Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 03, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-50275 | ||
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 | 800 | ||
Local Phone Number | 680-6872 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Security Exchange Name | NASDAQ | ||
Trading Symbol | BCBP | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 255.3 | ||
Entity Common Stock, Shares Outstanding | 16,941,267 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001228454 | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE: (1) Proxy Statement for the 2023 Annual Meeting of Stockholders of the Registrant (Part III) | ||
Auditor Name | Wolf & Company, P.C | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 392 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 11,520,000 | $ 9,606,000 |
Interest-earning deposits | 217,839,000 | 402,023,000 |
Total cash and cash equivalents | 229,359,000 | 411,629,000 |
Interest-earning time deposits | 735,000 | 735,000 |
Debt securities available for sale | 91,715,000 | 85,186,000 |
Equity investments | 17,686,000 | 25,187,000 |
Loans held for sale | 658,000 | 952,000 |
Loans receivable, net of allowance for loan losses of $32,373 and $37,119 respectively | 3,045,331,000 | 2,304,942,000 |
Federal Home Loan Bank of New York stock, at cost | 20,113,000 | 6,084,000 |
Premises and equipment, net | 10,508,000 | 12,237,000 |
Accrued interest receivable | 13,455,000 | 9,183,000 |
Other real estate owned | 75,000 | 75,000 |
Deferred income taxes | 16,462,000 | 12,959,000 |
Goodwill and other intangibles | 5,382,000 | 5,431,000 |
Operating lease right-of-use assets | 13,520,000 | 12,457,000 |
Bank-owned Life Insurance ("BOLI") | 71,656,000 | 72,485,000 |
Other assets | 9,538,000 | 7,986,000 |
Total Assets | 3,546,193,000 | 2,967,528,000 |
LIABILITIES | ||
Non-interest-bearing deposits | 613,910,000 | 588,207,000 |
Interest bearing deposits | 2,197,697,000 | 1,973,195,000 |
Total deposits | 2,811,607,000 | 2,561,402,000 |
FHLB Advances | 382,261,000 | 71,711,000 |
Subordinated debentures | 37,508,000 | 37,275,000 |
Operating lease liability | 13,859,000 | 12,752,000 |
Other liabilities | 9,704,000 | 10,364,000 |
Total Liabilities | 3,254,939,000 | 2,693,504,000 |
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 December 31, 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 | 21,003,000 | 28,923,000 |
Common stock: no par value; 40,000,000 shares authorized; issued 19,898,197 and 19,708,375 at December 31, 2022 and December 31, 2021 respectively, outstanding 16,930,979 shares and 16,940,133 shares, at December 31, 2022 and December 31, 2021 respectively | ||
Additional paid-in capital common stock | 196,164,000 | 193,927,000 |
Retained earnings | 115,109,000 | 81,171,000 |
Accumulated other comprehensive income (loss) | (6,491,000) | 1,128,000 |
Treasury stock, at cost, 2,967,218 and 2,768,242 shares at December 31, 2022 and December 31, 2021 respectively | (34,531,000) | (31,125,000) |
Total Stockholders' Equity | 291,254,000 | 274,024,000 |
Total Liabilities and Stockholders' Equity | $ 3,546,193,000 | $ 2,967,528,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans receivable, allowance for loan losses | $ 32,373 | $ 37,119 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 2,123 | 2,916 |
Preferred stock, shares outstanding | 2,123 | 2,916 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,898,197 | 19,708,375 |
Common stock, shares outstanding | 16,930,979 | 16,940,133 |
Treasury stock, shares | 2,967,218 | 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% |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Series I Preferred Stock [Member] | ||
Preferred stock, dividend rate | 3% | 3% |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income: | ||
Loans, including fees | $ 123,577 | $ 107,660 |
Mortgage-backed securities | 564 | 680 |
Other investment securities | 4,167 | 3,274 |
FHLB stock dividends and other interest earning assets | 3,133 | 959 |
Total interest and dividend income | 131,441 | 112,573 |
Deposits: | ||
Demand | 5,283 | 4,335 |
Savings and club | 449 | 505 |
Certificates of deposit | 6,889 | 6,160 |
Total deposits | 12,621 | 11,000 |
Borrowings | 4,875 | 4,180 |
Total interest expense | 17,496 | 15,180 |
Net interest income | 113,945 | 97,393 |
(Credit) provision for loan losses | (3,075) | 3,855 |
Net interest income after (credit) provision for loan losses | 117,020 | 93,538 |
Non-interest income: | ||
Fees and service charges | 4,816 | 3,972 |
BOLI income | 2,671 | 2,952 |
Gain on sales of loans | 129 | 667 |
(Loss) gain on sale of impaired loans held in portfolio | (64) | |
Gain (loss) on sales of other real estate owned | 11 | |
Gain on sale of premises | 371 | |
Realized and unrealized (loss) gain on equity investments | (6,269) | 147 |
Other | 248 | 639 |
Total non-interest income | 1,595 | 8,695 |
Non-interest expense: | ||
Salaries and employee benefits | 28,021 | 26,410 |
Occupancy and equipment | 10,627 | 11,360 |
Data processing service fees | 6,033 | 6,024 |
Professional fees | 3,766 | 1,919 |
Director fees | 1,253 | 1,043 |
Regulatory assessments | 1,243 | 1,310 |
Advertising and promotional | 941 | 554 |
Other real estate owned, net | 10 | 35 |
Loss from extinguishment of debt | 1,597 | |
Other | 3,611 | 3,723 |
Total non-interest expense | 55,505 | 53,975 |
Income before income tax provision | 63,110 | 48,258 |
Income tax provision | 17,531 | 14,018 |
Net Income | 45,579 | 34,240 |
Preferred stock dividends | 796 | 1,160 |
Net Income available to common stockholders | $ 44,783 | $ 33,080 |
Net Income per common share-basic and diluted | ||
Basic | $ 2.64 | $ 1.94 |
Diluted | $ 2.58 | $ 1.92 |
Weighted average number of common shares outstanding | ||
Basic | 16,969 | 17,063 |
Diluted | 17,349 | 17,239 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net Income | $ 45,579 | $ 34,240 |
Unrealized losses on available-for-sale securities: | ||
Unrealized holding losses arising during the period | (10,327) | (242) |
Net unrealized losses | (10,327) | (242) |
Tax effects | 2,560 | 60 |
Net-of-tax amount | (7,767) | (182) |
Benefit Plans: | ||
Actuarial gain | 212 | 2,165 |
Income tax expense | (64) | (650) |
Other comprehensive income on benefit plans | 148 | 1,515 |
Total other comprehensive (loss) income | (7,619) | 1,333 |
Comprehensive income | $ 37,960 | $ 35,573 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | 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 | 34,240 | 34,240 | |||
Other comprehensive income | 1,333 | 1,333 | |||
Issuance of Series I Preferred Stock | 3,200 | 3,200 | |||
Exercise of Stock Options | 287 | 287 | |||
Stock-based compensation expense | 417 | 417 | |||
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock | (1,160) | (1,160) | |||
Cash dividends on common stock (per share declared) | (9,775) | (9,775) | |||
Dividend Reinvestment Plan | 469 | (469) | |||
Stock Purchase Plan | 478 | 478 | |||
Treasury Stock Purchases | (4,207) | (4,207) | |||
Balance ending at Dec. 31, 2021 | 222,850 | 81,171 | (31,125) | 1,128 | 274,024 |
Net income | 45,579 | 45,579 | |||
Other comprehensive income | (7,619) | (7,619) | |||
Redemption of Series D and G Preferred Stock | (14,730) | (14,730) | |||
Issuance of Series I Preferred Stock | 6,810 | 6,810 | |||
Exercise of Stock Options | 220 | 220 | |||
Stock-based compensation expense | 1,132 | 1,132 | |||
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock | (796) | (796) | |||
Cash dividends on common stock (per share declared) | (10,379) | (10,379) | |||
Dividend Reinvestment Plan | 466 | (466) | |||
Stock Purchase Plan | 419 | 419 | |||
Treasury Stock Purchases | (3,406) | (3,406) | |||
Balance ending at Dec. 31, 2022 | $ 217,167 | $ 115,109 | $ (34,531) | $ (6,491) | $ 291,254 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Exercise of Stock Options (shares) | 72,846 | 39,291 | ||||
Treasury stock purchases (shares) | 198,976 | 301,024 | ||||
Cash dividends on common stock (per share) | $ 0.16 | $ 0.16 | $ 0.14 | $ 0.14 | $ 0.16 | |
Series D Preferred Stock [Member] | ||||||
Preferred stock, dividend rate | 4.50% | 4.50% | ||||
Series G Preferred Stock [Member] | ||||||
Preferred stock, dividend rate | 6% | 6% | ||||
Series H Preferred Stock [Member] | ||||||
Preferred stock, dividend rate | 3.50% | 3.50% | ||||
Series I Preferred Stock [Member] | ||||||
Preferred stock, dividend rate | 3% | 3% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from Operating Activities: | ||
Net income | $ 45,579,000 | $ 34,240,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 2,246,000 | 2,989,000 |
Amortization and accretion, net | (1,607,000) | (767,000) |
(Credit) provision for loan losses | (3,075,000) | 3,855,000 |
Deferred income tax benefit | (1,007,000) | (975,000) |
Loans originated for sale | (6,608,000) | (26,159,000) |
Proceeds from sale of loans | 7,031,000 | 29,404,000 |
Gains on sales of loans | (129,000) | (667,000) |
Fair value adjustment of OREO | 6,000 | |
Gains on sales of premises | (371,000) | |
Realized and unrealized loss (gain) on equity investments | 6,269,000 | (147,000) |
(Gain) loss from sales of other real estate owned | (11,000) | |
Loss (gain) on sale of impaired loans | 64,000 | |
Increase in cash surrender value of BOLI | (2,671,000) | (2,952,000) |
Stock-based compensation expense | 1,132,000 | 417,000 |
(Increase) decrease in accrued interest receivable | (4,272,000) | 3,741,000 |
(Increase) decrease in other assets | (1,552,000) | 1,025,000 |
Increase (decrease) in accrued interest payable | 2,022,000 | (412,000) |
(Decrease) increase in other liabilities | (2,469,000) | 2,613,000 |
Net Cash Provided by Operating Activities | 40,889,000 | 45,893,000 |
Cash flows from Investing Activities: | ||
Proceeds from repayments, calls, and maturities on securities | 10,102,000 | 32,597,000 |
Purchases of securities | (27,468,000) | (26,141,000) |
Proceeds from sales of securities | 1,232,000 | |
Proceeds from sales of premises | 742,000 | |
Purchase of BOLI | (8,500,000) | |
Proceeds from BOLI | 3,500,000 | |
Proceeds from sales of other real estate owned | 425,000 | |
Proceeds from bulk sale of impaired loans held in portfolio | 3,442,000 | |
Net increase in loans receivable | (734,321,000) | (15,148,000) |
Additions to premises and equipment | (518,000) | (325,000) |
(Purchase) sale of Federal Home Loan Bank of New York stock | (14,029,000) | 5,240,000 |
Net Cash Used In Investing Activities | (761,502,000) | (7,668,000) |
Cash flows from Financing Activities: | ||
Net increase (decrease) in deposits | 250,205,000 | 243,352,000 |
Proceeds from Federal Home Loan Bank of New York Long Term Advances | 150,000,000 | 10,000,000 |
Repayments Federal Home Loan Bank of New York Long Term Advances | (130,000,000) | |
Net proceeds from Federal Home Loan Bank of New York Short Term Advances | 160,000,000 | |
Purchase of treasury stock | (3,406,000) | (4,207,000) |
Cash dividends paid on common stock | (10,379,000) | (9,775,000) |
Cash dividends paid on preferred stock | (796,000) | (1,160,000) |
Net proceeds from issuance of common stock | 419,000 | 478,000 |
Net proceeds from issuance of preferred stock | 6,810,000 | 3,200,000 |
Payments for redemption of preferred stock | (14,730,000) | |
Exercise of stock options | 220,000 | 287,000 |
Net Cash Provided by (Used In) Financing Activities | 538,343,000 | 112,175,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | (182,270,000) | 150,400,000 |
Cash and Cash Equivalents - Beginning | 411,629,000 | 261,229,000 |
Cash and Cash Equivalents - Ending | 229,359,000 | 411,629,000 |
Supplementary Cash Flow Information: | ||
Cash paid during the year for: Income Taxes | 18,804,000 | 12,020,000 |
Cash paid during the year for: Interest | $ 15,475,000 | 15,592,000 |
Non-cash items: | ||
Transfer of loans to other real estate owned | $ 81,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization [Abstract] | |
Organization | Note 1 - Organi zation BCB Bancorp, Inc. (the “Company”) is incorporated in the State of New Jersey and is a bank holding company. The common stock of the Company is listed on the NASDAQ Global Market and trades under the symbol “BCBP”. The Company’s primary business is the ownership and operation of BCB Community Bank (the “Bank”). The Bank is a New Jersey commercial bank which, as of December 31, 2022, operated at 27 locations in Bayonne, Edison, Fairfield, Hoboken, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, South Orange, River Edge, Rutherford, Union, and Woodbridge New Jersey, as well as Staten Island and Hicksville, New York and is subject to regulation, supervision, and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowed funds, to invest in securities and to make loans collateralized by residential and commercial real estate and, to a lesser extent, business and consumer loans. BCB Holding Company Investment Corp. (the “New Jersey Investment Company”) was organized in January 2005 under New Jersey law as a New Jersey investment company primarily to hold investment and mortgage-backed securities. As a part of the merger with IA Bancorp, Inc., the Company acquired Special Asset REO 1, LLC and Special Asset REO 2, LLC, both of which were inactive at December 31, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Consolidated Financial Statement Presentation The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries, the Bank, the New Jersey Investment Company, Special Asset REO 1, LLC, and Special Asset REO 2, LLC have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the years then ended. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the identification of other-than-temporary impairment of securities, a determination as to possible impairment of goodwill. Management believes that the allowance for loan losses is adequate and no securities in unrealized loss positions are other-than-temporarily impaired. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Management’s assessment regarding impairment of securities is based on future projections of cash flow which are subject to change. Management performed a qualitative assessment of goodwill and determined there was no impairment as of December 31, 2022. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2022 and the date these consolidated financial statements were issued. Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-earning deposits in other banks having original maturities of three months or less. Note 2 - Summary of Significant Accounting Policies (continued ) Debt Securities Investments in debt securities that the Bank has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt securities that are bought and held principally for the purpose of selling them in the near-term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities (“AFS”) and reported at fair value, with unrealized holding gains or losses, net of applicable deferred income taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary” in accordance with Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt Securities. Accordingly, temporary impairments are accounted for based upon the classification of the related securities as either available-for-sale or held-to-maturity. Temporary impairments on available-for sale-securities are recognized, on a tax-effected basis, through Other Comprehensive Income (“OCI”) with offsetting entries adjusting the carrying value of the securities and the balance of deferred taxes. Information concerning the amount and duration of temporary impairments on both available-for-sale and held-to-maturity securities is disclosed in the notes to the consolidated financial statements. Other-than-temporary impairments are accounted for based upon several considerations. First, impairments on debt securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell, prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in operations. If neither of these conditions regarding the likelihood of the sale of debt securities are applicable, then the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. Credit-related, other-than-temporary impairments are recognized in earnings and noncredit-related, other-than-temporary impairments are recognized, net of deferred taxes, in OCI. Discounts on securities are amortized/accreted to maturity using the interest method. Premiums on securities are amortized to maturity or the earliest call date for callable securities using the interest method. Interest and dividend income on securities, which includes amortization of premiums and accretion of discounts, are recognized in the consolidated financial statements when earned. Loans Held For Sale Loans held for sale consist primarily of residential mortgage loans intended for sale and are carried at the lower of cost or estimated fair market value using the aggregate method. These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the cost of the related loans sold. Loans Receivable Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for loan losses. Loan origination fees and certain direct loan origination costs are deferred and amortized/accreted, as an adjustment of yield, over the contractual lives of the related loans. Generally, the accrual of interest on loans that are contractually delinquent more than ninety days is discontinued and the related loans are placed on nonaccrual status. All payments received while in nonaccrual status, are applied to principal until the loan has performed as expected for a minimum of six (6) months or until the loan is determined to qualify for return to normal accruing status. Loans may be returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured. Acquired Loans Loans that were acquired in acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. Purchase Credit-Impaired (“PCI”) loans are loans acquired at a discount, due in part to credit quality. PCI loans are accounted for in accordance with ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , and are initially recorded at fair value. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require an evaluation to determine the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which is then reclassified as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. The evaluation of the amount of future cash flows that is expected to be collected is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Securities include securities backed by the U.S. Government and other highly rated instruments. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey and the New York metropolitan area as a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the area. Note 2 - Summary of Significant Accounting Policies (continued ) Allowance for Loan Losses The allowance for loan losses is increased through provisions charged to operations and by recoveries, if any, on previously charged-off loans and reduced by charge-offs on loans which are determined to be a loss in accordance with Bank policy. The allowance for loan losses is maintained at a level considered adequate to absorb loan losses. Management, in determining the allowance for loan losses, considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Bank utilizes a two-tier approach: (1) identification of impaired loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Bank maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potentially impaired loans. Such a system takes into consideration, but is not limited to, delinquency status, size of loans, types and value of collateral, and financial condition of the borrowers. Specific loan loss allowances are established for impaired loans based on a review of such information and/or appraisals of the underlying collateral. General loan loss allowances are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management’s judgment. Although management believes that adequate specific and general allowances for loan losses are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. Impaired loans and performing troubled debt restructure loans (“TDRs”) are analyzed on an individual basis for impairment and are measured based on the present value of expected cash flows discounted at the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated individually. The Bank does not aggregate such loans for evaluation purposes. When a loan is classified as nonaccrual, interest accruals discontinue and generally, until the loan becomes current, any payments received from the borrower are applied to outstanding principal under the cost recovery method until such time as management determines that the financial condition of the borrower and other factors merit recognition of a portion of such payments as interest income. Premises and Equipment Land is carried at cost. Buildings, building improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost less accumulated depreciation and amortization. Significant renovations and additions are charged to the property and equipment account. Maintenance and repairs are charged to expense in the period incurred. Depreciation charges are computed on the straight-line method over the following estimated useful lives of each type of asset. Years Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 5 - 7 Leasehold improvements Shorter of useful life or term of lease Federal Home Loan Bank of New York Stock Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. Such stock is carried at cost. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. No impairment charges were recorded related to the FHLB of New York stock during 2022 or 2021. Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2022, the Bank owned one property totaling $ 75,000 . At December 31, 2021, the Bank owned one property totaling $ 75,000 . Interest Rate Risk The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to make loans primarily secured by real estate and to purchase securities. The potential for interest-rate risk exists as a result of the difference in duration of the Bank’s interest-sensitive liabilities compared to its interest-sensitive assets. For this reason, management regularly monitors the maturity structure of the Bank’s interest-earning assets and interest-bearing liabilities in order to measure its level of interest-rate risk and to plan for future volatility. Note 2 - Summary of Significant Accounting Policies (continued ) Fair Value Hierarchy ASC Topic 820, Fair Value Measurements and Disclosures, 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 or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted 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’s 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. Mortgage Servicing Rights The Company recognizes as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The estimated fair value of MSR is obtained through independent third-party valuations through an analysis of future cash flows, incorporating assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Subsequent increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Bank-Owned Life Insurance Bank-Owned Life Insurance policies are reflected on the consolidated statements of financial condition at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes. Goodwill and Other Intangible Assets Goodwill resulting from a business combination is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired as of the acquisition date. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual goodwill impairment test. Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Income taxes are allocated to the Company and its subsidiaries based upon their respective income or loss included in the consolidated income tax return. Separate state income tax returns are filed by the Company and its subsidiaries. Federal and state income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or (benefit) is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not more likely than not to be realized. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with ASC Topic 740, Income Taxes , which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the Consolidated Statement of Operations. The Company did not recognize any interest and penalties for the years ended December 31, 2022 or 2021. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2021, 2020, and 2019. The tax years subject to examination by the State taxing authorities are the years ended December 31, 2021, 2020, 2019, and 2018. In 2022, the company received notice that it had been selected for audit by the State of New Jersey for the years ending December 31, 2020, 2019, and 2018. The audit was completed in 2022 and resulted in a nominal audit adjustment. In 2022, the Company received notice that it had been selected for an audit by the City of New York for the years ending December 31, 2020, 2019, 2018, and 2017. The audit was completed in 2022 and resulted in a nominal audit adjustment. Note 2 – Summary of Significant Accounting Policies (continued) 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 years ended December 31, 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 year ended December 31, 2022, the Company had 0 shares considered to be anti-dilutive. For the year ended December 31, 2021, the Company had 3,588 shares considered to be anti-dilutive. For the Year Ended December 31, 2022 2021 Net Income Shares Per Share Net Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, Except per share data) Net income $ 45,579 $ 34,240 Basic earnings per share- Income available to Common stockholders $ 44,783 16,969 $ 2.64 $ 33,080 17,063 $ 1.94 Effect of dilutive securities: Stock options 380 176 Diluted earnings per share- Income available to Common stockholders $ 44,783 17,349 $ 2.58 $ 33,080 17,239 $ 1.92 Stock-Based Compensation Plans The Company, under plans approved by its stockholders in 2018 and 2011, has granted stock options to employees and outside directors. See Note 12 for additional information as to option grants. Compensation expense recognized for option grants is net of estimated forfeitures and is recognized over the awards’ respective requisite service periods. The fair values relating to options granted are estimated using a Black-Scholes option pricing model. Expected volatilities are based on historical volatility of the Company’s stock and other factors, such as implied market volatility using the respective options’ expected term. The Company used the mid-point of the original vesting period and original option life to estimate the options’ expected term, which represents the period of time that the options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of option awards, which have graded vesting, on a straight-line basis . Benefit Plans The Company acquired, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (the “Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to January 1, 2010 have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees. The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its Chief Executive Officer (“the CEO”) in December 2021. Upon the CEO’s retirement, the Bank will provide for a monthly retirement payment for his lifetime. The SERP Agreement provides that a retirement benefit is payable upon his attaining age sixty-five ( 65 ) while in service to the Bank and a lesser benefit is payable upon early retirement. The SERP Agreement provides the CEO with supplemental retirement income payable in the form of a life annuity. Upon the Executive’s separation from service after reaching normal retirement age (age 65 ), for any reason other than death, benefit payments will commence on the first day of the second month following CEO’s separation from service, payable monthly and continuing for the CEO’s lifetime. The monthly benefit payment will be $ 10,000 . The amount charged to expense follows the vesting schedule in the SERP Agreement and was $ 328,000 in 2022. Comprehensive Income (Loss) The Company records unrealized gains and losses, net of deferred income taxes, on securities available-for-sale in accumulated other comprehensive income (loss). Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities or upon the recognition of an impairment loss. Accumulated other comprehensive income (loss) also includes benefit plan amounts recognized in accordance with ASC 715, Compensation-Retirement Benefits , which reflect, net of tax, the unrecognized gains (losses) on the benefit plans. Note 2 – Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements In December 2022, the financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments n this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The ASU is effective upon issuance. The FASB had previously issued 2020-04 - Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments in 2020 to ease the potential burden in accounting for reference rate reform. The amendments in ASU 2020-04 were elective and applied to all entities that have contracts, hedging relationships, and other transactions that reference the London Inter-bank Offer Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The Company does not anticipate the adoption of the new ASU will not have an impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditor s and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. All amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect that the adoption of this standard will have a material effect on the Company's financial statements In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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 engaged a third-party vendor to assist in the development of a CECL model that would be used in the calculation of the allowance for loan and lease losses. The Company also engaged a third-party vendor to perform validation of our model. There are a number of key factors and assumptions that are involved in the Company’s CECL methodology. The following are some of the factors: methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios; a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment; a reversion period after the reasonable and supportable forecast period; estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment; and incorporation of qualitative factors not captured within the modeled results. The adoption of ASU 2016-13 will result in an allowance for credit losses amount at January 1, 2023. The impact upon adoption will be reflected as a cumulative effect adjustment to retained earnings, net of taxes. The Company is currently finalizing the execution of its implementation controls and concluding the model validation process. The Company does not expect the cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses upon adoption to have a material impact on regulatory capital and ratios (unaudited). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3 - Related Party Transactions The Bank leases a property from New Bay, LLC. (“New Bay”), a limited liability company 100 percent owned by a majority of the Directors of the Bank and the Company. In conjunction with the lease, New Bay substantially removed the pre-existing structure on the site and constructed a new building suitable to the Bank for its banking operations. Under the terms of the lease, the cost of this project was reimbursed to New Bay by the Bank. The amount reimbursed, which occurred during the year 2000, was $ 943,000 , and is included in property and equipment under the caption “Building and improvements” (see Note 6). On May 1, 2006, the Bank renegotiated the lease to a twenty-five-year term. The Bank paid New Bay $ 165,000 a year ($ 13,750 per month) which is included in the Consolidated Statements of Operations for 2022 and 2021, within occupancy expense. The rent is to be adjusted every five years thereafter at the fair market rental value. The Bank expects to pay $ 165,000 in rental expense for the year 2023. On March 6, 2014, the Bank entered into a ten-year lease of property in Rutherford, New Jersey with 190 Park Avenue, LLC, which is owned by two Directors of the Bank and the Company. The rent is $ 7,588 per month and lease payments of $ 102,053 and $ 99,482 were made in years 2022 and 2021, which is reflected in the Consolidated Statement of Operations within occupancy expense. The Bank expects to pay $ 102,883 in rental expense for the year 2023. On August 3, 2018, the Bank entered in to a ten-year lease of property in River Edge, New Jersey with 876 Kinderkamack, LLC, which is owned by a majority of the directors of the Bank and the Company. The rent is $ 8,000 per month and lease payments of $ 96,000 and $ 96,000 were made in the years 2022 and 2021, which is reflected in the Consolidated Statements of Operations within occupancy expense. The Bank expects to pay $ 96,000 in rental expense for the year 2023. On April 2, 2021, the Bank renewed a five-year lease of property in Lyndhurst, New Jersey with 734 Ridge Realty, LLC, which is owned by seven Directors of the Bank and the Company. The rent is $ 7,718 per month and lease payments of $ 92,610 and $ 90,773 were made in years 2022 and 2021, which is reflected in the Consolidated Statement of Operations within occupancy expense. The Bank expects to pay $ 92,610 in rental expense for the year 2023. During the years ended December 31, 2022 and 2021, legal fees were paid to a law firm owned by a Director of the Bank and the Company totaling $ 75,000 and $ 0 , respectively. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
Securities | Note 4- Securities Equity Securities Equity securities are reported at fair value on the Company’s Consolidated Statements of Financial Condition. The Company’s portfolio of equity securities had an estimated fair value of $ 17.7 million and $ 25.2 million as of December 31, 2022 and December 31, 2021, respectively. Included in this category are equity holdings of financial institutions. 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. Note 4- Securities (continued) Equity securities are generally required to be measured at fair value with market value adjustments being reflected in net income. The following table presents the disaggregated net losses on equity securities reported in the Consolidated Statements of Operations (In Thousands): For the Twelve Months Ended December 31, 2022 For the Twelve Months Ended December 31, 2021 Net gains (losses) recognized during the period on equity securities $ ( 6,269 ) $ 147 Less: Net gains (losses) recognized during the period on equity securities sold during the period ( 59 ) - Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ ( 6,210 ) $ 147 Debt Securities Available for Sale The following table sets forth information regarding the amortized cost, estimated fair values, and unrealized gains and losses for the Bank’s debt securities portfolio at December 31, 2022 by final contractual maturity. The following table does not take into consideration the effects of scheduled repayments or the effects of possible prepayments. Certain securities have interest rates that are adjustable and will reprice annually within the various maturity ranges. The effect of these repricings are not reflected in the table below. December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than five to ten years $ 5,445 $ - $ 350 $ 5,095 More than ten years 23,210 - 3,435 19,775 Sub-total: 28,655 - 3,785 24,870 Corporate Debt Securities: Due within one year 7,321 91 7,230 More than five to ten years 59,629 - 4,005 55,624 Sub-total: 66,950 - 4,096 62,854 Municipal obligations: Due after ten years 3,997 - 6 3,991 Sub-total: 3,997 - 6 3,991 Total Debt Securities Available-for-Sale $ 99,602 $ - $ 7,887 $ 91,715 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-for-Sale $ 82,746 $ 3,027 $ 587 $ 85,186 Note 4- 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: Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2022 Residential mortgage-backed securities $ 17,362 $ 2,022 $ 7,508 $ 1,763 $ 24,870 $ 3,785 Corporate Debt Securities 51,607 3,199 9,948 897 61,555 4,096 Muni Bond 3,991 6 3,991 6 $ 72,960 $ 5,227 $ 17,456 $ 2,660 $ 90,416 $ 7,887 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 December 31, 2022 and 2021, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities, corporate debt securities, and municipal obligations 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 depended 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 December 31, 2022 and 2021 to be temporary. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2022 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 5 - Loans Receivable and Allowance for Loan Losses The following table presents the recorded investment in loans receivable at December 31, 2022 and December 31, 2021 by segment and class: December 31, 2022 December 31, 2021 (In Thousands) Loans: Residential one-to-four family $ 250,123 $ 224,534 Commercial and multi-family 2,345,229 1,720,174 Construction 144,931 153,904 Commercial business (1) 282,007 191,139 Home equity (2) 56,888 50,469 Consumer 3,240 3,717 Total Loans 3,082,418 2,343,937 Less: Deferred loan fees, net ( 4,714 ) ( 1,876 ) Allowance for loan losses ( 32,373 ) ( 37,119 ) ( 37,087 ) ( 38,995 ) Total Loans, net $ 3,045,331 $ 2,304,942 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. The Company occasionally transfers a portion of its originated commercial loans to participating lending partners. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated Statements of Financial Condition. The Company and its lending partners share proportionally in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans, collects cash payments from the borrowers, remits payments (net of servicing fees), and disburses required escrow funds to relevant parties. Note 5 - Loans Receivable and Allowance for Loan Losses (continued) At December 31, 2022 and 2021, loans serviced by the Bank for the benefit of others totaled approximately $ 159.3 million and $ 196.3 million, respectively. Acquired Loans The difference between the undiscounted cash flows expected at acquisition and the investment in the acquired loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non- accretable difference,” are not recognized as a yield adjustment, as a loss accrual or as a valuation allowance. Under ASC Subtopic 310-30, these PCI loans may be aggregated and accounted for as pools of loans if the loans being aggregated have common risk characteristics. The Company elected to account for the loans with evidence of credit deterioration individually rather than aggregate them into pools. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through an adjustment of the yield on the loans over the remaining life, while decreases in expected cash flows are recognized as impairments through a loss provision and an increase in the allowance for loan losses. Valuation allowances (recognized in the allowance for loan losses) on these impaired loans reflect only losses incurred after the acquisition (representing all cash flows that were expected at acquisition but currently are not expected to be received). The following table presents the unpaid principal balance and the related recorded investment of all acquired loans included in the Company’s Consolidated Statements of Financial Condition. December 31, 2022 2021 (In Thousands) Unpaid principal balance $ 114,053 $ 140,969 Recorded investment 101,430 122,533 The accretable discount on loans acquired with deteriorated credit quality was not material. Related-Party Loans The Bank grants loans to its officers and directors and to their associates. The activity with respect to loans to directors, officers and associates of such persons, is as follows: Years Ended December 31, 2022 2021 (In Thousands) Balance – beginning $ 31,696 $ 29,159 Loans originated - 14,875 Collections of principal ( 5,431 ) ( 12,338 ) Balance - ending $ 26,265 $ 31,696 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 restructured, 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. Note 5 - Loans Receivable and Allowance for Loan Losses (continued) 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 economic conditions generally. 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 5- Loans Receivable and Allowance for Loan Losses (continued) The following tables set forth the activity in the Bank’s allowance for loan losses and recorded investment in loans receivable at December 31, 2022 and 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: Beginning Balance, December 31, 2021 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 Charge-offs: - - - ( 2,095 ) - - - ( 2,095 ) Recoveries: 23 - - 191 12 198 - 424 Provision (credit): ( 1,643 ) ( 316 ) ( 137 ) ( 729 ) ( 60 ) ( 188 ) ( 2 ) ( 3,075 ) Ending Balance, December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 5,367 $ 485 $ 24 $ 180 $ 32,373 Ending Balance attributable to loans: Individually evaluated for impairment $ 196 $ - $ 518 $ 2,066 $ 4 $ - $ $ 2,784 Collectively evaluated for impairment 2,278 21,749 1,576 3,301 481 24 180 29,589 Ending Balance, December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 5,367 $ 485 $ 24 $ 180 $ 32,373 Loans Receivables: Individually evaluated for impairment $ 5,147 $ 15,397 $ 3,180 $ 3,821 $ 727 $ - $ - $ 28,272 Collectively evaluated for impairment 244,976 2,329,832 141,751 278,186 56,161 3,240 - 3,054,146 Total Gross Loans $ 250,123 $ 2,345,229 $ 144,931 $ 282,007 $ 56,888 $ 3,240 $ - $ 3,082,418 __________ (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 credit losses: Beginning Balance, December 31, 2020 $ 3,293 $ 21,772 $ 1,977 $ 6,306 $ 286 $ - $ 5 $ 33,639 Charge-offs: ( 69 ) - - ( 205 ) - ( 198 ) - ( 472 ) Recoveries: 27 - - 3 67 - - 97 Provision (credit): 843 293 254 1,896 180 212 177 3,855 Ending Balance, December 31, 2021 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 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 5- 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 December 31, 2022 and 2021, respectively. Loans are generally 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 December 31, 2022, 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 but still accruing interest, or loans that were previously 90 days past due both of which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan. As of December 31, 2022 As of December 31, 2021 (In Thousands) (In Thousands) Non-Accruing Loans: Residential one-to-four family $ 243 $ 282 Commercial and multi-family 346 8,601 Construction 3,180 2,847 Commercial business (1) 1,340 3,132 Home equity (2) - 27 Total $ 5,109 $ 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 years ended December 31, 2022 and 2021 would have been approximately $ 1.0 million and $ 1.3 million, respectively. Interest income recognized on loans returned to accrual was approximately $ 1.6 million and $ 1.2 million, respectively. The Bank is not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At December 31, 2022 and 2021, there were $ 0 and $ 3.1 million, respectively, of loans which were more than ninety days past due and still accruing interest. Nonaccrual loans in the preceding table do not include loans acquired with deteriorated credit quality of $ 0 at December 31, 2022, and $ 668,000 at December 31, 2021, which were recorded at their fair value at acquisition. The following table summarizes the recorded investment and unpaid principal balances of impaired loans for the years ended December 31, 2022 and December 31, 2021. (In Thousands): As of December 31, 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: Residential one-to-four family $ 3,313 $ 3,472 $ - $ 2,950 $ 3,300 $ - Commercial and multi-family 15,397 16,355 - 20,915 22,100 - Commercial business (1) 691 4,648 - 2,114 6,905 - Home equity (2) 500 500 - 779 780 - Total Impaired Loans with no related allowance recorded: $ 19,901 $ 24,975 $ - $ 26,758 $ 33,085 $ - Loans with an allowance recorded: Residential one-to-four family $ 1,834 $ 1,856 $ 196 $ 2,011 $ 2,032 $ 265 Commercial and Multi-family - - - 10,830 14,494 1,690 Construction 3,180 3,180 518 2,847 2,847 210 Commercial business (1) 3,130 8,276 2,066 6,632 17,514 5,650 Home equity (2) 227 227 4 304 304 13 Total Impaired Loans with an allowance recorded: $ 8,371 $ 13,539 $ 2,784 $ 22,624 $ 37,191 $ 7,828 Total Impaired Loans: $ 28,272 $ 38,514 $ 2,784 $ 49,382 $ 70,276 $ 7,828 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5- Loans Receivable and Allowance for Loan Losses (continued) The following table summarizes the average recorded investment and actual interest income recognized on impaired loans for the years ended December 31, 2022 and December 31, 2021 (In Thousands). Years Ended December 31, 2022 2022 2021 2021 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Loans with no related allowance recorded: Residential one-to-four family $ 2,981 $ 149 $ 2,968 $ 145 Commercial and multi-family 22,511 1,088 28,189 1,073 Construction - - 697 36 Commercial business (1) 1,250 73 2,886 182 Home equity (2) 540 24 981 44 Total Impaired Loans with no allowance recorded: $ 27,282 $ 1,334 $ 35,721 $ 1,480 Loans with an allowance recorded: Residential one-to-four family $ 1,948 $ 63 $ 2,230 $ 231 Commercial and Multi-family 2,841 266 11,111 380 Construction 3,041 41 2,105 9 Commercial business (1) 4,924 105 7,949 164 Home equity (2) 272 5 352 2 Total Impaired Loans with an allowance recorded: $ 13,026 $ 480 $ 23,747 $ 786 Total Impaired Loans: $ 40,308 $ 1,814 $ 59,468 $ 2,266 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. A troubled debt restructuring (“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 December 31, 2022 At December 31, 2021 (In thousands) Recorded investment in TDRs: Accrual status $ 10,636 $ 12,402 Non-accrual status 399 3,570 Total recorded investment in TDRs $ 11,035 $ 15,972 The following tables summarize information with regard to troubled debt restructurings which occurred during the years ended December 31, 2022 and 2021 (Dollars in Thousands). Year Ended December 31, 2022 Number of Contracts Pre-Modification Recorded Investments Post-Modification Recorded Investments Commercial and multi-family 1 115 115 Residential 1 169 180 Total 2 $ 284 $ 295 Pre-Modification Outstanding Post-Modification Outstanding Year Ended December 31, 2021 Number of Contracts Recorded Investments Recorded Investments Residential one-to-four family 2 3,261 3,169 Commercial business (1) 2 130 120 Home equity (2) 1 96 95 Total 5 $ 3,487 $ 3,384 There were no troubled debt restructurings for which there was a payment default within twelve months of restructuring in 2022 or in 2021. Note 5 - Loans Receivable and Allowance for Loan Losses (continued) The loans included above are considered TDRs as a result of the Company implementing the following concessions: adjusting the interest rate to a below market rate and/or accepting interest only for a period of time or a change in amortization period. The following table sets forth the delinquency status of total loans receivable at December 31, 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 $ 253 $ 314 $ - $ 567 $ 249,556 $ 250,123 $ - Commercial and multi-family 2,163 428 - 2,591 2,342,638 2,345,229 - Construction - - 3,180 3,180 141,751 144,931 - Commercial business (1) 190 1,115 1,086 2,391 279,616 282,007 - Home equity (2) 699 - - 699 56,189 56,888 - Consumer - - - - 3,240 3,240 - Total $ 3,305 $ 1,857 $ 4,266 $ 9,428 $ 3,072,990 $ 3,082,418 $ - __________ (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 5 - Loans Receivable and Allowance for Loan Losses (continued) Criticized and Classified Assets The Company’s 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 our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of December 31, 2022, the Company had $ 17.8 million in assets classified as substandard, which were also classified as impaired. As of December 31, 2021, the Company had $ 39.2 million in assets classified as substandard, which were also classified as impaired. The loans classified as substandard represent primarily commercial loans 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. Residential, home equity, and consumer loans are rated pass at origination with subsequent adjustments based on delinquency status. The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2022 and 2021. (In Thousands): Pass Special Mention Substandard Doubtful Loss Total December 31, 2022 Residential one-to-four family $ 249,398 $ 303 $ 422 $ - $ - $ 250,123 Commercial and multi-family 2,320,865 14,183 10,181 - - 2,345,229 Construction 141,751 - 3,180 - - 144,931 Commercial business (1) 273,770 4,416 3,821 - - 282,007 Home equity (2) 56,676 - 212 - - 56,888 Consumer 3,240 - - - - 3,240 Total Gross Loans $ 3,045,700 $ 18,902 $ 17,816 $ - $ - $ 3,082,418 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Pass Special Mention Substandard Doubtful Loss Total December 31, 2021 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 . |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 6 - Premises and Equipment Premises and equipment as of December 31, 2022 and 2021 consists of the following: December 31, 2022 2021 (In Thousands) Land $ 1,447 $ 1,447 Buildings and improvements 6,514 6,468 Leasehold improvements 12,750 12,760 Furniture, fixtures and equipment 9,111 8,961 29,822 29,636 Accumulated depreciation and amortization ( 19,314 ) ( 17,399 ) $ 10,508 $ 12,237 Depreciation and amortization expense for the years ended December 31, 2022 and 2021 was $ 2,246,000 and $ 2,989,000 , respectively. Buildings and improvements include a building constructed on property leased from a related party (see Note 3). |
Interest Receivable
Interest Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Interest Receivable [Abstract] | |
Interest Receivable | Note 7 - Interest Receivable The distribution of interest receivable at December 31, 2022 and 2021 was as follows: December 31, 2022 2021 (In Thousands) Loans $ 12,577 $ 8,461 Securities 878 722 $ 13,455 $ 9,183 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Note 8 – Deposits The distribution of deposits at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 (In Thousands) Demand: Non-interest bearing $ 613,910 $ 588,207 Interest bearing 757,615 668,262 Money market 305,556 337,126 1,677,081 1,593,595 Savings and club 329,752 329,724 Certificates of deposit 804,774 638,083 $ 2,811,607 $ 2,561,402 Deposits of certain municipalities and local government agencies are collateralized by $ 24.9 million of investment securities and by a $ 230.0 million Municipal Letter of Credit with the FHLB. At December 31, 2022 and 2021, certificates of deposit of $250,000 or more totaled approximately $ 207.7 million and $ 275.0 million, respectively. At December 31, 2022, deposits from officers, directors and their associates totaled approximately $ 93.0 million. The scheduled maturities of certificates of deposit at December 31, 2022, were as follows (In thousands): Amount 2023 $ 766,820 2024 28,227 2025 6,754 2026 721 Thereafter 2,252 $ 804,774 As of December 31, 2022, the Company had $ 335.0 million in brokered certificate deposits and $ 35.0 million in brokered demand deposits. The Company had no brokered deposits at December 31, 2021. Reciprocal deposits are not considered brokered deposits under applicable regulations. |
Short-Term Debt and Long-Term D
Short-Term Debt and Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt [Abstract] | |
Short-Term Debt and Long-Term Debt | Note 9 - Short-Term Debt and Long-Term Debt Information regarding short-term borrowings is as follows: December 31, 2022 2021 Amount Amount ( In Thousands) Balance at end of period $ 60,000 $ - Average balance outstanding during the year $ 1,313 $ 48 Highest month-end balance during the year $ 87,000 $ - Average interest rate during the year 3.13 % 0.50 % Weighted average interest rate at year-end 4.61 % - % Long-term debt consists of the following: December 31, 2022 2021 Weighted Average Rate Amount ($000s) Weighted Average Rate Amount ($000s) Federal Home Loan Bank Advances: Maturing by December 31, 2023 4.85 % 250,000 - - 2024 0.48 18,000 0.48 18,000 2025 1.84 44,261 1.84 43,711 2026 0.65 10,000 0.65 10,000 4.07 % $ 322,261 1.39 % $ 71,711 FHLB advances are presented net of unamortized prepayment penalties totaling $ 1.5 million at December 31, 2022, and $ 2.1 million at December 31, 2021. At December 31, 2022 and 2021 loans with carrying values of approximately $ 1.2 billion and $ 733.3 million, respectively, were pledged to secure the above noted Federal Home Loan Bank of New York borrowings. No securities were pledged for borrowings at December 31, 2022 and 2021. The Bank’s total credit exposure cannot exceed 50.0 percent of its total assets, or $ 1.773 billion, based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50.0 percent of total assets is recalculated each quarter. During the year ended December 31, 2021, the Company opted to extinguish $ 115.0 million of FHLB advances which held an average rate of 1.60 percent and were originally set to mature in 2021, 2022, 2023 and 2024. The effect of the extinguishment of the debt reduced the weighted average cost of FHLB borrowings by approximately 16 basis points on an annualized basis. The related expense for the extinguishment of this debt is included in noninterest expense. |
Subordinated Debt
Subordinated Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt [Abstract] | |
Subordinated Debt | Note 10 – 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 ten-year term and bear interest at a fixed annual rate of 5.625 percent 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 percent 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 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 $ 116,000 and $ 349,000 at December 31, 2022 and 2021, respectively. The Company also has $ 4.1 million of mandatory redeemable Trust Preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly based on the three-month LIBOR plus 2.650 percent. The rate paid as of December 31, 2022 and 2021 was 7.388 percent and 2.866 percent, respectively. The trust preferred debenture became callable, at the Company’s option, on June 17, 2009, and quarterly thereafter. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 11 - Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. In July 2013, the FDIC and the other federal bank regulatory agencies issued a final rule that revised their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. Among other things, the new rule established a new common equity Tier 1 minimum capital requirement (4.5 percent of risk-weighted assets), increased the minimum Tier 1 capital to risk-based assets requirement (from 4.0 percent to 6.0 percent of risk-weighted assets) and assigned a higher risk weight (150 percent) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The final rule also requires unrealized gains and losses on certain available-for-sale securities holdings and defined benefit plan obligations to be included for purposes of calculating regulatory capital requirements unless a one-time opt-in or opt-out is exercised. The Bank exercised the opt-out election. The rule limits a banking organization's capital distributions and certain discretionary bonus payments if the banking organization does not hold a "capital conservation buffer" consisting of 2.5 percent of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. The final rule became effective for the Bank on January 1, 2015. The capital conservation buffer was phased in until it reached 2.5 percent in 2019. The Bank currently complies with the minimum capital requirements set forth in the final rule. On September 17, 2019, the FDIC passed a final rule providing qualifying community banking organizations the ability to opt-in to a new community bank leverage ratio (“CBLR”) framework, (tier 1 capital to average consolidated assets) at 9.0 percent for institutions under $10.0 billion in assets that such institutions may elect to utilize in lieu of the general applicable risk-based capital requirements under Basel III. Such institutions that meet the community bank leverage ratio and certain other qualifying criteria will automatically be deemed to be well-capitalized. On November 4, 2019, the FDIC, Office of the Comptroller of the Currency and the Federal Reserve Board jointly issued a final rule that permits insured depository institutions and depository institution holding companies to implement the simplifications to the capital rule on January 1, 2020, rather than April 1, 2020. These banking organizations may elect to use the revised effective date of January 1, 2020, or wait until the quarter beginning April 1, 2020. The Bank has opted-in to the CBLR. Pursuant to the CARES Act, the federal banking regulators in April, 2020 issued interim final rules to set the CBLR at 8.0 percent beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the CBLR increased to 8.5 percent for the calendar year. As of January 1, 2022, the CBLR requirement returned to 9.0 percent. The following table presents information as to the Bank’s capital levels. The Company will be subject to the larger capital requirements at March 31, 2023. For Capital Adequacy To be Well Capitalized under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of December 31, 2022 Bank Community Bank Leverage Ratio 327,806 9.86 265,557 8.00 298,752 9.00 As of December 31, 2021 Bank Community Bank Leverage Ratio $ 299,247 9.92 % $ 211,177 7.00 % $ 256,429 8.50 % As of December 31, 2022 and 2021, the most recent notification from the Bank’s regulators categorized the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events occurring since that notification that management believes have changed the Bank’s category. On December 11, 2020 the Company authorized another stock repurchase plan, which would allow it to repurchase up to 500,000 shares of stock. On October 17, 2022, the Company authorized an amendment to its stock repurchase program to increase the number of shares yet to be repurchased from 82,350 shares to a total number of 500,000 shares. The Company repurchased 198,976 shares during the year ended December 31, 2022. |
Benefits Plans
Benefits Plans | 12 Months Ended |
Dec. 31, 2022 | |
Benefits Plans [Abstract] | |
Benefits Plans | Note 12- Benefits Plans Pension Plan The Company acquired, through the merger with Pamrapo Bancorp, Inc. a non-contributory defined benefit pension plan (“Pension Plan”) covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the Pension Plan was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees. The following tables set forth the Pension Plan's funded status at December 31, 2022 and 2021 and components of net periodic pension cost for the years ended December 31, 2022 and 2021: Change in Benefit Obligation: December 31, 2022 2021 (In Thousands) Benefit obligation, beginning of year $ 6,492 $ 8,194 Interest cost 178 201 Actuarial (gain) loss ( 1,362 ) ( 929 ) Benefits paid ( 363 ) ( 459 ) Lump sum distributions ( 10 ) ( 515 ) Benefit obligation, ending $ 4,935 $ 6,492 Change in Plan Assets: Fair value of assets, beginning of year $ 7,144 $ 7,112 Actual return on plan assets ( 806 ) 1,006 Benefits paid ( 363 ) ( 459 ) Lump sum distributions ( 10 ) ( 515 ) Fair value of assets, ending $ 5,965 $ 7,144 Reconciliation of Funded Status: Projected benefit obligation $ 4,935 $ 6,492 Fair value of assets 5,965 7,144 Funded (unfunded) status, included in other liabilities, net $ 1,030 $ 652 Valuation assumptions used to determine benefit obligation at period end: Discount rate 5.02 % 2.83 % Salary increase rate N/A N/A Net Periodic Pension Expense: December 31, 2022 2021 (In Thousands) Interest cost $ 178 $ 201 Expected return on assets ( 417 ) ( 413 ) Amortization of net loss 66 635 Net Periodic Pension Cost and Settlements $ ( 173 ) $ 423 Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 2.83 % 2.52 % Long term rate of return on plan assets 6.00 % 6.00 % Salary increase rate N/A N/A At December 31, 2022 and December 31, 2021, unrecognized net losses of $ 559,000 and $ 707,000 , respectively, were included, net of deferred income tax, in accumulated other comprehensive loss in accordance with ASC 715-20 and ASC 715-30. Note 12 - Benefits Plan (continued) Plan Assets Investment Policies and Strategies The primary long-term objective for the Pension Plan is to maintain assets at a level that will sufficiently cover future beneficiary obligations. The Pension Plan is structured to include a volatility reducing component (the fixed income commitment) and a growth component (the equity commitment). To achieve the Bank’s long-term investment objectives, the trustee invests the assets of the Pension Plan in a diversified combination of asset classes, investment strategies, and pooled vehicles. The asset allocation guidelines in the table below reflect the Bank’s risk tolerance and long-term objectives for the Pension Plan. These parameters will be reviewed on a regular basis and subject to change following discussions between the Bank and the trustee. The following asset allocation targets and ranges guides the trustee in structuring the overall allocation in the Pension Plan’s investment portfolio. The Bank or the trustee may amend these allocations to reflect the most appropriate standards consistent with changing circumstances. Any such fundamental amendments in strategy will be discussed between the Bank and the trustee prior to implementation. Based on the above considerations, the following asset allocation ranges will be implemented: Asset Allocation Parameters by Asset Class Minimum Target Maximum Equity Large-Cap U.S. 38 % Mid/Small-Cap U.S. 16 % Non-U.S. 1 % Total-Equity 40 % 55 % 60 % Fixed Income Long/Short Duration 44 % Money Market/Certificates of Deposit 1 % Total-Fixed Income 40 % 45 % 60 % The parameters for each asset class provide the trustee with the latitude for managing the Pension Plan within a minimum and maximum range. The trustee has full discretion to buy, sell, invest and reinvest in these asset segments based on these guidelines which includes allowing the underlying investments to fluctuate within the stated policy ranges. The Pension Plan maintains a cash equivalents component (not to exceed 3 percent under normal circumstances) within the fixed income allocation for liquidity purposes. The trustee monitors the actual asset segment exposures of the Pension Plan on a regular basis and, periodically, may adjust the asset allocation within the ranges set forth above as it deems appropriate. Periodic reallocations of assets are based on the trustee’s perception of the changing risk/return opportunities of the respective asset classes. Determination of Long-Term Rate of Return The long-term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Pension Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6.0 to 10.0 percent and 2.0 to 6.0 percent, respectively. The long-term inflation rate was estimated to be 3.0 percent. When these overall return expectations are applied to the Pension Plan’s target allocation, the result is an expected rate of return of 4.0 to 7.0 percent. Note 12 - Benefits Plan (continued) The fair values of the Pension Plan assets at December 31, 2022, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands): Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 1,052 $ 1,052 $ - $ - Large-Cap Growth (b) 170 170 - - Diversified Emerging Markets (f) 96 96 - - Large Blend (d) 957 957 - - Technology (g) 96 96 - - Mutual Funds-Fixed Income Long Government (h) 48 48 - - Multi-Sector Bond (c) 1,244 1,244 - - High Yield Bond (e) 622 622 - - Intermediate Core Bond (i) 670 670 BCB Common Stock 932 932 - - Cash Equivalents Money Market $ 78 $ 78 $ - $ - Total $ 5,965 $ 5,965 $ - $ - The fair values of the Company’s pension plan assets at December 31, 2021, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands): Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 1,021 $ 1,021 $ - $ - Large-Cap Growth (b) 259 259 - - Diversified Emerging Markets (f) 247 247 - - Large Blend (d) 1,748 1,748 - - Technology (g) 305 305 - - Mutual Funds-Fixed Income Long Government (h) 204 204 - - Multi-Sector Bond (c) 1,047 1,047 - - High Yield Bond (e) 732 732 - - Intermediate Core Bond (i) 737 737 - - BCB Common Stock 800 800 - - Cash Equivalents Money Market $ 44 44 $ - $ - Total $ 7,144 $ 7,144 $ - $ - a) Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70 percent of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). b) Large Cap Growth Stocks of large cap companies that are projected to grow faster than other large cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). c) Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities. d) This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value. e) High Yield Bond funds invest at least 65 percent of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective. f) The fund invests at least 80% of the value of its assets in equity securities and equity related instruments that are tied economically to emerging markets. g) The fund normally invests at least 80% of the fund’s net assets in securities of issuers principally engaged in offering, using or developing products, processes or services that will provide or benefit significantly from technological advances and improvements. h) The fund normally invests at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long Treasury Bond Index. i) Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures. Note 12 - Benefits Plan (continued) The Company does not expect to contribute, based upon actuarial estimates, to the Pension Plan in 2023. Benefit payments are expected to be paid for the years ended December 31 as follows (In thousands): 2023 $ 409 2024 395 2025 399 2026 398 2027 398 2028-2032 1,835 Equity Incentive Plans 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 and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock 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. 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 are 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 are permitted to receive incentive stock options. On September 30, 2022, awards of 36,000 shares of restricted stock, in aggregate, were declared for certain executive officers of the Bank and the Company, which fully vested on November 30, 2022. On January 12, 2022, awards of 33,000 shares of restricted stock 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 10, 2021, awards of 26,400 shares of restricted stock, in aggregate, were awarded to 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 awarded to an officer of the Bank and the Company, which vests over a 2 -year period, commencing on the anniversary of the award date. The following table presents the share-based compensation expense for the years ended December 31, 2022 and 2021 (Dollars in Thousands). Years Ended December 31, 2022 2021 Stock Option Expense $ 216 $ 230 Restricted Stock Expense 916 187 Total share-based compensation expense $ 1,132 $ 417 The following is a summary of the status of the Company’s restricted shares as of December 31, 2022. Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at December 31, 2021 24,300 $ 12.89 Granted 69,000 13.05 Vested ( 45,150 ) 13.18 Forfeited - - Non-vested at December 31, 2022 48,150 $ 14.83 The remaining non-vested restricted shares outstanding as of December 31, 2022 will be charged to expense in 2023-2025, totaling $ 494,000 Note 12 - Benefits Plan (continued) A summary of stock option activity, follows: Number of Options Range of Exercise Price Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at January 1, 2021 1,192,348 $ 8.93 - 13.32 $ 11.45 6.04 $ 333 Options forfeited - - - - - Options exercised ( 70,723 ) 8.93 - 12.46 9.87 - - Options granted 72,800 12.89 - 13.68 12.96 - - Options expired - - - - - Outstanding at December 31, 2021 1,194,425 $ 9.02 - 13.68 $ 11.64 5.44 $ 4,528 Options forfeited - - - - - Options exercised (1) ( 157,450 ) 9.03 - 13.68 11.10 - - Options granted - - - - - Options expired - - - - - Outstanding at December 31, 2022 1,036,975 $ 9.03 - 13.68 $ 11.72 4.47 $ 6,502 Exercisable at December 31, 2022 806,535 __________ (1) Includes 84,604 and 31,432 cashless exercise of options during 2022 and 2021, respectively. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 230,440 shares of unvested options outstanding as of December 31, 2022, is $ 387,000 and will be recognized over a weighted average period of 3.72 years. 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. 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. There were no options awarded during the year ended December 31, 2022. Supplemental Executive Retirement Plan The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its Chief Executive Officer (“the CEO”) in December 2021, payable in the form of a life annuity. In the event the CEO experiences a separation from service for cause, the CEO will forfeit his entire SERP benefit, regardless of vesting. In the event the CEO dies while in active service with the Bank, his beneficiary will receive a lump sum payment equal to his account balance (the liability accrued by the Bank under generally accepted accounting principles as of such date) at the time of death in a single lump sum. In the event the CEO dies after a separation from service but before receiving 180 monthly payments, his beneficiary will receive the monthly benefit payments that CEO was entitled to at the time of his death until 180 monthly payments have been made. If the CEO has already received 180 monthly payments at the time of his death, his beneficiary will not be entitled to a death benefit. The SERP Agreement is an unfunded arrangement maintained primarily to provide supplemental retirement benefits and comply with Section 409A of the Internal Revenue Code. The cost of the benefit is being amortized over a three-year vesting period beginning in 2021. In 2022, the Bank recorded compensation expense of $ 328,000 related to the Plan. The anticipated expense for the years ended December 31, 2023 and December 31, 2024 is $ 350,000 and $ 45,000 , respectively. The Bank has elected to fund the retirement benefit by purchasing annuities that have been designed to provide a future source of funds for the lifetime retirement benefits of the SERP Agreement, totaling $ 1.81 million, which is included in other assets. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 13 – 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 14 – Goodwill and Other Intangible Assets The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with acquisitions. 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. Amortization expense of the core deposit intangibles was $ 49,000 and $ 57,000 for the years ended December 31, 2022 and December 31, 2021, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at December 31, 2022 was $ 129,000 and $ 5.2 million, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at December 31, 2021 was $ 178,000 and $ 5.2 million, respectively. 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 conducts impairment analysis on goodwill at least annually or more often as conditions require. Pursuant to ASC 350-20-35, the Company conducted a qualitative assessment of goodwill as of October 31, 2022, and determined that it was more likely than not that goodwill was not impaired. Accordingly, there was no impairment at December 31, 2022. The Company performed interim analyses of goodwill impairment each quarter in 2021 due to a triggering event of the stock price falling below the Company's calculated book value, largely related to the effects of the COVID-19 pandemic. Pursuant to ASC 350-20-35-70, the Company elected to proceed to a quantitative assessment of goodwill at October 31, 2020 to compare its fair value with its carrying amount. ASC Topic 820 - (Fair Value Measures and Disclosures) defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company determined that the Income and Market Approach were deemed appropriate in determining the fair value of the Bank, which as the primary reporting unit of the Company, is the reporting unit to which goodwill applies. Based on the results of this assessment, the Company determined that the fair value of goodwill was in excess of its carrying amounts and therefore there was no impairment at December 31, 2021. |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2022 | |
Dividend Restrictions [Abstract] | |
Dividend Restrictions | Note 15 - Dividend Restrictions Payment of cash dividends on common stock is conditional on earnings, financial condition, cash needs, capital considerations, the discretion of the Board of Directors of the Company, and compliance with regulatory requirements. State and federal law and regulations impose limitations on the Bank’s ability to pay dividends to the Company. Under New Jersey law, the Company is permitted to declare dividends on its common stock only if, after payment of the dividend, the capital stock of the Bank will be unimpaired and either the Bank will have a surplus of not less than 50 percent of its capital stock or the payment of the dividend will not reduce the Bank’s surplus. During 2022 and 2021, the Bank paid the Company total dividends of $ 22,338,000 and $ 15,885,000 , respectively. The Company’s ability to declare dividends is dependent upon the amount of dividends paid to the Company by the Bank. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note 16 - Income Taxes The components of income tax expense are summarized as follows: Years Ended December 31, 2022 2021 (In Thousands) Current income tax expense: Federal $ 12,323 $ 8,736 State 6,215 6,257 18,538 14,993 Deferred income tax benefit: Federal ( 967 ) ( 571 ) State ( 40 ) ( 404 ) ( 1,007 ) ( 975 ) Total Income Tax Expense $ 17,531 $ 14,018 Note 16 - Income Taxes (continued) The tax effects of existing temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are as follows: December 31, 2022 2021 Deferred income tax assets: (In Thousands) Allowance for loan losses $ 9,253 $ 10,610 Other real estate owned expenses 2 11 Non-accrual interest 279 361 Benefit plan-accumulated other comprehensive loss 159 234 Purchase accounting adjustment on loans receivable acquired 752 1,277 Net operating loss carry forwards 1,263 1,359 Lease liability 3,961 3,645 Unrealized loss on securities 2,974 - Other 2,783 1,509 21,426 19,006 Deferred income tax liabilities: Purchase accounting adjustment on premises and equipment acquired 74 77 Right-of-use assets 3,865 3,561 Unrealized gain on securities - 1,028 SBA servicing asset 368 520 Borrowing modification 440 597 Benefit plans 217 264 4,964 6,047 Net Deferred Tax Asset $ 16,462 $ 12,959 A summary of the change in the net deferred tax asset is as follows: Years Ended December 31, 2022 2021 (In Thousands) Balance at beginning of year: $ 12,959 $ 12,574 Deferred tax benefit 1,007 975 Other comprehensive income Available for sale securities 2,560 60 Benefit plan ( 64 ) ( 650 ) Balance at end of year $ 16,462 $ 12,959 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In making this assessment, management has considered the profitability of current core operations, future market growth, forecasted earnings, future taxable income, and ongoing, feasible and permissible tax planning strategies. If the Company was to determine that it would not be able to realize a portion of its net deferred tax asset in the future for which there is currently no valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period such determination was made. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and carry forwards are available. The Company believes it will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets in our consolidated balance sheet. In conjunction with the Company’s acquisition of IA Bancorp in 2018, the Company acquired a federal net operating loss carry forward of $ 8.7 million. This carry forward is available for use through 2035 ; however, in accordance with Internal Revenue Code Section 382, usage of the carry forward is limited to $ 459,000 annually on a cumulative basis (portions of the $ 459,000 not used in a particular year may be added to subsequent usage). At December 31, 2022 and 2021, the Company had approximately $ 6.0 million and $ 6.5 million remaining of this federal net operating loss carry forward available to offset future taxable income for federal tax reporting purposes. Note 16 - Income Taxes (continued) The following table presents a reconciliation between the reported income tax expense and the income tax expense which would be computed by applying the normal federal income tax rate of 21.0 percent to income before income tax expense. Years Ended December 31, 2022 2021 (In Thousands) Federal income tax expense at statutory rate $ 13,253 $ 10,134 Increases in income taxes resulting from: State income tax , net of federal income tax effect 4,878 4,684 Tax-exempt income ( 63 ) ( 45 ) Bank-owned life insurance earnings ( 561 ) ( 620 ) Other items, net 24 ( 135 ) Effective Income Tax Expense $ 17,531 $ 14,018 Effective Income Tax Rate 27.8 % 29.0 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 17- Commitments and Contingencies The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include commitments to extend credit. The Bank’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Outstanding loan related commitments were as follows: December 31, 2022 2021 (In Thousands) Loan origination commitments $ 165,579 $ 67,392 Standby letters of credit 3,701 3,309 Construction loans in process 96,905 84,195 Unused lines of credit 218,865 114,779 $ 485,050 $ 269,675 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes residential real estate properties. Leases At December 31, 2022, the Company leased 27 of its offices under various operating lease agreements. The leases have remaining terms of 1 year to 12 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 evaluates its contracts and service agreements in order to determine if there is an asset imbedded in such contracts and agreements. Such determination is based upon whether there is a specific asset covered by the agreement, whether the Company is entitled to all of the economic benefits to the asset over the term of the agreement, and whether the Company has full control and use of the asset over the term of the agreement without substitution rights or direction of use of the asset by the lessor. The Company includes in its determination of its lease liability and concurrent right of use asset those renewal or purchase options for which it is reasonably certain it will exercise. Currently, the Company does not expect to exercise such purchase options and, accordingly, those are excluded in the determination of the lease liabilities and the concurrent right of use 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. To calculate its lease liabilities, the Company used a discount rate based upon the applicable borrowing rates of the Federal Home Loan Bank at the inception of the lease agreement, which corresponds to the length of the lease term. Note 17- Commitments and Contingencies (continued) The following tables present certain information related to the Company’s lease obligations (in thousands): Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 Operating lease cost $ 3,758 $ 3,711 Variable lease cost-operating leases 1,002 976 $ 4,760 $ 4,687 At December 31, 2022 At December 31, 2021 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 13,520 $ 12,457 Operating Lease Liabilities: Current liabilities $ 3,062 $ 3,296 Operating lease liabilities (noncurrent portion) 12,218 10,529 Imputed interest ( 1,421 ) ( 1,073 ) Total operating lease liabilities $ 13,859 $ 12,752 The following tables summarize the Company’s weighted average remaining lease terms and weighted average discount rates: Weighted Average Remaining Lease Term Operating leases 6.49 years 5.99 years Weighted Average Discount Rate Operating leases 2.83 % 2.60 % The following table summarizes the Company’s maturity of lease obligations for operating leases at December 31, 2022 (in thousands): Maturities of lease liabilities (discounted): At December 31, 2022 Operating Leases One year or less $ 3,062 Over one year through three years 4,766 Over three years through five years 3,496 Over five years 3,956 Gross Operating Lease Liabilities $ 15,280 Imputed Interest ( 1,421 ) Total Operating Lease Liabilities $ 13,859 Legal Contingencies The Company is involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of business. As of December 31, 2022, the Company was not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements and Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Values of Financial Instruments | Note 18 - Fair Value Measurements and Fair Values of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. ASC Topic 820, Fair Value Measurements and Disclosures , 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 or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). An asset’s 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. For assets and liabilities measured at fair value on a recurring basis, the fair value measurements, by level, within the fair value hierarchy are as follows: (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs (In Thousands) As of December 31, 2022: Securities Available for Sale Debt Securities Available for Sale $ 91,715 $ - $ 91,715 $ - Marketable Equities 17,686 17,686 - - Total Securities Available for Sale $ 109,401 $ 17,686 $ 91,715 $ - As of December 31, 2021: Securities Available for Sale Debt Securities Available for Sale $ 85,186 $ - $ 85,186 $ - Marketable Equities 25,187 25,187 - - Total Securities Available for Sale $ 110,373 $ 25,187 $ 85,186 $ - For assets and liabilities measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy are as follows: (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs (In Thousands) As of December 31, 2022: Impaired loans $ 5,587 $ - $ - $ 5,587 Other real estate owned $ 75 $ - $ - $ 75 As of December 31, 2021: Impaired loans $ 14,796 $ - $ - $ 14,796 Other real estate owned $ 75 $ - $ - $ 75 Certain impaired loans were adjusted to the fair value, less costs to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties. Losses (recoveries) on impaired loans for the years ended December 31, 2022 and 2021 were ($ 5.0 ) million and $ 5.7 million respectively. The following table presents additional quantitative information 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 Range Estimate Techniques Input December 31, 2022: Impaired Loans $ 5,587 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other Real Estate Owned $ 75 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Note 18- Fair Value Measurements and Fair Value of Financial Instruments (continued) Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input 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 identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as age of appraisal, expected condition of property, 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 at December 31, 2022 and 2021: Cash and Cash Equivalents (Carried at Cost) The carrying amounts reported in the consolidated statements of financial condition for cash and interest-earning deposits approximate those assets’ fair values. Securities (Carried at Fair Value) The fair value of securities is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or 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. 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 December 31, 2022 and 2021 consists of the loan balances of $ 8,371,000 and $ 22,624,000 net of a valuation allowance of $ 2,784,000 and $ 7,828,000 , respectively. 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 accounts) 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. These 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. Note 18- Fair Value Measurements and Fair Value of Financial Instruments (continued) Off-Balance Sheet Financial Instruments (Disclosed at Cost) Fair values for the Bank’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. The carrying values and estimated fair values of financial instruments were as follows at December 31, 2022 and 2021: As of December 31, 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 $ 229,359 $ 229,359 $ 229,359 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 91,715 91,715 - 91,715 - Equity investments 17,686 17,686 17,686 - - Loans held for sale 658 658 - 658 - Loans receivable, net 3,045,331 2,876,925 - - 2,876,925 FHLB of New York stock, at cost 20,113 20,113 - 20,113 - Accrued interest receivable 13,455 13,455 - 13,455 - Financial liabilities: Deposits 2,811,607 2,499,978 1,713,754 786,224 - Debt 382,261 377,227 - 377,227 - Subordinated debentures 37,508 40,113 - 40,113 - Accrued interest payable 3,073 3,073 - 3,073 - 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 - + |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 19 - Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in stockholders' equity are as follows: At December 31, 2022 2021 (In Thousands) Net unrealized loss on securities available for sale $ ( 7,887 ) $ 2,440 Tax effect 1,955 ( 605 ) Net of tax amount ( 5,932 ) 1,835 Benefit plan adjustments ( 718 ) ( 930 ) Tax effect 159 223 Net of tax amount ( 559 ) ( 707 ) Accumulated other comprehensive loss $ ( 6,491 ) $ 1,128 |
Parent Only Condensed Financial
Parent Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Parent Only Condensed Financial Information [Abstract] | |
Parent Only Condensed Financial Information | Note 20 - Parent Only Condensed Financial Information STATEMENTS OF FINANCIAL CONDITION Years Ended December 31, 2022 2021 (In Thousands) Assets Cash and due from banks $ 1,553 $ 3,812 Investment in subsidiaries 327,960 307,165 Restricted common stock 124 124 Other assets 110 1,331 Total assets 329,747 312,432 Liabilities and Stockholders' Equity Liabilities Subordinated debentures $ 37,508 $ 37,275 Other Liabilities 985 1,133 Total liabilities 38,493 38,408 Stockholder's Equity 291,254 274,024 Total Liabilities and Stockholders' Equity $ 329,747 $ 312,432 STATEMENTS OF OPERATIONS Years Ended December 31, 2022 2021 (In Thousands) Dividends from Bank $ 22,338 $ 15,885 Interest and dividends from investments - - Total Income 22,338 15,885 Interest expense, borrowed money 2,299 2,230 Other 366 353 Total Expense 2,665 2,583 Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries 19,673 13,302 Income tax benefit ( 843 ) ( 777 ) Income before Equity in Undistributed Earnings of Subsidiaries 20,516 14,079 Equity in undistributed earnings of subsidiaries 25,063 20,161 Net Income $ 45,579 $ 34,240 STATEMENTS OF CASH FLOWS Years Ended December 31, 2022 2021 (In Thousands) Cash Flows from Operating Activities Net Income $ 45,579 $ 34,240 Adjustments to reconcile net income to net cash provided by operating activities: Amortization 233 233 Equity in undistributed earnings of subsidiaries ( 25,063 ) ( 20,161 ) Decrease (increase) in other assets 1,223 ( 781 ) (Decrease) increase in other liabilities ( 149 ) 10 Net Cash Provided By Operating Activities 21,823 13,541 Cash Flows from Investing Activities Additional investment in subsidiary ( 2,220 ) ( 289 ) Net Cash Used In Investing Activities $ ( 2,220 ) $ ( 289 ) Cash Flows from Financing Activities Proceeds from issuance of preferred stock 6,810 3,200 Redemption of preferred stock ( 14,730 ) - Proceeds from issuance of common stock 639 765 Cash dividends paid ( 11,175 ) ( 10,935 ) Purchase of treasury stock ( 3,406 ) ( 4,207 ) Net Cash Provided by (Used in) Financing Activities ( 21,862 ) ( 11,177 ) Net Increase (Decrease) in Cash and Cash Equivalents ( 2,259 ) 2,075 Cash and Cash Equivalents - Beginning $ 3,812 $ 1,737 Cash and Cash Equivalents - Ending $ 1,553 $ 3,812 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21 - Subsequent Events Subsequent Events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with GAAP. On January 26, 2023 , the Company declared a cash dividend of $ 0.16 per share and was paid to stockholders on February 17, 2023 , with a record date of February 3, 2023 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | Basis of Consolidated Financial Statement Presentation The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries, the Bank, the New Jersey Investment Company, Special Asset REO 1, LLC, and Special Asset REO 2, LLC have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the years then ended. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the identification of other-than-temporary impairment of securities, a determination as to possible impairment of goodwill. Management believes that the allowance for loan losses is adequate and no securities in unrealized loss positions are other-than-temporarily impaired. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Management’s assessment regarding impairment of securities is based on future projections of cash flow which are subject to change. Management performed a qualitative assessment of goodwill and determined there was no impairment as of December 31, 2022. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2022 and the date these consolidated financial statements were issued. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-earning deposits in other banks having original maturities of three months or less. |
Debt Securities | Debt Securities Investments in debt securities that the Bank has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt securities that are bought and held principally for the purpose of selling them in the near-term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities (“AFS”) and reported at fair value, with unrealized holding gains or losses, net of applicable deferred income taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary” in accordance with Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt Securities. Accordingly, temporary impairments are accounted for based upon the classification of the related securities as either available-for-sale or held-to-maturity. Temporary impairments on available-for sale-securities are recognized, on a tax-effected basis, through Other Comprehensive Income (“OCI”) with offsetting entries adjusting the carrying value of the securities and the balance of deferred taxes. Information concerning the amount and duration of temporary impairments on both available-for-sale and held-to-maturity securities is disclosed in the notes to the consolidated financial statements. Other-than-temporary impairments are accounted for based upon several considerations. First, impairments on debt securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell, prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in operations. If neither of these conditions regarding the likelihood of the sale of debt securities are applicable, then the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. Credit-related, other-than-temporary impairments are recognized in earnings and noncredit-related, other-than-temporary impairments are recognized, net of deferred taxes, in OCI. Discounts on securities are amortized/accreted to maturity using the interest method. Premiums on securities are amortized to maturity or the earliest call date for callable securities using the interest method. Interest and dividend income on securities, which includes amortization of premiums and accretion of discounts, are recognized in the consolidated financial statements when earned. |
Loans Held For Sale | Loans Held For Sale Loans held for sale consist primarily of residential mortgage loans intended for sale and are carried at the lower of cost or estimated fair market value using the aggregate method. These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the cost of the related loans sold. |
Loans Receivable | Loans Receivable Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for loan losses. Loan origination fees and certain direct loan origination costs are deferred and amortized/accreted, as an adjustment of yield, over the contractual lives of the related loans. Generally, the accrual of interest on loans that are contractually delinquent more than ninety days is discontinued and the related loans are placed on nonaccrual status. All payments received while in nonaccrual status, are applied to principal until the loan has performed as expected for a minimum of six (6) months or until the loan is determined to qualify for return to normal accruing status. Loans may be returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured. |
Acquired Loans | Acquired Loans Loans that were acquired in acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. Purchase Credit-Impaired (“PCI”) loans are loans acquired at a discount, due in part to credit quality. PCI loans are accounted for in accordance with ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , and are initially recorded at fair value. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require an evaluation to determine the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which is then reclassified as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. The evaluation of the amount of future cash flows that is expected to be collected is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. |
Concentration of Risk | Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Securities include securities backed by the U.S. Government and other highly rated instruments. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey and the New York metropolitan area as a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the area. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is increased through provisions charged to operations and by recoveries, if any, on previously charged-off loans and reduced by charge-offs on loans which are determined to be a loss in accordance with Bank policy. The allowance for loan losses is maintained at a level considered adequate to absorb loan losses. Management, in determining the allowance for loan losses, considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Bank utilizes a two-tier approach: (1) identification of impaired loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Bank maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potentially impaired loans. Such a system takes into consideration, but is not limited to, delinquency status, size of loans, types and value of collateral, and financial condition of the borrowers. Specific loan loss allowances are established for impaired loans based on a review of such information and/or appraisals of the underlying collateral. General loan loss allowances are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management’s judgment. Although management believes that adequate specific and general allowances for loan losses are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. Impaired loans and performing troubled debt restructure loans (“TDRs”) are analyzed on an individual basis for impairment and are measured based on the present value of expected cash flows discounted at the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated individually. The Bank does not aggregate such loans for evaluation purposes. When a loan is classified as nonaccrual, interest accruals discontinue and generally, until the loan becomes current, any payments received from the borrower are applied to outstanding principal under the cost recovery method until such time as management determines that the financial condition of the borrower and other factors merit recognition of a portion of such payments as interest income. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Buildings, building improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost less accumulated depreciation and amortization. Significant renovations and additions are charged to the property and equipment account. Maintenance and repairs are charged to expense in the period incurred. Depreciation charges are computed on the straight-line method over the following estimated useful lives of each type of asset. Years Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 5 - 7 Leasehold improvements Shorter of useful life or term of lease |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. Such stock is carried at cost. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. No impairment charges were recorded related to the FHLB of New York stock during 2022 or 2021. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2022, the Bank owned one property totaling $ 75,000 . At December 31, 2021, the Bank owned one property totaling $ 75,000 . |
Interest Rate Risk | Interest Rate Risk The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to make loans primarily secured by real estate and to purchase securities. The potential for interest-rate risk exists as a result of the difference in duration of the Bank’s interest-sensitive liabilities compared to its interest-sensitive assets. For this reason, management regularly monitors the maturity structure of the Bank’s interest-earning assets and interest-bearing liabilities in order to measure its level of interest-rate risk and to plan for future volatility. |
Fair Value Hierarchy | Fair Value Hierarchy ASC Topic 820, Fair Value Measurements and Disclosures, 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 or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted 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’s 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. |
Mortgage Servicing Rights | Mortgage Servicing Rights The Company recognizes as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The estimated fair value of MSR is obtained through independent third-party valuations through an analysis of future cash flows, incorporating assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Subsequent increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance Bank-Owned Life Insurance policies are reflected on the consolidated statements of financial condition at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill resulting from a business combination is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired as of the acquisition date. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual goodwill impairment test. |
Income Taxes | Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Income taxes are allocated to the Company and its subsidiaries based upon their respective income or loss included in the consolidated income tax return. Separate state income tax returns are filed by the Company and its subsidiaries. Federal and state income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or (benefit) is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not more likely than not to be realized. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with ASC Topic 740, Income Taxes , which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the Consolidated Statement of Operations. The Company did not recognize any interest and penalties for the years ended December 31, 2022 or 2021. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2021, 2020, and 2019. The tax years subject to examination by the State taxing authorities are the years ended December 31, 2021, 2020, 2019, and 2018. In 2022, the company received notice that it had been selected for audit by the State of New Jersey for the years ending December 31, 2020, 2019, and 2018. The audit was completed in 2022 and resulted in a nominal audit adjustment. In 2022, the Company received notice that it had been selected for an audit by the City of New York for the years ending December 31, 2020, 2019, 2018, and 2017. The audit was completed in 2022 and resulted in a nominal audit adjustment. |
Net Income per Common Share | 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 years ended December 31, 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 year ended December 31, 2022, the Company had 0 shares considered to be anti-dilutive. For the year ended December 31, 2021, the Company had 3,588 shares considered to be anti-dilutive. For the Year Ended December 31, 2022 2021 Net Income Shares Per Share Net Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, Except per share data) Net income $ 45,579 $ 34,240 Basic earnings per share- Income available to Common stockholders $ 44,783 16,969 $ 2.64 $ 33,080 17,063 $ 1.94 Effect of dilutive securities: Stock options 380 176 Diluted earnings per share- Income available to Common stockholders $ 44,783 17,349 $ 2.58 $ 33,080 17,239 $ 1.92 |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company, under plans approved by its stockholders in 2018 and 2011, has granted stock options to employees and outside directors. See Note 12 for additional information as to option grants. Compensation expense recognized for option grants is net of estimated forfeitures and is recognized over the awards’ respective requisite service periods. The fair values relating to options granted are estimated using a Black-Scholes option pricing model. Expected volatilities are based on historical volatility of the Company’s stock and other factors, such as implied market volatility using the respective options’ expected term. The Company used the mid-point of the original vesting period and original option life to estimate the options’ expected term, which represents the period of time that the options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of option awards, which have graded vesting, on a straight-line basis . |
Benefit Plans | Benefit Plans The Company acquired, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (the “Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to January 1, 2010 have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees. The Bank entered into a Supplemental Executive Retirement Agreement (the “SERP Agreement”) with its Chief Executive Officer (“the CEO”) in December 2021. Upon the CEO’s retirement, the Bank will provide for a monthly retirement payment for his lifetime. The SERP Agreement provides that a retirement benefit is payable upon his attaining age sixty-five ( 65 ) while in service to the Bank and a lesser benefit is payable upon early retirement. The SERP Agreement provides the CEO with supplemental retirement income payable in the form of a life annuity. Upon the Executive’s separation from service after reaching normal retirement age (age 65 ), for any reason other than death, benefit payments will commence on the first day of the second month following CEO’s separation from service, payable monthly and continuing for the CEO’s lifetime. The monthly benefit payment will be $ 10,000 . The amount charged to expense follows the vesting schedule in the SERP Agreement and was $ 328,000 in 2022. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company records unrealized gains and losses, net of deferred income taxes, on securities available-for-sale in accumulated other comprehensive income (loss). Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities or upon the recognition of an impairment loss. Accumulated other comprehensive income (loss) also includes benefit plan amounts recognized in accordance with ASC 715, Compensation-Retirement Benefits , which reflect, net of tax, the unrecognized gains (losses) on the benefit plans. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2022, the financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments n this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The ASU is effective upon issuance. The FASB had previously issued 2020-04 - Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments in 2020 to ease the potential burden in accounting for reference rate reform. The amendments in ASU 2020-04 were elective and applied to all entities that have contracts, hedging relationships, and other transactions that reference the London Inter-bank Offer Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The Company does not anticipate the adoption of the new ASU will not have an impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditor s and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. All amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect that the adoption of this standard will have a material effect on the Company's financial statements In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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 engaged a third-party vendor to assist in the development of a CECL model that would be used in the calculation of the allowance for loan and lease losses. The Company also engaged a third-party vendor to perform validation of our model. There are a number of key factors and assumptions that are involved in the Company’s CECL methodology. The following are some of the factors: methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios; a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment; a reversion period after the reasonable and supportable forecast period; estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment; and incorporation of qualitative factors not captured within the modeled results. The adoption of ASU 2016-13 will result in an allowance for credit losses amount at January 1, 2023. The impact upon adoption will be reflected as a cumulative effect adjustment to retained earnings, net of taxes. The Company is currently finalizing the execution of its implementation controls and concluding the model validation process. The Company does not expect the cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses upon adoption to have a material impact on regulatory capital and ratios (unaudited). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Useful Lives of Property, Plant and Equipment | Years Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 5 - 7 Leasehold improvements Shorter of useful life or term of lease |
Schedule of Earnings Per Share, Basic and Diluted | For the Year Ended December 31, 2022 2021 Net Income Shares Per Share Net Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, Except per share data) Net income $ 45,579 $ 34,240 Basic earnings per share- Income available to Common stockholders $ 44,783 16,969 $ 2.64 $ 33,080 17,063 $ 1.94 Effect of dilutive securities: Stock options 380 176 Diluted earnings per share- Income available to Common stockholders $ 44,783 17,349 $ 2.58 $ 33,080 17,239 $ 1.92 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
Summary of Disaggregated Net Losses on Equity Securities | For the Twelve Months Ended December 31, 2022 For the Twelve Months Ended December 31, 2021 Net gains (losses) recognized during the period on equity securities $ ( 6,269 ) $ 147 Less: Net gains (losses) recognized during the period on equity securities sold during the period ( 59 ) - Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ ( 6,210 ) $ 147 |
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale | December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than five to ten years $ 5,445 $ - $ 350 $ 5,095 More than ten years 23,210 - 3,435 19,775 Sub-total: 28,655 - 3,785 24,870 Corporate Debt Securities: Due within one year 7,321 91 7,230 More than five to ten years 59,629 - 4,005 55,624 Sub-total: 66,950 - 4,096 62,854 Municipal obligations: Due after ten years 3,997 - 6 3,991 Sub-total: 3,997 - 6 3,991 Total Debt Securities Available-for-Sale $ 99,602 $ - $ 7,887 $ 91,715 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-for-Sale $ 82,746 $ 3,027 $ 587 $ 85,186 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2022 Residential mortgage-backed securities $ 17,362 $ 2,022 $ 7,508 $ 1,763 $ 24,870 $ 3,785 Corporate Debt Securities 51,607 3,199 9,948 897 61,555 4,096 Muni Bond 3,991 6 3,991 6 $ 72,960 $ 5,227 $ 17,456 $ 2,660 $ 90,416 $ 7,887 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) | 12 Months Ended |
Dec. 31, 2022 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Recorded Investment in Loans Receivable | The following table presents the recorded investment in loans receivable at December 31, 2022 and December 31, 2021 by segment and class: December 31, 2022 December 31, 2021 (In Thousands) Loans: Residential one-to-four family $ 250,123 $ 224,534 Commercial and multi-family 2,345,229 1,720,174 Construction 144,931 153,904 Commercial business (1) 282,007 191,139 Home equity (2) 56,888 50,469 Consumer 3,240 3,717 Total Loans 3,082,418 2,343,937 Less: Deferred loan fees, net ( 4,714 ) ( 1,876 ) Allowance for loan losses ( 32,373 ) ( 37,119 ) ( 37,087 ) ( 38,995 ) Total Loans, net $ 3,045,331 $ 2,304,942 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Unpaid Principal Balance and Related Recorded Investment of Acquired Loans | December 31, 2022 2021 (In Thousands) Unpaid principal balance $ 114,053 $ 140,969 Recorded investment 101,430 122,533 |
Related Party Loans | Years Ended December 31, 2022 2021 (In Thousands) Balance – beginning $ 31,696 $ 29,159 Loans originated - 14,875 Collections of principal ( 5,431 ) ( 12,338 ) Balance - ending $ 26,265 $ 31,696 |
Allowance for Loan Losses | The following tables set forth the activity in the Bank’s allowance for loan losses and recorded investment in loans receivable at December 31, 2022 and 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: Beginning Balance, December 31, 2021 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 Charge-offs: - - - ( 2,095 ) - - - ( 2,095 ) Recoveries: 23 - - 191 12 198 - 424 Provision (credit): ( 1,643 ) ( 316 ) ( 137 ) ( 729 ) ( 60 ) ( 188 ) ( 2 ) ( 3,075 ) Ending Balance, December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 5,367 $ 485 $ 24 $ 180 $ 32,373 Ending Balance attributable to loans: Individually evaluated for impairment $ 196 $ - $ 518 $ 2,066 $ 4 $ - $ $ 2,784 Collectively evaluated for impairment 2,278 21,749 1,576 3,301 481 24 180 29,589 Ending Balance, December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 5,367 $ 485 $ 24 $ 180 $ 32,373 Loans Receivables: Individually evaluated for impairment $ 5,147 $ 15,397 $ 3,180 $ 3,821 $ 727 $ - $ - $ 28,272 Collectively evaluated for impairment 244,976 2,329,832 141,751 278,186 56,161 3,240 - 3,054,146 Total Gross Loans $ 250,123 $ 2,345,229 $ 144,931 $ 282,007 $ 56,888 $ 3,240 $ - $ 3,082,418 __________ (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 credit losses: Beginning Balance, December 31, 2020 $ 3,293 $ 21,772 $ 1,977 $ 6,306 $ 286 $ - $ 5 $ 33,639 Charge-offs: ( 69 ) - - ( 205 ) - ( 198 ) - ( 472 ) Recoveries: 27 - - 3 67 - - 97 Provision (credit): 843 293 254 1,896 180 212 177 3,855 Ending Balance, December 31, 2021 $ 4,094 $ 22,065 $ 2,231 $ 8,000 $ 533 $ 14 $ 182 $ 37,119 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. |
Non-Accruing Loans | As of December 31, 2022 As of December 31, 2021 (In Thousands) (In Thousands) Non-Accruing Loans: Residential one-to-four family $ 243 $ 282 Commercial and multi-family 346 8,601 Construction 3,180 2,847 Commercial business (1) 1,340 3,132 Home equity (2) - 27 Total $ 5,109 $ 14,889 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Impaired Loans | The following table summarizes the recorded investment and unpaid principal balances of impaired loans for the years ended December 31, 2022 and December 31, 2021. (In Thousands): As of December 31, 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: Residential one-to-four family $ 3,313 $ 3,472 $ - $ 2,950 $ 3,300 $ - Commercial and multi-family 15,397 16,355 - 20,915 22,100 - Commercial business (1) 691 4,648 - 2,114 6,905 - Home equity (2) 500 500 - 779 780 - Total Impaired Loans with no related allowance recorded: $ 19,901 $ 24,975 $ - $ 26,758 $ 33,085 $ - Loans with an allowance recorded: Residential one-to-four family $ 1,834 $ 1,856 $ 196 $ 2,011 $ 2,032 $ 265 Commercial and Multi-family - - - 10,830 14,494 1,690 Construction 3,180 3,180 518 2,847 2,847 210 Commercial business (1) 3,130 8,276 2,066 6,632 17,514 5,650 Home equity (2) 227 227 4 304 304 13 Total Impaired Loans with an allowance recorded: $ 8,371 $ 13,539 $ 2,784 $ 22,624 $ 37,191 $ 7,828 Total Impaired Loans: $ 28,272 $ 38,514 $ 2,784 $ 49,382 $ 70,276 $ 7,828 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5- Loans Receivable and Allowance for Loan Losses (continued) The following table summarizes the average recorded investment and actual interest income recognized on impaired loans for the years ended December 31, 2022 and December 31, 2021 (In Thousands). Years Ended December 31, 2022 2022 2021 2021 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Loans with no related allowance recorded: Residential one-to-four family $ 2,981 $ 149 $ 2,968 $ 145 Commercial and multi-family 22,511 1,088 28,189 1,073 Construction - - 697 36 Commercial business (1) 1,250 73 2,886 182 Home equity (2) 540 24 981 44 Total Impaired Loans with no allowance recorded: $ 27,282 $ 1,334 $ 35,721 $ 1,480 Loans with an allowance recorded: Residential one-to-four family $ 1,948 $ 63 $ 2,230 $ 231 Commercial and Multi-family 2,841 266 11,111 380 Construction 3,041 41 2,105 9 Commercial business (1) 4,924 105 7,949 164 Home equity (2) 272 5 352 2 Total Impaired Loans with an allowance recorded: $ 13,026 $ 480 $ 23,747 $ 786 Total Impaired Loans: $ 40,308 $ 1,814 $ 59,468 $ 2,266 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Troubled Debt Restructurings | At December 31, 2022 At December 31, 2021 (In thousands) Recorded investment in TDRs: Accrual status $ 10,636 $ 12,402 Non-accrual status 399 3,570 Total recorded investment in TDRs $ 11,035 $ 15,972 The following tables summarize information with regard to troubled debt restructurings which occurred during the years ended December 31, 2022 and 2021 (Dollars in Thousands). Year Ended December 31, 2022 Number of Contracts Pre-Modification Recorded Investments Post-Modification Recorded Investments Commercial and multi-family 1 115 115 Residential 1 169 180 Total 2 $ 284 $ 295 Pre-Modification Outstanding Post-Modification Outstanding Year Ended December 31, 2021 Number of Contracts Recorded Investments Recorded Investments Residential one-to-four family 2 3,261 3,169 Commercial business (1) 2 130 120 Home equity (2) 1 96 95 Total 5 $ 3,487 $ 3,384 |
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable at December 31, 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 $ 253 $ 314 $ - $ 567 $ 249,556 $ 250,123 $ - Commercial and multi-family 2,163 428 - 2,591 2,342,638 2,345,229 - Construction - - 3,180 3,180 141,751 144,931 - Commercial business (1) 190 1,115 1,086 2,391 279,616 282,007 - Home equity (2) 699 - - 699 56,189 56,888 - Consumer - - - - 3,240 3,240 - Total $ 3,305 $ 1,857 $ 4,266 $ 9,428 $ 3,072,990 $ 3,082,418 $ - __________ (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. |
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, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2022 and 2021. (In Thousands): Pass Special Mention Substandard Doubtful Loss Total December 31, 2022 Residential one-to-four family $ 249,398 $ 303 $ 422 $ - $ - $ 250,123 Commercial and multi-family 2,320,865 14,183 10,181 - - 2,345,229 Construction 141,751 - 3,180 - - 144,931 Commercial business (1) 273,770 4,416 3,821 - - 282,007 Home equity (2) 56,676 - 212 - - 56,888 Consumer 3,240 - - - - 3,240 Total Gross Loans $ 3,045,700 $ 18,902 $ 17,816 $ - $ - $ 3,082,418 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Pass Special Mention Substandard Doubtful Loss Total December 31, 2021 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Premises and Equipment [Abstract] | |
Summary of Premises and Equipment | December 31, 2022 2021 (In Thousands) Land $ 1,447 $ 1,447 Buildings and improvements 6,514 6,468 Leasehold improvements 12,750 12,760 Furniture, fixtures and equipment 9,111 8,961 29,822 29,636 Accumulated depreciation and amortization ( 19,314 ) ( 17,399 ) $ 10,508 $ 12,237 |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest Receivable [Abstract] | |
Summary of Interest Receivable | December 31, 2022 2021 (In Thousands) Loans $ 12,577 $ 8,461 Securities 878 722 $ 13,455 $ 9,183 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule of Deposits | December 31, 2022 2021 (In Thousands) Demand: Non-interest bearing $ 613,910 $ 588,207 Interest bearing 757,615 668,262 Money market 305,556 337,126 1,677,081 1,593,595 Savings and club 329,752 329,724 Certificates of deposit 804,774 638,083 $ 2,811,607 $ 2,561,402 |
Schedule of Maturities of Time Certificates of Deposits | Amount 2023 $ 766,820 2024 28,227 2025 6,754 2026 721 Thereafter 2,252 $ 804,774 |
Short-Term Debt and Long-Term_2
Short-Term Debt and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt [Abstract] | |
Short-term Borrowings | December 31, 2022 2021 Amount Amount ( In Thousands) Balance at end of period $ 60,000 $ - Average balance outstanding during the year $ 1,313 $ 48 Highest month-end balance during the year $ 87,000 $ - Average interest rate during the year 3.13 % 0.50 % Weighted average interest rate at year-end 4.61 % - % |
Long Term Debt | December 31, 2022 2021 Weighted Average Rate Amount ($000s) Weighted Average Rate Amount ($000s) Federal Home Loan Bank Advances: Maturing by December 31, 2023 4.85 % 250,000 - - 2024 0.48 18,000 0.48 18,000 2025 1.84 44,261 1.84 43,711 2026 0.65 10,000 0.65 10,000 4.07 % $ 322,261 1.39 % $ 71,711 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | For Capital Adequacy To be Well Capitalized under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of December 31, 2022 Bank Community Bank Leverage Ratio 327,806 9.86 265,557 8.00 298,752 9.00 As of December 31, 2021 Bank Community Bank Leverage Ratio $ 299,247 9.92 % $ 211,177 7.00 % $ 256,429 8.50 % |
Benefits Plans (Tables)
Benefits Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Benefits Plans [Abstract] | |
Pension Plan's Funded Status and Components of Net Periodic Pension Cost | Change in Benefit Obligation: December 31, 2022 2021 (In Thousands) Benefit obligation, beginning of year $ 6,492 $ 8,194 Interest cost 178 201 Actuarial (gain) loss ( 1,362 ) ( 929 ) Benefits paid ( 363 ) ( 459 ) Lump sum distributions ( 10 ) ( 515 ) Benefit obligation, ending $ 4,935 $ 6,492 Change in Plan Assets: Fair value of assets, beginning of year $ 7,144 $ 7,112 Actual return on plan assets ( 806 ) 1,006 Benefits paid ( 363 ) ( 459 ) Lump sum distributions ( 10 ) ( 515 ) Fair value of assets, ending $ 5,965 $ 7,144 Reconciliation of Funded Status: Projected benefit obligation $ 4,935 $ 6,492 Fair value of assets 5,965 7,144 Funded (unfunded) status, included in other liabilities, net $ 1,030 $ 652 Valuation assumptions used to determine benefit obligation at period end: Discount rate 5.02 % 2.83 % Salary increase rate N/A N/A |
Net Periodic Pension and SERP Expense | Net Periodic Pension Expense: December 31, 2022 2021 (In Thousands) Interest cost $ 178 $ 201 Expected return on assets ( 417 ) ( 413 ) Amortization of net loss 66 635 Net Periodic Pension Cost and Settlements $ ( 173 ) $ 423 Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 2.83 % 2.52 % Long term rate of return on plan assets 6.00 % 6.00 % Salary increase rate N/A N/A |
Asset Allocation Parameters by Asset Class | Asset Allocation Parameters by Asset Class Minimum Target Maximum Equity Large-Cap U.S. 38 % Mid/Small-Cap U.S. 16 % Non-U.S. 1 % Total-Equity 40 % 55 % 60 % Fixed Income Long/Short Duration 44 % Money Market/Certificates of Deposit 1 % Total-Fixed Income 40 % 45 % 60 % |
Schedule of Fair Value of Plan Assets | The fair values of the Pension Plan assets at December 31, 2022, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands): Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 1,052 $ 1,052 $ - $ - Large-Cap Growth (b) 170 170 - - Diversified Emerging Markets (f) 96 96 - - Large Blend (d) 957 957 - - Technology (g) 96 96 - - Mutual Funds-Fixed Income Long Government (h) 48 48 - - Multi-Sector Bond (c) 1,244 1,244 - - High Yield Bond (e) 622 622 - - Intermediate Core Bond (i) 670 670 BCB Common Stock 932 932 - - Cash Equivalents Money Market $ 78 $ 78 $ - $ - Total $ 5,965 $ 5,965 $ - $ - The fair values of the Company’s pension plan assets at December 31, 2021, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands): Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 1,021 $ 1,021 $ - $ - Large-Cap Growth (b) 259 259 - - Diversified Emerging Markets (f) 247 247 - - Large Blend (d) 1,748 1,748 - - Technology (g) 305 305 - - Mutual Funds-Fixed Income Long Government (h) 204 204 - - Multi-Sector Bond (c) 1,047 1,047 - - High Yield Bond (e) 732 732 - - Intermediate Core Bond (i) 737 737 - - BCB Common Stock 800 800 - - Cash Equivalents Money Market $ 44 44 $ - $ - Total $ 7,144 $ 7,144 $ - $ - a) Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70 percent of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). b) Large Cap Growth Stocks of large cap companies that are projected to grow faster than other large cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). c) Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities. d) This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value. e) High Yield Bond funds invest at least 65 percent of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective. f) The fund invests at least 80% of the value of its assets in equity securities and equity related instruments that are tied economically to emerging markets. g) The fund normally invests at least 80% of the fund’s net assets in securities of issuers principally engaged in offering, using or developing products, processes or services that will provide or benefit significantly from technological advances and improvements. h) The fund normally invests at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long Treasury Bond Index. i) Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures. |
Expected Benefit Payments | 2023 $ 409 2024 395 2025 399 2026 398 2027 398 2028-2032 1,835 |
Schedule of Share-Based Compensation Expense | Years Ended December 31, 2022 2021 Stock Option Expense $ 216 $ 230 Restricted Stock Expense 916 187 Total share-based compensation expense $ 1,132 $ 417 |
Summary of Status of Restricted Shares | Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at December 31, 2021 24,300 $ 12.89 Granted 69,000 13.05 Vested ( 45,150 ) 13.18 Forfeited - - Non-vested at December 31, 2022 48,150 $ 14.83 |
Summary of Stock Option Activity | Number of Options Range of Exercise Price Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at January 1, 2021 1,192,348 $ 8.93 - 13.32 $ 11.45 6.04 $ 333 Options forfeited - - - - - Options exercised ( 70,723 ) 8.93 - 12.46 9.87 - - Options granted 72,800 12.89 - 13.68 12.96 - - Options expired - - - - - Outstanding at December 31, 2021 1,194,425 $ 9.02 - 13.68 $ 11.64 5.44 $ 4,528 Options forfeited - - - - - Options exercised (1) ( 157,450 ) 9.03 - 13.68 11.10 - - Options granted - - - - - Options expired - - - - - Outstanding at December 31, 2022 1,036,975 $ 9.03 - 13.68 $ 11.72 4.47 $ 6,502 Exercisable at December 31, 2022 806,535 __________ (1) Includes 84,604 and 31,432 cashless exercise of options during 2022 and 2021, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | Years Ended December 31, 2022 2021 (In Thousands) Current income tax expense: Federal $ 12,323 $ 8,736 State 6,215 6,257 18,538 14,993 Deferred income tax benefit: Federal ( 967 ) ( 571 ) State ( 40 ) ( 404 ) ( 1,007 ) ( 975 ) Total Income Tax Expense $ 17,531 $ 14,018 |
Deferred Tax Assets and Liabilities | December 31, 2022 2021 Deferred income tax assets: (In Thousands) Allowance for loan losses $ 9,253 $ 10,610 Other real estate owned expenses 2 11 Non-accrual interest 279 361 Benefit plan-accumulated other comprehensive loss 159 234 Purchase accounting adjustment on loans receivable acquired 752 1,277 Net operating loss carry forwards 1,263 1,359 Lease liability 3,961 3,645 Unrealized loss on securities 2,974 - Other 2,783 1,509 21,426 19,006 Deferred income tax liabilities: Purchase accounting adjustment on premises and equipment acquired 74 77 Right-of-use assets 3,865 3,561 Unrealized gain on securities - 1,028 SBA servicing asset 368 520 Borrowing modification 440 597 Benefit plans 217 264 4,964 6,047 Net Deferred Tax Asset $ 16,462 $ 12,959 |
Summary of Change in Net Deferred Tax Asset | Years Ended December 31, 2022 2021 (In Thousands) Balance at beginning of year: $ 12,959 $ 12,574 Deferred tax benefit 1,007 975 Other comprehensive income Available for sale securities 2,560 60 Benefit plan ( 64 ) ( 650 ) Balance at end of year $ 16,462 $ 12,959 |
Effective Income Tax Rate Reconciliation | Years Ended December 31, 2022 2021 (In Thousands) Federal income tax expense at statutory rate $ 13,253 $ 10,134 Increases in income taxes resulting from: State income tax , net of federal income tax effect 4,878 4,684 Tax-exempt income ( 63 ) ( 45 ) Bank-owned life insurance earnings ( 561 ) ( 620 ) Other items, net 24 ( 135 ) Effective Income Tax Expense $ 17,531 $ 14,018 Effective Income Tax Rate 27.8 % 29.0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Loan Related Commitments | December 31, 2022 2021 (In Thousands) Loan origination commitments $ 165,579 $ 67,392 Standby letters of credit 3,701 3,309 Construction loans in process 96,905 84,195 Unused lines of credit 218,865 114,779 $ 485,050 $ 269,675 |
Schedule of Lease Information | Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 Operating lease cost $ 3,758 $ 3,711 Variable lease cost-operating leases 1,002 976 $ 4,760 $ 4,687 At December 31, 2022 At December 31, 2021 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 13,520 $ 12,457 Operating Lease Liabilities: Current liabilities $ 3,062 $ 3,296 Operating lease liabilities (noncurrent portion) 12,218 10,529 Imputed interest ( 1,421 ) ( 1,073 ) Total operating lease liabilities $ 13,859 $ 12,752 |
Summary of Lease Terms and Discount Rate | Weighted Average Remaining Lease Term Operating leases 6.49 years 5.99 years Weighted Average Discount Rate Operating leases 2.83 % 2.60 % |
Summary of Maturity of Lease Obligations for Operating Leases | Maturities of lease liabilities (discounted): At December 31, 2022 Operating Leases One year or less $ 3,062 Over one year through three years 4,766 Over three years through five years 3,496 Over five years 3,956 Gross Operating Lease Liabilities $ 15,280 Imputed Interest ( 1,421 ) Total Operating Lease Liabilities $ 13,859 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements and Fair Values 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 (In Thousands) As of December 31, 2022: Securities Available for Sale Debt Securities Available for Sale $ 91,715 $ - $ 91,715 $ - Marketable Equities 17,686 17,686 - - Total Securities Available for Sale $ 109,401 $ 17,686 $ 91,715 $ - As of December 31, 2021: Securities Available for Sale Debt Securities Available for Sale $ 85,186 $ - $ 85,186 $ - Marketable Equities 25,187 25,187 - - Total Securities Available for Sale $ 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 (In Thousands) As of December 31, 2022: Impaired loans $ 5,587 $ - $ - $ 5,587 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 | The following table presents additional quantitative information 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 Range Estimate Techniques Input December 31, 2022: Impaired Loans $ 5,587 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other Real Estate Owned $ 75 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Note 18- Fair Value Measurements and Fair Value of Financial Instruments (continued) Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input 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 identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as age of appraisal, expected condition of property, 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 December 31, 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 $ 229,359 $ 229,359 $ 229,359 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 91,715 91,715 - 91,715 - Equity investments 17,686 17,686 17,686 - - Loans held for sale 658 658 - 658 - Loans receivable, net 3,045,331 2,876,925 - - 2,876,925 FHLB of New York stock, at cost 20,113 20,113 - 20,113 - Accrued interest receivable 13,455 13,455 - 13,455 - Financial liabilities: Deposits 2,811,607 2,499,978 1,713,754 786,224 - Debt 382,261 377,227 - 377,227 - Subordinated debentures 37,508 40,113 - 40,113 - Accrued interest payable 3,073 3,073 - 3,073 - 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 - + |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | At December 31, 2022 2021 (In Thousands) Net unrealized loss on securities available for sale $ ( 7,887 ) $ 2,440 Tax effect 1,955 ( 605 ) Net of tax amount ( 5,932 ) 1,835 Benefit plan adjustments ( 718 ) ( 930 ) Tax effect 159 223 Net of tax amount ( 559 ) ( 707 ) Accumulated other comprehensive loss $ ( 6,491 ) $ 1,128 |
Parent Only Condensed Financi_2
Parent Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Only Condensed Financial Information [Abstract] | |
Statements of Financial Condition | STATEMENTS OF FINANCIAL CONDITION Years Ended December 31, 2022 2021 (In Thousands) Assets Cash and due from banks $ 1,553 $ 3,812 Investment in subsidiaries 327,960 307,165 Restricted common stock 124 124 Other assets 110 1,331 Total assets 329,747 312,432 Liabilities and Stockholders' Equity Liabilities Subordinated debentures $ 37,508 $ 37,275 Other Liabilities 985 1,133 Total liabilities 38,493 38,408 Stockholder's Equity 291,254 274,024 Total Liabilities and Stockholders' Equity $ 329,747 $ 312,432 |
Statements of Operations | STATEMENTS OF OPERATIONS Years Ended December 31, 2022 2021 (In Thousands) Dividends from Bank $ 22,338 $ 15,885 Interest and dividends from investments - - Total Income 22,338 15,885 Interest expense, borrowed money 2,299 2,230 Other 366 353 Total Expense 2,665 2,583 Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries 19,673 13,302 Income tax benefit ( 843 ) ( 777 ) Income before Equity in Undistributed Earnings of Subsidiaries 20,516 14,079 Equity in undistributed earnings of subsidiaries 25,063 20,161 Net Income $ 45,579 $ 34,240 |
Statements of Cash Flows | STATEMENTS OF CASH FLOWS Years Ended December 31, 2022 2021 (In Thousands) Cash Flows from Operating Activities Net Income $ 45,579 $ 34,240 Adjustments to reconcile net income to net cash provided by operating activities: Amortization 233 233 Equity in undistributed earnings of subsidiaries ( 25,063 ) ( 20,161 ) Decrease (increase) in other assets 1,223 ( 781 ) (Decrease) increase in other liabilities ( 149 ) 10 Net Cash Provided By Operating Activities 21,823 13,541 Cash Flows from Investing Activities Additional investment in subsidiary ( 2,220 ) ( 289 ) Net Cash Used In Investing Activities $ ( 2,220 ) $ ( 289 ) Cash Flows from Financing Activities Proceeds from issuance of preferred stock 6,810 3,200 Redemption of preferred stock ( 14,730 ) - Proceeds from issuance of common stock 639 765 Cash dividends paid ( 11,175 ) ( 10,935 ) Purchase of treasury stock ( 3,406 ) ( 4,207 ) Net Cash Provided by (Used in) Financing Activities ( 21,862 ) ( 11,177 ) Net Increase (Decrease) in Cash and Cash Equivalents ( 2,259 ) 2,075 Cash and Cash Equivalents - Beginning $ 3,812 $ 1,737 Cash and Cash Equivalents - Ending $ 1,553 $ 3,812 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 item | |
Organization [Abstract] | |
Number of locations | 27 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) property shares | Dec. 31, 2021 USD ($) property shares | |
Significant Accounting Policies Disclosure [Line Items] | ||
Other real estate owned, number of properties | property | 1 | 1 |
Other real estate owned | $ 75,000 | $ 75,000 |
Anti-dilutive outstanding options | shares | 0 | 3,588 |
Investment In Federal Home Loan Bank Stock [Member] | ||
Significant Accounting Policies Disclosure [Line Items] | ||
Impairment charges | $ 0 | $ 0 |
Supplemental Executive Retirement Plan [Member] | ||
Significant Accounting Policies Disclosure [Line Items] | ||
Normal retirement age | 65 years | |
Monthly benefit amount | $ 10,000 | |
SERP plan expense | $ 328,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary of Useful Lives of Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, estimated useful life | Shorter of useful life or term of lease |
Minimum [Member] | Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 7 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 5 years |
Maximum [Member] | Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 7 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income per Common Share [Abstract] | ||
Net income | $ 45,579 | $ 34,240 |
Basic earnings per share- Income available to Common stockholders | 44,783 | 33,080 |
Diluted earnings per share- Income available to Common stockholders | $ 44,783 | $ 33,080 |
Basic earnings per share- Income available to Common stockholders, Shares | 16,969 | 17,063 |
Effect of dilutive securities: Stock options, Shares | 380 | 176 |
Diluted earnings per share- Income available to Common stockholders, Shares | 17,349 | 17,239 |
Basic earnings per share: Income available to Common stockholders, Per share amount | $ 2.64 | $ 1.94 |
Diluted earnings per share: Income available to Common stockholders, Per share amount | $ 2.58 | $ 1.92 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2000 USD ($) | |
Related Party Transaction [Line Items] | ||||
Operating lease liability, current | $ 3,062,000 | $ 3,296,000 | ||
Law Firm Owned By Director Of Bank And Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 75,000 | 0 | ||
New Bay LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party percentage owned by Directors | 100% | |||
Related party expenses | $ 165,000 | 165,000 | $ 943,000 | |
Lease term | 25 years | |||
Monthly rent expense | $ 13,750 | 13,750 | ||
Frequency of rent adjustments | 5 years | |||
New Bay LLC [Member] | Forecast [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 165,000 | |||
190 Park Avenue LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 102,053 | 99,482 | ||
Lease term | 10 years | |||
Monthly rent expense | $ 7,588 | |||
Number of related parties | item | 2 | |||
190 Park Avenue LLC [Member] | Forecast [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 102,883 | |||
734 Ridge Realty [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 92,610 | 90,773 | ||
Lease term | 5 years | |||
Monthly rent expense | $ 7,718 | |||
Number of related parties | item | 7 | |||
734 Ridge Realty [Member] | Forecast [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 92,610 | |||
876 Kinderkamack LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 96,000 | $ 96,000 | ||
Lease term | 10 years | |||
Monthly rent expense | $ 8,000 | |||
876 Kinderkamack LLC [Member] | Forecast [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 96,000 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities [Abstract] | ||
Equity investments | $ 17,686 | $ 25,187 |
Securities (Summary of Disaggre
Securities (Summary of Disaggregated Net Losses on Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Securities [Abstract] | ||
Net gains (losses) recognized during the period on equity securities | $ (6,269) | $ 147 |
Less: Net gains (losses) recognized during the period on equity securities sold during the period | (59) | |
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date | $ (6,210) | $ 147 |
Securities (Amortized Cost and
Securities (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Amortized Cost | $ 99,602 | $ 82,746 |
Debt securities: Gross Unrealized Gains | 3,027 | |
Debt securities: Gross Unrealized Losses | 7,887 | 587 |
Debt securities: Fair Value | 91,715 | 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 | 5,445 | 6,317 |
Debt securities, More than ten years, Amortized Cost | 23,210 | 21,555 |
Debt Securities, Amortized Cost | 28,655 | 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 | 350 | 27 |
Debt securities: More than ten years, Gross Unrealized Losses | 3,435 | 287 |
Debt securities: Gross Unrealized Losses | 3,785 | 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 | 5,095 | 6,455 |
Debt securities: More than ten years, Fair Value | 19,775 | 21,566 |
Debt securities: Fair Value | 24,870 | 30,912 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Due within one year, Amortized Cost | 7,321 | |
Debt securities, More than five to ten years, Amortized Cost | 59,629 | 47,765 |
Debt Securities, Amortized Cost | 66,950 | 47,765 |
Debt securities: More than five to ten years, Gross Unrealized Gains | 2,465 | |
Debt securities: Gross Unrealized Gains | 2,465 | |
Debt securities: Due within one year, Gross Unrealized Losses | 91 | |
Debt securities: More than five to ten years, Gross Unrealized Losses | 4,005 | 159 |
Debt securities: Gross Unrealized Losses | 4,096 | 159 |
Debt securities: Due within one year, Fair Value | 7,230 | |
Debt securities: More than five to ten years, Fair Value | 55,624 | 50,071 |
Debt securities: Fair Value | 62,854 | 50,071 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than ten years, Amortized Cost | 3,997 | 4,104 |
Debt Securities, Amortized Cost | 3,997 | 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 | 6 | |
Debt securities: Gross Unrealized Losses | 6 | |
Debt securities: More than ten years, Fair Value | 3,991 | 4,203 |
Debt securities: Fair Value | $ 3,991 | $ 4,203 |
Securities (Available-for-sale
Securities (Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | $ 72,960 | $ 20,125 |
Debt Securities, More than 12 Months - Fair Value | 17,456 | 4,681 |
Debt Securities - Total Fair Value | 90,416 | 24,806 |
Debt Securities, 12 Months or Less - Unrealized Losses | 5,227 | 318 |
Debt Securities, More than 12 Months - Unrealized Losses | 2,660 | 269 |
Debt Securities - Total Unrealized Losses | 7,887 | 587 |
Municipal Bond [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | 3,991 | |
Debt Securities - Total Fair Value | 3,991 | |
Debt Securities, 12 Months or Less - Unrealized Losses | 6 | |
Debt Securities - Total Unrealized Losses | 6 | |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | 17,362 | 7,801 |
Debt Securities, More than 12 Months - Fair Value | 7,508 | 4,681 |
Debt Securities - Total Fair Value | 24,870 | 12,482 |
Debt Securities, 12 Months or Less - Unrealized Losses | 2,022 | 159 |
Debt Securities, More than 12 Months - Unrealized Losses | 1,763 | 269 |
Debt Securities - Total Unrealized Losses | 3,785 | 428 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | 51,607 | 12,324 |
Debt Securities, More than 12 Months - Fair Value | 9,948 | |
Debt Securities - Total Fair Value | 61,555 | 12,324 |
Debt Securities, 12 Months or Less - Unrealized Losses | 3,199 | 159 |
Debt Securities, More than 12 Months - Unrealized Losses | 897 | |
Debt Securities - Total Unrealized Losses | $ 4,096 | $ 159 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participation interest in loans originated | $ 159,300,000 | $ 196,300,000 |
Non-accrual loans, interest income lost | 1,000,000 | 1,300,000 |
Loans returned to accrual, interest income | 1,600,000 | 1,200,000 |
Loans acquired with deteriorated credit quality, fair value | 0 | 668,000 |
Total Loans | 3,082,418,000 | 2,343,937,000 |
Loans Receivable >90 Days and Accruing | 0 | 3,124,000 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 17,800,000 | $ 39,200,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses (Recorded Investment in Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 3,082,418 | $ 2,343,937 |
Deferred loan fees, net | (4,714) | (1,876) |
Allowance for loan losses | (32,373) | (37,119) |
Sub-total | (37,087) | (38,995) |
Total Loans, net | 3,045,331 | 2,304,942 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 250,123 | 224,534 |
Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,345,229 | 1,720,174 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 144,931 | 153,904 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 282,007 | 191,139 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 56,888 | 50,469 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 3,240 | $ 3,717 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Loan Losses (Unpaid Principal Balance and Related Recorded Investment of Acquired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Unpaid principle balance | $ 114,053 | $ 140,969 |
Recorded investment | $ 101,430 | $ 122,533 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Loan Losses (Related Party Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Balance - beginning | $ 31,696 | $ 29,159 |
Loans originated | 14,875 | |
Collections of principal | (5,431) | (12,338) |
Balance - ending | $ 26,265 | $ 31,696 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | $ 37,119 | $ 33,639 |
Allowance for loan losses: Charge-offs | (2,095) | (472) |
Allowance for loan losses: Recoveries | 424 | 97 |
Allowance for loan losses: Provisions (credit) | (3,075) | 3,855 |
Allowance for loan losses: Ending Balance | 32,373 | 37,119 |
Allowance for loan losses: Ending balance: Individually evaluated for impairment | 2,784 | 7,828 |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | 29,589 | 29,291 |
Loans receivables: Ending balance: individually evaluated for impairment | 28,272 | 49,382 |
Loans receivables: Ending balance: collectively evaluated for impairment | 3,054,146 | 2,294,555 |
Loans receivables: Ending balance | 3,082,418 | 2,343,937 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | 4,094 | 3,293 |
Allowance for loan losses: Charge-offs | (69) | |
Allowance for loan losses: Recoveries | 23 | 27 |
Allowance for loan losses: Provisions (credit) | (1,643) | 843 |
Allowance for loan losses: Ending Balance | 2,474 | 4,094 |
Allowance for loan losses: Ending balance: Individually evaluated for impairment | 196 | 265 |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | 2,278 | 3,829 |
Loans receivables: Ending balance: individually evaluated for impairment | 5,147 | 4,961 |
Loans receivables: Ending balance: collectively evaluated for impairment | 244,976 | 219,573 |
Loans receivables: Ending balance | 250,123 | 224,534 |
Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | 22,065 | 21,772 |
Allowance for loan losses: Provisions (credit) | (316) | 293 |
Allowance for loan losses: Ending Balance | 21,749 | 22,065 |
Allowance for loan losses: Ending balance: Individually evaluated for impairment | 1,690 | |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | 21,749 | 20,375 |
Loans receivables: Ending balance: individually evaluated for impairment | 15,397 | 31,745 |
Loans receivables: Ending balance: collectively evaluated for impairment | 2,329,832 | 1,688,429 |
Loans receivables: Ending balance | 2,345,229 | 1,720,174 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | 2,231 | 1,977 |
Allowance for loan losses: Provisions (credit) | (137) | 254 |
Allowance for loan losses: Ending Balance | 2,094 | 2,231 |
Allowance for loan losses: Ending balance: Individually evaluated for impairment | 518 | 210 |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | 1,576 | 2,021 |
Loans receivables: Ending balance: individually evaluated for impairment | 3,180 | 2,847 |
Loans receivables: Ending balance: collectively evaluated for impairment | 141,751 | 151,057 |
Loans receivables: Ending balance | 144,931 | 153,904 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | 8,000 | 6,306 |
Allowance for loan losses: Charge-offs | (2,095) | (205) |
Allowance for loan losses: Recoveries | 191 | 3 |
Allowance for loan losses: Provisions (credit) | (729) | 1,896 |
Allowance for loan losses: Ending Balance | 5,367 | 8,000 |
Allowance for loan losses: Ending balance: Individually evaluated for impairment | 2,066 | 5,650 |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | 3,301 | 2,350 |
Loans receivables: Ending balance: individually evaluated for impairment | 3,821 | 8,746 |
Loans receivables: Ending balance: collectively evaluated for impairment | 278,186 | 182,393 |
Loans receivables: Ending balance | 282,007 | 191,139 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | 533 | 286 |
Allowance for loan losses: Recoveries | 12 | 67 |
Allowance for loan losses: Provisions (credit) | (60) | 180 |
Allowance for loan losses: Ending Balance | 485 | 533 |
Allowance for loan losses: Ending balance: Individually evaluated for impairment | 4 | 13 |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | 481 | 520 |
Loans receivables: Ending balance: individually evaluated for impairment | 727 | 1,083 |
Loans receivables: Ending balance: collectively evaluated for impairment | 56,161 | 49,386 |
Loans receivables: Ending balance | 56,888 | 50,469 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | 14 | |
Allowance for loan losses: Charge-offs | (198) | |
Allowance for loan losses: Recoveries | 198 | |
Allowance for loan losses: Provisions (credit) | (188) | 212 |
Allowance for loan losses: Ending Balance | 24 | 14 |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | 24 | 14 |
Loans receivables: Ending balance: collectively evaluated for impairment | 3,240 | 3,717 |
Loans receivables: Ending balance | 3,240 | 3,717 |
Unallocated [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses: Beginning Balance | 182 | 5 |
Allowance for loan losses: Provisions (credit) | (2) | 177 |
Allowance for loan losses: Ending Balance | 180 | 182 |
Allowance for loan losses: Ending balance: Collectively evaluated for impairment | $ 180 | $ 182 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Loan Losses (Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 5,109 | $ 14,889 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 243 | 282 |
Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 346 | 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 | $ 1,340 | 3,132 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 27 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment - With no related allowance recorded | $ 27,282,000 | $ 35,721,000 |
Average Recorded Investment - With an allowance recorded | 13,026,000 | 23,747,000 |
Average Recorded Investment - Total | 40,308,000 | 59,468,000 |
Interest Income Recognized - With no related allowance recorded | 1,334,000 | 1,480,000 |
Interest Income Recognized - With an allowance recorded | 480,000 | 786,000 |
Interest Income Recognized - Total | 1,814,000 | 2,266,000 |
Recorded Investment - With no related allowance recorded | 19,901,000 | 26,758,000 |
Recorded Investment - With an allowance recorded | 8,371,000 | 22,624,000 |
Recorded Investment - Total | 28,272,000 | 49,382,000 |
Unpaid Principal Balance - With no related allowance recorded | 24,975,000 | 33,085,000 |
Unpaid Principal Balance - With an allowance recorded | 13,539,000 | 37,191,000 |
Unpaid Principal Balance - Total | 38,514,000 | 70,276,000 |
Related Allowance | 2,784,000 | 7,828,000 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment - With no related allowance recorded | 2,981,000 | 2,968,000 |
Average Recorded Investment - With an allowance recorded | 1,948,000 | 2,230,000 |
Interest Income Recognized - With no related allowance recorded | 149,000 | 145,000 |
Interest Income Recognized - With an allowance recorded | 63,000 | 231,000 |
Recorded Investment - With no related allowance recorded | 3,313,000 | 2,950,000 |
Recorded Investment - With an allowance recorded | 1,834,000 | 2,011,000 |
Unpaid Principal Balance - With no related allowance recorded | 3,472,000 | 3,300,000 |
Unpaid Principal Balance - With an allowance recorded | 1,856,000 | 2,032,000 |
Related Allowance | 196,000 | 265,000 |
Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment - With no related allowance recorded | 22,511,000 | 28,189,000 |
Average Recorded Investment - With an allowance recorded | 2,841,000 | 11,111,000 |
Interest Income Recognized - With no related allowance recorded | 1,088,000 | 1,073,000 |
Interest Income Recognized - With an allowance recorded | 266,000 | 380,000 |
Recorded Investment - With no related allowance recorded | 15,397,000 | 20,915,000 |
Recorded Investment - With an allowance recorded | 10,830,000 | |
Unpaid Principal Balance - With no related allowance recorded | 16,355,000 | 22,100,000 |
Unpaid Principal Balance - With an allowance recorded | 14,494,000 | |
Related Allowance | 1,690,000 | |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment - With no related allowance recorded | 697,000 | |
Average Recorded Investment - With an allowance recorded | 3,041,000 | 2,105,000 |
Interest Income Recognized - With no related allowance recorded | 36,000 | |
Interest Income Recognized - With an allowance recorded | 41,000 | 9,000 |
Recorded Investment - With an allowance recorded | 3,180,000 | 2,847,000 |
Unpaid Principal Balance - With an allowance recorded | 3,180,000 | 2,847,000 |
Related Allowance | 518,000 | 210,000 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment - With no related allowance recorded | 1,250,000 | 2,886,000 |
Average Recorded Investment - With an allowance recorded | 4,924,000 | 7,949,000 |
Interest Income Recognized - With no related allowance recorded | 73,000 | 182,000 |
Interest Income Recognized - With an allowance recorded | 105,000 | 164,000 |
Recorded Investment - With no related allowance recorded | 691,000 | 2,114,000 |
Recorded Investment - With an allowance recorded | 3,130,000 | 6,632,000 |
Unpaid Principal Balance - With no related allowance recorded | 4,648,000 | 6,905,000 |
Unpaid Principal Balance - With an allowance recorded | 8,276,000 | 17,514,000 |
Related Allowance | 2,066,000 | 5,650,000 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment - With no related allowance recorded | 540,000 | 981,000 |
Average Recorded Investment - With an allowance recorded | 272,000 | 352,000 |
Interest Income Recognized - With no related allowance recorded | 24,000 | 44,000 |
Interest Income Recognized - With an allowance recorded | 5,000 | 2,000 |
Recorded Investment - With no related allowance recorded | 500,000 | 779,000 |
Recorded Investment - With an allowance recorded | 227,000 | 304,000 |
Unpaid Principal Balance - With no related allowance recorded | 500,000 | 780,000 |
Unpaid Principal Balance - With an allowance recorded | 227,000 | 304,000 |
Related Allowance | $ 4,000 | $ 13,000 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | |
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment in TDRs | $ 11,035 | $ 15,972 |
Number of Contracts | loan | 2 | 5 |
Pre-Modification Outstanding Recorded Investments | $ 284 | $ 3,487 |
Post-modification outstanding recorded investments | 295 | 3,384 |
Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment in TDRs | 10,636 | 12,402 |
Non-Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment in TDRs | $ 399 | $ 3,570 |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | loan | 1 | 2 |
Pre-Modification Outstanding Recorded Investments | $ 169 | $ 3,261 |
Post-modification outstanding recorded investments | $ 180 | $ 3,169 |
Commercial And Multi-Family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | loan | 1 | |
Pre-Modification Outstanding Recorded Investments | $ 115 | |
Post-modification outstanding recorded investments | $ 115 | |
Commercial Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | loan | 2 | |
Pre-Modification Outstanding Recorded Investments | $ 130 | |
Post-modification outstanding recorded investments | $ 120 | |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | loan | 1 | |
Pre-Modification Outstanding Recorded Investments | $ 96 | |
Post-modification outstanding recorded investments | $ 95 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 3,082,418 | $ 2,343,937 |
Loans Receivable >90 Days and Accruing | 0 | 3,124 |
Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 9,428 | 20,806 |
30 To 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,305 | 5,738 |
60 To 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,857 | 166 |
Greater Than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 4,266 | 14,902 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,072,990 | 2,323,131 |
Originated Loans [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 250,123 | 224,534 |
Originated Loans [Member] | Residential [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 567 | 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 | 253 | 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 | 314 | |
Originated Loans [Member] | Residential [Member] | Greater Than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 86 | |
Originated Loans [Member] | Residential [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 249,556 | 223,385 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,345,229 | 1,720,174 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,591 | 6,348 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | 30 To 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,163 | 1,181 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | 60 To 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 428 | |
Originated Loans [Member] | Commercial And Multi-Family [Member] | Greater Than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 5,167 | |
Originated Loans [Member] | Commercial And Multi-Family [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,342,638 | 1,713,826 |
Originated Loans [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 144,931 | 153,904 |
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] | 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 | 141,751 | 148,158 |
Originated Loans [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 282,007 | 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 | 2,391 | 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 | 190 | 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 | 1,115 | 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 | 1,086 | 6,775 |
Originated Loans [Member] | Commercial Business [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 279,616 | 183,793 |
Originated Loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 56,888 | 50,469 |
Originated Loans [Member] | Home Equity [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 699 | 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 | 699 | 190 |
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 | 56,189 | 50,252 |
Originated Loans [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,240 | 3,717 |
Originated Loans [Member] | Consumer [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 3,240 | $ 3,717 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Loan Losses (Loan Portfolio by Pass Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 3,082,418 | $ 2,343,937 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 17,800 | 39,200 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 250,123 | 224,534 |
Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,345,229 | 1,720,174 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 144,931 | 153,904 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 282,007 | 191,139 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 56,888 | 50,469 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,240 | 3,717 |
Originated Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,082,418 | 2,343,937 |
Originated Loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,045,700 | 2,254,421 |
Originated Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 18,902 | 50,359 |
Originated Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 17,816 | 39,157 |
Originated Loans [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 250,123 | 224,534 |
Originated Loans [Member] | Residential [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 249,398 | 223,660 |
Originated Loans [Member] | Residential [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 303 | 505 |
Originated Loans [Member] | Residential [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 422 | 369 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,345,229 | 1,720,174 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,320,865 | 1,647,701 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 14,183 | 45,087 |
Originated Loans [Member] | Commercial And Multi-Family [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 10,181 | 27,386 |
Originated Loans [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 144,931 | 153,904 |
Originated Loans [Member] | Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 141,751 | 151,057 |
Originated Loans [Member] | Construction [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,180 | 2,847 |
Originated Loans [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 282,007 | 191,139 |
Originated Loans [Member] | Commercial Business [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 273,770 | 178,056 |
Originated Loans [Member] | Commercial Business [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,416 | 4,767 |
Originated Loans [Member] | Commercial Business [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,821 | 8,316 |
Originated Loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 56,888 | 50,469 |
Originated Loans [Member] | Home Equity [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 56,676 | 50,230 |
Originated Loans [Member] | Home Equity [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 212 | 239 |
Originated Loans [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,240 | 3,717 |
Originated Loans [Member] | Consumer [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 3,240 | $ 3,717 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Premises and Equipment [Abstract] | ||
Depreciation of premises and equipment | $ 2,246,000 | $ 2,989,000 |
Premises and Equipment (Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 29,822 | $ 29,636 |
Accumulated depreciation and amortization | (19,314) | (17,399) |
Premises and equipment, net | 10,508 | 12,237 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 1,447 | 1,447 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 6,514 | 6,468 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 12,750 | 12,760 |
Furniture, Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 9,111 | $ 8,961 |
Interest Receivable (Summary of
Interest Receivable (Summary of Interest Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | $ 13,455 | $ 9,183 |
Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | 12,577 | 8,461 |
Securities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | $ 878 | $ 722 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Time Deposits [Line Items] | ||
Certificates of deposit | $ 207,700,000 | $ 275,000,000 |
Related party deposits | 93,000,000 | |
Brokered certificate deposits | 335,000,000 | 0 |
Brokered demand deposits | 35,000,000 | $ 0 |
Available-For-Sale Securities [Member] | ||
Time Deposits [Line Items] | ||
Collateral pledged | 24,900,000 | |
Letter Of Credit [Member] | ||
Time Deposits [Line Items] | ||
Collateral pledged | $ 230,000,000 |
Deposits (Schedule of Deposits)
Deposits (Schedule of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Non-interest bearing | $ 613,910 | $ 588,207 |
Interest bearing | 757,615 | 668,262 |
Money market | 305,556 | 337,126 |
Demand | 1,677,081 | 1,593,595 |
Savings and club | 329,752 | 329,724 |
Certificates of deposit | 804,774 | 638,083 |
Total deposits | $ 2,811,607 | $ 2,561,402 |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Certificates) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
2023 | $ 766,820 | |
2024 | 28,227 | |
2025 | 6,754 | |
2026 | 721 | |
Thereafter | 2,252 | |
Total | $ 804,774 | $ 638,083 |
Short-Term Debt and Long-term_3
Short-Term Debt and Long-term Debt (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Securities pledged as collateral | $ 0 | $ 0 |
Unamortized prepayment penalties | $ 1,500,000 | 2,100,000 |
Maximum ratio of debt to total assets under debt covenant | 50% | |
Maximum total debt under debt covenant | $ 1,773,000,000 | |
Asset Pledged as Collateral [Member] | ||
Debt Instrument [Line Items] | ||
Financing receivables | 1,200,000,000 | $ 733,300,000 |
FHLB Advances Due In 2021 Through 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt extinguished | $ 115,000,000 | |
Weighted average interest rate | 1.60% | |
Increase (decrease) in weighted average interest rate | (0.16%) |
Short-Term Debt and Long-term_4
Short-Term Debt and Long-term Debt (Short-term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt [Abstract] | ||
Balance at end of period | $ 60,000 | |
Average balance outstanding during the year | 1,313 | $ 48 |
Highest month-end balance during the year | $ 87,000 | |
Average interest rate during the year | 3.13% | 0.50% |
Weighted average interest rate at year-end | 4.61% |
Short-Term Debt and Long-term_5
Short-Term Debt and Long-term Debt (Long Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Weighted Average Rate | 4.07% | 1.39% |
Amount | $ 322,261 | $ 71,711 |
Maturing by December 31, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 4.85% | |
Amount | $ 250,000 | |
Maturing by December 31, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 0.48% | 0.48% |
Amount | $ 18,000 | $ 18,000 |
Maturing by December 31, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.84% | 1.84% |
Amount | $ 44,261 | $ 43,711 |
Maturing by December 31, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 0.65% | 0.65% |
Amount | $ 10,000 | $ 10,000 |
Subordinated Debt (Narrative) (
Subordinated Debt (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jul. 30, 2018 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Subordinated Borrowing [Line Items] | |||
Interest rate | 7.388% | 2.866% | |
Variable interest rate spread | 2.65% | ||
Trust preferred securities | $ 4,100,000 | ||
First Five Years [Member] | |||
Subordinated Borrowing [Line Items] | |||
Redemption restriction period | 5 years | ||
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 | $ 116,000 | $ 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% |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2022 | Oct. 17, 2022 | Oct. 16, 2022 | Dec. 11, 2020 | |
Repurchase Program, December 2020 [Member] | ||||
Regulatory Matters [Line Items] | ||||
Stock repurchase program, shares authorized | 500,000 | |||
Shares of common stock repurchased | 198,976 | |||
Repurchase Program, October 2022 [Member] | ||||
Regulatory Matters [Line Items] | ||||
Stock repurchase program, shares authorized | 500,000 | 82,350 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) - BCB Community Bank [Member] $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual - Amount | $ 299,247 | |
Total capital (to risk-weighted assets): Actual - Ratio | 0.0992 | |
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount | $ 211,177 | |
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio | 0.0700 | |
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 256,429 | |
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 0.0850 | |
Tier 1 capital (to average assets): Actual - Amount | $ 327,806 | |
Tier 1 capital (to average assets): Actual - Ratio | 0.0986 | |
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Amount | $ 265,557 | |
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Ratio | 0.0800 | |
Tier 1 capital (to average assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 298,752 | |
Tier 1 capital (to average assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 0.0900 |
Benefits Plans (Narrative) (Det
Benefits Plans (Narrative) (Details) | 12 Months Ended | 36 Months Ended | ||||||||
Sep. 30, 2022 shares | Jan. 12, 2022 shares | Apr. 26, 2021 shares | Feb. 19, 2021 shares | Feb. 10, 2021 shares | Dec. 31, 2022 USD ($) item shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2025 USD ($) | Apr. 26, 2018 shares | Apr. 28, 2011 shares | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Unrecognized net gain (loss) included in accumulated other comprehensive (loss) income | $ 559,000 | $ 707,000 | ||||||||
Estimated long term inflation rate | 3% | |||||||||
Options granted | shares | 72,800 | |||||||||
Expected future compensation expense, unexercised options | $ 387,000 | |||||||||
Expected future compensation expense, weighted average period for recognition | 3 years 8 months 19 days | |||||||||
Stock option expense | $ 216,000 | $ 230,000 | ||||||||
Number of shares underlying options | shares | 230,440 | |||||||||
Restricted stock expense | $ 916,000 | $ 187,000 | ||||||||
Expected payments 2023 | 409,000 | |||||||||
Expected payments 2024 | $ 395,000 | |||||||||
Restricted Stock [Member] | Forecast [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Restricted stock expense | $ 494,000 | |||||||||
Minimum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 4% | |||||||||
Maximum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 7% | |||||||||
2018 Equity Incentive Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Shares authorized for issuance | shares | 1,000,000 | |||||||||
2018 Equity Incentive Plan [Member] | Options [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | shares | 0 | |||||||||
2011 Stock Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Shares authorized for issuance | shares | 900,000 | |||||||||
Supplemental Executive Retirement Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Normal retirement age | 65 years | |||||||||
SERP plan expense | $ 328,000 | |||||||||
Vesting period | 3 years | |||||||||
Expected payments 2023 | $ 350,000 | |||||||||
Expected payments 2024 | 45,000 | |||||||||
Annuity amount | $ 1,810,000 | |||||||||
Directors [Member] | Restricted Stock [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Restricted stock issued | shares | 33,000 | 26,400 | ||||||||
Vesting period | 4 years | 4 years | ||||||||
Directors [Member] | 2018 Equity Incentive Plan [Member] | Options [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | shares | 66,000 | |||||||||
Vesting period | 5 years | |||||||||
Certain Officers [Member] | Restricted Stock [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Restricted stock issued | shares | 300 | |||||||||
Vesting period | 2 years | |||||||||
Certain Officers [Member] | 2018 Equity Incentive Plan [Member] | Options [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | shares | 6,800 | |||||||||
Vesting period | 5 years | |||||||||
Executive Officers [Member] | Restricted Stock [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Restricted stock issued | shares | 36,000 | |||||||||
Chief Executive Officer [Member] | Supplemental Executive Retirement Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of monthly benefit payments | item | 180 | |||||||||
Cash Equivalents [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target | 3% | |||||||||
Equity [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target | 55% | |||||||||
Equity [Member] | Minimum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 6% | |||||||||
Target | 40% | |||||||||
Equity [Member] | Maximum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 10% | |||||||||
Target | 60% | |||||||||
Fixed Income [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target | 45% | |||||||||
Fixed Income [Member] | Minimum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 2% | |||||||||
Target | 40% | |||||||||
Fixed Income [Member] | Maximum [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 6% | |||||||||
Target | 60% |
Benefits Plans (Pension Plan's
Benefits Plans (Pension Plan's Funded Status and Components of Net Periodic Pension Cost) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Change in Benefit Obligation: Benefit obligation, beginning of year | $ 6,492 | $ 8,194 |
Change in Benefit Obligation: Interest Cost | 178 | 201 |
Change in Benefit Obligation: Actuarial (gain) loss | (1,362) | (929) |
Change in Benefit Obligation: Benefits paid | (363) | (459) |
Change in Benefit Obligation: Lump sum distributions | (10) | (515) |
Change in Benefit Obligation: Benefit obligation, ending | 4,935 | 6,492 |
Change in Plan Assets: Fair value of assets, beginning of year | 7,144 | 7,112 |
Change in Plan Assets: Actual return on plan assets | (806) | 1,006 |
Change in Plan Assets: Benefits paid | (363) | (459) |
Change in Plan Assets: Fair value of assets, ending | 5,965 | 7,144 |
Reconciliation of Funded Status: Projected benefit obligation | 4,935 | 6,492 |
Reconciliation of Funded Status: Fair value of assets | 5,965 | 7,144 |
Funded (unfunded) status, included in other liabilities, net | $ 1,030 | $ 652 |
Valuation assumptions used to determine benefit obligation at period end: Discount rate | 5.02% | 2.83% |
Benefits Plans (Net Periodic Pe
Benefits Plans (Net Periodic Pension and SERP Expense) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 178 | $ 201 |
Expected return on assets | (417) | (413) |
Amortization of net loss | 66 | 635 |
Net Periodic Pension Cost (Credit) | $ (173) | $ 423 |
Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate | 2.83% | 2.52% |
Valuation assumptions used to determine net periodic benefit cost for the year: Long term rate of return on plan assets | 6% | 6% |
Valuation assumptions used to determine net periodic benefit cost for the year: Salary increase rate |
Benefits Plans (Asset Allocatio
Benefits Plans (Asset Allocation Parameters by Asset Class) (Details) | Dec. 31, 2022 |
Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 55% |
Equity [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 40% |
Equity [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 60% |
Large-Cap U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 38% |
Mid/Small-Cap U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 16% |
Non-U.S [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 1% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 45% |
Fixed Income [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 40% |
Fixed Income [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 60% |
Long/Short Duration [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 44% |
Money Market/Certificates Of Deposit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 1% |
Benefits Plans (Schedule of Fai
Benefits Plans (Schedule of Fair Value of Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | $ 5,965 | $ 7,144 | $ 7,112 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 5,965 | 7,144 | |
Mutual funds-Equity: Large-Cap Value [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,052 | 1,021 | |
Mutual funds-Equity: Large-Cap Value [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,052 | 1,021 | |
Mutual-funds-Equity: Large-Cap Growth [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 170 | 259 | |
Mutual-funds-Equity: Large-Cap Growth [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 170 | 259 | |
Mutual-funds-Equity: Diversified Emerging Markets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 96 | 247 | |
Mutual-funds-Equity: Diversified Emerging Markets [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 96 | 247 | |
Mutual funds-Equity: Large Blend [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 957 | 1,748 | |
Mutual funds-Equity: Large Blend [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 957 | 1,748 | |
Mutual-funds-Equity: Technology [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 96 | 305 | |
Mutual-funds-Equity: Technology [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 96 | 305 | |
Mutual Funds: Long Government [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 48 | 204 | |
Mutual Funds: Long Government [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 48 | 204 | |
Mutual Funds-Fixed Income: Multi-Sector Bond [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,244 | 1,047 | |
Mutual Funds-Fixed Income: Multi-Sector Bond [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,244 | 1,047 | |
Mutual funds-Fixed Income: High Yield Bond [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 622 | 732 | |
Mutual funds-Fixed Income: High Yield Bond [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 622 | 732 | |
Mutual Funds: Intermediate Core Bond [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 670 | 737 | |
Mutual Funds: Intermediate Core Bond [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 670 | 737 | |
Stock: BCB Common Stock [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 932 | 800 | |
Stock: BCB Common Stock [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 932 | 800 | |
Cash Equivalents: Money Market [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 78 | 44 | |
Cash Equivalents: Money Market [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | $ 78 | $ 44 |
Benefits Plans (Expected Benefi
Benefits Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Benefits Plans [Abstract] | |
2023 | $ 409 |
2024 | 395 |
2025 | 399 |
2026 | 398 |
2027 | 398 |
2028-2032 | $ 1,835 |
Benefits Plans (Schedule of Sha
Benefits Plans (Schedule of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Benefits Plans [Abstract] | ||
Stock Option Expense | $ 216 | $ 230 |
Restricted Stock Expense | 916 | 187 |
Total share-based compensation expense | $ 1,132 | $ 417 |
Benefits Plans (Summary of Stat
Benefits Plans (Summary of Status of Restricted Shares) (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Benefits Plans [Abstract] | |
Number of Shares Awarded, Non-vested at beginning of period | shares | 24,300 |
Number of Shares Awarded, Granted | shares | 69,000 |
Number of Shares Awarded, Vested | shares | (45,150) |
Number of Shares Awarded, Forfeited | shares | |
Number of Shares Awarded, Non-vested at end of period | shares | 48,150 |
Weighted Average Grant Date Fair Value, Non-vested at beginning of period | $ / shares | $ 12.89 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 13.05 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 13.18 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | |
Weighted Average Grant Date Fair Value, Non-vested at end of period | $ / shares | $ 14.83 |
Benefits Plans (Summary of Stoc
Benefits Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Benefits Plans [Abstract] | |||
Outstanding, Beginning Balance - Number of Options | 1,194,425 | 1,192,348 | |
Options Exercised - Number of Options | (157,450) | (70,723) | |
Options Granted - Number of Options | 72,800 | ||
Outstanding, Ending Balance - Number of Options | 1,036,975 | 1,194,425 | 1,192,348 |
Outstanding, Range of Exercise Price, Lower Range Limit (per share) | $ 9.03 | $ 9.02 | $ 8.93 |
Outstanding, Range of Exercise Price, Upper Range Limit (per share) | 13.68 | 13.68 | 13.32 |
Options Shares Granted, Range of Exercise Prices, Lower Range Limit | 12.89 | ||
Options Shares Granted, Range of Exercise Prices, Upper Range Limit | 13.68 | ||
Option Shares Exercised - Range of Exercise Prices, Lower Range Limit | 9.03 | 8.93 | |
Option Shares Exercised - Range of Exercise Prices, Upper Range Limit | 13.68 | 12.46 | |
Outstanding Number of Options, Beginning Balance - Weighted Average Exercise Price | 11.64 | 11.45 | |
Number of Options Granted - Weighted Average Exercise Price | 12.96 | ||
Number of Options, Exercised - Weighted Average Exercise Price | 11.10 | 9.87 | |
Outstanding Number of Options, Ending Balance - Weighted Average Exercise Price | $ 11.72 | $ 11.64 | $ 11.45 |
Outstanding, Weighted Average Remaining Contractual Term | 4 years 5 months 19 days | 5 years 5 months 8 days | 6 years 14 days |
Options Outstanding, Intrinsic Value | $ 6,502 | $ 4,528 | $ 333 |
Exercisable - Number of Options | 806,535 | ||
Exercise of stock options | 84,604 | 31,432 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Sep. 23, 2022 | May 01, 2022 | Mar. 24, 2022 | Feb. 04, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Line Items] | ||||||
Preferred stock, par value per share | $ 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% | |||
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 | ||||
Preferred stock, dividend rate | 3% | 3% | ||||
Proceeds from issuance of private placement | $ 4,440,000 | $ 2,620,000 | ||||
Shares issued | 444 | 260 | ||||
Series G Preferred Stock [Member] | ||||||
Stockholders' Equity Note [Line Items] | ||||||
Preferred stock, dividend rate | 6% | 6% | 6% | |||
Preferred stock redeemed, shares | 533 | |||||
Preferred stock, redemption price | $ 10,000 | |||||
Preferred stock redeemed, value | $ 5,300,000 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill impairment | $ 0 | $ 0 |
Core Deposit Intangibles [Member] | ||
Amortization expense | 49,000 | 57,000 |
Intangible assets, net | 129,000 | 178,000 |
Goodwill | $ 5,200,000 | $ 5,200,000 |
Intangible asset, useful life | 10 years |
Dividend Restrictions (Narrativ
Dividend Restrictions (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend Restrictions [Abstract] | ||
Minimum percentage of capital stock surplus under dividend restriction | 50% | |
Cash dividends paid to parent company | $ 22,338,000 | $ 15,885,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Apr. 17, 2018 | |
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | $ 6,000,000 | $ 6,500,000 | $ 8,700,000 |
Federal statutory rate | 21% | 21% | |
Internal Revenue Service (IRS) [Member] | |||
Income Tax Disclosure [Line Items] | |||
Maximum annual amount of net operating loss carryforward that may be used on a cumulative basis | $ 459,000 | ||
Internal Revenue Service (IRS) [Member] | 2011 Acquisition [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2035 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Current income tax expense: Federal | $ 12,323 | $ 8,736 |
Current income tax expense: State | 6,215 | 6,257 |
Current income tax expense | 18,538 | 14,993 |
Deferred income tax expense: Federal | (967) | (571) |
Deferred income tax expense: State | (40) | (404) |
Deferred income tax expense | (1,007) | (975) |
Effective Income Tax Expense | $ 17,531 | $ 14,018 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | |||
Deferred income tax assets: Allowance for loan losses | $ 9,253 | $ 10,610 | |
Deferred income tax assets: Other real estate owned expenses | 2 | 11 | |
Deferred income tax assets: Non-accrual interest | 279 | 361 | |
Deferred income tax assets: Benefit Plan-accumulated other comprehensive loss | 159 | 234 | |
Deferred income tax assets: Purchase accounting adjustment on loans receivable acquired | 752 | 1,277 | |
Deferred income tax assets: Net operating loss carryforwards | 1,263 | 1,359 | |
Deferred income tax assets: Lease liability | 3,961 | 3,645 | |
Deferred income tax assets: Unrealized loss on securities | 2,974 | ||
Deferred income tax assets: Other | 2,783 | 1,509 | |
Deferred income tax assets | 21,426 | 19,006 | |
Deferred income tax liabilities: Purchase accounting adjustment on premises and equipment acquired | 74 | 77 | |
Deferred income tax liabilities: Right-of-use assets | 3,865 | 3,561 | |
Deferred income tax liabilities: Unrealized gain on securities | 1,028 | ||
Deferred income tax liabilities, SBA servicing asset | 368 | 520 | |
Deferred income tax liabilities: Borrowing modification | 440 | 597 | |
Defined income tax liabilities, Benefit plans | 217 | 264 | |
Deferred income tax liabilities | 4,964 | 6,047 | |
Net Deferred Tax Asset | $ 16,462 | $ 12,959 | $ 12,574 |
Income Taxes (Summary of Change
Income Taxes (Summary of Change in Net Deferred Tax Asset) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Balance at beginning of year | $ 12,959 | $ 12,574 |
Deferred tax benefit | 1,007 | 975 |
Other comprehensive income, Available for sale securities | 2,560 | 60 |
Other comprehensive income, Benefit plan | (64) | (650) |
Balance at end of year | $ 16,462 | $ 12,959 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Federal income tax expense at statutory rate | $ 13,253 | $ 10,134 |
State income tax, net of federal income tax effect | 4,878 | 4,684 |
Tax-exempt income | (63) | (45) |
Bank-owned life insurance earnings | (561) | (620) |
Other items, net | 24 | (135) |
Effective Income Tax Expense | $ 17,531 | $ 14,018 |
Effective Income Tax Rate | 27.80% | 29% |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 item | |
Commitments And Contingencies Disclosure [Line Items] | |
Number of operating leases | 27 |
Minimum [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Lease terms | 1 year |
Maximum [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Lease terms | 12 years |
Commitments and Contingencies_3
Commitments and Contingencies (Loan Related Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | $ 485,050 | $ 269,675 |
Loan Origination Commitments [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | 165,579 | 67,392 |
Standby Letters Of Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | 3,701 | 3,309 |
Construction [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | 96,905 | 84,195 |
Unused Lines Of Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | $ 218,865 | $ 114,779 |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule of Lease Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | ||
Operating lease cost | $ 3,758 | $ 3,711 |
Variable lease cost-operating leases | 1,002 | 976 |
Total lease cost | 4,760 | 4,687 |
Operating lease right-of-use assets | 13,520 | 12,457 |
Current liabilities | 3,062 | 3,296 |
Operating lease liabilities (noncurrent portion) | 12,218 | 10,529 |
Imputed Interest | (1,421) | (1,073) |
Total operating lease liabilities | $ 13,859 | $ 12,752 |
Commitments and Contingencies_5
Commitments and Contingencies (Summary of Lease Terms and Discount Rate) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies [Abstract] | ||
Weighted Average Remaining Lease Term, Operating leases | 6 years 5 months 26 days | 5 years 11 months 26 days |
Weighted Average Discount Rate, Operating leases | 2.83% | 2.60% |
Commitments and Contingencies_6
Commitments and Contingencies (Summary of Maturity of Lease Obligations for Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies [Abstract] | ||
One year or less | $ 3,062 | |
Over one year through three years | 4,766 | |
Over three years through five years | 3,496 | |
Over five years | 3,956 | |
Gross Operating Lease Liabilities | 15,280 | |
Imputed Interest | (1,421) | $ (1,073) |
Total Operating Lease Liabilities | $ 13,859 | $ 12,752 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Values of Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 8,371,000 | $ 22,624,000 |
Valuation allowance | 2,784,000 | 7,828,000 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses (recoveries) on impaired loans | $ (5,000,000) | $ 5,700,000 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | $ 91,715 | $ 85,186 |
Marketable Equities | 17,686 | 25,187 |
Total Securities | 109,401 | 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] | ||
Marketable Equities | 17,686 | 25,187 |
Total Securities | 17,686 | 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 | 91,715 | 85,186 |
Total Securities | $ 91,715 | $ 85,186 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Values of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 75,000 | $ 75,000 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,587,000 | 14,796,000 |
Other real estate owned | 75,000 | 75,000 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,587,000 | 14,796,000 |
Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,587,000 | 14,796,000 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 75,000 | 75,000 |
Other Real Estate Owned [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 75,000 | $ 75,000 |
Fair Value Measurements and F_6
Fair Value Measurements and Fair Values of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned | $ | $ 75,000 | $ 75,000 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ | 5,587,000 | 14,796,000 |
Other Real Estate Owned | $ | $ 75,000 | $ 75,000 |
(Level 3) Significant Unobservable Inputs [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Range | 0 | 0 |
Other Real Estate Owned, Range | 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 | 0.10 | 0.10 |
Other Real Estate Owned, Range | 0.10 | 0.10 |
Fair Value Measurements and F_7
Fair Value Measurements and Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 91,715 | $ 85,186 |
Equity investments | 17,686 | 25,187 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 229,359 | 411,629 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 91,715 | 85,186 |
Equity investments | 17,686 | 25,187 |
Loans held for sale | 658 | 952 |
Loans receivable, net | 3,045,331 | 2,304,942 |
FHLB of New York stock, at cost | 20,113 | 6,084 |
Accrued interest receivable | 13,455 | 9,183 |
Deposits | 2,811,607 | 2,561,402 |
Debt | 382,261 | 71,711 |
Subordinated debentures | 37,508 | 37,275 |
Accrued interest payable | 3,073 | 1,051 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 229,359 | 411,629 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 91,715 | 85,186 |
Equity investments | 17,686 | 25,187 |
Loans held for sale | 658 | 952 |
Loans receivable, net | 2,876,925 | 2,313,204 |
FHLB of New York stock, at cost | 20,113 | 6,084 |
Accrued interest receivable | 13,455 | 9,183 |
Deposits | 2,499,978 | 2,520,191 |
Debt | 377,227 | 71,214 |
Subordinated debentures | 40,113 | 45,020 |
Accrued interest payable | 3,073 | 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 | 229,359 | 411,629 |
Equity investments | 17,686 | 25,187 |
Deposits | 1,713,754 | 1,881,121 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 91,715 | 85,186 |
Loans held for sale | 658 | 952 |
FHLB of New York stock, at cost | 20,113 | 6,084 |
Accrued interest receivable | 13,455 | 9,183 |
Deposits | 786,224 | 639,070 |
Debt | 377,227 | 71,214 |
Subordinated debentures | 40,113 | 45,020 |
Accrued interest payable | 3,073 | 1,051 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, net | $ 2,876,925 | $ 2,313,204 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (6,491) | $ 1,128 |
Net Unrealized Gain (Loss) On Securities Available For Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (7,887) | 2,440 |
Tax effect | 1,955 | (605) |
Accumulated other comprehensive income (loss) | (5,932) | 1,835 |
Benefit Plan Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (718) | (930) |
Tax effect | 159 | 223 |
Accumulated other comprehensive income (loss) | $ (559) | $ (707) |
Parent Only Condensed Financi_3
Parent Only Condensed Financial Information (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and due from banks | $ 11,520 | $ 9,606 | |
Other assets | 9,538 | 7,986 | |
Total assets | 3,546,193 | 2,967,528 | |
Subordinated debentures | 37,508 | 37,275 | |
Other Liabilities | 9,704 | 10,364 | |
Total liabilities | 3,254,939 | 2,693,504 | |
Stockholders’ Equity | 291,254 | 274,024 | $ 249,211 |
Total Liabilities and Stockholders' equity | 3,546,193 | 2,967,528 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and due from banks | 1,553 | 3,812 | |
Investment in subsidiaries | 327,960 | 307,165 | |
Restricted common stock | 124 | 124 | |
Other assets | 110 | 1,331 | |
Total assets | 329,747 | 312,432 | |
Subordinated debentures | 37,508 | 37,275 | |
Other Liabilities | 985 | 1,133 | |
Total liabilities | 38,493 | 38,408 | |
Stockholders’ Equity | 291,254 | 274,024 | |
Total Liabilities and Stockholders' equity | $ 329,747 | $ 312,432 |
Parent Only Condensed Financi_4
Parent Only Condensed Financial Information (Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | ||
Total Income | $ 131,441 | $ 112,573 |
Interest expense, borrowed money | 17,496 | 15,180 |
Income tax benefit | 17,531 | 14,018 |
Net Income | 45,579 | 34,240 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Dividends from Bank | 22,338 | 15,885 |
Total Income | 22,338 | 15,885 |
Interest expense, borrowed money | 2,299 | 2,230 |
Other | 366 | 353 |
Total Expense | 2,665 | 2,583 |
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries | 19,673 | 13,302 |
Income tax benefit | (843) | (777) |
Income before Equity in Undistributed Earnings of Subsidiaries | 20,516 | 14,079 |
Equity in undistributed earnings of subsidiaries | 25,063 | 20,161 |
Net Income | $ 45,579 | $ 34,240 |
Parent Only Condensed Financi_5
Parent Only Condensed Financial Information (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net Income | $ 45,579 | $ 34,240 |
Decrease (increase) in other assets | (1,552) | 1,025 |
(Decrease) increase in other liabilities | (2,469) | 2,613 |
Net Cash Provided By Operating Activities | 40,889 | 45,893 |
Net Cash Used In Investing Activities | (761,502) | (7,668) |
Proceeds from issuance of preferred stock | 6,810 | 3,200 |
Redemption of preferred stock | (14,730) | |
Proceeds from issuance of common stock | 419 | 478 |
Cash dividend paid | (10,379) | (9,775) |
Purchase of treasury stock | (3,406) | (4,207) |
Net Cash Provided by (Used in) Financing Activities | 538,343 | 112,175 |
Net Increase (Decrease) in Cash and Cash Equivalents | (182,270) | 150,400 |
Cash and Cash Equivalents - Beginning | 411,629 | 261,229 |
Cash and Cash Equivalents - Ending | 229,359 | 411,629 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net Income | 45,579 | 34,240 |
Amortization | 233 | 233 |
Equity in undistributed earnings of subsidiaries | (25,063) | (20,161) |
Decrease (increase) in other assets | 1,223 | (781) |
(Decrease) increase in other liabilities | (149) | 10 |
Net Cash Provided By Operating Activities | 21,823 | 13,541 |
Additional investment in subsidiary | (2,220) | (289) |
Net Cash Used In Investing Activities | (2,220) | (289) |
Proceeds from issuance of preferred stock | 6,810 | 3,200 |
Redemption of preferred stock | (14,730) | |
Proceeds from issuance of common stock | 639 | 765 |
Cash dividend paid | (11,175) | (10,935) |
Purchase of treasury stock | (3,406) | (4,207) |
Net Cash Provided by (Used in) Financing Activities | (21,862) | (11,177) |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,259) | 2,075 |
Cash and Cash Equivalents - Beginning | 3,812 | 1,737 |
Cash and Cash Equivalents - Ending | $ 1,553 | $ 3,812 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | Jan. 26, 2023 $ / shares |
Subsequent Event [Line Items] | |
Date declared | Jan. 26, 2023 |
Dividends per common share | $ 0.16 |
Date of record | Feb. 03, 2023 |
Date paid | Feb. 17, 2023 |