,246 | 715,494 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,164,956 | 1,177,698 |
Residential | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,164,956 | 1,177,698 |
Loans | $ 10,873,701 | $ 10,248,883 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) loan counterparty | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Accrued interest on loans | $ 50,900 | $ 43,800 | ||
Loans | 10,873,701 | 10,248,883 | ||
90 days or more past due and accruing | 49,639 | 58,509 | ||
Increase in interest income | 1,600 | 1,000 | $ 1,200 | |
Provision charge (benefit) for credit losses on loans | 27,900 | 8,400 | (24,300) | |
Impaired loan defined floor limit (greater than) | $ 1,000 | |||
Impaired loans number | loan | 17 | |||
Impaired loans | $ 42,300 | |||
Allowance for credit loss | (107,200) | (88,023) | (80,740) | $ (101,466) |
Total stockholders’ equity | 1,690,596 | 1,597,703 | 1,697,096 | 1,619,797 |
Charge off impaired loan | $ 5,500 | |||
Number of payment defaults for loans modified as TDRs | loan | 1 | |||
Payment default amount as TDR | $ 143 | |||
Loan commitments | 2,090,000 | 2,060,000 | ||
Undisbursed home equity and personal credit lines | $ 273,000 | 279,200 | ||
Number of PPP loans | counterparty | 2,067 | |||
Paycheck protection program | $ 682,000 | |||
Number of loans forgiven | loan | 2,054 | |||
Paycheck protection program, amount forgiven | $ 679,400 | |||
Paycheck protection program, amount outstanding | 2,500 | |||
Amortization of Deferred Loan Origination Fees, Net | 206 | 270 | 604 | |
Executive Officer | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans | 3,600 | |||
RETAINED EARNINGS | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total stockholders’ equity | $ 974,542 | 918,158 | 814,533 | 718,090 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Allowance for credit loss | 594 | 0 | $ 0 | |
Total stockholders’ equity | 433 | |||
Cumulative Effect, Period of Adoption, Adjustment | RETAINED EARNINGS | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total stockholders’ equity | $ 433 | |||
Less than 90 days Past Due | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of loans accruing interest 90 days or greater | loan | 0 | 0 | ||
Financial Asset Acquired with Credit Deterioration | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans | $ 165,100 | $ 193,000 | ||
Allowance for credit loss | (1,700) | (1,700) | ||
Equity Securities | ||||
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 | 1,900 | |||
Special Reserves | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 2,900 | |||
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 | 24,100 | 21,300 | ||
Residential Real Estate | 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 | 800 | |||
Commercial loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
90 days or more past due and accruing | 41,487 | 24,188 | ||
Provision charge (benefit) for credit losses on loans | 11,159 | (2,489) | ||
Allowance for credit loss | $ (31,475) | (27,413) | $ (26,343) | |
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Allowance for credit loss | $ 43 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Loan Losses - Summary of Aging Loans Receivable by Portfolio Segment and Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 10,884,683 | $ 10,261,645 |
90 days or more past due and accruing | 49,639 | 58,509 |
Non-accrual loans with no related allowance | 44,433 | 50,227 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,512,411 | 4,316,185 |
Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,812,500 | 1,513,818 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 653,246 | 715,494 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,164,956 | 1,177,698 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 62,897 | 69,548 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 9,942 | 7,255 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,316 | 3,784 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 10,821,786 | 10,192,097 |
Non-accrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 8,143,113 | 7,723,195 |
90 days or more past due and accruing | 7,519 | 33,583 |
Non-accrual loans with no related allowance | 7,519 | 28,332 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,512,411 | 4,316,185 |
90 days or more past due and accruing | 5,151 | 28,212 |
Non-accrual loans with no related allowance | 5,151 | 22,961 |
Mortgage Portfolio Segment | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,812,500 | 1,513,818 |
90 days or more past due and accruing | 744 | 1,565 |
Non-accrual loans with no related allowance | 744 | 1,565 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 653,246 | 715,494 |
90 days or more past due and accruing | 771 | 1,878 |
Non-accrual loans with no related allowance | 771 | 1,878 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,164,956 | 1,177,698 |
90 days or more past due and accruing | 853 | 1,928 |
Non-accrual loans with no related allowance | 853 | 1,928 |
Mortgage Portfolio Segment | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 18,431 | 41,612 |
Mortgage Portfolio Segment | Total Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 5,976 | 30,924 |
Mortgage Portfolio Segment | Total Past Due | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 6,194 | 2,355 |
Mortgage Portfolio Segment | Total Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 771 | 3,880 |
Mortgage Portfolio Segment | Total Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 5,490 | 4,453 |
Mortgage Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 8,069 | 5,406 |
Mortgage Portfolio Segment | 30-59 Days | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 825 | 2,300 |
Mortgage Portfolio Segment | 30-59 Days | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,815 | 790 |
Mortgage Portfolio Segment | 30-59 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 905 |
Mortgage Portfolio Segment | 30-59 Days | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,429 | 1,411 |
Mortgage Portfolio Segment | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,843 | 2,623 |
Mortgage Portfolio Segment | 60-89 Days | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 412 |
Mortgage Portfolio Segment | 60-89 Days | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,635 | 0 |
Mortgage Portfolio Segment | 60-89 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 1,097 |
Mortgage Portfolio Segment | 60-89 Days | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,208 | 1,114 |
Mortgage Portfolio Segment | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 8,124,682 | 7,681,583 |
Mortgage Portfolio Segment | Current | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,506,435 | 4,285,261 |
Mortgage Portfolio Segment | Current | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,806,306 | 1,511,463 |
Mortgage Portfolio Segment | Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 652,475 | 711,614 |
Mortgage Portfolio Segment | Current | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,159,466 | 1,173,245 |
Mortgage Portfolio Segment | Non-accrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Non-accrual | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Non-accrual | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Non-accrual | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Non-accrual | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,442,406 | 2,233,670 |
90 days or more past due and accruing | 41,487 | 24,188 |
Non-accrual loans with no related allowance | 36,281 | 21,156 |
Commercial loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 42,683 | 26,166 |
Commercial loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 998 | 964 |
Commercial loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 198 | 1,014 |
Commercial loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,399,723 | 2,207,504 |
Commercial loans | Non-accrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 299,164 | 304,780 |
90 days or more past due and accruing | 633 | 738 |
Non-accrual loans with no related allowance | 633 | 739 |
Consumer loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,783 | 1,770 |
Consumer loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 875 | 885 |
Consumer loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 275 | 147 |
Consumer loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 297,381 | 303,010 |
Consumer loans | Non-accrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 0 | $ 0 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ 88,023 | $ 80,740 | $ 101,466 |
Provision charge (benefit) for credit losses on loans | 27,900 | 8,400 | (24,300) |
Recoveries of loans previously charged off | 2,292 | 5,431 | 9,030 |
Loans charged off | (10,421) | (6,548) | (5,456) |
Balance at end of period | 107,200 | 88,023 | 80,740 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | (594) | 0 | 0 |
Balance at end of period | (594) | 0 | |
Mortgage Portfolio Segment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 58,218 | 52,104 | |
Provision charge (benefit) for credit losses on loans | 16,877 | 11,087 | |
Recoveries of loans previously charged off | 546 | 585 | |
Loans charged off | (1,724) | (5,558) | |
Balance at end of period | 73,407 | 58,218 | 52,104 |
Mortgage Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | (510) | ||
Balance at end of period | (510) | ||
Commercial loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 27,413 | 26,343 | |
Provision charge (benefit) for credit losses on loans | 11,159 | (2,489) | |
Recoveries of loans previously charged off | 1,309 | 4,192 | |
Loans charged off | (8,363) | (633) | |
Balance at end of period | 31,475 | 27,413 | 26,343 |
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | (43) | ||
Balance at end of period | (43) | ||
Consumer loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 2,392 | 2,293 | |
Provision charge (benefit) for credit losses on loans | (136) | (198) | |
Recoveries of loans previously charged off | 437 | 654 | |
Loans charged off | (334) | (357) | |
Balance at end of period | 2,318 | 2,392 | $ 2,293 |
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ (41) | ||
Balance at end of period | $ (41) |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Charge Offs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total Loans | $ 10,421 | $ 6,548 | $ 5,456 |
Mortgage Portfolio Segment | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior to 2019 | 1,724 | ||
Total Loans | 1,724 | 5,558 | |
Mortgage Portfolio Segment | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior to 2019 | 1,700 | ||
Total Loans | 1,700 | ||
Mortgage Portfolio Segment | Residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior to 2019 | 24 | ||
Total Loans | 24 | ||
Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 5,000 | ||
2019 | 0 | ||
Prior to 2019 | 3,363 | ||
Total Loans | 8,363 | 633 | |
Consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
2023 | 24 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior to 2019 | 13 | ||
Total Loans | 37 | ||
Total gross loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
2023 | 24 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 5,000 | ||
2019 | 0 | ||
Prior to 2019 | 5,100 | ||
Total Loans | 10,124 | ||
Consumer loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total Loans | 334 | $ 357 | |
Consumer loans | Consumer Loans, Overdraft Accounts | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total Loans | $ 297 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Amortized Basis) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | $ 6,529 |
% of Total Class of Loans and Leases | 0.06% |
Mortgage Portfolio Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | $ 1,508 |
% of Total Class of Loans and Leases | 0.02% |
Mortgage Portfolio Segment | Multi-Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
% of Total Class of Loans and Leases | 0.08% |
Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | $ 5,021 |
% 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 | Mortgage Portfolio Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Term Extension | Mortgage Portfolio Segment | Multi-Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Term Extension | Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 3,771 |
Interest Rate Change | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Interest Rate Change | Mortgage Portfolio Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Interest Rate Change | Mortgage Portfolio Segment | Multi-Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Interest Rate Change | Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 0 |
Interest Rate Change and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 2,758 |
Interest Rate Change and Term Extension | Multi-Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 1,508 |
Interest Rate Change and Term Extension | Mortgage Portfolio Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 1,508 |
Interest Rate Change and Term Extension | Mortgage Portfolio Segment | Multi-Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | 1,508 |
Interest Rate Change and Term Extension | Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modified period amount | $ 1,250 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Financial Effect) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted Average Months of Term Extension | 9 months |
Weighted Average Rate Increase | 0.61% |
Mortgage Portfolio Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted Average Months of Term Extension | 2 months |
Weighted Average Rate Increase | 2.23% |
Mortgage Portfolio Segment | Multi-Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted Average Months of Term Extension | 2 months |
Weighted Average Rate Increase | 2.23% |
Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted Average Months of Term Extension | 10 months |
Weighted Average Rate Increase | 0.20% |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (Aging Analysis) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | $ 6,529 |
Nonperforming Financial Instruments | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 6,529 |
30-59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
60-89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Non-accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,508 |
Mortgage Portfolio Segment | Nonperforming Financial Instruments | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,508 |
Mortgage Portfolio Segment | 30-59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | 60-89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | Non-accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | Multi-Family | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,508 |
Mortgage Portfolio Segment | Multi-Family | Nonperforming Financial Instruments | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | Multi-Family | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,508 |
Mortgage Portfolio Segment | Multi-Family | 30-59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | Multi-Family | 60-89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Mortgage Portfolio Segment | Multi-Family | Non-accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Commercial loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 5,021 |
Commercial loans | Nonperforming Financial Instruments | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Commercial loans | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 5,021 |
Commercial loans | 30-59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Commercial loans | 60-89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0 |
Commercial loans | Non-accrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | $ 0 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) loan | |
Financing Receivable, Recorded Investment [Line Items] | |
Number of Loans | loan | 5 |
Pre-Modification Outstanding Recorded Investment | $ 2,200 |
Post-Modification Outstanding Recorded Investment | $ 1,992 |
Mortgage Portfolio Segment | |
Financing Receivable, Recorded Investment [Line Items] | |
Number of Loans | loan | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1,883 |
Post-Modification Outstanding Recorded Investment | $ 1,764 |
Mortgage Portfolio Segment | Multi-Family | |
Financing Receivable, Recorded Investment [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,618 |
Post-Modification Outstanding Recorded Investment | $ 1,566 |
Mortgage Portfolio Segment | Residential | |
Financing Receivable, Recorded Investment [Line Items] | |
Number of Loans | loan | 2 |
Pre-Modification Outstanding Recorded Investment | $ 265 |
Post-Modification Outstanding Recorded Investment | $ 198 |
Commercial loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 209 |
Post-Modification Outstanding Recorded Investment | $ 143 |
Consumer loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 108 |
Post-Modification Outstanding Recorded Investment | $ 85 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Credit Quality Risk Rating Indicator - Prior Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 1,506,562 | $ 1,821,537 |
2022 | 1,910,013 | 1,705,874 |
2021 | 1,615,910 | 1,343,025 |
2020 | 1,181,963 | 1,127,368 |
2019 | 963,225 | 689,938 |
Prior to 2019 | 2,870,710 | 2,784,277 |
Revolving Loans | 716,838 | 726,874 |
Revolving loans to term loans | 119,462 | 62,752 |
Total gross loans | 10,884,683 | 10,261,645 |
Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 11,882 | 75 |
2022 | 27,934 | 8,753 |
2021 | 32,648 | 13,753 |
2020 | 40,155 | 33,598 |
2019 | 12,753 | 105,124 |
Prior to 2019 | 81,269 | 63,627 |
Revolving Loans | 39,570 | 22,777 |
Revolving loans to term loans | 1,285 | 504 |
Total gross loans | 247,496 | 248,211 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 450 | 75 |
2022 | 27,934 | 1,148 |
2021 | 12,386 | 3,515 |
2020 | 30,920 | 27,010 |
2019 | 10,710 | 82,393 |
Prior to 2019 | 58,155 | 31,014 |
Revolving Loans | 28,011 | 14,530 |
Revolving loans to term loans | 687 | 140 |
Total gross loans | 169,253 | 159,825 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 4,421 | 0 |
2022 | 0 | 7,605 |
2021 | 20,262 | 10,238 |
2020 | 9,235 | 6,588 |
2019 | 2,043 | 22,731 |
Prior to 2019 | 23,114 | 32,613 |
Revolving Loans | 11,559 | 8,247 |
Revolving loans to term loans | 598 | 364 |
Total gross loans | 71,232 | 88,386 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 7,011 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 7,011 | 0 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 1,494,680 | 1,821,462 |
2022 | 1,882,079 | 1,697,121 |
2021 | 1,583,262 | 1,329,272 |
2020 | 1,141,808 | 1,093,770 |
2019 | 950,472 | 584,814 |
Prior to 2019 | 2,789,441 | 2,720,650 |
Revolving Loans | 677,268 | 704,097 |
Revolving loans to term loans | 118,177 | 62,248 |
Total gross loans | 10,637,187 | 10,013,434 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 629,191 | 951,367 |
2022 | 894,075 | 630,584 |
2021 | 680,512 | 570,519 |
2020 | 498,768 | 573,283 |
2019 | 481,529 | 289,149 |
Prior to 2019 | 1,200,402 | 1,191,368 |
Revolving Loans | 95,694 | 95,150 |
Revolving loans to term loans | 32,240 | 14,765 |
Total gross loans | 4,512,411 | 4,316,185 |
Commercial | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 482 | 0 |
2022 | 10,926 | 0 |
2021 | 3,048 | 3,071 |
2020 | 28,511 | 26,809 |
2019 | 10,558 | 70,529 |
Prior to 2019 | 34,197 | 26,514 |
Revolving Loans | 4,934 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 92,656 | 127,357 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 10,926 | 0 |
2021 | 3,048 | 3,071 |
2020 | 28,511 | 26,809 |
2019 | 10,558 | 52,509 |
Prior to 2019 | 24,598 | 14,740 |
Revolving Loans | 4,500 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 82,141 | 97,129 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 482 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 18,020 |
Prior to 2019 | 9,599 | 11,774 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 10,515 | 30,228 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 628,709 | 951,367 |
2022 | 883,149 | 630,584 |
2021 | 677,464 | 567,448 |
2020 | 470,257 | 546,474 |
2019 | 470,971 | 218,620 |
Prior to 2019 | 1,166,205 | 1,164,854 |
Revolving Loans | 90,760 | 94,716 |
Revolving loans to term loans | 32,240 | 14,765 |
Total gross loans | 4,419,755 | 4,188,828 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 344,095 | 142,550 |
2022 | 172,244 | 150,293 |
2021 | 184,136 | 282,228 |
2020 | 271,878 | 234,953 |
2019 | 230,456 | 187,499 |
Prior to 2019 | 601,970 | 514,263 |
Revolving Loans | 6,115 | 887 |
Revolving loans to term loans | 1,606 | 1,145 |
Total gross loans | 1,812,500 | 1,513,818 |
Multi-family | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,253 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 9,500 | 12,086 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 12,753 | 12,086 |
Multi-family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 9,500 | 9,730 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 9,500 | 9,730 |
Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,253 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 2,356 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 3,253 | 2,356 |
Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 340,842 | 142,550 |
2022 | 172,244 | 150,293 |
2021 | 184,136 | 282,228 |
2020 | 271,878 | 234,953 |
2019 | 230,456 | 187,499 |
Prior to 2019 | 592,470 | 502,177 |
Revolving Loans | 6,115 | 887 |
Revolving loans to term loans | 1,606 | 1,145 |
Total gross loans | 1,799,747 | 1,501,732 |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 41,209 | 168,674 |
2022 | 342,890 | 362,542 |
2021 | 185,034 | 103,067 |
2020 | 68,603 | 40,836 |
2019 | 1,339 | 37,422 |
Prior to 2019 | 14,171 | 967 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 1,986 |
Total gross loans | 653,246 | 715,494 |
Construction | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 2,197 |
2019 | 0 | 20,505 |
Prior to 2019 | 771 | 905 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 771 | 23,607 |
Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 19,728 |
Prior to 2019 | 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 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 2,197 |
2019 | 0 | 777 |
Prior to 2019 | 771 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 771 | 2,974 |
Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 41,209 | 168,674 |
2022 | 342,890 | 362,542 |
2021 | 185,034 | 103,067 |
2020 | 68,603 | 38,639 |
2019 | 1,339 | 16,917 |
Prior to 2019 | 13,400 | 62 |
Revolving Loans | 0 | |
Revolving loans to term loans | 0 | 1,986 |
Total gross loans | 652,475 | 691,887 |
Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 96,259 | 151,077 |
2022 | 141,683 | 212,697 |
2021 | 200,111 | 211,445 |
2020 | 195,964 | 95,872 |
2019 | 89,654 | 58,490 |
Prior to 2019 | 441,285 | 448,117 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,164,956 | 1,177,698 |
Residential | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 264 |
Prior to 2019 | 2,493 | 5,531 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 2,493 | 5,795 |
Residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 1,208 | 1,114 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,208 | 1,114 |
Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 264 |
Prior to 2019 | 1,285 | 4,417 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,285 | 4,681 |
Residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 96,259 | 151,077 |
2022 | 141,683 | 212,697 |
2021 | 200,111 | 211,445 |
2020 | 195,964 | 95,872 |
2019 | 89,654 | 58,226 |
Prior to 2019 | 438,792 | 442,586 |
Revolving Loans | 0 | |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,162,463 | 1,171,903 |
Mortgage Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,110,754 | 1,413,668 |
2022 | 1,550,892 | 1,356,116 |
2021 | 1,249,793 | 1,167,259 |
2020 | 1,035,213 | 944,944 |
2019 | 802,978 | 572,560 |
Prior to 2019 | 2,257,828 | 2,154,715 |
Revolving Loans | 101,809 | 96,037 |
Revolving loans to term loans | 33,846 | 17,896 |
Total gross loans | 8,143,113 | 7,723,195 |
Mortgage Portfolio Segment | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,735 | 0 |
2022 | 10,926 | 0 |
2021 | 3,048 | 3,071 |
2020 | 28,511 | 29,006 |
2019 | 10,558 | 91,298 |
Prior to 2019 | 46,961 | 45,036 |
Revolving Loans | 4,934 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 108,673 | 168,845 |
Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 10,926 | 0 |
2021 | 3,048 | 3,071 |
2020 | 28,511 | 26,809 |
2019 | 10,558 | 72,237 |
Prior to 2019 | 35,306 | 26,489 |
Revolving Loans | 4,500 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 92,849 | 128,606 |
Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,735 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 2,197 |
2019 | 0 | 19,061 |
Prior to 2019 | 11,655 | 18,547 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 15,824 | 40,239 |
Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,107,019 | 1,413,668 |
2022 | 1,539,966 | 1,356,116 |
2021 | 1,246,745 | 1,164,188 |
2020 | 1,006,702 | 915,938 |
2019 | 792,420 | 481,262 |
Prior to 2019 | 2,210,867 | 2,109,679 |
Revolving Loans | 96,875 | 95,603 |
Revolving loans to term loans | 33,846 | 17,896 |
Total gross loans | 8,034,440 | 7,554,350 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 4,512,411 | 4,316,185 |
Mortgage Portfolio Segment | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,812,500 | 1,513,818 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 653,246 | 715,494 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,164,956 | 1,177,698 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 366,725 | 377,737 |
2022 | 333,023 | 329,087 |
2021 | 348,016 | 172,849 |
2020 | 143,291 | 165,742 |
2019 | 145,863 | 101,113 |
Prior to 2019 | 527,256 | 540,911 |
Revolving Loans | 506,031 | 514,851 |
Revolving loans to term loans | 72,201 | 31,380 |
Total gross loans | 2,442,406 | 2,233,670 |
Commercial loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 8,147 | 75 |
2022 | 17,008 | 8,753 |
2021 | 29,600 | 10,674 |
2020 | 11,644 | 4,592 |
2019 | 2,186 | 13,717 |
Prior to 2019 | 34,065 | 18,113 |
Revolving Loans | 34,069 | 22,134 |
Revolving loans to term loans | 1,195 | 504 |
Total gross loans | 137,914 | 78,562 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 450 | 75 |
2022 | 17,008 | 1,148 |
2021 | 9,338 | 444 |
2020 | 2,409 | 201 |
2019 | 152 | 10,156 |
Prior to 2019 | 22,752 | 4,379 |
Revolving Loans | 23,333 | 14,530 |
Revolving loans to term loans | 687 | 140 |
Total gross loans | 76,129 | 31,073 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 686 | 0 |
2022 | 0 | 7,605 |
2021 | 20,262 | 10,230 |
2020 | 9,235 | 4,391 |
2019 | 2,034 | 3,561 |
Prior to 2019 | 11,313 | 13,734 |
Revolving Loans | 10,736 | 7,604 |
Revolving loans to term loans | 508 | 364 |
Total gross loans | 54,774 | 47,489 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 7,011 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 7,011 | 0 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 358,578 | 377,662 |
2022 | 316,015 | 320,334 |
2021 | 318,416 | 162,175 |
2020 | 131,647 | 161,150 |
2019 | 143,677 | 87,396 |
Prior to 2019 | 493,191 | 522,798 |
Revolving Loans | 471,962 | 492,717 |
Revolving loans to term loans | 71,006 | 30,876 |
Total gross loans | 2,304,492 | 2,155,108 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 29,083 | 30,132 |
2022 | 26,098 | 20,671 |
2021 | 18,101 | 2,917 |
2020 | 3,459 | 16,682 |
2019 | 14,384 | 16,265 |
Prior to 2019 | 85,626 | 88,651 |
Revolving Loans | 108,998 | 115,986 |
Revolving loans to term loans | 13,415 | 13,476 |
Total gross loans | 299,164 | 304,780 |
Consumer loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 8 |
2020 | 0 | 0 |
2019 | 9 | 109 |
Prior to 2019 | 243 | 478 |
Revolving Loans | 567 | 209 |
Revolving loans to term loans | 90 | 0 |
Total gross loans | 909 | 804 |
Consumer loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 97 | 146 |
Revolving Loans | 178 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 275 | 146 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 8 |
2020 | 0 | 0 |
2019 | 9 | 109 |
Prior to 2019 | 146 | 332 |
Revolving Loans | 389 | 209 |
Revolving loans to term loans | 90 | 0 |
Total gross loans | 634 | 658 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 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 | 29,083 | 30,132 |
2022 | 26,098 | 20,671 |
2021 | 18,101 | 2,909 |
2020 | 3,459 | 16,682 |
2019 | 14,375 | 16,156 |
Prior to 2019 | 85,383 | 88,173 |
Revolving Loans | 108,431 | 115,777 |
Revolving loans to term loans | 13,325 | 13,476 |
Total gross loans | $ 298,255 | $ 303,976 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Credit Quality Risk Rating Indicator (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 1,506,562 | $ 1,821,537 |
2021 | 1,910,013 | 1,705,874 |
2020 | 1,615,910 | 1,343,025 |
2019 | 1,181,963 | 1,127,368 |
2018 | 963,225 | 689,938 |
Prior to 2018 | 2,870,710 | 2,784,277 |
Revolving Loans | 716,838 | 726,874 |
Revolving loans to term loans | 119,462 | 62,752 |
Total gross loans | 10,884,683 | 10,261,645 |
Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 11,882 | 75 |
2021 | 27,934 | 8,753 |
2020 | 32,648 | 13,753 |
2019 | 40,155 | 33,598 |
2018 | 12,753 | 105,124 |
Prior to 2018 | 81,269 | 63,627 |
Revolving Loans | 39,570 | 22,777 |
Revolving loans to term loans | 1,285 | 504 |
Total gross loans | 247,496 | 248,211 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 450 | 75 |
2021 | 27,934 | 1,148 |
2020 | 12,386 | 3,515 |
2019 | 30,920 | 27,010 |
2018 | 10,710 | 82,393 |
Prior to 2018 | 58,155 | 31,014 |
Revolving Loans | 28,011 | 14,530 |
Revolving loans to term loans | 687 | 140 |
Total gross loans | 169,253 | 159,825 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 4,421 | 0 |
2021 | 0 | 7,605 |
2020 | 20,262 | 10,238 |
2019 | 9,235 | 6,588 |
2018 | 2,043 | 22,731 |
Prior to 2018 | 23,114 | 32,613 |
Revolving Loans | 11,559 | 8,247 |
Revolving loans to term loans | 598 | 364 |
Total gross loans | 71,232 | 88,386 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 7,011 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 7,011 | 0 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 1,494,680 | 1,821,462 |
2021 | 1,882,079 | 1,697,121 |
2020 | 1,583,262 | 1,329,272 |
2019 | 1,141,808 | 1,093,770 |
2018 | 950,472 | 584,814 |
Prior to 2018 | 2,789,441 | 2,720,650 |
Revolving Loans | 677,268 | 704,097 |
Revolving loans to term loans | 118,177 | 62,248 |
Total gross loans | 10,637,187 | 10,013,434 |
Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 96,259 | 151,077 |
2021 | 141,683 | 212,697 |
2020 | 200,111 | 211,445 |
2019 | 195,964 | 95,872 |
2018 | 89,654 | 58,490 |
Prior to 2018 | 441,285 | 448,117 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,164,956 | 1,177,698 |
Residential | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 264 |
Prior to 2018 | 2,493 | 5,531 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 2,493 | 5,795 |
Residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 1,208 | 1,114 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,208 | 1,114 |
Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 264 |
Prior to 2018 | 1,285 | 4,417 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,285 | 4,681 |
Residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 96,259 | 151,077 |
2021 | 141,683 | 212,697 |
2020 | 200,111 | 211,445 |
2019 | 195,964 | 95,872 |
2018 | 89,654 | 58,226 |
Prior to 2018 | 438,792 | 442,586 |
Revolving Loans | 0 | |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,162,463 | 1,171,903 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 629,191 | 951,367 |
2021 | 894,075 | 630,584 |
2020 | 680,512 | 570,519 |
2019 | 498,768 | 573,283 |
2018 | 481,529 | 289,149 |
Prior to 2018 | 1,200,402 | 1,191,368 |
Revolving Loans | 95,694 | 95,150 |
Revolving loans to term loans | 32,240 | 14,765 |
Total gross loans | 4,512,411 | 4,316,185 |
Commercial | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 482 | 0 |
2021 | 10,926 | 0 |
2020 | 3,048 | 3,071 |
2019 | 28,511 | 26,809 |
2018 | 10,558 | 70,529 |
Prior to 2018 | 34,197 | 26,514 |
Revolving Loans | 4,934 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 92,656 | 127,357 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 10,926 | 0 |
2020 | 3,048 | 3,071 |
2019 | 28,511 | 26,809 |
2018 | 10,558 | 52,509 |
Prior to 2018 | 24,598 | 14,740 |
Revolving Loans | 4,500 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 82,141 | 97,129 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 482 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 18,020 |
Prior to 2018 | 9,599 | 11,774 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 10,515 | 30,228 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 628,709 | 951,367 |
2021 | 883,149 | 630,584 |
2020 | 677,464 | 567,448 |
2019 | 470,257 | 546,474 |
2018 | 470,971 | 218,620 |
Prior to 2018 | 1,166,205 | 1,164,854 |
Revolving Loans | 90,760 | 94,716 |
Revolving loans to term loans | 32,240 | 14,765 |
Total gross loans | 4,419,755 | 4,188,828 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 344,095 | 142,550 |
2021 | 172,244 | 150,293 |
2020 | 184,136 | 282,228 |
2019 | 271,878 | 234,953 |
2018 | 230,456 | 187,499 |
Prior to 2018 | 601,970 | 514,263 |
Revolving Loans | 6,115 | 887 |
Revolving loans to term loans | 1,606 | 1,145 |
Total gross loans | 1,812,500 | 1,513,818 |
Multi-family | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,253 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 9,500 | 12,086 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 12,753 | 12,086 |
Multi-family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 9,500 | 9,730 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 9,500 | 9,730 |
Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,253 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 0 | 2,356 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 3,253 | 2,356 |
Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 340,842 | 142,550 |
2021 | 172,244 | 150,293 |
2020 | 184,136 | 282,228 |
2019 | 271,878 | 234,953 |
2018 | 230,456 | 187,499 |
Prior to 2018 | 592,470 | 502,177 |
Revolving Loans | 6,115 | 887 |
Revolving loans to term loans | 1,606 | 1,145 |
Total gross loans | 1,799,747 | 1,501,732 |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 41,209 | 168,674 |
2021 | 342,890 | 362,542 |
2020 | 185,034 | 103,067 |
2019 | 68,603 | 40,836 |
2018 | 1,339 | 37,422 |
Prior to 2018 | 14,171 | 967 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 1,986 |
Total gross loans | 653,246 | 715,494 |
Construction | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 2,197 |
2018 | 0 | 20,505 |
Prior to 2018 | 771 | 905 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 771 | 23,607 |
Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 19,728 |
Prior to 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 2,197 |
2018 | 0 | 777 |
Prior to 2018 | 771 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 771 | 2,974 |
Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 41,209 | 168,674 |
2021 | 342,890 | 362,542 |
2020 | 185,034 | 103,067 |
2019 | 68,603 | 38,639 |
2018 | 1,339 | 16,917 |
Prior to 2018 | 13,400 | 62 |
Revolving Loans | 0 | |
Revolving loans to term loans | 0 | 1,986 |
Total gross loans | 652,475 | 691,887 |
Mortgage Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,110,754 | 1,413,668 |
2021 | 1,550,892 | 1,356,116 |
2020 | 1,249,793 | 1,167,259 |
2019 | 1,035,213 | 944,944 |
2018 | 802,978 | 572,560 |
Prior to 2018 | 2,257,828 | 2,154,715 |
Revolving Loans | 101,809 | 96,037 |
Revolving loans to term loans | 33,846 | 17,896 |
Total gross loans | 8,143,113 | 7,723,195 |
Mortgage Portfolio Segment | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,735 | 0 |
2021 | 10,926 | 0 |
2020 | 3,048 | 3,071 |
2019 | 28,511 | 29,006 |
2018 | 10,558 | 91,298 |
Prior to 2018 | 46,961 | 45,036 |
Revolving Loans | 4,934 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 108,673 | 168,845 |
Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 10,926 | 0 |
2020 | 3,048 | 3,071 |
2019 | 28,511 | 26,809 |
2018 | 10,558 | 72,237 |
Prior to 2018 | 35,306 | 26,489 |
Revolving Loans | 4,500 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 92,849 | 128,606 |
Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,735 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 2,197 |
2018 | 0 | 19,061 |
Prior to 2018 | 11,655 | 18,547 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 15,824 | 40,239 |
Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,107,019 | 1,413,668 |
2021 | 1,539,966 | 1,356,116 |
2020 | 1,246,745 | 1,164,188 |
2019 | 1,006,702 | 915,938 |
2018 | 792,420 | 481,262 |
Prior to 2018 | 2,210,867 | 2,109,679 |
Revolving Loans | 96,875 | 95,603 |
Revolving loans to term loans | 33,846 | 17,896 |
Total gross loans | 8,034,440 | 7,554,350 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,164,956 | 1,177,698 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 4,512,411 | 4,316,185 |
Mortgage Portfolio Segment | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,812,500 | 1,513,818 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 653,246 | 715,494 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 366,725 | 377,737 |
2021 | 333,023 | 329,087 |
2020 | 348,016 | 172,849 |
2019 | 143,291 | 165,742 |
2018 | 145,863 | 101,113 |
Prior to 2018 | 527,256 | 540,911 |
Revolving Loans | 506,031 | 514,851 |
Revolving loans to term loans | 72,201 | 31,380 |
Total gross loans | 2,442,406 | 2,233,670 |
Commercial loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 8,147 | 75 |
2021 | 17,008 | 8,753 |
2020 | 29,600 | 10,674 |
2019 | 11,644 | 4,592 |
2018 | 2,186 | 13,717 |
Prior to 2018 | 34,065 | 18,113 |
Revolving Loans | 34,069 | 22,134 |
Revolving loans to term loans | 1,195 | 504 |
Total gross loans | 137,914 | 78,562 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 450 | 75 |
2021 | 17,008 | 1,148 |
2020 | 9,338 | 444 |
2019 | 2,409 | 201 |
2018 | 152 | 10,156 |
Prior to 2018 | 22,752 | 4,379 |
Revolving Loans | 23,333 | 14,530 |
Revolving loans to term loans | 687 | 140 |
Total gross loans | 76,129 | 31,073 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 686 | 0 |
2021 | 0 | 7,605 |
2020 | 20,262 | 10,230 |
2019 | 9,235 | 4,391 |
2018 | 2,034 | 3,561 |
Prior to 2018 | 11,313 | 13,734 |
Revolving Loans | 10,736 | 7,604 |
Revolving loans to term loans | 508 | 364 |
Total gross loans | 54,774 | 47,489 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 7,011 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 7,011 | 0 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 358,578 | 377,662 |
2021 | 316,015 | 320,334 |
2020 | 318,416 | 162,175 |
2019 | 131,647 | 161,150 |
2018 | 143,677 | 87,396 |
Prior to 2018 | 493,191 | 522,798 |
Revolving Loans | 471,962 | 492,717 |
Revolving loans to term loans | 71,006 | 30,876 |
Total gross loans | 2,304,492 | 2,155,108 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 29,083 | 30,132 |
2021 | 26,098 | 20,671 |
2020 | 18,101 | 2,917 |
2019 | 3,459 | 16,682 |
2018 | 14,384 | 16,265 |
Prior to 2018 | 85,626 | 88,651 |
Revolving Loans | 108,998 | 115,986 |
Revolving loans to term loans | 13,415 | 13,476 |
Total gross loans | 299,164 | 304,780 |
Consumer loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 8 |
2019 | 0 | 0 |
2018 | 9 | 109 |
Prior to 2018 | 243 | 478 |
Revolving Loans | 567 | 209 |
Revolving loans to term loans | 90 | 0 |
Total gross loans | 909 | 804 |
Consumer loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 2018 | 97 | 146 |
Revolving Loans | 178 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 275 | 146 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 8 |
2019 | 0 | 0 |
2018 | 9 | 109 |
Prior to 2018 | 146 | 332 |
Revolving Loans | 389 | 209 |
Revolving loans to term loans | 90 | 0 |
Total gross loans | 634 | 658 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior to 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] | ||
2022 | 29,083 | 30,132 |
2021 | 26,098 | 20,671 |
2020 | 18,101 | 2,909 |
2019 | 3,459 | 16,682 |
2018 | 14,375 | 16,156 |
Prior to 2018 | 85,383 | 88,173 |
Revolving Loans | 108,431 | 115,777 |
Revolving loans to term loans | 13,325 | 13,476 |
Total gross loans | $ 298,255 | $ 303,976 |
Banking Premises and Equipmen_2
Banking Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 13,394 | $ 14,424 | |
Banking premises | 72,905 | 74,945 | |
Furniture, fixtures and equipment | 56,082 | 55,883 | |
Leasehold improvements | 45,154 | 49,878 | |
Construction in progress | 5,331 | 1,012 | |
Total banking premises and equipment | 192,866 | 196,142 | |
Less accumulated depreciation and amortization | 121,868 | 116,348 | |
Banking premises and equipment, net | 70,998 | 79,794 | |
Depreciation expense | $ 8,700 | $ 9,800 | $ 9,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 443,623 | $ 443,623 |
Core deposit premiums | 1,901 | 2,445 |
Customer relationship and other intangibles | 11,867 | 14,202 |
Mortgage servicing rights | 551 | 622 |
Total intangible assets | $ 457,942 | $ 460,892 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Core deposit premiums | $ 544 | $ 730 | $ 917 |
Customer relationship and other intangibles | 2,335 | 2,488 | 2,597 |
Mortgage servicing rights | 73 | 74 | 150 |
Total amortization expense of intangible assets | $ 2,952 | $ 3,292 | $ 3,664 |
Intangible Assets - Scheduled o
Intangible Assets - Scheduled of Future Amortization (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 2,432 |
2025 | 2,266 |
2026 | 2,096 |
2027 | 2,043 |
2028 | $ 2,004 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Liabilities [Abstract] | ||
Savings deposits | $ 1,175,683 | $ 1,438,583 |
Money market accounts | 2,325,364 | 2,542,160 |
NOW accounts | 3,492,184 | 3,186,926 |
Non-interest bearing deposits | 2,203,341 | 2,643,919 |
Certificates of deposit | 1,095,942 | 751,436 |
Total deposits | $ 10,292,514 | $ 10,563,024 |
Weighted average interest rate, savings deposits | 0.21% | 0.15% |
Weighted average interest rate, money market accounts | 2.67% | 1.21% |
Weighted average interest rate, NOW accounts | 2.77% | 1.24% |
Weighted average interest rate, non-interest bearing deposits | 0% | 0% |
Weighted average interest rate, certificates of deposit | 3.85% | 1.88% |
ICS | $ 520,200 | |
Time deposits, at or above FDIC limit | 218,500 | $ 108,200 |
CDARS | $ 163,900 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Other Liabilities Disclosure [Abstract] | |
Time deposits, brokered | $ 689.3 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities [Abstract] | ||
Within one year | $ 1,020,285 | $ 584,150 |
One to three years | 63,866 | 146,053 |
Three to five years | 11,773 | 21,111 |
Five years and thereafter | 18 | 122 |
Certificates of deposit | $ 1,095,942 | $ 751,436 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Liabilities [Abstract] | |||
Savings deposits | $ 2,184 | $ 1,276 | $ 1,604 |
NOW and money market accounts | 125,471 | 32,048 | 20,458 |
Certificates of deposits | 31,804 | 5,380 | 4,451 |
Total interest expense on deposits | $ 159,459 | $ 38,704 | $ 26,513 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 72,161 | $ 98,000 |
FHLB line of credit | 148,000 | 486,000 |
FHLB advances | 1,299,872 | 753,370 |
FED Bank Term Funding Program ("BTFP") Borrowing | 450,000 | 0 |
Borrowed funds | $ 1,970,033 | $ 1,337,370 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Available for sale debt securities, at fair value | $ 1,690,112 | $ 1,803,548 | |
Borrowed funds | 55,900 | 9,300 | $ 8,600 |
FED Bank Term Funding Program ("BTFP") Borrowing | 450,000 | 0 | |
Long term borrowings | 534,800 | 134,900 | |
Short term borrowings | $ 1,440,000 | 1,200,000 | |
Debt Instrument, Collateral | 589.1 million | ||
Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase | |||
Debt Instrument [Line Items] | |||
Available for sale debt securities, at fair value | $ 924,600 | $ 1,590,000 | |
Asset Pledged as Collateral | Federal Funds Purchased | |||
Debt Instrument [Line Items] | |||
Available for sale debt securities, at fair value | $ 589,100 |
Borrowed Funds - Scheduled FHLB
Borrowed Funds - Scheduled FHLB Advances and Lines of Credit (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Due after three years through four years | $ 175,000 | |
Due after four years through five years | $ 0 | |
Federal Home Loan Bank Advances And Line Of Credit | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 1,063,065 | |
Due after one year through two years | 502,362 | |
Due after two years through three years | 157,445 | |
Thereafter | 0 | |
Total FHLB advances and lines of credit | $ 1,897,872 |
Borrowed Funds - Scheduled Secu
Borrowed Funds - Scheduled Securities Sold Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements | $ 72,161 | $ 98,000 |
Securities Sold Under Repurchase Agreements | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 72,161 | |
Thereafter | 0 | |
Securities sold under repurchase agreements | $ 72,161 |
Borrowed Funds - Debt Disclosur
Borrowed Funds - Debt Disclosure by Year (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Maximum balance | ||
Securities sold under repurchase agreements | $ 99,669,000 | $ 125,506,000 |
FHLB line of credit | 500,000,000 | 486,000,000 |
FHLB advances | 1,592,277,000 | 753,370,000 |
FED BTFP Borrowing | 450,000,000 | |
Average balance | ||
Securities sold under repurchase agreements | 87,227,000 | 113,550,000 |
FHLB line of credit | 262,289,000 | 139,012,000 |
FHLB advances | 1,282,124,000 | $ 503,713,000 |
FED BTFP Borrowing | $ 4,932,000 | |
Weighted average interest rate | ||
Securities sold under repurchase agreements | 1.69% | 0.38% |
FHLB line of credit | 5.29% | 3.32% |
FHLB advances | 3.14% | 0.85% |
FED BTFP Borrowing | 4.83% |
Subordinated Debentures (Detail
Subordinated Debentures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 28, 2007 | |
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 10,695 | $ 10,493 | ||
Interest expense on subordinated debentures | $ 1,051 | $ 615 | $ 1,189 | |
SB One Bancorp | Variable Rate Capital Trust Pass-Through Securities | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance | $ 12,500 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | 12 Months Ended | ||||||
Jul. 30, 2021 | Dec. 31, 2006 | Dec. 31, 2002 | Dec. 31, 2023 USD ($) retirement_payment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Apr. 25, 2019 shares | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan age attained for coverage | 21 years | ||||||
Service period for employees of coverage age, years | 1 year | ||||||
Vesting percentage of participants in pension plan | 100% | ||||||
Expected future employer contributions next year | $ 0 | ||||||
Requisite service period for deferred compensation arrangement | 10 years | 10 years | 10 years | ||||
Discount rate | 4.90% | ||||||
Increase in other comprehensive income from retirement plans | $ (7,000) | $ 11,000 | $ 689 | ||||
Retirement plan for the board of directors to get maximum payments minimum age | 72 years | ||||||
Number of quarterly payments made to Board of Directors from Retirement Plan | retirement_payment | 40 | ||||||
Benefit plans compensation expense | $ 1,250 | ||||||
Period in which undistributed balance of accrued benefit will be distributed | 60 days | ||||||
Shares purchased under ESOP | shares | 4,769,464 | ||||||
Average price per share purchased under ESOP (in dollars per share) | $ / shares | $ 17.09 | ||||||
Outstanding loan principal | $ 6,400,000 | ||||||
Number of shares released under ESOP | shares | 311,946 | 299,566 | |||||
Unallocated ESOP shares held in suspense | shares | 286,562 | ||||||
Fair market value of ESOP shares | $ 5,200,000 | ||||||
ESOP compensation expenses | 3,100,000 | $ 4,100,000 | 4,300,000 | ||||
Estimated expense under the supplemental ESOP provision | $ 432,000 | 144,000 | 180,000 | ||||
Number of shares authorized for issuance under stock award plan | shares | 1,350,000 | ||||||
Number of shares remain available for grant under stock award plan | shares | 749,860 | ||||||
Unrecognized compensation cost relating go unvested restricted stock | $ 7,100,000 | ||||||
Weighted average period in which unrecognized compensation cost recognized years | 1 year 7 months 6 days | ||||||
Fair value of options vesting | $ 198,000 | $ 195,000 | $ 190,000 | ||||
Projected share based compensation expense, 2022 | 77,000 | ||||||
Projected share based compensation expense, 2023 | 11,000 | ||||||
Projected share based compensation expense, 2024 | 0 | ||||||
Aggregate intrinsic value of stock options outstanding | 133,000 | ||||||
Aggregate intrinsic value of stock options exercisable | $ 133,000 | ||||||
Options granted (in shares) | shares | 0 | ||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 5.8 | $ 3.52 | |||||
Revolving Credit Facility | Credit Agreement, Maturing November 15, 2023 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Line of credit facility, extension period | 3 years | ||||||
Restricted Stock | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share based payment award vesting period in years | 3 years | ||||||
Outstanding Stock Awards | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share based payment award compensation expense | $ 7,600,000 | $ 9,400,000 | $ 5,500,000 | ||||
Stock Options | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share based payment award vesting period in years | 5 years | ||||||
Share based payment award compensation expense | $ 144,000 | 198,000 | 200,000 | ||||
Share based payment award expiration period in years | 10 years | ||||||
Performance Shares | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share based payment award vesting period in years | 3 years | ||||||
Board of Directors | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Benefit plans compensation expense | $ 5,000 | 5,000 | 6,250 | ||||
Other Liabilities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Retirement plan liabilities | 1,600,000 | 1,700,000 | |||||
Other Liabilities | Board of Directors | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Retirement plan liabilities | 126,000 | 125,000 | |||||
Supplemental Executive Retirement Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Aggregate contributions to the benefit plan | 73,000 | 73,000 | 74,000 | ||||
Increase in other comprehensive income from retirement plans | $ 0 | $ 283,000 | $ 68,000 | ||||
401(k) Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of matching contribution | 25% | 25% | 25% | ||||
Percentage of contribution made by the participants in benefit plans | 6% | 6% | 6% | ||||
Aggregate contributions to the benefit plan | $ 1,300,000 | $ 1,200,000 | $ 1,200,000 | ||||
Estimated expense of supplemental ESOP provision | (262,000) | (312,000) | (25,000) | ||||
Pension | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, funded (unfunded) status of plan | $ 28,311,000 | $ 23,380,000 | $ 25,934,000 | ||||
Discount rate | 4.90% | 5.10% | 2.70% | ||||
Post-retirement | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, funded (unfunded) status of plan | $ (11,344,000) | $ (12,095,000) | $ (16,748,000) | ||||
Discount rate | 4.90% | 5.10% | 2.70% |
Benefit Plans - Benefit Obligat
Benefit Plans - Benefit Obligation and Plan Asset Rollforward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 24,550 | $ 32,517 | $ 35,170 |
Service cost | 0 | 0 | 0 |
Interest cost | 1,208 | 855 | 790 |
Actuarial (gain) loss | (149) | (48) | (294) |
Benefits paid | (1,648) | (1,658) | (1,656) |
Change in actuarial assumptions | 462 | (7,116) | (1,493) |
Benefit obligation at end of year | 24,423 | 24,550 | 32,517 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 47,930 | 58,451 | 54,617 |
Actual (loss) return on plan assets | 6,452 | (8,863) | 5,490 |
Employer contributions | 0 | 0 | 0 |
Benefits paid | (1,648) | (1,658) | (1,656) |
Fair value of plan assets at end of year | 52,734 | 47,930 | 58,451 |
Funded status at end of year | 28,311 | 23,380 | 25,934 |
Post-retirement | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 12,095 | 16,748 | 18,805 |
Service cost | 13 | 28 | 34 |
Interest cost | 600 | 443 | 424 |
Actuarial (gain) loss | (357) | 140 | (412) |
Benefits paid | (658) | (933) | (584) |
Change in actuarial assumptions | (349) | (4,331) | (1,519) |
Benefit obligation at end of year | 11,344 | 12,095 | 16,748 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | 0 |
Actual (loss) return on plan assets | 0 | 0 | 0 |
Employer contributions | 658 | 933 | 584 |
Benefits paid | (658) | (933) | (584) |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | $ (11,344) | $ (12,095) | $ (16,748) |
Benefit Plans - Components of A
Benefit Plans - Components of Accumulated Other Comprehensive Loss (Gain) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | $ 0 | $ 0 |
Unrecognized net actuarial loss (income) | 5,633 | 9,658 |
Total accumulated other comprehensive loss (income) | 5,633 | 9,658 |
Post-retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | 0 | 0 |
Unrecognized net actuarial loss (income) | (10,378) | (11,802) |
Total accumulated other comprehensive loss (income) | $ (10,378) | $ (11,802) |
Benefit Plans - Net Periodic Be
Benefit Plans - Net Periodic Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 1,208 | 855 | 790 |
Return on plan assets | (2,824) | (3,456) | (3,227) |
Amortization of net loss (gain) | 709 | 0 | 472 |
Amortization of unrecognized prior service cost | 0 | 0 | 0 |
Net periodic (benefit) increase cost | (907) | (2,601) | (1,965) |
Post-retirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 13 | 28 | 34 |
Interest cost | 600 | 443 | 424 |
Return on plan assets | 0 | 0 | 0 |
Amortization of net loss (gain) | (2,130) | (1,304) | (1,070) |
Amortization of unrecognized prior service cost | 0 | 0 | 0 |
Net periodic (benefit) increase cost | $ (1,517) | $ (833) | $ (612) |
Benefit Plans - Actuarial Assum
Benefit Plans - Actuarial Assumptions Used (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.90% | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.90% | 5.10% | 2.70% |
Rate of compensation increase | 0% | 0% | 0% |
Expected return on plan assets | 6% | 6% | 6% |
Medical and life insurance benefits cost rate of increase | 0% | 0% | 0% |
Post-retirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.90% | 5.10% | 2.70% |
Rate of compensation increase | 0% | 0% | 0% |
Expected return on plan assets | 0% | 0% | 0% |
Medical and life insurance benefits cost rate of increase | 5.50% | 6% | 6% |
Benefit Plans - Effect of One-P
Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate (Detail) - Post-retirement $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total service cost and interest cost, 1% increase | $ 60 |
Effect on post-retirement benefits obligation, 1% increase | 1,200 |
Effect on total service cost and interest cost, 1% decrease | (50) |
Effect on post-retirement benefits obligation, 1% decrease | $ (1,000) |
Benefit Plans - Estimated Futur
Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 1,757 |
2025 | 1,766 |
2026 | 1,768 |
2027 | 1,776 |
2028 | 1,779 |
Post-retirement | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 681 |
2025 | 717 |
2026 | 720 |
2027 | 741 |
2028 | $ 746 |
Benefit Plans - Weighted-Averag
Benefit Plans - Weighted-Average Asset Allocation of Pension Plan Assets (Detail) - Pension | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation percentage | 100% | 100% |
Domestic equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation percentage | 38% | 37% |
Foreign equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation percentage | 11% | 11% |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation percentage | 49% | 50% |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation percentage | 2% | 2% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation percentage | 0% | 0% |
Benefit Plans - Target Allocati
Benefit Plans - Target Allocation of Assets and Acceptable Ranges (Detail) - Pension | Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 100% |
Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 37% |
Domestic equities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 30% |
Domestic equities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 41% |
Foreign equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 11% |
Foreign equities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 5% |
Foreign equities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 13% |
Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 50% |
Fixed income | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 40% |
Fixed income | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 65% |
Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 2% |
Real estate | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 0% |
Real estate | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 4% |
Cash | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 0% |
Allowable range of assets | 0% |
Benefit Plans - Assets Measured
Benefit Plans - Assets Measured at Fair Value on Recurring Basis (Detail) - Pension - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 52,734 | $ 47,930 | $ 58,451 | $ 54,617 |
Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 34,132 | 31,543 | ||
Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 18,602 | 16,387 | ||
Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Group annuity contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 76 | 92 | ||
Group annuity contracts | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Group annuity contracts | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 76 | 92 | ||
Group annuity contracts | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Total mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 34,132 | 31,543 | ||
Total mutual funds | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 34,132 | 31,543 | ||
Total mutual funds | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Total mutual funds | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,728 | 23,819 | ||
Fixed income | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,728 | 23,819 | ||
Fixed income | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Fixed income | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
International equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 5,713 | 5,362 | ||
International equity | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 5,713 | 5,362 | ||
International equity | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
International equity | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Large U.S. equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,577 | 1,433 | ||
Large U.S. equity | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,577 | 1,433 | ||
Large U.S. equity | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Large U.S. equity | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Small/Mid U.S. equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,114 | 929 | ||
Small/Mid U.S. equity | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,114 | 929 | ||
Small/Mid U.S. equity | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Small/Mid U.S. equity | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Pooled separate accounts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 18,526 | 16,295 | ||
Pooled separate accounts | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Pooled separate accounts | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 18,526 | 16,295 | ||
Pooled separate accounts | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 0 | $ 0 |
Benefit Plans - Status of Unves
Benefit Plans - Status of Unvested Stock Awards (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted stock awards, outstanding at beginning of year (in shares) | 1,023,130 | 900,483 | 785,181 |
Granted (in shares) | 427,053 | 447,526 | 500,892 |
Forfeited (in shares) | (328,761) | (105,556) | (144,476) |
Vested (in shares) | (68,330) | (219,323) | (241,114) |
Restricted stock awards, outstanding at the end of year (in shares) | 1,053,092 | 1,023,130 | 900,483 |
Benefit Plans - Status of Unexe
Benefit Plans - Status of Unexercised Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of stock options | |||
Number of stock options, outstanding at beginning of year (in shares) | 600,806 | 566,453 | 596,441 |
Number of stock options, granted (in shares) | 0 | 34,353 | 56,605 |
Number of stock options, exercised (in shares) | (51,881) | 0 | (86,593) |
Number of stock options, forfeited (in shares) | 0 | 0 | 0 |
Number of stock options, expired (in shares) | 0 | 0 | 0 |
Number of stock options, outstanding at the end of year (in shares) | 548,925 | 600,806 | 566,453 |
Weighted average exercise price | |||
Weighted average exercise price, outstanding at beginning of year (in dollars per share) | $ 19.01 | $ 18.73 | $ 17.96 |
Weighted average exercise price, granted (in dollars per share) | 0 | 23.70 | 20.66 |
Weighted average exercise price, exercised (in dollars per share) | 15.23 | 0 | 14.69 |
Weighted average exercise price, forfeited (in dollars per share) | 0 | 0 | 0 |
Weighted average exercise price, expired (in dollars per share) | 0 | 0 | 0 |
Weighted average exercise price, outstanding at the end of year (in dollars per share) | $ 19.37 | $ 19.01 | $ 18.73 |
Benefit Plans - Stock Options O
Benefit Plans - Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
$15.23 - 18.70 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, minimum (in dollars per share) | $ 15.23 |
Range of exercise prices, maximum (in dollars per share) | $ 18.7 |
Number of options outstanding (in shares) | shares | 223,061 |
Average remaining contractual life | 1 year 1 month 6 days |
Options Outstanding, weighted average exercise price (in dollars per share) | $ 17.75 |
Number of options exercisable (in shares) | shares | 223,061 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 17.75 |
$20.62 - 27.25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, minimum (in dollars per share) | 20.62 |
Range of exercise prices, maximum (in dollars per share) | $ 27.25 |
Number of options outstanding (in shares) | shares | 325,864 |
Average remaining contractual life | 5 years 9 months 18 days |
Options Outstanding, weighted average exercise price (in dollars per share) | $ 23.20 |
Number of options exercisable (in shares) | shares | 284,094 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 23.33 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Assumptions of Fair Value Option Grants (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Expected dividend yield | 4.05% | 4.45% |
Expected volatility | 36.33% | 30.75% |
Risk-free interest rate | 1.74% | 0.73% |
Expected option life | 8 years | 8 years |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 31,972 | $ 41,379 | $ 28,798 |
State | 12,684 | 20,859 | 17,986 |
Total current income tax expense | 44,656 | 62,238 | 46,784 |
Deferred: | |||
Federal | 905 | 1,825 | 10,548 |
State | 1,820 | 395 | 1,865 |
Total deferred income tax expense | 2,725 | 2,220 | 12,413 |
Income tax expense (benefit) | $ 47,381 | $ 64,458 | $ 59,197 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Accumulated other comprehensive income, deferred tax (benefit) expense | $ 11,100 | $ (68,200) | $ (8,300) |
Accumulated other comprehensive income, deferred tax (benefit) expense | (3,900) | 6,200 | 3,100 |
Accumulated other comprehensive income, a deferred tax expense (benefit) | 884 | $ (517) | $ 1,400 |
Retained earnings amount for which no provision for income tax has been made | 51,800 | ||
Unrecognized tax liability | 14,000 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, limitations on use | 197 | ||
Beacon Trust | |||
Operating Loss Carryforwards [Line Items] | |||
Unused capital loss carryforwards | $ 760 |
Income Taxes - Reconciliation F
Income Taxes - Reconciliation From Statutory Rate to Effective Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax expense at statutory rates | $ 36,932 | $ 50,422 | $ 47,695 |
Increase (decrease) in taxes resulting from: | |||
State tax, net of federal income tax benefit | 11,313 | 16,791 | 15,682 |
Tax-exempt interest income | (2,514) | (2,590) | (2,690) |
Bank-owned life insurance | (1,361) | (1,257) | (1,665) |
Other, net | 3,011 | 1,092 | 175 |
Income tax expense (benefit) | $ 47,381 | $ 64,458 | $ 59,197 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses on loans | $ 28,404 | $ 23,794 |
Allowance for credit loss on off-balance sheet ("OBS") credit exposure | 924 | 853 |
Post-retirement benefit | 5,758 | 6,458 |
Deferred compensation | 384 | 569 |
Depreciation | 1,126 | 1,412 |
SERP | 1,137 | 1,130 |
ESOP | 402 | 812 |
Stock-based compensation | 2,963 | 5,818 |
Non-accrual interest | 172 | 234 |
Federal Net Operating Loss ("NOL") | 160 | 197 |
Unrealized losses on available for sale debt securities | 57,198 | 68,324 |
Lease liability | 15,914 | 17,126 |
Other | 112 | 0 |
Total gross deferred tax assets | 114,654 | 126,727 |
Deferred tax liabilities: | ||
Pension expense | 8,997 | 8,928 |
Contingent consideration | 283 | 162 |
Deferred loan costs | 11,376 | 8,533 |
Investment securities, principally due to accretion of discounts | 66 | 95 |
Purchase accounting adjustments | 371 | 363 |
Intangibles | 1,620 | 1,366 |
Originated mortgage servicing rights | 147 | 169 |
Pension liability adjustments | 1,459 | 575 |
Net unrealized gain on hedging activities | 3,674 | 7,576 |
Lease right-of-use asset | 15,084 | 16,370 |
Other | 0 | 361 |
Total gross deferred tax liabilities | 43,077 | 44,498 |
Net deferred tax asset | $ 71,577 | $ 82,229 |
Commitments and Concentrations
Commitments and Concentrations of Credit Risk (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 2,090 | $ 2,060 |
Undisbursed home equity and personal credit lines | $ 273 | $ 279.2 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer, percentage of common equity Tier 1 capital to risk-weighted assets | 2.50% | |
FDIC | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 0.04 | 0.0400 |
Common equity Tier 1 capital to risk-based assets ratio | 4.50% | 4.50% |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 0.0600 | 0.0600 |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 0.08 | 0.0800 |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 0.05 | 0.0500 |
Common equity Tier 1 risk-based capital ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 0.08 | 0.0800 |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 0.10 | 0.1000 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Actual Capital Amounts and Ratios and FDIC Minimum Capital Adequacy Requirements (Detail) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
FRB | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual Amount | $ 1,396,512 | $ 1,326,676 |
Tier 1 leverage capital, Actual Ratio | 0.1022 | 0.1000 |
Tier 1 leverage capital, minimum capital adequacy requirements, Amount | $ 546,662 | $ 530,610 |
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 0.0400 | 0.0400 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Amount | $ 546,662 | $ 530,610 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Ratio | 4% | 4% |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 683,327 | $ 663,262 |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 0.0500 | 0.0500 |
Common equity Tier 1 risk-based capital, Actual Amount | $ 1,383,625 | $ 1,313,789 |
Common equity Tier 1 risk-based capital, Actual Ratio | 11.45% | 11.36% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Amount | $ 543,720 | $ 520,312 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Ratio | 4.50% | 4.50% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Amount | $ 845,786 | $ 809,374 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Ratio | 7% | 7% |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 785,373 | $ 751,562 |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, Actual Amount | $ 1,396,512 | $ 1,326,676 |
Tier 1 risk-based capital, Actual Ratio | 0.1156 | 0.1147 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Amount | $ 724,959 | $ 693,749 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 1,027,026 | $ 982,812 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 8.50% | 8.50% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 966,612 | $ 924,999 |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 0.0800 | 0.0800 |
Total risk-based capital, Actual Amount | $ 1,496,545 | $ 1,404,466 |
Total risk-based capital, Actual Ratio | 0.1239 | 0.1215 |
Total risk-based capital, minimum capital adequacy requirements, Amount | $ 966,612 | $ 924,999 |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 0.0800 | 0.0800 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 1,268,679 | $ 1,214,061 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 10.50% | 10.50% |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Amount | $ 1,208,266 | $ 1,156,249 |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 0.1000 | 0.1000 |
FDIC | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual Amount | $ 1,343,223 | $ 1,260,603 |
Tier 1 leverage capital, Actual Ratio | 0.0984 | 0.0951 |
Tier 1 leverage capital, minimum capital adequacy requirements, Amount | $ 546,168 | $ 530,396 |
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 0.04 | 0.0400 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Amount | $ 546,168 | $ 530,396 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Ratio | 4% | 4% |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 682,709 | $ 662,995 |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 0.05 | 0.0500 |
Common equity Tier 1 risk-based capital, Actual Amount | $ 1,343,223 | $ 1,260,603 |
Common equity Tier 1 risk-based capital, Actual Ratio | 11.12% | 10.91% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Amount | $ 543,465 | $ 520,070 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Ratio | 4.50% | 4.50% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Amount | $ 845,390 | $ 808,998 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Ratio | 7% | 7% |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 785,005 | $ 751,213 |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, Actual Amount | $ 1,343,223 | $ 1,260,603 |
Tier 1 risk-based capital, Actual Ratio | 0.1112 | 0.1091 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Amount | $ 724,620 | $ 693,427 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 1,026,545 | $ 982,355 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 8.50% | 8.50% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 966,160 | $ 924,569 |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 0.08 | 0.0800 |
Total risk-based capital, Actual Amount | $ 1,443,256 | $ 1,338,393 |
Total risk-based capital, Actual Ratio | 0.1195 | 0.1158 |
Total risk-based capital, minimum capital adequacy requirements, Amount | $ 966,160 | $ 924,569 |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 0.08 | 0.0800 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 1,268,085 | $ 1,213,497 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 10.50% | 10.50% |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Amount | $ 1,207,700 | $ 1,155,712 |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 0.10 | 0.1000 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Loss [Abstract] | |||
Provision charge (benefit) for credit losses on off-balance sheet credit exposures | $ 264 | $ (3,384) | $ 1,515 |
Allowance for credit loss | $ 3,400 | $ 3,200 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash and due from banks | $ 180,241 | $ 186,490 |
Cash Reserves Required by Banking Regulations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash and due from banks | $ 70 | $ 70 |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated costs | 5% | |
Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated costs | 10% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | $ 1,690,112 | $ 1,803,548 |
Equity Securities | 1,270 | 1,147 |
Derivative assets | 105,164 | 151,192 |
Derivative liabilities | 90,834 | 122,390 |
Foreclosed assets | 11,651 | 2,124 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 |
Equity Securities | 1,270 | 1,147 |
Derivative assets | 101,754 | 148,151 |
Derivative liabilities | 88,835 | 120,896 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 1,270 | |
Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 253,878 | 245,816 |
Equity Securities | 1,147 | |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 0 | |
Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,436,234 | 1,557,732 |
Equity Securities | 0 | |
Derivative assets | 101,754 | 148,151 |
Derivative liabilities | 88,835 | 120,896 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities | 0 | |
Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity Securities | 0 | |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 |
Equity Securities | 1,270 | 1,147 |
Derivative assets | 101,754 | 148,151 |
Assets, fair value disclosure | 1,793,136 | 1,952,846 |
Derivative liabilities | 88,835 | 120,896 |
Measured on a recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 253,878 | 245,816 |
Equity Securities | 1,270 | 1,147 |
Derivative assets | 0 | 0 |
Assets, fair value disclosure | 255,148 | 246,963 |
Derivative liabilities | 0 | 0 |
Measured on a recurring basis | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,436,234 | 1,557,732 |
Equity Securities | 0 | 0 |
Derivative assets | 101,754 | 148,151 |
Assets, fair value disclosure | 1,537,988 | 1,705,883 |
Derivative liabilities | 88,835 | 120,896 |
Measured on a recurring basis | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity Securities | 0 | 0 |
Derivative assets | 0 | |
Assets, fair value disclosure | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 35,790 | 26,112 |
Loans measured for impairment based on the fair value of the underlying collateral | 24,139 | 23,988 |
Foreclosed assets | 11,651 | 2,124 |
Measured on a non-recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 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 | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 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 | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 35,790 | 26,112 |
Loans measured for impairment based on the fair value of the underlying collateral | 24,139 | 23,988 |
Foreclosed assets | 11,651 | 2,124 |
U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 253,878 | 245,816 |
U.S. Treasury obligations | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 253,878 | |
Available for sale debt securities | 245,816 | |
U.S. Treasury obligations | Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 253,878 | |
Available for sale debt securities | 245,816 | |
U.S. Treasury obligations | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Available for sale debt securities | 0 | |
U.S. Treasury obligations | Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Available for sale debt securities | 0 | |
U.S. Treasury obligations | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 253,878 | |
Available for sale debt securities | 245,816 | |
U.S. Treasury obligations | Measured on a recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 253,878 | |
Available for sale debt securities | 245,816 | |
U.S. Treasury obligations | Measured on a recurring basis | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Available for sale debt securities | 0 | |
U.S. Treasury obligations | Measured on a recurring basis | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Available for sale debt securities | 0 | |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 |
Mortgage-backed securities | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 |
Mortgage-backed securities | Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Mortgage-backed securities | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 |
Mortgage-backed securities | Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Mortgage-backed securities | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 |
Mortgage-backed securities | Measured on a recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Mortgage-backed securities | Measured on a recurring basis | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 |
Mortgage-backed securities | Measured on a recurring basis | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 32,235 | 37,621 |
Asset-backed securities | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 32,235 | 37,621 |
Asset-backed securities | Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Asset-backed securities | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 32,235 | 37,621 |
Asset-backed securities | Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Asset-backed securities | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 32,235 | 37,621 |
Asset-backed securities | Measured on a recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Asset-backed securities | Measured on a recurring basis | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 32,235 | 37,621 |
Asset-backed securities | Measured on a recurring basis | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 56,584 | 56,864 |
State and municipal obligations | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 56,584 | 56,864 |
State and municipal obligations | Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State and municipal obligations | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 56,584 | 56,864 |
State and municipal obligations | Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State and municipal obligations | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 56,584 | 56,864 |
State and municipal obligations | Measured on a recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State and municipal obligations | Measured on a recurring basis | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 56,584 | 56,864 |
State and municipal obligations | Measured on a recurring basis | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 34,308 | 36,108 |
Corporate obligations | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 34,308 | 36,108 |
Corporate obligations | Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 34,308 | 36,108 |
Corporate obligations | Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 34,308 | 36,108 |
Corporate obligations | Measured on a recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | Measured on a recurring basis | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 34,308 | 36,108 |
Corporate obligations | Measured on a recurring basis | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | $ 0 |
Agency guaranteed obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 27,498 | |
Agency guaranteed obligations | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 27,498 | |
Agency guaranteed obligations | Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Agency guaranteed obligations | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 27,498 | |
Agency guaranteed obligations | Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Agency guaranteed obligations | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 27,498 | |
Agency guaranteed obligations | Measured on a recurring basis | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Agency guaranteed obligations | Measured on a recurring basis | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | 27,498 | |
Agency guaranteed obligations | Measured on a recurring basis | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, at fair value | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Instruments, Carrying and Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 180,185 | $ 186,438 | $ 685,163 | $ 418,053 |
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 | ||
Held-to-maturity, debt securities | 352,601 | 373,468 | ||
FHLBNY stock | 79,217 | 68,554 | ||
Equity Securities | 1,270 | 1,147 | ||
Loans, net of allowance for credit losses | 10,766,501 | 10,160,860 | ||
Derivative assets | 105,164 | 151,192 | ||
Certificates of deposit | 1,095,942 | 751,436 | ||
Total deposits | 10,292,514 | 10,563,024 | ||
Borrowings | 1,970,033 | 1,337,370 | ||
Subordinated debentures | 10,695 | 10,493 | ||
Derivative liabilities | 90,834 | 122,390 | ||
Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
FHLBNY stock | 68,554 | |||
Equity Securities | 1,270 | |||
Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
FHLBNY stock | 0 | |||
Equity Securities | 0 | |||
Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
FHLBNY stock | 0 | |||
Equity Securities | 0 | |||
U.S. Treasury obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 253,878 | 245,816 | ||
Held-to-maturity, debt securities | 5,147 | |||
Agency guaranteed obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 27,498 | |||
Held-to-maturity, debt securities | 10,406 | 8,964 | ||
Mortgage-backed securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 | ||
Asset-backed securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 32,235 | 37,621 | ||
State and municipal obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 56,584 | 56,864 | ||
Held-to-maturity, debt securities | 330,360 | 353,417 | ||
Corporate obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 34,308 | 36,108 | ||
Held-to-maturity, debt securities | 6,688 | 11,087 | ||
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 180,255 | 186,508 | ||
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 | ||
Held-to-maturity, debt securities | 363,080 | 387,923 | ||
FHLBNY stock | 79,217 | 68,554 | ||
Equity Securities | 1,270 | 1,147 | ||
Loans, net of allowance for credit losses | 10,766,501 | 10,160,860 | ||
Derivative assets | 101,754 | 148,151 | ||
Deposits other than certificates of deposits | 9,196,572 | 9,811,588 | ||
Certificates of deposit | 1,095,942 | 751,436 | ||
Total deposits | 10,292,514 | 10,563,024 | ||
Borrowings | 1,970,033 | 1,337,370 | ||
Subordinated debentures | 10,695 | 10,493 | ||
Derivative liabilities | 88,835 | 120,896 | ||
Carrying Value | U.S. Treasury obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities | 245,816 | |||
Available for sale debt securities, at fair value | 253,878 | |||
Held-to-maturity, debt securities | 5,146 | |||
Carrying Value | Agency guaranteed obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 27,498 | |||
Held-to-maturity, debt securities | 11,058 | 9,997 | ||
Carrying Value | Mortgage-backed securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 | ||
Carrying Value | Asset-backed securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 32,235 | 37,621 | ||
Carrying Value | State and municipal obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 56,584 | 56,864 | ||
Held-to-maturity, debt securities | 339,789 | 366,146 | ||
Carrying Value | Corporate obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 34,308 | 36,108 | ||
Held-to-maturity, debt securities | 7,087 | 11,780 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 180,255 | 186,508 | ||
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 | ||
Held-to-maturity, debt securities | 352,601 | 373,468 | ||
FHLBNY stock | 79,217 | 68,554 | ||
Equity Securities | 1,270 | 1,147 | ||
Loans, net of allowance for credit losses | 10,437,204 | 9,768,460 | ||
Derivative assets | 101,754 | 148,151 | ||
Deposits other than certificates of deposits | 9,196,572 | 9,811,588 | ||
Certificates of deposit | 1,093,125 | 745,155 | ||
Total deposits | 10,289,697 | 10,556,743 | ||
Borrowings | 1,960,174 | 1,324,578 | ||
Subordinated debentures | 9,198 | 9,422 | ||
Derivative liabilities | 88,835 | 120,896 | ||
Fair Value | Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 180,255 | 186,508 | ||
Available for sale debt securities, at fair value | 253,878 | 245,816 | ||
Held-to-maturity, debt securities | 15,553 | 8,964 | ||
FHLBNY stock | 79,217 | |||
Equity Securities | 1,147 | |||
Loans, net of allowance for credit losses | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Deposits other than certificates of deposits | 9,196,572 | 9,811,588 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 9,196,572 | 9,811,588 | ||
Borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | ||
Available for sale debt securities, at fair value | 1,436,234 | 1,557,732 | ||
Held-to-maturity, debt securities | 337,048 | 364,504 | ||
FHLBNY stock | 0 | |||
Equity Securities | 0 | |||
Loans, net of allowance for credit losses | 0 | 0 | ||
Derivative assets | 101,754 | 148,151 | ||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 1,093,125 | 745,155 | ||
Total deposits | 1,093,125 | 745,155 | ||
Borrowings | 1,960,174 | 1,324,578 | ||
Subordinated debentures | 9,198 | 9,422 | ||
Derivative liabilities | 88,835 | 120,896 | ||
Fair Value | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | ||
Available for sale debt securities, at fair value | 0 | 0 | ||
Held-to-maturity, debt securities | 0 | 0 | ||
FHLBNY stock | 0 | |||
Equity Securities | 0 | |||
Loans, net of allowance for credit losses | 10,437,204 | 9,768,460 | ||
Derivative assets | 0 | 0 | ||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value | U.S. Treasury obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities | 245,816 | |||
Available for sale debt securities, at fair value | 253,878 | |||
Held-to-maturity, debt securities | 5,147 | |||
Fair Value | U.S. Treasury obligations | Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities | 245,816 | |||
Available for sale debt securities, at fair value | 253,878 | |||
Held-to-maturity, debt securities | 5,147 | |||
Fair Value | U.S. Treasury obligations | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities | 0 | |||
Available for sale debt securities, at fair value | 0 | |||
Held-to-maturity, debt securities | 0 | |||
Fair Value | U.S. Treasury obligations | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities | 0 | |||
Available for sale debt securities, at fair value | 0 | |||
Held-to-maturity, debt securities | 0 | |||
Fair Value | Agency guaranteed obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 27,498 | |||
Held-to-maturity, debt securities | 10,406 | 8,964 | ||
Fair Value | Agency guaranteed obligations | Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | |||
Held-to-maturity, debt securities | 10,406 | 8,964 | ||
Fair Value | Agency guaranteed obligations | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 27,498 | |||
Held-to-maturity, debt securities | 0 | 0 | ||
Fair Value | Agency guaranteed obligations | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | |||
Held-to-maturity, debt securities | 0 | 0 | ||
Fair Value | Mortgage-backed securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 | ||
Fair Value | Mortgage-backed securities | Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Fair Value | Mortgage-backed securities | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 1,285,609 | 1,427,139 | ||
Fair Value | Mortgage-backed securities | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Fair Value | Asset-backed securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 32,235 | 37,621 | ||
Fair Value | Asset-backed securities | Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Fair Value | Asset-backed securities | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 32,235 | 37,621 | ||
Fair Value | Asset-backed securities | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Fair Value | State and municipal obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 56,584 | 56,864 | ||
Held-to-maturity, debt securities | 330,360 | 353,417 | ||
Fair Value | State and municipal obligations | Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Held-to-maturity, debt securities | 0 | 0 | ||
Fair Value | State and municipal obligations | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 56,584 | 56,864 | ||
Held-to-maturity, debt securities | 330,360 | 353,417 | ||
Fair Value | State and municipal obligations | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Held-to-maturity, debt securities | 0 | 0 | ||
Fair Value | Corporate obligations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 34,308 | 36,108 | ||
Held-to-maturity, debt securities | 6,688 | 11,087 | ||
Fair Value | Corporate obligations | Fair Value, Inputs, Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Held-to-maturity, debt securities | 0 | 0 | ||
Fair Value | Corporate obligations | Fair Value, Inputs, Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 34,308 | 36,108 | ||
Held-to-maturity, debt securities | 6,688 | 11,087 | ||
Fair Value | Corporate obligations | Fair Value, Inputs, Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available for sale debt securities, at fair value | 0 | 0 | ||
Held-to-maturity, debt securities | $ 0 | $ 0 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income | $ 128,398 | $ 175,648 | $ 167,921 |
Basic weighted average common shares outstanding (in shares) | 74,844,489 | 74,700,623 | 76,471,933 |
Dilutive shares (in shares) | 28,767 | 81,747 | 88,907 |
Diluted weighted average common shares outstanding (in shares) | 74,873,256 | 74,782,370 | 76,560,840 |
Earnings per share: | |||
Basic (in dollars per share) | $ 1.72 | $ 2.35 | $ 2.20 |
Diluted (in dollars per share) | $ 1.71 | $ 2.35 | $ 2.19 |
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 1,222,890 | 884,333 | 769,458 |
Parent-only Financial Informa_3
Parent-only Financial Information - Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Cash and due from banks | $ 180,241 | $ 186,490 | ||
Available for sale debt securities, at fair value | 1,690,112 | 1,803,548 | ||
Other assets | 287,768 | 341,143 | ||
Total assets | 14,210,810 | 13,783,436 | ||
Liabilities and Stockholders’ Equity | ||||
Other liabilities | 210,134 | 239,141 | ||
Subordinated debentures | 10,695 | 10,493 | ||
Total stockholders’ equity | 1,690,596 | 1,597,703 | $ 1,697,096 | $ 1,619,797 |
Total liabilities and stockholders’ equity | 14,210,810 | 13,783,436 | ||
Provident Financial Services, Inc. | ||||
Assets | ||||
Cash and due from banks | 7,948 | 10,854 | ||
Available for sale debt securities, at fair value | 1,084 | 960 | ||
Investment in subsidiary | 1,652,767 | 1,544,518 | ||
ESOP loan | 6,411 | 13,228 | ||
Other assets | 4,571 | 4,410 | ||
Total assets | 1,701,458 | 1,608,409 | ||
Liabilities and Stockholders’ Equity | ||||
Other liabilities | 167 | 213 | ||
Subordinated debentures | 10,695 | 10,493 | ||
Total stockholders’ equity | 1,690,596 | 1,597,703 | ||
Total liabilities and stockholders’ equity | 1,701,458 | 1,608,409 | ||
Provident Financial Services, Inc. | Related Party | ||||
Assets | ||||
Other Receivables | $ 28,677 | $ 34,439 |
Parent-only Financial Informa_4
Parent-only Financial Information - Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Total interest and dividend income | $ 615,820 | $ 466,181 | $ 402,339 |
Subordinated debentures | 1,051 | 615 | 1,189 |
Non-interest expense | 275,600 | 256,847 | 250,053 |
Income tax expense | 47,381 | 64,458 | 59,197 |
Net income | 128,398 | 175,648 | 167,921 |
Provident Financial Services, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiary | 61,213 | 109,013 | 102,014 |
Interest income | 529 | 785 | 1,022 |
Investment gain | 169 | 178 | 167 |
Total interest and dividend income | 61,911 | 109,976 | 103,203 |
Subordinated debentures | 1,051 | 615 | 1,189 |
Non-interest expense | 2,200 | 1,451 | 1,292 |
Total expense | 3,251 | 2,066 | 2,481 |
Income before income tax expense | 58,660 | 107,910 | 100,722 |
Income tax expense | 247 | 0 | 0 |
Income before undistributed net income of subsidiary | 58,413 | 107,910 | 100,722 |
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | 69,985 | 67,738 | 67,199 |
Net income | $ 128,398 | $ 175,648 | $ 167,921 |
Parent-only Financial Informa_5
Parent-only Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 128,398 | $ 175,648 | $ 167,921 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
ESOP expense | 3,086 | 4,140 | 4,318 |
SAP allocation | 7,569 | 9,407 | 5,451 |
Stock option allocation | 144 | 198 | 200 |
Increase in other assets | 25,085 | (56,291) | 10,264 |
Decrease in other liabilities | (29,007) | 60,544 | (48,113) |
Net cash provided by operating activities | 173,396 | 200,310 | 156,814 |
Cash flows from investing activities: | |||
Net decrease in ESOP loan | 0 | ||
Net cash used in investing activities | (469,600) | (647,564) | (716,568) |
Cash flows from financing activities: | |||
Purchases of treasury stock | 0 | (46,530) | (20,711) |
Purchase of employee restricted shares to fund statutory tax withholding | (1,678) | (1,021) | (961) |
Cash dividends paid | (72,447) | (72,023) | (71,478) |
Repayment of subordinated debentures | 0 | 0 | (15,000) |
Stock options exercised | 790 | 0 | 887 |
Net cash provided by (used in) financing activities | 289,951 | (78,701) | 739,864 |
Net (decrease) increase in cash and cash equivalents | (6,253) | (525,955) | 180,110 |
Total cash, cash equivalents and restricted cash at beginning of period | 186,508 | 712,463 | 532,353 |
Total cash, cash equivalents and restricted cash at end of period | 180,255 | 186,508 | 712,463 |
Provident Financial Services, Inc. | |||
Cash flows from operating activities: | |||
Net income | 128,398 | 175,648 | 167,921 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | (69,985) | (67,738) | (67,199) |
ESOP expense | 3,086 | 4,140 | 4,318 |
SAP allocation | 7,569 | 9,407 | 5,451 |
Stock option allocation | 144 | 198 | 200 |
Decrease (increase) in due from subsidiary—SAP | 5,762 | 3,847 | (4,061) |
Increase in other assets | (11,317) | (13,817) | (3,430) |
Decrease in other liabilities | (45) | (142) | (12) |
Net cash provided by operating activities | 63,612 | 111,543 | 103,188 |
Cash flows from investing activities: | |||
Purchases of loans | 0 | 0 | 0 |
Net decrease in ESOP loan | 6,817 | 6,387 | 5,939 |
Net cash used in investing activities | 6,817 | 6,387 | 5,939 |
Cash flows from financing activities: | |||
Purchases of treasury stock | 0 | (46,530) | (20,711) |
Purchase of employee restricted shares to fund statutory tax withholding | (1,678) | (1,021) | (961) |
Cash dividends paid | (72,447) | (72,023) | (71,478) |
Repayment of subordinated debentures | 0 | 0 | (15,000) |
Shares issued dividend reinvestment plan | 0 | 0 | 0 |
Stock options exercised | 790 | 0 | 887 |
Net cash provided by (used in) financing activities | (73,335) | (119,574) | (107,263) |
Net (decrease) increase in cash and cash equivalents | (2,906) | (1,644) | 1,864 |
Total cash, cash equivalents and restricted cash at beginning of period | 10,854 | 12,498 | 10,634 |
Total cash, cash equivalents and restricted cash at end of period | $ 7,948 | $ 10,854 | $ 12,498 |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income (Components of OCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Before Tax | |||
Total other comprehensive (loss) income | $ 32,074 | $ (234,848) | $ (14,539) |
Tax Effect | |||
Total other comprehensive (loss) income | (8,144) | 62,940 | 3,747 |
After Tax | |||
Total other comprehensive (loss) income, net of tax | 23,930 | (171,908) | (10,792) |
Unrealized Losses on Available for Sale Debt Securities | |||
Before Tax | |||
Net (losses) gains arising during the period | 43,250 | (254,591) | (31,972) |
Reclassification adjustment for gains included in net income | 0 | (58) | (230) |
Total other comprehensive (loss) income | 43,250 | (254,649) | (32,202) |
Tax Effect | |||
Net (losses) gains arising during the period | (11,125) | 68,230 | 8,242 |
Reclassification adjustment for gains included in net income | 0 | 16 | 59 |
Total other comprehensive (loss) income | (11,125) | 68,246 | 8,301 |
After Tax | |||
Net (losses) gains arising during the period | 32,125 | (186,361) | (23,730) |
Reclassification adjustment for gains included in net income | 0 | (42) | (171) |
Total other comprehensive (loss) income, net of tax | 32,125 | (186,403) | (23,901) |
Unrealized Gains on Derivatives (cash flow hedges) | |||
Before Tax | |||
Net (losses) gains arising during the period | 3,288 | 26,231 | 8,311 |
Reclassification adjustment for gains included in net income | (17,713) | (4,504) | 3,878 |
Total other comprehensive (loss) income | (14,425) | 21,727 | 12,189 |
Tax Effect | |||
Net (losses) gains arising during the period | (900) | (7,030) | (2,142) |
Reclassification adjustment for gains included in net income | 4,765 | 1,207 | (1,000) |
Total other comprehensive (loss) income | 3,865 | (5,823) | (3,142) |
After Tax | |||
Net (losses) gains arising during the period | 2,388 | 19,201 | 6,169 |
Reclassification adjustment for gains included in net income | (12,948) | (3,297) | 2,878 |
Total other comprehensive (loss) income, net of tax | (10,560) | 15,904 | 9,047 |
Post-Retirement Obligations | |||
Before Tax | |||
Reclassification adjustment for gains included in net income | 3,249 | (1,926) | 5,474 |
Tax Effect | |||
Reclassification adjustment for gains included in net income | (884) | 517 | (1,412) |
After Tax | |||
Reclassification adjustment for gains included in net income | 2,365 | (1,409) | $ 4,062 |
Total other comprehensive (loss) income, net of tax | $ 2,365 | $ (1,409) |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Components of AOCI) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | $ 1,597,703 | $ 1,697,096 | $ 1,619,797 |
Current - period other comprehensive (loss) | 23,930 | (171,908) | (10,792) |
Balance at the end of the period | 1,690,596 | 1,597,703 | 1,697,096 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (165,045) | 6,863 | 17,655 |
Balance at the end of the period | (141,115) | (165,045) | 6,863 |
Unrealized Losses on Available for Sale Debt Securities | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (186,614) | (211) | |
Current - period other comprehensive (loss) | 32,125 | (186,403) | (23,901) |
Balance at the end of the period | (154,489) | (186,614) | (211) |
Post-Retirement Obligations | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | 1,572 | 2,981 | |
Current - period other comprehensive (loss) | 2,365 | (1,409) | |
Balance at the end of the period | 3,937 | 1,572 | 2,981 |
Unrealized Gains on Derivatives (cash flow hedges) | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | 19,997 | 4,093 | |
Current - period other comprehensive (loss) | (10,560) | 15,904 | 9,047 |
Balance at the end of the period | $ 9,437 | $ 19,997 | $ 4,093 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net gain on securities transactions | $ 30 | $ 181 | $ 255 |
Interest expense | (216,366) | (48,629) | (36,316) |
Compensation and employee benefits | (148,497) | (147,203) | (143,366) |
Income tax expense | (47,381) | (64,458) | (59,197) |
Net of tax | 128,398 | 175,648 | 167,921 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net of tax | (13,985) | (4,293) | 2,263 |
Securities available for sale | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net gain on securities transactions | 0 | (58) | (230) |
Income tax expense | 0 | 16 | 59 |
Net of tax | 0 | (42) | (171) |
Unrealized Gains on Derivatives (cash flow hedges) | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest expense | (17,713) | (4,504) | 3,878 |
Income tax expense | 4,765 | 1,207 | (1,000) |
Net of tax | (12,948) | (3,297) | 2,878 |
Post-Retirement Obligations | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Compensation and employee benefits | (1,421) | (1,304) | (598) |
Income tax expense | 384 | 349 | 154 |
Net of tax | $ (1,037) | $ (955) | $ (444) |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) instrument counterparty | Dec. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | ||
Amount of collateral | $ 0 | $ 0 |
Derivative assets | 105,164 | 151,192 |
Derivative liabilities | 90,834 | $ 122,390 |
Amounts reclassified from AOCI to Income | $ 11,600 | |
Number of counterparties | counterparty | 4 | |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of derivative liability instruments held | instrument | 9 | |
Aggregate notional amount for derivative liability | $ 455,000 | |
Interest Rate Products | Derivatives Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 154 | 152 |
Aggregate notional amount | $ 2,300,000 | $ 2,400,000 |
Aggregate notional amount for derivative liability | 1,152,200 | 1,198,191 |
Interest Rate Products | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Aggregate notional amount for derivative liability | $ 125,000 | $ 0 |
Credit Risk Contract | Derivatives Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 12 | 14 |
Aggregate notional amount | $ 142,800 | $ 157,900 |
Amount of collateral | 70 | |
Derivative assets | 17 | 26 |
Derivative liabilities | 8 | 12 |
Aggregate notional amount for derivative liability | $ 96,462 | $ 110,714 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Offset Fair Value and Notional Amount) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset Derivatives | ||
Asset Derivatives | $ 105,164 | |
Gross amounts offset on the balance sheet | 0 | |
Net derivative amounts presented on the balance sheet | 105,164 | $ 151,192 |
Financial instruments - institutional counterparties | 0 | 0 |
Cash collateral - institutional counterparties | 101,328 | 149,800 |
Net derivatives not offset | $ 3,836 | $ 1,392 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Liability Derivatives | ||
Liability Derivatives | $ 90,834 | $ 122,390 |
Gross amounts offset on the balance sheet | 0 | 0 |
Net derivative amounts presented on the balance sheet | 90,834 | 122,390 |
Financial instruments - institutional counterparties | 0 | 0 |
Cash Collateral | 0 | 0 |
Net derivatives not offset | $ 90,834 | $ 122,390 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Derivatives Not Designated as Hedging Instrument | ||
Asset Derivatives | ||
Asset Derivatives | $ 89,278 | $ 122,073 |
Liability Derivatives | ||
Liability Derivatives | 89,469 | 122,390 |
Derivatives Not Designated as Hedging Instrument | Interest Rate Products | ||
Asset Derivatives | ||
Notional Amount | 1,152,200 | 1,198,191 |
Liability Derivatives | ||
Aggregate notional amount for derivative liability | 1,152,200 | 1,198,191 |
Derivatives Not Designated as Hedging Instrument | Credit Risk Contract | ||
Asset Derivatives | ||
Notional Amount | 46,359 | 47,143 |
Net derivative amounts presented on the balance sheet | 17 | 26 |
Liability Derivatives | ||
Aggregate notional amount for derivative liability | 96,462 | 110,714 |
Net derivative amounts presented on the balance sheet | 8 | 12 |
Cash Collateral | 70 | |
Derivatives Not Designated as Hedging Instrument | Other Assets | Interest Rate Products | ||
Asset Derivatives | ||
Asset Derivatives | 89,261 | 122,047 |
Derivatives Not Designated as Hedging Instrument | Other Assets | Credit Risk Contract | ||
Asset Derivatives | ||
Asset Derivatives | 17 | 26 |
Derivatives Not Designated as Hedging Instrument | Other Liabilities | Interest Rate Products | ||
Liability Derivatives | ||
Liability Derivatives | 89,461 | 122,378 |
Derivatives Not Designated as Hedging Instrument | Other Liabilities | Credit Risk Contract | ||
Liability Derivatives | ||
Liability Derivatives | 8 | 12 |
Designated as Hedging Instrument | ||
Asset Derivatives | ||
Asset Derivatives | 151,192 | |
Liability Derivatives | ||
Aggregate notional amount for derivative liability | 455,000 | |
Designated as Hedging Instrument | Interest Rate Products | ||
Asset Derivatives | ||
Notional Amount | 330,000 | 460,000 |
Liability Derivatives | ||
Aggregate notional amount for derivative liability | 125,000 | 0 |
Designated as Hedging Instrument | Other Assets | Interest Rate Products | ||
Asset Derivatives | ||
Asset Derivatives | 15,886 | 29,119 |
Designated as Hedging Instrument | Other Liabilities | Interest Rate Products | ||
Liability Derivatives | ||
Liability Derivatives | $ 1,365 | $ 0 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 |
Derivatives Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | $ 126 | $ 673 | $ 413 |
Derivatives Not Designated as Hedging Instrument | Interest Rate Products | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | 133 | 722 | 384 |
Derivatives Not Designated as Hedging Instrument | Credit Risk Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | (7) | (49) | 29 |
Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | (17,713) | (4,504) | 3,878 |
Designated as Hedging Instrument | Interest Rate Products | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | $ (17,713) | $ (4,504) | $ 3,878 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 57,525 | $ 54,987 | $ 57,558 |
Total out-of-scope non-interest income | 22,304 | 32,802 | 29,251 |
Total non-interest income | $ 79,829 | $ 87,789 | $ 86,809 |
Revenue Not From Contracts With Customer | Product Concentration Risk | Revenue Benchmark | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 89% | 84% | 82% |
Wealth management fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 27,669 | $ 27,870 | $ 30,756 |
Insurance agency income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 13,934 | 11,440 | 10,216 |
Banking service charges and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 15,922 | 15,677 | 16,586 |
Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 12,959 | 12,553 | 10,921 |
Debit card and ATM fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 2,963 | $ 3,124 | $ 5,665 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 56,907 | $ 60,577 |
Operating lease liabilities | $ 60,039 | $ 63,372 |
Operating lease, liability, statement of financial position [Extensible List] | Other assets | Other assets |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other liabilities | Other liabilities |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term | 7 years 10 months 24 days | |
Weighted average discount rate | 2.71% | |
Operating lease liabilities | $ 60,039 | $ 63,372 |
Operating lease, right-of-use asset | $ 56,907 | $ 60,577 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow and Lease Cost Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 10,495 | $ 10,617 |
Variable lease cost | 3,193 | 2,722 |
Total Lease Cost | 13,688 | 13,339 |
Operating cash flows from operating leases | $ 9,904 | $ 8,665 |
Leases - Schedule of Minimum Pa
Leases - Schedule of Minimum Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2022 | $ 10,020 | |
2023 | 9,540 | |
2024 | 8,647 | |
2025 | 7,813 | |
2026 | 6,926 | |
Thereafter | 23,850 | |
Total future minimum lease payments | 66,796 | |
Amounts representing interest | 6,757 | |
Operating Lease, Liability | $ 60,039 | $ 63,372 |