Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40136 | |
Entity Registrant Name | Amalgamated Financial Corp. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-2757101 | |
Entity Address, Address Line One | 275 Seventh Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 255-6200 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | AMAL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,095,608 | |
Entity Central Index Key | 0001823608 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 7,960 | $ 7,736 |
Interest-bearing deposits in banks | 539,485 | 31,033 |
Total cash and cash equivalents | 547,445 | 38,769 |
Securities: | ||
Available for sale, at fair value (amortized cost of $1,799,993 and $1,513,409, respectively) | 1,824,726 | 1,539,862 |
Held-to-maturity (fair value of $621,954 and $502,425, respectively) | 624,826 | 494,449 |
Loans held for sale | 8,230 | 11,178 |
Loans receivable, net of deferred loan origination costs (fees) | 3,175,461 | 3,488,895 |
Allowance for loan losses | (38,012) | (41,589) |
Loans receivable, net | 3,137,449 | 3,447,306 |
Resell agreements | 141,651 | 154,779 |
Accrued interest and dividends receivable | 22,648 | 23,970 |
Premises and equipment, net | 12,876 | 12,977 |
Bank-owned life insurance | 106,197 | 105,888 |
Right-of-use lease asset | 35,072 | 36,104 |
Deferred tax asset | 24,328 | 36,079 |
Goodwill | 12,936 | 12,936 |
Other intangible assets | 4,755 | 5,359 |
Equity investments | 6,296 | 11,735 |
Other assets | 46,837 | 47,240 |
Total assets | 6,556,272 | 5,978,631 |
Liabilities | ||
Deposits | 5,909,992 | 5,338,711 |
Operating leases | 51,165 | 53,173 |
Other liabilities | 46,904 | 50,926 |
Total liabilities | 6,008,061 | 5,442,810 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity | ||
Common stock, par value $0.01 per share (70,000,000 shares authorized; 31,073,669 and 31,049,525 shares issued and outstanding, respectively) | 311 | 310 |
Additional paid-in capital | 297,283 | 300,989 |
Retained earnings | 234,769 | 217,213 |
Accumulated other comprehensive income (loss), net of income taxes | 15,715 | 17,176 |
Total Amalgamated Financial Corp. stockholders' equity | 548,078 | 535,688 |
Noncontrolling interests | 133 | 133 |
Total stockholders' equity | 548,211 | 535,821 |
Total liabilities and stockholders’ equity | $ 6,556,272 | $ 5,978,631 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Available for sale, amortized cost | $ 1,799,993 | $ 1,513,409 |
Held-to-maturity, fair value | $ 621,954 | $ 502,425 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, shares issued (in shares) | 31,073,669 | 31,049,525 |
Common stock, shares outstanding (in shares) | 31,073,669 | 31,049,525 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans | $ 30,156 | $ 35,225 | $ 61,265 | $ 70,837 |
Securities | 13,094 | 11,746 | 25,264 | 24,299 |
Federal Home Loan Bank of New York stock | 41 | 66 | 89 | 135 |
Interest-bearing deposits in banks | 131 | 83 | 221 | 479 |
Total interest and dividend income | 43,422 | 47,120 | 86,839 | 95,750 |
INTEREST EXPENSE | ||||
Deposits | 1,431 | 2,681 | 3,003 | 6,596 |
Borrowed funds | 0 | 0 | 0 | 27 |
Total interest expense | 1,431 | 2,681 | 3,003 | 6,623 |
NET INTEREST INCOME | 41,991 | 44,439 | 83,836 | 89,127 |
Provision for (recovery of) loan losses | 1,682 | 8,221 | (1,579) | 16,808 |
Net interest income after provision for loan losses | 40,309 | 36,218 | 85,415 | 72,319 |
NON-INTEREST INCOME | ||||
Trust Department fees | 3,292 | 3,980 | 7,118 | 8,066 |
Service charges on deposit accounts | 2,296 | 1,850 | 4,475 | 4,261 |
Bank-owned life insurance | 531 | 1,111 | 1,319 | 1,495 |
Gain (loss) on sale of investment securities available for sale, net | 321 | 486 | 342 | 985 |
Gain (loss) on sale of loans, net | 720 | 162 | 1,426 | 297 |
Gain (loss) on other real estate owned, net | (407) | (283) | (407) | (306) |
Equity method investments | (1,555) | 1,289 | (5,237) | 1,289 |
Other | 129 | 76 | 290 | 1,702 |
Total non-interest income | 5,327 | 8,671 | 9,326 | 17,789 |
NON-INTEREST EXPENSE | ||||
Compensation and employee benefits | 16,964 | 17,334 | 35,003 | 34,792 |
Occupancy and depreciation | 3,352 | 4,241 | 6,853 | 9,747 |
Professional fees | 3,211 | 1,988 | 6,871 | 4,971 |
Data processing | 3,322 | 2,977 | 6,327 | 5,241 |
Office maintenance and depreciation | 820 | 818 | 1,475 | 1,675 |
Amortization of intangible assets | 302 | 342 | 604 | 685 |
Advertising and promotion | 628 | 672 | 1,225 | 1,339 |
Other | 2,796 | 2,696 | 5,831 | 4,889 |
Total non-interest expense | 31,395 | 31,068 | 64,189 | 63,339 |
Income before income taxes | 14,241 | 13,821 | 30,552 | 26,769 |
Income tax expense (benefit) | 3,833 | 3,447 | 7,955 | 6,850 |
Net income | 10,408 | 10,374 | 22,597 | 19,919 |
Net income attributable to Amalgamated Financial Corp. | $ 10,408 | $ 10,374 | $ 22,597 | $ 19,919 |
Earnings per common share - basic (in dollars per share) | $ 0.33 | $ 0.33 | $ 0.73 | $ 0.64 |
Earnings per common share - diluted (in dollars per share) | $ 0.33 | $ 0.33 | $ 0.72 | $ 0.64 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 10,408 | $ 10,374 | $ 22,597 | $ 19,919 |
Other comprehensive income (loss), net of taxes: | ||||
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | 92 | 74 | (265) | 147 |
Net unrealized gains (losses) on securities available for sale: | ||||
Unrealized holding gains (losses) | 4,055 | 30,811 | (1,381) | 6,443 |
Reclassification adjustment for losses (gains) realized in income | (321) | (485) | (339) | (984) |
Net unrealized gains (losses) on securities available for sale | 3,734 | 30,326 | (1,720) | 5,459 |
Other comprehensive income (loss), before tax | 3,826 | 30,400 | (1,985) | 5,606 |
Income tax benefit (expense) | (922) | (8,463) | 524 | (1,561) |
Total other comprehensive income (loss), net of taxes | 2,904 | 21,937 | (1,461) | 4,045 |
Total comprehensive income (loss), net of taxes | $ 13,312 | $ 32,311 | $ 21,136 | $ 23,964 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Beginning balance at Dec. 31, 2019 | $ 490,544 | $ 490,410 | $ 315 | $ 305,738 | $ 181,132 | $ 3,225 | $ 134 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 19,919 | 19,919 | 19,919 | ||||
Dividends | (5,060) | (5,060) | (5,060) | ||||
Shares issued under stock-based compensation plan | 16 | 16 | 16 | ||||
Repurchase of shares | (7,001) | (7,001) | (5) | (6,996) | |||
Exercise of stock options, net of repurchases | (155) | (155) | (155) | ||||
Stock-based compensation expense | 1,394 | 1,394 | 1,394 | ||||
Other comprehensive income (loss), net of taxes | 4,045 | 4,045 | 4,045 | ||||
Ending balance at Jun. 30, 2020 | 503,702 | 503,568 | 310 | 299,997 | 195,991 | 7,270 | 134 |
Beginning balance at Mar. 31, 2020 | 473,269 | 473,135 | 310 | 299,332 | 188,160 | (14,667) | 134 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 10,374 | 10,374 | 10,374 | ||||
Dividends | (2,543) | (2,543) | (2,543) | ||||
Shares issued under stock-based compensation plan | 16 | 16 | 16 | ||||
Exercise of stock options, net of repurchases | (132) | (132) | (132) | ||||
Stock-based compensation expense | 781 | 781 | 781 | ||||
Other comprehensive income (loss), net of taxes | 21,937 | 21,937 | 21,937 | ||||
Ending balance at Jun. 30, 2020 | 503,702 | 503,568 | 310 | 299,997 | 195,991 | 7,270 | 134 |
Beginning balance at Dec. 31, 2020 | 535,821 | 535,688 | 310 | 300,989 | 217,213 | 17,176 | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 22,597 | 22,597 | 22,597 | ||||
Dividends | (5,041) | (5,041) | (5,041) | ||||
Repurchase of shares | (2,920) | (2,920) | (1) | (2,919) | |||
Exercise of stock options, net of repurchases | (1,449) | (1,449) | 2 | (1,451) | |||
Restricted stock unit vesting, net of repurchases | (90) | (90) | (90) | ||||
Stock-based compensation expense | 754 | 754 | 754 | ||||
Other comprehensive income (loss), net of taxes | (1,461) | (1,461) | (1,461) | ||||
Ending balance at Jun. 30, 2021 | 548,211 | 548,078 | 311 | 297,283 | 234,769 | 15,715 | 133 |
Beginning balance at Mar. 31, 2021 | 540,222 | 540,089 | 312 | 300,079 | 226,887 | 12,811 | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 10,408 | 10,408 | 10,408 | ||||
Dividends | (2,526) | (2,526) | (2,526) | ||||
Repurchase of shares | (2,500) | (2,500) | (1) | (2,499) | |||
Exercise of stock options, net of repurchases | (463) | (463) | (463) | ||||
Stock-based compensation expense | 166 | 166 | 166 | ||||
Other comprehensive income (loss), net of taxes | 2,904 | 2,904 | 2,904 | ||||
Ending balance at Jun. 30, 2021 | $ 548,211 | $ 548,078 | $ 311 | $ 297,283 | $ 234,769 | $ 15,715 | $ 133 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 22,597,000 | $ 19,919,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,825,000 | 2,505,000 | |
Amortization of intangible assets | 604,000 | 685,000 | |
Deferred income tax expense (benefit) | 4,089,000 | (2,415,000) | |
Provision for (recovery of) loan losses | (1,579,000) | 16,808,000 | |
Stock-based compensation expense | 754,000 | 1,394,000 | |
Net amortization (accretion) on loan fees, costs, premiums, and discounts | 1,198,000 | 299,000 | |
Net amortization on securities | 1,779,000 | 617,000 | |
OTTI loss (gain) recognized in earnings | 2,700 | 1,100 | |
Net loss (income) from equity method investments | 5,237,000 | (1,289,000) | |
Net loss (gain) on sale of securities available for sale | (342,000) | (985,000) | |
Net loss (gain) on sale of loans | (1,426,000) | (297,000) | |
Net loss (gain) on sale of other real estate owned | 407,000 | 306,000 | |
Net loss (gain) on owned property held for sale | 0 | (1,394,000) | |
Net (gain) on redemption of bank-owned life insurance | (266,000) | (741,000) | |
Proceeds from sales of loans held for sale | 81,870,000 | 19,924,000 | |
Originations of loans held for sale | (77,526,000) | (11,114,000) | |
Decrease (increase) in cash surrender value of bank-owned life insurance | (1,053,000) | (754,000) | |
Decrease (increase) in accrued interest and dividends receivable | 1,322,000 | (2,748,000) | |
Decrease (increase) in other assets | [1] | (720,000) | (13,383,000) |
Increase (decrease) in accrued expenses and other liabilities | [2] | (14,057,000) | (9,591,000) |
Net cash provided by operating activities | 24,716,000 | 17,747,000 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Originations (purchase) of loans, net of principal repayments | 310,268,000 | (216,322,000) | |
Purchase of securities available for sale | (563,204,000) | (529,880,000) | |
Purchase of securities held to maturity | (176,669,000) | (97,395,000) | |
Proceeds from sales of securities available for sale | 62,883,000 | 52,420,000 | |
Maturities, principal payments and redemptions of securities available for sale | 228,905,000 | 120,829,000 | |
Maturities, principal payments and redemptions of securities held to maturity | 44,604,000 | 19,102,000 | |
Decrease (increase) in resell agreements | 13,128,000 | (45,653,000) | |
Purchase of equity method investments | 427,000 | ||
Purchase of equity method investments | (2,732,000) | ||
Decrease (increase) of FHLBNY stock, net | 214,000 | 3,105,000 | |
Purchases of premises and equipment | (1,724,000) | (1,126,000) | |
Proceeds from redemption of bank-owned life insurance | 1,010,000 | 1,515,000 | |
Proceeds from sale of owned assets | 0 | 1,613,000 | |
Proceeds from sale of other real estate owned | 2,275,000 | 0 | |
Net cash (used in) provided by investing activities | (77,883,000) | (694,524,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 571,281,000 | 1,229,337,000 | |
Net increase (decrease) in FHLB advances | 0 | (75,000,000) | |
Issuance of common stock | 0 | 16,000 | |
Repurchase of shares | (2,920,000) | (7,001,000) | |
Dividends paid | (4,979,000) | (4,997,000) | |
Exercise of stock options, net | (1,449,000) | (155,000) | |
Restricted stock unit vesting, net | (90,000) | 0 | |
Net cash provided by financing activities | 561,843,000 | 1,142,200,000 | |
Increase (decrease) in cash, cash equivalents, and restricted cash | 508,676,000 | 465,423,000 | |
Cash, cash equivalents, and restricted cash at beginning of year | 38,769,000 | 122,538,000 | |
Cash, cash equivalents, and restricted cash at end of period | 547,445,000 | 587,961,000 | |
Supplemental disclosures of cash flow information: | |||
Interest paid during the period | 3,113,000 | 6,936,000 | |
Income taxes paid during the period | 2,285,000 | 9,355,000 | |
Supplemental non-cash investing activities: | |||
Purchase of securities available for sale, net not settled | 27,000,000 | (12,551,000) | |
Loans transferred to other real estate owned | $ 2,682,000 | $ 0 | |
[1] | Includes $1.0 million and $4.5 million of right of use asset amortization for the respective periods | ||
[2] | Includes $0.7 million and $1.0 million accretion of operating lease liabilities for the respective periods |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Right of use asset amortization | $ 1 | $ 4.5 |
Accretion of operating lease liabilities | $ 0.7 | $ 1 |
BASIS OF PRESENTATION AND CHANG
BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Holding Company Reorganization On March 1, 2021 (the “Effective Date”), Amalgamated Financial Corp., a Delaware public benefit corporation (the “Company”) acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered bank (the “Bank”), in a statutory share exchange transaction (the “Reorganization”) effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020 (the “Agreement”). Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. Prior to the Effective Date of the Reorganization, the Company conducted no operations other than obtaining regulatory approval for the Reorganization. Accordingly, there has been no significant financial activity at the parent company level as of June 30, 2021. In this discussion, unless the context indicates otherwise, references to “we,” “us,” and “our” refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Date, the terms refer only to the Bank. Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment. Basis of Accounting and Changes in Significant Accounting Policies The accounting and reporting policies of Amalgamated Financial Corp. (the “Company”) conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. The accompanying unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2020 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2020 Annual Report. Reclassifications |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Effective in 2021 and onward In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model and provides for recording credit losses on available for sale debt securities through an allowance account. ASU 2016-13 also requires certain incremental disclosures. In October 2019, the FASB voted to extend the adoption date for entities eligible to be smaller reporting companies, public business entities ("PBEs") that are not SEC filers, and entities that are not PBEs from January 1, 2020 to January 1, 2023. Based on our election as an Emerging Growth Company under the Jumpstart Our Business Startups Act to use the extended transition period for complying with any new or revised financial accounting standards, we currently anticipate a January 1, 2023 adoption date. In preparation, we have performed work in assessing and enhancing the technology environment and related data needs and availability. Additionally, a Management Committee comprised of members from multiple departments has been established to monitor our progress towards adoption. As adoption will require the implementation of significant changes to the existing credit loss estimation model and is dependent on the economic forecast, and given the length of time before our adoption date, evaluating the overall impact of the ASU on our Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued Accounting Standards Update ("ASU") No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance amends the scope of ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was aimed at easing the potential accounting burden expected when global capital markets move away from the London Interbank Offered Rate ("LIBOR") (the benchmark interest rate banks use to make short-term loans to each other) and provided temporary, optional expedients and exceptions for applying accounting guidance to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. As the majority of our securities tied to LIBOR are expected to transition to the Secured Overnight Financing Rate ("SOFR") or pay off before the transition date and given that we do not have a substantial amount of commercial loans or any derivative transactions tied to LIBOR, the Adoption of ASU 2021-01 is not expected to have a material impact on our operating results or financial condition. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The Company records unrealized gains and losses, net of taxes, on securities available for sale in other comprehensive income (loss) in the Consolidated Statements of Changes in Stockholders’ Equity. Gains and losses on securities available for sale are reclassified to operations as the gains or losses are recognized. Other-than-temporary impairment (“OTTI”) losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). The Company also recognizes as a component of other comprehensive income (loss) the actuarial gains or losses as well as the prior service costs or credits that arise during the period from post-retirement benefit plans. Other comprehensive income (loss) components and related income tax effects were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Change in obligation for postretirement benefits and for prior service credit $ 52 $ 55 $ 106 $ 110 Change in obligation for other benefits 40 19 (371) 37 Change in total obligation for postretirement benefits and for prior service credit and for other benefits $ 92 $ 74 $ (265) $ 147 Income tax effect 98 (20) 55 (41) Net change in total obligation for postretirement benefits and prior service credit and for other benefits 190 54 (210) 106 Unrealized holding gains (losses) on available for sale securities $ 4,055 $ 30,811 $ (1,381) $ 6,443 Reclassification adjustment for losses (gains) realized in income (321) (485) (339) (984) Change in unrealized gains (losses) on available for sale securities 3,734 30,326 (1,720) 5,459 Income tax effect (1,020) (8,443) 469 (1,520) Net change in unrealized gains (losses) on available for sale securities 2,714 21,883 (1,251) 3,939 Total $ 2,904 $ 21,937 $ (1,461) $ 4,045 The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes: Balance as of January 1, Current Income Tax Balance as of June 30, 2021 (In thousands) Unrealized gains (losses) on benefits plans $ (2,056) $ (265) $ 55 $ (2,266) Unrealized gains (losses) on available for sale securities 19,232 (1,720) 469 17,981 Total $ 17,176 $ (1,985) $ 524 $ 15,715 The following represents the reclassifications out of accumulated other comprehensive income (loss): Three Months Ended Six Months Ended Affected Line Item in the Consolidated Statements of Income 2021 2020 2021 2020 (In thousands) Realized gains (losses) on sale of available for sale securities $ 321 $ 486 $ 342 $ 985 Gain (loss) on sale of investment securities available for sale, net Recognized gains (losses) on OTTI securities — (1) (3) (1) Non-Interest Income - other Income tax expense (benefit) 88 135 93 274 Income tax expense (benefit) Total reclassifications, net of income tax $ 233 $ 350 $ 246 $ 710 Prior service credit on pension plans and other postretirement benefits $ 7 $ 7 $ 14 $ 14 Compensation and employee benefits Income tax expense (benefit) (2) (2) (4) (4) Income tax expense (benefit) Total reclassifications, net of income tax $ 5 $ 5 $ 10 $ 10 Total reclassifications, net of income tax $ 238 $ 355 $ 256 $ 720 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The amortized cost and fair value of investment securities available for sale and held to maturity as of June 30, 2021 are as follows: June 30, 2021 Amortized Gross Gross Fair (In thousands) Available for sale: Mortgage-related: GSE residential certificates $ 10,217 $ 273 $ — $ 10,490 GSE residential CMOs 370,583 9,921 (156) 380,348 GSE commercial certificates & CMO 421,942 8,977 (308) 430,611 Non-GSE residential certificates 15,880 95 (20) 15,955 Non-GSE commercial certificates 60,474 190 (125) 60,539 879,096 19,456 (609) 897,943 Other debt: U.S. Treasury 200 2 — 202 ABS 841,093 5,817 (851) 846,059 Trust preferred 14,629 — (503) 14,126 Corporate 64,975 1,511 (90) 66,396 920,897 7,330 (1,444) 926,783 Total available for sale $ 1,799,993 $ 26,786 $ (2,053) $ 1,824,726 Held to maturity: Mortgage-related: GSE residential certificates $ 450 $ 21 $ — $ 471 Non GSE commercial certificates 191 — — 191 641 21 — 662 Other debt: PACE Assessments 545,795 — (5,192) 540,603 Municipal 75,290 2,386 (87) 77,589 Other 3,100 — — 3,100 624,185 2,386 (5,279) 621,292 Total held to maturity $ 624,826 $ 2,407 $ (5,279) $ 621,954 As of June 30, 2021, available for sale securities with a fair value of $940.8 million were pledged with no held-to-maturity securities being pledged. The majority of the securities were pledged to the Federal Home Loan Bank of New York (“FHLB”) to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve Bank and to collateralize municipal deposits. The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows: December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential certificates $ 12,977 $ 322 $ — $ 13,299 GSE residential CMOs 353,783 12,690 (52) 366,421 GSE commercial certificates & CMO 421,488 11,548 (422) 432,614 Non-GSE residential certificates 33,120 281 (17) 33,384 Non-GSE commercial certificates 45,179 112 (323) 44,968 866,547 24,953 (814) 890,686 Other debt: U.S. Treasury 200 3 — 203 ABS 595,062 4,356 (1,872) 597,546 Trust preferred 14,627 — (854) 13,773 Corporate 36,973 683 (2) 37,654 Other — — — — 646,862 5,042 (2,728) 649,176 Total available for sale 1,513,409 29,995 (3,542) 1,539,862 Held to maturity: Mortgage-related: GSE residential certificates $ 611 $ 38 $ — $ 649 Non GSE commercial certificates 212 15 — 227 823 53 — 876 Other debt: PACE Assessments 421,036 4,870 — 425,906 Municipal 67,490 3,019 — 70,509 Other 5,100 34 — 5,134 493,626 7,923 — 501,549 Total held to maturity $ 494,449 $ 7,976 $ — $ 502,425 The following table summarizes the amortized cost and fair value of debt securities available for sale and held to maturity, exclusive of mortgage-backed securities, by their contractual maturity as of June 30, 2021. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty: Available for Sale Held to Maturity Amortized Fair Value Amortized Fair Value (In thousands) Due within one year $ 200 $ 202 $ 1,100 $ 1,100 Due after one year through five years 24,324 24,790 2,000 1,999 Due after five years through ten years 324,260 324,496 9,329 9,369 Due after ten years 572,113 577,295 611,756 608,824 $ 920,897 $ 926,783 $ 624,185 $ 621,292 Three Months Ended, Six Months Ended, June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Proceeds $ 48,345 $ 24,657 $ 62,883 $ 52,420 Realized gains $ 490 $ 731 $ 562 $ 1,254 Realized losses (169) (245) (220) (269) Net realized gains (losses) $ 321 $ 486 $ 342 $ 985 The following summarizes the fair value and unrealized losses for those available for sale and held to maturity securities as of June 30, 2021 and December 31, 2020, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates: June 30, 2021 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available for sale: Mortgage-related: GSE residential CMOs $ 28,535 $ (156) $ — $ — $ 28,535 $ (156) GSE commercial certificates & CMO 70,054 (189) 182,769 (119) 252,823 (308) Non-GSE residential certificates 10,974 (20) — — 10,974 (20) Non-GSE commercial certificates 19,935 (84) 10,931 (41) 30,866 (125) Other debt: ABS 98,216 (231) 116,563 (620) 214,779 (851) Trust preferred — — 14,126 (503) 14,126 (503) Corporate 12,911 (90) — — 12,911 (90) Total available for sale $ 240,625 $ (770) $ 324,389 $ (1,283) $ 565,014 $ (2,053) Held to maturity: PACE assessment 540,603 (5,192) — — 540,603 (5,192) Municipal 8,605 (87) — — 8,605 (87) Other 3,100 — — — 3,100 — Total held to maturity $ 552,308 $ (5,279) $ — $ — $ 552,308 $ (5,279) December 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Mortgage-related: GSE residential CMOs $ 31,106 $ (35) $ 12,910 $ (17) $ 44,016 $ (52) GSE commercial certificates & CMO 116,667 (287) 75,126 (135) 191,793 (422) Non-GSE residential certificates 2,138 (9) 3,077 (8) 5,215 (17) Non-GSE commercial certificates 47 — 29,207 (323) 29,254 (323) Other debt: ABS 3,010 (1) 298,410 (1,871) 301,420 (1,872) Trust preferred — — 13,773 (854) 13,773 (854) Corporate 6,998 (2) — — 6,998 (2) $ 159,966 $ (334) $ 432,503 $ (3,208) $ 592,469 $ (3,542) The temporary impairment of fixed income is primarily attributable to changes in overall market interest rates and/or changes in credit spreads since the investments were acquired. In general, as market interest rates rise and/or credit spreads widen, the fair value of fixed rate securities will decrease, as market interest rates fall and/or credit spreads tighten, the fair value of fixed rate securities will increase. Management considers that the temporary impairment of the Company’s investments in trust preferred securities (“TruPs”) as of June 30, 2021 is primarily due to a widening of credit spreads since the time these investments were acquired, as well as market uncertainty for this class of investments. All of the TruPs were rated investment grade by not less than three nationally recognized statistical rating organization’s (“NRSROs”). All of the issues are current as to their dividend payments and management is not aware of a decision of any trust preferred issuer to exercise its option to defer dividend payments. As of June 30, 2021, excluding GSE and U.S. Treasury securities and TruPs, discussed above, temporarily impaired securities totaled $827.1 million with an unrealized loss of $6.3 million. With the exception of $545.8 million of PACE bonds which were not rated, the remaining securities were rated investment grade by at least one NRSRO with no ratings below investment grade. All issues were current as to their interest payments. We have had no losses on any PACE bonds and are not aware of any losses in the sector given the low LTV position. Management considers that the temporary impairment of these investments as of June 30, 2021 is primarily due to an increase in market spreads since the time these investments were acquired. With respect to the Company’s security investments that are temporarily impaired as of June 30, 2021, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2021. None of these positions or other securities held in the portfolio or sold during the year were purchased with the intent of selling them or would otherwise be classified as trading securities under ASC No. 320, Investments – Debt Securities. During the three months ended June 30, 2021, the Company recorded no OTTI, compared to a $1,100 OTTI for the same period in 2020. For the six months ended June 30, 2021, the Company recorded $2,700 OTTI, compared to a $1,100 OTTI f or the same period in 2020. Events which may cause material declines in the fair value of debt investments may include, but are not limited to, deterioration of credit metrics, higher incidences of default, worsening liquidity, worsening global or domestic economic conditions or adverse regulatory action. Management does not believe that there are any cases of unrecorded OTTI as of June 30, 2021; however, it is possible that the Company may recognize OTTI in future periods. |
LOANS RECEIVABLE, NET
LOANS RECEIVABLE, NET | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET Loans receivable are summarized as follows: June 30, December 31, (In thousands) Commercial and industrial $ 619,037 $ 677,192 Multifamily 848,651 947,177 Commercial real estate 351,707 372,736 Construction and land development 42,303 56,087 Total commercial portfolio 1,861,698 2,053,192 Residential real estate lending 1,085,791 1,238,697 Consumer and other 222,265 190,676 Total retail portfolio 1,308,056 1,429,373 Total loans receivable 3,169,754 3,482,565 Net deferred loan origination costs (fees) 5,707 6,330 Total loans receivable, net of deferred loan origination costs (fees) 3,175,461 3,488,895 Allowance for loan losses (38,012) (41,589) Total loans receivable, net $ 3,137,449 $ 3,447,306 The following table presents information regarding the quality of the Company’s loans as of June 30, 2021: 30-89 Days Non- 90 Days or Total Past Current Current Total Loans (In thousands) Commercial and industrial $ — $ 14,561 $ — $ 14,561 $ — $ 604,476 $ 619,037 Multifamily 3,567 10,266 — 13,833 — 834,818 848,651 Commercial real estate 11,354 4,066 — 15,420 — 336,287 351,707 Construction and land development — — — — — 42,303 42,303 Total commercial portfolio 14,921 28,893 — 43,814 — 1,817,884 1,861,698 Residential real estate lending 5,882 22,320 — 28,202 — 1,057,589 1,085,791 Consumer and other 1,552 718 — 2,270 — 219,995 222,265 Total retail portfolio 7,434 23,038 — 30,472 — 1,277,584 1,308,056 $ 22,355 $ 51,931 $ — $ 74,286 $ — $ 3,095,468 $ 3,169,754 The following table presents information regarding the quality of the Company’s loans as of December 31, 2020: 30-89 Days Past Due Non- Accrual 90 Days or More Delinquent and Still Accruing Interest Total Past Due Current and Not Accruing Interest Current Total Loans Receivable (In thousands) Commercial and industrial $ — $ 12,444 $ 1,404 $ 13,848 $ — $ 663,344 $ 677,192 Multifamily 3,590 9,575 — 13,165 — 934,012 947,177 Commercial real estate 10,574 3,433 — 14,007 — 358,729 372,736 Construction and land development 9,974 11,184 — 21,158 — 34,929 56,087 Total commercial portfolio 24,138 36,636 1,404 62,178 — 1,991,014 2,053,192 Residential real estate lending 19,526 23,280 — 42,806 376 1,195,515 1,238,697 Consumer and other 1,015 632 — 1,647 — 189,029 190,676 Total retail portfolio 20,541 23,912 — 44,453 376 1,384,544 1,429,373 $ 44,679 $ 60,548 $ 1,404 $ 106,631 $ 376 $ 3,375,558 $ 3,482,565 On March 22, 2020, federal banking regulators issued an interagency statement that included guidance on their approach for the accounting of loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant related to the loans in which the borrower is less than 30 days past due on its contractual payments at the time a modification program is implemented. The agencies confirmed in working with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security ("CARES") Act was enacted to help the nation’s economy recover from the COVID-19 pandemic. The CARES Act provided $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofit entities, states, and municipalities. Under Section 4022 of the CARES Act, a borrower with a federally backed mortgage loan that was experiencing a financial hardship due to COVID-19 may request a forbearance (i.e., payment deferral), regardless of delinquency status, for up to 180 days, which may be extended for an additional 180 days at the borrower’s request. Before this relief was set to expire on December 31, 2020, the Consolidated Appropriations Act was signed into law, which extended the relief granted under the CARES act to the earlier of January 1, 2022 or 60 days after the national emergency is terminated. During this relief period, no fees, penalties, or interest beyond those scheduled or calculated as if the borrower had made all contractual payments on time and in full will accrue. In addition, Section 4013 of the CARES Act provides temporary relief from the accounting and reporting requirements for TDRs regarding certain loan modifications related to COVID-19. Specifically, the CARES Act provides that a financial institution may elect to suspend the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR. Modifications that qualify for this exception include a forbearance arrangement, an interest rate modification, a repayment plan, or any other similar arrangement that defers or delays the payment of principal or interest, that occurs for a loan that was not more than 30 days past due as of December 31, 2019. In accordance with interagency guidance and the CARES Act, short term deferrals granted due to the COVID-19 pandemic are not considered TDRs unless the borrower was experiencing financial difficulty prior to the pandemic. As of June 30, 2021, the Company had $4.0 million in loans remaining on a payment deferral program and still accruing interest, the majority of which were residential loans and none were commercial loans. The following table presents information regarding the Company’s TDRs as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (In thousands) Accruing Non- Accrual Total Accruing Non- Total Commercial and industrial $ 1,590 $ 11,667 $ 13,257 $ 1,648 $ 12,116 $ 13,764 Commercial real estate — 3,300 3,300 — 3,433 3,433 Construction and land development 2,424 — 2,424 — 2,682 2,682 Residential real estate lending 14,669 5,527 20,196 17,905 2,654 20,559 $ 18,683 $ 20,494 $ 39,177 $ 19,553 $ 20,885 $ 40,438 The following tables summarize the Company’s loan portfolio by credit quality indicator as of June 30, 2021: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 568,878 $ 17,569 $ 32,133 $ 457 $ 619,037 Multifamily 711,551 101,579 32,348 3,173 848,651 Commercial real estate 234,018 45,236 72,453 — 351,707 Construction and land development 34,414 535 7,354 — 42,303 Residential real estate lending 1,063,176 295 22,320 — 1,085,791 Consumer and other 221,835 — 430 — 222,265 Total loans $ 2,833,872 $ 165,214 $ 167,038 $ 3,630 $ 3,169,754 The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2020: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 627,553 $ 16,407 $ 32,770 $ 462 $ 677,192 Multifamily 775,605 138,090 33,482 — 947,177 Commercial real estate 276,712 41,420 54,604 — 372,736 Construction and land development 28,967 15,936 11,184 — 56,087 Residential real estate lending 1,215,417 — 23,280 — 1,238,697 Consumer and other 190,044 — 632 — 190,676 Total loans $ 3,114,298 $ 211,853 $ 155,952 $ 462 $ 3,482,565 The above classifications follow regulatory guidelines and can be generally described as follows: • pass loans are of satisfactory quality; • special mention loans have a potential weakness or risk that may result in the deterioration of future repayment; • substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss); and • doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained. The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of June 30, 2021: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 16,869 $ 10,266 $ 4,066 $ 2,424 $ 36,989 $ — $ 70,614 Collectively evaluated for impairment 602,168 838,385 347,641 39,879 1,048,802 222,265 3,099,140 Total loans $ 619,037 $ 848,651 $ 351,707 $ 42,303 $ 1,085,791 $ 222,265 $ 3,169,754 Allowance for loan losses: Individually evaluated for impairment $ 5,101 $ 250 $ — $ — $ 954 $ — $ 6,305 Collectively evaluated for impairment 6,991 5,422 8,388 1,449 8,831 626 31,707 Total allowance for loan losses $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of December 31, 2020: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 14,706 $ 9,575 $ 3,433 $ 11,184 $ 41,579 $ — $ 80,477 Collectively evaluated for impairment 662,486 937,602 369,303 44,903 1,197,118 190,676 3,402,088 Total loans $ 677,192 $ 947,177 $ 372,736 $ 56,087 $ 1,238,697 $ 190,676 $ 3,482,565 Allowance for loan losses: Individually evaluated for impairment $ 3,118 $ 1,933 $ — $ — $ 1,187 $ — $ 6,238 Collectively evaluated for impairment 5,947 8,391 6,213 2,077 11,143 1,580 35,351 Total allowance for loan losses $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 The activities in the allowance by portfolio for the three months ended June 30, 2021 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 8,692 $ 6,125 $ 8,464 $ 1,391 $ 10,747 $ 1,243 $ 36,662 Provision for (recovery of) loan losses 3,397 (453) (76) 58 (1,446) 202 1,682 Charge-offs — — — — (60) (836) (896) Recoveries 3 — — — 544 17 564 Ending Balance $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 The activities in the allowance by portfolio for the three months ended June 30, 2020 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 14,930 $ 5,886 $ 2,736 $ 1,740 $ 15,430 $ 1,626 $ 42,348 Provision for (recovery of) loan losses 514 1,177 3,241 1,536 1,099 654 8,221 Charge-offs (2) — — — (240) (487) (729) Recoveries 2 — — — 151 17 170 Ending Balance $ 15,444 $ 7,063 $ 5,977 $ 3,276 $ 16,440 $ 1,810 $ 50,010 (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 Provision for (recovery of) loan losses 2,820 (2,744) 2,175 (629) (3,383) 182 (1,579) Charge-offs — (1,908) — — (201) (1,176) (3,285) Recoveries 207 — — 1 1,039 40 1,287 Ending Balance $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 The activities in the allowance by portfolio for the six months ended June 30, 2020 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance 11,126 5,210 2,492 808 14,149 62 33,847 Provision for (recovery of) loan losses 4,316 1,853 3,485 2,468 2,192 2,494 16,808 Charge-offs (1) — — — (264) (791) (1,056) Recoveries 3 — — — 363 45 411 Ending Balance 15,444 7,063 5,977 3,276 16,440 1,810 50,010 The following is additional information regarding the Company’s individually impaired loans and the allowance related to such loans as of June 30, 2021 and December 31, 2020: June 30, 2021 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 16,663 $ 18,744 $ 20,998 $ — Construction and land development 2,424 6,804 2,424 — Commercial real estate 4,066 3,750 4,803 — 23,153 29,298 28,225 — Loans with a related allowance: Residential real estate lending 20,326 20,540 25,673 954 Multifamily 10,266 9,921 12,215 250 Commercial and industrial 16,869 15,788 34,252 5,101 47,461 46,249 72,140 6,305 Total individually impaired loans: Residential real estate lending 36,989 39,284 46,671 954 Multifamily 10,266 9,921 12,215 250 Construction and land development 2,424 6,804 2,424 — Commercial real estate 4,066 3,750 4,803 — Commercial and industrial 16,869 15,788 34,252 5,101 $ 70,614 $ 75,547 $ 100,365 $ 6,305 December 31, 2020 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance Loans without a related allowance: Residential real estate lending $ 20,824 $ 12,660 $ 20,898 $ — Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — 35,441 26,198 37,125 — Loans with a related allowance: Residential real estate lending 20,755 22,151 24,680 1,187 Multifamily 9,575 4,788 9,589 1,933 Commercial and industrial 14,706 19,788 27,210 3,118 45,036 46,727 61,479 6,238 Total individually impaired loans: Residential real estate lending 41,579 34,811 45,578 1,187 Multifamily 9,575 4,788 9,589 1,933 Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — Commercial and industrial 14,706 19,788 27,210 3,118 $ 80,477 $ 72,925 $ 98,604 $ 6,238 As of June 30, 2021 and December 31, 2020, mortgage loans with an unpaid principal balance of $0.9 billion and $1.2 billion respectively, are pledged to the FHLBNY to secure outstanding advances and letters of credit. There were $463,000 in related party loans outstanding as of June 30, 2021 compared to no related party loans for December 31, 2020. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2021 | |
Statistical Disclosure for Banks [Abstract] | |
DEPOSITS | DEPOSITS Deposits are summarized as follows: June 30, 2021 December 31, 2020 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest bearing demand deposit accounts $ 2,948,718 0.00 % $ 2,603,274 0.00 % NOW accounts 200,758 0.07 % 205,653 0.06 % Money market deposit accounts 2,136,719 0.11 % 1,914,391 0.13 % Savings accounts 371,047 0.11 % 343,368 0.12 % Time deposits 252,750 0.36 % 272,025 0.86 % $ 5,909,992 0.06 % $ 5,338,711 0.10 % The scheduled maturities of time deposits as of June 30, 2021 are as follows: (In thousands) 2021 $ 147,752 2022 72,933 2023 14,358 2024 12,030 2025 4,218 Thereafter 1,459 $ 252,750 Time deposits of $250,000 or more totaled $46.2 million as of June 30, 2021 and $31.2 million as of December 31, 2020. From time to time the Bank will issue time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) for the purpose of providing FDIC insurance to bank customers with balances in excess of FDIC insurance limits. CDARS deposits totaled approximately $82.1 million and $123.8 million as of June 30, 2021 and December 31, 2020, respectively, and are included in Time deposits above. Our total deposits included deposits from Workers United and its related entities in the amounts of $80.3 million as of June 30, 2021 and $95.8 million as of December 31, 2020. Included in total deposits are state and municipal deposits totaling $38.6 million and $15.2 million as of June 30, 2021 and December 31, 2020, respectively. Such deposits are secured by letters of credit issued by the FHLB or by securities pledged with the FHLB. |
BORROWED FUNDS
BORROWED FUNDS | 6 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
BORROWED FUNDS | BORROWED FUNDSThere were no borrowed funds as of June 30, 2021 or December 31, 2020. FHLB advances are collateralized by the FHLB stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of June 30, 2021, the value of the other eligible assets had an estimated market value net of haircut tota |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities according to participation rights in undistributed earnings. Our time-based and performance based restricted stock units are not considered participating securities as they do not receive dividend distributions until satisfaction of the related vesting requirements. As of June 30, 2021 and June 30, 2020, we had 76,000 and 219,000 anti-dilutive shares, respectively. The factors used in the earnings per share computation follow: Three Months Six Months Ended 2021 2020 2021 2020 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 10,408 $ 10,374 $ 22,597 $ 19,919 Dividends paid on preferred stock — — — — Income attributable to common stock $ 10,408 $ 10,374 $ 22,597 $ 19,919 Weighted average common shares outstanding, basic 31,136 31,023 31,109 31,217 Basic earnings per common share $ 0.33 $ 0.33 $ 0.73 $ 0.64 Income attributable to common stock $ 10,408 $ 10,374 $ 22,597 $ 19,919 Weighted average common shares outstanding, basic 31,136 31,023 31,109 31,217 Incremental shares from assumed conversion of options and RSUs 436 12 436 128 Weighted average common shares outstanding, diluted 31,572 31,035 31,545 31,345 Diluted earnings per common share $ 0.33 $ 0.33 $ 0.72 $ 0.64 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Long Term Incentive Plans Stock Options: The Company does not currently maintain an active stock option plan that is available for issuing new options. As of January 1, 2021, all options are fully vested and the Company will not incur any further expense related to options. A summary of the status of the Company’s options as of June 30, 2021 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2020 1,978,560 $ 13.03 4.4 years Granted — — — Forfeited/ Expired — — — Exercised (951,800) 12.88 — Outstanding, June 30, 2021 1,026,760 13.17 5.3 years $ 2,529 Vested and Exercisable, June 30, 2021 1,026,760 $ 13.17 5.3 years $ 2,529 The range of exercise prices is $11.00 to $14.65 per share. As noted above, there was no compensation cost attributable to the options for June 30, 2021 and $0.2 million for the six months ended June 30, 2021, which is recorded within the Consolidated Statement of Income. Restricted Stock Units: The Amalgamated Financial Corp. 2021 Equity Incentive Plan (the “Equity Plan”) provides for the grant of stock-based incentive awards to employees and directors of the Company. The number of shares of common stock of the Company available for stock-based awards in the Equity Plan is 1,250,000 of which 595,706 shares were available for issuance as of June 30, 2021. During the six months ended June 30, 2021, the Company granted 260,335 RSUs to employees under the Equity Plan and reserved 283,859 shares for issuance upon vesting assuming the Company’s employees achieve the maximum share payout. Of the 260,335 RSUs granted to employees, 213,348 RSUs time-vest ratably over three years and were granted at a fair value of $15.81 per share and 47,007 RSUs were performance-based and are more fully described below: • The Company granted 23,464 performance-based RSUs at a fair value of $15.81 per share which vest subject to the achievement of the Company’s corporate goal for the three-year period from December 31, 2020 to December 31, 2023. The corporate goal is based on the Company achieving a target increase in Tangible Book Value, adjusted for certain factors. The minimum and maximum awards that are achievable are 0 and 35,196 shares, respectively. • The Company granted 23,543 market-based RSUs at a fair value of $14.95 per share which vest subject to the Bank’s relative total shareholder return compared to a group of peer banks over a three-year period from February 3, 2021 to February 2, 2024. The minimum and maximum awards that are achievable are 0 and 35,315 shares, respectively. A summary of the status of the Company’s employee RSUs as of June 30, 2021 follows: Shares Grant Date Fair Value Unvested, December 31, 2020 290,637 $ 15.99 Awarded 260,355 15.81 Forfeited (51,221) 13.02 Exercised (60,757) 14.45 Unvested, June 30, 2021 439,014 $ 15.43 Of the 439,014 unvested RSUs on June 30, 2021, the minimum units that will vest, solely due to a service test, are 229,685. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 507,950. Compensation expense attributable to the employee RSUs was $0.3 million and $0.5 million for the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $5.4 million of total unrecognized compensation cost related to the non-vested RSUs granted to employees. This expense may increase or decrease depending on the expected number of performance-based shares to be issued. This expense is expected to be recognized over 2.3 years. During the six months ended June 30, 2021, the Company granted 28,710 RSUs to directors under the Equity Plan that vest after one year. The Company recorded an expense of $0.1 million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was no unrecognized cost related to the non-vested RSUs granted to directors. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined 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. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows: Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities. Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities. Level 3 - Valuations are based on inputs to the methodology that are unobservable and significant to the fair value measurement. These inputs reflect management’s own judgments about the assumptions that market participants would use in pricing the assets and liabilities. The following summarizes those financial instruments measured at fair value in the Consolidated Statements of Financial Condition categorized by the relevant class of investment and level of the fair value hierarchy: June 30, 2021 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 10,490 $ — $ 10,490 GSE residential CMOs — 380,348 — 380,348 GSE commercial certificates & CMO — 430,611 — 430,611 Non-GSE residential certificates — 15,955 — 15,955 Non-GSE commercial certificates — 60,539 — 60,539 Other debt: U.S. Treasury 202 — — 202 ABS — 846,059 — 846,059 Trust preferred — 14,126 — 14,126 Corporate — 66,396 — 66,396 Total assets carried at fair value $ 202 $ 1,824,524 $ — $ 1,824,726 December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 13,299 $ — $ 13,299 GSE residential CMOs — 366,421 — 366,421 GSE commercial certificates & CMO — 432,614 — 432,614 Non-GSE residential certificates — 33,384 — 33,384 Non-GSE commercial certificates — 44,968 — 44,968 Other debt: U.S. Treasury 203 — — 203 ABS — 597,546 — 597,546 Trust preferred — 13,773 — 13,773 Corporate — 37,654 — 37,654 Total assets carried at fair value $ 203 $ 1,539,659 $ — $ 1,539,862 The following tables summarize assets measured at fair value on a non-recurring basis: June 30, 2021 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 64,309 $ — $ — $ 64,309 $ 64,309 Other real estate owned 307 — — 335 335 $ 64,616 $ — $ — $ 64,644 $ 64,644 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 67,433 $ — $ — $ 67,433 $ 67,433 Other real estate owned 307 — — 303 303 $ 67,740 $ — $ — $ 67,736 $ 67,736 The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments: June 30, 2021 Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 547,445 $ 547,445 $ — $ — $ 547,445 Available for sale securities 1,824,726 202 1,824,524 — 1,824,726 Held to maturity securities 624,826 — 81,351 540,603 621,954 Loans held for sale 8,230 — — 8,230 8,230 Loans receivable, net 3,137,449 — — 3,201,138 3,201,138 Resell agreements 141,651 — — 141,651 141,651 Accrued interest and dividends receivable 22,648 — 22,648 — 22,648 Financial liabilities: Deposits payable on demand 5,657,242 — 5,657,242 — 5,657,242 Time deposits 252,750 — 252,972 — 252,972 Accrued interest payable 276 — 276 — 276 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 38,769 $ 38,769 $ — $ — $ 38,769 Available for sale securities 1,513,409 203 1,539,659 — 1,539,862 Held to maturity securities 494,449 — 76,519 425,906 502,425 Loans held for sale 11,178 — — 11,178 11,178 Loans receivable, net 3,447,306 — — 3,566,742 3,566,742 Resell agreements 154,779 — — 154,779 154,779 Accrued interest and dividends receivable 23,970 — 23,970 — 23,970 Financial liabilities: Deposits payable on demand 5,066,687 — 5,066,687 — 5,066,687 Time deposits 272,025 — 272,451 — 272,451 Accrued interest payable 386 — 386 — 386 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK | COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK Credit Commitments The Company is party to various credit related financial instruments with off balance sheet risk. The Company, in the normal course of business, issues such financial instruments in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods: June 30, 2021 December 31, 2020 (In thousands) Commitments to extend credit $ 605,084 $ 455,541 Standby letters of credit 16,118 17,910 Total $ 621,202 $ 473,451 Commitments to extend credit are contracts to lend to a customer as long as there is no violation of any condition established in the contract. These commitments have fixed expiration dates and other termination clauses and generally require the payment of nonrefundable fees. Since a portion of the commitments are expected to expire without being drawn upon, the contractual principal amounts do not necessarily represent future cash requirements. The Company’s maximum exposure to credit risk is represented by the contractual amount of these instruments. These instruments represent ultimate exposure to credit risk only to the extent they are subsequently drawn upon by customers. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the financial performance of a customer to a third party. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The balance sheet carrying value of standby letters of credit approximates any nonrefundable fees received but not yet recorded as income. The Company considers this carrying value, which is not material, to approximate the estimated fair value of these financial instruments. The Company reserves for the credit risk inherent in off balance sheet credit commitments. This reserve, which is included in other liabilities, amounted to approximately $1.1 million as of June 30, 2021 and $1.2 million as of December 31, 2020. Investment Obligations The Bank is party to agreements with Pace Funding Group LLC, or PFG, for the purchase of up to $375 million of property assessed clean energy, or PACE, assessment securities by the fourth quarter of 2021. Additionally, the Bank has an additional obligation up to $100 million for other PACE related purchases. These investments are to be held in the Company's held-to-maturity investment portfolio. As of June 30, 2021, we had fulfilled $262.6 million of these obligations. As of December 31, 2020, the Bank had fulfilled $165.4 million of our obligation. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Bank as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of June 30, 2021. These leases are typically long-term leases and generally are not complicated arrangements or structures. Several of the leases contain renewal options at a rate comparable to the fair market value based on comparable analysis to similar properties in the Bank’s geographies. Real estate operating leases are presented as a right-of-use (“ROU”) asset and a related operating lease liability on the Consolidated Statements of Financial Condition. The ROU asset represents the Company’s right to use the underlying asset for the lease term and the operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company applied its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of the operating lease liability. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Lease expense is recognized on a straight-line basis over the lease term. The following table summarizes our lease cost and other operating lease information: Three Months Ended Six Months Ended June 30, 2021 (In thousands) Operating lease cost $ 2,184 $ 2,766 Cash paid for amounts included in the measurement of operating leases liability $ 2,493 $ 4,423 Weighted average remaining lease term on operating leases (in years) 5.2 6.2 Weighted average discount rate used for operating leases liability 3.25 % 3.26 % Note: Sublease income and variable income or expense considered immaterial The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of June 30, 2021: (In thousands) As of June 30, 2021 2021 remaining $ 5,186 2022 10,705 2023 10,592 2024 10,215 2025 9,851 Thereafter 8,911 Total undiscounted operating lease payments 55,460 Less: present value adjustment 4,295 Total operating leases liability $ 51,165 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill In accordance with GAAP, the Company performs an annual test as of June 30 to identify potential impairment of goodwill, or more frequently if events or circumstances indicate a potential impairment may exist. If the carrying amount of the Company, as a sole reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess up to the amount of the recorded goodwill. The Company performed its annual test based upon market data as of June 30, 2021 and estimates and assumptions that the Company believes most appropriate for the analysis. Based on the qualitative analysis performed in accordance with ASC 350, the Company determined it more likely than not that goodwill was not impaired as of June 30, 2021. Changes in certain assumptions used in the Company's assessment could result in significant differences in the results of the impairment test. Should market conditions or management’s assumptions change significantly in the future, an impairment to goodwill is possible. At June 30, 2021 and December 31, 2020, the carrying amount of goodwill was $12.9 million. Intangible Assets The following table reflects the estimated amortization expense, comprised entirely by the Bank’s core deposit intangible asset, for the next five years and thereafter: (In thousands) 2021 remaining $ 603 2022 1,047 2023 888 2024 730 2025 574 Thereafter 913 Total $ 4,755 Accumulated amortization of the core deposit intangible was $4.3 million as of June 30, 2021. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Tax Credit Investments The Company makes investments in unconsolidated entities that construct, own and operate solar generation facilities. An unrelated third party is the managing member and has control over the significant activities of the variable interest entities ("VIE"). The Company generates a return through the receipt of tax credits allocated to the projects, as well as operational distributions. The primary risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to the Company making its investment. Any loans to the VIE are secured. As of June 30, 2021, the Bank's maximum exposure to loss is $13.4 million. June 30, 2021 December 31, 2020 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 1,287 $ 6,735 Loans and letters of credit commitments 12,096 11,097 Funded portion of loans and letters of credit commitments 12,096 11,097 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (In thousands) Tax credits and other tax benefits recognized $ 343 $ 1,860 $ 911 $ 1,860 |
BASIS OF PRESENTATION AND CHA_2
BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Segment Information | Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment. |
Basis of Accounting | The accounting and reporting policies of Amalgamated Financial Corp. (the “Company”) conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. |
Consolidation | The accompanying unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2020 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2020 Annual Report. |
Reclassifications | Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholder equity or net income. |
Recent Accounting Pronouncements | Accounting Standards Effective in 2021 and onward In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model and provides for recording credit losses on available for sale debt securities through an allowance account. ASU 2016-13 also requires certain incremental disclosures. In October 2019, the FASB voted to extend the adoption date for entities eligible to be smaller reporting companies, public business entities ("PBEs") that are not SEC filers, and entities that are not PBEs from January 1, 2020 to January 1, 2023. Based on our election as an Emerging Growth Company under the Jumpstart Our Business Startups Act to use the extended transition period for complying with any new or revised financial accounting standards, we currently anticipate a January 1, 2023 adoption date. In preparation, we have performed work in assessing and enhancing the technology environment and related data needs and availability. Additionally, a Management Committee comprised of members from multiple departments has been established to monitor our progress towards adoption. As adoption will require the implementation of significant changes to the existing credit loss estimation model and is dependent on the economic forecast, and given the length of time before our adoption date, evaluating the overall impact of the ASU on our Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued Accounting Standards Update ("ASU") No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance amends the scope of ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was aimed at easing the potential accounting burden expected when global capital markets move away from the London Interbank Offered Rate ("LIBOR") (the benchmark interest rate banks use to make short-term loans to each other) and provided temporary, optional expedients and exceptions for applying accounting guidance to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. As the majority of our securities tied to LIBOR are expected to transition to the Secured Overnight Financing Rate ("SOFR") or pay off before the transition date and given that we do not have a substantial amount of commercial loans or any derivative transactions tied to LIBOR, the Adoption of ASU 2021-01 is not expected to have a material impact on our operating results or financial condition. |
Fair Value of Financial Instruments | Fair value is defined 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. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows: Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities. Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule Other Comprehensive Income (Loss) | Other comprehensive income (loss) components and related income tax effects were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Change in obligation for postretirement benefits and for prior service credit $ 52 $ 55 $ 106 $ 110 Change in obligation for other benefits 40 19 (371) 37 Change in total obligation for postretirement benefits and for prior service credit and for other benefits $ 92 $ 74 $ (265) $ 147 Income tax effect 98 (20) 55 (41) Net change in total obligation for postretirement benefits and prior service credit and for other benefits 190 54 (210) 106 Unrealized holding gains (losses) on available for sale securities $ 4,055 $ 30,811 $ (1,381) $ 6,443 Reclassification adjustment for losses (gains) realized in income (321) (485) (339) (984) Change in unrealized gains (losses) on available for sale securities 3,734 30,326 (1,720) 5,459 Income tax effect (1,020) (8,443) 469 (1,520) Net change in unrealized gains (losses) on available for sale securities 2,714 21,883 (1,251) 3,939 Total $ 2,904 $ 21,937 $ (1,461) $ 4,045 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes: Balance as of January 1, Current Income Tax Balance as of June 30, 2021 (In thousands) Unrealized gains (losses) on benefits plans $ (2,056) $ (265) $ 55 $ (2,266) Unrealized gains (losses) on available for sale securities 19,232 (1,720) 469 17,981 Total $ 17,176 $ (1,985) $ 524 $ 15,715 |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss): Three Months Ended Six Months Ended Affected Line Item in the Consolidated Statements of Income 2021 2020 2021 2020 (In thousands) Realized gains (losses) on sale of available for sale securities $ 321 $ 486 $ 342 $ 985 Gain (loss) on sale of investment securities available for sale, net Recognized gains (losses) on OTTI securities — (1) (3) (1) Non-Interest Income - other Income tax expense (benefit) 88 135 93 274 Income tax expense (benefit) Total reclassifications, net of income tax $ 233 $ 350 $ 246 $ 710 Prior service credit on pension plans and other postretirement benefits $ 7 $ 7 $ 14 $ 14 Compensation and employee benefits Income tax expense (benefit) (2) (2) (4) (4) Income tax expense (benefit) Total reclassifications, net of income tax $ 5 $ 5 $ 10 $ 10 Total reclassifications, net of income tax $ 238 $ 355 $ 256 $ 720 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available for Sale Securities | The amortized cost and fair value of investment securities available for sale and held to maturity as of June 30, 2021 are as follows: June 30, 2021 Amortized Gross Gross Fair (In thousands) Available for sale: Mortgage-related: GSE residential certificates $ 10,217 $ 273 $ — $ 10,490 GSE residential CMOs 370,583 9,921 (156) 380,348 GSE commercial certificates & CMO 421,942 8,977 (308) 430,611 Non-GSE residential certificates 15,880 95 (20) 15,955 Non-GSE commercial certificates 60,474 190 (125) 60,539 879,096 19,456 (609) 897,943 Other debt: U.S. Treasury 200 2 — 202 ABS 841,093 5,817 (851) 846,059 Trust preferred 14,629 — (503) 14,126 Corporate 64,975 1,511 (90) 66,396 920,897 7,330 (1,444) 926,783 Total available for sale $ 1,799,993 $ 26,786 $ (2,053) $ 1,824,726 Held to maturity: Mortgage-related: GSE residential certificates $ 450 $ 21 $ — $ 471 Non GSE commercial certificates 191 — — 191 641 21 — 662 Other debt: PACE Assessments 545,795 — (5,192) 540,603 Municipal 75,290 2,386 (87) 77,589 Other 3,100 — — 3,100 624,185 2,386 (5,279) 621,292 Total held to maturity $ 624,826 $ 2,407 $ (5,279) $ 621,954 The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows: December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential certificates $ 12,977 $ 322 $ — $ 13,299 GSE residential CMOs 353,783 12,690 (52) 366,421 GSE commercial certificates & CMO 421,488 11,548 (422) 432,614 Non-GSE residential certificates 33,120 281 (17) 33,384 Non-GSE commercial certificates 45,179 112 (323) 44,968 866,547 24,953 (814) 890,686 Other debt: U.S. Treasury 200 3 — 203 ABS 595,062 4,356 (1,872) 597,546 Trust preferred 14,627 — (854) 13,773 Corporate 36,973 683 (2) 37,654 Other — — — — 646,862 5,042 (2,728) 649,176 Total available for sale 1,513,409 29,995 (3,542) 1,539,862 Held to maturity: Mortgage-related: GSE residential certificates $ 611 $ 38 $ — $ 649 Non GSE commercial certificates 212 15 — 227 823 53 — 876 Other debt: PACE Assessments 421,036 4,870 — 425,906 Municipal 67,490 3,019 — 70,509 Other 5,100 34 — 5,134 493,626 7,923 — 501,549 Total held to maturity $ 494,449 $ 7,976 $ — $ 502,425 |
Schedule of Amortized Cost and Fair Value of Held to Maturity Securities | The amortized cost and fair value of investment securities available for sale and held to maturity as of June 30, 2021 are as follows: June 30, 2021 Amortized Gross Gross Fair (In thousands) Available for sale: Mortgage-related: GSE residential certificates $ 10,217 $ 273 $ — $ 10,490 GSE residential CMOs 370,583 9,921 (156) 380,348 GSE commercial certificates & CMO 421,942 8,977 (308) 430,611 Non-GSE residential certificates 15,880 95 (20) 15,955 Non-GSE commercial certificates 60,474 190 (125) 60,539 879,096 19,456 (609) 897,943 Other debt: U.S. Treasury 200 2 — 202 ABS 841,093 5,817 (851) 846,059 Trust preferred 14,629 — (503) 14,126 Corporate 64,975 1,511 (90) 66,396 920,897 7,330 (1,444) 926,783 Total available for sale $ 1,799,993 $ 26,786 $ (2,053) $ 1,824,726 Held to maturity: Mortgage-related: GSE residential certificates $ 450 $ 21 $ — $ 471 Non GSE commercial certificates 191 — — 191 641 21 — 662 Other debt: PACE Assessments 545,795 — (5,192) 540,603 Municipal 75,290 2,386 (87) 77,589 Other 3,100 — — 3,100 624,185 2,386 (5,279) 621,292 Total held to maturity $ 624,826 $ 2,407 $ (5,279) $ 621,954 The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows: December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential certificates $ 12,977 $ 322 $ — $ 13,299 GSE residential CMOs 353,783 12,690 (52) 366,421 GSE commercial certificates & CMO 421,488 11,548 (422) 432,614 Non-GSE residential certificates 33,120 281 (17) 33,384 Non-GSE commercial certificates 45,179 112 (323) 44,968 866,547 24,953 (814) 890,686 Other debt: U.S. Treasury 200 3 — 203 ABS 595,062 4,356 (1,872) 597,546 Trust preferred 14,627 — (854) 13,773 Corporate 36,973 683 (2) 37,654 Other — — — — 646,862 5,042 (2,728) 649,176 Total available for sale 1,513,409 29,995 (3,542) 1,539,862 Held to maturity: Mortgage-related: GSE residential certificates $ 611 $ 38 $ — $ 649 Non GSE commercial certificates 212 15 — 227 823 53 — 876 Other debt: PACE Assessments 421,036 4,870 — 425,906 Municipal 67,490 3,019 — 70,509 Other 5,100 34 — 5,134 493,626 7,923 — 501,549 Total held to maturity $ 494,449 $ 7,976 $ — $ 502,425 |
Schedule of Investments by Contractual Maturity | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty: Available for Sale Held to Maturity Amortized Fair Value Amortized Fair Value (In thousands) Due within one year $ 200 $ 202 $ 1,100 $ 1,100 Due after one year through five years 24,324 24,790 2,000 1,999 Due after five years through ten years 324,260 324,496 9,329 9,369 Due after ten years 572,113 577,295 611,756 608,824 $ 920,897 $ 926,783 $ 624,185 $ 621,292 |
Schedule of Proceeds Received and Gains (Losses) on Sale of Available for Sale Securities | Three Months Ended, Six Months Ended, June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In thousands) Proceeds $ 48,345 $ 24,657 $ 62,883 $ 52,420 Realized gains $ 490 $ 731 $ 562 $ 1,254 Realized losses (169) (245) (220) (269) Net realized gains (losses) $ 321 $ 486 $ 342 $ 985 |
Schedule of Unrealized Losses | The following summarizes the fair value and unrealized losses for those available for sale and held to maturity securities as of June 30, 2021 and December 31, 2020, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates: June 30, 2021 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available for sale: Mortgage-related: GSE residential CMOs $ 28,535 $ (156) $ — $ — $ 28,535 $ (156) GSE commercial certificates & CMO 70,054 (189) 182,769 (119) 252,823 (308) Non-GSE residential certificates 10,974 (20) — — 10,974 (20) Non-GSE commercial certificates 19,935 (84) 10,931 (41) 30,866 (125) Other debt: ABS 98,216 (231) 116,563 (620) 214,779 (851) Trust preferred — — 14,126 (503) 14,126 (503) Corporate 12,911 (90) — — 12,911 (90) Total available for sale $ 240,625 $ (770) $ 324,389 $ (1,283) $ 565,014 $ (2,053) Held to maturity: PACE assessment 540,603 (5,192) — — 540,603 (5,192) Municipal 8,605 (87) — — 8,605 (87) Other 3,100 — — — 3,100 — Total held to maturity $ 552,308 $ (5,279) $ — $ — $ 552,308 $ (5,279) December 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Mortgage-related: GSE residential CMOs $ 31,106 $ (35) $ 12,910 $ (17) $ 44,016 $ (52) GSE commercial certificates & CMO 116,667 (287) 75,126 (135) 191,793 (422) Non-GSE residential certificates 2,138 (9) 3,077 (8) 5,215 (17) Non-GSE commercial certificates 47 — 29,207 (323) 29,254 (323) Other debt: ABS 3,010 (1) 298,410 (1,871) 301,420 (1,872) Trust preferred — — 13,773 (854) 13,773 (854) Corporate 6,998 (2) — — 6,998 (2) $ 159,966 $ (334) $ 432,503 $ (3,208) $ 592,469 $ (3,542) |
LOANS RECEIVABLE, NET (Tables)
LOANS RECEIVABLE, NET (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable are summarized as follows: June 30, December 31, (In thousands) Commercial and industrial $ 619,037 $ 677,192 Multifamily 848,651 947,177 Commercial real estate 351,707 372,736 Construction and land development 42,303 56,087 Total commercial portfolio 1,861,698 2,053,192 Residential real estate lending 1,085,791 1,238,697 Consumer and other 222,265 190,676 Total retail portfolio 1,308,056 1,429,373 Total loans receivable 3,169,754 3,482,565 Net deferred loan origination costs (fees) 5,707 6,330 Total loans receivable, net of deferred loan origination costs (fees) 3,175,461 3,488,895 Allowance for loan losses (38,012) (41,589) Total loans receivable, net $ 3,137,449 $ 3,447,306 |
Schedule of Quality of Bank's Loans | The following table presents information regarding the quality of the Company’s loans as of June 30, 2021: 30-89 Days Non- 90 Days or Total Past Current Current Total Loans (In thousands) Commercial and industrial $ — $ 14,561 $ — $ 14,561 $ — $ 604,476 $ 619,037 Multifamily 3,567 10,266 — 13,833 — 834,818 848,651 Commercial real estate 11,354 4,066 — 15,420 — 336,287 351,707 Construction and land development — — — — — 42,303 42,303 Total commercial portfolio 14,921 28,893 — 43,814 — 1,817,884 1,861,698 Residential real estate lending 5,882 22,320 — 28,202 — 1,057,589 1,085,791 Consumer and other 1,552 718 — 2,270 — 219,995 222,265 Total retail portfolio 7,434 23,038 — 30,472 — 1,277,584 1,308,056 $ 22,355 $ 51,931 $ — $ 74,286 $ — $ 3,095,468 $ 3,169,754 The following table presents information regarding the quality of the Company’s loans as of December 31, 2020: 30-89 Days Past Due Non- Accrual 90 Days or More Delinquent and Still Accruing Interest Total Past Due Current and Not Accruing Interest Current Total Loans Receivable (In thousands) Commercial and industrial $ — $ 12,444 $ 1,404 $ 13,848 $ — $ 663,344 $ 677,192 Multifamily 3,590 9,575 — 13,165 — 934,012 947,177 Commercial real estate 10,574 3,433 — 14,007 — 358,729 372,736 Construction and land development 9,974 11,184 — 21,158 — 34,929 56,087 Total commercial portfolio 24,138 36,636 1,404 62,178 — 1,991,014 2,053,192 Residential real estate lending 19,526 23,280 — 42,806 376 1,195,515 1,238,697 Consumer and other 1,015 632 — 1,647 — 189,029 190,676 Total retail portfolio 20,541 23,912 — 44,453 376 1,384,544 1,429,373 $ 44,679 $ 60,548 $ 1,404 $ 106,631 $ 376 $ 3,375,558 $ 3,482,565 |
Schedule of Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (In thousands) Accruing Non- Accrual Total Accruing Non- Total Commercial and industrial $ 1,590 $ 11,667 $ 13,257 $ 1,648 $ 12,116 $ 13,764 Commercial real estate — 3,300 3,300 — 3,433 3,433 Construction and land development 2,424 — 2,424 — 2,682 2,682 Residential real estate lending 14,669 5,527 20,196 17,905 2,654 20,559 $ 18,683 $ 20,494 $ 39,177 $ 19,553 $ 20,885 $ 40,438 |
Schedule of Loans by Credit Quality Indicator | The following tables summarize the Company’s loan portfolio by credit quality indicator as of June 30, 2021: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 568,878 $ 17,569 $ 32,133 $ 457 $ 619,037 Multifamily 711,551 101,579 32,348 3,173 848,651 Commercial real estate 234,018 45,236 72,453 — 351,707 Construction and land development 34,414 535 7,354 — 42,303 Residential real estate lending 1,063,176 295 22,320 — 1,085,791 Consumer and other 221,835 — 430 — 222,265 Total loans $ 2,833,872 $ 165,214 $ 167,038 $ 3,630 $ 3,169,754 The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2020: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 627,553 $ 16,407 $ 32,770 $ 462 $ 677,192 Multifamily 775,605 138,090 33,482 — 947,177 Commercial real estate 276,712 41,420 54,604 — 372,736 Construction and land development 28,967 15,936 11,184 — 56,087 Residential real estate lending 1,215,417 — 23,280 — 1,238,697 Consumer and other 190,044 — 632 — 190,676 Total loans $ 3,114,298 $ 211,853 $ 155,952 $ 462 $ 3,482,565 |
Schedule of Method for Evaluating Impairment and Allowance for Credit Loss Activity | The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of June 30, 2021: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 16,869 $ 10,266 $ 4,066 $ 2,424 $ 36,989 $ — $ 70,614 Collectively evaluated for impairment 602,168 838,385 347,641 39,879 1,048,802 222,265 3,099,140 Total loans $ 619,037 $ 848,651 $ 351,707 $ 42,303 $ 1,085,791 $ 222,265 $ 3,169,754 Allowance for loan losses: Individually evaluated for impairment $ 5,101 $ 250 $ — $ — $ 954 $ — $ 6,305 Collectively evaluated for impairment 6,991 5,422 8,388 1,449 8,831 626 31,707 Total allowance for loan losses $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of December 31, 2020: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 14,706 $ 9,575 $ 3,433 $ 11,184 $ 41,579 $ — $ 80,477 Collectively evaluated for impairment 662,486 937,602 369,303 44,903 1,197,118 190,676 3,402,088 Total loans $ 677,192 $ 947,177 $ 372,736 $ 56,087 $ 1,238,697 $ 190,676 $ 3,482,565 Allowance for loan losses: Individually evaluated for impairment $ 3,118 $ 1,933 $ — $ — $ 1,187 $ — $ 6,238 Collectively evaluated for impairment 5,947 8,391 6,213 2,077 11,143 1,580 35,351 Total allowance for loan losses $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 The activities in the allowance by portfolio for the three months ended June 30, 2021 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 8,692 $ 6,125 $ 8,464 $ 1,391 $ 10,747 $ 1,243 $ 36,662 Provision for (recovery of) loan losses 3,397 (453) (76) 58 (1,446) 202 1,682 Charge-offs — — — — (60) (836) (896) Recoveries 3 — — — 544 17 564 Ending Balance $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 The activities in the allowance by portfolio for the three months ended June 30, 2020 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 14,930 $ 5,886 $ 2,736 $ 1,740 $ 15,430 $ 1,626 $ 42,348 Provision for (recovery of) loan losses 514 1,177 3,241 1,536 1,099 654 8,221 Charge-offs (2) — — — (240) (487) (729) Recoveries 2 — — — 151 17 170 Ending Balance $ 15,444 $ 7,063 $ 5,977 $ 3,276 $ 16,440 $ 1,810 $ 50,010 (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 Provision for (recovery of) loan losses 2,820 (2,744) 2,175 (629) (3,383) 182 (1,579) Charge-offs — (1,908) — — (201) (1,176) (3,285) Recoveries 207 — — 1 1,039 40 1,287 Ending Balance $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 The activities in the allowance by portfolio for the six months ended June 30, 2020 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance 11,126 5,210 2,492 808 14,149 62 33,847 Provision for (recovery of) loan losses 4,316 1,853 3,485 2,468 2,192 2,494 16,808 Charge-offs (1) — — — (264) (791) (1,056) Recoveries 3 — — — 363 45 411 Ending Balance 15,444 7,063 5,977 3,276 16,440 1,810 50,010 |
Schedule of Additional Information for Individually Impaired Loans and Allowances | The following is additional information regarding the Company’s individually impaired loans and the allowance related to such loans as of June 30, 2021 and December 31, 2020: June 30, 2021 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 16,663 $ 18,744 $ 20,998 $ — Construction and land development 2,424 6,804 2,424 — Commercial real estate 4,066 3,750 4,803 — 23,153 29,298 28,225 — Loans with a related allowance: Residential real estate lending 20,326 20,540 25,673 954 Multifamily 10,266 9,921 12,215 250 Commercial and industrial 16,869 15,788 34,252 5,101 47,461 46,249 72,140 6,305 Total individually impaired loans: Residential real estate lending 36,989 39,284 46,671 954 Multifamily 10,266 9,921 12,215 250 Construction and land development 2,424 6,804 2,424 — Commercial real estate 4,066 3,750 4,803 — Commercial and industrial 16,869 15,788 34,252 5,101 $ 70,614 $ 75,547 $ 100,365 $ 6,305 December 31, 2020 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance Loans without a related allowance: Residential real estate lending $ 20,824 $ 12,660 $ 20,898 $ — Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — 35,441 26,198 37,125 — Loans with a related allowance: Residential real estate lending 20,755 22,151 24,680 1,187 Multifamily 9,575 4,788 9,589 1,933 Commercial and industrial 14,706 19,788 27,210 3,118 45,036 46,727 61,479 6,238 Total individually impaired loans: Residential real estate lending 41,579 34,811 45,578 1,187 Multifamily 9,575 4,788 9,589 1,933 Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — Commercial and industrial 14,706 19,788 27,210 3,118 $ 80,477 $ 72,925 $ 98,604 $ 6,238 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statistical Disclosure for Banks [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: June 30, 2021 December 31, 2020 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest bearing demand deposit accounts $ 2,948,718 0.00 % $ 2,603,274 0.00 % NOW accounts 200,758 0.07 % 205,653 0.06 % Money market deposit accounts 2,136,719 0.11 % 1,914,391 0.13 % Savings accounts 371,047 0.11 % 343,368 0.12 % Time deposits 252,750 0.36 % 272,025 0.86 % $ 5,909,992 0.06 % $ 5,338,711 0.10 % |
Schedule of Maturities of Time Deposits | The scheduled maturities of time deposits as of June 30, 2021 are as follows: (In thousands) 2021 $ 147,752 2022 72,933 2023 14,358 2024 12,030 2025 4,218 Thereafter 1,459 $ 252,750 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Factors Used in Earnings Per Share Calculation | The factors used in the earnings per share computation follow: Three Months Six Months Ended 2021 2020 2021 2020 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 10,408 $ 10,374 $ 22,597 $ 19,919 Dividends paid on preferred stock — — — — Income attributable to common stock $ 10,408 $ 10,374 $ 22,597 $ 19,919 Weighted average common shares outstanding, basic 31,136 31,023 31,109 31,217 Basic earnings per common share $ 0.33 $ 0.33 $ 0.73 $ 0.64 Income attributable to common stock $ 10,408 $ 10,374 $ 22,597 $ 19,919 Weighted average common shares outstanding, basic 31,136 31,023 31,109 31,217 Incremental shares from assumed conversion of options and RSUs 436 12 436 128 Weighted average common shares outstanding, diluted 31,572 31,035 31,545 31,345 Diluted earnings per common share $ 0.33 $ 0.33 $ 0.72 $ 0.64 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Stock Option Activity | A summary of the status of the Company’s options as of June 30, 2021 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2020 1,978,560 $ 13.03 4.4 years Granted — — — Forfeited/ Expired — — — Exercised (951,800) 12.88 — Outstanding, June 30, 2021 1,026,760 13.17 5.3 years $ 2,529 Vested and Exercisable, June 30, 2021 1,026,760 $ 13.17 5.3 years $ 2,529 |
Schedule of Restricted Stock Unit Activity | A summary of the status of the Company’s employee RSUs as of June 30, 2021 follows: Shares Grant Date Fair Value Unvested, December 31, 2020 290,637 $ 15.99 Awarded 260,355 15.81 Forfeited (51,221) 13.02 Exercised (60,757) 14.45 Unvested, June 30, 2021 439,014 $ 15.43 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring Basis | The following summarizes those financial instruments measured at fair value in the Consolidated Statements of Financial Condition categorized by the relevant class of investment and level of the fair value hierarchy: June 30, 2021 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 10,490 $ — $ 10,490 GSE residential CMOs — 380,348 — 380,348 GSE commercial certificates & CMO — 430,611 — 430,611 Non-GSE residential certificates — 15,955 — 15,955 Non-GSE commercial certificates — 60,539 — 60,539 Other debt: U.S. Treasury 202 — — 202 ABS — 846,059 — 846,059 Trust preferred — 14,126 — 14,126 Corporate — 66,396 — 66,396 Total assets carried at fair value $ 202 $ 1,824,524 $ — $ 1,824,726 December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 13,299 $ — $ 13,299 GSE residential CMOs — 366,421 — 366,421 GSE commercial certificates & CMO — 432,614 — 432,614 Non-GSE residential certificates — 33,384 — 33,384 Non-GSE commercial certificates — 44,968 — 44,968 Other debt: U.S. Treasury 203 — — 203 ABS — 597,546 — 597,546 Trust preferred — 13,773 — 13,773 Corporate — 37,654 — 37,654 Total assets carried at fair value $ 203 $ 1,539,659 $ — $ 1,539,862 |
Schedule of Assets Measured on Nonrecurring Basis | The following tables summarize assets measured at fair value on a non-recurring basis: June 30, 2021 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 64,309 $ — $ — $ 64,309 $ 64,309 Other real estate owned 307 — — 335 335 $ 64,616 $ — $ — $ 64,644 $ 64,644 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 67,433 $ — $ — $ 67,433 $ 67,433 Other real estate owned 307 — — 303 303 $ 67,740 $ — $ — $ 67,736 $ 67,736 |
Schedule of Basis and Estimated Fair Values of Financial Instruments | The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments: June 30, 2021 Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 547,445 $ 547,445 $ — $ — $ 547,445 Available for sale securities 1,824,726 202 1,824,524 — 1,824,726 Held to maturity securities 624,826 — 81,351 540,603 621,954 Loans held for sale 8,230 — — 8,230 8,230 Loans receivable, net 3,137,449 — — 3,201,138 3,201,138 Resell agreements 141,651 — — 141,651 141,651 Accrued interest and dividends receivable 22,648 — 22,648 — 22,648 Financial liabilities: Deposits payable on demand 5,657,242 — 5,657,242 — 5,657,242 Time deposits 252,750 — 252,972 — 252,972 Accrued interest payable 276 — 276 — 276 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 38,769 $ 38,769 $ — $ — $ 38,769 Available for sale securities 1,513,409 203 1,539,659 — 1,539,862 Held to maturity securities 494,449 — 76,519 425,906 502,425 Loans held for sale 11,178 — — 11,178 11,178 Loans receivable, net 3,447,306 — — 3,566,742 3,566,742 Resell agreements 154,779 — — 154,779 154,779 Accrued interest and dividends receivable 23,970 — 23,970 — 23,970 Financial liabilities: Deposits payable on demand 5,066,687 — 5,066,687 — 5,066,687 Time deposits 272,025 — 272,451 — 272,451 Accrued interest payable 386 — 386 — 386 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Financial Instruments Outstanding Representing Credit Risk | The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods: June 30, 2021 December 31, 2020 (In thousands) Commitments to extend credit $ 605,084 $ 455,541 Standby letters of credit 16,118 17,910 Total $ 621,202 $ 473,451 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost and Other Information | The following table summarizes our lease cost and other operating lease information: Three Months Ended Six Months Ended June 30, 2021 (In thousands) Operating lease cost $ 2,184 $ 2,766 Cash paid for amounts included in the measurement of operating leases liability $ 2,493 $ 4,423 Weighted average remaining lease term on operating leases (in years) 5.2 6.2 Weighted average discount rate used for operating leases liability 3.25 % 3.26 % Note: Sublease income and variable income or expense considered immaterial |
Schedule of Remaining Commitments of Operating Lease Payments | The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of June 30, 2021: (In thousands) As of June 30, 2021 2021 remaining $ 5,186 2022 10,705 2023 10,592 2024 10,215 2025 9,851 Thereafter 8,911 Total undiscounted operating lease payments 55,460 Less: present value adjustment 4,295 Total operating leases liability $ 51,165 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Estimated Amortization Expense | The following table reflects the estimated amortization expense, comprised entirely by the Bank’s core deposit intangible asset, for the next five years and thereafter: (In thousands) 2021 remaining $ 603 2022 1,047 2023 888 2024 730 2025 574 Thereafter 913 Total $ 4,755 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | June 30, 2021 December 31, 2020 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 1,287 $ 6,735 Loans and letters of credit commitments 12,096 11,097 Funded portion of loans and letters of credit commitments 12,096 11,097 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (In thousands) Tax credits and other tax benefits recognized $ 343 $ 1,860 $ 911 $ 1,860 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||||
Change in obligation for postretirement benefits and for prior service credit | $ 52 | $ 55 | $ 106 | $ 110 |
Change in obligation for other benefits | 40 | 19 | (371) | 37 |
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | 92 | 74 | (265) | 147 |
Income tax effect | 98 | (20) | 55 | (41) |
Net change in total obligation for postretirement benefits and prior service credit and for other benefits | 190 | 54 | (210) | 106 |
Unrealized holding gains (losses) on available for sale securities | 4,055 | 30,811 | (1,381) | 6,443 |
Reclassification adjustment for losses (gains) realized in income | (321) | (485) | (339) | (984) |
Net unrealized gains (losses) on securities available for sale | 3,734 | 30,326 | (1,720) | 5,459 |
Income tax effect | (1,020) | (8,443) | 469 | (1,520) |
Net change in unrealized gains (losses) on available for sale securities | 2,714 | 21,883 | (1,251) | 3,939 |
Total other comprehensive income (loss), net of taxes | $ 2,904 | $ 21,937 | $ (1,461) | $ 4,045 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 540,222 | $ 473,269 | $ 535,821 | $ 490,544 |
Current Period Change | 3,826 | 30,400 | (1,985) | 5,606 |
Income Tax Effect | (922) | (8,463) | 524 | (1,561) |
Ending balance | 548,211 | 503,702 | 548,211 | 503,702 |
Unrealized gains (losses) on benefits plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (2,056) | |||
Current Period Change | (265) | |||
Income Tax Effect | 55 | |||
Ending balance | (2,266) | (2,266) | ||
Unrealized gains (losses) on available for sale securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 19,232 | |||
Current Period Change | (1,720) | |||
Income Tax Effect | 469 | |||
Ending balance | 17,981 | 17,981 | ||
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 12,811 | (14,667) | 17,176 | 3,225 |
Current Period Change | (1,985) | |||
Income Tax Effect | 524 | |||
Ending balance | $ 15,715 | $ 7,270 | $ 15,715 | $ 7,270 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Non-Interest Income - other | $ 129 | $ 76 | $ 290 | $ 1,702 |
Income tax expense (benefit) | 3,833 | 3,447 | 7,955 | 6,850 |
Compensation and employee benefits | 16,964 | 17,334 | 35,003 | 34,792 |
Total reclassifications, net of income tax | 10,408 | 10,374 | 22,597 | 19,919 |
Reclassification out of accumulated other comprehensive income (loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of income tax | 238 | 355 | 256 | 720 |
Reclassification out of accumulated other comprehensive income (loss) | Realized and recognized gains (losses) on sale of AFS and OTTI securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain (loss) on sale of investment securities available for sale, net | 321 | 486 | 342 | 985 |
Non-Interest Income - other | 0 | (1) | (3) | (1) |
Income tax expense (benefit) | 88 | 135 | 93 | 274 |
Total reclassifications, net of income tax | 233 | 350 | 246 | 710 |
Reclassification out of accumulated other comprehensive income (loss) | Prior service credit on pension plans and other postretirement benefits | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | (2) | (2) | (4) | (4) |
Compensation and employee benefits | 7 | 7 | 14 | 14 |
Total reclassifications, net of income tax | $ 5 | $ 5 | $ 10 | $ 10 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Fair Value of of AFS and HTM Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,799,993 | $ 1,513,409 |
Gross Unrealized Gains | 26,786 | 29,995 |
Gross Unrealized Losses | (2,053) | (3,542) |
Fair Value | 1,824,726 | 1,539,862 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 624,826 | 494,449 |
Gross Unrealized Gains | 2,407 | 7,976 |
Gross Unrealized Losses | (5,279) | 0 |
Fair Value | 621,954 | 502,425 |
Mortgage-related | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 879,096 | 866,547 |
Gross Unrealized Gains | 19,456 | 24,953 |
Gross Unrealized Losses | (609) | (814) |
Fair Value | 897,943 | 890,686 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 641 | 823 |
Gross Unrealized Gains | 21 | 53 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 662 | 876 |
GSE residential certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,217 | 12,977 |
Gross Unrealized Gains | 273 | 322 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 10,490 | 13,299 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 450 | 611 |
Gross Unrealized Gains | 21 | 38 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 471 | 649 |
GSE residential CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 370,583 | 353,783 |
Gross Unrealized Gains | 9,921 | 12,690 |
Gross Unrealized Losses | (156) | (52) |
Fair Value | 380,348 | 366,421 |
GSE commercial certificates & CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 421,942 | 421,488 |
Gross Unrealized Gains | 8,977 | 11,548 |
Gross Unrealized Losses | (308) | (422) |
Fair Value | 430,611 | 432,614 |
Non-GSE residential certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,880 | 33,120 |
Gross Unrealized Gains | 95 | 281 |
Gross Unrealized Losses | (20) | (17) |
Fair Value | 15,955 | 33,384 |
Non-GSE commercial certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 60,474 | 45,179 |
Gross Unrealized Gains | 190 | 112 |
Gross Unrealized Losses | (125) | (323) |
Fair Value | 60,539 | 44,968 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 191 | 212 |
Gross Unrealized Gains | 0 | 15 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 191 | 227 |
Other debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 920,897 | 646,862 |
Gross Unrealized Gains | 7,330 | 5,042 |
Gross Unrealized Losses | (1,444) | (2,728) |
Fair Value | 926,783 | 649,176 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 624,185 | 493,626 |
Gross Unrealized Gains | 2,386 | 7,923 |
Gross Unrealized Losses | (5,279) | 0 |
Fair Value | 621,292 | 501,549 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 200 | 200 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 202 | 203 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 841,093 | 595,062 |
Gross Unrealized Gains | 5,817 | 4,356 |
Gross Unrealized Losses | (851) | (1,872) |
Fair Value | 846,059 | 597,546 |
Trust preferred | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,629 | 14,627 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (503) | (854) |
Fair Value | 14,126 | 13,773 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 64,975 | 36,973 |
Gross Unrealized Gains | 1,511 | 683 |
Gross Unrealized Losses | (90) | (2) |
Fair Value | 66,396 | 37,654 |
PACE Assessments | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 545,795 | 421,036 |
Gross Unrealized Gains | 0 | 4,870 |
Gross Unrealized Losses | (5,192) | 0 |
Fair Value | 540,603 | 425,906 |
Municipal | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 75,290 | 67,490 |
Gross Unrealized Gains | 2,386 | 3,019 |
Gross Unrealized Losses | (87) | 0 |
Fair Value | 77,589 | 70,509 |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 0 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 3,100 | 5,100 |
Gross Unrealized Gains | 0 | 34 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 3,100 | $ 5,134 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Fair value of available for sale securities, pledged as collateral | $ 940,800,000 | $ 940,800,000 | |||
Fair value of held to maturity securities, pledged as collateral | 0 | 0 | |||
Fair value of temporarily impaired securities | 565,014,000 | 565,014,000 | $ 592,469,000 | ||
Available for sale securities, temporarily impaired, unrealized loss | 2,053,000 | 2,053,000 | $ 3,542,000 | ||
Other than temporary impairment loss | 0 | $ 1,100 | 2,700 | $ 1,100 | |
Noninvestment Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Fair value of temporarily impaired securities | 545,800,000 | 545,800,000 | |||
Excluding GSE, US Treasury, TRUPS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Fair value of temporarily impaired securities | 827,100,000 | 827,100,000 | |||
Available for sale securities, temporarily impaired, unrealized loss | $ 6,300,000 | $ 6,300,000 |
INVESTMENT SECURITIES - AFS and
INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Amortized Cost | $ 1,799,993 | $ 1,513,409 |
Fair Value | ||
Fair Value | 1,824,726 | 1,539,862 |
Amortized Cost | ||
Amortized Cost | 624,826 | 494,449 |
Fair Value | ||
Fair Value | 621,954 | 502,425 |
Other debt | ||
Amortized Cost | ||
Due within one year | 200 | |
Due after one year through five years | 24,324 | |
Due after five years through ten years | 324,260 | |
Due after ten years | 572,113 | |
Amortized Cost | 920,897 | 646,862 |
Fair Value | ||
Due within one year | 202 | |
Due after one year through five years | 24,790 | |
Due after five years through ten years | 324,496 | |
Due after ten years | 577,295 | |
Fair Value | 926,783 | 649,176 |
Amortized Cost | ||
Due within one year | 1,100 | |
Due after one year through five years | 2,000 | |
Due after five years through ten years | 9,329 | |
Due after ten years | 611,756 | |
Amortized Cost | 624,185 | 493,626 |
Fair Value | ||
Due within one year | 1,100 | |
Due after one year through five years | 1,999 | |
Due after five years through ten years | 9,369 | |
Due after ten years | 608,824 | |
Fair Value | $ 621,292 | $ 501,549 |
INVESTMENT SECURITIES - Proceed
INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 48,345 | $ 24,657 | $ 62,883 | $ 52,420 |
Realized gains | 490 | 731 | 562 | 1,254 |
Realized losses | (169) | (245) | (220) | (269) |
Net realized gains (losses) | $ 321 | $ 486 | $ 342 | $ 985 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | $ 240,625 | $ 159,966 |
Available for sale, less than 12 months, unrealized losses | (770) | (334) |
Available for sale, 12 months or longer, fair value | 324,389 | 432,503 |
Available for sale, 12 months or longer, unrealized losses | (1,283) | (3,208) |
Available for sale, total fair value | 565,014 | 592,469 |
Available for sale, total unrealized losses | (2,053) | (3,542) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 552,308 | |
Held to maturity, less than 12 months, unrealized loss | (5,279) | |
Held to maturity, 12 months or longer, fair value | 0 | |
Held to maturity, 12 months or longer, unrealized loss | 0 | |
Held to maturity, total fair value | 552,308 | |
Held to maturity, total unrealized losses | (5,279) | |
GSE residential CMOs | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 28,535 | 31,106 |
Available for sale, less than 12 months, unrealized losses | (156) | (35) |
Available for sale, 12 months or longer, fair value | 0 | 12,910 |
Available for sale, 12 months or longer, unrealized losses | 0 | (17) |
Available for sale, total fair value | 28,535 | 44,016 |
Available for sale, total unrealized losses | (156) | (52) |
GSE commercial certificates & CMO | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 70,054 | 116,667 |
Available for sale, less than 12 months, unrealized losses | (189) | (287) |
Available for sale, 12 months or longer, fair value | 182,769 | 75,126 |
Available for sale, 12 months or longer, unrealized losses | (119) | (135) |
Available for sale, total fair value | 252,823 | 191,793 |
Available for sale, total unrealized losses | (308) | (422) |
Non-GSE residential certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 10,974 | 2,138 |
Available for sale, less than 12 months, unrealized losses | (20) | (9) |
Available for sale, 12 months or longer, fair value | 0 | 3,077 |
Available for sale, 12 months or longer, unrealized losses | 0 | (8) |
Available for sale, total fair value | 10,974 | 5,215 |
Available for sale, total unrealized losses | (20) | (17) |
Non-GSE commercial certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 19,935 | 47 |
Available for sale, less than 12 months, unrealized losses | (84) | 0 |
Available for sale, 12 months or longer, fair value | 10,931 | 29,207 |
Available for sale, 12 months or longer, unrealized losses | (41) | (323) |
Available for sale, total fair value | 30,866 | 29,254 |
Available for sale, total unrealized losses | (125) | (323) |
ABS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 98,216 | 3,010 |
Available for sale, less than 12 months, unrealized losses | (231) | (1) |
Available for sale, 12 months or longer, fair value | 116,563 | 298,410 |
Available for sale, 12 months or longer, unrealized losses | (620) | (1,871) |
Available for sale, total fair value | 214,779 | 301,420 |
Available for sale, total unrealized losses | (851) | (1,872) |
Trust preferred | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 0 | 0 |
Available for sale, less than 12 months, unrealized losses | 0 | 0 |
Available for sale, 12 months or longer, fair value | 14,126 | 13,773 |
Available for sale, 12 months or longer, unrealized losses | (503) | (854) |
Available for sale, total fair value | 14,126 | 13,773 |
Available for sale, total unrealized losses | (503) | (854) |
Corporate | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 12,911 | 6,998 |
Available for sale, less than 12 months, unrealized losses | (90) | (2) |
Available for sale, 12 months or longer, fair value | 0 | 0 |
Available for sale, 12 months or longer, unrealized losses | 0 | 0 |
Available for sale, total fair value | 12,911 | 6,998 |
Available for sale, total unrealized losses | (90) | $ (2) |
PACE Assessments | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 540,603 | |
Held to maturity, less than 12 months, unrealized loss | (5,192) | |
Held to maturity, 12 months or longer, fair value | 0 | |
Held to maturity, 12 months or longer, unrealized loss | 0 | |
Held to maturity, total fair value | 540,603 | |
Held to maturity, total unrealized losses | (5,192) | |
Municipal | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 8,605 | |
Held to maturity, less than 12 months, unrealized loss | (87) | |
Held to maturity, 12 months or longer, fair value | 0 | |
Held to maturity, 12 months or longer, unrealized loss | 0 | |
Held to maturity, total fair value | 8,605 | |
Held to maturity, total unrealized losses | (87) | |
Other | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 3,100 | |
Held to maturity, less than 12 months, unrealized loss | 0 | |
Held to maturity, 12 months or longer, fair value | 0 | |
Held to maturity, 12 months or longer, unrealized loss | 0 | |
Held to maturity, total fair value | 3,100 | |
Held to maturity, total unrealized losses | $ 0 |
LOANS RECEIVABLE, NET - Schedul
LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | $ 3,169,754 | $ 3,482,565 | ||||
Net deferred loan origination costs (fees) | 5,707 | 6,330 | ||||
Total loans receivable, net of deferred loan origination costs (fees) | 3,175,461 | 3,488,895 | ||||
Allowance for loan losses | (38,012) | $ (36,662) | (41,589) | $ (50,010) | $ (42,348) | $ (33,847) |
Total loans receivable, net | 3,137,449 | 3,447,306 | ||||
Commercial portfolio | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,861,698 | 2,053,192 | ||||
Commercial portfolio | Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 619,037 | 677,192 | ||||
Allowance for loan losses | (12,092) | (8,692) | (9,065) | (15,444) | (14,930) | (11,126) |
Commercial portfolio | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 848,651 | 947,177 | ||||
Allowance for loan losses | (5,672) | (6,125) | (10,324) | (7,063) | (5,886) | (5,210) |
Commercial portfolio | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 351,707 | 372,736 | ||||
Allowance for loan losses | (8,388) | (8,464) | (6,213) | (5,977) | (2,736) | (2,492) |
Commercial portfolio | Construction and land development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 42,303 | 56,087 | ||||
Allowance for loan losses | (1,449) | (1,391) | (2,077) | (3,276) | (1,740) | (808) |
Retail portfolio | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,308,056 | 1,429,373 | ||||
Retail portfolio | Residential real estate lending | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,085,791 | 1,238,697 | ||||
Allowance for loan losses | (9,785) | (10,747) | (12,330) | (16,440) | (15,430) | (14,149) |
Retail portfolio | Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 222,265 | 190,676 | ||||
Allowance for loan losses | $ (626) | $ (1,243) | $ (1,580) | $ (1,810) | $ (1,626) | $ (62) |
LOANS RECEIVABLE, NET - Sched_2
LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 3,169,754 | $ 3,482,565 |
Non- Accrual | 51,931 | 60,548 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 1,404 |
Current and Not Accruing Interest | 0 | 376 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 22,355 | 44,679 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 74,286 | 106,631 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 3,095,468 | 3,375,558 |
Commercial portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,861,698 | 2,053,192 |
Non- Accrual | 28,893 | 36,636 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 1,404 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 14,921 | 24,138 |
Commercial portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 43,814 | 62,178 |
Commercial portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,817,884 | 1,991,014 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 619,037 | 677,192 |
Non- Accrual | 14,561 | 12,444 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 1,404 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial portfolio | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 14,561 | 13,848 |
Commercial portfolio | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 604,476 | 663,344 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 848,651 | 947,177 |
Non- Accrual | 10,266 | 9,575 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 3,567 | 3,590 |
Commercial portfolio | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 13,833 | 13,165 |
Commercial portfolio | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 834,818 | 934,012 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 351,707 | 372,736 |
Non- Accrual | 4,066 | 3,433 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 11,354 | 10,574 |
Commercial portfolio | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 15,420 | 14,007 |
Commercial portfolio | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 336,287 | 358,729 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 42,303 | 56,087 |
Non- Accrual | 0 | 11,184 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 9,974 |
Commercial portfolio | Construction and land development | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 21,158 |
Commercial portfolio | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 42,303 | 34,929 |
Retail portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,308,056 | 1,429,373 |
Non- Accrual | 23,038 | 23,912 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 376 |
Retail portfolio | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,434 | 20,541 |
Retail portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 30,472 | 44,453 |
Retail portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,277,584 | 1,384,544 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,085,791 | 1,238,697 |
Non- Accrual | 22,320 | 23,280 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 376 |
Retail portfolio | Residential real estate lending | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,882 | 19,526 |
Retail portfolio | Residential real estate lending | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 28,202 | 42,806 |
Retail portfolio | Residential real estate lending | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,057,589 | 1,195,515 |
Retail portfolio | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 222,265 | 190,676 |
Non- Accrual | 718 | 632 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Retail portfolio | Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,552 | 1,015 |
Retail portfolio | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,270 | 1,647 |
Retail portfolio | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 219,995 | $ 189,029 |
LOANS RECEIVABLE, NET - Narrati
LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Loans held for sale | $ 8,230 | $ 11,178 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | 3,169,754 | 3,482,565 |
Mortgage loans pledged to the FHLBNY to secure outstanding advances and letters of credit | 900,000 | 1,200,000 |
Related party loans outstanding | 463 | 0 |
Principal and Interest Payment Deferral Method - CARES Act | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | 4,000 | |
Retail portfolio | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | 1,308,056 | 1,429,373 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | 1,085,791 | 1,238,697 |
Retail portfolio | Consumer and other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | 222,265 | 190,676 |
Retail portfolio | Principal and Interest Payment Deferral Method - CARES Act | Residential real estate lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | 4,000 | |
Commercial portfolio | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | 1,861,698 | $ 2,053,192 |
Commercial portfolio | Principal and Interest Payment Deferral Method - CARES Act | Consumer and other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable | $ 0 |
LOANS RECEIVABLE, NET - Sched_3
LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | $ 18,683 | $ 19,553 |
Non- Accrual | 20,494 | 20,885 |
Total | 3,169,754 | 3,482,565 |
Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 39,177 | 40,438 |
Commercial portfolio | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 1,861,698 | 2,053,192 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 1,590 | 1,648 |
Non- Accrual | 11,667 | 12,116 |
Total | 619,037 | 677,192 |
Commercial portfolio | Commercial and industrial | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 13,257 | 13,764 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 0 | 0 |
Non- Accrual | 3,300 | 3,433 |
Total | 351,707 | 372,736 |
Commercial portfolio | Commercial real estate | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 3,300 | 3,433 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 2,424 | 0 |
Non- Accrual | 0 | 2,682 |
Total | 42,303 | 56,087 |
Commercial portfolio | Construction and land development | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 2,424 | 2,682 |
Retail portfolio | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 1,308,056 | 1,429,373 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 14,669 | 17,905 |
Non- Accrual | 5,527 | 2,654 |
Total | 1,085,791 | 1,238,697 |
Retail portfolio | Residential real estate lending | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 20,196 | $ 20,559 |
LOANS RECEIVABLE, NET - Sched_4
LOANS RECEIVABLE, NET - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 3,169,754 | $ 3,482,565 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 2,833,872 | 3,114,298 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 165,214 | 211,853 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 167,038 | 155,952 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 3,630 | 462 |
Commercial portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,861,698 | 2,053,192 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 619,037 | 677,192 |
Commercial portfolio | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 568,878 | 627,553 |
Commercial portfolio | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 17,569 | 16,407 |
Commercial portfolio | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 32,133 | 32,770 |
Commercial portfolio | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 457 | 462 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 848,651 | 947,177 |
Commercial portfolio | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 711,551 | 775,605 |
Commercial portfolio | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 101,579 | 138,090 |
Commercial portfolio | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 32,348 | 33,482 |
Commercial portfolio | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 3,173 | 0 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 351,707 | 372,736 |
Commercial portfolio | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 234,018 | 276,712 |
Commercial portfolio | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 45,236 | 41,420 |
Commercial portfolio | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 72,453 | 54,604 |
Commercial portfolio | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 42,303 | 56,087 |
Commercial portfolio | Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 34,414 | 28,967 |
Commercial portfolio | Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 535 | 15,936 |
Commercial portfolio | Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 7,354 | 11,184 |
Commercial portfolio | Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Retail portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,308,056 | 1,429,373 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,085,791 | 1,238,697 |
Retail portfolio | Residential real estate lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,063,176 | 1,215,417 |
Retail portfolio | Residential real estate lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 295 | 0 |
Retail portfolio | Residential real estate lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 22,320 | 23,280 |
Retail portfolio | Residential real estate lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Retail portfolio | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 222,265 | 190,676 |
Retail portfolio | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 221,835 | 190,044 |
Retail portfolio | Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Retail portfolio | Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 430 | 632 |
Retail portfolio | Consumer and other | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 0 | $ 0 |
LOANS RECEIVABLE, NET - Method
LOANS RECEIVABLE, NET - Method of Evaluating Impairment of Loans and Allowance (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | $ 70,614 | $ 80,477 | ||||
Loans - collectively evaluated for impairment | 3,099,140 | 3,402,088 | ||||
Total Loans Receivable | 3,169,754 | 3,482,565 | ||||
Allowance for loan losses - individually evaluated for impairment | 6,305 | 6,238 | ||||
Allowance for loan losses - collectively evaluated for impairment | 31,707 | 35,351 | ||||
Total allowance for loan losses | 38,012 | $ 36,662 | 41,589 | $ 50,010 | $ 42,348 | $ 33,847 |
Commercial portfolio | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total Loans Receivable | 1,861,698 | 2,053,192 | ||||
Commercial portfolio | Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 16,869 | 14,706 | ||||
Loans - collectively evaluated for impairment | 602,168 | 662,486 | ||||
Total Loans Receivable | 619,037 | 677,192 | ||||
Allowance for loan losses - individually evaluated for impairment | 5,101 | 3,118 | ||||
Allowance for loan losses - collectively evaluated for impairment | 6,991 | 5,947 | ||||
Total allowance for loan losses | 12,092 | 8,692 | 9,065 | 15,444 | 14,930 | 11,126 |
Commercial portfolio | Multifamily | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 10,266 | 9,575 | ||||
Loans - collectively evaluated for impairment | 838,385 | 937,602 | ||||
Total Loans Receivable | 848,651 | 947,177 | ||||
Allowance for loan losses - individually evaluated for impairment | 250 | 1,933 | ||||
Allowance for loan losses - collectively evaluated for impairment | 5,422 | 8,391 | ||||
Total allowance for loan losses | 5,672 | 6,125 | 10,324 | 7,063 | 5,886 | 5,210 |
Commercial portfolio | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 4,066 | 3,433 | ||||
Loans - collectively evaluated for impairment | 347,641 | 369,303 | ||||
Total Loans Receivable | 351,707 | 372,736 | ||||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - collectively evaluated for impairment | 8,388 | 6,213 | ||||
Total allowance for loan losses | 8,388 | 8,464 | 6,213 | 5,977 | 2,736 | 2,492 |
Commercial portfolio | Construction and land development | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 2,424 | 11,184 | ||||
Loans - collectively evaluated for impairment | 39,879 | 44,903 | ||||
Total Loans Receivable | 42,303 | 56,087 | ||||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - collectively evaluated for impairment | 1,449 | 2,077 | ||||
Total allowance for loan losses | 1,449 | 1,391 | 2,077 | 3,276 | 1,740 | 808 |
Retail portfolio | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total Loans Receivable | 1,308,056 | 1,429,373 | ||||
Retail portfolio | Residential real estate lending | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 36,989 | 41,579 | ||||
Loans - collectively evaluated for impairment | 1,048,802 | 1,197,118 | ||||
Total Loans Receivable | 1,085,791 | 1,238,697 | ||||
Allowance for loan losses - individually evaluated for impairment | 954 | 1,187 | ||||
Allowance for loan losses - collectively evaluated for impairment | 8,831 | 11,143 | ||||
Total allowance for loan losses | 9,785 | 10,747 | 12,330 | 16,440 | 15,430 | 14,149 |
Retail portfolio | Consumer and other | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 0 | 0 | ||||
Loans - collectively evaluated for impairment | 222,265 | 190,676 | ||||
Total Loans Receivable | 222,265 | 190,676 | ||||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - collectively evaluated for impairment | 626 | 1,580 | ||||
Total allowance for loan losses | $ 626 | $ 1,243 | $ 1,580 | $ 1,810 | $ 1,626 | $ 62 |
LOANS RECEIVABLE, NET - Sched_5
LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 36,662 | $ 42,348 | $ 41,589 | $ 33,847 |
Provision for (recovery of) loan losses | 1,682 | 8,221 | (1,579) | 16,808 |
Charge-offs | (896) | (729) | (3,285) | (1,056) |
Recoveries | 564 | 170 | 1,287 | 411 |
Ending Balance | 38,012 | 50,010 | 38,012 | 50,010 |
Commercial portfolio | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,692 | 14,930 | 9,065 | 11,126 |
Provision for (recovery of) loan losses | 3,397 | 514 | 2,820 | 4,316 |
Charge-offs | 0 | (2) | 0 | (1) |
Recoveries | 3 | 2 | 207 | 3 |
Ending Balance | 12,092 | 15,444 | 12,092 | 15,444 |
Commercial portfolio | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 6,125 | 5,886 | 10,324 | 5,210 |
Provision for (recovery of) loan losses | (453) | 1,177 | (2,744) | 1,853 |
Charge-offs | 0 | 0 | (1,908) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 5,672 | 7,063 | 5,672 | 7,063 |
Commercial portfolio | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,464 | 2,736 | 6,213 | 2,492 |
Provision for (recovery of) loan losses | (76) | 3,241 | 2,175 | 3,485 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 8,388 | 5,977 | 8,388 | 5,977 |
Commercial portfolio | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,391 | 1,740 | 2,077 | 808 |
Provision for (recovery of) loan losses | 58 | 1,536 | (629) | 2,468 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 1 | 0 |
Ending Balance | 1,449 | 3,276 | 1,449 | 3,276 |
Retail portfolio | Residential real estate lending | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 10,747 | 15,430 | 12,330 | 14,149 |
Provision for (recovery of) loan losses | (1,446) | 1,099 | (3,383) | 2,192 |
Charge-offs | (60) | (240) | (201) | (264) |
Recoveries | 544 | 151 | 1,039 | 363 |
Ending Balance | 9,785 | 16,440 | 9,785 | 16,440 |
Retail portfolio | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,243 | 1,626 | 1,580 | 62 |
Provision for (recovery of) loan losses | 202 | 654 | 182 | 2,494 |
Charge-offs | (836) | (487) | (1,176) | (791) |
Recoveries | 17 | 17 | 40 | 45 |
Ending Balance | $ 626 | $ 1,810 | $ 626 | $ 1,810 |
LOANS RECEIVABLE, NET - Sched_6
LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Loans without a related allowance - recorded investment | $ 23,153 | $ 35,441 |
Loans without a related allowance - average recorded investment | 29,298 | 26,198 |
Loans without a related allowance - unpaid principal balance | 28,225 | 37,125 |
Loans with a related allowance - recorded investment | 47,461 | 45,036 |
Loans with a related allowance - average recorded investment | 46,249 | 46,727 |
Loans with a related allowance - unpaid principal balance | 72,140 | 61,479 |
Total individually impaired loans - recorded investment | 70,614 | 80,477 |
Total individually impaired loans - average recorded investment | 75,547 | 72,925 |
Total individually impaired loans - unpaid principal balance | 100,365 | 98,604 |
Individually impaired loans - related allowance | 6,305 | 6,238 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a related allowance - recorded investment | 16,663 | 20,824 |
Loans without a related allowance - average recorded investment | 18,744 | 12,660 |
Loans without a related allowance - unpaid principal balance | 20,998 | 20,898 |
Loans with a related allowance - recorded investment | 20,326 | 20,755 |
Loans with a related allowance - average recorded investment | 20,540 | 22,151 |
Loans with a related allowance - unpaid principal balance | 25,673 | 24,680 |
Total individually impaired loans - recorded investment | 36,989 | 41,579 |
Total individually impaired loans - average recorded investment | 39,284 | 34,811 |
Total individually impaired loans - unpaid principal balance | 46,671 | 45,578 |
Individually impaired loans - related allowance | 954 | 1,187 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a related allowance - recorded investment | 2,424 | 11,184 |
Loans without a related allowance - average recorded investment | 6,804 | 7,418 |
Loans without a related allowance - unpaid principal balance | 2,424 | 12,204 |
Total individually impaired loans - recorded investment | 2,424 | 11,184 |
Total individually impaired loans - average recorded investment | 6,804 | 7,418 |
Total individually impaired loans - unpaid principal balance | 2,424 | 12,204 |
Individually impaired loans - related allowance | 0 | 0 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without a related allowance - recorded investment | 4,066 | 3,433 |
Loans without a related allowance - average recorded investment | 3,750 | 6,120 |
Loans without a related allowance - unpaid principal balance | 4,803 | 4,023 |
Total individually impaired loans - recorded investment | 4,066 | 3,433 |
Total individually impaired loans - average recorded investment | 3,750 | 6,120 |
Total individually impaired loans - unpaid principal balance | 4,803 | 4,023 |
Individually impaired loans - related allowance | 0 | 0 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with a related allowance - recorded investment | 10,266 | 9,575 |
Loans with a related allowance - average recorded investment | 9,921 | 4,788 |
Loans with a related allowance - unpaid principal balance | 12,215 | 9,589 |
Total individually impaired loans - recorded investment | 10,266 | 9,575 |
Total individually impaired loans - average recorded investment | 9,921 | 4,788 |
Total individually impaired loans - unpaid principal balance | 12,215 | 9,589 |
Individually impaired loans - related allowance | 250 | 1,933 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with a related allowance - recorded investment | 16,869 | 14,706 |
Loans with a related allowance - average recorded investment | 15,788 | 19,788 |
Loans with a related allowance - unpaid principal balance | 34,252 | 27,210 |
Total individually impaired loans - recorded investment | 16,869 | 14,706 |
Total individually impaired loans - average recorded investment | 15,788 | 19,788 |
Total individually impaired loans - unpaid principal balance | 34,252 | 27,210 |
Individually impaired loans - related allowance | $ 5,101 | $ 3,118 |
DEPOSITS - Schedule of Deposits
DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amount | ||
Non-interest bearing demand deposit accounts | $ 2,948,718 | $ 2,603,274 |
NOW accounts | 200,758 | 205,653 |
Money market deposit accounts | 2,136,719 | 1,914,391 |
Savings accounts | 371,047 | 343,368 |
Time deposits | 252,750 | 272,025 |
Total deposits | $ 5,909,992 | $ 5,338,711 |
Weighted Average Rate | ||
NOW accounts | 0.07% | 0.06% |
Money market deposit accounts | 0.11% | 0.13% |
Savings accounts | 0.11% | 0.12% |
Time deposits | 0.36% | 0.86% |
Deposits | 0.06% | 0.10% |
DEPOSITS - Schedule of Maturiti
DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2021 | $ 147,752 | |
2022 | 72,933 | |
2023 | 14,358 | |
2024 | 12,030 | |
2025 | 4,218 | |
Thereafter | 1,459 | |
Total time deposits | $ 252,750 | $ 272,025 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statistical Disclosure for Banks [Abstract] | ||
Time deposits at or above FDIC limit | $ 46.2 | $ 31.2 |
CDARS deposits | 82.1 | 123.8 |
Deposits from Workers United and other related entities | 80.3 | 95.8 |
State and municipal deposits | $ 38.6 | $ 15.2 |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Other eligible assets pledged as collateral | $ 1,400 |
Required percentage of pledged assets to FHLBNY of outstanding advances | 110.00% |
Compromised Securities | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Other eligible assets pledged as collateral | $ 686.3 |
Mortgage Loans | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Other eligible assets pledged as collateral | $ 735.4 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Number of antidilutive shares (in shares) | 76 | 219 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Amalgamated Financial Corp. | $ 10,408 | $ 10,374 | $ 22,597 | $ 19,919 |
Dividends paid on preferred stock | 0 | 0 | 0 | 0 |
Income attributable to common stock | $ 10,408 | $ 10,374 | $ 22,597 | $ 19,919 |
Weighted average common shares outstanding, basic (in shares) | 31,136 | 31,023 | 31,109 | 31,217 |
Basic earnings per common share (in dollars per share) | $ 0.33 | $ 0.33 | $ 0.73 | $ 0.64 |
Incremental shares for assumed conversion of options and RSUs (in shares) | 436 | 12 | 436 | 128 |
Weighted average common shares outstanding, diluted (in shares) | 31,572 | 31,035 | 31,545 | 31,345 |
Diluted earnings per common share (in dollars per share) | $ 0.33 | $ 0.33 | $ 0.72 | $ 0.64 |
EMPLOYEE BENEFIT PLANS - Stock
EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Number of Options | ||
Outstanding, balance at the beginning of the period (in shares) | 1,978,560 | |
Granted (in shares) | 0 | |
Forfeited/expired (in shares) | 0 | |
Exercised (in shares) | (951,800) | |
Outstanding, balance at the end of the period (in shares) | 1,026,760 | 1,978,560 |
Vested and exercisable (in shares) | 1,026,760 | |
Weighted Average Exercise Price | ||
Outstanding, balance at the beginning of the period (in dollars per share) | $ 13.03 | |
Granted (in dollars per share) | 0 | |
Forfeited/expired (in dollars per share) | 0 | |
Exercised (in dollars per share) | 12.88 | |
Outstanding, balance at the end of the period (in dollars per share) | 13.17 | $ 13.03 |
Vested and exercisable (in dollars per share) | $ 13.17 | |
Other Disclosures | ||
Options outstanding, weighted average remaining contractual term | 5 years 3 months 18 days | 4 years 4 months 24 days |
Options vested and exercisable, weighted average remaining contractual term | 5 years 3 months 18 days | |
Options outstanding, aggregate intrinsic value | $ 2,529 | |
Options exercisable, aggregate intrinsic value | $ 2,529 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price of stock options, minimum (in dollars per share) | $ 11 | |||
Exercise price of stock options, maximum (in dollars per share) | $ 14.65 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 0 | $ 0.2 | ||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for stock-based awards (in shares) | 1,250,000 | 1,250,000 | ||
Number of shares available for issuance (in shares) | 595,706 | 595,706 | ||
Number of shares granted (in shares) | 260,355 | |||
Fair value of shares granted (in dollars per share) | $ 15.81 | |||
Unvested shares (in shares) | 439,014 | 439,014 | 290,637 | |
Restricted Stock Units | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 0.1 | $ 0.1 | ||
Unrecognized compensation cost | 0 | $ 0 | ||
Restricted Stock Units | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 0.3 | $ 0.5 | ||
Number of shares granted (in shares) | 260,335 | |||
Number of shares reserved for issuance (in shares) | 283,859 | 283,859 | ||
Fair value of shares granted (in dollars per share) | $ 15.81 | |||
Unrecognized compensation cost, period for recognition | 2 years 3 months 18 days | |||
Unrecognized compensation cost | $ 5.4 | $ 5.4 | ||
Restricted Stock Units | Employee | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 229,685 | |||
Restricted Stock Units | Employee | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 507,950 | |||
Time-Based Restricted Stock Units | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 28,710 | |||
Vesting period | 1 year | |||
Time-Based Restricted Stock Units | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 213,348 | |||
Vesting period | 3 years | |||
Performance Shares | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 47,007 | |||
Performance Shares | Employee | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 0 | |||
Performance Shares | Employee | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 35,196 | |||
Performance-Based Restricted Stock Units | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 23,464 | |||
Vesting period | 3 years | |||
Market-Based Restricted Stock Units | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 23,543 | |||
Vesting period | 3 years | |||
Fair value of shares granted (in dollars per share) | $ 14.95 | |||
Market-Based Restricted Stock Units | Employee | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 0 | |||
Market-Based Restricted Stock Units | Employee | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 35,315 |
EMPLOYEE BENEFIT PLANS - Restri
EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details) - Restricted Stock Units | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Shares | |
Unvested at the beginning of the period (in shares) | shares | 290,637 |
Awarded (in shares) | shares | 260,355 |
Forfeited (in shares) | shares | (51,221) |
Exercised (in shares) | shares | (60,757) |
Unvested at the end of the period (in shares) | shares | 439,014 |
Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 15.99 |
Awarded (in dollars per share) | $ / shares | 15.81 |
Forfeited (in dollars per share) | $ / shares | 13.02 |
Exercised (in dollars per share) | $ / shares | 14.45 |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 15.43 |
Employee | |
Shares | |
Awarded (in shares) | shares | 260,335 |
Grant Date Fair Value | |
Awarded (in dollars per share) | $ / shares | $ 15.81 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 1,824,726 | $ 1,539,862 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,824,726 | 1,539,862 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 202 | 203 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,824,524 | 1,539,659 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE residential certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 10,490 | 13,299 |
GSE residential certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 10,490 | 13,299 |
GSE residential certificates | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE residential certificates | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 10,490 | 13,299 |
GSE residential certificates | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 380,348 | 366,421 |
GSE residential CMOs | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 380,348 | 366,421 |
GSE residential CMOs | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE residential CMOs | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 380,348 | 366,421 |
GSE residential CMOs | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE commercial certificates & CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 430,611 | 432,614 |
GSE commercial certificates & CMO | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 430,611 | 432,614 |
GSE commercial certificates & CMO | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE commercial certificates & CMO | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 430,611 | 432,614 |
GSE commercial certificates & CMO | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE residential certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 15,955 | 33,384 |
Non-GSE residential certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 15,955 | 33,384 |
Non-GSE residential certificates | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE residential certificates | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 15,955 | 33,384 |
Non-GSE residential certificates | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE commercial certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 60,539 | 44,968 |
Non-GSE commercial certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 60,539 | 44,968 |
Non-GSE commercial certificates | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE commercial certificates | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 60,539 | 44,968 |
Non-GSE commercial certificates | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 202 | 203 |
U.S. Treasury | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 202 | 203 |
U.S. Treasury | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 202 | 203 |
U.S. Treasury | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
U.S. Treasury | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 846,059 | 597,546 |
ABS | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 846,059 | 597,546 |
ABS | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
ABS | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 846,059 | 597,546 |
ABS | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Trust preferred | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 14,126 | 13,773 |
Trust preferred | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 14,126 | 13,773 |
Trust preferred | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Trust preferred | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 14,126 | 13,773 |
Trust preferred | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 66,396 | 37,654 |
Corporate | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 66,396 | 37,654 |
Corporate | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Corporate | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 66,396 | 37,654 |
Corporate | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Measured on Non-Recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 64,309 | $ 67,433 |
Other real estate owned | 307 | 307 |
Total value of assets measured on non-recurring basis | 64,616 | 67,740 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 64,309 | 67,433 |
Other real estate owned | 335 | 303 |
Total value of assets measured on non-recurring basis | 64,644 | 67,736 |
Level 1 | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total value of assets measured on non-recurring basis | 0 | 0 |
Level 2 | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total value of assets measured on non-recurring basis | 0 | 0 |
Level 3 | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 64,309 | 67,433 |
Other real estate owned | 335 | 303 |
Total value of assets measured on non-recurring basis | $ 64,644 | $ 67,736 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Basis and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Available for sale securities | $ 1,824,726 | $ 1,539,862 |
Held to maturity securities | 621,954 | 502,425 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 547,445 | 38,769 |
Available for sale securities | 1,824,726 | 1,513,409 |
Held to maturity securities | 624,826 | 494,449 |
Loans held for sale | 8,230 | 11,178 |
Loans receivable, net | 3,137,449 | 3,447,306 |
Resell agreements | 141,651 | 154,779 |
Accrued interest and dividends receivable | 22,648 | 23,970 |
Financial liabilities: | ||
Accrued interest payable | 276 | 386 |
Carrying Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits payable on demand | 5,657,242 | 5,066,687 |
Carrying Value | Time deposits | ||
Financial liabilities: | ||
Deposits payable on demand | 252,750 | 272,025 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 547,445 | 38,769 |
Available for sale securities | 1,824,726 | 1,539,862 |
Held to maturity securities | 621,954 | 502,425 |
Loans held for sale | 8,230 | 11,178 |
Loans receivable, net | 3,201,138 | 3,566,742 |
Resell agreements | 141,651 | 154,779 |
Accrued interest and dividends receivable | 22,648 | 23,970 |
Financial liabilities: | ||
Accrued interest payable | 276 | 386 |
Estimated Fair Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits payable on demand | 5,657,242 | 5,066,687 |
Estimated Fair Value | Time deposits | ||
Financial liabilities: | ||
Deposits payable on demand | 252,972 | 272,451 |
Level 1 | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 547,445 | 38,769 |
Available for sale securities | 202 | 203 |
Held to maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Resell agreements | 0 | 0 |
Accrued interest and dividends receivable | 0 | 0 |
Financial liabilities: | ||
Accrued interest payable | 0 | 0 |
Level 1 | Estimated Fair Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits payable on demand | 0 | 0 |
Level 1 | Estimated Fair Value | Time deposits | ||
Financial liabilities: | ||
Deposits payable on demand | 0 | 0 |
Level 2 | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale securities | 1,824,524 | 1,539,659 |
Held to maturity securities | 81,351 | 76,519 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Resell agreements | 0 | 0 |
Accrued interest and dividends receivable | 22,648 | 23,970 |
Financial liabilities: | ||
Accrued interest payable | 276 | 386 |
Level 2 | Estimated Fair Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits payable on demand | 5,657,242 | 5,066,687 |
Level 2 | Estimated Fair Value | Time deposits | ||
Financial liabilities: | ||
Deposits payable on demand | 252,972 | 272,451 |
Level 3 | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale securities | 0 | 0 |
Held to maturity securities | 540,603 | 425,906 |
Loans held for sale | 8,230 | 11,178 |
Loans receivable, net | 3,201,138 | 3,566,742 |
Resell agreements | 141,651 | 154,779 |
Accrued interest and dividends receivable | 0 | 0 |
Financial liabilities: | ||
Accrued interest payable | 0 | 0 |
Level 3 | Estimated Fair Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits payable on demand | 0 | 0 |
Level 3 | Estimated Fair Value | Time deposits | ||
Financial liabilities: | ||
Deposits payable on demand | $ 0 | $ 0 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 621,202 | $ 473,451 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | 605,084 | 455,541 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 16,118 | $ 17,910 |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Reserve for credit risk inherent in off balance sheet credit commitments | $ 1.1 | $ 1.2 |
Property Assessed Clean Energy Commitments | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Investment obligations | 375 | |
Investment obligations, amount fulfilled | 262.6 | $ 165.4 |
Other Property Assessed Clean Energy Commitments | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Investment obligations | $ 100 |
LEASES - Lease Cost and Other I
LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,184 | $ 2,766 |
Cash paid for amounts included in the measurement of operating leases liability | $ 2,493 | $ 4,423 |
Weighted average remaining lease term on operating leases (in years) | 5 years 2 months 12 days | 6 years 2 months 12 days |
Weighted average discount rate used for operating leases liability | 3.25% | 3.26% |
LEASES - Remaining Commitments
LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 remaining | $ 5,186 | |
2022 | 10,705 | |
2023 | 10,592 | |
2024 | 10,215 | |
2025 | 9,851 | |
Thereafter | 8,911 | |
Total undiscounted operating lease payments | 55,460 | |
Less: present value adjustment | 4,295 | |
Total operating leases liability | $ 51,165 | $ 53,173 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 12,936 | $ 12,936 |
Accumulated amortization of intangible assets | $ 4,300 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 remaining | $ 603 |
2022 | 1,047 |
2023 | 888 |
2024 | 730 |
2025 | 574 |
Thereafter | 913 |
Total | $ 4,755 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Maximum exposure to credit loss | $ 13,400 | $ 13,400 | |||
Unconsolidated Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Tax credit investments included in equity investments | 1,287 | 1,287 | $ 6,735 | ||
Loans and letters of credit commitments | 12,096 | 12,096 | 11,097 | ||
Funded portion of loans and letters of credit commitments | 12,096 | 12,096 | $ 11,097 | ||
Tax credits and other tax benefits recognized | $ 343 | $ 1,860 | $ 911 | $ 1,860 |