Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-50275 | |
Entity Registrant Name | BCB Bancorp, Inc. | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 26-0065262 | |
Entity Address, Address Line One | 104-110 Avenue C | |
Entity Address, City or Town | Bayonne | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07002 | |
City Area Code | 201 | |
Local Phone Number | 823-0700 | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Trading Symbol | BCBP | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,891,520 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001228454 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 11,192 | $ 9,606 |
Interest-earning deposits | 209,832 | 402,023 |
Total cash and cash equivalents | 221,024 | 411,629 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 92,751 | 85,186 |
Equity investments | 18,408 | 25,187 |
Loans held for sale | 952 | |
Loans receivable, net of allowance for loan losses of $33,195 and $37,119 respectively | 2,787,015 | 2,304,942 |
Federal Home Loan Bank of New York stock, at cost | 12,388 | 6,084 |
Premises and equipment, net | 10,723 | 12,237 |
Accrued interest receivable | 11,093 | 9,183 |
Other real estate owned | 75 | 75 |
Deferred income taxes | 15,863 | 12,959 |
Goodwill and other intangibles | 5,394 | 5,431 |
Operating lease right-of-use assets | 11,785 | 12,457 |
Bank-owned life insurance ("BOLI") | 71,072 | 72,485 |
Other assets | 7,286 | 7,986 |
Total Assets | 3,265,612 | 2,967,528 |
LIABILITIES | ||
Non-interest-bearing deposits | 610,425 | 588,207 |
Interest bearing deposits | 2,102,521 | 1,973,195 |
Total deposits | 2,712,946 | 2,561,402 |
FHLB advances | 212,123 | 71,711 |
Subordinated debentures | 37,450 | 37,275 |
Operating lease liability | 12,102 | 12,752 |
Other liabilities | 8,309 | 10,364 |
Total Liabilities | 2,982,930 | 2,693,504 |
STOCKHOLDERS' EQUITY | ||
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,123 shares of Series H 3.5% and Series I 3.0%, (liquidation value $10,000 per share) noncumulative perpetual preferred stock at September 30, 2022 and 2,916 shares of Series D 4.5%, Series G 6%, Series H 3.5% and Series I 3% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2021 | ||
Additional paid-in capital preferred stock | 21,003 | 28,923 |
Common stock: no par value; 40,000,000 shares authorized; issued 19,858,738 and 19,708,375 at September 30, 2022 and December 31, 2021, respectively, outstanding 16,973,870 and 16,940,133, at September 30, 2022 and December 31, 2021, respectively | ||
Additional paid-in capital common stock | 195,057 | 193,927 |
Retained earnings | 105,894 | 81,171 |
Accumulated other comprehensive loss | (6,149) | 1,128 |
Treasury stock, at cost, 2,884,868 and 2,768,242 shares at September 30, 2022 and December 31, 2021, respectively | (33,123) | (31,125) |
Total Stockholders' Equity | 282,682 | 274,024 |
Total Liabilities and Stockholders' Equity | $ 3,265,612 | $ 2,967,528 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Loans receivable, allowance for loan losses | $ 33,195 | $ 33,195 | $ 37,119 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 2,123 | 2,123 | 2,916 |
Preferred stock, shares outstanding | 2,123 | 2,123 | 2,916 |
Common stock, no par value | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,858,738 | 19,858,738 | 19,708,375 |
Common stock, shares outstanding | 16,973,870 | 16,973,870 | 16,940,133 |
Treasury stock, shares | 2,884,868 | 2,884,868 | 2,768,242 |
Series D Preferred Stock [Member] | |||
Preferred stock, dividend rate | 4.50% | 4.50% | |
Preferred stock, liquidation preference per share | $ 10,000 | ||
Series G Preferred Stock [Member] | |||
Preferred stock, dividend rate | 6% | 6% | |
Preferred stock, liquidation preference per share | $ 10,000 | ||
Series H Preferred Stock [Member] | |||
Preferred stock, dividend rate | 3.50% | 3.50% | 3.50% |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | $ 10,000 |
Series I Preferred Stock [Member] | |||
Preferred stock, dividend rate | 3% | 3% | 3% |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | $ 10,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income: | ||||
Loans, including fees | $ 32,302 | $ 26,922 | $ 87,404 | $ 80,673 |
Mortgage-backed securities | 173 | 159 | 379 | 532 |
Other investment securities | 1,103 | 814 | 2,990 | 2,345 |
FHLB stock and other interest earning assets | 822 | 249 | 1,812 | 673 |
Total interest income | 34,400 | 28,144 | 92,585 | 84,223 |
Deposits: | ||||
Demand | 1,169 | 1,059 | 2,873 | 3,407 |
Savings and club | 113 | 131 | 331 | 376 |
Certificates of deposit | 1,087 | 1,344 | 2,916 | 4,975 |
Total deposits | 2,369 | 2,534 | 6,120 | 8,758 |
Borrowings | 1,080 | 997 | 2,701 | 3,226 |
Total interest expense | 3,449 | 3,531 | 8,821 | 11,984 |
Net interest income | 30,951 | 24,613 | 83,764 | 72,239 |
(Credit) provision for loan losses | 680 | (2,575) | 4,840 | |
Net interest income after (credit) provision for loan losses | 30,951 | 23,933 | 86,339 | 67,399 |
Non-interest income: | ||||
Fees and service charges | 1,251 | 713 | 3,678 | 2,853 |
BOLI income | 646 | 765 | 2,087 | 2,195 |
Gain on sales of loans | 18 | 83 | 126 | 575 |
Loss on bulk sale of impaired loans held in portfolio | (64) | |||
Gain on sales of other real estate owned | 11 | 11 | ||
Gain on sale of premises | 371 | |||
Realized and unrealized (losses) on equity investments | (559) | (307) | (5,546) | (4) |
Other | 90 | 52 | 188 | 150 |
Total non-interest income | 1,446 | 1,317 | 533 | 6,087 |
Non-interest expense: | ||||
Salaries and employee benefits | 6,944 | 6,511 | 20,395 | 19,568 |
Occupancy and equipment | 2,608 | 2,983 | 7,976 | 8,604 |
Data processing and communications | 1,520 | 1,511 | 4,454 | 4,493 |
Professional fees | 614 | 543 | 1,597 | 1,446 |
Director fees | 375 | 233 | 992 | 790 |
Regulatory assessments | 264 | 303 | 812 | 993 |
Advertising and promotional | 286 | 200 | 681 | 392 |
Other real estate owned, net | 1 | (11) | 6 | 12 |
Loss from extinguishment of debt | 337 | 1,071 | ||
Other | 841 | 918 | 2,555 | 2,899 |
Total non-interest expense | 13,453 | 13,528 | 39,468 | 40,268 |
Income before income tax provision | 18,944 | 11,722 | 47,404 | 33,218 |
Income tax provision | 5,552 | 3,400 | 13,897 | 9,729 |
Net Income | 13,392 | 8,322 | 33,507 | 23,489 |
Preferred stock dividends | 174 | 286 | 624 | 852 |
Net Income available to common stockholders | $ 13,218 | $ 8,036 | $ 32,883 | $ 22,637 |
Net Income per common share-basic and diluted | ||||
Basic | $ 0.78 | $ 0.47 | $ 1.94 | $ 1.33 |
Diluted | $ 0.76 | $ 0.47 | $ 1.89 | $ 1.31 |
Weighted average number of common shares outstanding | ||||
Basic | 16,982 | 17,019 | 16,986 | 17,085 |
Diluted | 17,356 | 17,222 | 17,369 | 17,242 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net Income | $ 13,392 | $ 8,322 | $ 33,507 | $ 23,489 |
Unrealized (losses) gains on available-for-sale debt securities: | ||||
Unrealized holding (losses) gains arising during the period | (4,191) | (161) | (9,675) | (12) |
Tax Effect | 1,039 | 40 | 2,398 | 3 |
Other comprehensive loss | (3,152) | (121) | (7,277) | (9) |
Comprehensive income | $ 10,240 | $ 8,201 | $ 26,230 | $ 23,480 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning balance at Dec. 31, 2020 | $ 217,999 | $ 58,335 | $ (26,918) | $ (205) | $ 249,211 | ||
Net income | 23,489 | 23,489 | |||||
Other comprehensive income | (9) | (9) | |||||
Stock-based compensation expense | 337 | 337 | |||||
Exercise of stock options | 281 | 281 | |||||
Treasury stock purchases | (2,511) | (2,511) | |||||
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock | (852) | (852) | |||||
Cash dividends on common stock (per share declared) | (7,241) | (7,241) | |||||
Dividend reinvestment plan | 343 | (343) | |||||
Stock purchase plan | 376 | 376 | |||||
Ending balance at Sep. 30, 2021 | 219,336 | 73,388 | (29,429) | (214) | 263,081 | ||
Beginning balance at Jun. 30, 2021 | 218,691 | 68,123 | (28,197) | (93) | 258,524 | ||
Net income | 8,322 | 8,322 | |||||
Other comprehensive income | (121) | (121) | |||||
Stock-based compensation expense | 86 | 86 | |||||
Exercise of stock options | 281 | 281 | |||||
Treasury stock purchases | (1,232) | (1,232) | |||||
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock | (286) | (286) | |||||
Cash dividends on common stock (per share declared) | (2,647) | (2,647) | |||||
Dividend reinvestment plan | 124 | (124) | |||||
Stock purchase plan | 154 | 154 | |||||
Ending balance at Sep. 30, 2021 | 219,336 | 73,388 | (29,429) | (214) | 263,081 | ||
Beginning balance at Dec. 31, 2021 | 222,850 | 81,171 | (31,125) | 1,128 | 274,024 | ||
Net income | 33,507 | 33,507 | |||||
Other comprehensive income | (7,277) | (7,277) | |||||
Stock-based compensation expense | 458 | 458 | |||||
Exercise of stock options | 3 | 3 | |||||
Treasury stock purchases | (1,998) | (1,998) | |||||
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock | (624) | (624) | |||||
Redemption of Series D, G and I Preferred Stock | (14,730) | (14,730) | |||||
Issuance of Series I Preferred Stock | 6,809 | 6,809 | |||||
Cash dividends on common stock (per share declared) | (7,809) | (7,809) | |||||
Dividend reinvestment plan | 351 | (351) | |||||
Stock purchase plan | 319 | 319 | |||||
Ending balance at Sep. 30, 2022 | 216,060 | 105,894 | (33,123) | (6,149) | 282,682 | ||
Beginning balance at Jun. 30, 2022 | 211,130 | 95,393 | (31,889) | (2,997) | 271,637 | ||
Net income | 13,392 | 13,392 | |||||
Other comprehensive income | (3,152) | (3,152) | |||||
Stock-based compensation expense | 267 | 267 | |||||
Exercise of stock options | 3 | 3 | |||||
Treasury stock purchases | (1,234) | (1,234) | |||||
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock | (174) | (174) | |||||
Issuance of Series I Preferred Stock | 4,439 | 4,439 | |||||
Cash dividends on common stock (per share declared) | (2,596) | (2,596) | |||||
Dividend reinvestment plan | 121 | (121) | |||||
Stock purchase plan | 100 | 100 | |||||
Ending balance at Sep. 30, 2022 | $ 216,060 | $ 105,894 | $ (33,123) | $ (6,149) | $ 282,682 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Exercise of stock options (shares) | 111,750 | 31,000 | 111,950 | 31,000 | |||
Treasury stock purchases (shares) | 116,626 | 91,491 | 71,513 | 189,366 | |||
Cash dividends on common stock (per share) | $ 0.16 | $ 0.16 | $ 0.14 | $ 0.14 | $ 0.48 | ||
Series D Preferred Stock [Member] | |||||||
Preferred stock, dividend rate | 4.50% | 4.50% | 4.50% | 4.50% | |||
Series G Preferred Stock [Member] | |||||||
Preferred stock, dividend rate | 6% | 6% | 6% | 6% | |||
Series H Preferred Stock [Member] | |||||||
Preferred stock, dividend rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | ||
Series I Preferred Stock [Member] | |||||||
Preferred stock, dividend rate | 3% | 3% | 3% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 33,507 | $ 23,489 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 1,735 | 2,156 |
Amortization and accretion, net | (1,005) | (406) |
(Credit) provision for loan losses | (2,575) | 4,840 |
Deferred income tax expense (benefit) | (505) | (938) |
Loans originated for sale | (5,733) | (21,927) |
Proceeds from sales of loans | 6,811 | 25,119 |
Gain on sales of loans originated for sale | (126) | (575) |
Gain on sale of premises | (371) | |
Realized and unrealized losses on equity investments | 5,546 | 4 |
Gain on sales of other real estate owned | (11) | |
Loss on bulk sale of impaired loans held in portfolio | 64 | |
Stock-based compensation expense | 458 | 337 |
BOLI Income | (2,087) | (2,195) |
(Increase) decrease in interest receivable | (1,910) | 2,536 |
(Increase) decrease in other assets | 700 | 1,313 |
Decrease in accrued interest payable | (214) | (803) |
(Decrease) increase in other liabilities | (1,841) | 454 |
Net Cash Provided by Operating Activities | 32,761 | 33,086 |
Cash flows from investing activities: | ||
Proceeds from repayments, calls, and maturities on securities available for sale | 9,310 | 29,245 |
Purchases of securities | (26,968) | (18,345) |
Proceeds from bulk sale of impaired loans | 3,442 | |
Proceeds from sales of securities | 1,232 | |
Net increase in loans receivable | (477,429) | (1,671) |
Purchases of BOLI | (8,500) | |
Proceeds from BOLI | 3,500 | |
Proceeds from sales of other real estate owned | 425 | |
Additions to premises and equipment | (221) | (254) |
Proceeds from the sale of fixed assets and premises | 742 | |
Redemption of Federal Home Loan Bank of New York stock | (6,304) | 3,131 |
Net Cash Used In Investing Activities | (496,880) | 8,215 |
Cash flows from financing activities: | ||
Net increase in deposits | 151,544 | 223,355 |
Proceeds from Federal Home Loan Bank of New York Advances | 140,000 | 10,000 |
Repayments of Federal Home Loan Bank of New York Advances | (83,000) | |
Purchases of treasury stock | (1,998) | (2,511) |
Cash dividends paid on common stock | (7,809) | (7,241) |
Cash dividends paid on preferred stock | (624) | (852) |
Net proceeds from issuance of common stock | 319 | 376 |
Net proceeds from issuance of preferred stock | 6,809 | |
Net payment for redemption of preferred stock | (14,730) | |
Proceeds from exercise of stock options | 3 | 281 |
Net Cash Provided by Financing Activities | 273,514 | 140,408 |
Net Increase (Decrease) in Cash and Cash Equivalents | (190,605) | 181,709 |
Cash and Cash Equivalents - Beginning | 411,629 | 261,229 |
Cash and Cash Equivalents - Ending | 221,024 | 442,938 |
Supplementary Cash Flow Information: | ||
Cash paid during the period for income taxes | 16,532 | 10,150 |
Cash paid during the period for interest | $ 9,036 | $ 12,787 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of BCB Bancorp, Inc. (the “Company”) and the Company’s wholly owned subsidiaries, BCB Community Bank (the “Bank”), BCB Holding Company Investment Corporation, Special Asset REO I, LLC., and Special Asset REO II, LLC. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited consolidated financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31 , or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between December 31, 2021 and the date these consolidated financial statements were issued. Risks and Uncertainties - We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The full fallout from the pandemic and its long-term impact on economies, markets, industries and financial institutions is not known at this time, and it may take years to fully determine COVID-19’s economic impact. The occurrence of events which adversely affect the global, national and regional economies may have a negative impact on our business. Like other financial institutions, our business relies upon the ability and willingness of our customers to transact business with us, including banking, borrowing and other financial transactions. A strong and stable economy at each of the local, federal and global levels is often a critical component of consumer confidence and typically correlates positively with our customers’ ability and willingness to transact certain types of business with us. Local and global events outside of our control which disrupt the New Jersey, New York, United States and/or global economy may therefore negatively impact our business and financial condition. A public health crisis such as the COVID-19 pandemic is no exception, and its adverse health and economic effects may adversely impact our business and financial condition. As of the date of issuance of the condensed consolidated financial statements, the extent to which the COVID-19 pandemic may impact the Company’s financial condition, liquidity, or results of operations is uncertain. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 2 - Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the consolidated financial statements. The amendments are effective for the Company in 2023. The Company has begun evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. The effect of this change cannot be ascertained at this point, and will depend upon factors including asset components, asset quality and market conditions at the adoption date. The Company has created a Current Expected Credit Loss (“CECL”) task group comprised of members of its finance, credit administration, lending, internal audit, loan operations, compliance, and information systems units. The CECL task group has become familiar with the provisions of ASU 2016-13 and is in the process of implementing the new guidance, which includes, but is not limited to: (1) identifying segments and sub-segments within the loan portfolio that have similar risk characteristics; (2) determining the appropriate methodology for each segment; (3) implementing changes that are necessary to its core operating system and interfaces to be able to capture appropriate data requirements; and (4) evaluating qualitative and economic factors to develop appropriate forecasts for integration into the model. The Company is currently evaluating the effect this guidance may have on its operating results and/or financial position, including assessing any potential impact on its capital. |
Reclassification
Reclassification | 9 Months Ended |
Sep. 30, 2022 | |
Reclassification [Abstract] | |
Reclassification | Note 3 – Reclassification Certain amounts as of December 31, 2021 and for the nine month period ended September 30, 2021 have been reclassified to conform to the current period’s presentation. These changes had no effect on the Company’s results of operations or financial position. |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2022 | |
Equity Incentive Plans [Abstract] | |
Equity Incentive Plans | Note 4 – Equity Incentive Plans Equity Incentive Plans The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank were eligible to participate in the 2011 Stock Plan. All stock options were granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees were permitted to receive incentive stock options. No awards were permitted to be granted under this Plan after April 26, 2021 pursuant to the terms of the 2011 Equity Incentive Plan (defined below). The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options, restricted stock awards, restricted stock units, and performance awards. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Equity Incentive Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. Under the 2018 Equity Incentive Plan, on February 10, 2021, grants of 66,000 options, in aggregate, were declared for members of the Board of Directors of the Bank and the Company which vest over a 5 -year period, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 10, 2021. On February 10, 2021, awards of 26,400 shares of restricted stock, in aggregate, were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4 -year period, commencing on the anniversary of the award date. On February 19, 2021, an award of 300 shares of restricted stock was declared for an officer of the Bank and the Company, which vests over a 2 -year period, commencing on the anniversary of the award date. Further, on April 26, 2021, grants of 6,800 options, in aggregate, were declared for certain officers of the Bank and the Company, which vest over a 5 -year period commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on April 26, 2021. On January 12, 2022, awards of 33,000 shares of restricted stock, in aggregate, were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4 -year period, commencing on the anniversary of the award date. Note 4 – Equity Incentive Plans (Continued) The following table presents a summary of the status of the Company’s restricted shares as of September 30, 2022 and 2021. Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2022 26,700 $ 12.89 Granted 69,000 17.05 Vested ( 9,150 ) 13.91 Forfeited - - Non-vested at September 30, 2022 86,550 $ 16.19 Restricted stock expense for the nine months ended September 30, 2022 and September 30, 2021 was $ 278,000 and $ 162,000 , respectively. Expected future expenses relating to the non-vested restricted shares outstanding as of September 30, 2022 was approximately $ 1.1 million over a weighted average period of 1.65 years . The following table presents a summary of the status of the Company’s outstanding stock option awards as of September 30, 2022. Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2022 1,194,425 $ 9.02 - 13.68 $ 11.64 Options granted - - - Options exercised ( 111,950 ) 9.02 - 13.68 11.52 Options forfeited - - - Options expired - - - Outstanding at September 30, 2022 1,082,475 $ 9.02 - 13.68 $ 11.65 As of September 30, 2022, stock options which were granted and were exercisable totaled 844,035 . It is Company policy to issue new shares upon share option exercise. Compensation expense for the nine months ended September 30, 2022 and September 30, 2021 was $ 180,000 and $ 175,000 , respectively. Expected future compensation expense relating to the 238,440 shares of unvested options outstanding as of September 30, 2022 was $ 418,000 over a weighted average period of 3.91 years. |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 5 – Net Income per Common Share Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months ended September 30, 2022 and 2021, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended September 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 0 , respectively. For the nine months ended September 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 7,015 , respectively. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: For the Three Months Ended September 30, 2022 2021 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Basic earnings per share: Income available to common stockholders $ 13,218 16,982 $ 0.78 $ 8,036 17,019 $ 0.47 Effect of dilutive securities: - - - - Stock options - 374 - 203 Diluted earnings per share: Income available to common stockholders $ 13,218 17,356 $ 0.76 $ 8,036 17,222 $ 0.47 For the Nine Months Ended September 30, 2022 2021 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Basic earnings per share: Income available to common stockholders $ 32,883 16,986 $ 1.94 $ 22,637 17,085 $ 1.33 Effect of dilutive securities: Stock options - 383 - 157 Diluted earnings per share: Income available to common stockholders $ 32,883 17,369 $ 1.89 $ 22,637 17,242 $ 1.31 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Securities [Abstract] | |
Securities | Note 6 - Securities Equity Securities Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2022 and 2021: For the three months ended September 30, For the nine months ended September 30, (In Thousands) 2022 2021 2022 2021 Net (losses) gains recognized during the period on equity securities held at the reporting date $ ( 559 ) $ ( 307 ) $ ( 5,487 ) $ ( 4 ) Net losses recognized during the period on equity securities sold during the period - - ( 59 ) - Realized and unrealized losses on equity investments during the reporting period $ ( 559 ) $ ( 307 ) $ ( 5,546 ) $ ( 4 ) Note 6 - Securities (continued) Debt Securities Available for Sale The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of September 30, 2022 and December 31, 2021: September 30, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: Less than one year $ - $ - $ - $ - More than one to five years - - - - More than five to ten years 5,754 - 401 5,353 More than ten years 23,708 - 3,620 20,088 Sub-total: 29,462 - 4,021 25,441 Corporate Debt securities: More than five to ten years 66,499 - 3,199 63,300 Sub-total: 66,499 - 3,199 63,300 Municipal obligations: More than ten years 4,025 - 15 4,010 Sub-total: 4,025 - 15 4,010 Total securities $ 99,986 $ - $ 7,235 $ 92,751 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: Due within one year $ 2,952 $ - $ 114 $ 2,838 More than one to five years 53 - - 53 More than five to ten years 6,317 165 27 6,455 More than ten years 21,555 298 287 21,566 Sub-total: 30,877 463 428 30,912 Corporate Debt securities: More than five to ten years 47,765 2,465 159 50,071 Sub-total: 47,765 2,465 159 50,071 Municipal obligations: Due after ten years 4,104 99 - 4,203 Sub-total: 4,104 99 - 4,203 Total Debt Securities Available $ 82,746 $ 3,027 $ 587 $ 85,186 Note 6 - Securities (continued) The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows: 12 Months or Less More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) September 30, 2022 Residential mortgage-backed securities $ 19,430 $ 2,441 $ 6,012 $ 1,580 $ 25,442 $ 4,021 Corporate Debt securities 56,521 3,079 5,978 120 62,499 3,199 Municipal bond 4,010 15 4,010 15 $ 79,961 $ 5,535 $ 11,990 $ 1,700 $ 91,951 $ 7,235 December 31, 2021 Residential mortgage-backed securities $ 7,801 $ 159 $ 4,681 $ 269 $ 12,482 $ 428 Corporate Debt Securities 12,324 159 - - 12,324 159 $ 20,125 $ 318 $ 4,681 $ 269 $ 24,806 $ 587 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At September 30, 2022 and December 31, 2021, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities and corporate debt on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depends on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these securities, at September 30, 2022 and December 31, 2021, to be temporary. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2022 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 7 - Loans Receivable and Allowance for Loan Losses The following tables present the recorded investment in loans receivable as of September 30, 2022 and December 31, 2021 by segment and class: September 30, 2022 December 31, 2021 (In Thousands) Residential one-to-four family $ 242,238 $ 224,534 Commercial and multi-family 2,164,320 1,720,174 Construction 153,103 153,904 Commercial business (1) 205,661 191,139 Home equity (2) 56,064 50,469 Consumer 2,545 3,717 2,823,931 2,343,937 Less: Deferred loan fees, net ( 3,721 ) ( 1,876 ) Allowance for loan losses ( 33,195 ) ( 37,119 ) Total Loans, net $ 2,787,015 $ 2,304,942 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 – Loans Receivable and Allowance for Loan Losses (Continued) Allowance for Loan Losses The allowance for loan loss is evaluated regularly by management and reflects consideration of all significant factors that affect the collectability of the loan portfolio. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements. These elements include a general allocated reserve for performing loans, a specific reserve for impaired loans and an unallocated portion. The Company consistently applies the following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include: Lending policies and procedures; Personnel responsible for the particular portfolio - relative to experience and ability of staff; Trend for past due, criticized and classified loans; Relevant economic factors; Quality of the loan review system; Value of collateral for collateral dependent loans; The effect of any concentrations of credit and the changes in the level of such concentrations; and Other external factors. The methodology includes the segregation of the loan portfolio into two divisions: performing loans and loans determined to be impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience with an adjustment for the qualitative factors listed above. Impaired loans can be loans which are more than 90 days delinquent, troubled debt restructurings, in the process of foreclosure, or a forced bankruptcy plan. These loans are individually evaluated for loan loss either by current appraisal, or net present value of expected cash flows. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly. During 2022 and 2021, additional stress tests were performed to model a potential collateral deficiency on those loans that are in sectors that have demonstrated a weakness in the current COVID environment. The Bank also maintains an unallocated allowance to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Management must make estimates using assumptions and information that is often subjective and subject to change. The loan portfolio is segmented into the following loan segments, where the risk level for each class is analyzed when determining the allowance for loan losses: Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower. Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions. Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence. Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three and nine months ended September 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2022 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2022 $ 2,565 $ 21,157 $ 2,348 $ 7,639 $ 387 $ 17 - $ 34,113 Charge-offs: - - - ( 931 ) - - ( 931 ) Recoveries: 7 - - 2 4 - - 13 (Credit) Provisions: ( 374 ) 390 96 ( 993 ) 75 3 803 - Ending Balance, September 30, 2022 2,198 21,547 2,444 5,717 466 20 803 33,195 Ending Balance attributable to loans: Individually evaluated for impairment 204 - 519 3,509 6 - - 4,238 Collectively evaluated for impairment 1,994 21,547 1,925 2,208 460 20 803 28,957 Ending Balance, September 30, 2022 2,198 21,547 2,444 5,717 466 20 803 33,195 Loans Receivables: Individually evaluated for impairment 4,914 27,090 3,180 4,607 733 - - 40,524 Collectively evaluated for impairment 237,324 2,137,230 149,923 201,054 55,331 2,545 - 2,783,407 Total Gross Loans: $ 242,238 $ 2,164,320 $ 153,103 $ 205,661 $ 56,064 $ 2,545 $ - $ 2,823,931 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2022 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 Charge-offs: - - - ( 1,703 ) - - - ( 1,703 ) Recoveries: 9 - - 138 9 198 - 354 (Credit) Provisions: ( 1,905 ) ( 518 ) 213 ( 718 ) ( 76 ) ( 192 ) 621 ( 2,575 ) Ending Balance, September 30, 2022 $ 2,198 $ 21,547 $ 2,444 $ 5,717 $ 466 $ 20 $ 803 $ 33,195 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three and nine months ended September 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2021 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2021 $ 2,911 $ 24,438 $ 2,341 $ 6,852 $ 294 - $ 3 $ 633 $ 37,472 Charge-offs: - - - - - - - - Recovery: - - - 1 3 - - 4 (Credit) Provisions: ( 75 ) 370 ( 307 ) 879 19 20 ( 226 ) 680 Ending Balance September 30, 2021 $ 2,836 $ 24,808 $ 2,034 $ 7,732 $ 316 $ 23 $ 407 $ 38,156 Ending Balance attributable to loans: Individually evaluated for impairment $ 276 $ 1,469 $ 150 $ 5,770 $ 16 $ - $ - $ 7,681 Collectively evaluated for impairment 2,560 23,339 1,884 1,962 300 23 407 30,475 Ending Balance September 30, 2021 $ 2,836 $ 24,808 $ 2,034 $ 7,732 $ 316 $ 23 $ 407 $ 38,156 Loans Receivables: Individually evaluated for impairment $ 5,104 $ 39,356 $ 2,787 $ 10,343 $ 1,273 $ - $ - $ 58,863 Collectively evaluated for impairment 219,226 1,700,620 146,289 151,073 50,836 2,730 - 2,270,774 Total Gross Loans: $ 224,330 $ 1,739,976 $ 149,076 $ 161,416 $ 52,109 $ 2,730 $ - $ 2,329,637 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2021 $ 3,293 $ 21,772 $ 1,977 $ 6,306 $ 286 $ - $ 5 $ 33,639 Charge-offs: ( 60 ) - - ( 103 ) - ( 198 ) - ( 361 ) Recovery: 27 - - 2 - 9 - 38 (Credit) Provisions: ( 424 ) 3,036 57 1,527 30 212 402 4,840 Ending Balance, September 30, 2021 $ 2,836 $ 24,808 $ 2,034 $ 7,732 $ 316 $ 23 $ 407 $ 38,156 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table sets forth the amount recorded in loans receivable at December 31, 2021. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Ending Balance attributable to loans: Individually evaluated for impairment $ 265 $ 1,690 $ 210 $ 5,650 $ 13 $ - $ - $ 7,828 Collectively evaluated for impairment 3,829 20,375 2,021 2,350 520 14 182 29,291 Ending Balance, December 31, 2021 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 Loans Receivables: Individually evaluated for impairment $ 4,961 $ 31,745 $ 2,847 $ 8,746 $ 1,083 $ - $ - $ 49,382 Collectively evaluated for impairment 219,573 1,688,429 151,057 182,393 49,386 3,717 - 2,294,555 Total Gross Loans: $ 224,534 $ 1,720,174 $ 153,904 $ 191,139 $ 50,469 $ 3,717 $ - $ 2,343,937 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and nine months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2021 2022 2022 2021 2021 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income Investment Recognized Investment Recognized Investment Recognized Investment Recognized Loans with no related allowance recorded: Residential one-to-four family $ 2,862 $ 36 $ 3,050 $ 37 $ 2,881 $ 109 $ 2,973 $ 108 Commercial and Multi-family 27,360 315 29,742 271 25,415 901 30,614 830 Construction - - - - - - 929 36 Commercial business (1) 828 3 2,465 65 1,149 73 3,143 104 Home equity (2) 488 7 938 12 474 17 1,048 35 Consumer - - - - - - - - Total Impaired Loans with no allowance recorded: $ 31,538 $ 361 $ 36,195 $ 385 $ 29,919 $ 1,100 $ 38,707 $ 1,113 - - Loans with an allowance recorded: Residential one-to-four family $ 1,989 24 $ 2,110 $ 66 $ 1,964 $ 61 $ 2,302 $ 165 Commercial and Multi-family - 10,942 100 1,125 266 11,204 331 Construction 3,112 - 2,787 3 3,059 22 1,858 6 Commercial business (1) 4,567 - 8,197 24 4,953 65 8,388 141 Home equity (2) 264 - 340 - 276 5 368 2 Consumer - - - - - - - - Total Impaired Loans with an allowance recorded: $ 9,932 $ 24 $ 24,376 $ 193 $ 11,377 $ 419 $ 24,120 $ 645 - - Total Impaired Loans: $ 41,470 $ 385 $ 60,571 $ 578 $ 41,296 $ 1,519 $ 62,827 $ 1,758 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table summarizes the recorded investment by portfolio class at September 30, 2022 and December 31, 2021. (in thousands): As of September 30, 2022 As of December 31, 2021 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Investment Balance Allowance Investment Balance Allowance Loans with no related allowance recorded: Residential one-to-four family $ 2,845 $ 3,209 $ - $ 2,950 $ 3,300 $ - Commercial and multi-family 27,090 28,266 - 20,915 22,100 - Construction - - - - - - Commercial business (1) 947 4,910 - 2,114 6,905 - Home equity (2) 504 504 - 779 780 - Total Impaired Loans with no related allowance recorded: $ 31,386 $ 36,889 $ - $ 26,758 $ 33,085 $ - Loans with an allowance recorded: Residential one-to-four family $ 2,069 $ 2,090 $ 204 $ 2,011 $ 2,032 $ 265 Commercial and Multi-family - - - 10,830 14,494 1,690 Construction 3,180 3,180 519 2,847 2,847 210 Commercial business (1) 3,660 8,519 3,509 6,632 17,514 5,650 Home equity (2) 229 229 6 304 304 13 Total Impaired Loans with an allowance recorded: $ 9,138 $ 14,018 $ 4,238 $ 22,624 $ 37,191 $ 7,828 Total Impaired Loans: $ 40,524 $ 50,907 $ 4,238 $ 49,382 $ 70,276 $ 7,828 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) A troubled debt restructured loan (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a concession that would otherwise not be granted to the borrower. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses. At September 30, 2022 At December 31, 2021 (In thousands) Recorded investment in TDRs: Accrual status $ 10,503 $ 12,402 Non-accrual status 483 3,570 Total recorded investment in TDRs $ 10,986 $ 15,972 The Company granted one TDR loan of $ 180,078 and one TDR loan of $ 168,102 for the three months ended September 30, 2022 and September 30, 2021, respectively. For the three months ended September 30, 2022 and September 30, 2021, TDRs, for which there was a payment default within twelve months of restructuring, totaled $ 0 and $ 232,072 for one loan, respectively. The following table sets forth the delinquency status of total loans receivable as of September 30, 2022: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 615 $ 187 $ 230 $ 1,032 $ 241,206 $ 242,238 $ 230 Commercial and multi-family 2,245 356 757 3,358 2,160,962 2,164,320 - Construction - - 3,180 3,180 149,923 153,103 - Commercial business (1) 885 47 1,578 2,510 203,151 205,661 - Home equity (2) 199 - - 199 55,865 56,064 - Consumer - - - 2,545 2,545 - Total $ 3,944 $ 590 $ 5,745 $ 10,279 $ 2,813,652 $ 2,823,931 $ 230 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2021: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 1,063 $ - $ 86 $ 1,149 $ 223,385 $ 224,534 $ - Commercial and multi-family 1,181 - 5,167 6,348 1,713,826 1,720,174 - Construction 2,899 - 2,847 5,746 148,158 153,904 - Commercial business (1) 405 166 6,775 7,346 183,793 191,139 3,124 Home equity (2) 190 - 27 217 50,252 50,469 - Consumer - - - - 3,717 3,717 - Total $ 5,738 $ 166 $ 14,902 $ 20,806 $ 2,323,131 $ 2,343,937 $ 3,124 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at September 30, 2022 and December 31, 2021, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of September 30, 2022, and December 31, 2021, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans, loans 90 days past due and still accruing, or loans that were previously 90 days past due which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the loan. There were $ 230,000 at September 30, 2022 and $ 3.8 million at December 31, 2021 in nonaccrual loans that were less than ninety days past due. Nonaccrual loans do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $ 0 at September 30, 2022 and $ 670,000 at December 31, 2021. As of September 30, 2022 As of December 31, 2021 (In Thousands) (In Thousands) Non-Accruing Loans: Residential one-to-four family $ 263 $ 282 Commercial and multi-family 757 8,601 Construction 3,180 2,847 Commercial business (1) 4,305 3,132 Home equity (2) - 27 Total $ 8,505 $ 14,889 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the nine months ended September 30, 2022 and the twelve months ended December 31, 2021 would have been approximately $ 842,000 and $ 1.3 million, respectively. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) Criticized and Classified Assets Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.” When the Company classifies problem assets, the Company may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining the Company’s regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. The loans classified as substandard are secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued. The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below: 6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. 7 – Substandard - Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention. 8 – Doubtful - Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. 9 – Loss - Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of September 30, 2022 (in thousands). As of September 30, 2022, the Company had no loans with the classified rating of doubtful or loss. Pass Special Mention Substandard Total Residential one-to-four family $ 241,324 $ 485 $ 429 $ 242,238 Commercial and multi-family 2,122,215 20,064 22,041 2,164,320 Construction 149,923 - 3,180 153,103 Commercial business (1) 196,583 4,760 4,318 205,661 Home equity (2) 55,803 49 212 56,064 Consumer 2,545 - - 2,545 Total Gross Loans $ 2,768,393 $ 25,358 $ 30,180 $ 2,823,931 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2021 (in thousands). As of December 31, 2021, the Company had no loans with the classified rating of doubtful or loss. Pass Special Mention Substandard Total Residential one-to-four family $ 223,660 $ 505 $ 369 $ 224,534 Commercial and multi-family 1,647,701 45,087 27,386 1,720,174 Construction 151,057 - 2,847 153,904 Commercial business (1) 178,056 4,767 8,316 191,139 Home equity (2) 50,230 - 239 50,469 Consumer 3,717 - - 3,717 Total Gross Loans $ 2,254,421 $ 50,359 $ 39,157 $ 2,343,937 ________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 8 – Stockholders’ Equity On September 23, 2022, the company closed a round of private placement of Series I Noncumulative Perpetual Stock, par value $ 0.01 per share (the “Series I Preferred Stock”), resulting in gross proceeds of $ 4,440,000 for 444 shares. On May 1, 2022, the Company redeemed all 940 outstanding shares of it’s Series D 4.5 % Noncumulative Perpetual Preferred Stock, at their face value of $ 10,000 per share, for a total redemption amount of $ 9.4 million. On March 24, 2022, BCB Bancorp, Inc. (the “Company”) closed a round of private placement of Series I Noncumulative Perpetual Stock, par value $ 0.01 per share (the “Series I Preferred Stock”), resulting in gross proceeds of $ 2,620,000 for 260 shares. On February 4, 2022, the Company redeemed all 533 outstanding shares of its Series G 6.0 % Noncumulative Perpetual Preferred Stock, at their face value of $ 10,000 per share, for a total redemption amount of $ 5.3 million. On December 21, 2021, BCB Bancorp, Inc. (the “Company”) closed a round of private placement of Series I Noncumulative Perpetual Stock, par value $ 0.01 per share (the “Series I Preferred Stock”), resulting in gross proceeds of $ 3,200,000 for 320 shares. |
Bank Owned Life Insurance
Bank Owned Life Insurance | 9 Months Ended |
Sep. 30, 2022 | |
Bank Owned Life Insurance [Abstract] | |
Bank Owned Life Insurance | Note 9 – Bank Owned Life Insurance The Bank purchased an additional $ 8.5 million of bank owned life insurance (“BOLI”) in January, 2021. BOLI involves life insurance purchased by the Bank on a chosen group of employees, and the Bank is owner and beneficiary of the policies. At September 30, 2022 the Bank had $ 71.1 million in BOLI. BOLI is accounted for using the cash surrender value method and is recorded at its net realizable value. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 10 – Goodwill and Other Intangible Assets The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with the acquisition of IA Bancorp, Inc. as of April 17, 2018. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstances indicate it may be impaired. The Company’s core deposit intangibles are amortized on an accelerated basis using an estimated life of 10 years and in accordance with U.S. GAAP are evaluated annually for impairment. An impairment loss will be recognized if the carrying amount of the intangible asset is not recoverable and exceeds fair value. The carrying amount of the intangible asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. The Company believes that the fair values of its goodwill and other intangible assets were in excess of their carrying amounts and there was no impairment at September 30, 2022. Amortization expense of the core deposit intangibles was $ 12,000 and $ 37,000 for the three and nine months ended September 30, 2022, respectively, and $ 14,000 and $ 43,000 for the three and nine months ended September 30, 2021. The unamortized balance of the core deposit intangibles and the amount of goodwill at September 30, 2022 was $ 141,000 and $ 5.2 million, respectively. The unamortized balance of the core deposits intangibles and the amount of goodwill at September 30, 2021 was $ 191,000 and $ 5.3 million, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 11 – Fair Values of Financial Instruments Guidance on fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted 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. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets that the Company measured at fair value on a recurring basis were as follows (In thousands): (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of September 30, 2022: Securities Debt Securities Available for Sale $ 92,751 $ - $ 92,751 $ - Marketable Equities $ 18,408 $ 18,408 $ - $ - Total Securities $ 111,159 $ 18,408 $ 92,751 $ - As of December 31, 2021: Securities Debt Securities Available for Sale $ 85,186 $ - $ 85,186 $ - Marketable Equities $ 25,187 $ 25,187 $ - $ - Total Securities $ 110,373 $ 25,187 $ 85,186 $ - The Company’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers of assets or liabilities into or out of Level 1, Level 2, or Level 3 of the fair value hierarchy during the three months ended September 30, 2022 and 2021. There were no liabilities measured at fair value on a recurring basis at September 30, 2022 or December 31, 2021. Assets that the Company measured at fair value on a nonrecurring basis were as follows. (In thousands): (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of September 30, 2022 Impaired Loans $ 4,900 $ - $ - $ 4,900 Other real estate owned $ 75 $ - $ - $ 75 As of December 31, 2021: Impaired Loans $ 14,796 $ - $ - $ 14,796 Other real estate owned $ 75 $ - $ - $ 75 There were no liabilities measured at fair value on a recurring basis at September 30, 2022 or December 31, 2021. Note 11 – Fair Values of Financial Instruments (Continued) The following tables present additional quantitative information as of September 30, 2022 and December 31, 2021 about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value. (Dollars in thousands): Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range September 30, 2022: Impaired Loans $ 4,900 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 75 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Fair Value Valuation Unobservable Estimate Techniques Input Range December 31, 2021: Impaired Loans $ 14,796 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 75 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments as of September 30, 2022 and December 31, 2021. Cash and Cash Equivalents and Interest-Earning Time Deposits (Carried at Cost) The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate fair values. Securities (Carried at Fair Value) The fair value of securities is determined by obtaining quoted market prices on nationally recognized security exchanges (Level 1) or, by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. Loans Held for Sale (Carried at Cost) The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at the lower of cost or fair value. Loans Receivable (Carried at Cost) The fair values of loans, except for certain impaired loans, are estimated using discounted cash flow analyses, using market rates at the date of the Statement of Financial Condition that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Note 11 – Fair Values of Financial Instruments (Continued) Impaired Loans (Generally Carried at Fair Value) Impaired loans are those for which the Company has measured and recorded an impairment generally based on the fair value of the loan’s collateral, less estimated costs to sell. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value at September 30, 2022 and December 31, 2021 consisted of the loan balances of $ 9.1 million net of a valuation allowance of $ 4.2 million and $ 22.6 million net of a valuation of loan allowance of $ 7.8 million, respectively. Other Real Estate Owned (Generally Carried at Lower of Cost or Fair Value) Real Estate Owned is generally carried at fair value less estimated costs to sell which is determined based upon independent third-party appraisals of the properties or based upon the expected proceeds from a pending sale. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. FHLB of New York Stock (Carried at Cost) The carrying amount of restricted investment in bank stock approximates fair value and considers the limited marketability of such securities. Accrued Interest Receivable and Payable (Carried at Cost) The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. Deposits (Carried at Cost) The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts1) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Debt Including Subordinated Debentures (Carried at Cost) Fair values of debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity. Prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Off-Balance Sheet Financial Instruments (Disclosed at Cost) Fair values for the Company’s off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table. Note 11 – Fair Values of Financial Instruments (Continued) The carrying values and estimated fair values of financial instruments were as follows as of September 30, 2022 and December 31, 2021: As of September 30, 2022 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 221,024 $ 221,024 $ 221,024 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 92,751 92,751 - 92,751 - Equity investments 18,408 18,408 18,408 - - Loans held for sale - - - - - Loans receivable, net 2,787,015 2,604,820 - - 2,604,820 FHLB of New York stock, at cost 12,388 12,388 - 12,388 - Accrued interest receivable 11,093 11,093 - 11,093 - Financial liabilities: Deposits 2,712,946 2,400,813 1,749,373 651,440 - Borrowings 212,123 206,426 - 206,426 - Subordinated debentures 37,450 40,502 - 40,502 - Accrued interest payable 837 837 - 837 - As of December 31, 2021 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 411,629 $ 411,629 $ 411,629 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 85,186 85,186 - 85,186 - Equity investments 25,187 25,187 25,187 - - Loans held for sale 952 952 - 952 - Loans receivable, net 2,304,942 2,313,204 - - 2,313,204 FHLB of New York stock, at cost 6,084 6,084 - 6,084 - Accrued interest receivable 9,183 9,183 - 9,183 - Financial liabilities: Deposits 2,561,402 2,520,191 1,881,121 639,070 - Debt 71,711 71,214 - 71,214 - Subordinated debentures 37,275 45,020 - 45,020 - Accrued interest payable 1,051 1,051 - 1,051 - |
Subordinated Debt
Subordinated Debt | 9 Months Ended |
Sep. 30, 2022 | |
Subordinated Debt [Abstract] | |
Subordinated Debt | Note 12 – Subordinated debt On July 30, 2018, the Company issued $ 33.5 million of fixed-to-floating rate subordinated debentures (the “Notes”) in a private placement. The Notes have a 10 -year term and bear interest at a fixed annual rate of 5.625 % for the first five years of the term (the "Fixed Interest Rate Period"). From and including August 1, 2023, the interest rate will adjust to a floating rate based on the three-month LIBOR plus 2.72 % until redemption or maturity (the "Floating Interest Rate Period"). The Notes are scheduled to mature on August 1, 2028. Subject to limited exceptions, the Company cannot redeem the Notes for the first five years of the term. The Company will pay interest in arrears semi-annually during the Fixed Interest Rate Period and quarterly during the Floating Interest Rate Period during the term of the Notes. The Notes constitute an unsecured and subordinated obligation of the Company and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The Notes qualify as Tier 2 capital for the Company for regulatory purposes, when applicable, and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The additional capital is used for general corporate purposes including organic growth initiatives. Subordinated debt includes associated deferred costs of $ 174,000 and $ 349,000 at September 30, 2022 and December 31, 2021, respectively. The Company also has $ 4,124,000 of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly, equal to the three-month LIBOR plus 2.65 %. As it is anticipated that LIBOR will not be supported in its current form after June 30, 2023, the Company is reviewing the agreements for the above debentures to determine alternative reference rates and does not anticipate there will be a significant financial statement impact. |
Lease Obligations
Lease Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Lease Obligations [Abstract] | |
Lease Obligations | Note 13 – Lease Obligations The Company leases 28 of its offices under various operating lease agreements. The leases have remaining terms of one year to 10 years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets. The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months. The following tables present certain information related to the Company’s leases (in thousands): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Operating lease expense $ 964 $ 917 $ 2,804 $ 2,801 Variable lease expense-operating leases $ 258 $ 236 $ 734 $ 726 At September 30, 2022 At December 31, 2021 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 11,785 $ 12,457 Current liabilities $ 3,033 $ 3,296 Operating lease liabilities (noncurrent portion) 9,963 10,529 Imputed Interest ( 894 ) ( 1,073 ) Total operating lease liabilities $ 12,102 $ 12,752 The weighted average remaining lease term for operating leases at September 30, 2022 and December 31, 2021 was 5.63 years and 5.99 years, respectively. The weighted average discount rate for operating leases at September 30, 2022 and December 31, 2021 was 2.39 percent and 2.60 percent, respectively. The following table summarizes the Company’s maturity of lease obligations for operating leases at September 30, 2022 and December 31, 2021 (in thousands): Maturities of lease liabilities: At September 30, 2022 At December 31, 2021 Operating Leases Operating Leases One year or less $ 3,033 $ 3,296 Over one year through three years 4,544 4,455 Over three years through five years 3,082 3,012 Over five years 2,337 3,062 Gross Operating Lease Liabilities $ 12,996 $ 13,825 Imputed Interest ( 894 ) ( 1,073 ) Total Operating Lease Liabilities $ 12,102 $ 12,752 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Events On October 11, 2022 , the Board of Directors of the Company declared a cash dividend of $ 0.16 per share to shareholders of record of its common stock on November 1, 2022 with a payment date of November 15, 2022 . |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Incentive Plans [Abstract] | |
Summary of Status of Restricted Shares | Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2022 26,700 $ 12.89 Granted 69,000 17.05 Vested ( 9,150 ) 13.91 Forfeited - - Non-vested at September 30, 2022 86,550 $ 16.19 |
Summary of Stock Option Activity | Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2022 1,194,425 $ 9.02 - 13.68 $ 11.64 Options granted - - - Options exercised ( 111,950 ) 9.02 - 13.68 11.52 Options forfeited - - - Options expired - - - Outstanding at September 30, 2022 1,082,475 $ 9.02 - 13.68 $ 11.65 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Net Income per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Three Months Ended September 30, 2022 2021 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Basic earnings per share: Income available to common stockholders $ 13,218 16,982 $ 0.78 $ 8,036 17,019 $ 0.47 Effect of dilutive securities: - - - - Stock options - 374 - 203 Diluted earnings per share: Income available to common stockholders $ 13,218 17,356 $ 0.76 $ 8,036 17,222 $ 0.47 For the Nine Months Ended September 30, 2022 2021 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Basic earnings per share: Income available to common stockholders $ 32,883 16,986 $ 1.94 $ 22,637 17,085 $ 1.33 Effect of dilutive securities: Stock options - 383 - 157 Diluted earnings per share: Income available to common stockholders $ 32,883 17,369 $ 1.89 $ 22,637 17,242 $ 1.31 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Securities [Abstract] | |
Summary of Disaggregated Net Losses on Equity Securities | For the three months ended September 30, For the nine months ended September 30, (In Thousands) 2022 2021 2022 2021 Net (losses) gains recognized during the period on equity securities held at the reporting date $ ( 559 ) $ ( 307 ) $ ( 5,487 ) $ ( 4 ) Net losses recognized during the period on equity securities sold during the period - - ( 59 ) - Realized and unrealized losses on equity investments during the reporting period $ ( 559 ) $ ( 307 ) $ ( 5,546 ) $ ( 4 ) |
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale | September 30, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: Less than one year $ - $ - $ - $ - More than one to five years - - - - More than five to ten years 5,754 - 401 5,353 More than ten years 23,708 - 3,620 20,088 Sub-total: 29,462 - 4,021 25,441 Corporate Debt securities: More than five to ten years 66,499 - 3,199 63,300 Sub-total: 66,499 - 3,199 63,300 Municipal obligations: More than ten years 4,025 - 15 4,010 Sub-total: 4,025 - 15 4,010 Total securities $ 99,986 $ - $ 7,235 $ 92,751 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: Due within one year $ 2,952 $ - $ 114 $ 2,838 More than one to five years 53 - - 53 More than five to ten years 6,317 165 27 6,455 More than ten years 21,555 298 287 21,566 Sub-total: 30,877 463 428 30,912 Corporate Debt securities: More than five to ten years 47,765 2,465 159 50,071 Sub-total: 47,765 2,465 159 50,071 Municipal obligations: Due after ten years 4,104 99 - 4,203 Sub-total: 4,104 99 - 4,203 Total Debt Securities Available $ 82,746 $ 3,027 $ 587 $ 85,186 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12 Months or Less More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) September 30, 2022 Residential mortgage-backed securities $ 19,430 $ 2,441 $ 6,012 $ 1,580 $ 25,442 $ 4,021 Corporate Debt securities 56,521 3,079 5,978 120 62,499 3,199 Municipal bond 4,010 15 4,010 15 $ 79,961 $ 5,535 $ 11,990 $ 1,700 $ 91,951 $ 7,235 December 31, 2021 Residential mortgage-backed securities $ 7,801 $ 159 $ 4,681 $ 269 $ 12,482 $ 428 Corporate Debt Securities 12,324 159 - - 12,324 159 $ 20,125 $ 318 $ 4,681 $ 269 $ 24,806 $ 587 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Recorded Investment in Loans Receivable | September 30, 2022 December 31, 2021 (In Thousands) Residential one-to-four family $ 242,238 $ 224,534 Commercial and multi-family 2,164,320 1,720,174 Construction 153,103 153,904 Commercial business (1) 205,661 191,139 Home equity (2) 56,064 50,469 Consumer 2,545 3,717 2,823,931 2,343,937 Less: Deferred loan fees, net ( 3,721 ) ( 1,876 ) Allowance for loan losses ( 33,195 ) ( 37,119 ) Total Loans, net $ 2,787,015 $ 2,304,942 (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Allowance for Loan Losses | The following table sets forth the activity in the Company’s allowance for loan losses for the three and nine months ended September 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2022 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2022 $ 2,565 $ 21,157 $ 2,348 $ 7,639 $ 387 $ 17 - $ 34,113 Charge-offs: - - - ( 931 ) - - ( 931 ) Recoveries: 7 - - 2 4 - - 13 (Credit) Provisions: ( 374 ) 390 96 ( 993 ) 75 3 803 - Ending Balance, September 30, 2022 2,198 21,547 2,444 5,717 466 20 803 33,195 Ending Balance attributable to loans: Individually evaluated for impairment 204 - 519 3,509 6 - - 4,238 Collectively evaluated for impairment 1,994 21,547 1,925 2,208 460 20 803 28,957 Ending Balance, September 30, 2022 2,198 21,547 2,444 5,717 466 20 803 33,195 Loans Receivables: Individually evaluated for impairment 4,914 27,090 3,180 4,607 733 - - 40,524 Collectively evaluated for impairment 237,324 2,137,230 149,923 201,054 55,331 2,545 - 2,783,407 Total Gross Loans: $ 242,238 $ 2,164,320 $ 153,103 $ 205,661 $ 56,064 $ 2,545 $ - $ 2,823,931 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2022 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 Charge-offs: - - - ( 1,703 ) - - - ( 1,703 ) Recoveries: 9 - - 138 9 198 - 354 (Credit) Provisions: ( 1,905 ) ( 518 ) 213 ( 718 ) ( 76 ) ( 192 ) 621 ( 2,575 ) Ending Balance, September 30, 2022 $ 2,198 $ 21,547 $ 2,444 $ 5,717 $ 466 $ 20 $ 803 $ 33,195 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three and nine months ended September 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2021 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2021 $ 2,911 $ 24,438 $ 2,341 $ 6,852 $ 294 - $ 3 $ 633 $ 37,472 Charge-offs: - - - - - - - - Recovery: - - - 1 3 - - 4 (Credit) Provisions: ( 75 ) 370 ( 307 ) 879 19 20 ( 226 ) 680 Ending Balance September 30, 2021 $ 2,836 $ 24,808 $ 2,034 $ 7,732 $ 316 $ 23 $ 407 $ 38,156 Ending Balance attributable to loans: Individually evaluated for impairment $ 276 $ 1,469 $ 150 $ 5,770 $ 16 $ - $ - $ 7,681 Collectively evaluated for impairment 2,560 23,339 1,884 1,962 300 23 407 30,475 Ending Balance September 30, 2021 $ 2,836 $ 24,808 $ 2,034 $ 7,732 $ 316 $ 23 $ 407 $ 38,156 Loans Receivables: Individually evaluated for impairment $ 5,104 $ 39,356 $ 2,787 $ 10,343 $ 1,273 $ - $ - $ 58,863 Collectively evaluated for impairment 219,226 1,700,620 146,289 151,073 50,836 2,730 - 2,270,774 Total Gross Loans: $ 224,330 $ 1,739,976 $ 149,076 $ 161,416 $ 52,109 $ 2,730 $ - $ 2,329,637 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2021 $ 3,293 $ 21,772 $ 1,977 $ 6,306 $ 286 $ - $ 5 $ 33,639 Charge-offs: ( 60 ) - - ( 103 ) - ( 198 ) - ( 361 ) Recovery: 27 - - 2 - 9 - 38 (Credit) Provisions: ( 424 ) 3,036 57 1,527 30 212 402 4,840 Ending Balance, September 30, 2021 $ 2,836 $ 24,808 $ 2,034 $ 7,732 $ 316 $ 23 $ 407 $ 38,156 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table sets forth the amount recorded in loans receivable at December 31, 2021. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Ending Balance attributable to loans: Individually evaluated for impairment $ 265 $ 1,690 $ 210 $ 5,650 $ 13 $ - $ - $ 7,828 Collectively evaluated for impairment 3,829 20,375 2,021 2,350 520 14 182 29,291 Ending Balance, December 31, 2021 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 Loans Receivables: Individually evaluated for impairment $ 4,961 $ 31,745 $ 2,847 $ 8,746 $ 1,083 $ - $ - $ 49,382 Collectively evaluated for impairment 219,573 1,688,429 151,057 182,393 49,386 3,717 - 2,294,555 Total Gross Loans: $ 224,534 $ 1,720,174 $ 153,904 $ 191,139 $ 50,469 $ 3,717 $ - $ 2,343,937 (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Impaired Loans | The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and nine months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2021 2022 2022 2021 2021 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income Investment Recognized Investment Recognized Investment Recognized Investment Recognized Loans with no related allowance recorded: Residential one-to-four family $ 2,862 $ 36 $ 3,050 $ 37 $ 2,881 $ 109 $ 2,973 $ 108 Commercial and Multi-family 27,360 315 29,742 271 25,415 901 30,614 830 Construction - - - - - - 929 36 Commercial business (1) 828 3 2,465 65 1,149 73 3,143 104 Home equity (2) 488 7 938 12 474 17 1,048 35 Consumer - - - - - - - - Total Impaired Loans with no allowance recorded: $ 31,538 $ 361 $ 36,195 $ 385 $ 29,919 $ 1,100 $ 38,707 $ 1,113 - - Loans with an allowance recorded: Residential one-to-four family $ 1,989 24 $ 2,110 $ 66 $ 1,964 $ 61 $ 2,302 $ 165 Commercial and Multi-family - 10,942 100 1,125 266 11,204 331 Construction 3,112 - 2,787 3 3,059 22 1,858 6 Commercial business (1) 4,567 - 8,197 24 4,953 65 8,388 141 Home equity (2) 264 - 340 - 276 5 368 2 Consumer - - - - - - - - Total Impaired Loans with an allowance recorded: $ 9,932 $ 24 $ 24,376 $ 193 $ 11,377 $ 419 $ 24,120 $ 645 - - Total Impaired Loans: $ 41,470 $ 385 $ 60,571 $ 578 $ 41,296 $ 1,519 $ 62,827 $ 1,758 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table summarizes the recorded investment by portfolio class at September 30, 2022 and December 31, 2021. (in thousands): As of September 30, 2022 As of December 31, 2021 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Investment Balance Allowance Investment Balance Allowance Loans with no related allowance recorded: Residential one-to-four family $ 2,845 $ 3,209 $ - $ 2,950 $ 3,300 $ - Commercial and multi-family 27,090 28,266 - 20,915 22,100 - Construction - - - - - - Commercial business (1) 947 4,910 - 2,114 6,905 - Home equity (2) 504 504 - 779 780 - Total Impaired Loans with no related allowance recorded: $ 31,386 $ 36,889 $ - $ 26,758 $ 33,085 $ - Loans with an allowance recorded: Residential one-to-four family $ 2,069 $ 2,090 $ 204 $ 2,011 $ 2,032 $ 265 Commercial and Multi-family - - - 10,830 14,494 1,690 Construction 3,180 3,180 519 2,847 2,847 210 Commercial business (1) 3,660 8,519 3,509 6,632 17,514 5,650 Home equity (2) 229 229 6 304 304 13 Total Impaired Loans with an allowance recorded: $ 9,138 $ 14,018 $ 4,238 $ 22,624 $ 37,191 $ 7,828 Total Impaired Loans: $ 40,524 $ 50,907 $ 4,238 $ 49,382 $ 70,276 $ 7,828 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Troubled Debt Restructurings | At September 30, 2022 At December 31, 2021 (In thousands) Recorded investment in TDRs: Accrual status $ 10,503 $ 12,402 Non-accrual status 483 3,570 Total recorded investment in TDRs $ 10,986 $ 15,972 |
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable as of September 30, 2022: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 615 $ 187 $ 230 $ 1,032 $ 241,206 $ 242,238 $ 230 Commercial and multi-family 2,245 356 757 3,358 2,160,962 2,164,320 - Construction - - 3,180 3,180 149,923 153,103 - Commercial business (1) 885 47 1,578 2,510 203,151 205,661 - Home equity (2) 199 - - 199 55,865 56,064 - Consumer - - - 2,545 2,545 - Total $ 3,944 $ 590 $ 5,745 $ 10,279 $ 2,813,652 $ 2,823,931 $ 230 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2021: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 1,063 $ - $ 86 $ 1,149 $ 223,385 $ 224,534 $ - Commercial and multi-family 1,181 - 5,167 6,348 1,713,826 1,720,174 - Construction 2,899 - 2,847 5,746 148,158 153,904 - Commercial business (1) 405 166 6,775 7,346 183,793 191,139 3,124 Home equity (2) 190 - 27 217 50,252 50,469 - Consumer - - - - 3,717 3,717 - Total $ 5,738 $ 166 $ 14,902 $ 20,806 $ 2,323,131 $ 2,343,937 $ 3,124 (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Non-Accruing Loans | As of September 30, 2022 As of December 31, 2021 (In Thousands) (In Thousands) Non-Accruing Loans: Residential one-to-four family $ 263 $ 282 Commercial and multi-family 757 8,601 Construction 3,180 2,847 Commercial business (1) 4,305 3,132 Home equity (2) - 27 Total $ 8,505 $ 14,889 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Loan Portfolio by Pass Rating | The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of September 30, 2022 (in thousands). As of September 30, 2022, the Company had no loans with the classified rating of doubtful or loss. Pass Special Mention Substandard Total Residential one-to-four family $ 241,324 $ 485 $ 429 $ 242,238 Commercial and multi-family 2,122,215 20,064 22,041 2,164,320 Construction 149,923 - 3,180 153,103 Commercial business (1) 196,583 4,760 4,318 205,661 Home equity (2) 55,803 49 212 56,064 Consumer 2,545 - - 2,545 Total Gross Loans $ 2,768,393 $ 25,358 $ 30,180 $ 2,823,931 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2021 (in thousands). As of December 31, 2021, the Company had no loans with the classified rating of doubtful or loss. Pass Special Mention Substandard Total Residential one-to-four family $ 223,660 $ 505 $ 369 $ 224,534 Commercial and multi-family 1,647,701 45,087 27,386 1,720,174 Construction 151,057 - 2,847 153,904 Commercial business (1) 178,056 4,767 8,316 191,139 Home equity (2) 50,230 - 239 50,469 Consumer 3,717 - - 3,717 Total Gross Loans $ 2,254,421 $ 50,359 $ 39,157 $ 2,343,937 ________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring | (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of September 30, 2022: Securities Debt Securities Available for Sale $ 92,751 $ - $ 92,751 $ - Marketable Equities $ 18,408 $ 18,408 $ - $ - Total Securities $ 111,159 $ 18,408 $ 92,751 $ - As of December 31, 2021: Securities Debt Securities Available for Sale $ 85,186 $ - $ 85,186 $ - Marketable Equities $ 25,187 $ 25,187 $ - $ - Total Securities $ 110,373 $ 25,187 $ 85,186 $ - |
Fair Value Measurements, Nonrecurring | (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of September 30, 2022 Impaired Loans $ 4,900 $ - $ - $ 4,900 Other real estate owned $ 75 $ - $ - $ 75 As of December 31, 2021: Impaired Loans $ 14,796 $ - $ - $ 14,796 Other real estate owned $ 75 $ - $ - $ 75 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range September 30, 2022: Impaired Loans $ 4,900 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 75 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Fair Value Valuation Unobservable Estimate Techniques Input Range December 31, 2021: Impaired Loans $ 14,796 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 75 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Carrying Values and Estimated Fair Values of Financial Instruments | As of September 30, 2022 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 221,024 $ 221,024 $ 221,024 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 92,751 92,751 - 92,751 - Equity investments 18,408 18,408 18,408 - - Loans held for sale - - - - - Loans receivable, net 2,787,015 2,604,820 - - 2,604,820 FHLB of New York stock, at cost 12,388 12,388 - 12,388 - Accrued interest receivable 11,093 11,093 - 11,093 - Financial liabilities: Deposits 2,712,946 2,400,813 1,749,373 651,440 - Borrowings 212,123 206,426 - 206,426 - Subordinated debentures 37,450 40,502 - 40,502 - Accrued interest payable 837 837 - 837 - As of December 31, 2021 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 411,629 $ 411,629 $ 411,629 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 85,186 85,186 - 85,186 - Equity investments 25,187 25,187 25,187 - - Loans held for sale 952 952 - 952 - Loans receivable, net 2,304,942 2,313,204 - - 2,313,204 FHLB of New York stock, at cost 6,084 6,084 - 6,084 - Accrued interest receivable 9,183 9,183 - 9,183 - Financial liabilities: Deposits 2,561,402 2,520,191 1,881,121 639,070 - Debt 71,711 71,214 - 71,214 - Subordinated debentures 37,275 45,020 - 45,020 - Accrued interest payable 1,051 1,051 - 1,051 - |
Lease Obligations (Tables)
Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Lease Obligations [Abstract] | |
Schedule of Lease Information | Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Operating lease expense $ 964 $ 917 $ 2,804 $ 2,801 Variable lease expense-operating leases $ 258 $ 236 $ 734 $ 726 At September 30, 2022 At December 31, 2021 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 11,785 $ 12,457 Current liabilities $ 3,033 $ 3,296 Operating lease liabilities (noncurrent portion) 9,963 10,529 Imputed Interest ( 894 ) ( 1,073 ) Total operating lease liabilities $ 12,102 $ 12,752 |
Summary of Maturity of Lease Obligations for Operating Leases | Maturities of lease liabilities: At September 30, 2022 At December 31, 2021 Operating Leases Operating Leases One year or less $ 3,033 $ 3,296 Over one year through three years 4,544 4,455 Over three years through five years 3,082 3,012 Over five years 2,337 3,062 Gross Operating Lease Liabilities $ 12,996 $ 13,825 Imputed Interest ( 894 ) ( 1,073 ) Total Operating Lease Liabilities $ 12,102 $ 12,752 |
Equity Incentive Plans (Narrati
Equity Incentive Plans (Narrative) (Details) - USD ($) | 9 Months Ended | |||||
Jan. 12, 2022 | Apr. 26, 2021 | Feb. 19, 2021 | Feb. 10, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Options granted | ||||||
Stock option expense | $ 180,000 | $ 175,000 | ||||
Restricted stock expense | $ 278,000 | $ 162,000 | ||||
Options [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares underlying unexercised options | 238,440 | |||||
Expected future compensation expense, unexercised options | $ 418,000 | |||||
Expected future compensation expense, weighted average period for recognition | 3 years 10 months 28 days | |||||
Options Exercisable - Number of Option Shares | 844,035 | |||||
Restricted Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected future expenses relating to non-vested restricted shares | $ 1,100,000 | |||||
Expected future compensation expense, weighted average period for recognition | 1 year 7 months 24 days | |||||
2018 Equity Incentive Plan [Member] | Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized for issuance | 1,000,000 | |||||
2011 Stock Plan [Member] | Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized for issuance | 900,000 | |||||
Directors [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vesting period | 4 years | |||||
Directors [Member] | Restricted Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Restricted stock issued | 33,000 | |||||
Directors [Member] | 2018 Equity Incentive Plan [Member] | Options [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Options granted | 66,000 | |||||
Vesting period | 5 years | |||||
Directors [Member] | 2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Restricted stock issued | 300 | 26,400 | ||||
Vesting period | 2 years | 4 years | ||||
Certain Officers [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Options granted | 6,800 | |||||
Vesting period | 5 years |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary of Status of Restricted Shares) (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Equity Incentive Plans [Abstract] | |
Number of Shares Awarded, Non-vested at beginning of period | shares | 26,700 |
Number of Shares Awarded, Granted | shares | 69,000 |
Number of Shares Awarded, Vested | shares | (9,150) |
Number of Shares Awarded, Forfeited | shares | |
Number of Shares Awarded, Non-vested at end of period | shares | 86,550 |
Weighted Average Grant Date Fair Value, Non-vested at beginning of period | $ / shares | $ 12.89 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 17.05 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 13.91 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | |
Weighted Average Grant Date Fair Value, Non-vested at end of period | $ / shares | $ 16.19 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary of Stock Option Activity) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Equity Incentive Plans [Abstract] | |||||
Outstanding, Beginning Balance - Number of Options | 1,194,425 | ||||
Options Granted - Number of Options | |||||
Options Exercised - Number of Options | (111,750) | (31,000) | (111,950) | (31,000) | |
Options Forfeited - Number of Options | |||||
Options Expired - Number of Options | |||||
Outstanding, Ending Balance - Number of Options | 1,082,475 | 1,082,475 | 1,194,425 | ||
Outstanding, Range of Exercise Price, Lower Range Limit (per share) | $ 9.02 | $ 9.02 | |||
Outstanding, Range of Exercise Price, Upper Range Limit (per share) | 13.68 | 13.68 | |||
Options Granted, Exercise Price | |||||
Options Forfeited - Exercise Price | |||||
Options expired - Exercise prices | |||||
Options Shares Granted, Range of Exercise Prices, Lower Range Limit | 9.02 | ||||
Options Shares Granted, Range of Exercise Prices, Upper Range Limit | 13.68 | ||||
Outstanding Number of Options, Beginning Balance - Weighted Average Exercise Price | 11.64 | ||||
Number of Options Granted - Weighted Average Exercise Price | |||||
Number of Options, Exercised - Weighted Average Exercise Price | 11.52 | ||||
Number of Options Forfeited - Weighted Average Exercise Price | |||||
Number of Options Expired - Weighted Average Exercise Price | |||||
Outstanding Number of Options, Ending Balance - Weighted Average Exercise Price | $ 11.65 | $ 11.65 | $ 11.64 |
Net Income per Common Share (Na
Net Income per Common Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income per Common Share [Abstract] | ||||
Anti-dilutive outstanding options | 0 | 0 | 0 | 7,015 |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income per Common Share [Abstract] | ||||
Basic earnings per share: Income available to common stockholders | $ 13,218 | $ 8,036 | $ 32,883 | $ 22,637 |
Diluted earnings per share: Income available to common stockholders | $ 13,218 | $ 8,036 | $ 32,883 | $ 22,637 |
Basic earnings per share: Income available to common stockholders, Shares | 16,982 | 17,019 | 16,986 | 17,085 |
Effect of dilutive securities: Stock options: Shares | 374 | 203 | 383 | 157 |
Diluted earnings per share: Income available to common stockholders, Shares | 17,356 | 17,222 | 17,369 | 17,242 |
Basic earnings per share: Income available to common stockholders, Per share amount | $ 0.78 | $ 0.47 | $ 1.94 | $ 1.33 |
Diluted earnings per share: Income available to common stockholders, Per share amount | $ 0.76 | $ 0.47 | $ 1.89 | $ 1.31 |
Securities (Summary of Disaggre
Securities (Summary of Disaggregated Net Losses on Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Securities [Abstract] | ||||
Net (losses) gains recognized during the period on equity securities held at the reporting date | $ (559) | $ (307) | $ (5,487) | $ (4) |
Net losses recognized during the period on equity securities sold during the period | (59) | |||
Realized and unrealized losses on equity investments during the reporting period | $ (559) | $ (307) | $ (5,546) | $ (4) |
Securities (Amortized Cost and
Securities (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Amortized Cost | $ 99,986 | $ 82,746 |
Debt securities: Gross Unrealized Gains | 3,027 | |
Debt securities: Gross Unrealized Losses | 7,235 | 587 |
Debt securities: Fair Value | 92,751 | 85,186 |
Residential Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Due within one year, Amortized Cost | 2,952 | |
Debt securities, More than one to five years, Amortized Cost | 53 | |
Debt securities, More than five to ten years, Amortized Cost | 5,754 | 6,317 |
Debt securities, More than ten years, Amortized Cost | 23,708 | 21,555 |
Debt Securities, Amortized Cost | 29,462 | 30,877 |
Debt securities: More than five to ten years, Gross Unrealized Gains | 165 | |
Debt securities, More than ten years, Gross Unrealized Gains | 298 | |
Debt securities: Gross Unrealized Gains | 463 | |
Debt securities: Due within one year, Gross Unrealized Losses | 114 | |
Debt securities: More than five to ten years, Gross Unrealized Losses | 401 | 27 |
Debt securities: More than ten years, Gross Unrealized Losses | 3,620 | 287 |
Debt securities: Gross Unrealized Losses | 4,021 | 428 |
Debt securities: Due within one year, Fair Value | 2,838 | |
Debt securities: More than one to five years, Fair Value | 53 | |
Debt securities: More than five to ten years, Fair Value | 5,353 | 6,455 |
Debt securities: More than ten years, Fair Value | 20,088 | 21,566 |
Debt securities: Fair Value | 25,441 | 30,912 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than five to ten years, Amortized Cost | 66,499 | 47,765 |
Debt Securities, Amortized Cost | 66,499 | 47,765 |
Debt securities: More than five to ten years, Gross Unrealized Gains | 2,465 | |
Debt securities: Gross Unrealized Gains | 2,465 | |
Debt securities: More than five to ten years, Gross Unrealized Losses | 3,199 | 159 |
Debt securities: Gross Unrealized Losses | 3,199 | 159 |
Debt securities: More than five to ten years, Fair Value | 63,300 | 50,071 |
Debt securities: Fair Value | 63,300 | 50,071 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than ten years, Amortized Cost | 4,025 | 4,104 |
Debt Securities, Amortized Cost | 4,025 | 4,104 |
Debt securities, More than ten years, Gross Unrealized Gains | 99 | |
Debt securities: Gross Unrealized Gains | 99 | |
Debt securities: More than ten years, Gross Unrealized Losses | 15 | |
Debt securities: Gross Unrealized Losses | 15 | |
Debt securities: More than ten years, Fair Value | 4,010 | 4,203 |
Debt securities: Fair Value | $ 4,010 | $ 4,203 |
Securities (Available-for-Sale
Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | $ 79,961 | $ 20,125 |
Debt Securities, More than 12 Months - Fair Value | 11,990 | 4,681 |
Debt Securities - Total Fair Value | 91,951 | 24,806 |
Debt Securities, 12 Months or Less - Unrealized Losses | 5,535 | 318 |
Debt Securities, More than 12 Months - Unrealized Losses | 1,700 | 269 |
Debt Securities - Total Unrealized Losses | 7,235 | 587 |
Municipal Bond [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | 4,010 | |
Debt Securities - Total Fair Value | 4,010 | |
Debt Securities, 12 Months or Less - Unrealized Losses | 15 | |
Debt Securities - Total Unrealized Losses | 15 | |
Residential Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | 19,430 | 7,801 |
Debt Securities, More than 12 Months - Fair Value | 6,012 | 4,681 |
Debt Securities - Total Fair Value | 25,442 | 12,482 |
Debt Securities, 12 Months or Less - Unrealized Losses | 2,441 | 159 |
Debt Securities, More than 12 Months - Unrealized Losses | 1,580 | 269 |
Debt Securities - Total Unrealized Losses | 4,021 | 428 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | 56,521 | 12,324 |
Debt Securities, More than 12 Months - Fair Value | 5,978 | |
Debt Securities - Total Fair Value | 62,499 | 12,324 |
Debt Securities, 12 Months or Less - Unrealized Losses | 3,079 | 159 |
Debt Securities, More than 12 Months - Unrealized Losses | 120 | |
Debt Securities - Total Unrealized Losses | $ 3,199 | $ 159 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-accrual loans, interest income lost | $ 842,000 | $ 1,300,000 | ||
Loans acquired with deteriorated credit quality, fair value | $ 0 | 0 | 670,000 | |
Troubled debt restructurings, number | loan | 1 | 1 | ||
Troubled debt restructurings, amount | $ 180,078 | $ 168,102 | ||
Troubled debt restructurings, subsequent default, amount | 0 | $ 232,072 | ||
Troubled debt restructuring, subsequent default, number | loan | 1 | |||
Loans Receivable within 90 Days | 8,505,000 | 8,505,000 | 14,889,000 | |
Loans receivable, gross | 2,823,931,000 | $ 2,329,637,000 | 2,823,931,000 | 2,343,937,000 |
Less Than 90 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable within 90 Days | 230,000 | 230,000 | 3,800,000 | |
Doubtful [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 0 | 0 | 0 | |
Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses (Recorded Investment in Loans Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 2,823,931 | $ 2,343,937 | $ 2,329,637 |
Deferred loan fees, net | (3,721) | (1,876) | |
Allowance for loan losses | (33,195) | (37,119) | |
Net Loans | 2,787,015 | 2,304,942 | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 242,238 | 224,534 | 224,330 |
Commercial & Multi-Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,164,320 | 1,720,174 | 1,739,976 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 153,103 | 153,904 | 149,076 |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 205,661 | 191,139 | 161,416 |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 56,064 | 50,469 | 52,109 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 2,545 | $ 3,717 | $ 2,730 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | $ 34,113 | $ 37,472 | $ 37,119 | $ 33,639 | |
Allowance for loan losses: Charge-offs | (931) | (1,703) | (361) | ||
Allowance for loan losses: Recoveries | 13 | 4 | 354 | 38 | |
Allowance for loan losses: (Credit) Provisions | 680 | (2,575) | 4,840 | ||
Allowance for loan losses: Ending balance: individually evaluated for impairment | 4,238 | 7,681 | 4,238 | 7,681 | $ 7,828 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 28,957 | 30,475 | 28,957 | 30,475 | 29,291 |
Allowance for loan losses: Ending Balance | 33,195 | 38,156 | 33,195 | 38,156 | |
Loans receivables: Ending balance: individually evaluated for impairment | 40,524 | 58,863 | 40,524 | 58,863 | 49,382 |
Loans receivables: Ending balance: collectively evaluated for impairment | 2,783,407 | 2,270,774 | 2,783,407 | 2,270,774 | 2,294,555 |
Loans receivables: Ending balance | 2,823,931 | 2,329,637 | 2,823,931 | 2,329,637 | 2,343,937 |
Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 2,565 | 2,911 | 4,094 | 3,293 | |
Allowance for loan losses: Charge-offs | (60) | ||||
Allowance for loan losses: Recoveries | 7 | 9 | 27 | ||
Allowance for loan losses: (Credit) Provisions | (374) | (75) | (1,905) | (424) | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 204 | 276 | 204 | 276 | 265 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,994 | 2,560 | 1,994 | 2,560 | 3,829 |
Allowance for loan losses: Ending Balance | 2,198 | 2,836 | 2,198 | 2,836 | |
Loans receivables: Ending balance: individually evaluated for impairment | 4,914 | 5,104 | 4,914 | 5,104 | 4,961 |
Loans receivables: Ending balance: collectively evaluated for impairment | 237,324 | 219,226 | 237,324 | 219,226 | 219,573 |
Loans receivables: Ending balance | 242,238 | 224,330 | 242,238 | 224,330 | 224,534 |
Commercial & Multi-Family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 21,157 | 24,438 | 22,065 | 21,772 | |
Allowance for loan losses: Charge-offs | |||||
Allowance for loan losses: Recoveries | |||||
Allowance for loan losses: (Credit) Provisions | 390 | 370 | (518) | 3,036 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 1,469 | 1,469 | 1,690 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 21,547 | 23,339 | 21,547 | 23,339 | 20,375 |
Allowance for loan losses: Ending Balance | 21,547 | 24,808 | 21,547 | 24,808 | |
Loans receivables: Ending balance: individually evaluated for impairment | 27,090 | 39,356 | 27,090 | 39,356 | 31,745 |
Loans receivables: Ending balance: collectively evaluated for impairment | 2,137,230 | 1,700,620 | 2,137,230 | 1,700,620 | 1,688,429 |
Loans receivables: Ending balance | 2,164,320 | 1,739,976 | 2,164,320 | 1,739,976 | 1,720,174 |
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 2,348 | 2,341 | 2,231 | 1,977 | |
Allowance for loan losses: Charge-offs | |||||
Allowance for loan losses: Recoveries | |||||
Allowance for loan losses: (Credit) Provisions | 96 | (307) | 213 | 57 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 519 | 150 | 519 | 150 | 210 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,925 | 1,884 | 1,925 | 1,884 | 2,021 |
Allowance for loan losses: Ending Balance | 2,444 | 2,034 | 2,444 | 2,034 | |
Loans receivables: Ending balance: individually evaluated for impairment | 3,180 | 2,787 | 3,180 | 2,787 | 2,847 |
Loans receivables: Ending balance: collectively evaluated for impairment | 149,923 | 146,289 | 149,923 | 146,289 | 151,057 |
Loans receivables: Ending balance | 153,103 | 149,076 | 153,103 | 149,076 | 153,904 |
Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 7,639 | 6,852 | 8,000 | 6,306 | |
Allowance for loan losses: Charge-offs | (931) | (1,703) | (103) | ||
Allowance for loan losses: Recoveries | 2 | 1 | 138 | 2 | |
Allowance for loan losses: (Credit) Provisions | (993) | 879 | (718) | 1,527 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 3,509 | 5,770 | 3,509 | 5,770 | 5,650 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 2,208 | 1,962 | 2,208 | 1,962 | 2,350 |
Allowance for loan losses: Ending Balance | 5,717 | 7,732 | 5,717 | 7,732 | |
Loans receivables: Ending balance: individually evaluated for impairment | 4,607 | 10,343 | 4,607 | 10,343 | 8,746 |
Loans receivables: Ending balance: collectively evaluated for impairment | 201,054 | 151,073 | 201,054 | 151,073 | 182,393 |
Loans receivables: Ending balance | 205,661 | 161,416 | 205,661 | 161,416 | 191,139 |
Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 387 | 294 | 533 | 286 | |
Allowance for loan losses: Charge-offs | |||||
Allowance for loan losses: Recoveries | 4 | 3 | 9 | ||
Allowance for loan losses: (Credit) Provisions | 75 | 19 | (76) | 30 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 6 | 16 | 6 | 16 | 13 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 460 | 300 | 460 | 300 | 520 |
Allowance for loan losses: Ending Balance | 466 | 316 | 466 | 316 | |
Loans receivables: Ending balance: individually evaluated for impairment | 733 | 1,273 | 733 | 1,273 | 1,083 |
Loans receivables: Ending balance: collectively evaluated for impairment | 55,331 | 50,836 | 55,331 | 50,836 | 49,386 |
Loans receivables: Ending balance | 56,064 | 52,109 | 56,064 | 52,109 | 50,469 |
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 17 | 3 | 14 | ||
Allowance for loan losses: Charge-offs | (198) | ||||
Allowance for loan losses: Recoveries | 198 | 9 | |||
Allowance for loan losses: (Credit) Provisions | 3 | 20 | (192) | 212 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 20 | 23 | 20 | 23 | 14 |
Allowance for loan losses: Ending Balance | 20 | 23 | 20 | 23 | |
Loans receivables: Ending balance: individually evaluated for impairment | |||||
Loans receivables: Ending balance: collectively evaluated for impairment | 2,545 | 2,730 | 2,545 | 2,730 | 3,717 |
Loans receivables: Ending balance | 2,545 | 2,730 | 2,545 | 2,730 | 3,717 |
Unallocated [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 633 | 182 | 5 | ||
Allowance for loan losses: Charge-offs | |||||
Allowance for loan losses: Recoveries | |||||
Allowance for loan losses: (Credit) Provisions | 803 | (226) | 621 | 402 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 803 | 407 | 803 | 407 | 182 |
Allowance for loan losses: Ending Balance | 803 | 407 | 803 | 407 | |
Loans receivables: Ending balance: individually evaluated for impairment | |||||
Loans receivables: Ending balance: collectively evaluated for impairment | |||||
Loans receivables: Ending balance |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | $ 31,538 | $ 36,195 | $ 29,919 | $ 38,707 | |
Average Recorded Investment - With an allowance recorded | 9,932 | 24,376 | 11,377 | 24,120 | |
Average Recorded Investment - Total | 41,470 | 60,571 | 41,296 | 62,827 | |
Interest Income Recognized - With no related allowance recorded | 361 | 385 | 1,100 | 1,113 | |
Interest Income Recognized - With an allowance recorded | 24 | 193 | 419 | 645 | |
Interest Income Recognized - Total | 385 | 578 | 1,519 | 1,758 | |
Recorded Investment - With no related allowance recorded | 31,386 | 31,386 | $ 26,758 | ||
Recorded Investment - With an allowance recorded | 9,138 | 9,138 | 22,624 | ||
Recorded Investment - Total | 40,524 | 40,524 | 49,382 | ||
Unpaid Principal Balance - With no related allowance recorded | 36,889 | 36,889 | 33,085 | ||
Unpaid Principal Balance - With an allowance recorded | 14,018 | 14,018 | 37,191 | ||
Unpaid Principal Balance - Total | 50,907 | 50,907 | 70,276 | ||
Related Allowance | 4,238 | 4,238 | 7,828 | ||
Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 2,862 | 3,050 | 2,881 | 2,973 | |
Average Recorded Investment - With an allowance recorded | 1,989 | 2,110 | 1,964 | 2,302 | |
Interest Income Recognized - With no related allowance recorded | 36 | 37 | 109 | 108 | |
Interest Income Recognized - With an allowance recorded | 24 | 66 | 61 | 165 | |
Recorded Investment - With no related allowance recorded | 2,845 | 2,845 | 2,950 | ||
Recorded Investment - With an allowance recorded | 2,069 | 2,069 | 2,011 | ||
Unpaid Principal Balance - With no related allowance recorded | 3,209 | 3,209 | 3,300 | ||
Unpaid Principal Balance - With an allowance recorded | 2,090 | 2,090 | 2,032 | ||
Related Allowance | 204 | 204 | 265 | ||
Commercial & Multi-Family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 27,360 | 29,742 | 25,415 | 30,614 | |
Average Recorded Investment - With an allowance recorded | 10,942 | 1,125 | 11,204 | ||
Interest Income Recognized - With no related allowance recorded | 315 | 271 | 901 | 830 | |
Interest Income Recognized - With an allowance recorded | 100 | 266 | 331 | ||
Recorded Investment - With no related allowance recorded | 27,090 | 27,090 | 20,915 | ||
Recorded Investment - With an allowance recorded | 10,830 | ||||
Unpaid Principal Balance - With no related allowance recorded | 28,266 | 28,266 | 22,100 | ||
Unpaid Principal Balance - With an allowance recorded | 14,494 | ||||
Related Allowance | 1,690 | ||||
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 929 | ||||
Average Recorded Investment - With an allowance recorded | 3,112 | 2,787 | 3,059 | 1,858 | |
Interest Income Recognized - With no related allowance recorded | 36 | ||||
Interest Income Recognized - With an allowance recorded | 3 | 22 | 6 | ||
Recorded Investment - With no related allowance recorded | |||||
Recorded Investment - With an allowance recorded | 3,180 | 3,180 | 2,847 | ||
Unpaid Principal Balance - With no related allowance recorded | |||||
Unpaid Principal Balance - With an allowance recorded | 3,180 | 3,180 | 2,847 | ||
Related Allowance | 519 | 519 | 210 | ||
Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 828 | 2,465 | 1,149 | 3,143 | |
Average Recorded Investment - With an allowance recorded | 4,567 | 8,197 | 4,953 | 8,388 | |
Interest Income Recognized - With no related allowance recorded | 3 | 65 | 73 | 104 | |
Interest Income Recognized - With an allowance recorded | 24 | 65 | 141 | ||
Recorded Investment - With no related allowance recorded | 947 | 947 | 2,114 | ||
Recorded Investment - With an allowance recorded | 3,660 | 3,660 | 6,632 | ||
Unpaid Principal Balance - With no related allowance recorded | 4,910 | 4,910 | 6,905 | ||
Unpaid Principal Balance - With an allowance recorded | 8,519 | 8,519 | 17,514 | ||
Related Allowance | 3,509 | 3,509 | 5,650 | ||
Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 488 | 938 | 474 | 1,048 | |
Average Recorded Investment - With an allowance recorded | 264 | 340 | 276 | 368 | |
Interest Income Recognized - With no related allowance recorded | 7 | 12 | 17 | 35 | |
Interest Income Recognized - With an allowance recorded | 5 | 2 | |||
Recorded Investment - With no related allowance recorded | 504 | 504 | 779 | ||
Recorded Investment - With an allowance recorded | 229 | 229 | 304 | ||
Unpaid Principal Balance - With no related allowance recorded | 504 | 504 | 780 | ||
Unpaid Principal Balance - With an allowance recorded | 229 | 229 | 304 | ||
Related Allowance | 6 | 6 | $ 13 | ||
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | |||||
Average Recorded Investment - With an allowance recorded | |||||
Interest Income Recognized - With no related allowance recorded | |||||
Interest Income Recognized - With an allowance recorded |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment in TDRs | $ 10,986 | $ 15,972 |
Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment in TDRs | 10,503 | 12,402 |
Non-Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment in TDRs | $ 483 | $ 3,570 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 2,823,931 | $ 2,343,937 |
Loans Receivable >90 Days and Accruing | 230 | 3,124 |
Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 10,279 | 20,806 |
30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,944 | 5,738 |
60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 590 | 166 |
Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 5,745 | 14,902 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,813,652 | 2,323,131 |
Originated loans [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 242,238 | 224,534 |
Loans Receivable >90 Days and Accruing | 230 | |
Originated loans [Member] | Residential [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,032 | 1,149 |
Originated loans [Member] | Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 615 | 1,063 |
Originated loans [Member] | Residential [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 187 | |
Originated loans [Member] | Residential [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 230 | 86 |
Originated loans [Member] | Residential [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 241,206 | 223,385 |
Originated loans [Member] | Commercial & Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,164,320 | 1,720,174 |
Loans Receivable >90 Days and Accruing | ||
Originated loans [Member] | Commercial & Multi-Family [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,358 | 6,348 |
Originated loans [Member] | Commercial & Multi-Family [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,245 | 1,181 |
Originated loans [Member] | Commercial & Multi-Family [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 356 | |
Originated loans [Member] | Commercial & Multi-Family [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 757 | 5,167 |
Originated loans [Member] | Commercial & Multi-Family [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,160,962 | 1,713,826 |
Originated loans [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 153,103 | 153,904 |
Loans Receivable >90 Days and Accruing | ||
Originated loans [Member] | Construction [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,180 | 5,746 |
Originated loans [Member] | Construction [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,899 | |
Originated loans [Member] | Construction [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | ||
Originated loans [Member] | Construction [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,180 | 2,847 |
Originated loans [Member] | Construction [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 149,923 | 148,158 |
Originated loans [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 205,661 | 191,139 |
Loans Receivable >90 Days and Accruing | 3,124 | |
Originated loans [Member] | Commercial Business [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,510 | 7,346 |
Originated loans [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 885 | 405 |
Originated loans [Member] | Commercial Business [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 47 | 166 |
Originated loans [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,578 | 6,775 |
Originated loans [Member] | Commercial Business [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 203,151 | 183,793 |
Originated loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 56,064 | 50,469 |
Loans Receivable >90 Days and Accruing | ||
Originated loans [Member] | Home Equity [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 199 | 217 |
Originated loans [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 199 | 190 |
Originated loans [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | ||
Originated loans [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 27 | |
Originated loans [Member] | Home Equity [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 55,865 | 50,252 |
Originated loans [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,545 | 3,717 |
Loans Receivable >90 Days and Accruing | ||
Originated loans [Member] | Consumer [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | ||
Originated loans [Member] | Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | ||
Originated loans [Member] | Consumer [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | ||
Originated loans [Member] | Consumer [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | ||
Originated loans [Member] | Consumer [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 2,545 | $ 3,717 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Loan Losses (Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 8,505 | $ 14,889 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 263 | 282 |
Commercial & Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 757 | 8,601 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 3,180 | 2,847 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 4,305 | 3,132 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 27 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Loan Losses (Loan Portfolio by Pass Rating) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 2,823,931 | $ 2,343,937 | $ 2,329,637 |
Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,768,393 | 2,254,421 | |
Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 25,358 | 50,359 | |
Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 30,180 | 39,157 | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 242,238 | 224,534 | 224,330 |
Commercial & Multi-Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,164,320 | 1,720,174 | 1,739,976 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 153,103 | 153,904 | 149,076 |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 205,661 | 191,139 | 161,416 |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 56,064 | 50,469 | 52,109 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,545 | 3,717 | $ 2,730 |
Originated loans [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 242,238 | 224,534 | |
Originated loans [Member] | Residential [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 241,324 | 223,660 | |
Originated loans [Member] | Residential [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 485 | 505 | |
Originated loans [Member] | Residential [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 429 | 369 | |
Originated loans [Member] | Commercial & Multi-Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,164,320 | 1,720,174 | |
Originated loans [Member] | Commercial & Multi-Family [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,122,215 | 1,647,701 | |
Originated loans [Member] | Commercial & Multi-Family [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 20,064 | 45,087 | |
Originated loans [Member] | Commercial & Multi-Family [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 22,041 | 27,386 | |
Originated loans [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 153,103 | 153,904 | |
Originated loans [Member] | Construction [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 149,923 | 151,057 | |
Originated loans [Member] | Construction [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | |||
Originated loans [Member] | Construction [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 3,180 | 2,847 | |
Originated loans [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 205,661 | 191,139 | |
Originated loans [Member] | Commercial Business [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 196,583 | 178,056 | |
Originated loans [Member] | Commercial Business [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 4,760 | 4,767 | |
Originated loans [Member] | Commercial Business [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 4,318 | 8,316 | |
Originated loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 56,064 | 50,469 | |
Originated loans [Member] | Home Equity [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 55,803 | 50,230 | |
Originated loans [Member] | Home Equity [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 49 | ||
Originated loans [Member] | Home Equity [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 212 | 239 | |
Originated loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,545 | 3,717 | |
Originated loans [Member] | Consumer [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 2,545 | 3,717 | |
Originated loans [Member] | Consumer [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | |||
Originated loans [Member] | Consumer [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 23, 2022 | May 01, 2022 | Mar. 24, 2022 | Feb. 04, 2022 | Dec. 21, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Stockholders' Equity Note [Line Items] | ||||||||||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Preferred stock redeemed, value | $ 14,730,000 | |||||||||
Series D Preferred Stock [Member] | ||||||||||
Stockholders' Equity Note [Line Items] | ||||||||||
Preferred stock, dividend rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | |||||
Preferred stock redeemed, shares | 940 | |||||||||
Preferred stock, redemption price | $ 10,000 | |||||||||
Preferred stock redeemed, value | $ 9,400,000 | |||||||||
Series I Preferred Stock [Member] | ||||||||||
Stockholders' Equity Note [Line Items] | ||||||||||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Preferred stock, dividend rate | 3% | 3% | 3% | |||||||
Proceeds from issuance of private placement | $ 4,440,000 | $ 2,620,000 | $ 3,200,000 | |||||||
Shares issued | 444 | 260 | 320 | |||||||
Series G Preferred Stock [Member] | ||||||||||
Stockholders' Equity Note [Line Items] | ||||||||||
Preferred stock, dividend rate | 6% | 6% | 6% | 6% | 6% | |||||
Preferred stock redeemed, shares | 533 | |||||||||
Preferred stock, redemption price | $ 10,000 | |||||||||
Preferred stock redeemed, value | $ 5,300,000 |
Bank Owned Life Insurance (Narr
Bank Owned Life Insurance (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | |
Bank Owned Life Insurance [Abstract] | ||
Purchases of BOLI | $ 8,500 | |
Bank owned life insurance, amount | $ 71,100 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Impairment of intangible assets | $ 0 | |||
Goodwill | $ 5,200,000 | $ 5,300,000 | 5,200,000 | $ 5,300,000 |
Core Deposit Intangibles [Member] | ||||
Amortization expense | 12,000 | 14,000 | 37,000 | 43,000 |
Intangible assets, net | $ 141,000 | $ 191,000 | $ 141,000 | $ 191,000 |
Intangible asset, useful life | 10 years |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers between fair value hierarchy | $ 0 | $ 0 | |
Impaired loans | 9,138,000 | $ 22,624,000 | |
Valuation allowance | 4,238,000 | 7,828,000 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | 0 | 0 | |
(Level 3) Significant Unobservable Inputs [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 9,100,000 | 22,600,000 | |
Valuation allowance | $ 4,200,000 | $ 7,800,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | $ 92,751 | $ 85,186 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 92,751 | 85,186 |
Marketable Equities | 18,408 | 25,187 |
Total Securities | 111,159 | 110,373 |
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Marketable Equities | 18,408 | 25,187 |
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Marketable Equities | 18,408 | 25,187 |
Total Securities | 18,408 | 25,187 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 92,751 | 85,186 |
Marketable Equities | ||
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 92,751 | 85,186 |
Marketable Equities | ||
Total Securities | 92,751 | 85,186 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Marketable Equities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Marketable Equities | ||
Total Securities |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 4,900 | $ 14,796 |
Other real estate owned | 75 | 75 |
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other real estate owned | ||
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other real estate owned | ||
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,900 | 14,796 |
Other real estate owned | $ 75 | $ 75 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details) $ in Thousands | Sep. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ | $ 4,900 | $ 14,796 |
Other Real Estate Owned | $ | 75 | 75 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ | 4,900 | 14,796 |
Other Real Estate Owned | $ | $ 75 | $ 75 |
(Level 3) Significant Unobservable Inputs [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Range | item | 0 | 0 |
Other Real Estate Owned, Range | item | 0 | 0 |
(Level 3) Significant Unobservable Inputs [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Range | item | 10 | 10 |
Other Real Estate Owned, Range | item | 10 | 10 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 92,751 | $ 85,186 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 221,024 | 411,629 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 92,751 | 85,186 |
Equity investments | 18,408 | 25,187 |
Loans held for sale | 952 | |
Loans receivable, net | 2,787,015 | 2,304,942 |
FHLB of New York stock, at cost | 12,388 | 6,084 |
Accrued interest receivable | 11,093 | 9,183 |
Deposits | 2,712,946 | 2,561,402 |
Debt | 212,123 | 71,711 |
Subordinated debentures | 37,450 | 37,275 |
Accrued interest payable | 837 | 1,051 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 221,024 | 411,629 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 92,751 | 85,186 |
Equity investments | 18,408 | 25,187 |
Loans held for sale | 952 | |
Loans receivable, net | 2,604,820 | 2,313,204 |
FHLB of New York stock, at cost | 12,388 | 6,084 |
Accrued interest receivable | 11,093 | 9,183 |
Deposits | 2,400,813 | 2,520,191 |
Debt | 206,426 | 71,214 |
Subordinated debentures | 40,502 | 45,020 |
Accrued interest payable | 837 | 1,051 |
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 221,024 | 411,629 |
Interest-earning time deposits | ||
Debt securities available for sale | ||
Equity investments | 18,408 | 25,187 |
Loans held for sale | ||
Loans receivable, net | ||
FHLB of New York stock, at cost | ||
Accrued interest receivable | ||
Deposits | 1,749,373 | 1,881,121 |
Debt | ||
Subordinated debentures | ||
Accrued interest payable | ||
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 92,751 | 85,186 |
Equity investments | ||
Loans held for sale | 952 | |
Loans receivable, net | ||
FHLB of New York stock, at cost | 12,388 | 6,084 |
Accrued interest receivable | 11,093 | 9,183 |
Deposits | 651,440 | 639,070 |
Debt | 206,426 | 71,214 |
Subordinated debentures | 40,502 | 45,020 |
Accrued interest payable | 837 | 1,051 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Interest-earning time deposits | ||
Debt securities available for sale | ||
Equity investments | ||
Loans held for sale | ||
Loans receivable, net | 2,604,820 | 2,313,204 |
FHLB of New York stock, at cost | ||
Accrued interest receivable | ||
Deposits | ||
Debt | ||
Subordinated debentures | ||
Accrued interest payable |
Subordinated Debt (Narrative) (
Subordinated Debt (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Jul. 30, 2018 | |
Trust Preferred Securities Subject To Mandatory Redemption [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate spread | 2.65% | ||
Trust preferred securities | $ 4,124,000 | ||
Fixed To Floating Rate Subordinated Debentures [Member] | |||
Subordinated Borrowing [Line Items] | |||
Face amount | $ 33,500,000 | ||
Notes term | 10 years | ||
Redemption restriction period | 5 years | ||
Deferred finance costs | $ 174,000 | $ 349,000 | |
Fixed To Floating Rate Subordinated Debentures [Member] | First Five Years [Member] | |||
Subordinated Borrowing [Line Items] | |||
Interest rate | 5.625% | ||
Fixed To Floating Rate Subordinated Debentures [Member] | After Five Years [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate spread | 2.72% |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) - item | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Number of operating leases | 28 | |
Weighted average remaining lease term, operating leases | 5 years 7 months 17 days | 5 years 11 months 26 days |
Weighted average discount rate, operating leases | 2.39% | 2.60% |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 10 years |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Lease Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |||||
Operating lease expense | $ 964 | $ 917 | $ 2,804 | $ 2,801 | |
Variable lease expense-operating leases | 258 | $ 236 | 734 | $ 726 | |
Operating lease right-of-use assets | 11,785 | 11,785 | $ 12,457 | ||
Current liabilities | 3,033 | 3,033 | 3,296 | ||
Operating lease liabilities (noncurrent portion) | 9,963 | 9,963 | 10,529 | ||
Imputed Interest | (894) | (894) | (1,073) | ||
Total operating lease liabilities | $ 12,102 | $ 12,102 | $ 12,752 |
Lease Obligations (Summary of M
Lease Obligations (Summary of Maturity of Lease Obligations for Operating Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies [Abstract] | ||
One year or less | $ 3,033 | $ 3,296 |
Over one year through three years | 4,544 | 4,455 |
Over three years through five years | 3,082 | 3,012 |
Over five years | 2,337 | 3,062 |
Gross Operating Lease Liabilities | 12,996 | 13,825 |
Imputed Interest | (894) | (1,073) |
Total Operating Lease Liabilities | $ 12,102 | $ 12,752 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | Oct. 11, 2022 $ / shares |
Subsequent Event [Line Items] | |
Date declared | Oct. 11, 2022 |
Dividends per common share | $ 0.16 |
Date of record | Nov. 01, 2022 |
Date paid | Nov. 15, 2022 |