Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000923139 | |
Entity Registrant Name | Flushing Financial Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Entity File Number | 001-33013 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 11-3209278 | |
Entity Address, Address Line One | 220 RXR Plaza | |
Entity Address, City or Town | Uniondale | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11556 | |
City Area Code | (718) | |
Local Phone Number | 961-5400 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | FFIC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 28,218,427 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 75,560 | $ 49,787 |
Securities held-to-maturity: | ||
Held to maturity securities | 58,573 | 58,888 |
Securities available for sale, at fair value: | ||
Securities available for sale | 620,956 | 772,500 |
Loans: | ||
Net unamortized premiums and unearned loan fees | 13,718 | 15,271 |
Allowance for loan losses | (38,343) | (21,751) |
Net loans | 5,903,055 | 5,750,455 |
Interest and dividends receivable | 36,068 | 25,722 |
Bank premises and equipment, net | 25,766 | 28,676 |
Federal Home Loan Bank of New York stock, at cost | 57,119 | 56,921 |
Bank owned life insurance | 158,701 | 157,713 |
Goodwill | 16,127 | 16,127 |
Other real estate owned, net | 0 | 239 |
Right of Use Asset | 42,326 | 41,254 |
Other assets | 69,207 | 59,494 |
Total assets | 7,063,056 | 7,017,776 |
Liabilities | ||
Non-interest bearing | 607,954 | 435,072 |
Interest-bearing | 4,298,405 | 4,586,977 |
Total Deposits | 4,906,359 | 5,022,049 |
Mortgagors' escrow deposits | 57,136 | 44,375 |
Borrowed funds: | ||
Federal Home Loan Bank advances | 1,211,122 | 1,118,528 |
Subordinated debentures | 74,566 | 74,319 |
Junior subordinated debentures, at fair value | 38,287 | 44,384 |
Total borrowed funds | 1,323,975 | 1,237,231 |
Operating lease liability | 49,737 | 49,367 |
Other liabilities | 139,443 | 85,082 |
Total liabilities | 6,476,650 | 6,438,104 |
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | ||
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at September 30, 2020 and December 31, 2019; 28,218,427 shares and 28,157,206 shares outstanding at September 30, 2020 and December 31, 2019, respectively) | 315 | 315 |
Additional paid-in capital | 227,877 | 226,691 |
Treasury stock, at average cost (3,312,168 shares and 3,373,389 shares at September 30, 2020 and December 31, 2019, respectively) | (69,409) | (71,487) |
Retained earnings | 445,931 | 433,960 |
Accumulated other comprehensive loss, net of taxes | (18,308) | (9,807) |
Total stockholders' equity | 586,406 | 579,672 |
Total liabilities and stockholders' equity | 7,063,056 | 7,017,776 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 7,919 | 7,934 |
Securities available for sale, at fair value: | ||
Securities available for sale | 386,235 | 523,849 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 50,654 | 50,954 |
Held to maturity securities, net of allowance for credit losses | 50,252 | 50,954 |
Securities available for sale, at fair value: | ||
Securities available for sale | 234,721 | 248,651 |
Multi-Family Residential [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 2,252,757 | 2,238,591 |
Commercial Real Estate Loans [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 1,636,659 | 1,582,008 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 585,159 | 592,471 |
One-To-Four Family - Residential [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 191,011 | 188,216 |
Co-Operative Apartments [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 8,132 | 8,663 |
Construction Portfolio Segment [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 63,567 | 67,754 |
Small Business Administration [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 124,649 | 14,445 |
Taxi Medallion [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 2,317 | 3,309 |
Commercial Business and Other [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | $ 1,063,429 | $ 1,061,478 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, fair value | $ 62,466 | $ 62,112 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 31,530,595 | 31,530,595 |
Common stock, shares outstanding (in shares) | 28,218,427 | 28,157,206 |
Treasury stock, at average cost (in shares) | 3,312,168 | 3,373,389 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, assets pledged | $ 8,942 | $ 5,283 |
Securities held-to-maturity, fair value | 9,198 | 8,114 |
Securities available for sale, pledged as collateral | 238,818 | 212,038 |
Securities available for sale, fair value option | 672 | 772 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, assets pledged | 402 | 0 |
Securities held-to-maturity, fair value | 53,268 | 53,998 |
Securities available for sale, pledged as collateral | 0 | 0 |
Securities available for sale, fair value option | $ 13,841 | $ 13,548 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest and dividend income | ||||
Interest and fees on loans | $ 60,367 | $ 62,825 | $ 182,033 | $ 187,428 |
Interest and dividends on securities: | ||||
Interest | 3,525 | 6,287 | 12,963 | 20,007 |
Dividends | 9 | 18 | 35 | 56 |
Other interest income | 13 | 259 | 325 | 1,286 |
Total interest and dividend income | 63,914 | 69,389 | 195,356 | 208,777 |
Interest expense | ||||
Deposits | 7,093 | 22,244 | 35,842 | 66,540 |
Other interest expense | 6,897 | 8,196 | 20,047 | 21,476 |
Total interest expense | 13,990 | 30,440 | 55,889 | 88,016 |
Net interest income | 49,924 | 38,949 | 139,467 | 120,761 |
Provision for credit losses | 2,470 | 683 | 19,267 | 3,129 |
Net interest income after provision for credit losses | 47,454 | 38,266 | 120,200 | 117,632 |
Non-interest income | ||||
Banking services fee income | 1,316 | 847 | 3,058 | 2,879 |
Net loss on sale of securities | 0 | 0 | (91) | (15) |
Net gain on sale of loans | 0 | 204 | 42 | 381 |
Net gain on sale of assets | 0 | 0 | 0 | 770 |
Net gain (loss) from fair value adjustments | (2,225) | (2,124) | 1,987 | (6,160) |
Federal Home Loan Bank of New York stock dividends | 874 | 834 | 2,719 | 2,563 |
Life insurance proceeds | 0 | 0 | 659 | 43 |
Bank owned life insurance | 923 | 1,000 | 2,798 | 2,550 |
Other income | 463 | 278 | 1,052 | 1,422 |
Total non-interest income | 1,351 | 1,039 | 12,224 | 4,433 |
Non-interest expense | ||||
Salaries and employee benefits | 17,335 | 15,461 | 52,139 | 50,295 |
Occupancy and equipment | 3,021 | 2,847 | 8,688 | 8,378 |
Professional services | 2,064 | 2,167 | 6,911 | 6,238 |
FDIC deposit insurance | 727 | (589) | 2,114 | 563 |
Data processing | 1,668 | 1,490 | 5,175 | 4,402 |
Depreciation and amortization | 1,542 | 1,439 | 4,633 | 4,454 |
Other real estate owned/foreclosure expense | 240 | 48 | 121 | 145 |
Net loss from other real estate owned | 5 | 0 | 36 | 0 |
Other operating expenses | 3,383 | 3,182 | 11,303 | 11,147 |
Total non-interest expense | 29,985 | 26,045 | 91,120 | 85,622 |
Income before income taxes | 18,820 | 13,260 | 41,304 | 36,443 |
Provision for income taxes | ||||
Federal | 3,359 | 2,457 | 8,655 | 7,381 |
State and local | 1,130 | 79 | 1,436 | 714 |
Total taxes expense | 4,489 | 2,536 | 10,091 | 8,095 |
Net income | $ 14,331 | $ 10,724 | $ 31,213 | $ 28,348 |
Basic earnings per common share (in dollars per share) | $ 0.50 | $ 0.37 | $ 1.08 | $ 0.99 |
Diluted earnings per common share (in dollars per share) | 0.50 | 0.37 | 1.08 | 0.99 |
Dividends per common share | $ 0.21 | $ 0.21 | $ 0.63 | $ 0.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 14,331 | $ 10,724 | $ 31,213 | $ 28,348 |
Other comprehensive income (loss), net of tax: | ||||
Amortization of actuarial losses, net of taxes of ($30) and ($11) for the three months ended September 30, 2020 and 2019, respectively and of ($91) and ($30) for the nine months ended September 30, 2020 and 2019, respectively. | 67 | 22 | 201 | 66 |
Amortization of prior service credits, net of taxes of $6 and $7 for the three months ended September 30, 2020 and 2019, respectively and of $20 and $20 for nine months ended September 30, 2020 and 2019, respectively. | (15) | (15) | (44) | (44) |
Net unrealized gains(losses) on securities, net of taxes of ($1,449) and $218 for the three months ended September 30, 2020 and 2019, respectively and of ($2,000) and ($5,102) for nine months ended September 30, 2020 and 2019, respectively. | 3,185 | (475) | 4,397 | 11,349 |
Reclassification adjustment for net losses included in income, net of taxes of ($29) and ($5) for the nine months ended September 30, 2020 and 2019, respectively. | 62 | 10 | ||
Net unrealized gains (losses) on cash flow hedges, net of taxes of ($849) and $874 for the three months ended September 30, 2020 and 2019 respectively and of $6,253 and $5,293 for nine months ended September 30, 2020 and 2019, respectively. | 1,866 | (1,946) | (13,744) | (11,782) |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($50) and ($27) for the three months ended September 30, 2020 and 2019 respectively and of ($280) and ($81) for the nine months ended September 30, 2020 and 2019, respectively. | 111 | 61 | 627 | 184 |
Total other comprehensive income (loss) , net of tax | 5,214 | (2,353) | (8,501) | (217) |
Comprehensive income | $ 19,545 | $ 8,371 | $ 22,712 | $ 28,131 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of actuarial losses, net of taxes | $ (30) | $ (11) | $ (91) | $ (30) |
Amortization of prior service credits, net of taxes | 6 | 7 | 20 | 20 |
Net unrealized gains on securities, net of taxes | (1,449) | 218 | (2,000) | 5,102 |
Reclassification adjustment for net losses included in income, net of taxes | (29) | (5) | ||
Net unrealized loss on cash flow hedge, net of taxes | (849) | 874 | 6,253 | 5,293 |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes | $ (50) | $ (27) | $ (280) | $ (81) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 31,213 | $ 28,348 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit loan losses | 19,267 | 3,129 |
Depreciation and amortization of bank premises and equipment | 4,633 | 4,454 |
Amortization of premium, net of accretion of discount | 4,721 | 4,932 |
Net (gain) loss from fair value adjustments | (1,987) | 6,160 |
Net loss from fair value adjustments on qualifying hedges | 2,208 | 2,717 |
Net gain from sale of loans | (42) | (381) |
Net loss from sale of securities | 91 | 15 |
Net gain from sale of asset | 0 | (770) |
Net loss from OREO | 36 | 0 |
Income from bank owned life insurance | (2,798) | (2,550) |
Life insurance proceeds | (659) | (43) |
Stock-based compensation expense | 5,510 | 6,617 |
Deferred Compensation | (3,579) | (2,526) |
Deferred income tax benefit | (4,174) | (3,777) |
Increase in other liabilities | 6,143 | 4,358 |
Decrease (increase) in other assets | (15,043) | 1,659 |
Net cash provided by operating activities | 45,540 | 52,342 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of bank premises and equipment | (1,723) | (2,182) |
Net purchases of Federal Home Loan Bank of New York shares | (198) | (7,998) |
Purchases of securities held-to-maturity | 0 | (30,030) |
Proceeds from maturities and calls of securities held-to-maturity | 180 | 1,568 |
Proceeds from prepayments of securities held-to-maturity | 129 | 434 |
Purchases of securities available for sale | (130,397) | (141,798) |
Proceeds from sales and calls of securities available for sale | 143,376 | 65,493 |
Proceeds from maturities and prepayments of securities available for sale | 142,320 | 88,217 |
Proceeds from sale of assets | 0 | 813 |
Proceeds from bank owned life insurance | 2,477 | 777 |
Purchase of bank owned life insurance | 0 | (25,000) |
Net originations of loans | (11,295) | (9,660) |
Purchases of loans | (132,893) | (193,703) |
Proceeds from sale of real estate owned | 203 | 0 |
Proceeds from sale of loans | 580 | 7,187 |
Net cash provided by (used in) investing activities | 12,759 | (245,882) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in non-interest bearing deposits | 172,882 | 8,039 |
Net decrease in interest-bearing deposits | (288,694) | (11,643) |
Net increase in mortgagors' escrow deposits | 12,761 | 16,942 |
Net proceeds from short-term borrowed funds | 0 | 115,750 |
Proceeds from long-term borrowings | 240,378 | 184,950 |
Repayment of long-term borrowings | (147,771) | (131,301) |
Purchases of treasury stock | (3,872) | (2,656) |
Proceeds from issuance of common stock upon exercise of stock options | 0 | 3 |
Cash dividends paid | (18,210) | (18,116) |
Net cash provided by (used in) financing activities | (32,526) | 161,968 |
Net increase (decrease) in cash and cash equivalents | 25,773 | (31,572) |
Cash and cash equivalents, beginning of period | 49,787 | 118,561 |
Cash and cash equivalents, end of period | 75,560 | 86,989 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
Interest paid | 57,334 | 85,346 |
Income taxes paid | 13,594 | 8,531 |
Taxes paid if excess tax benefits were not tax deductible | 13,404 | 8,523 |
Non-cash activities: | ||
Loans transferred to REO | 0 | 239 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,822 | $ 1,295 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2018 | $ 315 | $ 222,720 | $ (75,146) | $ 414,327 | $ (12,752) | $ 549,464 |
Impact of Adoption of Accounting Standards Update | 0 | 0 | 0 | 2,716 | 0 | 2,716 |
Net income (loss) | 0 | 0 | 0 | 7,068 | 0 | 7,068 |
Award of common shares released from Employee Benefit Trust | 0 | 2,086 | 0 | 0 | 0 | 2,086 |
Vesting of restricted stock unit awards | 0 | (5,878) | 6,088 | (210) | 0 | |
Exercise of stock options | 0 | 0 | 6 | (3) | 0 | 3 |
Stock-based compensation expense | 0 | 3,931 | 0 | 0 | 0 | 3,931 |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (1,877) | 0 | 0 | (1,877) |
Dividends on common stock | 0 | 0 | 0 | (6,042) | 0 | (6,042) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 2,210 | 2,210 |
Balance at Mar. 31, 2019 | 315 | 222,859 | (70,929) | 417,856 | (10,542) | 559,559 |
Balance at Dec. 31, 2018 | 315 | 222,720 | (75,146) | 414,327 | (12,752) | 549,464 |
Net income (loss) | 28,348 | |||||
Other comprehensive income (loss) | (217) | (217) | ||||
Balance at Sep. 30, 2019 | 315 | 225,471 | (71,487) | 427,062 | (12,969) | 568,392 |
Balance at Mar. 31, 2019 | 315 | 222,859 | (70,929) | 417,856 | (10,542) | 559,559 |
Net income (loss) | 0 | 0 | 0 | 10,556 | 0 | 10,556 |
Award of common shares released from Employee Benefit Trust | 0 | 81 | 0 | 0 | 0 | 81 |
Vesting of restricted stock unit awards | 0 | (24) | 24 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 1,315 | 0 | 0 | 0 | 1,315 |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (8) | 0 | 0 | (8) |
Dividends on common stock | 0 | 0 | 0 | (6,039) | 0 | (6,039) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (74) | (74) |
Balance at Jun. 30, 2019 | 315 | 224,231 | (70,913) | 422,373 | (10,616) | 565,390 |
Net income (loss) | 0 | 0 | 0 | 10,724 | 0 | 10,724 |
Award of common shares released from Employee Benefit Trust | 0 | 66 | 0 | 0 | 0 | 66 |
Vesting of restricted stock unit awards | 0 | (197) | 197 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 1,371 | 0 | 0 | 0 | 1,371 |
Purchase of treasury shares | 0 | 0 | (771) | 0 | 0 | (771) |
Dividends on common stock | 0 | 0 | 0 | (6,035) | 0 | (6,035) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (2,353) | (2,353) |
Balance at Sep. 30, 2019 | 315 | 225,471 | (71,487) | 427,062 | (12,969) | 568,392 |
Balance at Dec. 31, 2019 | 315 | 226,691 | (71,487) | 433,960 | (9,807) | 579,672 |
Impact of Adoption of Accounting Standards Update | 0 | 0 | 0 | (875) | 0 | (875) |
Net income (loss) | 0 | 0 | 0 | (1,390) | 0 | (1,390) |
Award of common shares released from Employee Benefit Trust | 0 | 1,398 | 0 | 0 | 0 | 1,398 |
Vesting of restricted stock unit awards | 0 | (5,626) | 5,782 | (156) | 0 | 0 |
Stock-based compensation expense | 0 | 3,430 | 0 | 0 | 0 | 3,430 |
Purchase of treasury shares | 0 | 0 | (2,342) | 0 | 0 | (2,342) |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (1,493) | 0 | 0 | (1,493) |
Dividends on common stock | 0 | 0 | 0 | (6,084) | 0 | (6,084) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (22,633) | (22,633) |
Balance at Mar. 31, 2020 | 315 | 225,893 | (69,540) | 425,455 | (32,440) | 549,683 |
Balance at Dec. 31, 2019 | 315 | 226,691 | (71,487) | 433,960 | (9,807) | 579,672 |
Net income (loss) | 31,213 | |||||
Other comprehensive income (loss) | (8,501) | (8,501) | ||||
Balance at Sep. 30, 2020 | 315 | 227,877 | (69,409) | 445,931 | (18,308) | 586,406 |
Balance at Mar. 31, 2020 | 315 | 225,893 | (69,540) | 425,455 | (32,440) | 549,683 |
Net income (loss) | 0 | 0 | 0 | 18,272 | 0 | 18,272 |
Award of common shares released from Employee Benefit Trust | 0 | 40 | 0 | 0 | 0 | 40 |
Vesting of restricted stock unit awards | 0 | (133) | 134 | (1) | 0 | 0 |
Stock-based compensation expense | 0 | 1,101 | 0 | 0 | 0 | 1,101 |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (30) | 0 | 0 | (30) |
Dividends on common stock | 0 | 0 | 0 | (6,063) | 0 | (6,063) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 8,918 | 8,918 |
Balance at Jun. 30, 2020 | 315 | 226,901 | (69,436) | 437,663 | (23,522) | 571,921 |
Net income (loss) | 0 | 0 | 0 | 14,331 | 0 | 14,331 |
Award of common shares released from Employee Benefit Trust | 0 | 31 | 0 | 0 | 0 | 31 |
Vesting of restricted stock unit awards | 0 | (34) | 34 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 979 | 0 | 0 | 0 | 979 |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (7) | 0 | 0 | (7) |
Dividends on common stock | 0 | 0 | 0 | (6,063) | 0 | (6,063) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 5,214 | 5,214 |
Balance at Sep. 30, 2020 | $ 315 | $ 227,877 | $ (69,409) | $ 445,931 | $ (18,308) | $ 586,406 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Dividends on common stock (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 |
Common Stock [Member] | ||||||
Common shares released from Employee Benefit Trust, shares (in shares) | 9,384 | 10,956 | 116,414 | 5,015 | 5,568 | 138,775 |
Restricted stock unit awards vested, shares (in shares) | 1,640 | 6,390 | 272,946 | 9,284 | 1,120 | 287,155 |
Exercise of stock options, shares (in shares) | 300 | |||||
Treasury Stock [Member] | ||||||
Purchase of treasury shares (in shares) | 142,405 | 40,000 | ||||
Repurchase of shares to satisfy tax obligation, shares (in shares) | 647 | 2,558 | 74,145 | 382 | 83,908 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Basis of Presentation | 1. Basis of Presentation The primary business of Flushing Financial Corporation (the “Holding Company”), a Delaware corporation, is the operation of its wholly owned subsidiary, Flushing Bank (the “Bank”). The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q (“Quarterly Report”) include the collective results of the Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Preferred Funding Corporation, Flushing Service Corporation, and FSB Properties Inc., which are collectively herein referred to as “we,” “us,” “our” and the “Company.” The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the “Trusts”), which are special purpose business trusts. The Trusts are not included in the Company’s consolidated financial statements, as the Company would not absorb the losses of the Trusts if any losses were to occur. The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for such presented periods of the Company. Such adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report. All inter-company balances and transactions have been eliminated in consolidation. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts. |
Use of Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Use of Estimates | 2. Use of Estimates In December 2019, a novel coronavirus (COVID-19) was reported in China, and, in March 2020, the World Health Organization declared it a pandemic. The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. As a result of the emergence of the pandemic and the uncertainty, it is not possible to determine the overall impact of the pandemic on the Company’s business. However, if the pandemic continues for an extended period of time, there could be a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in response to the coronavirus pandemic. This legislation aims at providing relief for individuals and businesses that have been negatively impacted by the coronavirus pandemic. The CARES Act includes a provision for the Company to opt out of applying the “troubled-debt restructuring” (“TDR”) accounting guidance in Accounting Standards Codification (“ASC”) 310-40 for certain loan modifications. Loan modifications made between March 1, 2020 and the earlier of i) December 30, 2020 or ii) 60 days after the President declares a termination of the COVID-19 national emergency are eligible for this relief if the related loans were not more than 30 days past due as of December 31, 2019. The Bank adopted this provision and at September 30, 2020, we have 509 active forbearances for loans with an aggregate outstanding loan balance of approximately $846 million resulting in total deferment of $28.4 million in principal, interest and escrow, as disclosed more fully in Note 5 (“Loans”) of the Notes to the Consolidated Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term, including COVID-19 related changes, are used in connection with the determination of the allowance for credit losses, the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets and the fair value of financial instruments. Goodwill Goodwill is presumed to have an indefinite life and is tested annually for impairment, or more frequently when certain conditions are met. If the fair value of the reporting unit is greater than the carrying value, no further evaluation is required. If the fair value of the reporting unit is less than the carrying value, further evaluation would be required to compare the fair value of the reporting unit to the carrying value and determine if impairment is required. Quoted market prices in active markets are the best evidence of fair value and are to be used as the basis for measurement, when available. Other acceptable valuation methods include an asset approach, which determines a fair value based upon the value of assets net of liabilities, an income approach, which determines fair value using one or more methods that convert anticipated economic benefits into a present single amount, and a market approach, which determines a fair value based on the similar businesses that have been sold. Volatility in the Company’s stock price primarily driven by the COVID-19 pandemic has resulted in the net book value of our reporting unit exceeding market capitalization, however, the fair value of our reporting unit is not driven solely by the market price of our stock. As described above, fair value of our reporting unit is derived using a combination of an asset approach, an income approach and a market approach. These valuation techniques consider several other factors beyond our market capitalization, such as the estimated future cash flows of our reporting unit, the discount rate used to present value such cash flows and the market multiples of comparable companies. Changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment. We qualitatively assess whether the carrying value of our reporting unit exceeds fair value. If this qualitative assessment determines that it is more likely than not that the carrying value exceeds fair value, further qualitative evaluation for impairment would be required to compare the fair value of the reporting unit to the carrying value and determine if impairment is required. In performing the goodwill impairment testing, the Company has identified a single reporting unit. The Company continues to evaluate the impact of the COVID-19 pandemic and as such, evaluated goodwill for impairment at September 30, 2020. The Company conducted a quantitative impairment test of goodwill as of September 30, 2020, which did not indicate an impairment of goodwill. Management will continue to monitor if events requiring further goodwill impairment testing have occurred. At September 30, 2020 and December 31, 2019, the carrying amount of goodwill totaled $16.1 million. The identification of additional reporting units, the use of other valuation techniques and/or changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share | 3. Earnings Per Share Earnings per common share have been computed based on the following: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands, except per share data) Net income $ 14,331 $ 10,724 $ 31,213 $ 28,348 Divided by: Weighted average common shares outstanding 28,874 28,730 28,865 28,704 Weighted average common stock equivalents — — — — Total weighted average common shares outstanding and common stock equivalents 28,874 28,730 28,865 28,704 Basic earnings per common share $ 0.50 $ 0.37 $ 1.08 $ 0.99 Diluted earnings per common share (1) $ 0.50 $ 0.37 $ 1.08 $ 0.99 Dividend payout ratio 42.0 % 56.8 % 58.3 % 63.6 % (1) For the three and nine months ended September 30, 2020 and 2019, there were no common stock equivalents that were anti-dilutive. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Securities | 4. Securities The Company did not hold any trading securities at September 30, 2020 and December 31, 2019. Securities available for sale are recorded at fair value. Securities held-to-maturity (“HTM”) are recorded at amortized cost. Allowance for credit losses The Company’s estimate of expected credit losses for held-to-maturity debt securities is based on historical information, current conditions and a reasonable and supportable forecast. The Company’s portfolio is made up of three securities, two of which are structured similar to a commercial owner occupied loan, which is modeled for credit losses similar to commercial business loans secured by real estate. The other security is issued and guaranteed by Fannie Mae, which is a government sponsored enterprise that has a credit rating and perceived credit risk comparable to the U.S. government and therefore the Company assumes a zero loss expectation. As of September 30, 2020, we have one active forbearance for held-to-maturity securities with an outstanding balance of $20.9 million. During the time this security is in forbearance, it is considered current and as such, continues to accrue interest at its original contractual terms. Accrued interest receivable on held-to-maturity securities totaled $0.1 million at September 30, 2020 and is excluded from estimates of credit losses. The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2020: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,654 $ 53,268 $ 2,614 $ — $ (402) Total other securities 50,654 53,268 2,614 — (402) FNMA 7,919 9,198 1,279 — — Total mortgage-backed securities 7,919 9,198 1,279 — — Total $ 58,573 $ 62,466 $ 3,893 $ — $ (402) The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,954 $ 53,998 $ 3,044 $ — Total other securities 50,954 53,998 3,044 — FNMA 7,934 8,114 180 — Total mortgage-backed securities 7,934 8,114 180 — Total $ 58,888 $ 62,112 $ 3,224 $ — The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2020: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 123,516 $ 192 $ 6,676 Municipals 65 65 — — Mutual funds 12,691 12,691 — — Collateralized loan obligations 100,473 97,300 — 3,173 Other 1,149 1,149 — — Total other securities 244,378 234,721 192 9,849 REMIC and CMO 206,973 213,941 7,007 39 GNMA 505 554 49 — FNMA 129,140 132,001 2,883 22 FHLMC 39,266 39,739 504 31 Total mortgage-backed securities 375,884 386,235 10,443 92 Total securities available for sale $ 620,262 $ 620,956 $ 10,635 $ 9,941 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 123,050 $ — $ 6,950 Municipals 12,797 12,916 119 — Mutual funds 12,216 12,216 — — Collateralized loan obligations 100,349 99,137 — 1,212 Other 1,332 1,332 — — Total other securities 256,694 248,651 119 8,162 REMIC and CMO 348,236 348,989 2,193 1,440 GNMA 653 704 51 — FNMA 104,235 104,882 1,073 426 FHLMC 68,476 69,274 871 73 Total mortgage-backed securities 521,600 523,849 4,188 1,939 Total securities available for sale $ 778,294 $ 772,500 $ 4,307 $ 10,101 We did not hold any private issue CMO’s that are collateralized by commercial real estate mortgages at September 30, 2020 and December 31, 2019. The corporate securities held by the Company at September 30, 2020 and December 31, 2019 are issued by U.S. banking institutions. The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at September 30, 2020, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due after ten years $ 50,654 $ 53,268 Total other securities 50,654 53,268 Mortgage-backed securities 7,919 9,198 Total $ 58,573 $ 62,466 Amortized Securities available for sale: Cost Fair Value (In thousands) Due after one year through five years $ 45,000 $ 43,654 Due after five years through ten years 110,431 104,599 Due after ten years 76,256 73,777 Total other securities 231,687 222,030 Mutual funds 12,691 12,691 Mortgage-backed securities 375,884 386,235 Total $ 620,262 $ 620,956 The following tables show the Company’s securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at the dates indicated: At September 30, 2020 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 14 $ 113,324 $ 6,676 $ — $ — $ 113,324 $ 6,676 Collateralized loan obligations 13 97,299 3,173 7,293 183 90,006 2,990 Total other securities 27 210,623 9,849 7,293 183 203,330 9,666 REMIC and CMO 2 5,663 39 5,663 39 — — GNMA (1) 1 48 — 48 — — — FNMA 1 8,652 22 — — 8,652 22 FHLMC 1 13,449 31 13,449 31 — — Total mortgage-backed securities 5 27,812 92 19,160 70 8,652 22 Total securities available for sale 32 $ 238,435 $ 9,941 $ 26,453 $ 253 $ 211,982 $ 9,688 (1) At September 30, 2020, the unrealized loss was less than $1,000 and in a continuous loss position for less than 12 months. At December 31, 2019 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 16 $ 123,050 $ 6,950 $ — $ — $ 123,050 $ 6,950 Collateralized loan obligations 13 99,137 1,212 25,451 108 73,686 1,104 Total other securities 29 222,187 8,162 25,451 108 196,736 8,054 REMIC and CMO 23 120,989 1,440 102,384 1,117 18,605 323 GNMA 1 49 — 49 — — — FNMA 8 67,618 426 19,073 138 48,545 288 FHLMC 1 30,200 73 — — 30,200 73 Total mortgage-backed securities 33 218,856 1,939 121,506 1,255 97,350 684 Total securities available for sale 62 $ 441,043 $ 10,101 $ 146,957 $ 1,363 $ 294,086 $ 8,738 The Company reviewed each available for sale debt security that had an unrealized loss at September 30, 2020 and December 31, 2019. At September 30, 2020, the Company evaluated whether the decline in fair value of a debt security resulted from credit losses or other factors under ASC 326. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. All of these securities are rated investment grade or above and have a long history of no credit losses. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. In determining the risk of loss for available for sale securities, the Company considered that mortgage-backed securities are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to U.S. government, the issuer of Corporate securities are global systematically important banks, and the tranche of the purchased CLO’s. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. Based on this review, m anagement believes that the unrealized losses have resulted from other factors not deemed credit-related and no allowance for credit loss was recorded Accrued interest receivable on available-for-sale debt securities totaled $1.4 million at September 30, 2020 and is excluded from the estimate of credit losses. Upon adoption of ASC Topic 326, “Credit Losses” on January 1, 2020, see Note 17 related to the adoption of Topic 326, we recorded a transition adjustment of $0.3 million in the allowance for credit losses for held-to-maturity debt securities. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended September 30, 2020: Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ 402 Provision — — Allowance for credit losses - securities $ — $ 402 The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the nine months ended September 30, 2020: Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ — CECL adoption — 340 Provision — 62 Allowance for credit losses - securities $ — $ 402 Realized gains and losses on the sales of securities are determined using the specific identification method. The Company did not sell any securities during three months ended September 30, 2020 and 2019. The Company sold $130.8 million and $26.4 million in mortgage-backed securities during the nine months ended September 30, 2020 and 2019, respectively. The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Gross gains from the sale of securities $ — $ — $ 1,476 $ 423 Gross losses from the sale of securities — — (1,567) (438) Net losses from the sale of securities $ — $ — $ (91) $ (15) |
Loans
Loans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans | 5. Loans Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. Interest on loans is recognized on the accrual basis. Accrued interest receivable totaled $33.5 million at September 30, 2020 and was reported in “Interest and dividends receivable” on the Consolidated Statements of Financial Condition. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur. Pursuant to the CARES Act, loan modifications made between March 1, 2020 and the earlier of i) December 30, 2020 or ii) 60 days after the President declares a termination of the COVID-19 national emergency are not classified as TDRs if the related loans were not more than 30 days past due as of December 31, 2019. The Company has elected that loans temporarily modified for borrowers directly impacted by COVID-19 are not considered TDR, assuming the above criteria is met and as such, these loans are considered current and continue to accrue interest at its original contractual terms. Deferrals granted under the Cares Act are deemed in accrual status and interest income is accrued until the end of deferral period even if there are no payments being collected. When the forbearance period is over, borrowers are expected to resume contractual payments. The determination of whether a loan is past due is based on the modified terms of the agreement. Once the deferral period is over, the borrower will resume making payments and normal delinquency-based non-accrual policies will apply. The Company recognizes a loan as non-performing when the borrower has demonstrated the inability to bring the loan current, or due to other circumstances which, in management’s opinion, indicate the borrower will be unable to bring the loan current within a reasonable time. All loans classified as non-performing, which includes all loans past due 90 days or more, are classified as non-accrual unless the loan is well secured and there is, in our opinion, compelling evidence the borrower will bring the loan current in the immediate future. Prior to a real estate secured loan becoming 90 days delinquent, an updated appraisal is ordered and/or an internal evaluation is prepared. Allowance for credit losses The Allowance for credit losses (“ACL”) is an estimate that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial assets. Loans are charged off against that ACL when management believes that a loan balance is uncollectable based on quarterly analysis of credit risk. As of January 1, 2020, the Company adopted Topic 326, see Note 17 related to the adoption of Topic 326. The amount of the ACL is based upon a loss rate model that considers multiple factors which reflects management’s assessment of the credit quality of the loan portfolio. Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The factors are both quantitative and qualitative in nature including, but not limited to, historical losses, economic conditions, trends in delinquencies, value and adequacy of underlying collateral, volume and portfolio mix, and internal loan processes. The quantitative allowance is calculated using a number of inputs and assumptions. The process and guidelines were developed using, among other factors, the guidance from federal banking regulatory agencies and GAAP. The results of this process, support management’s assessment as to the adequacy of the ACL at each balance sheet date. The process for calculating the allowance for credit losses begins with our historical losses by portfolio segment. The losses are then incorporated into reasonable and supportable forecast to develop the quantitative component of the allowance for credit losses. The Bank has established an Asset Classification Committee which carefully evaluates loans which are past due 90 days and/or are classified. The Asset Classification Committee thoroughly assesses the condition and circumstances surrounding each loan meeting the criteria. The Bank also has a Delinquency Committee that evaluates loans meeting specific criteria. The Bank’s loan policy requires loans to be placed into non-accrual status once the loan becomes 90 days delinquent unless there is, compelling evidence the borrower will bring the loan current in the immediate future. For the quantitative measurement, the Company’s portfolio consists of mortgage loans secured by real estate (both commercial and retail) and non-mortgage loans, which are primarily commercial business term loans and line of credit. Based on the Company’s evaluation of the loan portfolio, listed below are the pools that were established as a baseline level of segmentation with their primary risk factor. The Company confirms this data remains relevant in absence of changes to the composition of the portfolio. The mortgage portfolio is a substantial component of Company’s portfolio and it is a focus of the Company’s lending strategy, primarily focusing on multi-family and commercial real estate. While the mortgage portfolio consists of real-estate secured loans, the source of repayment and types of properties securing these loans varies and thus the Company first considered these differences as follows: 1. One-to-four family residential property – These loans are secured by residential properties for which the primary source of repayment is the income generated by the residential borrower. Delinquency status is considered a risk factor in this pool. 2. One-to-four family mixed use – These loans are secured by residential properties for which the primary source of repayment is the income generated by the property. Unlike the one-to-four residential credits, properties securing mixed use loans include a commercial space component. Delinquency status is considered a risk factor in this pool. 3. Multi-family residential – These loans are secured by multi-unit residential buildings for which the primary source of repayment is the income generated by the property. Properties securing multifamily loans have five or more residential units and thus a greater number of cash flow streams compared to one-to-four mixed use loans. Delinquency status and risk rating are considered risk factors in this pool. 4. Commercial real estate (CRE) – These loans are secured by properties for commercial use for which the primary source of repayment is the income generated by the property. Delinquency status, risk rating and collateral type are considered risk factors in this pool. 5. Construction – These loans are provided to fund construction projects for both residential and commercial properties. These loans are inherently different from all others as they represent “work in progress” and expose the Company to risk from non-completion and less recovery value should the sponsor of an unfinished property default. Delinquency status and risk rating are considered risk factors in this pool. Relative to the non-mortgage portfolio, the Company considered the following categories as a baseline for evaluation: 6. Commercial Business – These loans are not typically secured by real estate. The primary source of repayment is cash flows from operations of the borrower’s business. Within this category are Small Business Administration (“SBA”) credits and equipment finance credits. Delinquency status, risk rating and industry are considered a risk factors in this pool. 7. Commercial Business secured by real estate – These loans are secured by properties used by the borrower for commercial use where the primary source of repayment is expected to be the income generated by the borrower’s business use of the property. As a result of the Coronavirus pandemic and the strain placed upon many businesses, the Company recognized in circumstances where the borrower is not performing, the real estate collateral would be the source of repayment. The Company considers these credits to be less risky than commercial business loans, however, riskier than commercial real estate loans. Delinquency status, risk rating and industry are considered risk factors in this pool. 8. Taxi Medallions – These loans consist primarily of loans made to New York taxi medallion owners and are secured by liens on the taxi medallions. No new taxi medallions have been originated since 2014, the remaining portfolio is running off and all credits are individually evaluated for expected credit losses. Lastly, the Company identified that the remainder of the portfolio includes overdraft lines of credit. 9. Overdrafts – These are unsecured consumer lines of credits and are an immaterial component of the Company’s portfolio. For the qualitative measurement, the Company aggregated the portfolio segments according to three business units: business banking, residential and commercial real estate. In accordance with the interagency statement and SEC guidance, Management evaluates nine qualitative risk factors to determine if the risk is captured elsewhere in the ACL process. If not captured elsewhere, the Company has identified specific risk factors to evaluate and incorporate into its Qualitative Framework. Some risk factors include time to maturity, origination loan-to-value, loan type composition, the value of underlying collateral, changes in policies and procedures for lending strategies and underwriting standards, collection and recovery practices, internal credit review, changes in personnel, divergence between the levels of NYC and national unemployment, divergence between the NYC GDP and national GDP, industry concentrations and riskiness and large borrower concentrations. The Company recorded a provision for loans losses totaling $2.5 million and $19.2 million for the three months and nine months ending September 30, 2020, respectively, primarily due to the economic conditions resulting from COVID-19 and the growth in the loan portfolio. The Company specifies both the reasonable and supportable forecast and reversion periods in three economic conditions (expansion, transition, contraction). When calculating the ACL estimate for September 30, 2020, Management acknowledged deteriorated economic conditions as a result of the COVID-19 pandemic were captured in the forecast within the model platform. As such, when determining the reasonable and supportable forecast, Management adjusted the period to reflect a forecast of four quarters, to align with a previously established framework for contraction periods. Similarly, the reversion period was adjusted to four quarters. Management believed these adjustments are necessary as the forecast has suggested more stability than at the beginning of the COVID-19 pandemic. This resulted in the ACL for loans totaling $38.3 million at September 30, 2020, representing 0.65% of gross loans and 154.7% of non-performing loans compared to $21.8 million at December 31, 2019. In response to COVID-19, the Company is actively assisting customers by providing modifications in the form of deferrals of interest, principal and/or escrow for terms ranging from one and normal delinquency-based non-accrual policies will apply. These loans were captured in the portfolio segments described above and the potential losses captured in the variables used in the ACL calculation. The Company may restructure loans that are not directly impacted by COVID-19 to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. This restructure may include reducing the interest rate or amount of the monthly payment for a specified period of time, after which the interest rate and repayment terms revert to the original terms of the loan. We classify these loans as TDR. The Company believes that restructuring these loans in this manner will allow certain borrowers to become and remain current on their loans. All loans classified as TDR are individually evaluated, however TDR loans which have been current for six consecutive months at the time they are restructured as TDR remain on accrual status and are not included as part of non-performing loans. Loans which were delinquent at the time they are restructured as a TDR are placed on non-accrual status and reported as non-accrual performing TDR loans until they have made timely payments for six consecutive months. These restructurings have not included a reduction of principal balance. The allocation of a portion of the allowance for loan losses for a performing TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate, or for a non-performing TDR loan which is collateral dependent, the fair value of the collateral. At September 30, 2020, there were no commitments to lend additional funds to borrowers whose loans were modified to a TDR. The modification of loans to a TDR did not have a significant effect on our operating results, nor did it require a significant allocation of the allowance for loan losses. The following table shows TDR loan modifications and classified as TDR loans during the periods indicated. For the three and nine months ended September 30, 2020 September 30, 2019 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - mixed-use property 1 $ 270 Below market interest rate. — — Commercial business and other — — 3 $ 951 Amortization extension Total 1 $ 270 3 $ 951 The following table shows our recorded investment for loans classified as TDR at amortized cost that are performing according to their restructured terms at the periods indicated: September 30, 2020 Number Amortized (Dollars in thousands) of contracts Cost Multi-family residential 7 $ 1,876 One-to-four family - mixed-use property (1) 5 1,744 One-to-four family - residential 3 513 Taxi medallion (1) 1 99 Commercial business and other (1) 3 950 Total performing troubled debt restructured 19 $ 5,182 (1) These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated : December 31, 2019 Number Recorded (Dollars in thousands) of contracts investment Multi-family residential 7 $ 1,873 One-to-four family - mixed-use property 4 1,481 One-to-four family - residential 3 531 Taxi medallion (1) 7 1,668 Commercial business and other (1) 3 941 Total performing troubled debt restructured 24 $ 6,494 (1) These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis. During the three and nine months ended September 30, 2020 and 2019, there were no defaults of TDR loans within 12 months of their modification date. The following table shows our recorded investment for loans classified as TDR at amortized cost that are not performing according to their restructured terms at the periods indicated: September 30, 2020 Number Amortized (Dollars in thousands) of contracts Cost Taxi medallion 10 $ 1,823 Commercial business and other 1 279 Total troubled debt restructurings that subsequently defaulted 11 $ 2,102 The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated: December 31, 2019 Number Recorded (Dollars in thousands) of contracts investment Taxi medallion 4 $ 1,065 Commercial business and other 1 279 Total troubled debt restructurings that subsequently defaulted 5 $ 1,344 The following table shows our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for period shown below: At or for the nine months ended September 30, 2020 Non-Accrual Loans ninety days Total Non-Accrual with no related Interest Income or more past due (In thousands) Amortized Cost Allowance Recognized and still accruing: Multi-family residential $ 2,723 $ 2,723 $ — $ — Commercial real estate 2,714 2,714 — — One-to-four family - mixed-use property 1,704 1,704 — — One-to-four family - residential 5,922 5,922 — — Small Business Administration 1,169 1,169 — — Taxi medallion (1) 2,318 2,318 — — Commercial business and other (1) 9,278 6,456 32 — Total $ 25,828 $ 23,006 $ 32 $ — (1) The following table shows our non-performing loans at the period indicated: December 31, (In thousands) 2019 Loans ninety days or more past due and still accruing: Multi-family residential $ 445 Total 445 Non-accrual mortgage loans: Multi-family residential 2,296 Commercial real estate 367 One-to-four family - mixed-use property 274 One-to-four family - residential 5,139 Total 8,076 Non-accrual non-mortgage loans: Small Business Administration 1,151 Taxi medallion (1) 1,641 Commercial business and other (1) 1,945 Total 4,737 Total non-accrual loans 12,813 Total non-performing loans $ 13,258 (1) Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.7 million at December 31, 2019, respectively and non-accrual performing TDR commercial business loans totaling $0.9 million at December 31, 2019. The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 491 $ 416 $ 1,296 $ 1,224 Less: Interest income included in the results of operations 78 89 240 330 Total foregone interest $ 413 $ 327 $ 1,056 $ 894 The following tables shows the aging of the amortized cost basis in past-due loans at the period indicated by class of loans: September 30, 2020 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 4,499 $ 777 $ 2,723 $ 7,999 $ 2,251,453 $ 2,259,452 Commercial real estate 525 192 2,714 3,431 1,635,986 1,639,417 One-to-four family - mixed-use property 3,048 559 1,429 5,036 584,562 589,598 One-to-four family - residential 2,118 689 5,922 8,729 192,052 200,781 Construction loans — — — — 63,406 63,406 Small Business Administration — — 1,169 1,169 122,311 123,480 Taxi medallion 198 99 2,021 2,318 — 2,318 Commercial business and other 112 — 6,456 6,568 1,056,378 1,062,946 Total $ 10,500 $ 2,316 $ 22,434 $ 35,250 $ 5,906,148 $ 5,941,398 The following tables show by delinquency an analysis of our recorded investment in loans at the periods indicated by class of loans: December 31, 2019 Greater 30 - 59 Days 60 - 89 Days than Total Past Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 4,042 $ 1,563 $ 2,741 $ 8,346 $ 2,230,245 $ 2,238,591 Commercial real estate — 4,941 367 5,308 1,576,700 1,582,008 One-to-four family - mixed-use property 1,117 496 274 1,887 590,584 592,471 One-to-four family - residential 720 1,022 5,139 6,881 181,335 188,216 Co-operative apartments — — — — 8,663 8,663 Construction loans — — — — 67,754 67,754 Small Business Administration — — 1,151 1,151 13,294 14,445 Taxi medallion — — 1,065 1,065 2,244 3,309 Commercial business and other 2,340 5 1,945 4,290 1,057,188 1,061,478 Total $ 8,219 $ 8,027 $ 12,682 $ 28,928 $ 5,728,007 $ 5,756,935 The following tables show the activity in the allowance for loan losses for the three month periods indicated: September 30, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 8,935 $ 6,971 $ 2,826 $ 1,161 $ 183 $ 1,386 $ — $ 15,248 $ 36,710 Charge-offs — — — — — — (951) (13) (964) Recoveries 14 — 60 2 — 47 — 4 127 Provision (benefit) (1,553) 1,576 (1,208) (483) 35 450 951 2,702 2,470 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 September 30, 2019 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,506 $ 4,265 $ 1,786 $ 746 $ 381 $ 382 $ — $ 8,444 $ 21,510 Charge-offs (189) — — — — — — (242) (431) Recoveries 6 — 140 3 — 32 — 92 273 Provision (benefit) 54 99 (120) (4) 37 (57) — 674 683 Ending balance $ 5,377 $ 4,364 $ 1,806 $ 745 $ 418 $ 357 $ — $ 8,968 $ 22,035 See also Note 17 for the adoption of ASC Topic 326, “Credit Loses”. The following tables show the activity in the allowance for loan losses for the nine month periods indicated: September 30, 2020 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ 441 $ 363 $ — $ 8,554 $ 21,751 Impact of CECL Adoption (650) 1,170 (55) (160) (279) 1,180 — (827) 379 Charge-off's — — (3) — — (178) (951) (2,121) (3,253) Recoveries 27 — 138 10 — 67 — 18 260 Provision 2,628 2,948 (219) 74 56 451 951 12,317 19,206 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 September 30, 2019 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ 329 $ 418 $ — $ 7,591 $ 20,945 Charge-off's (190) — (1) (113) — — — (2,379) (2,683) Recoveries 30 7 228 10 — 52 134 183 644 Provision (Benefit) (139) 42 (288) 99 89 (113) (134) 3,573 3,129 Ending balance $ 5,377 $ 4,364 $ 1,806 $ 745 $ 418 $ 357 $ — $ 8,968 $ 22,035 See also Note 17 for the adoption of ASC Topic 326, “Credit Loses”. In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not fall within one of the previous mentioned categories and management believes weakness is evident then we designate the loan as “Watch”, all other loans would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Credit Losses. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications, but does contain a potential weakness that deserves closer attention. Loans that are in forbearance pursuant to the CARES Act, primarily continued to be reported in the same category as they were reported immediately prior to modification. The following table summarizes the risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination : For the year ended Revolving Loans, Lines of Credit Amortized Cost converted to (In thousands) 2020 2019 2018 2017 2016 Prior Basis term loans 1-4 Family Residential Pass $ 22,735 $ 25,030 $ 27,827 $ 15,548 $ 11,231 $ 59,657 $ 7,678 $ 18,095 Watch 489 — — — — 2,936 299 2,011 Special Mention — — — — — 667 — 492 Substandard — — — — 960 3,390 — 1,736 Total 1-4 Family Residential $ 23,224 $ 25,030 $ 27,827 $ 15,548 $ 12,191 $ 66,650 $ 7,977 $ 22,334 1-4 Family Mixed-Use Pass $ 27,156 $ 66,500 $ 74,828 $ 59,923 $ 53,344 $ 288,858 $ — $ — Watch — 1,873 903 2,013 1,146 8,556 — — Special Mention — — 379 — — 1,179 — — Substandard — 620 806 — — 1,514 — — Total 1-4 Family Mixed Use $ 27,156 $ 68,993 $ 76,916 $ 61,936 $ 54,490 $ 300,107 $ — $ — Commercial Real Estate Pass $ 118,019 $ 248,812 $ 281,920 $ 189,592 $ 213,553 $ 482,495 $ — $ — Watch — 8,606 — 4,883 28,203 58,587 — — Special Mention — 981 — 192 — 861 — — Substandard — 1,702 — — — 1,011 — — Total Commercial Real Estate $ 118,019 $ 260,101 $ 281,920 $ 194,667 $ 241,756 $ 542,954 $ — $ — Construction Pass $ 10,058 $ 14,751 $ 31,402 $ — $ — $ — $ — $ — Watch — 886 5,631 — — — — — Special Mention — — 678 — — — — — Total Construction $ 10,058 $ 15,637 $ 37,711 $ — $ — $ — $ — $ — Multifamily Pass $ 174,397 $ 309,564 $ 364,298 $ 356,206 $ 269,388 $ 749,946 $ 3,433 $ — Watch — 1,571 — 2,537 2,784 19,504 865 — Special Mention — — — — 699 776 — — Substandard — — 1,999 — — 1,485 — — Total Multifamily $ 174,397 $ 311,135 $ 366,297 $ 358,743 $ 272,871 $ 771,711 $ 4,298 $ — Commercial Business - Secured by RE Pass $ 68,713 $ 91,282 $ 56,704 $ 22,051 $ 47,335 $ 82,368 $ — $ — Watch — — 7,080 1,320 — 416 — — Substandard — — — — — 3,331 — — Total Commercial Business - Secured by RE $ 68,713 $ 91,282 $ 63,784 $ 23,371 $ 47,335 $ 86,115 $ — $ — Commercial Business Pass $ 59,956 $ 137,475 $ 108,265 $ 64,737 $ 17,573 $ 67,940 $ 186,882 $ — Watch — 2,889 4,112 7,880 — 10 10,935 — Special Mention — 51 2,411 — 2,418 — (26) — Substandard 39 — — 4,810 — 1,711 171 — Doubtful — — — — — 1,872 — Total Commercial Business $ 59,995 $ 140,415 $ 114,788 $ 77,427 $ 19,991 $ 69,661 $ 199,834 $ — Small Business Administration Pass $ 110,121 $ 1,067 $ 3,590 $ 1,043 $ 2,551 $ 1,625 $ — $ — Watch — — — 2,257 — — — — Special Mention — — — — — 50 — — Substandard — — — 1,169 7 — — — Total Small Business Administration $ 110,121 $ 1,067 $ 3,590 $ 4,469 $ 2,558 $ 1,675 $ — $ — Taxi Medallions Substandard $ — $ — $ — $ — $ — $ 2,318 $ — $ — Total Taxi Medallions $ — $ — $ — $ — $ — $ 2,318 $ — $ — Other Pass $ — $ — $ — $ — $ — $ 136 $ 99 $ — Total Other $ — $ — $ — $ — $ — $ 136 $ 99 $ — Total Loans $ 591,683 $ 913,660 $ 972,833 $ 736,161 $ 651,192 $ 1,841,327 $ 212,208 $ 22,334 The following table sets forth the recorded investment in loans designated as Criticized or Classified at the period indicated: December 31, 2019 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 1,563 $ 2,743 $ — $ — $ 4,306 Commercial real estate 5,525 367 — — 5,892 One-to-four family - mixed-use property 1,585 453 — — 2,038 One-to-four family - residential 1,095 5,787 — — 6,882 Construction — — — — |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans held for sale | 6. Loans held for sale Loans held for sale are carried at the lower of cost or estimated fair value. At September 30, 2020 and December 31, 2019, the Bank did not have any loans held for sale. The Company has implemented a strategy of selling certain delinquent and non-performing loans. Once the Company has decided to sell a loan, the sale usually closes in a short period of time, generally within the same quarter. Loans designated held for sale are reclassified from loans held for investment to loans held for sale. Terms of sale include cash due upon the closing of the sale, no contingencies or recourse to the Company and servicing is released to the buyer. Additionally, at times the Company may sell participating interests in performing loans. There were no loan sales for three months ended September 30, 2020. The following tables show loans sold during the period indicated: For the three months ended September 30, 2019 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 700 $ — $ 204 Commercial business and other 1 3,248 — — Total 2 $ 3,948 $ — $ 204 For the nine months ended September 30, 2020 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 For the nine months ended September 30, 2019 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain (loss) Delinquent and non-performing loans Multi-family residential 3 $ 1,465 $ — $ 267 One-to-four family - mixed-use property 1 405 (1) — Commercial real estate 1 $ 3,248 $ — $ — Total 5 $ 5,118 $ (1) $ 267 Performing loans Small Business Administration 3 $ 2,069 $ — $ 114 Total 3 $ 2,069 $ — $ 114 |
Other Real Estate Owned
Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Other Real Estate Owned | 7. Other Real Estate Owned The following table shows changes in Other Real Estate Owned (“OREO”) during the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning of period $ 208 $ 239 $ 239 $ — Acquisitions — — — 239 Reductions to carrying value — — (31) — Sales (208) — (208) — Balance at end of period $ — $ 239 $ — $ 239 The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income during the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Gross gains $ — $ — $ — $ — Gross losses (5) — (5) — Write-down of carrying value — — (31) — Total income $ (5) $ — $ (36) $ — Included within net loans as of September 30, 2020 and December 31, 2019 were $6.1 million and $6.6 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 8. Leases The Company has 22 operating leases for branches (including headquarters) and office spaces, nine operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from two months to 15 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term. During the third quarter of 2020, the Company entered into one new branch lease, which is expected to open in the fourth quarter of 2020. Additionally, the Company executed an extension for one of its current branches and reduced office space at another location. The Company has elected the short-term lease recognition exemption such that the Company will not recognize Right-Of-Use (“ROU”) assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company’s operating lease expense totaled $1.9 million and was recorded in Occupancy and equipment on the Consolidated Statements of Income for each of the three month periods ended September 30, 2020 and 2019. The Company’s operating lease expense totaled $5.7 million and was recorded in Occupancy and equipment on the Consolidated Statements of Income for each of the nine month periods ended September 30, 2020 and 2019. The Company has one agreement that qualifies as a short-term lease with expense totaling approximately $34,000 for each of the three month periods ended September 30, 2020 and 2019 and approximately $102,000 for each of the nine month periods ended September 30, 2020 and 2019, included in Professional services on the Consolidated Statements of Income. The Company has $0.3 million and $0.2 million in variable lease payments, which include insurance and real estate tax expenses and was recorded in Occupancy and equipment on the Consolidated Statements of Income, for the three months ended September 30, 2020 and 2019, respectively. The Company has $0.8 million and $0.6 million in variable lease payments, which include insurance and real estate tax expenses and was recorded in Occupancy and equipment on the Consolidated Statements of Income, for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the weighted-average remaining lease term for our operating leases is approximately eight years Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2036. Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2020 December 31, 2019 Operating lease ROU assets $ 42,326 $ 41,254 Operating lease liabilities $ 49,737 $ 49,367 Weighted-average remaining lease term-operating leases 8.2 years 8.0 years Weighted average discount rate-operating leases 3.6 % 3.8 % The components of lease expense and cash flow information related to leases were as follows: For the three months ended (Dollars in thousands) September 30, 2020 September 30, 2019 Lease Cost Operating lease cost $ 1,895 $ 1,891 Short-term lease cost 34 34 Variable lease cost 281 267 Total lease cost $ 2,210 $ 2,192 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,101 $ 2,002 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,772 $ 1,253 For the nine months ended (Dollars in thousands) September 30, 2020 September 30, 2019 Lease Cost Operating lease cost $ 5,676 $ 5,676 Short-term lease cost 102 102 Variable lease cost 832 757 Total lease cost $ 6,610 $ 6,535 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,283 $ 6,052 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,822 $ 1,295 The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of September 30, 2020: Minimum Rental (In thousands) Years ended December 31: 2020 $ 1,715 2021 7,739 2022 7,491 2023 7,612 2024 7,650 Thereafter 24,935 Total minimum payments required 57,142 Less: Implied interest 7,405 Total lease obligations $ 49,737 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stock-Based Compensation | 9. Stock-Based Compensation On January 31, 2019, the Board of Directors approved a 2019 long-term incentive compensation program for certain Company executive officers that includes grants of performance-based restricted stock units (“PRSUs”) in addition to time-based restricted stock units (“RSU”). Under the terms of the PRSU Agreement, the number of PRSUs that may be earned depends on the extent to which performance goals for the award are achieved over a three-year performance period, as determined by the Compensation Committee of the Board. The number of PRSUs that may be earned ranges from 0% to 150% of the target award, with no PRSUs earned for below threshold-level performance, 50% of PRSUs earned for threshold-level performance, 100% of PRSUs earned for target-level performance, and 150% of PRSUs earned for maximum-level performance. As of September 30, 2020, PRSU’s granted in 2020 are being accrued at target and PRSU’s granted in 2019 are being accrued above target. The different levels of accrual are commensurate with the projected performance of the respective grant. For the three months ended September 30, 2020 and 2019, the Company’s net income, as reported, included $0.9 million and $1.2 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $0.2 million and $0.2 million of income tax benefits, respectively, related to the stock-based compensation plans. For the nine months ended September 30, 2020 and 2019, the Company’s net income, as reported, included $4.3 million and $6.5 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $1.0 million and $1.5 million of income tax benefits, respectively, related to the stock-based compensation plans. During the three months ended September 30, 2020, and 2019, the Company did not grant any RSU awards. During the three months ended September 30, 2020, the Company did not grant any PRSU awards. During the three months ended September 30, 2019, the Company granted 8,260 in PRSU awards. During the nine months ended September 30, 2020 and 2019, the Company granted 172,728 and 263,574 in RSU awards, respectively. During the nine months ended September 30, 2020 and 2019, the Company granted 72,143 and 66,130 in PRSU awards, respectively. The Company has not granted stock options since 2009 and at September 30, 2020, had none outstanding. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight-line method. The following table summarizes the Company’s RSU and PRSU awards at or for the nine months ended September 30, 2020: RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested at December 31, 2019 428,295 $ 24.42 34,186 $ 22.38 Granted 172,728 19.66 72,143 20.38 Vested (241,246) 22.38 (35,149) 20.54 Forfeited (5,545) 24.62 — — Non-vested at September 30, 2020 354,232 $ 23.48 71,180 $ 21.26 Vested but unissued at September 30, 2020 217,642 $ 23.26 62,515 $ 21.35 As of September 30, 2020, there was $6.3 million of total unrecognized compensation cost related to RSU and PRSU awards granted. That cost is expected to be recognized over a weighted-average period of 2.5 years. The total fair value of awards vested for the three months ended September 30, 2020 and 2019 was $0.2 million and $0.7 million, respectively. The total fair value of awards vested for the nine months ended September 30, 2020 and 2019 was $5.2 million and $6.9 million, respectively. The vested but unissued RSU and PRSU awards consist of awards made to employees and directors who are eligible for retirement. According to the terms of these awards, which provide for vesting upon retirement, these employees and directors have no risk of forfeiture. These shares will be issued at the original contractual vesting and settlement dates. Phantom Stock Plan: The following table summarizes the Phantom Stock Plan at or for the nine months ended September 30, 2020: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2019 109,226 $ 21.61 Granted 10,392 14.58 Distributions (890) 11.73 Outstanding at September 30, 2020 118,728 $ 10.52 Vested at September 30, 2020 118,677 $ 10.52 The Company recorded stock-based compensation benefit for the Phantom Stock Plan of $0.1 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively. The total fair value of the distributions from the Phantom Stock Plan was $3,000 and less than $1,000 for the three months ended September 30, 2020 and 2019, respectively. The Company recorded stock-based compensation benefit for the Phantom Stock Plan of $1.2 million and $0.1 million for the nine months ended September 30, 2020 and 2019, respectively. The total fair value of the distributions from the Phantom Stock Plan was less than $10,000 and $23,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefit Plans | 10. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. Three months ended Nine months ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Employee Pension Plan: Interest cost $ 163 $ 199 $ 489 $ 597 Amortization of actuarial loss 111 68 333 201 Expected return on plan assets (257) (272) (771) (816) Net employee pension expense (benefit) $ 17 $ (5) $ 51 $ (18) Outside Director Pension Plan: Service cost $ 4 $ 10 $ 11 $ 30 Interest cost 16 21 48 63 Amortization of actuarial gain (14) (35) (41) (105) Amortization of past service liability — — — — Net outside director pension expense (benefit) $ 6 $ (4) $ 18 $ (12) Other Postretirement Benefit Plans: Service cost $ 69 $ 70 $ 206 $ 210 Interest cost 64 85 194 255 Amortization of past service credit (21) (22) (64) (64) Net other postretirement expense $ 112 $ 133 $ 336 $ 401 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2019 that it expects to contribute $0.3 million to each of the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value of Financial Instruments | 11. Fair Value of Financial Instruments The Company carries certain financial assets and financial liabilities at fair value in accordance with GAAP which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At September 30, 2020, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.5 million and $38.3 million, respectively. At December 31, 2019, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.3 million and $44.4 million, respectively. The Company did not elect to carry any additional financial assets or financial liabilities under the fair value option during the three and nine months ended September 30, 2020 and 2019. The following table presents the financial assets and financial liabilities reported at fair value under the fair value option, and the changes in fair value included in the Consolidated Statement of Income – Net gain (loss) from fair value adjustments, at or for the periods ended as indicated: Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at September 30, at December 31, Three Months Ended Nine Months Ended (In thousands) 2020 2019 September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Mortgage-backed securities $ 672 $ 772 $ (1) $ — $ 1 $ 2 Other securities 13,841 13,548 83 107 120 470 Borrowed funds 38,287 44,384 (2,897) (599) 5,086 (2,353) Net gain (loss) from fair value adjustments (1)(2) $ (2,815) $ (492) $ 5,207 $ (1,881) (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $0.6 million and ($1.6) million for the three months ended September 30, 2020 and 2019, respectively, from the change in the fair value of interest rate swaps. (2) The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $3.2 million and $4.3 million for the nine months ended September 30, 2020 and 2019, respectively, from the change in the fair value of interest rate swaps. Included in the fair value of the financial assets and financial liabilities selected for the fair value option is the accrued interest receivable or payable for the related instrument. The Company reports as interest income or interest expense in the Consolidated Statement of Income, the interest receivable or payable on the financial instruments selected for the fair value option at their respective contractual rates. The borrowed funds had a contractual principal amount of $61.9 million at both September 30, 2020 and December 31, 2019. The fair value of borrowed funds includes accrued interest payable of $0.1 million and $0.2 million at September 30, 2020 and December 31, 2019, respectively. The Company generally holds its earning assets, other than securities available for sale, to maturity and settles its liabilities at maturity. However, fair value estimates are made at a specific point in time and are based on relevant market information. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular instrument. Accordingly, as assumptions change, such as interest rates and prepayments, fair value estimates change and these amounts may not necessarily be realized in an immediate sale. Disclosure of fair value does not require fair value information for items that do not meet the definition of a financial instrument or certain other financial instruments specifically excluded from its requirements. These items include core deposit intangibles and other customer relationships, premises and equipment, leases, income taxes and equity. Further, fair value disclosure does not attempt to value future income or business. These items may be material and accordingly, the fair value information presented does not purport to represent, nor should it be construed to represent, the underlying “market” or franchise value of the Company. Financial assets and financial liabilities reported at fair value are required to be measured based on either: (1) quoted prices in active markets for identical financial instruments (Level 1); (2) significant other observable inputs (Level 2); or (3) significant unobservable inputs (Level 3). A description of the methods and significant assumptions utilized in estimating the fair value of the Company’s assets and liabilities that are carried at fair value on a recurring basis are as follows: Level 1 – when quoted market prices are available in an active market. At September 30, 2020 and December 31, 2019, Level 1 included one mutual fund. Level 2 – when quoted market prices are not available, fair value is estimated using quoted market prices for similar financial instruments and adjusted for differences between the quoted instrument and the instrument being valued. Fair value can also be estimated by using pricing models, or discounted cash flows. Pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices and credit spreads. In addition to observable market information, models also incorporate maturity and cash flow assumptions. At September 30, 2020 and December 31, 2019, Level 2 included mortgage-backed securities, CLO’s, corporate debt, municipals and interest rate swaps. Level 3 – when there is limited activity or less transparency around inputs to the valuation, financial instruments are classified as Level 3. At September 30, 2020 and December 31, 2019, Level 3 included trust preferred securities owned and junior subordinated debentures issued by the Company. The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies, assumptions and models to determine fair value of certain financial instruments could produce different estimates of fair value at the reporting date. The following table sets forth the Company’s assets and liabilities that are carried at fair value on a recurring basis, including those reported at fair value under the fair value option, and the level that was used to determine their fair value, at September 30, 2020 and December 31, 2019: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 386,235 $ 523,849 $ — $ — $ 386,235 $ 523,849 Other securities 12,691 12,216 220,881 235,103 1,149 1,332 234,721 248,651 Interest rate swaps — — 416 2,352 — — 416 2,352 Total assets $ 12,691 $ 12,216 $ 607,532 $ 761,304 $ 1,149 $ 1,332 $ 621,372 $ 774,852 Liabilities: Borrowings $ — $ — $ — $ — $ 38,287 $ 44,384 $ 38,287 $ 44,384 Interest rate swaps — — 69,595 19,653 — — 69,595 19,653 Total liabilities $ — $ — $ 69,595 $ 19,653 $ 38,287 $ 44,384 $ 107,882 $ 64,037 The following tables set forth the Company’s assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the periods indicated: For the three months ended September 30, 2020 September 30, 2019 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,068 $ 35,570 $ 1,303 $ 43,414 Net (loss) gain from fair value adjustment of financial assets (1) 82 — 15 — Net (gain) loss from fair value adjustment of financial liabilities (1) — 2,897 — 599 Decrease in accrued interest receivable (1) — — — Decrease in accrued interest payable — (19) — (15) Change in unrealized gains included in other comprehensive income — (161) — (88) Ending balance $ 1,149 $ 38,287 $ 1,318 $ 43,910 Changes in unrealized gains held at period end $ — 2,384 — 1,513 (1) Totals in the table above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments. For the nine months ended September 30, 2020 September 30, 2019 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,332 $ 44,384 $ 1,256 $ 41,849 Net (loss) gain from fair value adjustment of financial assets (1) (180) — 64 — Net (gain) loss from fair value adjustment of financial liabilities (1) — (5,086) — 2,353 Decrease in accrued interest receivable (3) — (2) — Decrease in accrued interest payable — (104) — (27) Change in unrealized gains included in other comprehensive income — (907) — (265) Ending balance $ 1,149 $ 38,287 $ 1,318 $ 43,910 Changes in unrealized gains held at period end $ — 2,384 — 1,513 (1) Totals in the table above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments. During the three and nine months ended September 30, 2020 and 2019, there were no transfers between Levels 1, 2 and 3. The following tables present the quantitative information about recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: September 30, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,149 Discounted cash flows Discount rate n/a 5.0 % Liabilities: Junior subordinated debentures $ 38,287 Discounted cash flows Discount rate n/a 5.0 % December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,332 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 44,384 Discounted cash flows Discount rate n/a 4.2 % The significant unobservable inputs used in the fair value measurement of the Company’s trust preferred securities and junior subordinated debentures valued under Level 3 at September 30, 2020 and December 31, 2019, are the effective yields used in the cash flow models. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The following table sets forth the Company’s assets and liabilities that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value at September 30, 2020 and December 31, 2019: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a non-recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets Non-accrual loans $ — $ — $ — $ — $ 4,167 $ 1,081 $ 4,167 $ 1,081 Other real estate owned — — — — — 239 — 239 Total assets $ — $ — $ — $ — $ 4,167 $ 1,320 $ 4,167 $ 1,320 The following tables present the qualitative information about non-recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: September 30, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 2,112 Sales approach Reduction for planned expedited disposal (100.0%) to 15.0% (74.0%) Non-accrual loans $ 2,055 Discounted Cash flow Discount Rate 4.3% to 6.4% 5.1% Probability of Default 20.0% to 35.0% 29.0% At December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 809 Discounted Cash flow Discount Rate 6.4% 6.4% Probability of Default 20.0% 20.0% Impaired loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales (10.0%) to 15.0% 2.5% Capitalization Rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% Other real estate owned $ 239 Sales approach Reduction for planned expedited disposal 0.5% to 12.5% 6.5% The Company did not have any liabilities that were carried at fair value on a non-recurring basis at September 30, 2020 and December 31, 2019. The methods and assumptions used to estimate fair value at September 30, 2020 and December 31, 2019 are as follows: Securities: The fair values of securities are contained in Note 4 (“Securities”) of the Notes to Consolidated Financial Statements. Fair value is based upon quoted market prices, where available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities and adjusted for differences between the quoted instrument and the instrument being valued. When there is limited activity or less transparency around inputs to the valuation, securities are valued using discounted cash flows. Non-accrual Loans: For non-accruing loans, fair value is generally estimated by discounting management’s estimate of future cash flows with a discount rate commensurate with the risk associated with such assets or, for collateral dependent loans, 85% of the appraised or internally estimated value of the property, except for taxi medallion loans. The fair value of the underlying collateral of taxi medallion loans is the most recent reported arm’s length transaction. When there is no recent sale activity, the fair value is calculated using capitalization rates. See Note 5 (“Loans”) of the Notes to the Consolidated Financial Statements. Junior Subordinated Debentures: The fair value of the junior subordinated debentures was developed using a credit spread based on stated spreads for recently issued subordinated debt instruments for issuers of similar asset size and credit quality of the Company and with similar durations adjusting for differences in the junior subordinated debt’s credit rating, liquidity and time to maturity. The unrealized net gain/loss attributable to changes in our own credit risk was determined by adjusting the fair value as determined in the proceeding sentence by the average rate of default on debt instruments with a similar debt rating as our junior subordinated debentures, with the difference from the original calculation and this calculation resulting in the instrument-specific unrealized gain/loss. Other Real Estate Owned and Other Repossessed Assets: The fair value for OREO is based on appraised value through a current appraisal, or sometimes through an internal review, additionally adjusted by the estimated costs to sell the property. The fair value for other repossessed assets are based upon the most recently reported arm’s length sales transaction. When there is no recent sale activity, the fair value is calculated using capitalization rates. Interest Rate Swaps: The fair value of interest rate swaps is based upon broker quotes. The following tables set forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: September 30, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 75,560 $ 75,560 $ 75,560 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,919 9,198 — 9,198 — Other securities 50,654 53,268 — — 53,268 Securities available for sale Mortgage-backed securities 386,235 386,235 — 386,235 — Other securities 234,721 234,721 12,691 220,881 1,149 Loans 5,941,398 6,030,154 — — 6,030,154 FHLB-NY stock 57,119 57,119 — 57,119 — Accrued interest receivable 36,068 36,068 1 1,473 34,594 Interest rate swaps 416 416 — 416 — Liabilities: Deposits $ 4,963,495 $ 4,970,920 $ 3,911,851 $ 1,059,069 $ — Borrowings 1,323,975 1,333,147 — 1,294,860 38,287 Accrued interest payable 6,111 6,111 — 6,111 — Interest rate swaps 69,595 69,595 — 69,595 — December 31, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 49,787 $ 49,787 $ 49,787 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,934 8,114 — 8,114 — Other securities 50,954 53,998 — — 53,998 Securities available for sale Mortgage-backed securities 523,849 523,849 — 523,849 — Other securities 248,651 248,651 12,216 235,103 1,332 Loans 5,772,206 5,822,124 — — 5,822,124 FHLB-NY stock 56,921 56,921 — 56,921 — Accrued interest receivable 25,722 25,722 9 2,519 23,194 Interest rate swaps 2,352 2,352 — 2,352 — Liabilities: Deposits $ 5,066,424 $ 5,070,046 $ 3,628,534 $ 1,441,512 $ — Borrowings 1,237,231 1,389,883 — 1,345,499 44,384 Accrued interest payable 6,752 6,752 — 6,752 — Interest rate swaps 19,653 19,653 — 19,653 — |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Derivative Financial Instruments | 12. Derivative Financial Instruments At September 30, 2020 and December 31, 2019, the Company’s derivative financial instruments consist of interest rate swaps. The Company’s interest rate swaps are used for four purposes: 1) to mitigate the Company’s exposure to rising interest rates on a portion ($18.0 million) of its floating rate junior subordinated debentures that have a contractual value of $61.9 million, at September 30, 2020 and December 31, 2019; 2) to mitigate the Company’s exposure to rising interest rates on certain fixed rate loans totaling $318.6 million and $326.0 million at September 30, 2020 and December 31, 2019, respectively; 3) to facilitate risk management strategies for our loan customers with $41.2 million of swaps outstanding, which include $20.6 million with customers and $20.6 million were from bank counterparties at September 30, 2020 and 4) to mitigate exposure to rising interest rates on certain short-term advances totaling $1,021.5 million and $541.5 million at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, we held derivatives designated as cash flow hedges, fair value hedges and certain derivatives not designated as hedges. The Company’s derivative instruments are carried at fair value in the Company’s financial statements as part of Other Assets for derivatives with positive fair values and Other Liabilities for derivatives with negative fair values. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not it qualifies and has been designated as a hedge for accounting purposes, and further, by the type of hedging relationship. At September 30, 2020 and December 31, 2019, derivatives with a combined notional amount of $59.2 million and $18.0 million, respectively, were not designated as hedges. At September 30, 2020 and December 31, 2019, derivatives with a combined notional amount of $318.6 million and $326.0 million, respectively, were designated as fair value hedges. At September 30, 2020 and December 31, 2019, derivatives with a combined notional amount of $1,021.5 million and $541.5 million, respectively, were designated as cash flow hedges. For cash flow hedges, the changes in the fair value of the derivative is reported in accumulated other comprehensive income (loss), net of tax. Amounts in accumulated other comprehensive income (loss) are reclassified into earnings in the same period during which the hedged forecasted transaction effects earnings. During the three months ended September 30, 2020 and 2019, $1.4 million and $0.4 million, respectively, were reclassified from accumulated other comprehensive loss to interest expense. During the nine months ended September 30, 2020 and 2019, $2.1 million and $1.3 million, respectively, were reclassified from accumulated other comprehensive loss to interest expense. The estimated amount to be reclassified in the next 12 months out of the accumulated comprehensive income (loss) into earnings is $2.9 million. Changes in the fair value of interest rate swaps not designated as hedges are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. The following table sets forth information regarding the Company’s derivative financial instruments at the periods indicated: September 30, 2020 December 31, 2019 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) (In thousands) Interest rate swaps (fair value hedge) $ — $ — $ 139,960 $ 2,352 Interest rate swaps (non-hedge) 20,600 416 — — Interest rate swaps (fair value hedge) 318,569 (34,078) 186,009 (7,769) Interest rate swaps (cash flow hedge) 1,021,500 (28,527) 541,500 (8,350) Interest rate swaps (non-hedge) 38,600 (6,990) 18,000 (3,534) Total derivatives $ 1,399,269 $ (69,179) $ 885,469 $ (17,301) (1) Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated: For the three months ended For the nine months ended September 30, September 30, (In thousands) Affected Line Item in the Statement Where Net income is Presented 2020 2019 2020 2019 Financial Derivatives: Other interest expense $ (132) $ (38) $ (298) $ (87) Net gain (loss) from fair value adjustments 590 (1,632) (3,220) (4,279) Interest rate swaps (non-hedge) 458 (1,670) (3,518) (4,366) Interest rate swaps (fair value hedge) Interest and fees on loans (1,158) (1,041) (4,863) (1,833) Interest rate swaps (cash flow hedge) Other interest expense (2,511) 301 (4,057) 1,362 Net loss $ (3,211) $ (2,410) $ (12,438) $ (4,837) The Company’s interest rate swaps are subject to master netting arrangements between the Company and its three designated counterparties. The Company has not made a policy election to offset its derivative positions. The following tables present the effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition as of the dates indicated: September 30, 2020 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 416 $ — $ 416 $ — $ — $ 416 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 69,595 $ — $ 69,595 $ 73,812 $ 450 $ (4,667) December 31, 2019 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 2,352 $ — $ 2,352 $ — $ — $ 2,352 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 19,653 $ — $ 19,653 $ 19,265 $ — $ 388 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Taxes | 13. Income Taxes Flushing Financial Corporation files consolidated Federal and combined New York State and New York City income tax returns with its subsidiaries, with the exception of the Company’s trusts, which file separate Federal income tax returns as trusts, and Flushing Preferred Funding Corporation, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. As of September 30, 2020, the Company is undergoing examination for its New York State income tax returns for 2014, 2015 and 2016 and its New York City income tax return for 2015, 2016 and 2017. Income tax provisions are summarized as follows: For the three months For the nine months ended September 30, ended September 30, 2020 2019 2020 2019 (In thousands) Federal: Current $ 4,626 $ 3,578 $ 11,290 $ 9,354 Deferred (1,267) (1,121) (2,635) (1,973) Total federal tax provision 3,359 2,457 8,655 7,381 State and Local: Current 1,491 1,345 2,975 2,518 Deferred (361) (1,266) (1,539) (1,804) Total state and local tax provision 1,130 79 1,436 714 Total income tax provision $ 4,489 $ 2,536 $ 10,091 $ 8,095 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss): The following tables sets forth the changes in accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (2,708) $ (21,473) $ (878) $ 1,537 $ (23,522) Other comprehensive income before reclassifications, net of tax 3,185 937 — 111 4,233 Amounts reclassified from accumulated other comprehensive income, net of tax — 929 52 — 981 Net current period other comprehensive income, net of tax 3,185 1,866 52 111 5,214 Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) For the three months ended September 30, 2019 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,815) $ (6,132) $ (1,658) $ 989 $ (10,616) Other comprehensive income before reclassifications, net of tax (475) (1,664) — 61 (2,078) Amounts reclassified from accumulated other comprehensive income, net of tax — (282) 7 — (275) Net current period other comprehensive income (loss), net of tax (475) (1,946) 7 61 (2,353) Ending balance, net of tax $ (4,290) $ (8,078) $ (1,651) $ 1,050 $ (12,969) For the nine months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Other comprehensive income before reclassifications, net of tax 4,397 (15,215) — 627 (10,191) Amounts reclassified from accumulated other comprehensive income, net of tax 62 1,471 157 — 1,690 Net current period other comprehensive income (loss), net of tax 4,459 (13,744) 157 627 (8,501) Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) For the nine months ended September 30, 2019 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (15,649) $ 3,704 $ (1,673) $ 866 $ (12,752) Other comprehensive income before reclassifications, net of tax 11,349 (10,914) — 184 619 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 10 (868) 22 — (836) Net current period other comprehensive income, net of tax 11,359 (11,782) 22 184 (217) Ending balance, net of tax $ (4,290) $ (8,078) $ (1,651) $ 1,050 $ (12,969) The following tables set forth significant amounts reclassified from accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ (1,352) Other interest expense 423 Provision for income taxes $ (929) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (97) (1) Other operating expense Prior service credits 21 (1) Other operating expense (76) Total before tax 24 Provision for income taxes $ (52) Net of tax For the three months ended September 30, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ 409 Other interest expense (127) Provision for income taxes $ 282 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (33) (1) Other operating expense Prior service credits 22 (1) Other operating expense (11) Total before tax 4 Provision for income taxes $ (7) Net of tax For the nine months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities $ (91) Net loss on sale of securities 29 Provision for income taxes $ (62) Net of tax Cash flow hedges: Interest rate swaps $ (2,140) Other interest expense 669 Tax benefit $ (1,471) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (292) (1) Other operating expense Prior service credits 64 (1) Other operating expense (228) Total before tax 71 Provision for income taxes $ (157) Net of tax For the nine months ended September 30, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities $ (15) Net loss on sale of securities 5 Provision for income taxes $ (10) Net of tax Cash flow hedges: Interest rate swaps $ 1,257 Other interest expense (389) Provision for income taxes $ 868 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (96) (1) Other operating expense Prior service credits 64 (1) Other operating expense (32) Total before tax 10 Provision for income taxes $ (22) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 (“Pension and Other Postretirement Benefit Plans”) for additional information. |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Regulatory Capital | 15. Regulatory Capital Under current capital regulations, the Bank is required to comply with four separate capital adequacy standards. As of September 30, 2020, the Bank continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The Bank is also required to comply with a Capital Conservation Buffer (“CCB”). The CCB is designed to establish a capital range above minimum capital requirements and impose constraints on dividends, share buybacks and discretionary bonus payments when capital levels fall below prescribed levels. The minimum CCB is 2.50%. The CCB for the Bank at September 30, 2020 was 5.54%. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. September 30, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 694,041 9.93 % $ 680,749 9.65 % Requirement to be well capitalized 349,453 5.00 352,581 5.00 Excess 344,588 4.93 328,168 4.65 Common Equity Tier I risk-based capital: Capital level $ 694,041 12.88 % $ 680,749 13.02 % Requirement to be well capitalized 350,156 6.50 339,944 6.50 Excess 343,885 6.38 340,805 6.52 Tier 1 risk-based capital: Capital level $ 694,041 12.88 % $ 680,749 13.02 % Requirement to be well capitalized 430,962 8.00 418,393 8.00 Excess 263,079 4.88 262,356 5.02 Total risk-based capital: Capital level $ 729,160 13.54 % $ 702,500 13.43 % Requirement to be well capitalized 538,702 10.00 522,991 10.00 Excess 190,458 3.54 179,509 3.43 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of September 30, 2020, the Holding Company continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The CCB for the Holding Company at September 30, 2020 was 5.71%. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. September 30, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 630,380 9.03 % $ 615,500 8.73 % Requirement to be well capitalized 349,174 5.00 352,581 5.00 Excess 281,206 4.03 262,919 3.73 Common Equity Tier I risk-based capital: Capital level $ 593,344 11.02 % $ 572,651 10.95 % Requirement to be well capitalized 349,826 6.50 339,929 6.50 Excess 243,518 4.52 232,722 4.45 Tier 1 risk-based capital: Capital level $ 630,380 11.71 % $ 615,500 11.77 % Requirement to be well capitalized 430,555 8.00 418,374 8.00 Excess 199,825 3.71 197,126 3.77 Total risk-based capital: Capital level $ 740,499 13.76 % $ 712,251 13.62 % Requirement to be well capitalized 538,194 10.00 522,967 10.00 Excess 202,305 3.76 189,284 3.62 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events | |
Subsequent Events | 16. Subsequent Events Effective close of business October 31, 2020, Flushing Financial Corporation completed its acquisition of Empire Bancorp, Inc. based in Islandia, NY. At the time of the merger, each outstanding share of Empire Bancorp., Inc. was converted into the right to receive $14.04 per share payable in in cash or 0.6548 shares of Flushing Financial Corporation common stock with total consideration consisting 50% in stock and 50% in cash. Since the closing date of the acquisition occurred after the end of the period covered by this Quarterly Report on Form 10-Q, the Company's unaudited consolidated financial statements included do not reflect the consummation of acquisition. Flushing Financial Corporation Merger-related expenses totaling $1.5 million were recorded in the nine months ended September 30, 2020. At September 30, 2020, Empire Bancorp, Inc. reported total loans of $672.3 million and total deposits of $803.0 million and operated 4 branch locations on Long Island. |
New Authoritative Accounting Pr
New Authoritative Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
New Authoritative Accounting Pronouncements | 17. New Authoritative Accounting Pronouncements Accounting Standards Adopted in 2020: Effective January 1, 2020, the Company adopted Accounting Standards Topic 326, “Financial Instruments – Credit Losses” which replaced the previously existing U.S. GAAP “incurred loss” approach to “expected credit losses” approach, which is referred as Current Expected Credit Losses (“CECL”). CECL measures the credit loss associated with financial assets carried at amortize cost, including loan receivables, held-to-maturity debt securities, off balance sheet credit exposures and certain leases recognized by a lessor. CECL introduced the concept of purchased credit-deteriorated (PCD) financial assets, in which it requires the estimate of expected credit losses embedded in the purchase price of PCD assets to be estimated and separately recognized as an allowance as of the date of acquisition. It also modifies the accounting of impairment on available-for-sale debt securities by recognizing a credit loss through an allowance for credit. The Company adopted Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balances sheet exposures. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Upon adoption we recorded a cumulative-effect adjustment to retained earnings totaling $1.3 million, $0.9 million, net of tax. The transition adjustment includes changes to the three applicable components of the ACL: increases of $0.4 million in the allowance for loan losses, $0.3 million in the allowance for held-to-maturity debt securities and $0.6 million in the allowance for off-balance sheet items. At January 1, 2020, the reasonable and supportable forecast indicated economic growth and low unemployment. Effective January 1, 2020, the Company adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820)”. The Update modifies the disclosure requirements on fair value measurements in Topic 820. The guidance did not have a significant impact on the Company’s financial positions, results of operations or disclosures. Effective January 1, 2020, the Company adopted ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under this ASU, the Company should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge is limited to the amount of goodwill allocated to that reporting unit. The guidance did not have a significant impact on the Company’s financial positions, results of operations or disclosures. Accounting Standards Pending Adoption: In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20)” providing targeted improvements to the disclosures required for Defined Benefit Plans. The amendments in in this Update are effective for fiscal years ended after December 15, 2020. Early adoption is permitted. The amendments are to be applied on a retrospective basis to all periods presented. The guidance is not expected to have a significant impact on the Company’s financial positions, results of operations or disclosures. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform” (Topic 848), which provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or re-measurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. We are evaluating the impacts of this ASU and have not yet determined whether LIBOR transition and this ASU will have material effects on our business operations and consolidated financial statements. The amendments in this Update apply to contract modifications that replace a reference rate reform and contemporaneous modifications of other terms related to the replacement of the reference rate. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share | |
Earnings Per Share | For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands, except per share data) Net income $ 14,331 $ 10,724 $ 31,213 $ 28,348 Divided by: Weighted average common shares outstanding 28,874 28,730 28,865 28,704 Weighted average common stock equivalents — — — — Total weighted average common shares outstanding and common stock equivalents 28,874 28,730 28,865 28,704 Basic earnings per common share $ 0.50 $ 0.37 $ 1.08 $ 0.99 Diluted earnings per common share (1) $ 0.50 $ 0.37 $ 1.08 $ 0.99 Dividend payout ratio 42.0 % 56.8 % 58.3 % 63.6 % (1) For the three and nine months ended September 30, 2020 and 2019, there were no common stock equivalents that were anti-dilutive. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2020: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,654 $ 53,268 $ 2,614 $ — $ (402) Total other securities 50,654 53,268 2,614 — (402) FNMA 7,919 9,198 1,279 — — Total mortgage-backed securities 7,919 9,198 1,279 — — Total $ 58,573 $ 62,466 $ 3,893 $ — $ (402) The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,954 $ 53,998 $ 3,044 $ — Total other securities 50,954 53,998 3,044 — FNMA 7,934 8,114 180 — Total mortgage-backed securities 7,934 8,114 180 — Total $ 58,888 $ 62,112 $ 3,224 $ — The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2020: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 123,516 $ 192 $ 6,676 Municipals 65 65 — — Mutual funds 12,691 12,691 — — Collateralized loan obligations 100,473 97,300 — 3,173 Other 1,149 1,149 — — Total other securities 244,378 234,721 192 9,849 REMIC and CMO 206,973 213,941 7,007 39 GNMA 505 554 49 — FNMA 129,140 132,001 2,883 22 FHLMC 39,266 39,739 504 31 Total mortgage-backed securities 375,884 386,235 10,443 92 Total securities available for sale $ 620,262 $ 620,956 $ 10,635 $ 9,941 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 123,050 $ — $ 6,950 Municipals 12,797 12,916 119 — Mutual funds 12,216 12,216 — — Collateralized loan obligations 100,349 99,137 — 1,212 Other 1,332 1,332 — — Total other securities 256,694 248,651 119 8,162 REMIC and CMO 348,236 348,989 2,193 1,440 GNMA 653 704 51 — FNMA 104,235 104,882 1,073 426 FHLMC 68,476 69,274 871 73 Total mortgage-backed securities 521,600 523,849 4,188 1,939 Total securities available for sale $ 778,294 $ 772,500 $ 4,307 $ 10,101 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due after ten years $ 50,654 $ 53,268 Total other securities 50,654 53,268 Mortgage-backed securities 7,919 9,198 Total $ 58,573 $ 62,466 Amortized Securities available for sale: Cost Fair Value (In thousands) Due after one year through five years $ 45,000 $ 43,654 Due after five years through ten years 110,431 104,599 Due after ten years 76,256 73,777 Total other securities 231,687 222,030 Mutual funds 12,691 12,691 Mortgage-backed securities 375,884 386,235 Total $ 620,262 $ 620,956 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At September 30, 2020 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 14 $ 113,324 $ 6,676 $ — $ — $ 113,324 $ 6,676 Collateralized loan obligations 13 97,299 3,173 7,293 183 90,006 2,990 Total other securities 27 210,623 9,849 7,293 183 203,330 9,666 REMIC and CMO 2 5,663 39 5,663 39 — — GNMA (1) 1 48 — 48 — — — FNMA 1 8,652 22 — — 8,652 22 FHLMC 1 13,449 31 13,449 31 — — Total mortgage-backed securities 5 27,812 92 19,160 70 8,652 22 Total securities available for sale 32 $ 238,435 $ 9,941 $ 26,453 $ 253 $ 211,982 $ 9,688 (1) At September 30, 2020, the unrealized loss was less than $1,000 and in a continuous loss position for less than 12 months. At December 31, 2019 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 16 $ 123,050 $ 6,950 $ — $ — $ 123,050 $ 6,950 Collateralized loan obligations 13 99,137 1,212 25,451 108 73,686 1,104 Total other securities 29 222,187 8,162 25,451 108 196,736 8,054 REMIC and CMO 23 120,989 1,440 102,384 1,117 18,605 323 GNMA 1 49 — 49 — — — FNMA 8 67,618 426 19,073 138 48,545 288 FHLMC 1 30,200 73 — — 30,200 73 Total mortgage-backed securities 33 218,856 1,939 121,506 1,255 97,350 684 Total securities available for sale 62 $ 441,043 $ 10,101 $ 146,957 $ 1,363 $ 294,086 $ 8,738 |
Schedule of allowance for credit losses for debt securities held-to-maturity | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended September 30, 2020: Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ 402 Provision — — Allowance for credit losses - securities $ — $ 402 The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the nine months ended September 30, 2020: Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ — CECL adoption — 340 Provision — 62 Allowance for credit losses - securities $ — $ 402 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Gross gains from the sale of securities $ — $ — $ 1,476 $ 423 Gross losses from the sale of securities — — (1,567) (438) Net losses from the sale of securities $ — $ — $ (91) $ (15) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of TDR loan modifications | For the three and nine months ended September 30, 2020 September 30, 2019 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - mixed-use property 1 $ 270 Below market interest rate. — — Commercial business and other — — 3 $ 951 Amortization extension Total 1 $ 270 3 $ 951 |
Schedule of non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing | At or for the nine months ended September 30, 2020 Non-Accrual Loans ninety days Total Non-Accrual with no related Interest Income or more past due (In thousands) Amortized Cost Allowance Recognized and still accruing: Multi-family residential $ 2,723 $ 2,723 $ — $ — Commercial real estate 2,714 2,714 — — One-to-four family - mixed-use property 1,704 1,704 — — One-to-four family - residential 5,922 5,922 — — Small Business Administration 1,169 1,169 — — Taxi medallion (1) 2,318 2,318 — — Commercial business and other (1) 9,278 6,456 32 — Total $ 25,828 $ 23,006 $ 32 $ — (1) |
Summary of interest foregone on non-accrual loans and loans classified as TDR | For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 491 $ 416 $ 1,296 $ 1,224 Less: Interest income included in the results of operations 78 89 240 330 Total foregone interest $ 413 $ 327 $ 1,056 $ 894 |
Summary of aging of the amortized cost basis in past-due loans | September 30, 2020 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 4,499 $ 777 $ 2,723 $ 7,999 $ 2,251,453 $ 2,259,452 Commercial real estate 525 192 2,714 3,431 1,635,986 1,639,417 One-to-four family - mixed-use property 3,048 559 1,429 5,036 584,562 589,598 One-to-four family - residential 2,118 689 5,922 8,729 192,052 200,781 Construction loans — — — — 63,406 63,406 Small Business Administration — — 1,169 1,169 122,311 123,480 Taxi medallion 198 99 2,021 2,318 — 2,318 Commercial business and other 112 — 6,456 6,568 1,056,378 1,062,946 Total $ 10,500 $ 2,316 $ 22,434 $ 35,250 $ 5,906,148 $ 5,941,398 The following tables show by delinquency an analysis of our recorded investment in loans at the periods indicated by class of loans: December 31, 2019 Greater 30 - 59 Days 60 - 89 Days than Total Past Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 4,042 $ 1,563 $ 2,741 $ 8,346 $ 2,230,245 $ 2,238,591 Commercial real estate — 4,941 367 5,308 1,576,700 1,582,008 One-to-four family - mixed-use property 1,117 496 274 1,887 590,584 592,471 One-to-four family - residential 720 1,022 5,139 6,881 181,335 188,216 Co-operative apartments — — — — 8,663 8,663 Construction loans — — — — 67,754 67,754 Small Business Administration — — 1,151 1,151 13,294 14,445 Taxi medallion — — 1,065 1,065 2,244 3,309 Commercial business and other 2,340 5 1,945 4,290 1,057,188 1,061,478 Total $ 8,219 $ 8,027 $ 12,682 $ 28,928 $ 5,728,007 $ 5,756,935 |
Summary of activity in the allowance for loan losses | September 30, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 8,935 $ 6,971 $ 2,826 $ 1,161 $ 183 $ 1,386 $ — $ 15,248 $ 36,710 Charge-offs — — — — — — (951) (13) (964) Recoveries 14 — 60 2 — 47 — 4 127 Provision (benefit) (1,553) 1,576 (1,208) (483) 35 450 951 2,702 2,470 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 September 30, 2019 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,506 $ 4,265 $ 1,786 $ 746 $ 381 $ 382 $ — $ 8,444 $ 21,510 Charge-offs (189) — — — — — — (242) (431) Recoveries 6 — 140 3 — 32 — 92 273 Provision (benefit) 54 99 (120) (4) 37 (57) — 674 683 Ending balance $ 5,377 $ 4,364 $ 1,806 $ 745 $ 418 $ 357 $ — $ 8,968 $ 22,035 September 30, 2020 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ 441 $ 363 $ — $ 8,554 $ 21,751 Impact of CECL Adoption (650) 1,170 (55) (160) (279) 1,180 — (827) 379 Charge-off's — — (3) — — (178) (951) (2,121) (3,253) Recoveries 27 — 138 10 — 67 — 18 260 Provision 2,628 2,948 (219) 74 56 451 951 12,317 19,206 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 September 30, 2019 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ 329 $ 418 $ — $ 7,591 $ 20,945 Charge-off's (190) — (1) (113) — — — (2,379) (2,683) Recoveries 30 7 228 10 — 52 134 183 644 Provision (Benefit) (139) 42 (288) 99 89 (113) (134) 3,573 3,129 Ending balance $ 5,377 $ 4,364 $ 1,806 $ 745 $ 418 $ 357 $ — $ 8,968 $ 22,035 |
Summary of risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination | The following table summarizes the risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination : For the year ended Revolving Loans, Lines of Credit Amortized Cost converted to (In thousands) 2020 2019 2018 2017 2016 Prior Basis term loans 1-4 Family Residential Pass $ 22,735 $ 25,030 $ 27,827 $ 15,548 $ 11,231 $ 59,657 $ 7,678 $ 18,095 Watch 489 — — — — 2,936 299 2,011 Special Mention — — — — — 667 — 492 Substandard — — — — 960 3,390 — 1,736 Total 1-4 Family Residential $ 23,224 $ 25,030 $ 27,827 $ 15,548 $ 12,191 $ 66,650 $ 7,977 $ 22,334 1-4 Family Mixed-Use Pass $ 27,156 $ 66,500 $ 74,828 $ 59,923 $ 53,344 $ 288,858 $ — $ — Watch — 1,873 903 2,013 1,146 8,556 — — Special Mention — — 379 — — 1,179 — — Substandard — 620 806 — — 1,514 — — Total 1-4 Family Mixed Use $ 27,156 $ 68,993 $ 76,916 $ 61,936 $ 54,490 $ 300,107 $ — $ — Commercial Real Estate Pass $ 118,019 $ 248,812 $ 281,920 $ 189,592 $ 213,553 $ 482,495 $ — $ — Watch — 8,606 — 4,883 28,203 58,587 — — Special Mention — 981 — 192 — 861 — — Substandard — 1,702 — — — 1,011 — — Total Commercial Real Estate $ 118,019 $ 260,101 $ 281,920 $ 194,667 $ 241,756 $ 542,954 $ — $ — Construction Pass $ 10,058 $ 14,751 $ 31,402 $ — $ — $ — $ — $ — Watch — 886 5,631 — — — — — Special Mention — — 678 — — — — — Total Construction $ 10,058 $ 15,637 $ 37,711 $ — $ — $ — $ — $ — Multifamily Pass $ 174,397 $ 309,564 $ 364,298 $ 356,206 $ 269,388 $ 749,946 $ 3,433 $ — Watch — 1,571 — 2,537 2,784 19,504 865 — Special Mention — — — — 699 776 — — Substandard — — 1,999 — — 1,485 — — Total Multifamily $ 174,397 $ 311,135 $ 366,297 $ 358,743 $ 272,871 $ 771,711 $ 4,298 $ — Commercial Business - Secured by RE Pass $ 68,713 $ 91,282 $ 56,704 $ 22,051 $ 47,335 $ 82,368 $ — $ — Watch — — 7,080 1,320 — 416 — — Substandard — — — — — 3,331 — — Total Commercial Business - Secured by RE $ 68,713 $ 91,282 $ 63,784 $ 23,371 $ 47,335 $ 86,115 $ — $ — Commercial Business Pass $ 59,956 $ 137,475 $ 108,265 $ 64,737 $ 17,573 $ 67,940 $ 186,882 $ — Watch — 2,889 4,112 7,880 — 10 10,935 — Special Mention — 51 2,411 — 2,418 — (26) — Substandard 39 — — 4,810 — 1,711 171 — Doubtful — — — — — 1,872 — Total Commercial Business $ 59,995 $ 140,415 $ 114,788 $ 77,427 $ 19,991 $ 69,661 $ 199,834 $ — Small Business Administration Pass $ 110,121 $ 1,067 $ 3,590 $ 1,043 $ 2,551 $ 1,625 $ — $ — Watch — — — 2,257 — — — — Special Mention — — — — — 50 — — Substandard — — — 1,169 7 — — — Total Small Business Administration $ 110,121 $ 1,067 $ 3,590 $ 4,469 $ 2,558 $ 1,675 $ — $ — Taxi Medallions Substandard $ — $ — $ — $ — $ — $ 2,318 $ — $ — Total Taxi Medallions $ — $ — $ — $ — $ — $ 2,318 $ — $ — Other Pass $ — $ — $ — $ — $ — $ 136 $ 99 $ — Total Other $ — $ — $ — $ — $ — $ 136 $ 99 $ — Total Loans $ 591,683 $ 913,660 $ 972,833 $ 736,161 $ 651,192 $ 1,841,327 $ 212,208 $ 22,334 The following table sets forth the recorded investment in loans designated as Criticized or Classified at the period indicated: December 31, 2019 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 1,563 $ 2,743 $ — $ — $ 4,306 Commercial real estate 5,525 367 — — 5,892 One-to-four family - mixed-use property 1,585 453 — — 2,038 One-to-four family - residential 1,095 5,787 — — 6,882 Construction — — — — — Small Business Administration 55 85 — — 140 Taxi medallion — 3,309 — — 3,309 Commercial business and other 3,924 11,289 266 — 15,479 Total loans $ 13,747 $ 24,033 $ 266 $ — $ 38,046 |
Summary of types of collateral-dependent loans by class of loans | Collateral Type (In thousands) Real Estate Business Assets Multi-family residential $ 2,723 $ — Commercial real estate 6,045 — One-to-four family - mixed-use property 1,704 — One-to-four family - residential 5,922 — Small Business Administration — 1,169 Commercial business and other — 4,996 Taxi Medallion — 2,318 Total $ 16,394 $ 8,483 |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Schedule of recorded investment for loans classified as TDR at amortized cost | September 30, 2020 Number Amortized (Dollars in thousands) of contracts Cost Taxi medallion 10 $ 1,823 Commercial business and other 1 279 Total troubled debt restructurings that subsequently defaulted 11 $ 2,102 The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated: December 31, 2019 Number Recorded (Dollars in thousands) of contracts investment Taxi medallion 4 $ 1,065 Commercial business and other 1 279 Total troubled debt restructurings that subsequently defaulted 5 $ 1,344 |
Schedule of non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing | December 31, (In thousands) 2019 Loans ninety days or more past due and still accruing: Multi-family residential $ 445 Total 445 Non-accrual mortgage loans: Multi-family residential 2,296 Commercial real estate 367 One-to-four family - mixed-use property 274 One-to-four family - residential 5,139 Total 8,076 Non-accrual non-mortgage loans: Small Business Administration 1,151 Taxi medallion (1) 1,641 Commercial business and other (1) 1,945 Total 4,737 Total non-accrual loans 12,813 Total non-performing loans $ 13,258 (1) Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.7 million at December 31, 2019, respectively and non-accrual performing TDR commercial business loans totaling $0.9 million at December 31, 2019. |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Schedule of recorded investment for loans classified as TDR at amortized cost | The following table shows our recorded investment for loans classified as TDR at amortized cost that are performing according to their restructured terms at the periods indicated: September 30, 2020 Number Amortized (Dollars in thousands) of contracts Cost Multi-family residential 7 $ 1,876 One-to-four family - mixed-use property (1) 5 1,744 One-to-four family - residential 3 513 Taxi medallion (1) 1 99 Commercial business and other (1) 3 950 Total performing troubled debt restructured 19 $ 5,182 (1) These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated : December 31, 2019 Number Recorded (Dollars in thousands) of contracts investment Multi-family residential 7 $ 1,873 One-to-four family - mixed-use property 4 1,481 One-to-four family - residential 3 531 Taxi medallion (1) 7 1,668 Commercial business and other (1) 3 941 Total performing troubled debt restructured 24 $ 6,494 (1) These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis. |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of loans sold | For the three months ended September 30, 2019 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 700 $ — $ 204 Commercial business and other 1 3,248 — — Total 2 $ 3,948 $ — $ 204 For the nine months ended September 30, 2020 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 For the nine months ended September 30, 2019 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain (loss) Delinquent and non-performing loans Multi-family residential 3 $ 1,465 $ — $ 267 One-to-four family - mixed-use property 1 405 (1) — Commercial real estate 1 $ 3,248 $ — $ — Total 5 $ 5,118 $ (1) $ 267 Performing loans Small Business Administration 3 $ 2,069 $ — $ 114 Total 3 $ 2,069 $ — $ 114 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Summary of changes in Other Real Estate Owned ("OREO") | The following table shows changes in Other Real Estate Owned (“OREO”) during the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning of period $ 208 $ 239 $ 239 $ — Acquisitions — — — 239 Reductions to carrying value — — (31) — Sales (208) — (208) — Balance at end of period $ — $ 239 $ — $ 239 |
Schedule of the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income | For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Gross gains $ — $ — $ — $ — Gross losses (5) — (5) — Write-down of carrying value — — (31) — Total income $ (5) $ — $ (36) $ — |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Summary of supplemental balance sheet information related to leases | (Dollars in thousands) September 30, 2020 December 31, 2019 Operating lease ROU assets $ 42,326 $ 41,254 Operating lease liabilities $ 49,737 $ 49,367 Weighted-average remaining lease term-operating leases 8.2 years 8.0 years Weighted average discount rate-operating leases 3.6 % 3.8 % |
Schedule of components of lease expense and cash flow information related to leases | For the three months ended (Dollars in thousands) September 30, 2020 September 30, 2019 Lease Cost Operating lease cost $ 1,895 $ 1,891 Short-term lease cost 34 34 Variable lease cost 281 267 Total lease cost $ 2,210 $ 2,192 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,101 $ 2,002 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,772 $ 1,253 For the nine months ended (Dollars in thousands) September 30, 2020 September 30, 2019 Lease Cost Operating lease cost $ 5,676 $ 5,676 Short-term lease cost 102 102 Variable lease cost 832 757 Total lease cost $ 6,610 $ 6,535 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,283 $ 6,052 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,822 $ 1,295 |
Schedule of Minimum annual rental payments for Bank facilities due under non-cancelable leases | Minimum Rental (In thousands) Years ended December 31: 2020 $ 1,715 2021 7,739 2022 7,491 2023 7,612 2024 7,650 Thereafter 24,935 Total minimum payments required 57,142 Less: Implied interest 7,405 Total lease obligations $ 49,737 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Summary of the Company's RSU and PRSU awards | RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested at December 31, 2019 428,295 $ 24.42 34,186 $ 22.38 Granted 172,728 19.66 72,143 20.38 Vested (241,246) 22.38 (35,149) 20.54 Forfeited (5,545) 24.62 — — Non-vested at September 30, 2020 354,232 $ 23.48 71,180 $ 21.26 Vested but unissued at September 30, 2020 217,642 $ 23.26 62,515 $ 21.35 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Summary of the Phantom Stock Plan | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2019 109,226 $ 21.61 Granted 10,392 14.58 Distributions (890) 11.73 Outstanding at September 30, 2020 118,728 $ 10.52 Vested at September 30, 2020 118,677 $ 10.52 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of net expense for the pension and other postretirement benefit plans | Three months ended Nine months ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Employee Pension Plan: Interest cost $ 163 $ 199 $ 489 $ 597 Amortization of actuarial loss 111 68 333 201 Expected return on plan assets (257) (272) (771) (816) Net employee pension expense (benefit) $ 17 $ (5) $ 51 $ (18) Outside Director Pension Plan: Service cost $ 4 $ 10 $ 11 $ 30 Interest cost 16 21 48 63 Amortization of actuarial gain (14) (35) (41) (105) Amortization of past service liability — — — — Net outside director pension expense (benefit) $ 6 $ (4) $ 18 $ (12) Other Postretirement Benefit Plans: Service cost $ 69 $ 70 $ 206 $ 210 Interest cost 64 85 194 255 Amortization of past service credit (21) (22) (64) (64) Net other postretirement expense $ 112 $ 133 $ 336 $ 401 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of financial assets and financial liabilities | Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at September 30, at December 31, Three Months Ended Nine Months Ended (In thousands) 2020 2019 September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Mortgage-backed securities $ 672 $ 772 $ (1) $ — $ 1 $ 2 Other securities 13,841 13,548 83 107 120 470 Borrowed funds 38,287 44,384 (2,897) (599) 5,086 (2,353) Net gain (loss) from fair value adjustments (1)(2) $ (2,815) $ (492) $ 5,207 $ (1,881) (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $0.6 million and ($1.6) million for the three months ended September 30, 2020 and 2019, respectively, from the change in the fair value of interest rate swaps. (2) The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $3.2 million and $4.3 million for the nine months ended September 30, 2020 and 2019, respectively, from the change in the fair value of interest rate swaps. |
Schedule of assets and liabilities that are carried at fair value on recurring basis | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 386,235 $ 523,849 $ — $ — $ 386,235 $ 523,849 Other securities 12,691 12,216 220,881 235,103 1,149 1,332 234,721 248,651 Interest rate swaps — — 416 2,352 — — 416 2,352 Total assets $ 12,691 $ 12,216 $ 607,532 $ 761,304 $ 1,149 $ 1,332 $ 621,372 $ 774,852 Liabilities: Borrowings $ — $ — $ — $ — $ 38,287 $ 44,384 $ 38,287 $ 44,384 Interest rate swaps — — 69,595 19,653 — — 69,595 19,653 Total liabilities $ — $ — $ 69,595 $ 19,653 $ 38,287 $ 44,384 $ 107,882 $ 64,037 |
Schedule of assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 | For the three months ended September 30, 2020 September 30, 2019 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,068 $ 35,570 $ 1,303 $ 43,414 Net (loss) gain from fair value adjustment of financial assets (1) 82 — 15 — Net (gain) loss from fair value adjustment of financial liabilities (1) — 2,897 — 599 Decrease in accrued interest receivable (1) — — — Decrease in accrued interest payable — (19) — (15) Change in unrealized gains included in other comprehensive income — (161) — (88) Ending balance $ 1,149 $ 38,287 $ 1,318 $ 43,910 Changes in unrealized gains held at period end $ — 2,384 — 1,513 (1) Totals in the table above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments. For the nine months ended September 30, 2020 September 30, 2019 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,332 $ 44,384 $ 1,256 $ 41,849 Net (loss) gain from fair value adjustment of financial assets (1) (180) — 64 — Net (gain) loss from fair value adjustment of financial liabilities (1) — (5,086) — 2,353 Decrease in accrued interest receivable (3) — (2) — Decrease in accrued interest payable — (104) — (27) Change in unrealized gains included in other comprehensive income — (907) — (265) Ending balance $ 1,149 $ 38,287 $ 1,318 $ 43,910 Changes in unrealized gains held at period end $ — 2,384 — 1,513 |
Schedule of assets and liabilities that are carried at fair value on non-recurring basis | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a non-recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets Non-accrual loans $ — $ — $ — $ — $ 4,167 $ 1,081 $ 4,167 $ 1,081 Other real estate owned — — — — — 239 — 239 Total assets $ — $ — $ — $ — $ 4,167 $ 1,320 $ 4,167 $ 1,320 |
Schedule of carrying amounts and estimated fair values of selected financial instruments | September 30, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 75,560 $ 75,560 $ 75,560 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,919 9,198 — 9,198 — Other securities 50,654 53,268 — — 53,268 Securities available for sale Mortgage-backed securities 386,235 386,235 — 386,235 — Other securities 234,721 234,721 12,691 220,881 1,149 Loans 5,941,398 6,030,154 — — 6,030,154 FHLB-NY stock 57,119 57,119 — 57,119 — Accrued interest receivable 36,068 36,068 1 1,473 34,594 Interest rate swaps 416 416 — 416 — Liabilities: Deposits $ 4,963,495 $ 4,970,920 $ 3,911,851 $ 1,059,069 $ — Borrowings 1,323,975 1,333,147 — 1,294,860 38,287 Accrued interest payable 6,111 6,111 — 6,111 — Interest rate swaps 69,595 69,595 — 69,595 — December 31, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 49,787 $ 49,787 $ 49,787 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,934 8,114 — 8,114 — Other securities 50,954 53,998 — — 53,998 Securities available for sale Mortgage-backed securities 523,849 523,849 — 523,849 — Other securities 248,651 248,651 12,216 235,103 1,332 Loans 5,772,206 5,822,124 — — 5,822,124 FHLB-NY stock 56,921 56,921 — 56,921 — Accrued interest receivable 25,722 25,722 9 2,519 23,194 Interest rate swaps 2,352 2,352 — 2,352 — Liabilities: Deposits $ 5,066,424 $ 5,070,046 $ 3,628,534 $ 1,441,512 $ — Borrowings 1,237,231 1,389,883 — 1,345,499 44,384 Accrued interest payable 6,752 6,752 — 6,752 — Interest rate swaps 19,653 19,653 — 19,653 — |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Schedule of quantitative information about Level 3 | September 30, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 2,112 Sales approach Reduction for planned expedited disposal (100.0%) to 15.0% (74.0%) Non-accrual loans $ 2,055 Discounted Cash flow Discount Rate 4.3% to 6.4% 5.1% Probability of Default 20.0% to 35.0% 29.0% At December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 809 Discounted Cash flow Discount Rate 6.4% 6.4% Probability of Default 20.0% 20.0% Impaired loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales (10.0%) to 15.0% 2.5% Capitalization Rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% Other real estate owned $ 239 Sales approach Reduction for planned expedited disposal 0.5% to 12.5% 6.5% |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Schedule of quantitative information about Level 3 | September 30, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,149 Discounted cash flows Discount rate n/a 5.0 % Liabilities: Junior subordinated debentures $ 38,287 Discounted cash flows Discount rate n/a 5.0 % December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,332 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 44,384 Discounted cash flows Discount rate n/a 4.2 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Summary of information regarding the Company's derivative financial instruments | September 30, 2020 December 31, 2019 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) (In thousands) Interest rate swaps (fair value hedge) $ — $ — $ 139,960 $ 2,352 Interest rate swaps (non-hedge) 20,600 416 — — Interest rate swaps (fair value hedge) 318,569 (34,078) 186,009 (7,769) Interest rate swaps (cash flow hedge) 1,021,500 (28,527) 541,500 (8,350) Interest rate swaps (non-hedge) 38,600 (6,990) 18,000 (3,534) Total derivatives $ 1,399,269 $ (69,179) $ 885,469 $ (17,301) (1) Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition. |
Schedule of effect of derivative instruments on the Consolidated Statements of Income | For the three months ended For the nine months ended September 30, September 30, (In thousands) Affected Line Item in the Statement Where Net income is Presented 2020 2019 2020 2019 Financial Derivatives: Other interest expense $ (132) $ (38) $ (298) $ (87) Net gain (loss) from fair value adjustments 590 (1,632) (3,220) (4,279) Interest rate swaps (non-hedge) 458 (1,670) (3,518) (4,366) Interest rate swaps (fair value hedge) Interest and fees on loans (1,158) (1,041) (4,863) (1,833) Interest rate swaps (cash flow hedge) Other interest expense (2,511) 301 (4,057) 1,362 Net loss $ (3,211) $ (2,410) $ (12,438) $ (4,837) |
Schedule of effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition | September 30, 2020 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 416 $ — $ 416 $ — $ — $ 416 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 69,595 $ — $ 69,595 $ 73,812 $ 450 $ (4,667) December 31, 2019 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 2,352 $ — $ 2,352 $ — $ — $ 2,352 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 19,653 $ — $ 19,653 $ 19,265 $ — $ 388 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Summary of income tax provisions | For the three months For the nine months ended September 30, ended September 30, 2020 2019 2020 2019 (In thousands) Federal: Current $ 4,626 $ 3,578 $ 11,290 $ 9,354 Deferred (1,267) (1,121) (2,635) (1,973) Total federal tax provision 3,359 2,457 8,655 7,381 State and Local: Current 1,491 1,345 2,975 2,518 Deferred (361) (1,266) (1,539) (1,804) Total state and local tax provision 1,130 79 1,436 714 Total income tax provision $ 4,489 $ 2,536 $ 10,091 $ 8,095 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of changes in accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (2,708) $ (21,473) $ (878) $ 1,537 $ (23,522) Other comprehensive income before reclassifications, net of tax 3,185 937 — 111 4,233 Amounts reclassified from accumulated other comprehensive income, net of tax — 929 52 — 981 Net current period other comprehensive income, net of tax 3,185 1,866 52 111 5,214 Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) For the three months ended September 30, 2019 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,815) $ (6,132) $ (1,658) $ 989 $ (10,616) Other comprehensive income before reclassifications, net of tax (475) (1,664) — 61 (2,078) Amounts reclassified from accumulated other comprehensive income, net of tax — (282) 7 — (275) Net current period other comprehensive income (loss), net of tax (475) (1,946) 7 61 (2,353) Ending balance, net of tax $ (4,290) $ (8,078) $ (1,651) $ 1,050 $ (12,969) For the nine months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Other comprehensive income before reclassifications, net of tax 4,397 (15,215) — 627 (10,191) Amounts reclassified from accumulated other comprehensive income, net of tax 62 1,471 157 — 1,690 Net current period other comprehensive income (loss), net of tax 4,459 (13,744) 157 627 (8,501) Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) For the nine months ended September 30, 2019 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (15,649) $ 3,704 $ (1,673) $ 866 $ (12,752) Other comprehensive income before reclassifications, net of tax 11,349 (10,914) — 184 619 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 10 (868) 22 — (836) Net current period other comprehensive income, net of tax 11,359 (11,782) 22 184 (217) Ending balance, net of tax $ (4,290) $ (8,078) $ (1,651) $ 1,050 $ (12,969) |
Schedule of amounts reclassified from accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ (1,352) Other interest expense 423 Provision for income taxes $ (929) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (97) (1) Other operating expense Prior service credits 21 (1) Other operating expense (76) Total before tax 24 Provision for income taxes $ (52) Net of tax For the three months ended September 30, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ 409 Other interest expense (127) Provision for income taxes $ 282 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (33) (1) Other operating expense Prior service credits 22 (1) Other operating expense (11) Total before tax 4 Provision for income taxes $ (7) Net of tax For the nine months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities $ (91) Net loss on sale of securities 29 Provision for income taxes $ (62) Net of tax Cash flow hedges: Interest rate swaps $ (2,140) Other interest expense 669 Tax benefit $ (1,471) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (292) (1) Other operating expense Prior service credits 64 (1) Other operating expense (228) Total before tax 71 Provision for income taxes $ (157) Net of tax For the nine months ended September 30, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities $ (15) Net loss on sale of securities 5 Provision for income taxes $ (10) Net of tax Cash flow hedges: Interest rate swaps $ 1,257 Other interest expense (389) Provision for income taxes $ 868 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (96) (1) Other operating expense Prior service credits 64 (1) Other operating expense (32) Total before tax 10 Provision for income taxes $ (22) Net of tax |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 694,041 9.93 % $ 680,749 9.65 % Requirement to be well capitalized 349,453 5.00 352,581 5.00 Excess 344,588 4.93 328,168 4.65 Common Equity Tier I risk-based capital: Capital level $ 694,041 12.88 % $ 680,749 13.02 % Requirement to be well capitalized 350,156 6.50 339,944 6.50 Excess 343,885 6.38 340,805 6.52 Tier 1 risk-based capital: Capital level $ 694,041 12.88 % $ 680,749 13.02 % Requirement to be well capitalized 430,962 8.00 418,393 8.00 Excess 263,079 4.88 262,356 5.02 Total risk-based capital: Capital level $ 729,160 13.54 % $ 702,500 13.43 % Requirement to be well capitalized 538,702 10.00 522,991 10.00 Excess 190,458 3.54 179,509 3.43 |
Holding Company | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 630,380 9.03 % $ 615,500 8.73 % Requirement to be well capitalized 349,174 5.00 352,581 5.00 Excess 281,206 4.03 262,919 3.73 Common Equity Tier I risk-based capital: Capital level $ 593,344 11.02 % $ 572,651 10.95 % Requirement to be well capitalized 349,826 6.50 339,929 6.50 Excess 243,518 4.52 232,722 4.45 Tier 1 risk-based capital: Capital level $ 630,380 11.71 % $ 615,500 11.77 % Requirement to be well capitalized 430,555 8.00 418,374 8.00 Excess 199,825 3.71 197,126 3.77 Total risk-based capital: Capital level $ 740,499 13.76 % $ 712,251 13.62 % Requirement to be well capitalized 538,194 10.00 522,967 10.00 Excess 202,305 3.76 189,284 3.62 |
Use of Estimates (Details)
Use of Estimates (Details) $ in Thousands | Sep. 30, 2020USD ($)loan | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Goodwill | $ 16,127 | $ 16,127 | |
Loans Receivable [Member] | |||
Number of active forbearances | loan | 509 | ||
Outstanding balance in active forbearance | $ 846,200 | $ 1,300,000 | |
Financing Receivable | $ 28,400 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share | ||||||||
Net income | $ 14,331 | $ 18,272 | $ (1,390) | $ 10,724 | $ 10,556 | $ 7,068 | $ 31,213 | $ 28,348 |
Weighted average common shares outstanding (in shares) | 28,874 | 28,730 | 28,865 | 28,704 | ||||
Weighted average common stock equivalents (in shares) | 0 | 0 | 0 | 0 | ||||
Total weighted average common shares outstanding and common stock equivalents (in shares) | 28,874 | 28,730 | 28,865 | 28,704 | ||||
Basic earnings (loss) per common share (in dollars per share) | $ 0.50 | $ 0.37 | $ 1.08 | $ 0.99 | ||||
Diluted earnings (loss) per common share (in dollars per share) | $ 0.50 | $ 0.37 | $ 1.08 | $ 0.99 | ||||
Dividend Payout ratio | 42.00% | 56.80% | 58.30% | 63.60% |
Earnings Per Share - Anti Dilut
Earnings Per Share - Anti Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Securities (Details)
Securities (Details) $ in Thousands | Jan. 01, 2020USD ($) | Sep. 30, 2020USD ($)securityitem | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)securityitem | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 | |||||
Number of securities in portfolio | security | 3 | 3 | |||||
Number of portfolio securities modeled structured | security | 2 | 2 | |||||
Accrued interest receivable on held-to-maturity securities | $ 100 | $ 100 | |||||
Allowance for credit loss | 0 | 0 | |||||
Accrued interest receivable on available-for-sale debt securities | 1,400 | 1,400 | |||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 0 | $ 0 | $ 130,800 | $ 26,400 | |||
Held-to-maturity Securities [Member] | |||||||
Number of active forbearances | item | 1 | 1 | |||||
Outstanding balance in active forbearance | $ 20,900 | $ 20,900 | |||||
Collateralized Mortgage Obligations by Commercial Real Estate [Member] | |||||||
Private Issue Collateralized Mortgage Obligations, Number | 0 | 0 | |||||
Accounting Standards Update 2016-13 [Member] | |||||||
Increase in allowance for held-to-maturity debt securities | $ 300 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost | $ 58,573 | $ 58,888 | |
Securities held-to-maturity, fair value | 62,466 | 62,112 | |
Securities held-to-maturity, gross unrealized gains | 3,893 | 3,224 | |
Securities held-to-maturity, gross unrealized losses | 0 | ||
Securities held-to-maturity, allowance for credit losses | (402) | ||
Securities available for sale, amortized cost, total other securities | 620,262 | 778,294 | |
Securities available for sale, fair value | 620,956 | 772,500 | |
Securities available for sale, gross unrealized gains | 10,635 | 4,307 | |
Securities available for sale, gross unrealized losses | 9,941 | 10,101 | |
Corporate Debt Securities [Member] | |||
Securities available for sale, amortized cost, total other securities | 130,000 | 130,000 | |
Securities available for sale, fair value | 123,516 | 123,050 | |
Securities available for sale, gross unrealized gains | 192 | 0 | |
Securities available for sale, gross unrealized losses | 6,676 | 6,950 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Securities held-to-maturity, amortized cost | 50,654 | 50,954 | |
Securities held-to-maturity, fair value | 53,268 | 53,998 | |
Securities held-to-maturity, gross unrealized gains | 2,614 | 3,044 | |
Securities held-to-maturity, gross unrealized losses | 0 | ||
Securities held-to-maturity, allowance for credit losses | (402) | ||
Securities available for sale, amortized cost, total other securities | 65 | 12,797 | |
Securities available for sale, fair value | 65 | 12,916 | |
Securities available for sale, gross unrealized gains | 0 | 119 | |
Securities available for sale, gross unrealized losses | 0 | 0 | |
Other Debt Obligations [Member] | |||
Securities held-to-maturity, amortized cost | 50,654 | 50,954 | |
Securities held-to-maturity, fair value | 53,268 | 53,998 | |
Securities held-to-maturity, gross unrealized gains | 2,614 | 3,044 | |
Securities held-to-maturity, gross unrealized losses | 0 | ||
Securities held-to-maturity, allowance for credit losses | (402) | $ (402) | |
Securities available for sale, fair value | 234,721 | 248,651 | |
Mutual Fund Debt Securities [Member] | |||
Securities available for sale, amortized cost, total other securities | 12,691 | 12,216 | |
Securities available for sale, fair value | 12,691 | 12,216 | |
Securities available for sale, gross unrealized gains | 0 | 0 | |
Securities available for sale, gross unrealized losses | 0 | 0 | |
FNMA [Member] | |||
Securities held-to-maturity, amortized cost | 7,919 | 7,934 | |
Securities held-to-maturity, fair value | 9,198 | 8,114 | |
Securities held-to-maturity, gross unrealized gains | 1,279 | 180 | |
Securities held-to-maturity, gross unrealized losses | 0 | ||
Securities available for sale, amortized cost, total other securities | 129,140 | 104,235 | |
Securities available for sale, fair value | 132,001 | 104,882 | |
Securities available for sale, gross unrealized gains | 2,883 | 1,073 | |
Securities available for sale, gross unrealized losses | 22 | 426 | |
Collateralized Debt Obligations [Member] | |||
Securities available for sale, amortized cost, total other securities | 100,473 | 100,349 | |
Securities available for sale, fair value | 97,300 | 99,137 | |
Securities available for sale, gross unrealized gains | 0 | 0 | |
Securities available for sale, gross unrealized losses | 3,173 | 1,212 | |
Collateralized Mortgage Backed Securities [Member] | |||
Securities held-to-maturity, amortized cost | 7,919 | 7,934 | |
Securities held-to-maturity, fair value | 9,198 | 8,114 | |
Securities held-to-maturity, gross unrealized gains | 1,279 | 180 | |
Securities held-to-maturity, gross unrealized losses | 0 | ||
Securities available for sale, amortized cost, total other securities | 375,884 | 521,600 | |
Securities available for sale, fair value | 386,235 | 523,849 | |
Securities available for sale, gross unrealized gains | 10,443 | 4,188 | |
Securities available for sale, gross unrealized losses | 92 | 1,939 | |
Other Securities [Member] | |||
Securities available for sale, amortized cost, total other securities | 1,149 | 1,332 | |
Securities available for sale, fair value | 1,149 | 1,332 | |
Securities available for sale, gross unrealized gains | 0 | 0 | |
Securities available for sale, gross unrealized losses | 0 | 0 | |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | |||
Securities available for sale, amortized cost, total other securities | 244,378 | 256,694 | |
Securities available for sale, fair value | 234,721 | 248,651 | |
Securities available for sale, gross unrealized gains | 192 | 119 | |
Securities available for sale, gross unrealized losses | 9,849 | 8,162 | |
REMIC and CMO [Member] | |||
Securities available for sale, amortized cost, total other securities | 206,973 | 348,236 | |
Securities available for sale, fair value | 213,941 | 348,989 | |
Securities available for sale, gross unrealized gains | 7,007 | 2,193 | |
Securities available for sale, gross unrealized losses | 39 | 1,440 | |
GNMA [Member] | |||
Securities available for sale, amortized cost, total other securities | 505 | 653 | |
Securities available for sale, fair value | 554 | 704 | |
Securities available for sale, gross unrealized gains | 49 | 51 | |
Securities available for sale, gross unrealized losses | 0 | 0 | |
FHLMC [Member] | |||
Securities available for sale, amortized cost, total other securities | 39,266 | 68,476 | |
Securities available for sale, fair value | 39,739 | 69,274 | |
Securities available for sale, gross unrealized gains | 504 | 871 | |
Securities available for sale, gross unrealized losses | $ 31 | $ 73 |
Securities - Securities Availab
Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost, due after ten years | $ 50,654 | |
Securities held-to-maturity, fair value, due after ten years | 53,268 | |
Securities held-to-maturity, amortized cost | 58,573 | $ 58,888 |
Securities held-to-maturity, fair value | 62,466 | 62,112 |
Securities available for sale, amortized cost, due after one years through five years | 45,000 | |
Securities available for sale, fair value, due after one years through five years | 43,654 | |
Securities available for sale, amortized cost, due after five years through ten years | 110,431 | |
Securities available for sale, fair value, due after five years through ten years | 104,599 | |
Securities available for sale, amortized cost, due after ten years | 76,256 | |
Securities available for sale, fair value, due after ten years | 73,777 | |
Securities available for sale, amortized cost, total other securities | 620,262 | 778,294 |
Securities available for sale, fair value, total other securities | 620,956 | 772,500 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,654 | 50,954 |
Securities held-to-maturity, fair value | 53,268 | 53,998 |
Securities available for sale, fair value, total other securities | 234,721 | 248,651 |
Total Other Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 231,687 | |
Securities available for sale, fair value, total other securities | 222,030 | |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,919 | 7,934 |
Securities held-to-maturity, fair value | 9,198 | 8,114 |
Securities available for sale, amortized cost, total other securities | 375,884 | 521,600 |
Securities available for sale, fair value, total other securities | 386,235 | 523,849 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 12,691 | 12,216 |
Securities available for sale, fair value, total other securities | $ 12,691 | $ 12,216 |
Securities - Available for Sale
Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Securities have been in a continuous unrealized loss position, number of positions | 32 | 62 |
Securities have been in a continuous unrealized loss position, fair value | $ 238,435,000 | $ 441,043,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 9,941,000 | 10,101,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 26,453,000 | 146,957,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 253,000 | 1,363,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 211,982,000 | 294,086,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 9,688,000 | 8,738,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 253,000 | $ 1,363,000 |
Other Debt Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 27 | 29 |
Securities have been in a continuous unrealized loss position, fair value | $ 210,623,000 | $ 222,187,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 9,849,000 | 8,162,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 7,293,000 | 25,451,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 183,000 | 108,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 203,330,000 | 196,736,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 9,666,000 | 8,054,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 183,000 | $ 108,000 |
FNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | 8 |
Securities have been in a continuous unrealized loss position, fair value | $ 8,652,000 | $ 67,618,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 22,000 | 426,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 19,073,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 138,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 8,652,000 | 48,545,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 22,000 | 288,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 0 | $ 138,000 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 5 | 33 |
Securities have been in a continuous unrealized loss position, fair value | $ 27,812,000 | $ 218,856,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 92,000 | 1,939,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,160,000 | 121,506,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 70,000 | 1,255,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 8,652,000 | 97,350,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 22,000 | 684,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 70,000 | $ 1,255,000 |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 14 | 16 |
Securities have been in a continuous unrealized loss position, fair value | $ 113,324,000 | $ 123,050,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 6,676,000 | 6,950,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 113,324,000 | 123,050,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 6,676,000 | 6,950,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 0 | $ 0 |
Collateralized Loan Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 13 | 13 |
Securities have been in a continuous unrealized loss position, fair value | $ 97,299,000 | $ 99,137,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 3,173,000 | 1,212,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 7,293,000 | 25,451,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 183,000 | 108,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 90,006,000 | 73,686,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,990,000 | 1,104,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 183,000 | $ 108,000 |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 2 | 23 |
Securities have been in a continuous unrealized loss position, fair value | $ 5,663,000 | $ 120,989,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 39,000 | 1,440,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 5,663,000 | 102,384,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 39,000 | 1,117,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 18,605,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 323,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 39,000 | $ 1,117,000 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 13,449,000 | $ 30,200,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 31,000 | 73,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 13,449,000 | 0 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 31,000 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 30,200,000 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 73,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 31,000 | $ 0 |
GNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 48,000 | $ 49,000 |
Securities have been in a continuous unrealized loss position, unrealized losses | 0 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 48,000 | 49,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | $ 0 |
Maximum [Member] | GNMA [Member] | ||
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,000 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | $ 1,000 |
Securities - Allowance for cred
Securities - Allowance for credit losses for debt securities held-to-maturity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Activity in the allowance for credit losses for debt securities held-to-maturity | |
Allowance for credit losses - securities | $ 402 |
Other Debt Obligations [Member] | |
Activity in the allowance for credit losses for debt securities held-to-maturity | |
CECL adoption | 340 |
Provision | 62 |
Allowance for credit losses - securities | $ 402 |
Securities - Gross Gain (Loss)
Securities - Gross Gain (Loss) Realized From the Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Notes to Financial Statements | ||
Gross gains from the sale of securities | $ 1,476 | $ 423 |
Gross losses from the sale of securities | (1,567) | (438) |
Net losses from the sale of securities | $ (91) | $ (15) |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)itemloan | Sep. 30, 2019USD ($)loan | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of business units | item | 3 | |||||||
Allowance for credit losses | $ 38,343 | $ 22,035 | $ 38,343 | $ 22,035 | $ 36,710 | $ 21,751 | $ 21,510 | $ 20,945 |
Percentage of financing receivable on total loans | 0.65% | |||||||
Percentage of financing receivable on gross loans | 154.70% | |||||||
Payback protection program , maximum fund | $ 111,600 | $ 111,600 | ||||||
Number of contracts | loan | 0 | 0 | 0 | 0 | ||||
Non-accrual loans | 12,813 | |||||||
Minimum [Member] | ||||||||
Term of Deferral interest and principal payments | 1 month | |||||||
Maximum [Member] | ||||||||
Term of Deferral interest and principal payments | 12 months | |||||||
Interest and dividends receivable | ||||||||
Interest Receivable | $ 33,500 | $ 33,500 | ||||||
Extension Of Credit [Member] | ||||||||
Commitments and contingencies (Note 15) | 86,200 | 86,200 | ||||||
Extension Of Lines Of Credit [Member] | ||||||||
Commitments and contingencies (Note 15) | $ 282,500 | $ 282,500 | ||||||
Loans Receivable [Member] | ||||||||
Number of active forbearances | loan | 509 | 509 | ||||||
Outstanding balance in active forbearance | $ 846,200 | $ 846,200 | 1,300,000 | |||||
Financing Receivable | 28,400 | 28,400 | ||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||
Allowance for credit losses | 8,547 | $ 4,364 | 8,547 | $ 4,364 | 6,971 | 4,429 | 4,265 | 4,315 |
Multi-family Residential Portfolio Segment [Member] | ||||||||
Allowance for credit losses | 7,396 | 5,377 | 7,396 | 5,377 | 8,935 | 5,391 | 5,506 | 5,676 |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||||||
Non-accrual loans | 100 | 100 | 1,700 | |||||
Commercial Business and Other Portfolio Segment [Member] | ||||||||
Allowance for credit losses | 17,941 | $ 8,968 | 17,941 | $ 8,968 | $ 15,248 | 8,554 | $ 8,444 | $ 7,591 |
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||||||
Non-accrual loans | 1,000 | 1,000 | $ 900 | |||||
Overdrafts [Member] | ||||||||
Recorded provision for loans losses | $ 2,500 | $ 19,200 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses - Loans Modified and Classified as TDR (Details) | 9 Months Ended | |
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($)loan | |
Number | 1 | 3 |
Balance | $ 270,000 | $ 951,000 |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | |
One-To-Four Family - Mixed Used Property [Member] | ||
Number | 1 | |
Balance | $ 270,000 | |
Commercial Business and Other [Member] | ||
Number | loan | 3 | |
Balance | $ 951,000 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Performing (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($)contract | Sep. 30, 2019loan | Dec. 31, 2019USD ($)contract | |
Number | 1 | 3 | |
Performing Financial Instruments [Member] | |||
Number | contract | 19 | 24 | |
Amortized Cost | $ 5,182,000 | ||
Recorded investment | $ 6,494,000 | ||
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | |||
Number | contract | 7 | 7 | |
Amortized Cost | $ 1,876,000 | ||
Recorded investment | $ 1,873,000 | ||
One-To-Four Family - Mixed Used Property [Member] | |||
Number | 1 | ||
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | |||
Number | contract | 5 | 4 | |
Amortized Cost | $ 1,744,000 | ||
Recorded investment | $ 1,481,000 | ||
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | |||
Number | contract | 3 | 3 | |
Amortized Cost | $ 513,000 | ||
Recorded investment | $ 531,000 | ||
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Number | contract | 1 | 7 | |
Amortized Cost | $ 99,000 | ||
Recorded investment | $ 1,668,000 | ||
Commercial Business and Other [Member] | |||
Number | loan | 3 | ||
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | |||
Number | contract | 3 | 3 | |
Amortized Cost | $ 950,000 | ||
Recorded investment | $ 941,000 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Not Performing (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020loan | Sep. 30, 2019loan | Sep. 30, 2020USD ($)contractloan | Sep. 30, 2019loan | Dec. 31, 2019USD ($)contract | |
Number of contracts | loan | 0 | 0 | 0 | 0 | |
Nonperforming Financial Instruments [Member] | |||||
Number of contracts | contract | 11 | 5 | |||
Recorded investment, not performing | $ | $ 2,102 | $ 1,344 | |||
Taxi Medallion Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Number of contracts | contract | 10 | 4 | |||
Recorded investment, not performing | $ | $ 1,823 | $ 1,065 | |||
Commercial Business and Other Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Number of contracts | contract | 1 | 1 | |||
Recorded investment, not performing | $ | $ 279 | $ 279 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Non-performing Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans ninety days or more past due and still accruing | $ 445 | |
Non-accrual loans | 12,813 | |
Total non-performing loans | 13,258 | |
Mortgage Receivable [Member] | ||
Non-accrual loans | 8,076 | |
Non-Mortgage Loans [Member] | ||
Non-accrual loans | 4,737 | |
Multi-family Residential Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 445 | |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 2,296 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 367 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 274 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 5,139 | |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,151 | |
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,641 | |
Commercial Business and Other Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,945 | |
Performing Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Non-accrual loans | $ 300 | |
Performing Financial Instruments [Member] | Taxi Medallion Portfolio Segment [Member] | ||
Non-accrual loans | 100 | 1,700 |
Performing Financial Instruments [Member] | Commercial Business and Other Portfolio Segment [Member] | ||
Non-accrual loans | $ 1,000 | $ 900 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Foregone on Non-accrual Loans and Loans Classified as TDR (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Note 3 - Loans and Allowance for Loan Losses - Summary of Interest Foregone on Non-accrual Loans and Loans Classified as TDR (Details) | ||||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 491 | $ 416 | $ 1,296 | $ 1,224 |
Less: Interest income included in the results of operations | 78 | 89 | 240 | 330 |
Total foregone interest | $ 413 | $ 327 | $ 1,056 | $ 894 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans, Past Due | $ 35,250 | $ 28,928 |
Loans, Current | 5,906,148 | 5,728,007 |
Total Loans | 5,941,398 | 5,756,935 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 10,500 | 8,219 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 2,316 | 8,027 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 22,434 | 12,682 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans, Past Due | 7,999 | 8,346 |
Loans, Current | 2,251,453 | 2,230,245 |
Total Loans | 2,259,452 | 2,238,591 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 4,499 | 4,042 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 777 | 1,563 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 2,723 | 2,741 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, Past Due | 3,431 | 5,308 |
Loans, Current | 1,635,986 | 1,576,700 |
Total Loans | 1,639,417 | 1,582,008 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 525 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 192 | 4,941 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 2,714 | 367 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans, Past Due | 5,036 | 1,887 |
Loans, Current | 584,562 | 590,584 |
Total Loans | 589,598 | 592,471 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 3,048 | 1,117 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 559 | 496 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 1,429 | 274 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans, Past Due | 8,729 | 6,881 |
Loans, Current | 192,052 | 181,335 |
Total Loans | 200,781 | 188,216 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 2,118 | 720 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 689 | 1,022 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 5,922 | 5,139 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Loans, Past Due | 0 | |
Loans, Current | 8,663 | |
Total Loans | 8,663 | |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 0 | |
Construction Portfolio Segment [Member] | ||
Loans, Past Due | 0 | 0 |
Loans, Current | 63,406 | 67,754 |
Total Loans | 63,406 | 67,754 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | ||
Loans, Past Due | 1,169 | 1,151 |
Loans, Current | 122,311 | 13,294 |
Total Loans | 123,480 | 14,445 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 1,169 | 1,151 |
Taxi Medallion Portfolio Segment [Member] | ||
Loans, Past Due | 2,318 | 1,065 |
Loans, Current | 0 | 2,244 |
Total Loans | 2,318 | 3,309 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 198 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 99 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 2,021 | 1,065 |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans, Past Due | 6,568 | 4,290 |
Loans, Current | 1,056,378 | 1,057,188 |
Total Loans | 1,062,946 | 1,061,478 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 112 | 2,340 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 5 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | $ 6,456 | $ 1,945 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Beginning balance | $ 36,710 | $ 21,510 | $ 21,751 | $ 20,945 |
Impact of CECL Adoption | 379 | |||
Charge-off's | (964) | (431) | (3,253) | (2,683) |
Recoveries | 127 | 273 | 260 | 644 |
Provision (benefit) | 2,470 | 683 | 19,206 | 3,129 |
Ending balance | 38,343 | 22,035 | 38,343 | 22,035 |
Multi-family Residential Portfolio Segment [Member] | ||||
Beginning balance | 8,935 | 5,506 | 5,391 | 5,676 |
Impact of CECL Adoption | (650) | |||
Charge-off's | (189) | (190) | ||
Recoveries | 14 | 6 | 27 | 30 |
Provision (benefit) | (1,553) | 54 | 2,628 | (139) |
Ending balance | 7,396 | 5,377 | 7,396 | 5,377 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 6,971 | 4,265 | 4,429 | 4,315 |
Impact of CECL Adoption | 1,170 | |||
Recoveries | 7 | |||
Provision (benefit) | 1,576 | 99 | 2,948 | 42 |
Ending balance | 8,547 | 4,364 | 8,547 | 4,364 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Beginning balance | 2,826 | 1,786 | 1,817 | 1,867 |
Impact of CECL Adoption | (55) | |||
Charge-off's | (3) | (1) | ||
Recoveries | 60 | 140 | 138 | 228 |
Provision (benefit) | (1,208) | (120) | (219) | (288) |
Ending balance | 1,678 | 1,806 | 1,678 | 1,806 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Beginning balance | 1,161 | 746 | 756 | 749 |
Impact of CECL Adoption | (160) | |||
Charge-off's | (113) | |||
Recoveries | 2 | 3 | 10 | 10 |
Provision (benefit) | (483) | (4) | 74 | 99 |
Ending balance | 680 | 745 | 680 | 745 |
Construction Portfolio Segment [Member] | ||||
Beginning balance | 183 | 381 | 441 | 329 |
Impact of CECL Adoption | (279) | |||
Provision (benefit) | 35 | 37 | 56 | 89 |
Ending balance | 218 | 418 | 218 | 418 |
Small Business Administration Portfolio Segment [Member] | ||||
Beginning balance | 1,386 | 382 | 363 | 418 |
Impact of CECL Adoption | 1,180 | |||
Charge-off's | (178) | |||
Recoveries | 47 | 32 | 67 | 52 |
Provision (benefit) | 450 | (57) | 451 | (113) |
Ending balance | 1,883 | 357 | 1,883 | 357 |
Taxi Medallion Portfolio Segment [Member] | ||||
Charge-off's | (951) | (951) | ||
Recoveries | 134 | |||
Provision (benefit) | 951 | 951 | (134) | |
Commercial Business and Other Portfolio Segment [Member] | ||||
Beginning balance | 15,248 | 8,444 | 8,554 | 7,591 |
Impact of CECL Adoption | (827) | |||
Charge-off's | (13) | (242) | (2,121) | (2,379) |
Recoveries | 4 | 92 | 18 | 183 |
Provision (benefit) | 2,702 | 674 | 12,317 | 3,573 |
Ending balance | $ 17,941 | $ 8,968 | $ 17,941 | $ 8,968 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Non-Accrual at Amortized Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Total Non-Accrual Amortized Cost | $ 25,828 | |
Non-Accrual with no related Allowance | 23,006 | |
Interest Income Recognized | 32 | |
Loans ninety days or more past due and still accruing | $ 445 | |
Multi-family Residential Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 2,723 | |
Non-Accrual with no related Allowance | 2,723 | |
Loans ninety days or more past due and still accruing | $ 445 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 2,714 | |
Non-Accrual with no related Allowance | 2,714 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 1,704 | |
Non-Accrual with no related Allowance | 1,704 | |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 5,922 | |
Non-Accrual with no related Allowance | 5,922 | |
Small Business Administration Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 1,169 | |
Non-Accrual with no related Allowance | 1,169 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 9,278 | |
Non-Accrual with no related Allowance | 6,456 | |
Interest Income Recognized | 32 | |
Taxi Medallion Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 2,318 | |
Non-Accrual with no related Allowance | $ 2,318 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Risk category of our loan portfolio (Details) $ in Thousands | Sep. 30, 2020USD ($) |
2020 | $ 591,683 |
2019 | 913,660 |
2018 | 972,833 |
2017 | 736,161 |
2016 | 651,192 |
Prior | 1,841,327 |
Revolving Loans Amortized Cost Basis | 212,208 |
Lines of credit converted to term loans | 22,334 |
One-To-Four Family - Residential Portfolio Segment [Member] | |
2020 | 23,224 |
2019 | 25,030 |
2018 | 27,827 |
2017 | 15,548 |
2016 | 12,191 |
Prior | 66,650 |
Revolving Loans Amortized Cost Basis | 7,977 |
Lines of credit converted to term loans | 22,334 |
One-To-Four Family - Residential Portfolio Segment [Member] | Pass [Member] | |
2020 | 22,735 |
2019 | 25,030 |
2018 | 27,827 |
2017 | 15,548 |
2016 | 11,231 |
Prior | 59,657 |
Revolving Loans Amortized Cost Basis | 7,678 |
Lines of credit converted to term loans | 18,095 |
One-To-Four Family - Residential Portfolio Segment [Member] | Watch [Member] | |
2020 | 489 |
Prior | 2,936 |
Revolving Loans Amortized Cost Basis | 299 |
Lines of credit converted to term loans | 2,011 |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 667 |
Lines of credit converted to term loans | 492 |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |
2016 | 960 |
Prior | 3,390 |
Lines of credit converted to term loans | 1,736 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |
2020 | 27,156 |
2019 | 68,993 |
2018 | 76,916 |
2017 | 61,936 |
2016 | 54,490 |
Prior | 300,107 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Pass [Member] | |
2020 | 27,156 |
2019 | 66,500 |
2018 | 74,828 |
2017 | 59,923 |
2016 | 53,344 |
Prior | 288,858 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Watch [Member] | |
2019 | 1,873 |
2018 | 903 |
2017 | 2,013 |
2016 | 1,146 |
Prior | 8,556 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |
2018 | 379 |
Prior | 1,179 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |
2019 | 620 |
2018 | 806 |
Prior | 1,514 |
Commercial Real Estate Portfolio Segment [Member] | |
2020 | 118,019 |
2019 | 260,101 |
2018 | 281,920 |
2017 | 194,667 |
2016 | 241,756 |
Prior | 542,954 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |
2020 | 118,019 |
2019 | 248,812 |
2018 | 281,920 |
2017 | 189,592 |
2016 | 213,553 |
Prior | 482,495 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | |
2019 | 8,606 |
2017 | 4,883 |
2016 | 28,203 |
Prior | 58,587 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |
2019 | 981 |
2017 | 192 |
Prior | 861 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |
2019 | 1,702 |
Prior | 1,011 |
Construction Portfolio Segment [Member] | |
2020 | 10,058 |
2019 | 15,637 |
2018 | 37,711 |
Construction Portfolio Segment [Member] | Pass [Member] | |
2020 | 10,058 |
2019 | 14,751 |
2018 | 31,402 |
Construction Portfolio Segment [Member] | Watch [Member] | |
2019 | 886 |
2018 | 5,631 |
Construction Portfolio Segment [Member] | Special Mention [Member] | |
2018 | 678 |
Multi-family Residential Portfolio Segment [Member] | |
2020 | 174,397 |
2019 | 311,135 |
2018 | 366,297 |
2017 | 358,743 |
2016 | 272,871 |
Prior | 771,711 |
Revolving Loans Amortized Cost Basis | 4,298 |
Multi-family Residential Portfolio Segment [Member] | Pass [Member] | |
2020 | 174,397 |
2019 | 309,564 |
2018 | 364,298 |
2017 | 356,206 |
2016 | 269,388 |
Prior | 749,946 |
Revolving Loans Amortized Cost Basis | 3,433 |
Multi-family Residential Portfolio Segment [Member] | Watch [Member] | |
2019 | 1,571 |
2017 | 2,537 |
2016 | 2,784 |
Prior | 19,504 |
Revolving Loans Amortized Cost Basis | 865 |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | |
2016 | 699 |
Prior | 776 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |
2018 | 1,999 |
Prior | 1,485 |
Commercial Business Secured By Portfolio Segment [member] | |
2020 | 68,713 |
2019 | 91,282 |
2018 | 63,784 |
2017 | 23,371 |
2016 | 47,335 |
Prior | 86,115 |
Commercial Business Secured By Portfolio Segment [member] | Pass [Member] | |
2020 | 68,713 |
2019 | 91,282 |
2018 | 56,704 |
2017 | 22,051 |
2016 | 47,335 |
Prior | 82,368 |
Commercial Business Secured By Portfolio Segment [member] | Watch [Member] | |
2018 | 7,080 |
2017 | 1,320 |
Prior | 416 |
Commercial Business Secured By Portfolio Segment [member] | Substandard [Member] | |
Prior | 3,331 |
Commercial Business Portfolio Segment [Member] | |
2020 | 59,995 |
2019 | 140,415 |
2018 | 114,788 |
2017 | 77,427 |
2016 | 19,991 |
Prior | 69,661 |
Revolving Loans Amortized Cost Basis | 199,834 |
Commercial Business Portfolio Segment [Member] | Pass [Member] | |
2020 | 59,956 |
2019 | 137,475 |
2018 | 108,265 |
2017 | 64,737 |
2016 | 17,573 |
Prior | 67,940 |
Revolving Loans Amortized Cost Basis | 186,882 |
Commercial Business Portfolio Segment [Member] | Watch [Member] | |
2019 | 2,889 |
2018 | 4,112 |
2017 | 7,880 |
Prior | 10 |
Revolving Loans Amortized Cost Basis | 10,935 |
Commercial Business Portfolio Segment [Member] | Special Mention [Member] | |
2019 | 51 |
2018 | 2,411 |
2016 | 2,418 |
Revolving Loans Amortized Cost Basis, Net | (26) |
Commercial Business Portfolio Segment [Member] | Substandard [Member] | |
2020 | 39 |
2017 | 4,810 |
Prior | 1,711 |
Revolving Loans Amortized Cost Basis | 171 |
Commercial Business Portfolio Segment [Member] | Doubtful [Member] | |
Revolving Loans Amortized Cost Basis | 1,872 |
Small Business Administration Portfolio Segment [Member] | |
2020 | 110,121 |
2019 | 1,067 |
2018 | 3,590 |
2017 | 4,469 |
2016 | 2,558 |
Prior | 1,675 |
Small Business Administration Portfolio Segment [Member] | Pass [Member] | |
2020 | 110,121 |
2019 | 1,067 |
2018 | 3,590 |
2017 | 1,043 |
2016 | 2,551 |
Prior | 1,625 |
Small Business Administration Portfolio Segment [Member] | Watch [Member] | |
2017 | 2,257 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 50 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |
2017 | 1,169 |
2016 | 7 |
Taxi Medallion Portfolio Segment [Member] | |
Prior | 2,318 |
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |
Prior | 2,318 |
Other Portfolio Segment [Member] | |
Prior | 136 |
Revolving Loans Amortized Cost Basis | 99 |
Other Portfolio Segment [Member] | Pass [Member] | |
Prior | 136 |
Revolving Loans Amortized Cost Basis | $ 99 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Loans Designated as Criticized or Classified (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Loans designated as criticized or classified | $ 38,046 |
Special Mention [Member] | |
Loans designated as criticized or classified | 13,747 |
Substandard [Member] | |
Loans designated as criticized or classified | 24,033 |
Doubtful [Member] | |
Loans designated as criticized or classified | 266 |
Loss [Member] | |
Loans designated as criticized or classified | 0 |
Multi-family Residential Portfolio Segment [Member] | |
Loans designated as criticized or classified | 4,306 |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 1,563 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 2,743 |
Multi-family Residential Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Multi-family Residential Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Loans designated as criticized or classified | 5,892 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 5,525 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 367 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |
Loans designated as criticized or classified | 2,038 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 1,585 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 453 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Residential Portfolio Segment [Member] | |
Loans designated as criticized or classified | 6,882 |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 1,095 |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 5,787 |
One-To-Four Family - Residential Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Residential Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Small Business Administration Portfolio Segment [Member] | |
Loans designated as criticized or classified | 140 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 55 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 85 |
Small Business Administration Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Small Business Administration Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Taxi Medallion Portfolio Segment [Member] | |
Loans designated as criticized or classified | 3,309 |
Taxi Medallion Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 0 |
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 3,309 |
Taxi Medallion Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Taxi Medallion Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Commercial Business and Other Portfolio Segment [Member] | |
Loans designated as criticized or classified | 15,479 |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 3,924 |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 11,289 |
Commercial Business and Other Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 266 |
Commercial Business and Other Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | $ 0 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Amortized Cost of Collateral (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | $ 16,394 |
Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 8,483 |
Multi-family Residential Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 2,723 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 6,045 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 1,704 |
One-To-Four Family - Residential Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 5,922 |
Small Business Administration Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 1,169 |
Commercial Business and Other Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 4,996 |
Taxi Medallion Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | $ 2,318 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Off-Balance Sheet Credit Losses (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Other operating expense | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Credit loss expense for off-balance-sheet | $ 0.3 | $ 1 |
Other Liabilities | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Off-balance-sheet credit losses | $ 1.6 | $ 1.6 |
Loans Held for Sale (Details)
Loans Held for Sale (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020USD ($)loan | Sep. 30, 2019loan | Dec. 31, 2019USD ($) | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | $ | $ 0 | $ 0 | |
Performing Financial Instruments [Member] | |||
Loans sold | loan | 0 | 3 |
Loans Held for Sale - Delinquen
Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Nonperforming Financial Instruments [Member] | ||||
Loans sold | loan | 2 | 2 | 5 | |
Proceeds | $ 3,948 | $ 580 | $ 5,118 | |
Net (charge-offs) recoveries | 0 | (1) | ||
Net gain (loss) | $ 204 | $ 42 | $ 267 | |
Nonperforming Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | ||||
Loans sold | loan | 1 | 1 | 3 | |
Proceeds | $ 700 | $ 284 | $ 1,465 | |
Net (charge-offs) recoveries | 0 | 0 | ||
Net gain (loss) | $ 204 | $ 42 | $ 267 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Loans sold | loan | 1 | |||
Proceeds | $ 3,248 | |||
Net (charge-offs) recoveries | 0 | |||
Net gain (loss) | $ 0 | |||
Nonperforming Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Loans sold | loan | 1 | 1 | ||
Proceeds | $ 296 | $ 405 | ||
Net (charge-offs) recoveries | 0 | (1) | ||
Net gain (loss) | $ 0 | $ 0 | ||
Nonperforming Financial Instruments [Member] | Small Business Administration Portfolio Segment [Member] | ||||
Loans sold | loan | 1 | |||
Proceeds | $ 3,248 | |||
Performing Financial Instruments [Member] | ||||
Loans sold | loan | 0 | 3 | ||
Proceeds | $ 2,069 | |||
Net (charge-offs) recoveries | 0 | |||
Net gain (loss) | $ 114 | |||
Performing Financial Instruments [Member] | Small Business Administration Portfolio Segment [Member] | ||||
Loans sold | loan | 3 | |||
Proceeds | $ 2,069 | |||
Net (charge-offs) recoveries | 0 | |||
Net gain (loss) | $ 114 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Consumer Portfolio Segment [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 6.1 | $ 6.6 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Note 5 - Other Real Estate Owned - Changes in Other Real Estate Owned ("OREO") (Details) | |||
Balance at beginning of period | $ 208 | $ 239 | $ 0 |
Acquisitions | 0 | 239 | |
Write-down of carrying value | (31) | 0 | |
Sales | (208) | (208) | 0 |
Balance at end of period | $ 0 | $ 0 | $ 239 |
Other Real Estate Owned - Gross
Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Note 5 - Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) | ||||
Gross gains | $ 0 | $ 0 | $ 0 | $ 0 |
Gross losses | (5) | (5) | ||
Write-down of carrying value | (31) | $ 0 | ||
Total income | $ (5) | $ (36) |
Leases (Details)
Leases (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)lease | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)lease | Sep. 30, 2019USD ($) | Dec. 31, 2019 | |
Number of new branch lease | lease | 1 | ||||
Short-term lease expense | $ | $ 34,000 | $ 34,000 | $ 102,000 | $ 102,000 | |
Variable lease payments | $ | 300,000 | 200,000 | 800,000 | 600,000 | |
Operating lease cost | $ | $ 1,895,000 | 1,891,000 | $ 5,676,000 | $ 5,676,000 | |
Weighted-average remaining lease term-operating leases (Year) | 8 years 2 months 12 days | 8 years 2 months 12 days | 8 years | ||
Weighted average discount rate-operating leases | 3.60% | 3.60% | 3.80% | ||
Minimum [Member] | |||||
Term of contract | 2 months | 2 months | |||
Maximum [Member] | |||||
Term of contract | 15 years | 15 years | |||
Branches And Office Space [Member] | |||||
Number of leases | lease | 22 | 22 | |||
Vehicles [Member] | |||||
Number of leases | lease | 9 | 9 | |||
Equipment [Member] | |||||
Number of leases | lease | 1 | 1 | |||
Professional Services [Member] | |||||
Short-term lease expense | $ | $ 34,000 | $ 34,000 |
Leases - Balance Sheet Disclosu
Leases - Balance Sheet Disclosures and Components of Lease Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||||
Right of Use Asset | $ 42,326,000 | $ 42,326,000 | $ 41,254,000 | ||
Operating lease liability | $ 49,737,000 | $ 49,737,000 | $ 49,367,000 | ||
Weighted-average remaining lease term-operating leases (Year) | 8 years 2 months 12 days | 8 years 2 months 12 days | 8 years | ||
Weighted average discount rate-operating leases | 3.60% | 3.60% | 3.80% | ||
Operating lease cost | $ 1,895,000 | $ 1,891,000 | $ 5,676,000 | $ 5,676,000 | |
Short-term lease cost | 34,000 | 34,000 | 102,000 | 102,000 | |
Variable lease cost | 281,000 | 267,000 | 832,000 | 757,000 | |
Total lease cost | 2,210,000 | 2,192,000 | 6,610,000 | 6,535,000 | |
Operating cash flows from operating leases | 2,101,000 | 2,002,000 | 6,283,000 | 6,052,000 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,772,000 | $ 1,253,000 | $ 6,822,000 | $ 1,295,000 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments for Bank facilities Due Under Non-cancelable Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 1,715 | |
2021 | 7,739 | |
2022 | 7,491 | |
2023 | 7,612 | |
2024 | 7,650 | |
Thereafter | 24,935 | |
Total minimum payments required | 57,142 | |
Less: implied interest | 7,405 | |
Total lease obligations | $ 49,737 | $ 49,367 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | Jan. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 |
Stock-based compensation (benefit) expense | $ 900,000 | $ 1,200,000 | $ 4,300,000 | $ 6,500,000 | |||
Income tax benefits related to the stock-based compensation plans | $ 200,000 | $ 200,000 | $ 1,000,000 | $ 1,500,000 | |||
Stock options outstanding | 0 | 0 | 0 | ||||
Omnibus Plan 2014 [Member] | |||||||
Awards vesting period | 3 years | ||||||
The 2019 Long-term Incentive Compensation Program [Member] | |||||||
PRSU Awards, Percentage of Target Award, Below Threshold-level Performance | 0.00% | ||||||
PRSU Awards, Percentage of Target Award, Threshold-level Performance | 50.00% | ||||||
PRSU Awards, Percentage of Target Award, Target-Level Performance | 100.00% | ||||||
PRSU Awards, Percentage of Target Award, Maximum-Level Performance | 150.00% | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Awards granted | 172,728 | 263,574 | 0 | ||||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | |||||||
Total unrecognized compensation cost | $ 6,300,000 | $ 6,300,000 | $ 6,300,000 | ||||
Weighted-average period of recognition of compensation cost | 2 years 6 months | ||||||
Total fair value of awards vested | $ 200,000 | $ 700,000 | $ 5,200,000 | $ 6,900,000 | |||
Performance-based Restricted Stock Units [Member] | |||||||
Awards granted | 0 | 8,260 | 72,143 | 66,130 | |||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | |||||||
Stock-based compensation (benefit) expense | $ 100,000 | $ 200,000 | $ 1,200,000 | $ 100,000 | |||
Total fair value of awards vested | $ 3,000 | $ 1,000 | $ 10,000 | $ 23,000 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 15 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | |
Restricted Stock Units (RSUs) [Member] | |||||
Non-vested RSU's, beginning balance (in shares) | 428,295 | ||||
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 24.42 | ||||
Granted RSU's (in shares) | 172,728 | 263,574 | 0 | ||
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 19.66 | ||||
Vested RSU's (in shares) | (241,246) | ||||
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 22.38 | ||||
Forfeited RSU's (in shares) | (5,545) | ||||
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 24.62 | ||||
Non-vested RSU's, ending balance (in shares) | 354,232 | 354,232 | 354,232 | ||
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 23.48 | $ 23.48 | $ 23.48 | ||
Vested RSU's but unissued (in shares) | 217,642 | 217,642 | 217,642 | ||
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 23.26 | $ 23.26 | $ 23.26 | ||
Performance-based Restricted Stock Units [Member] | |||||
Non-vested RSU's, beginning balance (in shares) | 34,186 | ||||
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 22.38 | ||||
Granted RSU's (in shares) | 0 | 8,260 | 72,143 | 66,130 | |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 20.38 | ||||
Vested RSU's (in shares) | (35,149) | ||||
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 20.54 | ||||
Forfeited RSU's (in shares) | 0 | ||||
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 0 | ||||
Non-vested RSU's, ending balance (in shares) | 71,180 | 71,180 | 71,180 | ||
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 21.26 | $ 21.26 | $ 21.26 | ||
Vested RSU's but unissued (in shares) | 62,515 | 62,515 | 62,515 | ||
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 21.35 | $ 21.35 | $ 21.35 |
Stock-based Compensation - Phan
Stock-based Compensation - Phantom Stock Plan (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Note 11 - Stock-based Compensation - Phantom Stock Plan (Details) | |
Outstanding, beginning balance (in shares) | shares | 109,226 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 21.61 |
Granted (in shares) | shares | 10,392 |
Granted (in dollars per share) | $ / shares | $ 14.58 |
Distributions (in shares) | shares | (890) |
Distributions (in dollars per share) | $ / shares | $ 11.73 |
Outstanding, ending balance (in shares) | shares | 118,728 |
Outstanding, ending (in dollars per share) | $ / shares | $ 10.52 |
Vested at September 30, 2020 (in shares) | shares | 118,677 |
Vested at September 30, 2020 (in dollars per share) | $ / shares | $ 10.52 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Directors' Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 108,000 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 59,000 | |
Retirement Plan [Member] | Savings Bank [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - The Components of the Net Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Employee Pension Plan [Member] | ||||
Interest cost | $ 163 | $ 199 | $ 489 | $ 597 |
Amortization of unrecognized (gain) loss | 111 | 68 | 333 | 201 |
Expected return on plan assets | (257) | (272) | (771) | (816) |
Net pension (benefit) expense | 17 | (5) | 51 | (18) |
Directors' Plan [Member] | ||||
Service cost | 4 | 10 | 11 | 30 |
Interest cost | 16 | 21 | 48 | 63 |
Amortization of unrecognized (gain) loss | (14) | (35) | (41) | (105) |
Amortization of past service credit | 0 | 0 | 0 | 0 |
Net pension (benefit) expense | 6 | (4) | 18 | (12) |
Other Post Retirement Benefit Plan Defined Benefit [Member] | ||||
Service cost | 69 | 70 | 206 | 210 |
Interest cost | 64 | 85 | 194 | 255 |
Amortization of past service credit | (21) | (22) | (64) | (64) |
Net pension (benefit) expense | $ 112 | $ 133 | $ 336 | $ 401 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financial Assets at Fair Value Option | $ 14,500 | $ 14,500 | $ 14,300 | ||
Financial Liabilities at Fair Value Option | 38,300 | 38,300 | 44,400 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (2,225) | $ (2,124) | 1,987 | $ (6,160) | |
Financial Liabilities at Fair Value Option Contractual Principal | 61,900 | 61,900 | 61,900 | ||
Financial Liabilities at Fair Value Option Accrued Interest Payable | $ 100 | $ 100 | $ 200 | ||
Appraised Value of Property [Member] | |||||
Collateral Dependent Loans Measurement Input | 85 | 85 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |||
Interest Rate Swap [Member] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 600 | $ (1,600) | $ 3,200 | $ 4,300 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financial Assets at Fair Value Option | $ 14,500 | $ 14,500 | $ 14,300 | ||
Net gain (loss) from fair value adjustments | (2,225) | $ (2,124) | 1,987 | $ (6,160) | |
Collateralized Mortgage Backed Securities [Member] | |||||
Financial Assets at Fair Value Option | 672 | 672 | 772 | ||
Net gain (loss) from fair value adjustments | (1) | 0 | 1 | 2 | |
Other Securities [Member] | |||||
Financial Assets at Fair Value Option | 13,841 | 13,841 | 13,548 | ||
Net gain (loss) from fair value adjustments | 83 | 107 | 120 | 470 | |
Junior Subordinated Debentures [Member] | |||||
Financial Assets at Fair Value Option | 38,287 | 38,287 | $ 44,384 | ||
Net gain (loss) from fair value adjustments | (2,897) | (599) | 5,086 | (2,353) | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||||
Net gain (loss) from fair value adjustments | $ (2,815) | $ (492) | $ 5,207 | $ (1,881) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities available for sale, fair value | $ 620,956 | $ 772,500 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 386,235 | 523,849 |
Other Securities [Member] | ||
Securities available for sale, fair value | 1,149 | 1,332 |
Fair Value, Measurements, Recurring [Member] | ||
Total assets | 621,372 | 774,852 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 107,882 | 64,037 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 386,235 | 523,849 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 234,721 | 248,651 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 416 | 2,352 |
Interest Rate Swaps, Net Amount | 69,595 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 38,287 | 44,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 12,691 | 12,216 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 12,691 | 12,216 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest Rate Swaps, Net Amount | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 607,532 | 761,304 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 69,595 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 386,235 | 523,849 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 220,881 | 235,103 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 416 | 2,352 |
Interest Rate Swaps, Net Amount | 69,595 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 1,149 | 1,332 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 38,287 | 44,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 1,149 | 1,332 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest Rate Swaps, Net Amount | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 38,287 | $ 44,384 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Trust Preferred Securities [Member] | ||||
Beginning balance | $ 1,068 | $ 1,303 | $ 1,332 | $ 1,256 |
Net (loss) gain from fair value adjustment of financial assets | 82 | 15 | (180) | 64 |
Increase (decrease) in accrued interest receivable | (1) | (3) | (2) | |
Ending balance | 1,149 | 1,318 | 1,149 | 1,318 |
Junior Subordinated Debentures [Member] | ||||
Beginning balance | 35,570 | 43,414 | 44,384 | 41,849 |
Net loss (gain) from fair value adjustment of financial liabilities | 2,897 | 599 | (5,086) | 2,353 |
(Decrease) increase in accrued interest payable | (19) | (15) | (104) | (27) |
Change in unrealized gains included in other comprehensive income | (161) | (88) | (907) | (265) |
Ending balance | 38,287 | 43,910 | 38,287 | 43,910 |
Changes in unrealized gains held at period end | $ 2,384 | $ 1,513 | $ 2,384 | $ 1,513 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Recurring Level 3 Fair Value of Financial Instruments (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Securities available for sale, fair value | $ 620,956 | $ 772,500 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 38,287 | $ 44,384 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities, Weighted average | 5 | 4.2 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Securities available for sale, fair value | $ 1,149 | $ 1,332 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Assets, Weighted average | 5 | 4.2 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Non-recurring Basis, Fair Value (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Impaired loans | $ 4,167 | $ 1,081 |
Other repossessed assets | 0 | 239 |
Total assets | 4,167 | 1,320 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Other repossessed assets | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Other repossessed assets | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 4,167 | 1,081 |
Other repossessed assets | 0 | 239 |
Total assets | $ 4,167 | $ 1,320 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments (Details) $ in Thousands | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Other Real Estate | $ 0 | $ 208 | $ 239 | $ 239 | $ 239 | $ 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Impaired loans | $ 4,167 | 1,081 | ||||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||||
Impaired loans | $ 239 | |||||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||||||
Impaired loans, measurement input | (100) | |||||
Other Real Estate, Measurement Input | 0.5 | |||||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||||||
Impaired loans, measurement input | 15 | |||||
Other Real Estate, Measurement Input | 12.5 | |||||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||||||
Impaired loans, measurement input | 6.5 | |||||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | ||||||
Impaired loans | $ 2,112 | |||||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||||||
Impaired loans, measurement input | (74) | |||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | ||||||
Impaired loans | $ 2,055 | $ 809 | ||||
Impaired loans, measurement input | 6.4 | |||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||||
Impaired loans, measurement input | 4.3 | |||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||||
Impaired loans, measurement input | 6.4 | |||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||||
Impaired loans, measurement input | 5.1 | 6.4 | ||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||||
Impaired loans, measurement input | 0.200 | |||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||||||
Impaired loans, measurement input | 0.200 | |||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||||||
Impaired loans, measurement input | 35 | |||||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||||||
Impaired loans, measurement input | 29 | 0.200 | ||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Cap Rate [Member] | ||||||
Impaired loans, measurement input | 9.5 | |||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Cap Rate [Member] | Weighted Average [Member] | ||||||
Impaired loans, measurement input | 9.5 | |||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||||
Impaired loans, measurement input | 15 | |||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||||||
Impaired loans, measurement input | 15 | |||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | ||||||
Impaired loans | $ 272 | |||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||||||
Impaired loans, measurement input | (10) | |||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||||||
Impaired loans, measurement input | 15 | |||||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||||||
Impaired loans, measurement input | 2.5 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost | $ 58,573 | $ 58,888 |
Securities available for sale, fair value | 620,956 | 772,500 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 416 | 2,352 |
Interest rate swaps | (4,667) | 388 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,919 | 7,934 |
Securities available for sale, fair value | 386,235 | 523,849 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,654 | 50,954 |
Securities available for sale, fair value | 234,721 | 248,651 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 75,560 | 49,787 |
Loans | 5,941,398 | 5,772,206 |
FHLB-NY stock | 57,119 | 56,921 |
Accrued interest receivable | 36,068 | 25,722 |
Deposits | 4,963,495 | 5,066,424 |
Borrowings | 1,323,975 | 1,237,231 |
Accrued interest payable | 6,111 | 6,752 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 416 | 2,352 |
Interest rate swaps | 69,595 | 19,653 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,919 | 7,934 |
Securities available for sale, fair value | 386,235 | 523,849 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,654 | 50,954 |
Securities available for sale, fair value | 234,721 | 248,651 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 75,560 | 49,787 |
Loans | 6,030,154 | 5,822,124 |
FHLB-NY stock | 57,119 | 56,921 |
Accrued interest receivable | 36,068 | 25,722 |
Deposits | 4,970,920 | 5,070,046 |
Borrowings | 1,333,147 | 1,389,883 |
Accrued interest payable | 6,111 | 6,752 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 416 | 2,352 |
Interest rate swaps | 69,595 | 19,653 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 9,198 | 8,114 |
Securities available for sale, fair value | 386,235 | 523,849 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 53,268 | 53,998 |
Securities available for sale, fair value | 234,721 | 248,651 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 75,560 | 49,787 |
Loans | 0 | 0 |
FHLB-NY stock | 0 | 0 |
Accrued interest receivable | 1 | 9 |
Deposits | 3,911,851 | 3,628,534 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest rate swaps | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 12,691 | 12,216 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Loans | 0 | 0 |
FHLB-NY stock | 57,119 | 56,921 |
Accrued interest receivable | 1,473 | 2,519 |
Deposits | 1,059,069 | 1,441,512 |
Borrowings | 1,294,860 | 1,345,499 |
Accrued interest payable | 6,111 | 6,752 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 416 | 2,352 |
Interest rate swaps | 69,595 | 19,653 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 9,198 | 8,114 |
Securities available for sale, fair value | 386,235 | 523,849 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 220,881 | 235,103 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Loans | 6,030,154 | 5,822,124 |
FHLB-NY stock | 0 | 0 |
Accrued interest receivable | 34,594 | 23,194 |
Deposits | 0 | 0 |
Borrowings | 38,287 | 44,384 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest rate swaps | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 53,268 | 53,998 |
Securities available for sale, fair value | $ 1,149 | $ 1,332 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Junior subordinated debentures | $ 38,287 | $ 38,287 | $ 44,384 | ||
Notional amount | 1,399,269 | 1,399,269 | 885,469 | ||
Short-term Debt, Total | 1,021,500 | 1,021,500 | 541,500 | ||
Amount reclassified from accumulated other comprehensive loss to interest expense | 1,400 | $ 400 | 2,100 | $ 1,300 | |
Amount to be reclassified from the accumulated comprehensive income (loss) into earnings | 2,900 | ||||
Derivative instruments | (69,179) | (69,179) | (17,301) | ||
Customer [Member] | |||||
Derivative instruments | 20,600 | 20,600 | |||
Bank [Member] | |||||
Derivative instruments | 20,600 | 20,600 | |||
Customer and Bank [Member] | |||||
Derivative instruments | 41,200 | 41,200 | |||
Not Designated as Hedging Instrument [Member] | |||||
Notional amount | 59,200 | 59,200 | 18,000 | ||
Designated as Hedging Instrument [Member] | |||||
Notional amount | 318,600 | 318,600 | 326,000 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Notional amount | 1,021,500 | 1,021,500 | 541,500 | ||
Interest Rate Swap [Member] | |||||
Notional amount | 318,600 | 318,600 | 326,000 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Notional amount | 38,600 | 38,600 | 18,000 | ||
Derivative instruments | (6,990) | (6,990) | (3,534) | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Notional amount | 1,021,500 | 1,021,500 | 541,500 | ||
Derivative instruments | (28,527) | (28,527) | (8,350) | ||
Floating Rate Junior Subordinated Debentures [Member] | |||||
Amount of hedged item | 18,000 | 18,000 | 18,000 | ||
Junior subordinated debentures | $ 61,900 | $ 61,900 | $ 61,900 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Interest rate swaps, notional amount | $ 1,399,269 | $ 885,469 |
Interest rate swaps, net carrying value | (69,179) | (17,301) |
Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 318,600 | 326,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 1,021,500 | 541,500 |
Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 59,200 | 18,000 |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 139,960 | |
Interest rate swaps, net carrying value | 2,352 | |
Interest Rate Swaps 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 20,600 | |
Interest rate swaps, net carrying value | 416 | |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 318,569 | 186,009 |
Interest rate swaps, net carrying value | (34,078) | (7,769) |
Interest Rate Swap [Member] | ||
Interest rate swaps, notional amount | 318,600 | 326,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 1,021,500 | 541,500 |
Interest rate swaps, net carrying value | (28,527) | (8,350) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 38,600 | 18,000 |
Interest rate swaps, net carrying value | $ (6,990) | $ (3,534) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net loss | $ (3,211) | $ (2,410) | $ (12,438) | $ (4,837) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Net loss | 458 | (1,670) | (3,518) | (4,366) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other interest expense | ||||
Net loss | (132) | (38) | (298) | (87) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Net loss from fair value adjustments | ||||
Net loss | 590 | (1,632) | (3,220) | (4,279) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest and fees on loans | ||||
Net loss | (1,158) | (1,041) | (4,863) | (1,833) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other interest expense | ||||
Net loss | $ (2,511) | $ 301 | $ (4,057) | $ 1,362 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Master Netting Arrangements on Derivative Assets and Liabilities in the Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 416 | $ 2,352 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | 0 |
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 416 | 2,352 |
Interest Rate Swaps, Financial Instruments | 0 | 0 |
Interest Rate Swaps, Cash Collateral Received | 0 | |
Interest Rate Swaps, Net Amount | 416 | 2,352 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 69,595 | 19,653 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | |
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 69,595 | 19,653 |
Interest Rate Swaps, Financial Instruments | 73,812 | 19,265 |
Interest Rate Swaps, Cash Collateral Received | 450 | 0 |
Interest Rate Swaps, Net Amount | $ (4,667) | 388 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | $ 0 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Note 10 - Income Taxes - Income Tax Provisions (Details) | ||||
Federal tax provision, current | $ 4,626 | $ 3,578 | $ 11,290 | $ 9,354 |
Federal tax provision, deferred | (1,267) | (1,121) | (2,635) | (1,973) |
Total federal tax provision | 3,359 | 2,457 | 8,655 | 7,381 |
State and local tax provision, current | 1,491 | 1,345 | 2,975 | 2,518 |
State and local tax provision, deferred | (361) | (1,266) | (1,539) | (1,804) |
Total state and local tax provision | 1,130 | 79 | 1,436 | 714 |
Total income tax provision | $ 4,489 | $ 2,536 | $ 10,091 | $ 8,095 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Balance | $ 571,921 | $ 549,683 | $ 579,672 | $ 565,390 | $ 559,559 | $ 549,464 | $ 579,672 | $ 549,464 |
Total other comprehensive income (loss) , net of tax | 5,214 | 8,918 | (22,633) | (2,353) | (74) | 2,210 | (8,501) | (217) |
Balance | 586,406 | 571,921 | 549,683 | 568,392 | 565,390 | 559,559 | 586,406 | 568,392 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Balance | (2,708) | (3,982) | (3,815) | (15,649) | (3,982) | (15,649) | ||
Other comprehensive income before reclassifications, net of tax | 3,185 | (475) | 4,397 | 11,349 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 62 | 10 | ||||
Total other comprehensive income (loss) , net of tax | 3,185 | (475) | 4,459 | 11,359 | ||||
Balance | 477 | (2,708) | (4,290) | (3,815) | 477 | (4,290) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | (21,473) | (5,863) | (6,132) | 3,704 | (5,863) | 3,704 | ||
Other comprehensive income before reclassifications, net of tax | 937 | (1,664) | (15,215) | (10,914) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 929 | (282) | 1,471 | (868) | ||||
Total other comprehensive income (loss) , net of tax | 1,866 | (1,946) | (13,744) | (11,782) | ||||
Balance | (19,607) | (21,473) | (8,078) | (6,132) | (19,607) | (8,078) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Balance | (878) | (983) | (1,658) | (1,673) | (983) | (1,673) | ||
Other comprehensive income before reclassifications, net of tax | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 52 | 7 | 157 | 22 | ||||
Total other comprehensive income (loss) , net of tax | 52 | 7 | 157 | 22 | ||||
Balance | (826) | (878) | (1,651) | (1,658) | (826) | (1,651) | ||
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||||||
Balance | 1,537 | 1,021 | 989 | 866 | 1,021 | 866 | ||
Other comprehensive income before reclassifications, net of tax | 111 | 61 | 627 | 184 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | ||||
Total other comprehensive income (loss) , net of tax | 111 | 61 | 627 | 184 | ||||
Balance | 1,648 | 1,537 | 1,050 | 989 | 1,648 | 1,050 | ||
AOCI Attributable to Parent [Member] | ||||||||
Balance | (23,522) | (32,440) | (9,807) | (10,616) | (10,542) | (12,752) | (9,807) | (12,752) |
Other comprehensive income before reclassifications, net of tax | 4,233 | (2,078) | (10,191) | 619 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 981 | (275) | 1,690 | (836) | ||||
Total other comprehensive income (loss) , net of tax | 5,214 | 8,918 | (22,633) | (2,353) | (74) | 2,210 | (8,501) | (217) |
Balance | $ (18,308) | $ (23,522) | $ (32,440) | $ (12,969) | $ (10,616) | $ (10,542) | $ (18,308) | $ (12,969) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other interest expense | $ (13,990) | $ (30,440) | $ (55,889) | $ (88,016) | ||||
Other operating expense | (3,383) | (3,182) | (11,303) | (11,147) | ||||
Total before tax | 18,820 | 13,260 | 41,304 | 36,443 | ||||
Tax expense (benefit) | (4,489) | (2,536) | (10,091) | (8,095) | ||||
Net income | 14,331 | $ 18,272 | $ (1,390) | 10,724 | $ 10,556 | $ 7,068 | 31,213 | 28,348 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Net loss on sale of securities | (91) | (15) | ||||||
Tax expense (benefit) | 29 | 5 | ||||||
Net income | (62) | (10) | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Tax expense (benefit) | 423 | (127) | ||||||
Net income | (929) | 282 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||||
Other interest expense | (1,352) | 409 | (2,140) | 1,257 | ||||
Tax expense (benefit) | 669 | (389) | ||||||
Net income | (1,471) | (868) | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Other operating expense | (97) | (33) | (292) | (96) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||||||
Other operating expense | 21 | 22 | 64 | 64 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Total before tax | (76) | (11) | (228) | (32) | ||||
Tax expense (benefit) | 24 | 4 | 71 | 10 | ||||
Net income | $ (52) | $ (7) | $ (157) | $ (22) |
Regulatory Capital (Details)
Regulatory Capital (Details) | Sep. 30, 2020 |
Capital Conservation Buffer Required for Capital Adequacy | 2.50% |
Savings Bank [Member] | |
Capital Conservation Buffer | 5.54% |
Holding Company | |
Capital Conservation Buffer | 5.71% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 694,041 | $ 680,749 |
Tier i (leverage) capital, capital level, percent | 9.93% | 9.65% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 349,453 | $ 352,581 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 344,588 | $ 328,168 |
Tier i (leverage) capital, excess, percent | 4.93% | 4.65% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 694,041 | $ 680,749 |
Common equity tier i risk-based capital, capital level, percent | 12.88% | 13.02% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 350,156 | $ 339,944 |
Common equity tier i risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common equity tier i risk-based capital, excess, amount | $ 343,885 | $ 340,805 |
Common equity tier i risk-based capital, excess, percent | 6.38% | 6.52% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 694,041 | $ 680,749 |
Tier 1 risk-based capital, capital level, percent | 12.88% | 13.02% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 430,962 | $ 418,393 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 263,079 | $ 262,356 |
Tier 1 risk-based capital, excess, percent | 4.88% | 5.02% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 729,160 | $ 702,500 |
Total risk-based capital, capital level, percent | 13.54% | 13.43% |
Total risk-based capital, requirement to be well capitalized, amount | $ 538,702 | $ 522,991 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 190,458 | $ 179,509 |
Total risk-based capital, excess, percent | 3.54% | 3.43% |
Holding Company | ||
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 630,380 | $ 615,500 |
Tier i (leverage) capital, capital level, percent | 9.03% | 8.73% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 349,174 | $ 352,581 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 281,206 | $ 262,919 |
Tier i (leverage) capital, excess, percent | 4.03% | 3.73% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 593,344 | $ 572,651 |
Common equity tier i risk-based capital, capital level, percent | 11.02% | 10.95% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 349,826 | $ 339,929 |
Common equity tier i risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common equity tier i risk-based capital, excess, amount | $ 243,518 | $ 232,722 |
Common equity tier i risk-based capital, excess, percent | 4.52% | 4.45% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 630,380 | $ 615,500 |
Tier 1 risk-based capital, capital level, percent | 11.71% | 11.77% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 430,555 | $ 418,374 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 199,825 | $ 197,126 |
Tier 1 risk-based capital, excess, percent | 3.71% | 3.77% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 740,499 | $ 712,251 |
Total risk-based capital, capital level, percent | 13.76% | 13.62% |
Total risk-based capital, requirement to be well capitalized, amount | $ 538,194 | $ 522,967 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 202,305 | $ 189,284 |
Total risk-based capital, excess, percent | 3.76% | 3.62% |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Oct. 30, 2020USD ($)shares | Sep. 30, 2020USD ($)location |
Empire Bancorp Inc | ||
Subsequent Event [Line Items] | ||
Total loan | $ 672.3 | |
Merger related expenses | $ 1.5 | |
Number Of Branches | location | 4 | |
Subsequent Event | Empire Bancorp Inc | ||
Subsequent Event [Line Items] | ||
Fair value of consideration transferred | $ 87.5 | |
Business acquisition, cash payment | $ 54.8 | |
Shares isssued on acquisition | shares | 2,557,286 | |
Subsequent Event | Empire Bancorp Inc | ||
Subsequent Event [Line Items] | ||
Ownership interest acquired (as a percent) | 100.00% |
New Authoritative Accounting _2
New Authoritative Accounting Pronouncements (Details) - Accounting Standards Update 2016-13 [Member] $ in Millions | Jan. 01, 2020USD ($) |
Cumulative-effect adjustment to retained earnings | $ 1.3 |
Cumulative-effect adjustment to retained earnings, net of tax | 0.9 |
Increase in allowance for loan losses | 0.4 |
Increase in allowance for held-to-maturity debt securities | 0.3 |
Increase in allowance for off-balance sheet items | $ 0.6 |