Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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 | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 30,954,155 | ||
Entity Public Float | $ 307,789,000 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 157,388 | $ 49,787 |
Securities held-to-maturity: | ||
Held to maturity securities | 58,739 | 58,888 |
Securities available for sale, at fair value: | ||
Securities available for sale | 647,974 | 772,500 |
Loans: | ||
Loans, net of fees and costs | 6,704,674 | 5,772,206 |
Allowance for loan losses | (45,153) | (21,751) |
Net loans | 6,659,521 | 5,750,455 |
Interest and dividends receivable | 44,041 | 25,722 |
Bank premises and equipment, net | 28,179 | 28,676 |
Federal Home Loan Bank of New York stock, at cost | 43,439 | 56,921 |
Bank owned life insurance | 181,710 | 157,713 |
Goodwill | 17,636 | 16,127 |
Other real estate owned, net | 0 | 239 |
Core deposit intangibles | 3,172 | |
Operating lease ROU assets | 50,743 | 41,254 |
Other assets | 84,759 | 59,494 |
Total assets | 7,976,394 | 7,017,776 |
Liabilities | ||
Non-interest bearing | 778,672 | 435,072 |
Interest-bearing | 5,312,061 | 4,586,977 |
Total due to depositors | 6,090,733 | 5,022,049 |
Mortgagors' escrow deposits | 45,622 | 44,375 |
Borrowed funds: | ||
Federal Home Loan Bank advances | 887,579 | 1,118,528 |
Subordinated debentures | 90,180 | 74,319 |
Junior subordinated debentures, at fair value | 43,136 | 44,384 |
Total borrowed funds | 1,020,895 | 1,237,231 |
Operating lease liabilities | 59,100 | 49,367 |
Other liabilities | 141,047 | 85,082 |
Total liabilities | 7,357,397 | 6,438,104 |
Commitments and contingencies (Note 17) | ||
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($0.01 par value; 100,000,000 shares authorized; 34,087,623 shares and 31,530,595 shares issued at December 31, 2020 and 2019, respectively; 30,775,854 shares and 28,157,206 shares outstanding at December 31, 2020 and 2019, respectively | 341 | 315 |
Additional paid-in capital | 261,533 | 226,691 |
Treasury stock, at average cost (3,311,769 shares and 3,373,389 shares at December 31, 2020 and 2019, respectively) | (69,400) | (71,487) |
Retained earnings | 442,789 | 433,960 |
Accumulated other comprehensive loss, net of taxes | (16,266) | (9,807) |
Total stockholders' equity | 618,997 | 579,672 |
Total liabilities and stockholders' equity | 7,976,394 | 7,017,776 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 7,914 | 7,934 |
Securities available for sale, at fair value: | ||
Securities available for sale | 404,460 | 523,849 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 49,918 | 50,954 |
Securities available for sale, at fair value: | ||
Securities available for sale | $ 243,514 | $ 248,651 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, fair value | $ 63,529 | $ 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) | 34,087,623 | 31,530,595 |
Common stock, shares outstanding (in shares) | 30,775,854 | 28,157,206 |
Treasury stock, at average cost (in shares) | 3,311,769 | 3,373,389 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, assets pledged | $ 5,853 | $ 5,283 |
Securities held-to-maturity, fair value | 8,991 | 8,114 |
Securities available for sale, pledged as collateral | 264,968 | 212,038 |
Securities available for sale, fair value option | 505 | 772 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, assets pledged | 907 | 0 |
Securities held-to-maturity, fair value | 54,538 | 53,998 |
Securities available for sale, pledged as collateral | 6,453 | 0 |
Securities available for sale, fair value option | $ 13,998 | $ 13,548 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income | |||
Interest and fees on loans | $ 248,153 | $ 251,744 | $ 232,719 |
Interest and dividends on securities: | |||
Interest | 15,776 | 25,535 | 23,022 |
Dividends | 43 | 73 | 67 |
Other interest income | 355 | 1,604 | 1,190 |
Total interest and dividend income | 264,327 | 278,956 | 256,998 |
Interest expense | |||
Deposits | 42,312 | 88,057 | 64,497 |
Other interest expense | 26,816 | 28,959 | 25,095 |
Total interest expense | 69,128 | 117,016 | 89,592 |
Net interest income | 195,199 | 161,940 | 167,406 |
Provision for credit losses | 23,129 | 2,811 | 575 |
Net interest income after provision for credit losses | 172,070 | 159,129 | 166,831 |
Non-interest income | |||
Banking services fee income | 4,500 | 3,723 | 4,030 |
Net gain on sale of loans | 48 | 870 | 168 |
Net loss on sale of securities | (701) | (15) | (1,920) |
Net gain on sale of assets | 0 | 770 | 1,141 |
Net loss from fair value adjustments | (2,142) | (5,353) | (4,122) |
Federal Home Loan Bank of New York stock dividends | 3,453 | 3,589 | 3,576 |
Life insurance proceeds | 659 | 462 | 2,998 |
Bank owned life insurance | 3,814 | 3,534 | 3,099 |
Other income | 1,412 | 1,891 | 1,367 |
Total non-interest income | 11,043 | 9,471 | 10,337 |
Non-interest expense | |||
Salaries and employee benefits | 74,228 | 67,765 | 64,560 |
Occupancy and equipment | 12,134 | 11,328 | 10,079 |
Professional services | 9,374 | 8,358 | 8,360 |
FDIC deposit insurance | 2,676 | 869 | 2,115 |
Data processing | 8,586 | 5,878 | 5,663 |
Depreciation and amortization of bank premises and equipment | 6,212 | 5,930 | 5,792 |
Other real estate owned / foreclosure expense (benefit) | 216 | 204 | (94) |
Net loss (gain) from sales of real estate owned | 36 | (27) | |
Prepayment penalty on borrowings | 7,834 | ||
Other operating expenses | 16,635 | 14,937 | 15,235 |
Total non-interest expense | 137,931 | 115,269 | 111,683 |
Income before income taxes | 45,182 | 53,331 | 65,485 |
Provision for income taxes | |||
Federal | 9,188 | 10,439 | 8,574 |
State and local | 1,320 | 1,613 | 1,821 |
Total provision for income taxes | 10,508 | 12,052 | 10,395 |
Net income | $ 34,674 | $ 41,279 | $ 55,090 |
Basic earnings per common share (in dollars per share) | $ 1.18 | $ 1.44 | $ 1.92 |
Diluted earnings per common share (in dollars per share) | $ 1.18 | $ 1.44 | $ 1.92 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 34,674 | $ 41,279 | $ 55,090 |
Other comprehensive income (loss), net of tax: | |||
Amortization of prior service credits, net of taxes of $26, $26 and $12 for the years ended December 31, 2020, 2019 and 2018, respectively | (59) | (59) | (27) |
Amortization of net actuarial losses, net of taxes of ($120), ($40) and ($167) for the years ended December 31, 2020, 2019 and 2018, respectively | 270 | 88 | 363 |
Unrecognized actuarial gains (losses), net of taxes of $484, ($290) and ($1,162) for the years ended December 31, 2020, 2019 and 2018, respectively | (1,112) | 661 | 2,484 |
Change in net unrealized gains (losses) on securities available for sale, net of taxes of ($2,169), ($5,211) and $4,473 for the years ended December 31, 2020, 2019 and 2018, respectively | 4,787 | 11,657 | (10,127) |
Reclassification adjustment for net losses included in net income, net of taxes of ($216), ($5) and ($595) for the years ended December 31, 2020, 2019 and 2018, respectively | 485 | 10 | 1,325 |
Net unrealized (loss) gain on cash flow hedges, net of taxes of $5,177, $4,353 and ($1,538) for the years ended December 31, 2020, 2019 and 2018, respectively | (11,658) | (9,567) | 3,423 |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($367), ($74) and ($35) for the years ended December 31, 2020, 2019 and 2018, respectively | 828 | 155 | 87 |
Total other comprehensive income (loss) , net of tax | (6,459) | 2,945 | (2,472) |
Comprehensive net income | $ 28,215 | $ 44,224 | $ 52,618 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Amortization of prior service credits, net of taxes | $ 26 | $ 26 | $ 12 |
Amortization of net actuarial losses, net of taxes | (120) | (40) | (167) |
Unrecognized actuarial gains (losses), net of taxes | 484 | (290) | (1,162) |
Change in net unrealized gains (losses) on securities available for sale, net of taxes | (2,169) | (5,211) | 4,473 |
Reclassification adjustment for net losses included in net income, net of taxes | (216) | (5) | (595) |
Net unrealized (loss) gain on cash flow hedges, net of taxes | 5,177 | 4,353 | (1,538) |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes | $ (367) | $ (74) | $ (35) |
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, 2017 | $ 315 | $ 217,906 | $ (57,675) | $ 381,048 | $ (8,986) | $ 532,608 |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from Accumulated Other Comprehensive Income (Loss) to Retained Earnings | 0 | 0 | 0 | 2,073 | (2,073) | 2,073 |
Impact of adoption of Accounting Standard Update 2016-01 | 0 | 0 | 0 | (779) | 779 | |
Net income | 0 | 0 | 0 | 55,090 | 0 | 55,090 |
Award of common shares released from Employee Benefit Trust | 0 | 2,728 | 0 | 0 | 0 | 2,728 |
Vesting of restricted stock unit awards | 0 | (4,929) | 5,104 | (175) | 0 | |
Exercise of stock options | 0 | (1) | 10 | (3) | 0 | 6 |
Stock-based compensation expense | 0 | 7,016 | 0 | 0 | 0 | 7,016 |
Purchase of treasury shares | 0 | 0 | (20,438) | 0 | 0 | (20,438) |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (2,147) | 0 | 0 | (2,147) |
Dividends on common stock | 0 | 0 | 0 | (22,927) | 0 | (22,927) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (2,472) | (2,472) |
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 | 0 | 0 | 0 | 41,279 | 0 | 41,279 |
Award of common shares released from Employee Benefit Trust | 0 | 2,307 | 0 | 0 | 0 | 2,307 |
Vesting of restricted stock unit awards | 0 | (6,099) | 6,309 | (210) | 0 | |
Exercise of stock options | 0 | 0 | 6 | (3) | 0 | 3 |
Stock-based compensation expense | 0 | 7,763 | 0 | 0 | 0 | 7,763 |
Purchase of treasury shares | 0 | 0 | (771) | 0 | 0 | (771) |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (1,885) | 0 | 0 | (1,885) |
Dividends on common stock | 0 | 0 | 0 | (24,149) | 0 | (24,149) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 2,945 | 2,945 |
Balance at Dec. 31, 2019 | 315 | 226,691 | (71,487) | 433,960 | (9,807) | 579,672 |
Impact of adoption of Accounting Standard Update 2016-01 | 0 | 0 | 0 | (875) | 0 | (875) |
Net income | 0 | 0 | 0 | 34,674 | 0 | 34,674 |
Shares issued in acquisition of Empire Bancorp, Inc. | 26 | 32,679 | 0 | 0 | 0 | 32,705 |
Award of common shares released from Employee Benefit Trust | 0 | 1,520 | 0 | 0 | 0 | 1,520 |
Vesting of restricted stock unit awards | 0 | (5,807) | 5,964 | (157) | 0 | 0 |
Stock-based compensation expense | 0 | 6,450 | 0 | 0 | 0 | 6,450 |
Purchase of treasury shares | 0 | 0 | (2,342) | 0 | 0 | (2,342) |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (1,535) | 0 | 0 | (1,535) |
Dividends on common stock | 0 | 0 | 0 | (24,813) | 0 | (24,813) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (6,459) | (6,459) |
Balance at Dec. 31, 2020 | $ 341 | $ 261,533 | $ (69,400) | $ 442,789 | $ (16,266) | $ 618,997 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Purchase of treasury shares (in shares) | 142,405 | 40,000 | |
Dividends on common share (in dollars per share) | $ 0.84 | $ 0.84 | $ 0.80 |
Common Stock [Member] | |||
Shares issued in acquisition of Empire Bancorp, Inc. (in shares) | 2,557,028 | ||
Common shares released from Employee Benefit Trust, shares (in shares) | 145,447 | 154,746 | 129,601 |
Restricted stock unit awards vested, shares (in shares) | 281,636 | 297,559 | 258,567 |
Exercise of stock options, shares (in shares) | 300 | 900 | |
Treasury Stock [Member] | |||
Purchase of treasury shares (in shares) | 142,405 | 40,000 | 787,069 |
Repurchase of shares to satisfy tax obligation, shares (in shares) | 77,611 | 84,290 | 76,698 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income | $ 34,674 | $ 41,279 | $ 55,090 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 23,129 | 2,811 | 575 |
Depreciation and amortization of premises and equipment | 6,212 | 5,930 | 5,792 |
Net gain on sales of loans | (48) | (870) | (168) |
Net loss on sales of securities | 701 | 15 | 1,920 |
Net loss (gain) on sales of OREO | 36 | 0 | (27) |
Net gain on sales of assets | 0 | (770) | (1,141) |
Amortization of premium, net of accretion of discount | 6,446 | 7,110 | 8,146 |
Fair value adjustments for financial assets and financial liabilities | 2,142 | 5,353 | 4,122 |
Net loss from fair value adjustments on qualifying hedges | 1,185 | 1,677 | 0 |
Income from bank owned life insurance | (3,814) | (3,534) | (3,099) |
Life insurance proceeds | (659) | (462) | (2,998) |
Stock-based compensation expense | 6,450 | 7,763 | 7,016 |
Deferred Compensation | (4,403) | (3,078) | (3,061) |
Amortization of core deposit intangibles | 108 | 0 | 0 |
Deferred income tax | (4,637) | (3,895) | (2,664) |
Decrease in other assets | 2,605 | 706 | 824 |
Increase in other liabilities | 1,151 | 3,735 | 6,976 |
Net cash provided by operating activities | 71,278 | 63,770 | 77,303 |
Investing Activities | |||
Purchases of premises and equipment | (2,512) | (4,213) | (5,409) |
Net purchases of Federal Home Loan Bank-NY shares | 14,617 | 361 | 2,807 |
Purchases of securities held-to-maturity | 0 | (30,030) | (2,653) |
Proceeds from calls of securities held-to-maturity | 180 | 2,568 | 1,130 |
Proceeds from prepayments of securities held-to-maturity | 603 | 583 | 377 |
Purchases of securities available for sale | (217,405) | (146,183) | (305,059) |
Proceeds from sales and calls of securities available for sale | 232,970 | 65,493 | 128,474 |
Proceeds from maturities and prepayments of securities available for sale | 271,533 | 144,673 | 73,968 |
Proceeds from sale of assets | 0 | 813 | 1,184 |
Purchase of bank owned life insurance | 0 | (25,000) | 0 |
Proceeds from life insurance | 2,477 | 3,071 | 6,165 |
Net originations of loans | (55,276) | (800) | (111,351) |
Purchases of loans | (193,289) | (221,222) | (282,703) |
Proceeds from sale of loans | 7,493 | 15,117 | 14,410 |
Proceeds from sale of OREO, net | 203 | 0 | 665 |
Cash used in acquisition of Empire Bancorp, Inc. | (54,836) | 0 | 0 |
Cash provided by acquisition of Empire Bancorp, Inc. | 86,340 | 0 | 0 |
Net cash provided by (used in) investing activities | 93,098 | (194,769) | (477,995) |
Financing Activities | |||
Net increase in non-interest bearing deposits | 174,104 | 21,325 | 28,478 |
Net decrease in interest-bearing deposits | 39,591 | 84,540 | 546,322 |
Net (decrease) increase in mortgagors' escrow deposits | (5,159) | (486) | 2,255 |
Net proceeds from short-term borrowed funds | 15,750 | 165,250 | |
Proceeds from long-term borrowings | 215,378 | 225,000 | 40,996 |
Repayment of long-term borrowings | (451,999) | (257,102) | (270,088) |
Purchases of treasury stock | (3,877) | (2,656) | (22,585) |
Proceeds from issuance of common stock upon exercise of stock options | 3 | 6 | |
Cash dividends paid | (24,813) | (24,149) | (22,927) |
Net cash (used in) provided by financing activities | (56,775) | 62,225 | 467,707 |
Net increase (decrease) in cash and cash equivalents | 107,601 | (68,774) | 67,015 |
Cash and cash equivalents, beginning of year | 49,787 | 118,561 | 51,546 |
Cash and cash equivalents, end of year | 157,388 | 49,787 | 118,561 |
Supplemental Cash Flow Disclosure | |||
Interest paid | 71,380 | 115,616 | 85,112 |
Income taxes paid | 17,919 | 15,369 | 6,616 |
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible | 17,764 | 15,403 | 7,245 |
Non-cash activities: | |||
Loans transferred to other real estate owned | 239 | 673 | |
Right-of-use assets | 42,869 | ||
Operating lease liabilities | $ 51,780 | ||
Reclassification of the income tax effects of Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings | $ 2,073 | ||
Assets acquired: | |||
Securities available for sale | 159,369 | ||
Net loans | 669,682 | ||
Interest and dividends receivable | 5,394 | ||
Bank premises and equipment, net | 3,203 | ||
Federal Home Loan Bank of New York stock, at cost | 1,135 | ||
Bank owned life insurance | 21,992 | ||
Core deposit Intangibles | 3,280 | ||
Right of Use Asset | 9,993 | ||
Other assets | 22,300 | ||
Total | 896,348 | ||
Liabilities assumed: | |||
Non-interest bearing | 169,496 | ||
Interest-bearing | 685,393 | ||
Mortgagors' escrow deposits | 6,406 | ||
Borrowed funds | 21,215 | ||
Operating lease liability | 11,039 | ||
Other liabilities | 3,108 | ||
Total | 896,657 | ||
Goodwill recorded | $ 1,509 | ||
Common stock issued | 32,705 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Nature of Operations | 1. Nature of Operations Flushing Financial Corporation (the “Holding Company”), a Delaware business corporation, is the bank holding company of its wholly-owned subsidiary Flushing Bank (the “Bank”). The Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Preferred Funding Corporation (“FPFC”), Flushing Service Corporation (“FSC”), and FSB Properties Inc. (“Properties”), are collectively herein referred to as the “Company.” The Company’s principal business is attracting deposits from public entities and the general public, while investing those deposits together with funds generated from ongoing operations and borrowings, primarily in (1) originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgage loans and, to a lesser extent, one-to-four family (focusing on mixed-use properties, which are properties that contain both residential dwelling units and commercial units); (2) construction loans, primarily for residential properties; (3) Small Business Administration (“SBA”) loans and other small business loans; (4) mortgage loan surrogates such as mortgage-backed securities; and (5) U.S. government securities, corporate fixed-income securities and other marketable securities. The Bank also originates certain other consumer loans including overdraft lines of credit. The Bank primarily conducts its business through twenty-five full-service banking offices, nine of which are located in Queens County, five in Nassau County, three in Suffolk County, five in Kings County (Brooklyn), and three in New York County (Manhattan), New York. The Bank also operates an internet branch, which operates under the brands of iGObanking.com® and BankPurely® (the “Internet Branch”), offering checking, savings, money market and certificates of deposit accounts. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accounting and reporting policies of the Company follow accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The policies which materially affect the determination of the Company’s financial position, results of operations and cash flows are summarized below. Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Holding Company and the following direct and indirect wholly-owned subsidiaries of the Holding Company: the Bank, FPFC, FSC, and Properties. FPFC is a real estate investment trust formed to hold a portion of the Bank’s mortgage loans to facilitate access to capital markets. FSC was formed to market insurance products and mutual funds. Properties is currently used to hold title to real estate owned acquired via foreclosure. Amounts held in a rabbi trust for certain non-qualified deferred compensation plans are included in the consolidated financial statements. All intercompany transactions and accounts are eliminated in consolidation. 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 formed to issue a total of $60.0 million of capital securities and $1.9 million of common securities (which are the only voting securities). The Holding Company owns 100% of the common securities of the Trusts. The Trusts used the proceeds from the issuance of these securities to purchase junior subordinated debentures from the Holding Company. The Trusts are not included in our consolidated financial statements as we would not absorb the losses of the Trusts if losses were to occur. See Note 10, “Borrowed Funds,” for additional information regarding these trusts. When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. 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. On December 27, 2020, the 2021 Consolidated Appropriations Act (“CAA”) was signed into law, providing for, among other things, further suspension of the exception for loan modifications to not be classified as “troubled debt restructuring” (“TDR”) if certain criteria are met, as described below. The CARES Act includes a provision for the Company to opt out of applying the 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 31, 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 December 31, 2020, we have 134 active forbearances for loans with an aggregate outstanding loan balance of approximately $364.4 million resulting in total deferment of $23.6 million in principal, interest and escrow, as disclosed more fully in Note 4 (“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. Cash and Cash Equivalents: For the purpose of reporting cash flows, the Company defines cash and due from banks, overnight interest-earning deposits and federal funds sold with original maturities of 90 days or less as cash and cash equivalents. At December 31, 2020 and 2019, the Company’s cash and cash equivalents totaled $157.4 million and $49.8 million, respectively. Included in cash and cash equivalents at those dates were $133.7 million and $36.5 million, respectively, in interest-earning deposits in other financial institutions, primarily due from the Federal Reserve Bank of New York and the Federal Home Loan Bank of New York (“FHLB-NY”). At December 31, 2020, the Company’s cash and cash equivalents Securities: Securities are classified as held-to-maturity when management intends to hold the securities until maturity. Held-to-maturity securities are stated at amortized cost, adjusted for unamortized purchase premiums and discounts and an allowance for credit losses. Securities are classified as available for sale when management intends to hold the securities for an indefinite period of time or when the securities may be utilized for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure and resultant prepayment risk and liquidity needs. Unrealized gains and losses on securities available for sale are excluded from earnings and reported as part of accumulated other comprehensive loss, net of taxes. Premiums and discounts are amortized or accreted, respectively, using the level-yield method. Realized gains and losses on the sales of securities are determined using the specific identification method. 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 modifies the accounting of impairment on available-for-sale debt securities by recognizing a credit loss through an allowance for credit losses. See Note 7 (“Securities”) of the Notes to the Consolidated Financial Statements. The Company recorded tax exempt interest income totaling $1.9 million, $2.0 million and $3.4 million during the years ended December 31, 2020, 2019 and 2018, respectively. 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 performed the quantitative assessment in reviewing the carrying value of goodwill as of December 31, 2020, and the qualitative assessment as of December 31, 2019 and 2018, concluding that there was no goodwill impairment in any period. At December 31, 2020 and 2019, the carrying amount of goodwill totaled $17.6 million and $16.1 million, respectively. The increase in the goodwill resulted from the consummation of merger with Empire Bancorp, Inc. 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. 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 $41.5 million and $19.7 million at December 31, 2020 and 2019, respectively 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. On December 27, 2020, the CAA was signed into law, providing for, among other things, further suspension of the exception for loan modifications to not be classified as TDR if certain criteria are met, as described below. 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. The Company may purchase loans to supplement originations. Loan purchases are evaluated at the time of purchase to determine the appropriate accounting treatment. Performing loans purchased at a premium/discount are recorded at the purchase price with the premium/discount being amortized/accreted into interest income over the life of the loan. All loans purchased during the years ended December 31, 2020 and 2019 were performing loans that did not display credit deterioration from origination at the time of purchase and therefore were not considered impaired when purchased. The Company purchased loans totaling $193.3 million, $221.2 million and $294.6 million during the years ended December 31, 2020, 2019 and 2018. The Company sold loans totaling $7.4 million, $13.7 million and $14.0 million during the years ended December 31, 2020, 2019 and 2018. 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, as disclosed in Note 22. 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 2. One-to-four family mixed use 3. Multi-family residential 4. Commercial real estate (CRE) 5. Construction 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 7. Commercial Business secured by real estate 8. Taxi Medallions 9. Overdrafts 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 $22.6 million, $2.8 million and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The increase in the provision in 2020 was primarily due to the economic conditions resulting from COVID-19. 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 December 31, 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. 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. These restructurings have not included a reduction of principal balance. 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. Purchased financial assets with credit deterioration: Purchased financial assets with credit deterioration (“PCD”) assets are acquired in an acquisition and which have experienced more-than-insignificant deterioration in credit quality since origination. PCD assets are accounted for in accordance with ASC 326, where the purchased impaired asset will be grossed up initial amortized cost equal to the sum of purchase price and the estimate of credit losses at the time of acquisition. Day 1 ACL is established for these loans without statement of operations effect. At October 30, 2020, the Company acquired PCD assets with a fair value totaling $286.1 million. The Company recorded Day 1 ACL of $4.1 million allowance for loans losses resulting from PCD loans. Loans Held for Sale: Loans held for sale are carried at the lower of cost or estimated fair value. At December 31, 2020 and 2019, there were no loans classified as held for sale. Bank Owned Life Insurance: Bank owned life insurance (“BOLI”) represents life insurance on the lives of certain current and past employees who have provided positive consent allowing the Company to be the beneficiary of such policies. BOLI is carried in the Consolidated Statements of Financial Condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in other non-interest income, and are not subject to income taxes. Other Real Estate Owned: OREO consists of property acquired through foreclosure. At the time of foreclosure these properties are acquired at fair value and subsequently carried at the lower of cost or fair value, less estimated selling costs. The fair value is based on appraised value through a current appraisal, or at times through an internal review, additionally adjusted by the estimated costs to sell the property. This determination is made on an individual asset basis. If the fair value of a property is less than the carrying amount of the loan, the difference is recognized as a charge to the ALL. Further decreases to the estimated value will be recorded directly to the Consolidated Statements of Income. Included within net loans as of December 31, 2020 and 2019, was a recorded investment of $5.9 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. Bank Premises and Equipment: Bank premises and equipment are stated at cost, less depreciation accumulated on a straight-line basis over the estimated useful lives of the related assets, recorded in the Depreciation Expense in Consolidated Statements of Income. For equipment and furniture the useful life is between 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the term of the related leases or the lives of the assets, whichever is shorter. Maintenance, repairs and minor improvements are charged to non-interest expense in the period incurred. Federal Home Loan Bank Stock: The FHLB-NY has assigned to the Company a mandated membership stock ownership requirement, based on its asset size. In addition, for all borrowing activity, the Company is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Company’s borrowing levels. The Company carries its investment in FHLB-NY stock at historical cost. The Company periodically reviews its FHLB-NY stock to determine if impairment exists. At December 31, 2020, the Company considered among other things the earnings performance, credit rating and asset quality of the FHLB-NY. Based on this review, the Company did not Income Taxes: Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between book and tax basis of the various balance sheet assets and liabilities. A deferred tax liability is recognized on all taxable temporary differences and a deferred tax asset is recognized on all deductible temporary differences and operating losses and tax credit carry-forwards. A valuation allowance is recognized to reduce the potential deferred tax asset, if it is “more likely than not” that all or some portion of that potential deferred tax asset will not be realized. Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount to recognize. An uncertain tax position is measured at the amount that management believes has a greater than 50% likelihood of realization upon settlement. The Company must also take into account changes in tax laws or rates when valuing the deferred income tax amounts it carries on its Consolidated Statements of Financial Condition. Stock Compensation Plans: The Company accounts for its stock-based compensation using a fair-value-based measurement method for share-based payment transactions with employees and directors. The Company measures the cost of employee and directors services received in exchange for an award of an equity instrument based on the grant date fair value of the award. That cost is recognized over the period during which the employee and directors are required to provide services in exchange for the award. The requisite service period is usually the vesting period. Forfeitures are recorded in the period they occur. Benefit Plans: The Company sponsors a qualified pension, 401(k), and profit sharing plan for its employees. The Company also sponsors postretirement health care and life insurance benefits plans for its employees, a non-qualified deferred compensation plan for officers who have achieved the level of at least senior vice president, and a non-qualified pension plan for its outside directors. The Company recognizes the funded status of a benefit plan – measured as the difference between plan assets at fair value and the benefit obligation – in the Consolidated Statements of Financial Condition, with the unrecognized credits and charges recognized, net of taxes, as a component of accumulated other comprehensive loss. These credits or charges arose as a result of gains or losses and prior service costs or credits that arose during prior periods but were not recognized as components of net periodic benefit cost. Treasury Stock: The Company records treasury stock at cost. Treasury stock is reissued at average cost. Derivatives: Derivatives are recorded on the Consolidated Statements of Financial Condition at fair value on a gross basis in “Other assets” and/or “Other liabilities”. The accounting for changes in value of a derivative depends on the type of hedge and on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings and included in Net loss from fair value adjustments on the Consolidated Statements of Income. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value of the hedged item must be assessed at least quarterly. For cash flow hedges, the changes in the fair value of the derivative is recorded as a component of accumulated other comprehensive income or loss, net of tax, and subsequently reclassified into earnings when the hedged transaction effects earnings. For fair value hedges, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in earnings on the same line as hedged item. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Changes in the fair value of derivatives are disclosed in the Consolidated Statements of Cash Flows within operating activities in the line items Fair Value Adjustment for Financial Assets and Financial Liabilities and net loss from fair value adjustments on qualifying hedges. Leases: The Company has 28 operating leases for branches (including the headquarters) and office spaces, 10 operating leases for vehicles, and one operating lease for equipment. Additionally, one of our leased locations is subleased. Our leases have remaining lease terms ranging from one month to approximately 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. The Company has elected the short-term lease recognition exemption such that the Company will not recognize Right of Use assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company’s operating lease expense was recorded in Occupancy and equipment on the Consolidated Statements of Income, and totaled $7.7 million and $7.6 million for the years ended December 31, 2020 and 2019, respectively. The Company has one agreement that qualifies as a short-term lease with expense totaling $0.1 million for each of the years ended December 31, 2020 and 2019, included in Professional services on the Consolidated Statements of Income. The Company’s variable lease payments, which include insurance and real estate tax expenses was recorded in Occupancy and equipment on the Consolidated Statements of Income and totaled $1.1 million and $1.0 million for the years ended December 31, 2020 and 2019, respectively. At December 31, 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. Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes (i) unrealized gains and losses on securities available for sale and r |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Business Combination | |
Business Combination | 3. Business Combination On October 30, 2020, the Company completed its acquisition of 100% of the outstanding voting and non-voting shares of Empire Bancorp, Inc. (“Empire”). In connection with the transaction, Empire National Bank (“Empire Bank”), a wholly-owned subsidiary of Empire, merged with and into Flushing Bank, with Flushing Bank as the surviving entity. The shareholders of Empire received total consideration of $87.5 million which consisted of $54.8 million in cash and 2,557,028 shares of Flushing Financial Corporation common stock. The assets acquired and liabilities assumed in the merger were recorded at their estimated fair values based on management’s best estimates, using the information available at the date of merger, including the use of third party valuation specialists. The fair values are subject to adjustment for up to one year after the closing date of the transaction. The following table summarizes the consideration paid: (Dollars in thousands) Amount Consideration Paid : Company stock issued ( $ 32,705 Cash payment 54,836 Total consideration paid $ 87,541 The following table summarizes the estimated fair value of the acquired assets and liabilities assumed at October 30, 2020: (Dollars in thousands) Amount Assets acquired: Cash and Cash Equivalents $ 86,340 Securities available for sale 159,369 Net loans 669,682 Interest and dividends receivable 5,394 Bank premises and equipment, net 3,203 Federal Home Loan Bank of New York stock, at cost 1,135 Bank owned life insurance 21,992 Core deposit Intangibles 3,280 Right of Use Asset 9,993 Other assets 22,300 $ 982,688 Liabilities assumed: Due to depositors: Non-interest bearing 169,496 Interest-bearing 685,393 Mortgagors' escrow deposits 6,406 Borrowed funds 21,215 Operating lease liability 11,039 Other liabilities 3,108 $ 896,657 Goodwill recorded $ 1,509 ASC 805-10 provides guidance for business combinations, it requires the acquirer to consider all pertinent factors which could result in adjustments to the preliminary provisional amounts and subsequently measure and account for assets acquired, liabilities assumed and equity instruments. Fair value estimates related to acquired assets and liabilities are subject to adjustment up to one year after the closing date of the acquisition as additional information becomes available. Investments were measured upon quoted market prices, where available. If a quoted market price was not available, fair value was estimated using quoted market prices for similar securities and adjusted for differences between the quoted instrument and the instrument being valued. Loans acquired were recorded at fair value and subsequently accounted for in accordance with ASC Topic 310. The fair values of the loans were estimated utilizing the cash flow projections based on the remaining maturities and repricing terms. Cash flows were adjusted for estimated future credit losses and estimated prepayments. Projected cash flows were then discounted to present value, utilizing the Company’s CECL model. The Company recorded Day 1 ACL of $4.1 million resulting from PCD loans and non credit discount of $7.6 million. Core deposit intangibles (“CDI”) were recorded at fair value estimated based on discounted cash flow methodology that gave appropriate consideration to expected client attrition rates, cost of deposit base, reserve requirements, net maintenance cost attributable to client deposits and an estimate of the cost associated with alternative funding sources. The discount rates used for CDI assets are based on market rates. The CDI is being amortized over 10 years based upon the estimated economic benefit received using sum of months digit method. Deposits were recorded at fair value calculated based on discounted cash flow calculation using the current interest rate being offered to the contractual interest rates on such deposits. Long-term debt was recorded at fair value based on current incremental borrowing rates for similar type of instruments. Supplemental Pro Forma Financial Information The following table presents unaudited financial information regarding the former Empire operations included in Company’s Consolidated Statements of Income from the date of the acquisition (October 30, 2020) through December 31, 2020, under the column “Actual from Acquisition Date to December 31, 2020”. In addition, the table presents unaudited condensed pro forma financial information assuming that the acquisition had been completed as of beginning of the full twelve month periods presented. In the table, merger related expenses totaling $6.9 million were excluded. The table has been prepared for comparative purposes only and does not reflect cost savings. Actual from Acquisition Date to December 31, 2020 (1) Unaudited Proforma for the twelve months ended December 31, 2020 Unaudited Proforma for the twelve months ended December 31, 2019 (Dollars in thousands) Net interest Income $ 4,159 $ 220,153 $ 186,894 Non-Interest Income (loss) (96) 12,142 10,570 Non-Interest Expense 1,657 140,979 125,211 Income Taxes 706 16,084 16,025 Net Income $ 2,256 $ 52,659 $ 53,973 (1) Non-interest income (loss) includes $0.3 million from loss on sale of securities. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Loans | 4. Loans and Allowance for Credit Losses The composition of loans is as follows at December 31: 2020 2019 (In thousands) Multi-family residential $ 2,533,952 $ 2,238,591 Commercial real estate 1,754,754 1,582,008 One-to-four family ― mixed-use property 602,981 592,471 One-to-four family ― residential 245,211 188,216 Co-operative apartments 8,051 8,663 Construction 83,322 67,754 Small Business Administration (1) 167,376 14,445 Taxi medallion 2,757 3,309 Commercial business and other 1,303,225 1,061,478 Gross loans 6,701,629 5,756,935 Net unamortized premiums and unearned loan fees 3,045 15,271 Total loans, net of fees and costs $ 6,704,674 $ 5,772,206 (1) Includes $151.9 million of SBA PPP loans at December 31, 2020. The majority of our loan portfolio is invested in multi-family residential, commercial real estate and commercial business and other loans, which totaled 83.4% and 84.8% of our gross loans at December 31, 2020 and 2019, respectively. Our concentration in these types of loans increases the overall level of credit risk inherent in our loan portfolio. The greater risk associated with these types of loans could require us to increase our provision for loan losses and to maintain an ACL as a percentage of total loans in excess of the allowance currently maintained. At December 31, 2020, we were servicing $62.0 million of loans for others. Loans secured by multi-family residential property and commercial real estate generally involve a greater degree of risk than residential mortgage loans and generally carry larger loan balances. The increased credit risk is the result of several factors, including the concentration of principal in a smaller number of loans and borrowers, the effects of general economic conditions on income producing properties and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayments of loans secured by these types of properties are typically dependent upon the successful operation of the related property, which is usually owned by a legal entity with the property being the entity’s only asset. If the cash flow from the property is reduced, the borrower’s ability to repay the loan may be impaired. If the borrower defaults, our only remedy may be to foreclose on the property, for which the market value may be less than the balance due on the related mortgage loan. Loans secured by commercial business and other loans involve a greater degree of risk for the same reasons as for multi-family residential and commercial real estate loans with the added risk that many of the loans are not secured by improved properties. To minimize the risks involved in the origination of multi-family residential, commercial real estate and commercial business and other loans, the Company adheres to defined underwriting standards, which include reviewing the expected net operating income generated by the real estate collateral securing the loan, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. We typically require debt service coverage of at least 125% of the monthly loan payment. We generally originate these loans up to a maximum of 75% of the appraised value or the purchase price of the property, whichever is less. Any loan with a final loan-to-value ratio in excess of 75% must be approved by the Bank Board of Directors or the Loan Committee as an exception to policy. We generally rely on the income generated by the property as the primary means by which the loan is repaid. However, personal guarantees may be obtained for additional security from these borrowers. Additionally, for commercial business and other loans which are not secured by improved properties, the Bank will secure these loans with business assets, including accounts receivables, inventory and real estate and generally require personal guarantees. The following tables show loans modified and classified as TDR during the periods indicated: For the year ended December 31, 2020 (Dollars in thousands) Number Balance Modification description Commercial real estate 1 $ 7,583 Loan received a below market interest rate and had an amortization extension One-to-four family - mixed-use property 1 270 Loan received a below market interest rate. Total 2 $ 7,853 For the year ended December 31, 2019 (Dollars in thousands) Number Balance Modification description Commercial business and other 3 $ 951 Loan amortization extension. Total 3 $ 951 For the year ended December 31, 2018 (Dollars in thousands) Number Balance Modification description Commercial business and other 1 $ 1,620 Loan amortization extension. Total 1 $ 1,620 The recorded investment of the loans modified and classified as TDR, presented in the tables above, were unchanged as there was no principal forgiven in these modifications. There were seven loans that were acquired as TDR in the acquisition totaling $3.5 million. 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: December 31, 2020 Number Amortized (Dollars in thousands) of contracts Cost Multi-family residential 6 $ 1,700 Commercial real estate 1 7,702 One-to-four family - mixed-use property 5 1,731 One-to-four family - residential 3 507 Taxi medallion 2 440 Commercial business and other 8 3,831 Total performing 25 $ 15,911 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 7 1,668 Commercial business and other 3 941 Total performing 24 $ 6,494 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: December 31, 2020 Number Amortized (Dollars in thousands) of contracts Cost Taxi medallion 11 $ 1,922 Commercial business and other 1 279 Total troubled debt restructurings that subsequently defaulted 12 $ 2,201 December 31, 2019 Number Recorded (Dollars in thousands) of contracts investment Taxi medallion 4 $ 1,065 Commercial business and other 1 279 Total TDR's that subsequently defaulted 5 $ 1,344 During the year ended December 31, 2020 and 2019, there were no defaults of TDR loans within 12 months of their modification date. 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 year December 31, 2020 (In thousands) Non-accrual amortized cost beginning of the reporting period Non-accrual amortized cost ending of the reporting period Non-accrual with no related allowance Interest income recognized Loans ninety days or more past due and still accruing: Multi-family residential $ 2,723 $ 2,576 $ 2,576 $ — $ 201 Commercial real estate 2,714 1,766 1,766 — 2,547 One-to-four family - mixed-use property (1) 1,704 1,706 1,706 — — One-to-four family - residential 9,992 5,313 5,313 — — Small Business Administration 1,169 1,168 1,168 — — Taxi medallion (1) 2,318 2,758 2,758 — — Commercial business and other (1) 7,406 5,660 1,593 58 — Total $ 28,026 $ 20,947 $ 16,880 $ 58 $ 2,748 (1) The following table shows our non-performing loans at the periods indicated: At 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) The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the years ended December 31: 2020 2019 2018 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 1,845 $ 1,546 $ 1,604 Less: Interest income included in the results of operations 412 418 623 Total foregone interest $ 1,433 $ 1,128 $ 981 The following tables shows the aging of the amortized cost basis in past-due loans at the period indicated by class of loans at December 31, 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 $ 7,582 $ 3,186 $ 2,777 $ 13,545 $ 2,522,432 $ 2,535,977 Commercial real estate 17,903 5,123 4,313 27,339 1,731,045 1,758,384 One-to-four family ― mixed-use property 5,673 1,132 1,433 8,238 598,647 606,885 One-to-four family ― residential 3,087 805 5,313 9,205 243,486 252,691 Co-operative apartments — — — — — — Construction 750 — — 750 82,411 83,161 Small Business Administration 1,823 — 1,168 2,991 162,579 165,570 Taxi medallion — — 2,318 2,318 279 2,597 Commercial business and other 129 1,273 1,593 2,995 1,296,414 1,299,409 Total $ 36,947 $ 11,519 $ 18,915 $ 67,381 $ 6,637,293 $ 6,704,674 The following table shows by delinquency an analysis of our recorded investment in loans at December 31, 2019: 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 $ 4,042 $ 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 periods indicated: For the year ended December 31, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Co-operative Construction Small Business Taxi business and (in thousands) residential real estate property residential apartments 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 Impact of Day 1 PCD - Empire Acquisition 444 587 183 158 — 20 278 124 2,305 4,099 Charge-off's — — (3) — — — (178) (1,075) (2,749) (4,005) Recoveries 38 — 138 12 — — 70 — 108 366 Provision (benefit) 1,334 2,141 (94) 103 — 315 538 951 17,275 22,563 Ending balance $ 6,557 $ 8,327 $ 1,986 $ 869 $ — $ 497 $ 2,251 $ — $ 24,666 $ 45,153 For the year ended December 31, 2019 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Co-operative Construction Small Business Taxi business and (in thousands) residential real estate property residential apartments 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) — (89) (113) — — — — (2,386) (2,778) Recoveries 44 37 197 13 — — 60 134 288 773 Provision (benefit) (139) 77 (158) 107 — 112 (115) (134) 3,061 2,811 Ending balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ — $ 441 $ 363 $ — $ 8,554 $ 21,751 For the year ended December 31, 2018 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Co-operative Construction Small Business Taxi business and (in thousands) residential real estate property residential apartments loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ — $ 68 $ 669 $ — $ 5,521 $ 20,351 Charge-off's (99) — (3) (1) — — (392) (393) (44) (932) Recoveries 6 — 136 569 — — 51 143 46 951 Provision (benefit) (54) (328) (811) (901) — 261 90 250 2,068 575 Ending balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ — $ 329 $ 418 $ — $ 7,591 $ 20,945 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 generally 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 Total 1-4 Family Residential Pass $ 32,266 $ 37,149 $ 38,063 $ 21,293 $ 13,229 $ 65,916 $ 10,793 $ 15,974 $ 234,683 Watch 486 720 — 3,302 446 2,599 635 2,397 10,585 Special Mention — — — — — 1,338 — 383 1,721 Substandard — — — — 960 3,183 — 1,559 5,702 Total 1-4 Family Residential $ 32,752 $ 37,869 $ 38,063 $ 24,595 $ 14,635 $ 73,036 $ 11,428 $ 20,313 $ 252,691 1-4 Family Mixed-Use Pass $ 36,491 $ 72,920 $ 77,037 $ 58,404 $ 53,518 $ 282,169 $ — $ — $ 580,539 Watch 816 — 4,077 6,107 882 9,617 — — 21,499 Special Mention — — — 368 722 1,433 — — 2,523 Substandard — — 809 — — 1,515 — — 2,324 Total 1-4 Family Mixed Use $ 37,307 $ 72,920 $ 81,923 $ 64,879 $ 55,122 $ 294,734 $ — $ — $ 606,885 Commercial Real Estate Pass $ 173,089 $ 263,007 $ 266,949 $ 191,532 $ 220,560 $ 499,186 $ — $ — $ 1,614,323 Watch 938 1,359 15,557 15,687 29,445 62,587 — — 125,573 Special Mention — — — 2,547 2,576 1,350 — — 6,473 Substandard — 9,436 — — — 2,579 — — 12,015 Total Commercial Real Estate $ 174,027 $ 273,802 $ 282,506 $ 209,766 $ 252,581 $ 565,702 $ — $ — $ 1,758,384 Construction Pass $ 16,768 $ 16,793 $ 28,984 $ 5,253 $ — $ 590 $ — $ — $ 68,388 Watch — 1,115 9,572 750 — — — — 11,437 Special Mention — — 761 2,575 — — — — 3,336 Total Construction $ 16,768 $ 17,908 $ 39,317 $ 8,578 $ — $ 590 $ — $ — $ 83,161 Multifamily Pass $ 245,551 $ 343,887 $ 479,644 $ 376,275 $ 282,185 $ 769,712 $ 4,572 $ — $ 2,501,826 Watch 1,126 4,906 982 931 3,457 14,806 798 — 27,006 Special Mention — 699 — 2,536 464 668 — — 4,367 Substandard — — 1,997 — — 580 201 — 2,778 Total Multifamily $ 246,677 $ 349,492 $ 482,623 $ 379,742 $ 286,106 $ 785,766 $ 5,571 $ — $ 2,535,977 Commercial Business - Secured by RE Pass $ 110,649 $ 43,909 $ 54,016 $ 36,010 $ 50,230 $ 86,662 $ — $ — $ 381,476 Watch 24,539 51,466 17,390 1,320 962 16,192 — — 111,869 Special Mention — 613 — — — — — — 613 Substandard — — — — — 4,220 — — 4,220 Total Commercial Business - Secured by RE $ 135,188 $ 95,988 $ 71,406 $ 37,330 $ 51,192 $ 107,074 $ — $ — $ 498,178 Commercial Business Pass $ 97,071 $ 118,501 $ 104,304 $ 51,627 $ 17,340 $ 66,398 $ 250,633 $ — $ 705,874 Watch 250 22,490 19,202 20,591 39 26 11,564 — 74,162 Special Mention — — 2,411 93 — — 246 — 2,750 Substandard 4,897 594 17 6,441 2,285 1,647 1,161 — 17,042 Doubtful — — — — — — 1,273 — 1,273 Total Commercial Business $ 102,218 $ 141,585 $ 125,934 $ 78,752 $ 19,664 $ 68,071 $ 264,877 $ — $ 801,101 Small Business Administration Pass $ 151,449 $ 1,453 $ 4,194 $ 1,327 $ 1,882 $ 1,523 $ — $ — $ 161,828 Watch — — — 1,948 570 — — — 2,518 Special Mention — — — — — 50 — — 50 Substandard — — — 1,168 6 — — — 1,174 Total Small Business Administration $ 151,449 $ 1,453 $ 4,194 $ 4,443 $ 2,458 $ 1,573 $ — $ — $ 165,570 Taxi Medallions Substandard $ — $ — $ — $ 279 $ — $ 2,318 $ — $ — $ 2,597 Total Taxi Medallions $ — $ — $ — $ 279 $ — $ 2,318 $ — $ — $ 2,597 Other Pass $ — $ — $ — $ — $ — $ 37 $ 93 $ — $ 130 Total Other $ — $ — $ — $ — $ — $ 37 $ 93 $ — $ 130 Total Loans $ 896,386 $ 991,017 $ 1,125,966 $ 808,364 $ 681,758 $ 1,898,901 $ 281,969 $ 20,313 $ 6,704,674 The following table sets forth the recorded investment in loans designated as Criticized or Classified at 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 Small Business Administration (1) 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 (1) Balance reported net of SBA Guaranteed portion. The following table presents types of collateral-dependent loans by class of loans as of December 31, 2020: Collateral Type (In thousands) Real Estate Business Assets Multi-family residential $ 2,576 $ — Commercial real estate 2,994 — One-to-four family - mixed-use property 1,706 — One-to-four family - residential 5,313 — Small Business Administration — 1,168 Commercial business and other — 3,482 Taxi Medallion — 2,758 Total $ 12,589 $ 7,408 Off-Balance Sheet Credit Losses Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not in the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable. The Company estimates expected credit losses over the contractual period in which the company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on losses on off-balance sheet exposures is adjusted as a provision for credit loss expense. The Company uses similar assumptions and risk factors that are developed for collectively evaluated financing receivables. This estimates includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments to be funded over its estimated life. At December 31, 2020, allowance for off-balance-sheet credit losses is $1.8 million, which is included the “Other liabilities” on the Consolidated Statements of Financial Condition. During the year ended December 31, 2020, the Company has $1.2 million in credit loss expense for off-balance-sheet items, which is included in the “Other operating expense” on the Consolidated Statements of Income. PCD Financial Assets The Company acquired purchased financial assets with credit deterioration during the acquisition of Empire. The following table shows a reconciliation between the purchase price of the financial assets and the par value of the assets. (Dollars in thousands) Amount Purchase price (1) $ 297,807 Allowance for Credit Losses at Acquisition Date (4,099) Noncredit Discount (7,616) Total consideration paid $ 286,092 (1) Purchase price includes $1.7 million of charge-offs by ENB prior to acquisition . |
Loans Held for Sale
Loans Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Loans held for sale | 5. Loans held for sale At December 31, 2020 and 2019, the Company 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. The following tables show loans sold during the period indicated: For the year ended December 31, 2020 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 Performing loans Commercial business and other 1 6,139 — (62) Small Business Administration 1 $ 774 $ — $ 68 Total 2 $ 6,913 $ — $ 6 For the year ended December 31, 2019 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Delinquent and non-performing loans Multi-family residential 5 $ 2,115 $ — $ 367 Commercial real estate 2 6,800 — 383 One-to-four family - mixed-use property 3 885 (1) 6 Commercial business and other 1 3,248 — — Total 11 $ 13,048 $ (1) $ 756 Performing loans Small Business Administration 3 $ 2,069 $ — $ 114 Total 3 $ 2,069 $ — $ 114 For the year ended December 31, 2018 Net (charge-offs) (Dollars in thousands) Loans sold Proceeds recoveries Net gain (loss) Delinquent and non-performing loans Multi-family residential 4 $ 1,559 $ — $ — Commercial real estate 4 6,065 — (235) One-to-four family - mixed-use property 2 725 (4) — One-to-four family - residential 2 390 72 10 Total 12 $ 8,739 $ 68 $ (225) Performing loans Small Business Administration 9 $ 5,671 $ — $ 393 Total 9 $ 5,671 $ — $ 393 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Other Real Estate Owned | 6. Other Real Estate Owned The following table shows the activity in OREO during the periods indicated: For the years ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 239 $ — $ — Additions — 239 638 Reductions to carrying value (31) — — Sales (208) — (638) Balance at end of year $ — $ 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 presented: For the years ended December 31, 2020 2019 2018 (In thousands) Gross gains $ — $ — $ 27 Gross losses (5) — — Write-down of carrying value (31) — — Total income $ (36) $ — $ 27 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Securities | 7. Securities The Company did not hold any trading securities at December 31, 2020 and 2019. Securities available for sale are recorded at fair value. Securities held-to-maturity 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, one which is structured similar to a commercial owner occupied loan, which is modeled for credit losses similar to commercial business loans secured by real estate, one that currently has an active forbearance with a specific reserve of $0.6 million and one 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 December 31, 2020, the active forbearance has an outstanding balance of $21.0 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 December 31, 2020 and is excluded from estimates of credit losses. The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2020: Gross Gross Allowance Amortized Unrecognized Unrecognized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,825 $ 54,538 $ 3,713 $ — $ (907) Total municipals 50,825 54,538 3,713 — (907) FNMA 7,914 8,991 1,077 — — Total mortgage-backed securities 7,914 8,991 1,077 — — Total $ 58,739 $ 63,529 $ 4,790 $ — $ (907) The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: Gross Gross Allowance Amortized Unrecognized Unrecognized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,954 $ 53,998 $ 3,044 $ — $ — Total municipals 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 December 31, 2020: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 6,452 $ 6,453 $ 2 $ 1 Corporate 130,000 123,865 131 6,266 Mutual funds 12,703 12,703 — — Collateralized loan obligations 100,561 99,198 — 1,363 Other 1,295 1,295 — — Total other securities 251,011 243,514 133 7,630 REMIC and CMO 175,142 180,877 5,735 — GNMA 13,009 13,053 66 22 FNMA 143,154 146,169 3,046 31 FHLMC 63,796 64,361 648 83 Total mortgage-backed securities 395,101 404,460 9,495 136 Total securities available for sale $ 646,112 $ 647,974 $ 9,628 $ 7,766 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) 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 The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at December 31, 2020, by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value (In thousands) Due after ten years $ 50,825 $ 54,538 Total other securities 50,825 54,538 Mortgage-backed securities 7,914 8,991 Total securities held-to-maturity $ 58,739 $ 63,529 The amortized cost and fair value of the Company’s securities, classified as available for sale at December 31, 2020, by contractual maturity, are shown below. Amortized Cost Fair Value (In thousands) Due after one year through five years $ 45,000 $ 43,738 Due after five years through ten years 138,730 133,201 Due after ten years 54,578 53,872 Total other securities 238,308 230,811 Mutual funds 12,703 12,703 Mortgage-backed securities 395,101 404,460 Total securities available for sale $ 646,112 $ 647,974 The following table shows 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 December 31, 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 U.S. government agencies 1 $ 4,988 $ 1 $ 4,988 $ 1 $ — $ — Corporate 14 113,734 6,266 — — 113,734 6,266 CLO 13 99,199 1,363 7,441 52 91,758 1,311 Total other securities 28 217,921 7,630 12,429 53 205,492 7,577 GNMA 1 10,341 22 10,341 22 — — FNMA 5 32,463 31 23,864 28 8,599 3 FHLMC 3 30,095 83 30,095 83 — — Total mortgage-backed securities 9 72,899 136 64,300 133 8,599 3 Total securities available for sale 37 $ 290,820 $ 7,766 $ 76,729 $ 186 $ 214,091 $ 7,580 The following table shows the Company’s available for sale 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 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 CLO 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 December 31, 2020 and December 31, 2019. At December 31, 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, management 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 $1.3 million at December 31, 2020 and is excluded from the estimate of credit losses. Upon adoption of ASC Topic 326, “Credit Losses” on January 1, 2020, see Note 22 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 year ended December 31, 2020: Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ — CECL adoption — 340 Provision — 567 Allowance for credit losses - securities $ — $ 907 The Company sold available for sale securities with carrying values at the time of sale totaling $221.0 million, $26.4 million and $67.0 million during the years ended December 31, 2020, 2019 and 2018, respectively. The Company purchased mortgage-backed available for sale securities totaling $308.1 million, $128.0 million and $196.4 million during the years ended December 31, 2020, 2019 and 2018, 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 years ended December 31, 2020 2019 2018 (In thousands) Gross gains from the sale of securities $ 1,499 $ 423 $ 105 Gross losses from the sale of securities (2,200) (438) (2,025) Net losses from the sale of securities $ (701) $ (15) $ (1,920) Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $22.6 million and $20.0 million at December 31, 2020 and 2019, respectively. |
Bank Premises and Equipment, Ne
Bank Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Bank Premises and Equipment, Net Bank premises and equipment are as follows at December 31: 2020 2019 (In thousands) Leasehold improvements $ 44,984 $ 41,304 Equipment and furniture 29,202 27,166 Total 74,186 68,470 Less: Accumulated depreciation and amortization 46,007 39,794 Bank premises and equipment, net $ 28,179 $ 28,676 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Deposits | 9. Deposits Total deposits at December 31, 2020 and 2019, and the weighted average rate on deposits at December 31, 2020, are as follows: Weighted Average Rate 2020 2019 2020 (Dollars in thousands) Interest-bearing deposits: Certificate of deposit accounts $ 1,138,361 $ 1,437,890 0.97 % Savings accounts 168,183 191,485 0.18 Money market accounts 1,682,345 1,592,011 0.50 NOW accounts 2,323,172 1,365,591 0.28 Total interest-bearing deposits 5,312,061 4,586,977 Non-interest bearing demand deposits 778,672 435,072 Total due to depositors 6,090,733 5,022,049 Mortgagors' escrow deposits 45,622 44,375 0.02 Total deposits $ 6,136,355 $ 5,066,424 The aggregate amount of time deposits with denominations of $250,000 or more (excluding brokered deposits issued in $1,000 amounts under a master certificate of deposit) was $266.9 million and $351.0 million at December 31, 2020 and 2019, respectively. The aggregate amount of brokered deposits was $1,074.1 million and $388.8 million at December 31, 2020 and 2019, respectively. During 2018, Section 29 of the Federal Deposit Insurance Act was amended to no longer consider reciprocal deposits held by an FDIC-insured depository institution brokered deposits. At December 31, 2020 and 2019, reciprocal deposits subject to certain limitations, totaled $735.4 million and $805.6 million, respectively. Government deposits are collateralized by either securities, letters of credit issued by FHLB-NY or are placed in an Insured Cash Sweep service (“ICS”). The letters of credit are collateralized by mortgage loans pledged by the Company. At December 31, 2020, government deposits totaled $1,615.4 million, of which $524.0 million were ICS deposits and $1,091.4 million were collateralized by $260.3 million in securities and $855.4 million of letters of credit. At December 31, 2019, government deposits totaled $1,265.1 million, of which $685.0 million were ICS deposits and $580.1 million were collateralized by $181.0 million in securities and $494.0 million of letters of credit. Interest expense on deposits is summarized as follows for the years ended December 31: 2020 2019 2018 (In thousands) Certificate of deposit accounts $ 18,096 $ 35,078 $ 28,310 Savings accounts 495 1,378 1,370 Money market accounts 14,368 27,819 18,707 NOW accounts 9,309 23,553 15,896 Total due to depositors 42,268 87,828 64,283 Mortgagors' escrow deposits 44 229 214 Total interest expense on deposits $ 42,312 $ 88,057 $ 64,497 Scheduled remaining maturities of certificate of deposit accounts are summarized as follows for the years ended December 31: 2020 2019 (In thousands) Within 12 months $ 923,235 $ 1,220,601 More than 12 months to 24 months 139,088 143,520 More than 24 months to 36 months 58,125 14,223 More than 36 months to 48 months 14,488 48,318 More than 48 months to 60 months 3,394 11,082 More than 60 months 31 146 Total certificate of deposit accounts $ 1,138,361 $ 1,437,890 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 10. Borrowed Funds Borrowed funds are summarized as follows at December 31: 2020 2019 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) FHLB-NY advances - fixed rate: Due in 2020 $ — — $ 727,516 1.86 Due in 2021 702,515 0.57 200,016 1.65 Due in 2022 55,685 0.52 175,000 1.93 Due in 2023 39,001 0.48 15,996 3.14 Total FHLB-NY advances 797,201 0.56 1,118,528 1.85 Other Borrowings: Due in 2022 90,378 0.35 — — Subordinated debentures - fixed rate through 2021 Due in 2025 15,523 6.12 — — Due in 2026 74,657 5.27 74,319 5.30 Total Subordinated debentures 90,180 5.42 74,319 5.30 Junior subordinated debentures - adjustable rate Due in 2037 43,136 2.35 44,384 4.65 Total borrowings $ 1,020,895 1.05 % $ 1,237,231 2.16 % The FHLB-NY advances are fixed rate borrowings with no call provisions. The borrowings terms range from one day to five years. At December 31, 2020, the Company was able to borrow up to $3,568.0 million from the FHLB-NY in Federal Home Loan Bank advances and letters of credit. As of December 31, 2020, the Bank had $1,652.6 million outstanding in combined balances of FHLB-NY advances and letters of credit. At December 31, 2020, the Bank also has unsecured lines of credit with other commercial banks totaling $618.0 million, with no outstanding balance. Subordinated Debentures During the year ended December 31, 2016, the Holding Company issued subordinated debt with an aggregated principal amount of $75.0 million. The subordinated debt was issued at 5.25% fixed-to-floating rate maturing in 2026. The debt is fixed-rate for the first five years, after which it resets quarterly. Additionally, the debt is callable at par quarterly through its maturity date beginning December 15, 2021. In the acquisition of Empire, the Company acquired $15.3 million in subordinated debentures. The subordinated debentures the Company hold qualify as Tier 2 capital for regulatory purposes. The following table shows the terms of the subordinated debt issued or acquired by the Holding Company: Subordinated Subordinated Subordinated Debentures Debentures Debentures (Dollars in thousands) Amount $ 75,000 $ 7,500 $ 7,750 Issue Date December 12, 2016 December 17, 2015 December 17, 2015 Initial Rate 5.25 % 7.38 % 6.50 % First Reset Date December 15, 2021 N/A December 20, 2020 First Call Date December 15, 2021 December 20, 2020 December 20, 2020 Holding Type Variable Fixed Variable Spread over 3-month LIBOR 3.44 % N/A % 4.88 % Maturity Date December 15, 2026 December 17, 2025 December 17, 2025 The subordinated debentures acquired through the acquisition of Empire are callable at any time through the maturity date of December 17, 2025. The subordinated debt issued by the Company may not be redeemed prior to December 15, 2021, except that the Company may redeem the subordinated debt at any time, at its option, in whole but not in part, subject to obtaining any required regulatory approvals, if (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the subordinated debt for U.S. federal income tax purposes, (ii) a subsequent event occurs that precludes the subordinated debt from being recognized as Tier 2 capital for regulatory capital purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100% of the principal amount of the subordinated debt plus any accrued and unpaid interest through, but excluding, the redemption date. Junior Subordinated Debentures The Holding Company has three trusts formed under the laws of the State of Delaware for the purpose of issuing capital and common securities, and investing the proceeds thereof in junior subordinated debentures of the Holding Company. Each of these trusts securities The table below shows the terms of the securities issued by the trusts. Flushing Financial Flushing Financial Flushing Financial Capital Trust II Capital Trust III Capital Trust IV Issue Date June 20, 2007 June 21, 2007 July 3, 2007 Initial Rate 7.14 % 6.89 % 6.85 % First Reset Date September 01, 2012 June 15, 2012 July 30, 2012 Spread over 3-month LIBOR 1.41 % 1.44 % 1.42 % Maturity Date September 01, 2037 September 15, 2037 July 30, 2037 The consolidated financial statements do not include the securities issued by the trusts, but rather include the junior subordinated debentures of the Holding Company. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Income Taxes | 11. 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 trusts, which file separate Federal income tax returns as trusts, and FPFC, which files a separate Federal income tax return as a real estate investment trust. The Bank also files various other state tax returns. The Company is undergoing examinations of New York State income tax returns for 2014, 2015 and 2016. Additionally, the Company remains subject to examination for its Federal and various other states income tax returns for the years ending on or after December 31, 2017. The Company believes it has accrued for all potential amounts that may be due to all taxing authorities. Income tax provisions are summarized as follows for the years ended December 31: 2020 2019 2018 (In thousands) Federal: Current $ 14,178 $ 12,404 $ 9,183 Deferred (4,990) (1,965) (609) Total federal tax provision 9,188 10,439 8,574 State and Local: Current 967 3,543 3,876 Deferred 353 (1,930) (2,055) Total state and local tax provision 1,320 1,613 1,821 Total provision for income taxes $ 10,508 $ 12,052 $ 10,395 The income tax provision in the Consolidated Statements of Income has been provided at effective rates of 23.3%, 22.7% and 15.9% for the years ended December 31, 2020, 2019 and 2018, respectively. The effective rates differ from the statutory federal income tax rate as follows for the years ended December 31: 2020 2019 2018 (Dollars in thousands) Taxes at federal statutory rate $ 9,489 21.0 % $ 11,200 21.0 % $ 13,752 21.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 1,043 2.3 1,274 2.4 1,439 2.2 Tax exempt (875) (1.9) (878) (1.6) (1,961) (3.0) Nondeductible merger expense 543 1.2 328 0.6 — — Other 308 0.7 128 0.3 (2,835) (4.3) Taxes at effective rate $ 10,508 23.3 % $ 12,052 22.7 % $ 10,395 15.9 % The components of the net deferred tax assets are as follows at December 31: 2020 2019 (In thousands) Deferred tax assets: Postretirement benefits $ 7,600 $ 7,188 Allowance for loan losses 13,886 6,782 Operating lease liabilities 18,175 12,863 Stock based compensation 2,845 2,950 Depreciation 2,002 1,875 Unrealized loss on securities available for sale — 1,812 Fair value adjustment on financial assets carried at fair value 23 95 Fair value hedges 2,726 1,669 Adjustment required to recognize funded status of postretirement pension plans 837 447 Cashflow hedges 7,780 2,668 Deferred loan income 2,000 1,367 Fair Value of Loans from Empire acquisition 3,465 — Net operating loss (NYS) 23 — Net operating loss (NYC) 1,395 880 Other 3,412 1,690 Deferred tax assets 66,169 42,286 Deferred tax liabilities: FPFC deferred income 2,084 2,256 Right of Use Asset 15,582 12,863 Fair value adjustment on financial liabilities carried at fair value 4,968 5,003 Entity specific fair value 821 456 Unrealized gains on securities 573 — Deferred loan cost 6,426 5,994 Other 1,459 341 Deferred tax liabilities 31,913 26,913 Net deferred tax asset included in other assets $ 34,256 $ 15,373 The deferred tax asset represents the anticipated net federal, state and local tax benefits expected to be realized in future years upon the utilization of the underlying tax attributes comprising this balance. The Company has reported taxable income for each of the past three years. In management’s opinion, in view of the Company’s previous, current and projected future earnings trend, the probability that some of the Company’s $31.9 million deferred tax liability can be used to offset a portion of the deferred tax asset it is more likely than not that the deferred tax asset will be fully realized. Accordingly, no valuation allowance was deemed necessary for the deferred tax asset at December 31, 2020 and 2019. The Company does not have uncertain tax positions that are deemed material. The Company’s policy is to recognize interest and penalties on income taxes in tax expense. During the three years ended December 31, 2020, the Company did not |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Stock-Based Compensation | 12. Stock-Based Compensation For the years ended December 31, 2020, 2019 and 2018 the Company’s net income, as reported, includes $6.0 million, $7.9 million and $6.5 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $1.4 million, $1.8 million and $1.4 million, respectively, of income tax benefits related to the stock-based compensation plans. No stock options have been granted by the Company since 2009. At December 31, 2020 and 2019, there are no stock options outstanding. The 2014 Omnibus Incentive Plan (“2014 Omnibus Plan”) became effective on May 20, 2014 after adoption by the Board of Directors and approval by the stockholders. The 2014 Omnibus Plan authorizes the issuance of 1,100,000 shares. To the extent that an award under the 2014 Omnibus Plan is cancelled, expired, forfeited, settled in cash, settled by issuance of fewer shares than the number underlying the award, or otherwise terminated without delivery of shares to a participant in payment of the exercise price or taxes relating to an award, the shares retained by or returned to the Company will be available for future issuance under the 2014 Omnibus Plan. On May 31, 2017, stockholders approved an amendment to the 2014 Omnibus Plan (the “Amendment”) authorizing an additional 672,000 shares available for future issuance. In addition, to increasing the number of shares for future grants, the Amendment eliminated, in the case of stock options and SARs, the ability to recycle shares used to satisfy the exercise price or taxes for such awards. No other amendments to the 2014 Omnibus Plan were made. Including the additional shares authorized from the Amendment, 324,738 shares are available for future issuance under the 2014 Omnibus Plan at December 31, 2020. To fund restricted stock unit awards or option exercises, shares are issued from treasury stock, if available; otherwise new shares are issued. Options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards granted under the 2014 Omnibus Plan are generally subject to a minimum vesting period of three years with stock options having a 10-year maximum contractual term. Other awards do not have a contractual term of expiration. The Compensation Committee is authorized to grant awards that vest upon a participant’s retirement. These amounts are included in stock-based compensation expense at the time of the participant’s retirement eligibility. The Company has a 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 December 31, 2020, PRSU’s granted in 2019 are being accrued at above target and PRSU’s granted in 2020 are being accrued at target. The different levels of accrual are commensurate with the projected performance of the respective grant. 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. There were 173,528 RSU's, 263,574 RSU's and 280,590 RSU’s granted for the years ended December 31, 2020, 2019 and 2018, respectively and 72,143 and 67,352 PRSU’s granted for the year ended December 31, 2020 and 2019, respectively. The following table summarizes the Company’s RSU and PRSU awards under the 2014 Omnibus Plan for the year ended December 31, 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 173,528 19.63 72,143 20.38 Vested (258,745) 22.43 (39,749) 20.64 Forfeited (6,180) 24.61 — — Non-vested at December 31, 2020 336,898 $ 23.48 66,580 $ 21.26 Vested but unissued at December 31, 2020 234,481 $ 23.25 67,115 $ 21.35 As of December 31, 2020, there was $5.4 million of total unrecognized compensation cost related to RSU and PRSU awards granted under the 2014 Omnibus Plan. That cost is expected to be recognized over a weighted-average period of 2.3 Phantom Stock Plan: one year The following table summarizes the Company’s Phantom Stock Plan at or for the year ended December 31, 2020: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2019 109,226 $ 21.61 Granted 11,912 14.81 Distributions (890) 11.73 Outstanding at December 31, 2020 120,248 $ 16.64 Vested at December 31, 2020 120,212 $ 16.64 The Company recorded stock-based compensation (benefit) expense for the phantom stock plan of ($0.4) million, $0.1 million and ($0.5) million for the years ended December 31, 2020, 2019 and 2018, respectively. The total fair value of distributions from the phantom stock plan were $10,000, $31,000 and $12,000 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Pension and Other Postretirement Benefit Plans | 13. Pension and Other Postretirement Benefit Plans The amounts recognized in accumulated other comprehensive loss, on a pre-tax basis, consist of the following, as of December 31: Net Actuarial Prior Service Loss (Gain) Cost (Credit) Total 2020 2019 2018 2020 2019 2018 2020 2019 2018 (In thousands) Employee Retirement Plan $ 1,775 $ 2,273 $ 3,238 $ — $ — $ — $ 1,775 $ 2,273 $ 3,238 Other Postretirement Benefit Plans 1,333 (265) 35 (112) (198) (283) 1,221 (463) (248) Outside Directors Plan (274) (380) (566) — — — (274) (380) (566) Total $ 2,834 $ 1,628 $ 2,707 $ (112) $ (198) $ (283) $ 2,722 $ 1,430 $ 2,424 Employee Retirement Plan: The Company has a funded noncontributory defined benefit retirement plan covering substantially all of its salaried employees who were hired before September 1, 2005 (the “Retirement Plan”). The benefits are based on years of service and the employee’s compensation during the three The following table sets forth, for the Retirement Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2020 2019 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 22,443 $ 20,344 Interest cost 652 797 Actuarial loss 2,109 2,265 Benefits paid (977) (963) Projected benefit obligation at end of year 24,227 22,443 Change in plan assets: Market value of assets at beginning of year 25,505 22,419 Actual return on plan assets 3,192 4,049 Benefits paid (977) (963) Market value of plan assets at end of year 27,720 25,505 Accrued pension asset included in other assets $ 3,493 $ 3,062 Assumptions used to determine the Retirement Plan’s benefit obligations are as follows at December 31: 2020 2019 Weighted average discount rate 2.18 % 3.00 % Rate of increase in future compensation levels n/a n/a The mortality assumptions for 2020 were based on the Pri-2012 Total Dataset with Scale MP 2020 and the mortality assumptions for 2019 were based on the Pri-2012 Total Dataset with Scale MP 2019. The components of the net pension expense for the Retirement Plan are as follows for the years ended December 31: 2020 2019 2018 (In thousands) Interest cost $ 652 $ 797 $ 781 Amortization of unrecognized loss 444 269 621 Expected return on plan assets (1,028) (1,088) (1,452) Net pension (benefit) expense 68 (22) (50) Current year actuarial gain (54) (696) (2,307) Amortization of actuarial loss (444) (269) (621) Total recognized in other comprehensive income (498) (965) (2,928) Total recognized in net pension benefit and other comprehensive loss $ (430) $ (987) $ (2,978) Assumptions used to develop periodic pension cost for the Retirement Plan for the years ended December 31: 2020 2019 2018 Weighted average discount rate 3.00 % 4.06 % 3.42 % Rate of increase in future compensation levels n/a n/a n/a Expected long-term rate of return on assets 4.75 % 5.25 % 7.00 % The following benefit payments are expected to be paid by the Retirement Plan for the years ending December 31: Future Benefit Payments (In thousands) 2021 $ 1,386 2022 1,231 2023 1,247 2024 1,228 2025 1,214 2026-2030 6,020 The long-term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 8-10% and 3-5%, respectively. When these overall return expectations are applied to the plans target allocation, the result is an expected rate return of 4.75% for 2020. The Retirement Plan’s weighted average asset allocations by asset category at December 31: 2020 2019 Equity securities — % — % Debt securities 100 % 100 % At December 31, 2020, Plan assets are invested in a diversified mix of fixed income funds. The long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. At December 31, 2020, the plan's assets were 100% invested in fixed income securities. Adjustments to this mix are made periodically based on current capital market conditions and plan funding levels. Performance of the investment fund managers is monitored on an ongoing basis using modern portfolio risk analysis and appropriate index benchmarks. The Company does not The following table sets forth the Retirement Plan’s assets at the periods indicated: At December 31, 2020 2019 (In thousands) Pooled Separate Accounts Long duration bond fund (a) $ 12,229 $ 11,242 Long corporate bond fund (b) 5,587 5,069 Prudential short term (c) 286 403 Mutual Fund Investment grade bond fund (d) 9,618 8,791 Total $ 27,720 $ 25,505 a. Comprised of fixed income securities with durations of longer than six years that seek to maximize total return consistent with the preservation of capital and prudent investment management. b. Comprised of corporate bonds with an average duration within 0.25 years of the benchmark and its average credit quality is no lower than BBB. The fund seeks to outperform the Bloomberg Barclays Long Corporate Bond Index. c. Comprised of money market instruments with an emphasis on safety and liquidity. d. Comprised of high quality corporate bonds diversified broadly across industries, issuers and regions. The funds primary benchmark is the Bloomberg Barclays U.S. Credit Index. The fair value of the mutual fund is determined daily using quoted market prices in an open market (level 1). The fair value of the pooled separate accounts is determined by the investment manager and is based on the value of the underlying assets held at December 31, 2020 and 2019. These are measured at net asset value under the practical expedient with future redemption dates. The fair values of the Plan’s investments in pooled separate accounts are calculated each business day. All investments can be redeemed on a daily basis without restriction. The investments in pooled separate accounts, which are valued at net asset value, have not been classified in the fair value hierarchy in accordance with Accounting Standards Update (“ASU”) No. 2015-07 “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”. Other Postretirement Benefit Plans: The Company sponsors two unfunded postretirement benefit plans (the “Postretirement Plans”) that cover all retirees hired prior to January 1, 2011, who were full-time permanent employees with at least five years of service, and their spouses. Effective January 1, 2011, the Postretirement Plans are no longer available for new hires. One plan provides medical benefits through a 50% cost sharing arrangement. Effective January 1, 2000, the spouses of future retirees were required to pay 100% of the premiums for their coverage. The other plan provides life insurance benefits and is noncontributory. Effective January 1, 2010, life insurance benefits are not available for future retirees. Under these programs, eligible retirees receive lifetime medical and life insurance coverage for themselves and lifetime medical coverage for their spouses. The Company reserves the right to amend or terminate these plans at its discretion. Comprehensive medical plan benefits equal the lesser of the normal plan benefit or the total amount not paid by Medicare. Life insurance benefits for retirees are based on annual compensation and age at retirement. As of December 31, 2020, the Company has not funded these plans. The Company used a December 31 measurement date for these plans. The following table sets forth, for the Postretirement Plans, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2020 2019 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 8,762 $ 8,518 Service cost 274 280 Interest cost 259 341 Actuarial gain 1,599 (301) Benefits paid (95) (76) Projected benefit obligation at end of year 10,799 8,762 Change in plan assets: Market value of assets at beginning of year — — Employer contributions 95 76 Benefits paid (95) (76) Market value of plan assets at end of year — — Accrued pension cost included in other liabilities $ 10,799 $ 8,762 Assumptions used in determining the actuarial present value of the accumulated postretirement benefit obligations at December 31 are as follows: 2020 2019 Discount rate 2.18 % 3.00 % Rate of increase in health care costs Initial 7.50 % 7.50 % Ultimate (year 2026) 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a The mortality assumptions for 2020 were based on the Pri-2012 with Scale MP 2020 and the mortality assumptions for 2019 were based on the Pri-2012 with Scale MP 2019. The resulting net periodic postretirement expense consisted of the following components for the years ended December 31: 2020 2019 2018 (In thousands) Service cost $ 274 $ 280 $ 350 Interest cost 259 341 307 Amortization of unrecognized loss — — 33 Amortization of past service credit (85) (85) (85) Net postretirement benefit expense 448 536 605 Current year actuarial (gain) loss 1,599 (301) (1,155) Amortization of actuarial loss — — (33) Amortization of prior service credit 85 85 85 Total recognized in other comprehensive income 1,684 (216) (1,103) Total recognized in net postretirement expense and other comprehensive loss $ 2,132 $ 320 $ (498) Assumptions used to develop periodic postretirement expense for the Postretirement Plans for the years ended December 31: 2020 2019 2018 Rate of return on plan assets n/a n/a n/a Discount rate 3.00 % 4.06 % 3.42 % Rate of increase in health care costs Initial 7.50 % 7.00 % 7.00 % Ultimate (year 2026) 5.00 % 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a n/a The following benefit payments under the Postretirement Plan, which reflect expected future service, are expected to be paid for the years ending December 31: Future Benefit Payments (In thousands) 2021 $ 255 2022 299 2023 310 2024 315 2025 333 2026-2030 2,029 Defined Contribution Plans: The Bank maintains a tax qualified 401(k) plan which covers substantially all salaried employees who have completed one year of service. Currently, annual matching contributions under the Bank’s 401(k) plan equal 50% of the employee’s contributions, up to a maximum of 3% of the employee’s base salary. In addition, the 401(k) plan includes the Defined Contribution Retirement Plan (“DCRP”), under which the Bank contributes an amount equal to 4% of an employee’s eligible compensation as defined in the plan, and the Profit Sharing Plan (“PSP”), under which at the discretion of the Company’s Board of Directors a contribution is made. Contributions for the DCRP and PSP are made in the form of Company common stock at or after the end of each year. Annual contributions under these plans are subject to the limits imposed under the Internal Revenue Code. Contributions by the Company into the 401(k) plan vest 20% per year over the employee’s first five years of service. Contributions to these plans are 100% vested upon a change of control (as defined in the applicable plan). Compensation expense recorded by the Company for these plans amounted to $3.7 million, $3.0 million and $4.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Bank provides a non-qualified deferred compensation plan as an incentive for officers who have achieved the designated level and completed one year of service. In addition to the amounts deferred by the officers, the Bank matches 50% of their contributions, generally up to a maximum of 5% of the officers’ base salary. Matching contributions under this plan vest 20% per year for five years. The non-qualified deferred compensation plan assets are held in a rabbi trust totaling $16.6 million and $14.4 million at December 31, 2020 and 2019, respectively. Contributions become 100% vested upon a change of control (as defined in the plan). Compensation expense recorded by the Company for this plan amounted to $0.5 million, $0.5 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Employee Benefit Trust: An Employee Benefit Trust (“EBT”) has been established to assist the Company in funding its benefit plan obligations. Dividend payments received are used to purchase additional shares of common stock. Shares released are used solely for funding matching contributions under the Bank’s 401(k) plan, contributions to the 401(k) plan for the DCRP, and contributions to the PSP. For the years ended December 31, 2020, 2019 and 2018, the Company funded $2.6 million, $3.4 million and $3.6 million, respectively, of employer contributions to the 401(k), DCRP and profit sharing plans from the EBT. Upon a change of control (as defined in the EBT), the EBT will terminate and any trust assets remaining after certain benefit plan contributions will be distributed to all full-time employees of the Company with at least one year of service, in proportion to their compensation over the four most recently completed calendar years plus the portion of the current year prior to the termination of the EBT. As shares are released from the suspense account, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. The EBT shares are as follows at December 31: 2020 2019 Shares owned by Employee Benefit Trust, beginning balance 181,611 329,090 Shares purchased 3,697 7,267 Shares released and allocated (145,447) (154,746) Shares owned by Employee Benefit Trust, ending balance 39,861 181,611 Market value of unallocated shares $ 663,287 $ 3,924,614 Outside Director Retirement Plan: The Bank has an unfunded noncontributory defined benefit Outside Director Retirement Plan (the “Directors’ Plan”), which provides benefits to each non-employee director who became a non-employee director before January 1, 2004. Upon termination an eligible director will be paid an annual retirement benefit equal to $48,000. Such benefit will be paid in equal monthly installments for 120 months 120 months The following table sets forth, for the Directors’ Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2020 2019 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 2,290 $ 2,265 Service cost 15 39 Interest cost 64 86 Actuarial loss 51 44 Benefits paid (144) (144) Projected benefit obligation at end of year 2,276 2,290 Change in plan assets: Market value of assets at beginning of year — — Employer contributions 144 144 Benefits paid (144) (144) Market value of plan assets at end of year — — Accrued pension cost included in other liabilities $ 2,276 $ 2,290 The components of the net pension expense for the Directors’ Plan are as follows for the years ended December 31: 2020 2019 2018 (In thousands) Service cost $ 15 $ 39 $ 42 Interest cost 64 86 78 Amortization of unrecognized gain (55) (141) (91) Amortization of past service liability — — 12 Net pension expense 24 (16) 41 Current actuarial (gain) loss 51 44 (184) Amortization of actuarial gain 55 141 91 Amortization of prior service cost — — (12) Total recognized in other comprehensive income 106 185 (105) Total recognized in net pension expense and other comprehensive income $ 130 $ 169 $ (64) Assumptions used to determine benefit obligations and periodic pension expense for the Directors’ Plan for the years ended December 31: 2020 2019 2018 Weighted average discount rate for the benefit obligation 2.18 % 3.00 % 4.06 % Weighted average discount rate for periodic pension benefit expense 3.00 % 4.06 % 3.42 % Rate of increase in future compensation levels n/a n/a n/a The following benefit payments under the Directors’ Plan, which reflect expected future service, are expected to be paid for the years ending December 31: Future Benefit Payments (In thousands) 2021 $ 288 2022 288 2023 256 2024 220 2025 192 2026 - 2030 736 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Stockholders' Equity | 14. Stockholders’ Equity Dividend Restrictions on the Bank: In connection with the Bank’s conversion from mutual to stock form in November 1995, a special liquidation account was established at the time of conversion, in accordance with the requirements of its primary regulator, which was equal to its capital as of June 30, 1995. The liquidation account is reduced as and to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases in deposits do not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the current adjusted qualifying balances for accounts then held. As of December 31, 2020 and 2019, the Bank’s liquidation account was $0.4 million and $0.5 million, respectively, and was presented within retained earnings. In addition to the restriction described above, New York State and Federal banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. The total amount of dividends which may be paid at any date is generally limited to the net income of the Bank for the current year and prior two years, less any dividends previously paid from those earnings. As of December 31, 2020, the Bank had $10.7 million in retained earnings available to distribute to the Holding Company in the form of cash dividends. In addition, dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. As a bank holding company, the Holding Company is subject to similar dividend restrictions. Treasury Stock Transactions: The Holding Company repurchased 142,405 common shares at an average cost of $16.45 and 40,000 common shares at an average cost of $19.28 during the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, 284,806 shares remained subject to repurchase under the authorized stock repurchase program. Stock will be purchased under the authorized stock repurchase program from time to time, in the open market or through private transactions, subject to market conditions and at the discretion of the management of the Company. There is no expiration or maximum dollar amount under this authorization. Accumulated Other Comprehensive Loss: The following are changes in accumulated other comprehensive loss by component, net of tax, for the years ended: Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected December 31, 2020 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 4,787 (14,924) (1,112) 828 (10,421) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 485 3,266 211 — 3,962 Net current period other comprehensive income, net of tax 5,272 (11,658) (901) 828 (6,459) Ending balance, net of tax $ 1,290 $ (17,521) $ (1,884) $ 1,849 $ (16,266) Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected December 31, 2019 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 11,657 (8,606) 661 155 3,867 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 10 (961) 29 — (922) Net current period other comprehensive income, net of tax 11,667 (9,567) 690 155 2,945 Ending balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected December 31, 2018 Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (5,522) $ 231 $ (3,695) $ — $ (8,986) Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings (1,325) 50 (798) — (2,073) Impact of adoption of Accounting Standard Update 2016-01 — — — 779 779 Other comprehensive income before reclassifications, net of tax (10,127) 3,351 2,484 87 (4,205) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1,325 72 336 — 1,733 Net current period other comprehensive income, net of tax (8,802) 3,423 2,820 87 (2,472) Ending balance, net of tax $ (15,649) $ 3,704 $ (1,673) $ 866 $ (12,752) The following tables set forth significant amounts reclassified out of accumulated other comprehensive loss by component for the periods indicated: For the Year Ended December 31, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (701) Net loss on sale of securities 216 Tax expense $ (485) Net of tax Cash flow hedges: Interest rate swaps $ (4,732) Interest expense 1,466 Tax expense $ (3,266) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (390) (1) Other operating expenses Prior service credits 85 (1) Other operating expenses (305) Total before tax 94 Tax expense $ (211) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 13 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”). For the Year Ended December 31, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (15) Net loss on sale of securities 5 Tax expense $ (10) Net of tax Cash flow hedges: Interest rate swaps $ 1,392 Interest expense (431) Tax expense $ 961 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (128) (1) Other operating expenses Prior service credits 85 (1) Other operating expenses (43) Total before tax 14 Tax expense $ (29) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 13 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”). For the Year Ended December 31, 2018 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (1,920) Net loss on sale of securities 595 Tax expense $ (1,325) Net of tax Cash flow hedges: Interest rate swaps $ (104) Interest expense 32 Tax expense $ (72) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (530) (1) Other operating expenses Prior service credits 39 (1) Other operating expenses (491) Total before tax 155 Tax expense $ (336) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 13 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”). |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Regulatory Capital | 15. Regulatory Capital Under current capital regulations, the Bank is required to comply with four separate capital adequacy standards. As of December 31, 2020, the Bank continued to be categorized as “well-capitalized” under the prompt corrective action regulations and continued 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 2.5%. The CCB for the Bank at December 31, 2020 and 2019 was 4.30% and 5.43%, respectively. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. December 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 733,010 9.27 % $ 680,749 9.65 % Requirement to be well capitalized 395,510 5.00 352,581 5.00 Excess 337,500 4.27 328,168 4.65 Common Equity Tier I risk-based capital: Capital level $ 733,010 11.65 % $ 680,749 13.02 % Requirement to be well capitalized 408,929 6.50 339,944 6.50 Excess 324,081 5.15 340,805 6.52 Tier I risk-based capital: Capital level $ 733,010 11.65 % $ 680,749 13.02 % Requirement to be well capitalized 503,297 8.00 418,393 8.00 Excess 229,713 3.65 262,356 5.02 Total risk-based capital: Capital level $ 773,807 12.30 % $ 702,500 13.43 % Requirement to be well capitalized 629,121 10.00 522,991 10.00 Excess 144,686 2.30 179,509 3.43 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of December 31, 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 December 31, 2020 and 2019 was 4.54% and 5.62%, respectively. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. December 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 662,987 8.38 % $ 615,500 8.73 % Requirement to be well capitalized 395,439 5.00 352,581 5.00 Excess 267,548 3.38 262,919 3.73 Common Equity Tier I risk-based capital: Capital level $ 621,247 9.88 % $ 572,651 10.95 % Requirement to be well capitalized 408,694 6.50 339,929 6.50 Excess 212,553 3.38 232,722 4.45 Tier I risk-based capital: Capital level $ 662,987 10.54 % $ 615,500 11.77 % Requirement to be well capitalized 503,008 8.00 418,374 8.00 Excess 159,979 2.54 197,126 3.77 Total risk-based capital: Capital level $ 794,034 12.63 % $ 712,251 13.62 % Requirement to be well capitalized 628,760 10.00 522,967 10.00 Excess 165,274 2.63 189,284 3.62 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 16. Leases The following table summarizes the operating lease ROU assets and liabilities at and for the period indicated: At or for the At or for the twelve months ended twelve months ended (Dollars in thousands) December 31, 2020 December 31, 2019 Operating lease ROU assets $ 50,743 $ 41,254 Operating lease liabilities $ 59,100 $ 49,367 Lease Cost Operating lease cost $ 7,725 $ 7,575 Short-term lease cost 139 136 Variable lease cost 1,128 1,020 Total lease cost $ 8,992 $ 8,731 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,316 $ 8,051 Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,484 $ 1,576 Right-of-use assets obtained in acquisition $ 9,993 $ — Weighted-average remaining lease term-operating leases 8.3 years 7.5 years Weighted average discount rate-operating leases 3.2% 3.8% The rental expense under legacy lease accounting totaled $6.1 million for the year ended 2018. The Company’s minimum annual rental payments at December 31, 2020 for Bank facilities due under non-cancelable leases are as follows: Minimum Rental (In thousands) Years ended December 31: 2021 $ 8,757 2022 8,871 2023 9,006 2024 8,847 2025 8,212 Thereafter 23,547 Total minimum payments required 67,240 Less: implied interest 8,140 Total lease obligations $ 59,100 The Company’s minimum annual rental payments at December 31, 2019 for Bank facilities due under non-cancelable leases are as follows: Minimum Rental (In thousands) Years ended December 31: 2020 $ 8,113 2021 7,675 2022 7,260 2023 7,397 2024 7,425 Thereafter 19,148 Total minimum payments required 57,018 Less: implied interest 7,651 Total lease obligations $ |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Commitments and Contingencies | 17. Commitments and Contingencies Commitments: The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and lines of credit. The instruments involve, to varying degrees, elements of credit and market risks in excess of the amount recognized in the consolidated financial statements. The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments and lines of credit is represented by the contractual amounts of these instruments. Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally business lines of credit and home equity lines of credit) amounted to $62.4 million and $411.7 million, respectively, at December 31, 2020. Included in these commitments were $38.4 million of fixed-rate commitments at a weighted average rate of 3.82% and $436.7 million of adjustable-rate commitments with a weighted average rate of 3.84%, as of December 31, 2020. Since generally all of the loan commitments are expected to be drawn upon, the total loan commitments approximate future cash requirements, whereas the amounts of lines of credit may not be indicative of the Company’s future cash requirements. The loan commitments generally expire in 90 days, while construction loan lines of credit mature within eighteen months Commitments to extend credit are legally binding agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates and require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. Collateral held consists primarily of real estate. The Bank collateralized a portion of its deposits with letters of credit issued by FHLB-NY. At December 31, 2020 and 2019, there were $855.4 million and $494.0 million, respectively, of letters of credit outstanding. The letters of credit are collateralized by mortgage loans pledged by the Bank. The Company had purchase obligations totaling $17.4 million and $22.0 million as of December 31, 2020 and 2019, which are primarily related to contracts with data processing, loan servicing and check processing services provided by third-party vendors. The Trusts issued capital securities with a par value of $61.9 million in June and July 2007. The Holding Company has guaranteed the payment of the Trusts’ obligations under these capital securities. Contingencies: The Company is a defendant in various lawsuits. Management of the Company, after consultation with outside legal counsel, believes that the resolution of these various matters will not result in any material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Concentration of Credit Risk | 18. Concentration of Credit Risk The Company’s lending is concentrated in the New York City metropolitan area. The Company evaluates each customer’s creditworthiness on a case-by-case basis under the Company’s established underwriting policies. The collateral obtained by the Company generally consists of first liens on one-to-four family residential, multi-family residential, and commercial real estate. At December 31, 2020, the largest amount the Bank could lend to one borrower was approximately $110.0 million, and at that date, the Bank’s largest aggregate amount of loans to one borrower was $87.8 million, all of which were performing according to their terms. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Related Party Transactions | 19. Related Party Transactions At December 31, 2020 and 2019, there were no outstanding loans to a related party. Deposits of related parties totaled $13.4 million and $7.7 million at December 31, 2020 and 2019, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Fair Value of Financial Instruments | 20. 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, establishes a framework for measuring fair value and expands disclosures about fair value measurements. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At December 31, 2020, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.5 million and $43.1 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 purchase or sell any financial assets or liabilities under the fair value option during the years ended December 31, 2020 and 2019. Management selected the fair value option for certain investment securities, and certain borrowed funds as the yield, at the time of election, on the financial assets was below-market, while the rate on the financial liabilities was above-market rate. Management also considered the average duration of these instruments, which, for investment securities, was longer than the average for the portfolio of securities, and, for borrowings, primarily represented the longer-term borrowings of the Company. Choosing these instruments for the fair value option adjusted the carrying value of these financial assets and financial liabilities to their current fair value, and more closely aligned the financial performance of the Company with the economic value of these financial instruments. Management believed that electing the fair value option for these financial assets and financial liabilities allows them to better react to changes in interest rates. At the time of election, Management did not elect the fair value option for investment securities and borrowings with shorter duration, adjustable rates, and yields that approximated the then current market rate, as management believed that these financial assets and financial liabilities approximated their economic value. The following table presents the financial assets and financial liabilities reported at fair value under the fair value option at December 31, 2020 and 2019, and the changes in fair value included in the Consolidated Statement of Income – Net loss from fair value adjustments: 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 December 31, at December 31, For the year ended December 31, Description 2020 2019 2020 2019 2018 (Dollars in thousands) Mortgage-backed securities $ 505 $ 772 $ 3 $ 3 $ (19) Other securities 13,998 13,548 230 427 (109) Borrowed funds 43,136 44,384 (50) (2,802) (4,913) Net gain (loss) from fair value adjustments (1) $ 183 $ (2,372) $ (5,041) (1) The net loss from fair value adjustments presented in the above table does not include net (losses) gains of ($2.3) million, ($3.0) million and $0.9 million from the change in fair value of derivative instruments during the years ended December 31, 2020, 2019 and 2018, respectively. 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 have a contractual principal amount of $61.9 million at December 31, 2020 and 2019. The fair value of borrowed funds includes accrued interest payable of $0.1 million and $0.2 million at December 31, 2020 and 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 – where quoted market prices are available in an active market. At December 31, 2020 and 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 December 31, 2020 and 2019, Level 2 included mortgage related securities, 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 December 31, 2020 and 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 December 31: 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 $ — $ — $ 404,460 $ 523,849 $ — $ — $ 404,460 $ 523,849 Other securities 12,703 12,216 229,516 235,103 1,295 1,332 243,514 248,651 Interest rate swaps — — 1,319 2,352 — — 1,319 2,352 Total assets $ 12,703 $ 12,216 $ 635,295 $ 761,304 $ 1,295 $ 1,332 $ 649,293 $ 774,852 Liabilities: Borrowings $ — $ — $ — $ — $ 43,136 $ 44,384 $ 43,136 $ 44,384 Interest rate swaps — — 60,987 19,653 — — 60,987 19,653 Total liabilities $ — $ — $ 60,987 $ 19,653 $ 43,136 $ 44,384 $ 104,123 $ 64,037 There were no transfers between Levels 1, 2 and 3 during the years ended December 31, 2020 and 2019. 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 year ended December 31, 2020 December 31, 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) (34) — 78 — Net loss from fair value adjustment of financial liabilities (1) — 50 — 2,803 Decrease in accrued interest (3) (103) (2) (39) Change in unrealized losses included in other comprehensive loss — (1,195) — (229) Ending balance $ 1,295 $ 43,136 $ 1,332 $ 44,384 Changes in unrealized gains held at period end $ — $ 2,670 $ — $ 1,476 (1) These totals in the table above are presented in the Consolidated Statement of Income under net loss from fair value adjustments. The following tables present the qualitative information about recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,295 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 43,136 Discounted cash flows Discount rate n/a 4.2 % 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 December 31, 2020 and 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 that are carried at fair value on a non-recurring basis, and the level that was used to determine their fair value, at December 31: 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 $ — $ — $ — $ — $ 11,980 $ 1,081 $ 11,980 $ 1,081 Other repossessed assets — — — — — 239 — 239 Total assets $ — $ — $ — $ — $ 11,980 $ 1,320 $ 11,980 $ 1,320 The following tables present the qualitative information about non-recurring Level 3 fair value measurements of financial instruments at the periods indicated: At December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 10,690 Sales approach Reduction for planned expedited disposal -100.0% to 15.0 % 6.8 % Non-accrual loans $ 1,290 Discounted Cashflow Discount Rate 4.3% to 5.5 % 4.9 % Probability of Default 20.0% to 35.0 % 27.4 % At December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 809 Discounted Cashflow Discount Rate 6.4 % 6.4 % Probability of Default 20.0 % 20.0 % Non-accrual loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -10.0% to 15.0 % 3 % Capitalization rate 9.5 % 9.5 % Reduction for planned expedited disposal 15.0 % 15.0 % Other repossessed assets $ 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 December 31, 2020 and 2019. The methods and assumptions used to estimate fair value at December 31, 2020 and 2019 are as follows: Securities: The fair values of securities are contained in Note 7 of 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. 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. Junior Subordinated Debentures: The fair value of the junior subordinated debentures was developed using a credit spread based on the subordinated debt issued by the Company 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. Interest Rate Swaps: The fair value of interest rate swaps is based upon broker quotes. The following tables set forth the carrying amounts and fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: December 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 157,388 $ 157,388 $ 157,388 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,914 8,991 — 8,991 — Other securities 49,918 54,538 — — 54,538 Securities available for sale Mortgage-backed securities 404,460 404,460 — 404,460 — Other securities 243,514 243,514 12,703 229,516 1,295 Loans 6,704,674 6,793,985 — — 6,793,985 FHLB-NY stock 43,439 43,439 — 43,439 — Accrued interest receivable 44,041 44,041 2 1,389 42,650 Interest rate swaps 1,319 1,319 — 1,319 — Liabilities: Deposits $ 6,136,355 $ 6,141,775 $ 4,997,994 $ 1,143,781 $ — Borrowings 1,020,895 1,017,573 — 974,437 43,136 Accrued interest payable 4,755 4,755 — 4,755 — Interest rate swaps 60,987 60,987 — 60,987 — 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 | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
Derivative Financial Instruments | 21. Derivative Financial Instruments At December 31, 2020 and 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 December 31, 2020 and 2019; 2) to mitigate the Company’s exposure to rising interest rates on certain fixed rate loans totaling $316.1 million and $326.0 million at December 31, 2020 and 2019 respectively; 3) to facilitate risk management strategies for our loan customers with $125.6 million of swaps outstanding, which include $62.8 million with customers and $62.8 million with bank counterparties at December 31, 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 December 31, 2020 and 2019, respectively. 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 December 31, 2020 and 2019, we held derivatives designated as cash flow hedges, fair value hedges and certain derivatives not designated as hedges. At December 31, 2020 and 2019, derivatives with a combined notional amount of $143.6 million and $18.0 million, respectively, were not designated as hedges. At December 31, 2020 and 2019, derivatives with a combined notional amount of $316.1 million and $326.0 million were designated as fair value hedges. At December 31, 2020 and 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 year ended December 31, 2020, $4.7 million was reclassified from accumulated other comprehensive income (loss) to interest expense. The estimated amount to be reclassified in next 12 months out of accumulated other comprehensive income (loss) into earnings is $4.7 million. Changes in the fair value of interest rate swaps not designated as hedges are reflected in “Net 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: December 31, 2020 December 31, 2019 Notional Notional Amount Fair Value (1) Amount Fair Value (1) (In thousands) Interest rate swaps (fair value hedge) $ — $ — $ 139,960 $ 2,352 Interest rate swaps (non-hedge) 62,779 1,319 — — Interest rate swaps (fair value hedge) 316,051 (28,689) 186,009 (7,769) Interest rate swaps (cash flow hedge) 1,021,500 (25,300) 541,500 (8,530) Interest rate swaps (non-hedge) 80,779 (6,998) 18,000 (3,354) Total derivatives $ 1,481,109 $ (59,668) $ 885,469 $ (17,301) (1) Derivatives in a net positive position are recorded as “Other assets” and derivatives in a net 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 years ended December 31, (In thousands) Affected Line Item in the Statement Where Net income is Presented 2020 2019 2018 Financial Derivatives: Other interest expense $ (434) $ (140) $ (193) Net gain (loss) from fair value adjustments (2,325) (2,981) 919 Interest rate swaps (non-hedge) (2,759) (3,121) 726 Interest rate swaps (fair value hedge) Interest and fees on loans (5,226) (837) 43 Interest rate swaps (cash flow hedge) Other interest expense (6,703) 1,232 156 Net (loss) income $ (14,688) $ (2,726) $ 925 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: December 31, 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 $ 1,319 $ — $ 1,319 $ — $ — $ 1,319 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 $ 60,987 $ — $ 60,987 $ 99 $ 63,517 $ (2,629) 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 |
New Authoritative Accounting Pr
New Authoritative Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies. | |
New Authoritative Accounting Pronouncements | 22. 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 amortized 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. Effective December 31, 2020, the Company adopted ASU No. 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20).” The ASU provided targeted improvements to the disclosures required for Defined Benefit Plans. The guidance did not have a significant impact on the Company’s financial positions, results of operations or disclosures. Accounting Standards Pending Adoption: In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform” (Topic 848), which clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. 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. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Quarterly Financial Data (Unaudited) | 23. Quarterly Financial Data Selected unaudited quarterly financial data for the fiscal years ended December 31, 2020 and 2019 is presented below: 2020 2019 4th 3rd 2nd 1st 4th 3rd 2nd 1st (In thousands, except per share data) Quarterly operating data: Interest income $ 68,971 $ 63,914 $ 64,772 $ 66,670 $ 70,179 $ 69,389 $ 69,575 $ 69,813 Interest expense 13,239 13,990 16,055 25,844 29,000 30,440 29,566 28,010 Net interest income 55,732 49,924 48,717 40,826 41,179 38,949 40,009 41,803 Provision (benefit) for credit losses 3,862 2,470 9,619 7,178 (318) 683 1,474 972 Other operating (loss) income (1,181) 1,351 13,737 (2,864) 5,038 1,039 2,451 943 Other operating expense 46,811 29,985 28,755 32,380 29,647 26,045 27,158 32,419 Income (loss) before income tax expense 3,878 18,820 24,080 (1,596) 16,888 13,260 13,828 9,355 Income tax expense 417 4,489 5,808 (206) 3,957 2,536 3,272 2,287 Net income (loss) $ 3,461 $ 14,331 $ 18,272 $ (1,390) $ 12,931 $ 10,724 $ 10,556 $ 7,068 Basic earnings (loss) per common share $ 0.11 $ 0.50 $ 0.63 $ (0.05) $ 0.45 $ 0.37 $ 0.37 $ 0.25 Diluted earnings (loss) per common share $ 0.11 $ 0.50 $ 0.63 $ (0.05) $ 0.45 $ 0.37 $ 0.37 $ 0.25 Dividends per common share $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 Average common shares outstanding for: Basic earnings per share 30,603 28,874 28,867 28,853 28,723 28,730 28,761 28,621 Diluted earnings per share 30,603 28,874 28,867 28,853 28,723 28,730 28,761 28,621 |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements. | |
Parent Company Only Financial Information | 24. Parent Company Only Financial Information Earnings of the Bank are recognized by the Holding Company using the equity method of accounting. Accordingly, earnings of the Bank are recorded as increases in the Holding Company’s investment, any dividends would reduce the Holding Company’s investment in the Bank, and any changes in the Bank’s unrealized gain or loss on securities available for sale, net of taxes, would increase or decrease, respectively, the Holding Company’s investment in the Bank. The condensed financial statements for the Holding Company are presented below: December 31, December 31, Condensed Statements of Financial Condition 2020 2019 (Dollars in thousands) Assets: Cash and due from banks $ 28,033 $ 14,401 Securities available for sale: Other securities 1,295 1,332 Investment in Bank 726,802 684,643 Goodwill 2,185 2,185 Other assets 839 1,897 Total assets $ 759,154 $ 704,458 Liabilities: Subordinated debentures $ 90,180 $ 74,319 Junior subordinated debentures, at fair value 43,136 44,384 Other liabilities 6,841 6,083 Total liabilities 140,157 124,786 Stockholders' Equity: Common stock 341 315 Additional paid-in capital 261,533 226,691 Treasury stock, at average cost (3,311,769 shares and 3,373,389 at December 31, 2020 and 2019, respectively) (69,400) (71,487) Retained earnings 442,789 433,960 Accumulated other comprehensive loss, net of taxes (16,266) (9,807) Total equity 618,997 579,672 Total liabilities and equity $ 759,154 $ 704,458 For the years ended December 31, Condensed Statements of Income 2020 2019 2018 (In thousands) Dividends from the Bank $ 78,833 $ 32,000 $ 34,000 Interest income 466 250 275 Interest expense (5,858) (6,677) (6,479) Net loss from fair value adjustments (85) (2,725) (4,769) Other operating expenses (3,975) (2,833) (1,391) Income before taxes and equity in undistributed earnings of subsidiary 69,381 20,015 21,636 Income tax benefit 2,274 3,173 3,907 Income before equity in undistributed earnings of subsidiary 71,655 23,188 25,543 Equity in undistributed earnings of the Bank (36,981) 18,091 29,547 Net income 34,674 41,279 55,090 Other comprehensive gain (loss), net of tax (6,459) 2,945 (2,472) Comprehensive net income $ 28,215 $ 44,224 $ 52,618 For the years ended December 31, Condensed Statements of Cash Flows 2020 2019 2018 (In thousands) Operating activities: Net income $ 34,674 $ 41,279 $ 55,090 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the Bank 36,981 (18,091) (29,547) Deferred income tax benefit (291) (769) (1,915) Fair value adjustments for financial assets and financial liabilities 85 2,725 4,769 Stock-based compensation expense 6,450 7,763 7,016 Net change in operating assets and liabilities 3,490 3,945 4,246 Net cash provided by operating activities 81,389 36,852 39,659 Investing activities: Cash used in acquisition of Empire (54,836) Cash provided by acquisition of Empire 15,769 — — Net cash used in investing activities (39,067) — — Financing activities: Purchase of treasury stock (3,877) (2,656) (22,585) Cash dividends paid (24,813) (24,149) (22,927) Stock options exercised — 3 6 Net cash used in financing activities (28,690) (26,802) (45,506) Net increase (decrease) in cash and cash equivalents 13,632 10,050 (5,847) Cash and cash equivalents, beginning of year 14,401 4,351 10,198 Cash and cash equivalents, end of year $ 28,033 $ 14,401 $ 4,351 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Holding Company and the following direct and indirect wholly-owned subsidiaries of the Holding Company: the Bank, FPFC, FSC, and Properties. FPFC is a real estate investment trust formed to hold a portion of the Bank’s mortgage loans to facilitate access to capital markets. FSC was formed to market insurance products and mutual funds. Properties is currently used to hold title to real estate owned acquired via foreclosure. Amounts held in a rabbi trust for certain non-qualified deferred compensation plans are included in the consolidated financial statements. All intercompany transactions and accounts are eliminated in consolidation. 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 formed to issue a total of $60.0 million of capital securities and $1.9 million of common securities (which are the only voting securities). The Holding Company owns 100% of the common securities of the Trusts. The Trusts used the proceeds from the issuance of these securities to purchase junior subordinated debentures from the Holding Company. The Trusts are not included in our consolidated financial statements as we would not absorb the losses of the Trusts if losses were to occur. See Note 10, “Borrowed Funds,” for additional information regarding these trusts. When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. |
Use of Estimates | 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. On December 27, 2020, the 2021 Consolidated Appropriations Act (“CAA”) was signed into law, providing for, among other things, further suspension of the exception for loan modifications to not be classified as “troubled debt restructuring” (“TDR”) if certain criteria are met, as described below. The CARES Act includes a provision for the Company to opt out of applying the 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 31, 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 December 31, 2020, we have 134 active forbearances for loans with an aggregate outstanding loan balance of approximately $364.4 million resulting in total deferment of $23.6 million in principal, interest and escrow, as disclosed more fully in Note 4 (“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. |
Cash and Cash Equivalents | Cash and Cash Equivalents: For the purpose of reporting cash flows, the Company defines cash and due from banks, overnight interest-earning deposits and federal funds sold with original maturities of 90 days or less as cash and cash equivalents. At December 31, 2020 and 2019, the Company’s cash and cash equivalents totaled $157.4 million and $49.8 million, respectively. Included in cash and cash equivalents at those dates were $133.7 million and $36.5 million, respectively, in interest-earning deposits in other financial institutions, primarily due from the Federal Reserve Bank of New York and the Federal Home Loan Bank of New York (“FHLB-NY”). At December 31, 2020, the Company’s cash and cash equivalents |
Securities | Securities: Securities are classified as held-to-maturity when management intends to hold the securities until maturity. Held-to-maturity securities are stated at amortized cost, adjusted for unamortized purchase premiums and discounts and an allowance for credit losses. Securities are classified as available for sale when management intends to hold the securities for an indefinite period of time or when the securities may be utilized for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure and resultant prepayment risk and liquidity needs. Unrealized gains and losses on securities available for sale are excluded from earnings and reported as part of accumulated other comprehensive loss, net of taxes. Premiums and discounts are amortized or accreted, respectively, using the level-yield method. Realized gains and losses on the sales of securities are determined using the specific identification method. 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 modifies the accounting of impairment on available-for-sale debt securities by recognizing a credit loss through an allowance for credit losses. See Note 7 (“Securities”) of the Notes to the Consolidated Financial Statements. The Company recorded tax exempt interest income totaling $1.9 million, $2.0 million and $3.4 million during the years ended December 31, 2020, 2019 and 2018, respectively. |
Goodwill | 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 performed the quantitative assessment in reviewing the carrying value of goodwill as of December 31, 2020, and the qualitative assessment as of December 31, 2019 and 2018, concluding that there was no goodwill impairment in any period. At December 31, 2020 and 2019, the carrying amount of goodwill totaled $17.6 million and $16.1 million, respectively. The increase in the goodwill resulted from the consummation of merger with Empire Bancorp, Inc. 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. |
Loans | 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 $41.5 million and $19.7 million at December 31, 2020 and 2019, respectively 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. On December 27, 2020, the CAA was signed into law, providing for, among other things, further suspension of the exception for loan modifications to not be classified as TDR if certain criteria are met, as described below. 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. The Company may purchase loans to supplement originations. Loan purchases are evaluated at the time of purchase to determine the appropriate accounting treatment. Performing loans purchased at a premium/discount are recorded at the purchase price with the premium/discount being amortized/accreted into interest income over the life of the loan. All loans purchased during the years ended December 31, 2020 and 2019 were performing loans that did not display credit deterioration from origination at the time of purchase and therefore were not considered impaired when purchased. The Company purchased loans totaling $193.3 million, $221.2 million and $294.6 million during the years ended December 31, 2020, 2019 and 2018. The Company sold loans totaling $7.4 million, $13.7 million and $14.0 million during the years ended December 31, 2020, 2019 and 2018. |
Allowance for Credit Losses | 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, as disclosed in Note 22. 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 2. One-to-four family mixed use 3. Multi-family residential 4. Commercial real estate (CRE) 5. Construction 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 7. Commercial Business secured by real estate 8. Taxi Medallions 9. Overdrafts 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 $22.6 million, $2.8 million and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The increase in the provision in 2020 was primarily due to the economic conditions resulting from COVID-19. 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 December 31, 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. 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. These restructurings have not included a reduction of principal balance. 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. |
Purchased financial assets with credit deterioration | Purchased financial assets with credit deterioration: Purchased financial assets with credit deterioration (“PCD”) assets are acquired in an acquisition and which have experienced more-than-insignificant deterioration in credit quality since origination. PCD assets are accounted for in accordance with ASC 326, where the purchased impaired asset will be grossed up initial amortized cost equal to the sum of purchase price and the estimate of credit losses at the time of acquisition. Day 1 ACL is established for these loans without statement of operations effect. At October 30, 2020, the Company acquired PCD assets with a fair value totaling $286.1 million. The Company recorded Day 1 ACL of $4.1 million allowance for loans losses resulting from PCD loans. |
Loan Held for Sale | Loans Held for Sale: Loans held for sale are carried at the lower of cost or estimated fair value. At December 31, 2020 and 2019, there were no loans classified as held for sale. |
Bank Owned Life Insurance | Bank Owned Life Insurance: Bank owned life insurance (“BOLI”) represents life insurance on the lives of certain current and past employees who have provided positive consent allowing the Company to be the beneficiary of such policies. BOLI is carried in the Consolidated Statements of Financial Condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in other non-interest income, and are not subject to income taxes. |
Other Real Estate Owned | Other Real Estate Owned: OREO consists of property acquired through foreclosure. At the time of foreclosure these properties are acquired at fair value and subsequently carried at the lower of cost or fair value, less estimated selling costs. The fair value is based on appraised value through a current appraisal, or at times through an internal review, additionally adjusted by the estimated costs to sell the property. This determination is made on an individual asset basis. If the fair value of a property is less than the carrying amount of the loan, the difference is recognized as a charge to the ALL. Further decreases to the estimated value will be recorded directly to the Consolidated Statements of Income. Included within net loans as of December 31, 2020 and 2019, was a recorded investment of $5.9 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. |
Bank Premises and Equipment | Bank Premises and Equipment: Bank premises and equipment are stated at cost, less depreciation accumulated on a straight-line basis over the estimated useful lives of the related assets, recorded in the Depreciation Expense in Consolidated Statements of Income. For equipment and furniture the useful life is between 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the term of the related leases or the lives of the assets, whichever is shorter. Maintenance, repairs and minor improvements are charged to non-interest expense in the period incurred. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock: The FHLB-NY has assigned to the Company a mandated membership stock ownership requirement, based on its asset size. In addition, for all borrowing activity, the Company is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Company’s borrowing levels. The Company carries its investment in FHLB-NY stock at historical cost. The Company periodically reviews its FHLB-NY stock to determine if impairment exists. At December 31, 2020, the Company considered among other things the earnings performance, credit rating and asset quality of the FHLB-NY. Based on this review, the Company did not |
Income Taxes | Income Taxes: Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between book and tax basis of the various balance sheet assets and liabilities. A deferred tax liability is recognized on all taxable temporary differences and a deferred tax asset is recognized on all deductible temporary differences and operating losses and tax credit carry-forwards. A valuation allowance is recognized to reduce the potential deferred tax asset, if it is “more likely than not” that all or some portion of that potential deferred tax asset will not be realized. Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount to recognize. An uncertain tax position is measured at the amount that management believes has a greater than 50% likelihood of realization upon settlement. The Company must also take into account changes in tax laws or rates when valuing the deferred income tax amounts it carries on its Consolidated Statements of Financial Condition. |
Stock Compensation Plans | Stock Compensation Plans: The Company accounts for its stock-based compensation using a fair-value-based measurement method for share-based payment transactions with employees and directors. The Company measures the cost of employee and directors services received in exchange for an award of an equity instrument based on the grant date fair value of the award. That cost is recognized over the period during which the employee and directors are required to provide services in exchange for the award. The requisite service period is usually the vesting period. Forfeitures are recorded in the period they occur. |
Benefit Plans | Benefit Plans: The Company sponsors a qualified pension, 401(k), and profit sharing plan for its employees. The Company also sponsors postretirement health care and life insurance benefits plans for its employees, a non-qualified deferred compensation plan for officers who have achieved the level of at least senior vice president, and a non-qualified pension plan for its outside directors. The Company recognizes the funded status of a benefit plan – measured as the difference between plan assets at fair value and the benefit obligation – in the Consolidated Statements of Financial Condition, with the unrecognized credits and charges recognized, net of taxes, as a component of accumulated other comprehensive loss. These credits or charges arose as a result of gains or losses and prior service costs or credits that arose during prior periods but were not recognized as components of net periodic benefit cost. |
Treasury Stock | Treasury Stock: The Company records treasury stock at cost. Treasury stock is reissued at average cost. |
Derivatives | Derivatives: Derivatives are recorded on the Consolidated Statements of Financial Condition at fair value on a gross basis in “Other assets” and/or “Other liabilities”. The accounting for changes in value of a derivative depends on the type of hedge and on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings and included in Net loss from fair value adjustments on the Consolidated Statements of Income. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value of the hedged item must be assessed at least quarterly. For cash flow hedges, the changes in the fair value of the derivative is recorded as a component of accumulated other comprehensive income or loss, net of tax, and subsequently reclassified into earnings when the hedged transaction effects earnings. For fair value hedges, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in earnings on the same line as hedged item. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Changes in the fair value of derivatives are disclosed in the Consolidated Statements of Cash Flows within operating activities in the line items Fair Value Adjustment for Financial Assets and Financial Liabilities and net loss from fair value adjustments on qualifying hedges. |
Leases | Leases: The Company has 28 operating leases for branches (including the headquarters) and office spaces, 10 operating leases for vehicles, and one operating lease for equipment. Additionally, one of our leased locations is subleased. Our leases have remaining lease terms ranging from one month to approximately 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. The Company has elected the short-term lease recognition exemption such that the Company will not recognize Right of Use assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company’s operating lease expense was recorded in Occupancy and equipment on the Consolidated Statements of Income, and totaled $7.7 million and $7.6 million for the years ended December 31, 2020 and 2019, respectively. The Company has one agreement that qualifies as a short-term lease with expense totaling $0.1 million for each of the years ended December 31, 2020 and 2019, included in Professional services on the Consolidated Statements of Income. The Company’s variable lease payments, which include insurance and real estate tax expenses was recorded in Occupancy and equipment on the Consolidated Statements of Income and totaled $1.1 million and $1.0 million for the years ended December 31, 2020 and 2019, respectively. At December 31, 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. |
Comprehensive Income | Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes (i) unrealized gains and losses on securities available for sale and reclassification adjustments for realized gains and losses on securities available for sale; (ii) unrealized gains and losses on derivatives in cash flow hedge relationships and reclassifications of deferred gains and losses when the hedge item impacts earnings; (iii) adjustments to net periodic pension costs; and (iv) changes in the fair value of instrument-specific credit risk from the Company’s liabilities carried at fair value pursuant to the fair value option. |
Segment Reporting | Segment Reporting: Management views the Company as operating as a single unit, a community bank. Therefore, segment information is not provided. |
Advertising Expense | Advertising Expense: Costs associated with advertising are expensed as incurred. The Company recorded advertising expenses of $1.8 million, $2.2 million and $2.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, recorded in the professional services in the Consolidated Statements of Income. |
Earnings per Common Share | Earnings per Common Share: Basic earnings per common share is computed by dividing net income available to common shareholders by the total weighted average number of common shares outstanding, which includes unvested participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and as such are included in the calculation of earnings per share. The Company’s unvested restricted stock unit awards are considered participating securities. Therefore, weighted average common shares outstanding used for computing basic earnings per common share includes common shares outstanding plus unvested restricted stock unit awards. The computation of diluted earnings per share includes the additional dilutive effect of stock options outstanding and other common stock equivalents during the period. Common stock equivalents that are anti-dilutive are not included in the computation of diluted earnings per common share. The numerator for calculating basic and diluted earnings per common share is net income available to common shareholders. The shares held in the Company’s Employee Benefit Trust are not included in shares outstanding for purposes of calculating earnings per common share. Earnings per common share have been computed based on the following, for the years ended December 31: 2020 2019 2018 (In thousands, except per share data) Net income, as reported $ 34,674 $ 41,279 $ 55,090 Divided by: Weighted average common shares outstanding 29,301 28,709 28,709 Weighted average common stock equivalents — — 1 Total weighted average common shares outstanding and common stock equivalents 29,301 28,709 28,710 Basic earnings per common share $ 1.18 $ 1.44 $ 1.92 Diluted earnings per common share $ 1.18 $ 1.44 $ 1.92 Dividend Payout ratio 71.2 % 58.3 % 41.7 % There were no options that were anti-dilutive for the years ended December 31, 2020, 2019 and 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Earnings Per Share | 2020 2019 2018 (In thousands, except per share data) Net income, as reported $ 34,674 $ 41,279 $ 55,090 Divided by: Weighted average common shares outstanding 29,301 28,709 28,709 Weighted average common stock equivalents — — 1 Total weighted average common shares outstanding and common stock equivalents 29,301 28,709 28,710 Basic earnings per common share $ 1.18 $ 1.44 $ 1.92 Diluted earnings per common share $ 1.18 $ 1.44 $ 1.92 Dividend Payout ratio 71.2 % 58.3 % 41.7 % |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combination | |
Schedule of Consideration Paid | (Dollars in thousands) Amount Consideration Paid : Company stock issued ( $ 32,705 Cash payment 54,836 Total consideration paid $ 87,541 |
Schedule of Estimated Fair Value of Acquired Assets and Liabilities Assumed | (Dollars in thousands) Amount Assets acquired: Cash and Cash Equivalents $ 86,340 Securities available for sale 159,369 Net loans 669,682 Interest and dividends receivable 5,394 Bank premises and equipment, net 3,203 Federal Home Loan Bank of New York stock, at cost 1,135 Bank owned life insurance 21,992 Core deposit Intangibles 3,280 Right of Use Asset 9,993 Other assets 22,300 $ 982,688 Liabilities assumed: Due to depositors: Non-interest bearing 169,496 Interest-bearing 685,393 Mortgagors' escrow deposits 6,406 Borrowed funds 21,215 Operating lease liability 11,039 Other liabilities 3,108 $ 896,657 Goodwill recorded $ 1,509 |
Schedule of Supplemental Pro Forma Financial Information | Actual from Acquisition Date to December 31, 2020 (1) Unaudited Proforma for the twelve months ended December 31, 2020 Unaudited Proforma for the twelve months ended December 31, 2019 (Dollars in thousands) Net interest Income $ 4,159 $ 220,153 $ 186,894 Non-Interest Income (loss) (96) 12,142 10,570 Non-Interest Expense 1,657 140,979 125,211 Income Taxes 706 16,084 16,025 Net Income $ 2,256 $ 52,659 $ 53,973 (1) Non-interest income (loss) includes $0.3 million from loss on sale of securities. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2020 2019 (In thousands) Multi-family residential $ 2,533,952 $ 2,238,591 Commercial real estate 1,754,754 1,582,008 One-to-four family ― mixed-use property 602,981 592,471 One-to-four family ― residential 245,211 188,216 Co-operative apartments 8,051 8,663 Construction 83,322 67,754 Small Business Administration (1) 167,376 14,445 Taxi medallion 2,757 3,309 Commercial business and other 1,303,225 1,061,478 Gross loans 6,701,629 5,756,935 Net unamortized premiums and unearned loan fees 3,045 15,271 Total loans, net of fees and costs $ 6,704,674 $ 5,772,206 (1) Includes $151.9 million of SBA PPP loans at December 31, 2020. |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | For the year ended December 31, 2020 (Dollars in thousands) Number Balance Modification description Commercial real estate 1 $ 7,583 Loan received a below market interest rate and had an amortization extension One-to-four family - mixed-use property 1 270 Loan received a below market interest rate. Total 2 $ 7,853 For the year ended December 31, 2019 (Dollars in thousands) Number Balance Modification description Commercial business and other 3 $ 951 Loan amortization extension. Total 3 $ 951 For the year ended December 31, 2018 (Dollars in thousands) Number Balance Modification description Commercial business and other 1 $ 1,620 Loan amortization extension. Total 1 $ 1,620 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | At or for the year December 31, 2020 (In thousands) Non-accrual amortized cost beginning of the reporting period Non-accrual amortized cost ending of the reporting period Non-accrual with no related allowance Interest income recognized Loans ninety days or more past due and still accruing: Multi-family residential $ 2,723 $ 2,576 $ 2,576 $ — $ 201 Commercial real estate 2,714 1,766 1,766 — 2,547 One-to-four family - mixed-use property (1) 1,704 1,706 1,706 — — One-to-four family - residential 9,992 5,313 5,313 — — Small Business Administration 1,169 1,168 1,168 — — Taxi medallion (1) 2,318 2,758 2,758 — — Commercial business and other (1) 7,406 5,660 1,593 58 — Total $ 28,026 $ 20,947 $ 16,880 $ 58 $ 2,748 (1) |
Schedule of Interest Foregone on Non-Accrual and TDR Loans [Table Text Block] | 2020 2019 2018 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 1,845 $ 1,546 $ 1,604 Less: Interest income included in the results of operations 412 418 623 Total foregone interest $ 1,433 $ 1,128 $ 981 |
Past Due Financing Receivables [Table Text Block] | 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 $ 7,582 $ 3,186 $ 2,777 $ 13,545 $ 2,522,432 $ 2,535,977 Commercial real estate 17,903 5,123 4,313 27,339 1,731,045 1,758,384 One-to-four family ― mixed-use property 5,673 1,132 1,433 8,238 598,647 606,885 One-to-four family ― residential 3,087 805 5,313 9,205 243,486 252,691 Co-operative apartments — — — — — — Construction 750 — — 750 82,411 83,161 Small Business Administration 1,823 — 1,168 2,991 162,579 165,570 Taxi medallion — — 2,318 2,318 279 2,597 Commercial business and other 129 1,273 1,593 2,995 1,296,414 1,299,409 Total $ 36,947 $ 11,519 $ 18,915 $ 67,381 $ 6,637,293 $ 6,704,674 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 $ 4,042 $ 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 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the year ended December 31, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Co-operative Construction Small Business Taxi business and (in thousands) residential real estate property residential apartments 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 Impact of Day 1 PCD - Empire Acquisition 444 587 183 158 — 20 278 124 2,305 4,099 Charge-off's — — (3) — — — (178) (1,075) (2,749) (4,005) Recoveries 38 — 138 12 — — 70 — 108 366 Provision (benefit) 1,334 2,141 (94) 103 — 315 538 951 17,275 22,563 Ending balance $ 6,557 $ 8,327 $ 1,986 $ 869 $ — $ 497 $ 2,251 $ — $ 24,666 $ 45,153 For the year ended December 31, 2019 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Co-operative Construction Small Business Taxi business and (in thousands) residential real estate property residential apartments 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) — (89) (113) — — — — (2,386) (2,778) Recoveries 44 37 197 13 — — 60 134 288 773 Provision (benefit) (139) 77 (158) 107 — 112 (115) (134) 3,061 2,811 Ending balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ — $ 441 $ 363 $ — $ 8,554 $ 21,751 For the year ended December 31, 2018 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Co-operative Construction Small Business Taxi business and (in thousands) residential real estate property residential apartments loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ — $ 68 $ 669 $ — $ 5,521 $ 20,351 Charge-off's (99) — (3) (1) — — (392) (393) (44) (932) Recoveries 6 — 136 569 — — 51 143 46 951 Provision (benefit) (54) (328) (811) (901) — 261 90 250 2,068 575 Ending balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ — $ 329 $ 418 $ — $ 7,591 $ 20,945 |
Financing Receivable Credit Quality Indicators [Table Text Block] | For the year ended Revolving Loans, Lines of Credit Amortized Cost converted to (In thousands) 2020 2019 2018 2017 2016 Prior Basis term loans Total 1-4 Family Residential Pass $ 32,266 $ 37,149 $ 38,063 $ 21,293 $ 13,229 $ 65,916 $ 10,793 $ 15,974 $ 234,683 Watch 486 720 — 3,302 446 2,599 635 2,397 10,585 Special Mention — — — — — 1,338 — 383 1,721 Substandard — — — — 960 3,183 — 1,559 5,702 Total 1-4 Family Residential $ 32,752 $ 37,869 $ 38,063 $ 24,595 $ 14,635 $ 73,036 $ 11,428 $ 20,313 $ 252,691 1-4 Family Mixed-Use Pass $ 36,491 $ 72,920 $ 77,037 $ 58,404 $ 53,518 $ 282,169 $ — $ — $ 580,539 Watch 816 — 4,077 6,107 882 9,617 — — 21,499 Special Mention — — — 368 722 1,433 — — 2,523 Substandard — — 809 — — 1,515 — — 2,324 Total 1-4 Family Mixed Use $ 37,307 $ 72,920 $ 81,923 $ 64,879 $ 55,122 $ 294,734 $ — $ — $ 606,885 Commercial Real Estate Pass $ 173,089 $ 263,007 $ 266,949 $ 191,532 $ 220,560 $ 499,186 $ — $ — $ 1,614,323 Watch 938 1,359 15,557 15,687 29,445 62,587 — — 125,573 Special Mention — — — 2,547 2,576 1,350 — — 6,473 Substandard — 9,436 — — — 2,579 — — 12,015 Total Commercial Real Estate $ 174,027 $ 273,802 $ 282,506 $ 209,766 $ 252,581 $ 565,702 $ — $ — $ 1,758,384 Construction Pass $ 16,768 $ 16,793 $ 28,984 $ 5,253 $ — $ 590 $ — $ — $ 68,388 Watch — 1,115 9,572 750 — — — — 11,437 Special Mention — — 761 2,575 — — — — 3,336 Total Construction $ 16,768 $ 17,908 $ 39,317 $ 8,578 $ — $ 590 $ — $ — $ 83,161 Multifamily Pass $ 245,551 $ 343,887 $ 479,644 $ 376,275 $ 282,185 $ 769,712 $ 4,572 $ — $ 2,501,826 Watch 1,126 4,906 982 931 3,457 14,806 798 — 27,006 Special Mention — 699 — 2,536 464 668 — — 4,367 Substandard — — 1,997 — — 580 201 — 2,778 Total Multifamily $ 246,677 $ 349,492 $ 482,623 $ 379,742 $ 286,106 $ 785,766 $ 5,571 $ — $ 2,535,977 Commercial Business - Secured by RE Pass $ 110,649 $ 43,909 $ 54,016 $ 36,010 $ 50,230 $ 86,662 $ — $ — $ 381,476 Watch 24,539 51,466 17,390 1,320 962 16,192 — — 111,869 Special Mention — 613 — — — — — — 613 Substandard — — — — — 4,220 — — 4,220 Total Commercial Business - Secured by RE $ 135,188 $ 95,988 $ 71,406 $ 37,330 $ 51,192 $ 107,074 $ — $ — $ 498,178 Commercial Business Pass $ 97,071 $ 118,501 $ 104,304 $ 51,627 $ 17,340 $ 66,398 $ 250,633 $ — $ 705,874 Watch 250 22,490 19,202 20,591 39 26 11,564 — 74,162 Special Mention — — 2,411 93 — — 246 — 2,750 Substandard 4,897 594 17 6,441 2,285 1,647 1,161 — 17,042 Doubtful — — — — — — 1,273 — 1,273 Total Commercial Business $ 102,218 $ 141,585 $ 125,934 $ 78,752 $ 19,664 $ 68,071 $ 264,877 $ — $ 801,101 Small Business Administration Pass $ 151,449 $ 1,453 $ 4,194 $ 1,327 $ 1,882 $ 1,523 $ — $ — $ 161,828 Watch — — — 1,948 570 — — — 2,518 Special Mention — — — — — 50 — — 50 Substandard — — — 1,168 6 — — — 1,174 Total Small Business Administration $ 151,449 $ 1,453 $ 4,194 $ 4,443 $ 2,458 $ 1,573 $ — $ — $ 165,570 Taxi Medallions Substandard $ — $ — $ — $ 279 $ — $ 2,318 $ — $ — $ 2,597 Total Taxi Medallions $ — $ — $ — $ 279 $ — $ 2,318 $ — $ — $ 2,597 Other Pass $ — $ — $ — $ — $ — $ 37 $ 93 $ — $ 130 Total Other $ — $ — $ — $ — $ — $ 37 $ 93 $ — $ 130 Total Loans $ 896,386 $ 991,017 $ 1,125,966 $ 808,364 $ 681,758 $ 1,898,901 $ 281,969 $ 20,313 $ 6,704,674 The following table sets forth the recorded investment in loans designated as Criticized or Classified at 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 Small Business Administration (1) 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 (1) Balance reported net of SBA Guaranteed portion. |
Summary of types of collateral-dependent loans by class of loans | Collateral Type (In thousands) Real Estate Business Assets Multi-family residential $ 2,576 $ — Commercial real estate 2,994 — One-to-four family - mixed-use property 1,706 — One-to-four family - residential 5,313 — Small Business Administration — 1,168 Commercial business and other — 3,482 Taxi Medallion — 2,758 Total $ 12,589 $ 7,408 |
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Table Text Block] | (Dollars in thousands) Amount Purchase price (1) $ 297,807 Allowance for Credit Losses at Acquisition Date (4,099) Noncredit Discount (7,616) Total consideration paid $ 286,092 (1) Purchase price includes $1.7 million of charge-offs by ENB prior to acquisition . |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 2020 Number Amortized (Dollars in thousands) of contracts Cost Taxi medallion 11 $ 1,922 Commercial business and other 1 279 Total troubled debt restructurings that subsequently defaulted 12 $ 2,201 December 31, 2019 Number Recorded (Dollars in thousands) of contracts investment Taxi medallion 4 $ 1,065 Commercial business and other 1 279 Total TDR's that subsequently defaulted 5 $ 1,344 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | At 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 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 2020 Number Amortized (Dollars in thousands) of contracts Cost Multi-family residential 6 $ 1,700 Commercial real estate 1 7,702 One-to-four family - mixed-use property 5 1,731 One-to-four family - residential 3 507 Taxi medallion 2 440 Commercial business and other 8 3,831 Total performing 25 $ 15,911 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 7 1,668 Commercial business and other 3 941 Total performing 24 $ 6,494 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of loans sold | For the year ended December 31, 2020 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 Performing loans Commercial business and other 1 6,139 — (62) Small Business Administration 1 $ 774 $ — $ 68 Total 2 $ 6,913 $ — $ 6 For the year ended December 31, 2019 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Delinquent and non-performing loans Multi-family residential 5 $ 2,115 $ — $ 367 Commercial real estate 2 6,800 — 383 One-to-four family - mixed-use property 3 885 (1) 6 Commercial business and other 1 3,248 — — Total 11 $ 13,048 $ (1) $ 756 Performing loans Small Business Administration 3 $ 2,069 $ — $ 114 Total 3 $ 2,069 $ — $ 114 For the year ended December 31, 2018 Net (charge-offs) (Dollars in thousands) Loans sold Proceeds recoveries Net gain (loss) Delinquent and non-performing loans Multi-family residential 4 $ 1,559 $ — $ — Commercial real estate 4 6,065 — (235) One-to-four family - mixed-use property 2 725 (4) — One-to-four family - residential 2 390 72 10 Total 12 $ 8,739 $ 68 $ (225) Performing loans Small Business Administration 9 $ 5,671 $ — $ 393 Total 9 $ 5,671 $ — $ 393 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of changes in Other Real Estate Owned ("OREO") | For the years ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 239 $ — $ — Additions — 239 638 Reductions to carrying value (31) — — Sales (208) — (638) Balance at end of year $ — $ 239 $ — |
Schedule of the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income | For the years ended December 31, 2020 2019 2018 (In thousands) Gross gains $ — $ — $ 27 Gross losses (5) — — Write-down of carrying value (31) — — Total income $ (36) $ — $ 27 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Debt Securities, Held-to-maturity [Table Text Block] | Gross Gross Allowance Amortized Unrecognized Unrecognized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,825 $ 54,538 $ 3,713 $ — $ (907) Total municipals 50,825 54,538 3,713 — (907) FNMA 7,914 8,991 1,077 — — Total mortgage-backed securities 7,914 8,991 1,077 — — Total $ 58,739 $ 63,529 $ 4,790 $ — $ (907) Gross Gross Allowance Amortized Unrecognized Unrecognized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,954 $ 53,998 $ 3,044 $ — $ — Total municipals 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 $ — $ — Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 6,452 $ 6,453 $ 2 $ 1 Corporate 130,000 123,865 131 6,266 Mutual funds 12,703 12,703 — — Collateralized loan obligations 100,561 99,198 — 1,363 Other 1,295 1,295 — — Total other securities 251,011 243,514 133 7,630 REMIC and CMO 175,142 180,877 5,735 — GNMA 13,009 13,053 66 22 FNMA 143,154 146,169 3,046 31 FHLMC 63,796 64,361 648 83 Total mortgage-backed securities 395,101 404,460 9,495 136 Total securities available for sale $ 646,112 $ 647,974 $ 9,628 $ 7,766 Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) 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 Cost Fair Value (In thousands) Due after ten years $ 50,825 $ 54,538 Total other securities 50,825 54,538 Mortgage-backed securities 7,914 8,991 Total securities held-to-maturity $ 58,739 $ 63,529 Amortized Cost Fair Value (In thousands) Due after one year through five years $ 45,000 $ 43,738 Due after five years through ten years 138,730 133,201 Due after ten years 54,578 53,872 Total other securities 238,308 230,811 Mutual funds 12,703 12,703 Mortgage-backed securities 395,101 404,460 Total securities available for sale $ 646,112 $ 647,974 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | 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 U.S. government agencies 1 $ 4,988 $ 1 $ 4,988 $ 1 $ — $ — Corporate 14 113,734 6,266 — — 113,734 6,266 CLO 13 99,199 1,363 7,441 52 91,758 1,311 Total other securities 28 217,921 7,630 12,429 53 205,492 7,577 GNMA 1 10,341 22 10,341 22 — — FNMA 5 32,463 31 23,864 28 8,599 3 FHLMC 3 30,095 83 30,095 83 — — Total mortgage-backed securities 9 72,899 136 64,300 133 8,599 3 Total securities available for sale 37 $ 290,820 $ 7,766 $ 76,729 $ 186 $ 214,091 $ 7,580 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 CLO 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 | Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ — CECL adoption — 340 Provision — 567 Allowance for credit losses - securities $ — $ 907 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the years ended December 31, 2020 2019 2018 (In thousands) Gross gains from the sale of securities $ 1,499 $ 423 $ 105 Gross losses from the sale of securities (2,200) (438) (2,025) Net losses from the sale of securities $ (701) $ (15) $ (1,920) |
Bank Premises and Equipment, _2
Bank Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 (In thousands) Leasehold improvements $ 44,984 $ 41,304 Equipment and furniture 29,202 27,166 Total 74,186 68,470 Less: Accumulated depreciation and amortization 46,007 39,794 Bank premises and equipment, net $ 28,179 $ 28,676 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deposits and Weighted Average Rate on Deposits [Table Text Block] | Weighted Average Rate 2020 2019 2020 (Dollars in thousands) Interest-bearing deposits: Certificate of deposit accounts $ 1,138,361 $ 1,437,890 0.97 % Savings accounts 168,183 191,485 0.18 Money market accounts 1,682,345 1,592,011 0.50 NOW accounts 2,323,172 1,365,591 0.28 Total interest-bearing deposits 5,312,061 4,586,977 Non-interest bearing demand deposits 778,672 435,072 Total due to depositors 6,090,733 5,022,049 Mortgagors' escrow deposits 45,622 44,375 0.02 Total deposits $ 6,136,355 $ 5,066,424 |
Schedule of Interest Expense on Deposits [Table Text Block] | 2020 2019 2018 (In thousands) Certificate of deposit accounts $ 18,096 $ 35,078 $ 28,310 Savings accounts 495 1,378 1,370 Money market accounts 14,368 27,819 18,707 NOW accounts 9,309 23,553 15,896 Total due to depositors 42,268 87,828 64,283 Mortgagors' escrow deposits 44 229 214 Total interest expense on deposits $ 42,312 $ 88,057 $ 64,497 |
Schedule of Remaining Maturities of Certificates of Deposit Accounts [Table Text Block] | 2020 2019 (In thousands) Within 12 months $ 923,235 $ 1,220,601 More than 12 months to 24 months 139,088 143,520 More than 24 months to 36 months 58,125 14,223 More than 36 months to 48 months 14,488 48,318 More than 48 months to 60 months 3,394 11,082 More than 60 months 31 146 Total certificate of deposit accounts $ 1,138,361 $ 1,437,890 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | 2020 2019 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) FHLB-NY advances - fixed rate: Due in 2020 $ — — $ 727,516 1.86 Due in 2021 702,515 0.57 200,016 1.65 Due in 2022 55,685 0.52 175,000 1.93 Due in 2023 39,001 0.48 15,996 3.14 Total FHLB-NY advances 797,201 0.56 1,118,528 1.85 Other Borrowings: Due in 2022 90,378 0.35 — — Subordinated debentures - fixed rate through 2021 Due in 2025 15,523 6.12 — — Due in 2026 74,657 5.27 74,319 5.30 Total Subordinated debentures 90,180 5.42 74,319 5.30 Junior subordinated debentures - adjustable rate Due in 2037 43,136 2.35 44,384 4.65 Total borrowings $ 1,020,895 1.05 % $ 1,237,231 2.16 % |
Terms of Securities Issued By Trusts [Table Text Block] | Subordinated Subordinated Subordinated Debentures Debentures Debentures (Dollars in thousands) Amount $ 75,000 $ 7,500 $ 7,750 Issue Date December 12, 2016 December 17, 2015 December 17, 2015 Initial Rate 5.25 % 7.38 % 6.50 % First Reset Date December 15, 2021 N/A December 20, 2020 First Call Date December 15, 2021 December 20, 2020 December 20, 2020 Holding Type Variable Fixed Variable Spread over 3-month LIBOR 3.44 % N/A % 4.88 % Maturity Date December 15, 2026 December 17, 2025 December 17, 2025 Flushing Financial Flushing Financial Flushing Financial Capital Trust II Capital Trust III Capital Trust IV Issue Date June 20, 2007 June 21, 2007 July 3, 2007 Initial Rate 7.14 % 6.89 % 6.85 % First Reset Date September 01, 2012 June 15, 2012 July 30, 2012 Spread over 3-month LIBOR 1.41 % 1.44 % 1.42 % Maturity Date September 01, 2037 September 15, 2037 July 30, 2037 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of income tax provisions | 2020 2019 2018 (In thousands) Federal: Current $ 14,178 $ 12,404 $ 9,183 Deferred (4,990) (1,965) (609) Total federal tax provision 9,188 10,439 8,574 State and Local: Current 967 3,543 3,876 Deferred 353 (1,930) (2,055) Total state and local tax provision 1,320 1,613 1,821 Total provision for income taxes $ 10,508 $ 12,052 $ 10,395 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 (Dollars in thousands) Taxes at federal statutory rate $ 9,489 21.0 % $ 11,200 21.0 % $ 13,752 21.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 1,043 2.3 1,274 2.4 1,439 2.2 Tax exempt (875) (1.9) (878) (1.6) (1,961) (3.0) Nondeductible merger expense 543 1.2 328 0.6 — — Other 308 0.7 128 0.3 (2,835) (4.3) Taxes at effective rate $ 10,508 23.3 % $ 12,052 22.7 % $ 10,395 15.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 (In thousands) Deferred tax assets: Postretirement benefits $ 7,600 $ 7,188 Allowance for loan losses 13,886 6,782 Operating lease liabilities 18,175 12,863 Stock based compensation 2,845 2,950 Depreciation 2,002 1,875 Unrealized loss on securities available for sale — 1,812 Fair value adjustment on financial assets carried at fair value 23 95 Fair value hedges 2,726 1,669 Adjustment required to recognize funded status of postretirement pension plans 837 447 Cashflow hedges 7,780 2,668 Deferred loan income 2,000 1,367 Fair Value of Loans from Empire acquisition 3,465 — Net operating loss (NYS) 23 — Net operating loss (NYC) 1,395 880 Other 3,412 1,690 Deferred tax assets 66,169 42,286 Deferred tax liabilities: FPFC deferred income 2,084 2,256 Right of Use Asset 15,582 12,863 Fair value adjustment on financial liabilities carried at fair value 4,968 5,003 Entity specific fair value 821 456 Unrealized gains on securities 573 — Deferred loan cost 6,426 5,994 Other 1,459 341 Deferred tax liabilities 31,913 26,913 Net deferred tax asset included in other assets $ 34,256 $ 15,373 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 173,528 19.63 72,143 20.38 Vested (258,745) 22.43 (39,749) 20.64 Forfeited (6,180) 24.61 — — Non-vested at December 31, 2020 336,898 $ 23.48 66,580 $ 21.26 Vested but unissued at December 31, 2020 234,481 $ 23.25 67,115 $ 21.35 |
Summary of the Phantom Stock Plan | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2019 109,226 $ 21.61 Granted 11,912 14.81 Distributions (890) 11.73 Outstanding at December 31, 2020 120,248 $ 16.64 Vested at December 31, 2020 120,212 $ 16.64 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Net Actuarial Prior Service Loss (Gain) Cost (Credit) Total 2020 2019 2018 2020 2019 2018 2020 2019 2018 (In thousands) Employee Retirement Plan $ 1,775 $ 2,273 $ 3,238 $ — $ — $ — $ 1,775 $ 2,273 $ 3,238 Other Postretirement Benefit Plans 1,333 (265) 35 (112) (198) (283) 1,221 (463) (248) Outside Directors Plan (274) (380) (566) — — — (274) (380) (566) Total $ 2,834 $ 1,628 $ 2,707 $ (112) $ (198) $ (283) $ 2,722 $ 1,430 $ 2,424 |
Schedule of Net Funded Status [Table Text Block] | 2020 2019 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 22,443 $ 20,344 Interest cost 652 797 Actuarial loss 2,109 2,265 Benefits paid (977) (963) Projected benefit obligation at end of year 24,227 22,443 Change in plan assets: Market value of assets at beginning of year 25,505 22,419 Actual return on plan assets 3,192 4,049 Benefits paid (977) (963) Market value of plan assets at end of year 27,720 25,505 Accrued pension asset included in other assets $ 3,493 $ 3,062 2020 2019 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 8,762 $ 8,518 Service cost 274 280 Interest cost 259 341 Actuarial gain 1,599 (301) Benefits paid (95) (76) Projected benefit obligation at end of year 10,799 8,762 Change in plan assets: Market value of assets at beginning of year — — Employer contributions 95 76 Benefits paid (95) (76) Market value of plan assets at end of year — — Accrued pension cost included in other liabilities $ 10,799 $ 8,762 2020 2019 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 2,290 $ 2,265 Service cost 15 39 Interest cost 64 86 Actuarial loss 51 44 Benefits paid (144) (144) Projected benefit obligation at end of year 2,276 2,290 Change in plan assets: Market value of assets at beginning of year — — Employer contributions 144 144 Benefits paid (144) (144) Market value of plan assets at end of year — — Accrued pension cost included in other liabilities $ 2,276 $ 2,290 |
Schedule of Assumptions Used [Table Text Block] | 2020 2019 Weighted average discount rate 2.18 % 3.00 % Rate of increase in future compensation levels n/a n/a 2020 2019 2018 Weighted average discount rate 3.00 % 4.06 % 3.42 % Rate of increase in future compensation levels n/a n/a n/a Expected long-term rate of return on assets 4.75 % 5.25 % 7.00 % 2020 2019 Discount rate 2.18 % 3.00 % Rate of increase in health care costs Initial 7.50 % 7.50 % Ultimate (year 2026) 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a 2020 2019 2018 Rate of return on plan assets n/a n/a n/a Discount rate 3.00 % 4.06 % 3.42 % Rate of increase in health care costs Initial 7.50 % 7.00 % 7.00 % Ultimate (year 2026) 5.00 % 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a n/a 2020 2019 2018 Weighted average discount rate for the benefit obligation 2.18 % 3.00 % 4.06 % Weighted average discount rate for periodic pension benefit expense 3.00 % 4.06 % 3.42 % Rate of increase in future compensation levels n/a n/a n/a |
Schedule of net expense for the pension and other postretirement benefit plans | 2020 2019 2018 (In thousands) Interest cost $ 652 $ 797 $ 781 Amortization of unrecognized loss 444 269 621 Expected return on plan assets (1,028) (1,088) (1,452) Net pension (benefit) expense 68 (22) (50) Current year actuarial gain (54) (696) (2,307) Amortization of actuarial loss (444) (269) (621) Total recognized in other comprehensive income (498) (965) (2,928) Total recognized in net pension benefit and other comprehensive loss $ (430) $ (987) $ (2,978) 2020 2019 2018 (In thousands) Service cost $ 274 $ 280 $ 350 Interest cost 259 341 307 Amortization of unrecognized loss — — 33 Amortization of past service credit (85) (85) (85) Net postretirement benefit expense 448 536 605 Current year actuarial (gain) loss 1,599 (301) (1,155) Amortization of actuarial loss — — (33) Amortization of prior service credit 85 85 85 Total recognized in other comprehensive income 1,684 (216) (1,103) Total recognized in net postretirement expense and other comprehensive loss $ 2,132 $ 320 $ (498) 2020 2019 2018 (In thousands) Service cost $ 15 $ 39 $ 42 Interest cost 64 86 78 Amortization of unrecognized gain (55) (141) (91) Amortization of past service liability — — 12 Net pension expense 24 (16) 41 Current actuarial (gain) loss 51 44 (184) Amortization of actuarial gain 55 141 91 Amortization of prior service cost — — (12) Total recognized in other comprehensive income 106 185 (105) Total recognized in net pension expense and other comprehensive income $ 130 $ 169 $ (64) |
Schedule of Expected Benefit Payments [Table Text Block] | Future Benefit Payments (In thousands) 2021 $ 1,386 2022 1,231 2023 1,247 2024 1,228 2025 1,214 2026-2030 6,020 Future Benefit Payments (In thousands) 2021 $ 255 2022 299 2023 310 2024 315 2025 333 2026-2030 2,029 Future Benefit Payments (In thousands) 2021 $ 288 2022 288 2023 256 2024 220 2025 192 2026 - 2030 736 |
Schedule of Allocation of Plan Assets [Table Text Block] | 2020 2019 Equity securities — % — % Debt securities 100 % 100 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | At December 31, 2020 2019 (In thousands) Pooled Separate Accounts Long duration bond fund (a) $ 12,229 $ 11,242 Long corporate bond fund (b) 5,587 5,069 Prudential short term (c) 286 403 Mutual Fund Investment grade bond fund (d) 9,618 8,791 Total $ 27,720 $ 25,505 a. Comprised of fixed income securities with durations of longer than six years that seek to maximize total return consistent with the preservation of capital and prudent investment management. b. Comprised of corporate bonds with an average duration within 0.25 years of the benchmark and its average credit quality is no lower than BBB. The fund seeks to outperform the Bloomberg Barclays Long Corporate Bond Index. c. Comprised of money market instruments with an emphasis on safety and liquidity. d. Comprised of high quality corporate bonds diversified broadly across industries, issuers and regions. The funds primary benchmark is the Bloomberg Barclays U.S. Credit Index. |
Schedule of Employee Benefit Trust Shares [Table Text Block] | 2020 2019 Shares owned by Employee Benefit Trust, beginning balance 181,611 329,090 Shares purchased 3,697 7,267 Shares released and allocated (145,447) (154,746) Shares owned by Employee Benefit Trust, ending balance 39,861 181,611 Market value of unallocated shares $ 663,287 $ 3,924,614 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of changes in accumulated other comprehensive income (loss) by component | Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected December 31, 2020 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 4,787 (14,924) (1,112) 828 (10,421) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 485 3,266 211 — 3,962 Net current period other comprehensive income, net of tax 5,272 (11,658) (901) 828 (6,459) Ending balance, net of tax $ 1,290 $ (17,521) $ (1,884) $ 1,849 $ (16,266) Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected December 31, 2019 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 11,657 (8,606) 661 155 3,867 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 10 (961) 29 — (922) Net current period other comprehensive income, net of tax 11,667 (9,567) 690 155 2,945 Ending balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected December 31, 2018 Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (5,522) $ 231 $ (3,695) $ — $ (8,986) Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings (1,325) 50 (798) — (2,073) Impact of adoption of Accounting Standard Update 2016-01 — — — 779 779 Other comprehensive income before reclassifications, net of tax (10,127) 3,351 2,484 87 (4,205) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1,325 72 336 — 1,733 Net current period other comprehensive income, net of tax (8,802) 3,423 2,820 87 (2,472) Ending balance, net of tax $ (15,649) $ 3,704 $ (1,673) $ 866 $ (12,752) |
Schedule of amounts reclassified from accumulated other comprehensive income (loss) by component | For the Year Ended December 31, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (701) Net loss on sale of securities 216 Tax expense $ (485) Net of tax Cash flow hedges: Interest rate swaps $ (4,732) Interest expense 1,466 Tax expense $ (3,266) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (390) (1) Other operating expenses Prior service credits 85 (1) Other operating expenses (305) Total before tax 94 Tax expense $ (211) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 13 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”). For the Year Ended December 31, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (15) Net loss on sale of securities 5 Tax expense $ (10) Net of tax Cash flow hedges: Interest rate swaps $ 1,392 Interest expense (431) Tax expense $ 961 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (128) (1) Other operating expenses Prior service credits 85 (1) Other operating expenses (43) Total before tax 14 Tax expense $ (29) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 13 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”). For the Year Ended December 31, 2018 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (1,920) Net loss on sale of securities 595 Tax expense $ (1,325) Net of tax Cash flow hedges: Interest rate swaps $ (104) Interest expense 32 Tax expense $ (72) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (530) (1) Other operating expenses Prior service credits 39 (1) Other operating expenses (491) Total before tax 155 Tax expense $ (336) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 13 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”). |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | December 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 733,010 9.27 % $ 680,749 9.65 % Requirement to be well capitalized 395,510 5.00 352,581 5.00 Excess 337,500 4.27 328,168 4.65 Common Equity Tier I risk-based capital: Capital level $ 733,010 11.65 % $ 680,749 13.02 % Requirement to be well capitalized 408,929 6.50 339,944 6.50 Excess 324,081 5.15 340,805 6.52 Tier I risk-based capital: Capital level $ 733,010 11.65 % $ 680,749 13.02 % Requirement to be well capitalized 503,297 8.00 418,393 8.00 Excess 229,713 3.65 262,356 5.02 Total risk-based capital: Capital level $ 773,807 12.30 % $ 702,500 13.43 % Requirement to be well capitalized 629,121 10.00 522,991 10.00 Excess 144,686 2.30 179,509 3.43 |
Holding Company | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | December 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 662,987 8.38 % $ 615,500 8.73 % Requirement to be well capitalized 395,439 5.00 352,581 5.00 Excess 267,548 3.38 262,919 3.73 Common Equity Tier I risk-based capital: Capital level $ 621,247 9.88 % $ 572,651 10.95 % Requirement to be well capitalized 408,694 6.50 339,929 6.50 Excess 212,553 3.38 232,722 4.45 Tier I risk-based capital: Capital level $ 662,987 10.54 % $ 615,500 11.77 % Requirement to be well capitalized 503,008 8.00 418,374 8.00 Excess 159,979 2.54 197,126 3.77 Total risk-based capital: Capital level $ 794,034 12.63 % $ 712,251 13.62 % Requirement to be well capitalized 628,760 10.00 522,967 10.00 Excess 165,274 2.63 189,284 3.62 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of components of lease expense and cash flow information related to leases | At or for the At or for the twelve months ended twelve months ended (Dollars in thousands) December 31, 2020 December 31, 2019 Operating lease ROU assets $ 50,743 $ 41,254 Operating lease liabilities $ 59,100 $ 49,367 Lease Cost Operating lease cost $ 7,725 $ 7,575 Short-term lease cost 139 136 Variable lease cost 1,128 1,020 Total lease cost $ 8,992 $ 8,731 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,316 $ 8,051 Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,484 $ 1,576 Right-of-use assets obtained in acquisition $ 9,993 $ — Weighted-average remaining lease term-operating leases 8.3 years 7.5 years Weighted average discount rate-operating leases 3.2% 3.8% |
Schedule of Minimum annual rental payments for Bank facilities due under non-cancelable leases | Minimum Rental (In thousands) Years ended December 31: 2021 $ 8,757 2022 8,871 2023 9,006 2024 8,847 2025 8,212 Thereafter 23,547 Total minimum payments required 67,240 Less: implied interest 8,140 Total lease obligations $ 59,100 |
Schedule of Minimum annual rental payments for 2019 Bank facilities due under non-cancelable leases | Minimum Rental (In thousands) Years ended December 31: 2020 $ 8,113 2021 7,675 2022 7,260 2023 7,397 2024 7,425 Thereafter 19,148 Total minimum payments required 57,018 Less: implied interest 7,651 Total lease obligations $ |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, at December 31, For the year ended December 31, Description 2020 2019 2020 2019 2018 (Dollars in thousands) Mortgage-backed securities $ 505 $ 772 $ 3 $ 3 $ (19) Other securities 13,998 13,548 230 427 (109) Borrowed funds 43,136 44,384 (50) (2,802) (4,913) Net gain (loss) from fair value adjustments (1) $ 183 $ (2,372) $ (5,041) (1) The net loss from fair value adjustments presented in the above table does not include net (losses) gains of ($2.3) million, ($3.0) million and $0.9 million from the change in fair value of derivative instruments during the years ended December 31, 2020, 2019 and 2018, respectively. |
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 $ — $ — $ 404,460 $ 523,849 $ — $ — $ 404,460 $ 523,849 Other securities 12,703 12,216 229,516 235,103 1,295 1,332 243,514 248,651 Interest rate swaps — — 1,319 2,352 — — 1,319 2,352 Total assets $ 12,703 $ 12,216 $ 635,295 $ 761,304 $ 1,295 $ 1,332 $ 649,293 $ 774,852 Liabilities: Borrowings $ — $ — $ — $ — $ 43,136 $ 44,384 $ 43,136 $ 44,384 Interest rate swaps — — 60,987 19,653 — — 60,987 19,653 Total liabilities $ — $ — $ 60,987 $ 19,653 $ 43,136 $ 44,384 $ 104,123 $ 64,037 |
Schedule of assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 | For the year ended December 31, 2020 December 31, 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) (34) — 78 — Net loss from fair value adjustment of financial liabilities (1) — 50 — 2,803 Decrease in accrued interest (3) (103) (2) (39) Change in unrealized losses included in other comprehensive loss — (1,195) — (229) Ending balance $ 1,295 $ 43,136 $ 1,332 $ 44,384 Changes in unrealized gains held at period end $ — $ 2,670 $ — $ 1,476 (1) These totals in the table above are presented in the Consolidated Statement of Income under net loss from fair value adjustments. |
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 $ — $ — $ — $ — $ 11,980 $ 1,081 $ 11,980 $ 1,081 Other repossessed assets — — — — — 239 — 239 Total assets $ — $ — $ — $ — $ 11,980 $ 1,320 $ 11,980 $ 1,320 |
Schedule of carrying amounts and estimated fair values of selected financial instruments | December 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 157,388 $ 157,388 $ 157,388 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,914 8,991 — 8,991 — Other securities 49,918 54,538 — — 54,538 Securities available for sale Mortgage-backed securities 404,460 404,460 — 404,460 — Other securities 243,514 243,514 12,703 229,516 1,295 Loans 6,704,674 6,793,985 — — 6,793,985 FHLB-NY stock 43,439 43,439 — 43,439 — Accrued interest receivable 44,041 44,041 2 1,389 42,650 Interest rate swaps 1,319 1,319 — 1,319 — Liabilities: Deposits $ 6,136,355 $ 6,141,775 $ 4,997,994 $ 1,143,781 $ — Borrowings 1,020,895 1,017,573 — 974,437 43,136 Accrued interest payable 4,755 4,755 — 4,755 — Interest rate swaps 60,987 60,987 — 60,987 — 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 | At December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 10,690 Sales approach Reduction for planned expedited disposal -100.0% to 15.0 % 6.8 % Non-accrual loans $ 1,290 Discounted Cashflow Discount Rate 4.3% to 5.5 % 4.9 % Probability of Default 20.0% to 35.0 % 27.4 % At December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 809 Discounted Cashflow Discount Rate 6.4 % 6.4 % Probability of Default 20.0 % 20.0 % Non-accrual loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -10.0% to 15.0 % 3 % Capitalization rate 9.5 % 9.5 % Reduction for planned expedited disposal 15.0 % 15.0 % Other repossessed assets $ 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 | December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,295 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 43,136 Discounted cash flows Discount rate n/a 4.2 % 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) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of information regarding the Company's derivative financial instruments | December 31, 2020 December 31, 2019 Notional Notional Amount Fair Value (1) Amount Fair Value (1) (In thousands) Interest rate swaps (fair value hedge) $ — $ — $ 139,960 $ 2,352 Interest rate swaps (non-hedge) 62,779 1,319 — — Interest rate swaps (fair value hedge) 316,051 (28,689) 186,009 (7,769) Interest rate swaps (cash flow hedge) 1,021,500 (25,300) 541,500 (8,530) Interest rate swaps (non-hedge) 80,779 (6,998) 18,000 (3,354) Total derivatives $ 1,481,109 $ (59,668) $ 885,469 $ (17,301) (1) Derivatives in a net positive position are recorded as “Other assets” and derivatives in a net 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 years ended December 31, (In thousands) Affected Line Item in the Statement Where Net income is Presented 2020 2019 2018 Financial Derivatives: Other interest expense $ (434) $ (140) $ (193) Net gain (loss) from fair value adjustments (2,325) (2,981) 919 Interest rate swaps (non-hedge) (2,759) (3,121) 726 Interest rate swaps (fair value hedge) Interest and fees on loans (5,226) (837) 43 Interest rate swaps (cash flow hedge) Other interest expense (6,703) 1,232 156 Net (loss) income $ (14,688) $ (2,726) $ 925 |
Schedule of effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition | December 31, 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 $ 1,319 $ — $ 1,319 $ — $ — $ 1,319 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 $ 60,987 $ — $ 60,987 $ 99 $ 63,517 $ (2,629) 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 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of quarterly financial information | 2020 2019 4th 3rd 2nd 1st 4th 3rd 2nd 1st (In thousands, except per share data) Quarterly operating data: Interest income $ 68,971 $ 63,914 $ 64,772 $ 66,670 $ 70,179 $ 69,389 $ 69,575 $ 69,813 Interest expense 13,239 13,990 16,055 25,844 29,000 30,440 29,566 28,010 Net interest income 55,732 49,924 48,717 40,826 41,179 38,949 40,009 41,803 Provision (benefit) for credit losses 3,862 2,470 9,619 7,178 (318) 683 1,474 972 Other operating (loss) income (1,181) 1,351 13,737 (2,864) 5,038 1,039 2,451 943 Other operating expense 46,811 29,985 28,755 32,380 29,647 26,045 27,158 32,419 Income (loss) before income tax expense 3,878 18,820 24,080 (1,596) 16,888 13,260 13,828 9,355 Income tax expense 417 4,489 5,808 (206) 3,957 2,536 3,272 2,287 Net income (loss) $ 3,461 $ 14,331 $ 18,272 $ (1,390) $ 12,931 $ 10,724 $ 10,556 $ 7,068 Basic earnings (loss) per common share $ 0.11 $ 0.50 $ 0.63 $ (0.05) $ 0.45 $ 0.37 $ 0.37 $ 0.25 Diluted earnings (loss) per common share $ 0.11 $ 0.50 $ 0.63 $ (0.05) $ 0.45 $ 0.37 $ 0.37 $ 0.25 Dividends per common share $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21 Average common shares outstanding for: Basic earnings per share 30,603 28,874 28,867 28,853 28,723 28,730 28,761 28,621 Diluted earnings per share 30,603 28,874 28,867 28,853 28,723 28,730 28,761 28,621 |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Statements of Financial Condition | December 31, December 31, Condensed Statements of Financial Condition 2020 2019 (Dollars in thousands) Assets: Cash and due from banks $ 28,033 $ 14,401 Securities available for sale: Other securities 1,295 1,332 Investment in Bank 726,802 684,643 Goodwill 2,185 2,185 Other assets 839 1,897 Total assets $ 759,154 $ 704,458 Liabilities: Subordinated debentures $ 90,180 $ 74,319 Junior subordinated debentures, at fair value 43,136 44,384 Other liabilities 6,841 6,083 Total liabilities 140,157 124,786 Stockholders' Equity: Common stock 341 315 Additional paid-in capital 261,533 226,691 Treasury stock, at average cost (3,311,769 shares and 3,373,389 at December 31, 2020 and 2019, respectively) (69,400) (71,487) Retained earnings 442,789 433,960 Accumulated other comprehensive loss, net of taxes (16,266) (9,807) Total equity 618,997 579,672 Total liabilities and equity $ 759,154 $ 704,458 |
Condensed Statements of Income | For the years ended December 31, Condensed Statements of Income 2020 2019 2018 (In thousands) Dividends from the Bank $ 78,833 $ 32,000 $ 34,000 Interest income 466 250 275 Interest expense (5,858) (6,677) (6,479) Net loss from fair value adjustments (85) (2,725) (4,769) Other operating expenses (3,975) (2,833) (1,391) Income before taxes and equity in undistributed earnings of subsidiary 69,381 20,015 21,636 Income tax benefit 2,274 3,173 3,907 Income before equity in undistributed earnings of subsidiary 71,655 23,188 25,543 Equity in undistributed earnings of the Bank (36,981) 18,091 29,547 Net income 34,674 41,279 55,090 Other comprehensive gain (loss), net of tax (6,459) 2,945 (2,472) Comprehensive net income $ 28,215 $ 44,224 $ 52,618 |
Condensed Statements of Cash Flows | For the years ended December 31, Condensed Statements of Cash Flows 2020 2019 2018 (In thousands) Operating activities: Net income $ 34,674 $ 41,279 $ 55,090 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the Bank 36,981 (18,091) (29,547) Deferred income tax benefit (291) (769) (1,915) Fair value adjustments for financial assets and financial liabilities 85 2,725 4,769 Stock-based compensation expense 6,450 7,763 7,016 Net change in operating assets and liabilities 3,490 3,945 4,246 Net cash provided by operating activities 81,389 36,852 39,659 Investing activities: Cash used in acquisition of Empire (54,836) Cash provided by acquisition of Empire 15,769 — — Net cash used in investing activities (39,067) — — Financing activities: Purchase of treasury stock (3,877) (2,656) (22,585) Cash dividends paid (24,813) (24,149) (22,927) Stock options exercised — 3 6 Net cash used in financing activities (28,690) (26,802) (45,506) Net increase (decrease) in cash and cash equivalents 13,632 10,050 (5,847) Cash and cash equivalents, beginning of year 14,401 4,351 10,198 Cash and cash equivalents, end of year $ 28,033 $ 14,401 $ 4,351 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) shares in Thousands, $ in Thousands | Oct. 30, 2020USD ($) | Dec. 31, 2020USD ($)item | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)itemshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 157,400 | $ 49,800 | $ 157,400 | $ 49,800 | ||||||||
Restricted Cash and Cash Equivalents | $ 63,500 | $ 63,500 | ||||||||||
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | Cash and Cash Equivalents, at Carrying Value, Ending Balance | Cash and Cash Equivalents, at Carrying Value, Ending Balance | ||||||||||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 133,700 | 36,500 | $ 133,700 | 36,500 | ||||||||
Cash Reserve Deposit Required and Made | 14,400 | 14,400 | ||||||||||
Interest Income, Securities, Operating, Tax Exempt | 1,900 | 2,000 | $ 3,400 | |||||||||
Goodwill, Impairment Loss | 0 | 0 | 0 | |||||||||
Goodwill, Ending Balance | 17,636 | 16,127 | 17,636 | 16,127 | ||||||||
Financing Receivable Purchase | 193,300 | 221,200 | 294,600 | |||||||||
Financing Receivable Sale | 7,400 | 13,700 | 14,000 | |||||||||
Provision for credit loan losses | 3,862 | $ 2,470 | $ 9,619 | $ 7,178 | (318) | $ 683 | $ 1,474 | $ 972 | 22,600 | 2,811 | 575 | |
Assets Acquired | $ 286,100 | |||||||||||
Allowance for Loans Losses | $ 4,100 | |||||||||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 0 | 0 | 0 | 0 | ||||||||
Other than Temporary Impairment Losses, Investments, Total | 0 | |||||||||||
Advertising Expense | $ 1,800 | $ 2,200 | $ 2,200 | |||||||||
Number of business units | item | 3 | |||||||||||
Flushing Financial Capital Trust II [Member] | ||||||||||||
Capital Securities, Value Issued | $ 60,000 | |||||||||||
Common Securities With Voting Rights, Value , Issued | $ 1,900 | |||||||||||
Percentage Of Ownership Interest In Common Securities Of Trust | 100.00% | |||||||||||
Share-based Payment Arrangement, Option | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | 0 | |||||||||
Bank Premises and Equipment [Member] | Minimum [Member] | ||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||
Bank Premises and Equipment [Member] | Maximum [Member] | ||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||
Consumer Portfolio Segment [Member] | ||||||||||||
Mortgage Loans in Process of Foreclosure, Amount | $ 5,900 | 6,600 | $ 5,900 | $ 6,600 | ||||||||
Loans Receivable [Member] | ||||||||||||
Number of active forbearances | item | 134 | 134 | ||||||||||
Outstanding balance in active forbearance | $ 364,400 | $ 364,400 | ||||||||||
Financing Receivable | 23,600 | 23,600 | ||||||||||
Interest Receivable | $ 41,500 | $ 19,700 | $ 41,500 | $ 19,700 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Leases (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)lease | Dec. 31, 2019USD ($) | |
Short-term lease expense | $ | $ 139 | $ 136 |
Variable lease payments | $ | 1,100 | 1,000 |
Operating lease cost | $ | $ 7,725 | $ 7,575 |
Weighted-average remaining lease term-operating leases (Year) | 8 years 3 months 18 days | 7 years 6 months |
Weighted average discount rate-operating leases | 3.20% | 3.80% |
Minimum [Member] | ||
Term of contract | 1 month | |
Maximum [Member] | ||
Term of contract | 15 years | |
Branches And Office Space [Member] | ||
Number of leases | lease | 28 | |
Vehicles [Member] | ||
Number of leases | lease | 10 | |
Equipment [Member] | ||
Number of leases | lease | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |||||||||||
Net income | $ 3,461 | $ 14,331 | $ 18,272 | $ (1,390) | $ 12,931 | $ 10,724 | $ 10,556 | $ 7,068 | $ 34,674 | $ 41,279 | $ 55,090 |
Weighted average common shares outstanding (in shares) | 30,603 | 28,874 | 28,867 | 28,853 | 28,723 | 28,730 | 28,761 | 28,621 | 29,301 | 28,709 | 28,709 |
Weighted average common stock equivalents (in shares) | 1 | ||||||||||
Total weighted average common shares outstanding and common stock equivalents (in shares) | 30,603 | 28,874 | 28,867 | 28,853 | 28,723 | 28,730 | 28,761 | 28,621 | 29,301 | 28,709 | 28,710 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.11 | $ 0.50 | $ 0.63 | $ (0.05) | $ 0.45 | $ 0.37 | $ 0.37 | $ 0.25 | $ 1.18 | $ 1.44 | $ 1.92 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.11 | $ 0.50 | $ 0.63 | $ (0.05) | $ 0.45 | $ 0.37 | $ 0.37 | $ 0.25 | $ 1.18 | $ 1.44 | $ 1.92 |
Dividend Payout ratio | 71.20% | 58.30% | 41.70% |
Business Combination (Details)
Business Combination (Details) $ in Thousands | Oct. 30, 2020USD ($)itemshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Cash payment | $ 54,836 | $ 0 | $ 0 | |
Goodwill | $ 17,636 | $ 16,127 | ||
Increase in assets through acquisition | $ 982,700 | |||
New branches through acquisition | item | 4 | |||
Empire | ||||
Business Acquisition [Line Items] | ||||
Voting interest acquired (as a percent) | 100.00% | |||
Total consideration paid | $ 87,541 | |||
Cash payment | $ 54,836 | |||
Shares | shares | 2,557,028 | |||
Goodwill | $ 1,509 | |||
Merger cost | $ 6,900 | |||
Empire | Core deposits | ||||
Business Acquisition [Line Items] | ||||
Amortization period | 10 years |
Business Combination - Consider
Business Combination - Consideration paid and estimated fair value of the acquired assets and liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Oct. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Consideration Paid : | |||||||||||||
Cash payment | $ 54,836 | $ 0 | $ 0 | ||||||||||
Liabilities assumed: | |||||||||||||
Goodwill | $ 17,636 | $ 16,127 | 17,636 | 16,127 | |||||||||
Provision for credit loan losses | $ 3,862 | $ 2,470 | $ 9,619 | $ 7,178 | $ (318) | $ 683 | $ 1,474 | $ 972 | $ 22,600 | $ 2,811 | $ 575 | ||
Empire | |||||||||||||
Consideration Paid : | |||||||||||||
Company stock issued ( 2,557,028 shares ) | $ 32,705 | ||||||||||||
Shares | 2,557,028 | ||||||||||||
Cash payment | $ 54,836 | ||||||||||||
Total consideration paid | 87,541 | ||||||||||||
Assets acquired: | |||||||||||||
Cash and Cash Equivalents | 86,340 | ||||||||||||
Securities available for sale | 159,369 | ||||||||||||
Net loans | 669,682 | ||||||||||||
Interest and dividends receivable | 5,394 | ||||||||||||
Bank premises and equipment, net | 3,203 | ||||||||||||
Federal Home Loan Bank of New York stock, at cost | 1,135 | ||||||||||||
Bank owned life insurance | 21,992 | ||||||||||||
Core deposit Intangibles | 3,280 | ||||||||||||
Right of Use Asset | 9,993 | ||||||||||||
Other assets | 22,300 | ||||||||||||
Total | 982,688 | ||||||||||||
Liabilities assumed: | |||||||||||||
Non-interest bearing | 169,496 | ||||||||||||
Interest-bearing | 685,393 | ||||||||||||
Mortgagors' escrow deposits | 6,406 | ||||||||||||
Borrowed funds | 21,215 | ||||||||||||
Operating lease liability | 11,039 | ||||||||||||
Other liabilities | 3,108 | ||||||||||||
Total | 896,657 | ||||||||||||
Goodwill | 1,509 | ||||||||||||
Noncredit Discount | $ 7,600 | $ 7,616 | |||||||||||
Provision for credit loan losses | $ 4,100 |
Business Combination - Unaudite
Business Combination - Unaudited financial information (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Actual from acquisition date | ||||
Net interest Income | $ 4,159 | |||
Non-Interest Income (loss) | (96) | |||
Non-Interest Expense | 1,657 | |||
Income Taxes | 706 | |||
Net Income | 2,256 | |||
Unaudited Proforma Information | ||||
Net interest Income | $ 220,153 | $ 186,894 | ||
Non-Interest Income (loss) | 12,142 | 10,570 | ||
Non-Interest Expense | 140,979 | 125,211 | ||
Income Taxes | 16,084 | 16,025 | ||
Net Income | 52,659 | 53,973 | ||
Loss on sale of securities | $ (300) | $ (701) | $ (15) | $ (1,920) |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Aggregate outstanding loans | $ 6,704,674 | $ 5,772,206 |
Non-accrual loans | $ 12,813 | |
Servicing Mortgage Loans [Member] | ||
Servicing Asset, Loans Serviced, Amount | 62,000 | |
Commercial Real Estate | ||
Aggregate outstanding loans | 1,758,384 | |
Multi-family Residential Portfolio Segment [Member] | ||
Aggregate outstanding loans | $ 2,535,977 | |
Multi-family Residential Property and Commercial Real Estate and Commercial Business and Other Loans [Member] | ||
Loan Origination, Underwriting Requirements, Minimum Debt Service Coverage | 125.00% | |
Loan Origination, Value, Maximum Percentage | 75.00% | |
Multi-family Residential Property and Commercial Real Estate and Commercial Business and Other Loans [Member] | Gross Loans [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk, Percentage | 83.40% | 84.80% |
Taxi Medallion Portfolio Segment [Member] | ||
Aggregate outstanding loans | $ 2,597 | |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non-accrual loans | 1,700 | |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non-accrual loans | 400 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Aggregate outstanding loans | 1,299,409 | |
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non-accrual loans | 900 | |
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non-accrual loans | $ 2,200 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses - Composition of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | $ 6,701,629 | $ 5,756,935 |
Net unamortized premiums and unearned loan fees | 3,045 | 15,271 |
Aggregate outstanding loans | 6,704,674 | 5,772,206 |
Multi-Family Residential [Member] | ||
Loans | 2,533,952 | 2,238,591 |
Commercial Real Estate Loans [Member] | ||
Loans | 1,754,754 | 1,582,008 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans | 602,981 | 592,471 |
One-To-Four Family - Residential [Member] | ||
Loans | 245,211 | 188,216 |
Co-Operative Apartments [Member] | ||
Loans | 8,051 | 8,663 |
Construction Portfolio Segment [Member] | ||
Loans | 83,322 | 67,754 |
Aggregate outstanding loans | 83,161 | |
Small Business Administration [Member] | ||
Loans | 167,376 | 14,445 |
Small Business Administration [Member] | Small Business Administration, Cares Act, Paycheck Protection Program | ||
Loans | 151,900 | |
Taxi Medallion [Member] | ||
Loans | 2,757 | 3,309 |
Commercial Business and Other [Member] | ||
Loans | $ 1,303,225 | $ 1,061,478 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Loans Modified and Classified as TDR (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number | 2 | 3 | 1 |
Balance | $ 7,853 | $ 951 | $ 1,620 |
Principal amount forgiven | $ 0 | ||
Empire | |||
Number | loan | 7 | ||
Balance | $ 3,500 | ||
One-To-Four Family - Mixed Used Property [Member] | |||
Number | 1 | ||
Balance | $ 270 | ||
Commercial Real Estate | |||
Number | 1 | ||
Balance | $ 7,583 | ||
Commercial Business and Other [Member] | Extended Maturity [Member] | |||
Number | 3 | 1 | |
Balance | $ 951 | $ 1,620 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Performing (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
Number | 2 | 3 | 1 |
Performing Financial Instruments [Member] | |||
Number | 25 | 24 | |
Amortized Cost | $ 15,911 | ||
Recorded investment | $ 6,494 | ||
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | |||
Number | 6 | 7 | |
Amortized Cost | $ 1,700 | ||
Recorded investment | $ 1,873 | ||
Commercial Real Estate | |||
Number | 1 | ||
Commercial Real Estate | Performing Financial Instruments [Member] | |||
Number | contract | 1 | ||
Amortized Cost | $ 7,702 | ||
One-To-Four Family - Mixed Used Property [Member] | |||
Number | 1 | ||
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | |||
Number | 5 | 4 | |
Amortized Cost | $ 1,731 | ||
Recorded investment | $ 1,481 | ||
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | |||
Number | 3 | 3 | |
Amortized Cost | $ 507 | ||
Recorded investment | $ 531 | ||
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Number | 2 | 7 | |
Amortized Cost | $ 440 | ||
Recorded investment | $ 1,668 | ||
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | |||
Number | 8 | 3 | |
Amortized Cost | $ 3,831 | ||
Recorded investment | $ 941 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Not Performing (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($) | |
Number of contracts | 0 | 0 |
Nonperforming Financial Instruments [Member] | ||
Number of contracts | 12 | 5 |
Recorded investment, not performing | $ 2,201 | $ 1,344 |
Taxi Medallion Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Number of contracts | 11 | 4 |
Recorded investment, not performing | $ 1,922 | $ 1,065 |
Commercial Business and Other Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Number of contracts | 1 | 1 |
Recorded investment, not performing | $ 279 | $ 279 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Non-performing Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans ninety days or more past due and still accruing | $ 2,748 | $ 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 | 201 | |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 2,296 | |
Commercial Real Estate | ||
Loans ninety days or more past due and still accruing | 2,547 | 445 |
Commercial Real Estate | 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 | 400 | |
Performing Financial Instruments [Member] | Commercial Business and Other Portfolio Segment [Member] | ||
Non-accrual loans | $ 2,200 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Foregone on Non-accrual Loans and Loans Classified as TDR (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Note 4 - 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 | $ 1,845 | $ 1,546 | $ 1,604 |
Less: Interest income included in the results of operations | 412 | 418 | 623 |
Total foregone interest | $ 1,433 | $ 1,128 | $ 981 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans, Past Due | $ 67,381 | $ 28,928 |
Loans, Current | 6,637,293 | 5,728,007 |
Total loans | 6,704,674 | 5,772,206 |
Loans | 6,701,629 | 5,756,935 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 36,947 | 8,219 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 11,519 | 8,027 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 18,915 | 12,682 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans, Past Due | 13,545 | 8,346 |
Loans, Current | 2,522,432 | 2,230,245 |
Total loans | 2,535,977 | |
Loans | 2,238,591 | |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 7,582 | 4,042 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 3,186 | 1,563 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 2,777 | 2,741 |
Commercial Real Estate | ||
Loans, Past Due | 27,339 | 5,308 |
Loans, Current | 1,731,045 | 1,576,700 |
Total loans | 1,758,384 | |
Loans | 1,582,008 | |
Commercial Real Estate | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 17,903 | 0 |
Commercial Real Estate | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 5,123 | 4,941 |
Commercial Real Estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 4,313 | 367 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans, Past Due | 8,238 | 1,887 |
Loans, Current | 598,647 | 590,584 |
Total loans | 606,885 | |
Loans | 592,471 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 5,673 | 1,117 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 1,132 | 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 | 1,433 | 274 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans, Past Due | 9,205 | 6,881 |
Loans, Current | 243,486 | 181,335 |
Total loans | 252,691 | |
Loans | 188,216 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 3,087 | 720 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 805 | 1,022 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 5,313 | 5,139 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Loans, Past Due | 0 | 0 |
Loans, Current | 0 | 8,663 |
Total loans | 0 | |
Loans | 8,663 | |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Loans, Past Due | 750 | 0 |
Loans, Current | 82,411 | 67,754 |
Total loans | 83,161 | |
Loans | 83,322 | 67,754 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 750 | 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 | 2,991 | 1,151 |
Loans, Current | 162,579 | 13,294 |
Total loans | 165,570 | |
Loans | 14,445 | |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 1,823 | 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 | 1,168 | 1,151 |
Taxi Medallion Portfolio Segment [Member] | ||
Loans, Past Due | 2,318 | 1,065 |
Loans, Current | 279 | 2,244 |
Total loans | 2,597 | |
Loans | 3,309 | |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 2,318 | 1,065 |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans, Past Due | 2,995 | 4,290 |
Loans, Current | 1,296,414 | 1,057,188 |
Total loans | 1,299,409 | |
Loans | 1,061,478 | |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 129 | 2,340 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 1,273 | 5 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | $ 1,593 | $ 1,945 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 21,751 | $ 20,945 | $ 21,751 | $ 20,945 | $ 20,351 | ||||||
Impact of CECL Adoption | 379 | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 4,099 | ||||||||||
Charge-off's | (4,005) | (2,778) | (932) | ||||||||
Recoveries | 366 | 773 | 951 | ||||||||
Provision (benefit) | $ 3,862 | $ 2,470 | $ 9,619 | 7,178 | $ (318) | $ 683 | $ 1,474 | 972 | 22,600 | 2,811 | 575 |
Provision (benefit) | 22,563 | ||||||||||
Ending balance | 45,153 | 21,751 | 45,153 | 21,751 | 20,945 | ||||||
Multi-family Residential Portfolio Segment [Member] | |||||||||||
Beginning balance | 5,391 | 5,676 | 5,391 | 5,676 | 5,823 | ||||||
Impact of CECL Adoption | (650) | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 444 | ||||||||||
Charge-off's | (190) | (99) | |||||||||
Recoveries | 38 | 44 | 6 | ||||||||
Provision (benefit) | (139) | (54) | |||||||||
Provision (benefit) | 1,334 | ||||||||||
Ending balance | 6,557 | 5,391 | 6,557 | 5,391 | 5,676 | ||||||
Commercial Real Estate | |||||||||||
Beginning balance | 4,429 | 4,315 | 4,429 | 4,315 | 4,643 | ||||||
Impact of CECL Adoption | 1,170 | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 587 | ||||||||||
Recoveries | 37 | ||||||||||
Provision (benefit) | 77 | (328) | |||||||||
Provision (benefit) | 2,141 | ||||||||||
Ending balance | 8,327 | 4,429 | 8,327 | 4,429 | 4,315 | ||||||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||||||||||
Beginning balance | 1,817 | 1,867 | 1,817 | 1,867 | 2,545 | ||||||
Impact of CECL Adoption | (55) | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 183 | ||||||||||
Charge-off's | (3) | (89) | (3) | ||||||||
Recoveries | 138 | 197 | 136 | ||||||||
Provision (benefit) | (158) | (811) | |||||||||
Provision (benefit) | (94) | ||||||||||
Ending balance | 1,986 | 1,817 | 1,986 | 1,817 | 1,867 | ||||||
One-To-Four Family - Residential Portfolio Segment [Member] | |||||||||||
Beginning balance | 756 | 749 | 756 | 749 | 1,082 | ||||||
Impact of CECL Adoption | (160) | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 158 | ||||||||||
Charge-off's | (113) | (1) | |||||||||
Recoveries | 12 | 13 | 569 | ||||||||
Provision (benefit) | 107 | (901) | |||||||||
Provision (benefit) | 103 | ||||||||||
Ending balance | 869 | 756 | 869 | 756 | 749 | ||||||
Co-Operative Apartments Portfolio Segment [Member] | |||||||||||
Beginning balance | |||||||||||
Impact of CECL Adoption | |||||||||||
Impact of Day 1 PCD - Empire Acquisition | |||||||||||
Charge-off's | |||||||||||
Recoveries | |||||||||||
Provision (benefit) | |||||||||||
Provision (benefit) | |||||||||||
Ending balance | |||||||||||
Construction Portfolio Segment [Member] | |||||||||||
Beginning balance | 441 | 329 | 441 | 329 | 68 | ||||||
Impact of CECL Adoption | (279) | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 20 | ||||||||||
Provision (benefit) | 112 | 261 | |||||||||
Provision (benefit) | 315 | ||||||||||
Ending balance | 497 | 441 | 497 | 441 | 329 | ||||||
Small Business Administration Portfolio Segment [Member] | |||||||||||
Beginning balance | 363 | 418 | 363 | 418 | 669 | ||||||
Impact of CECL Adoption | 1,180 | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 278 | ||||||||||
Charge-off's | (178) | (392) | |||||||||
Recoveries | 70 | 60 | 51 | ||||||||
Provision (benefit) | (115) | 90 | |||||||||
Provision (benefit) | 538 | ||||||||||
Ending balance | 2,251 | 363 | 2,251 | 363 | 418 | ||||||
Taxi Medallion Portfolio Segment [Member] | |||||||||||
Impact of Day 1 PCD - Empire Acquisition | 124 | ||||||||||
Charge-off's | (1,075) | (393) | |||||||||
Recoveries | 134 | 143 | |||||||||
Provision (benefit) | (134) | 250 | |||||||||
Provision (benefit) | 951 | ||||||||||
Commercial Business and Other Portfolio Segment [Member] | |||||||||||
Beginning balance | $ 8,554 | $ 7,591 | 8,554 | 7,591 | 5,521 | ||||||
Impact of CECL Adoption | (827) | ||||||||||
Impact of Day 1 PCD - Empire Acquisition | 2,305 | ||||||||||
Charge-off's | (2,749) | (2,386) | (44) | ||||||||
Recoveries | 108 | 288 | 46 | ||||||||
Provision (benefit) | 3,061 | 2,068 | |||||||||
Provision (benefit) | 17,275 | ||||||||||
Ending balance | $ 24,666 | $ 8,554 | $ 24,666 | $ 8,554 | $ 7,591 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Non-Accrual at Amortized Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total Non-accrual amortized cost | $ 20,947 | $ 28,026 |
Non-Accrual with no related Allowance | 16,880 | |
Interest income recognized | 58 | |
Loans ninety days or more past due and still accruing: | 2,748 | 445 |
Multi-family Residential Portfolio Segment [Member] | ||
Total Non-accrual amortized cost | 2,576 | 2,723 |
Non-Accrual with no related Allowance | 2,576 | |
Loans ninety days or more past due and still accruing: | 201 | |
Commercial Real Estate | ||
Total Non-accrual amortized cost | 1,766 | 2,714 |
Non-Accrual with no related Allowance | 1,766 | |
Loans ninety days or more past due and still accruing: | 2,547 | 445 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Total Non-accrual amortized cost | 1,706 | 1,704 |
Non-Accrual with no related Allowance | 1,706 | |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Total Non-accrual amortized cost | 5,313 | 9,992 |
Non-Accrual with no related Allowance | 5,313 | |
Small Business Administration Portfolio Segment [Member] | ||
Total Non-accrual amortized cost | 1,168 | 1,169 |
Non-Accrual with no related Allowance | 1,168 | |
Taxi Medallion Portfolio Segment [Member] | ||
Total Non-accrual amortized cost | 2,758 | 2,318 |
Non-Accrual with no related Allowance | 2,758 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Total Non-accrual amortized cost | 5,660 | $ 7,406 |
Non-Accrual with no related Allowance | 1,593 | |
Interest income recognized | $ 58 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Risk category of our loan portfolio (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2020 | $ 896,386 |
2019 | 991,017 |
2018 | 1,125,966 |
2017 | 808,364 |
2016 | 681,758 |
Prior | 1,898,901 |
Revolving Loans Amortized Cost Basis | 281,969 |
Lines of credit converted to term loans | 20,313 |
Total | 6,704,674 |
One-To-Four Family - Residential Portfolio Segment [Member] | |
2020 | 32,752 |
2019 | 37,869 |
2018 | 38,063 |
2017 | 24,595 |
2016 | 14,635 |
Prior | 73,036 |
Revolving Loans Amortized Cost Basis | 11,428 |
Lines of credit converted to term loans | 20,313 |
Total | 252,691 |
One-To-Four Family - Residential Portfolio Segment [Member] | Pass [Member] | |
2020 | 32,266 |
2019 | 37,149 |
2018 | 38,063 |
2017 | 21,293 |
2016 | 13,229 |
Prior | 65,916 |
Revolving Loans Amortized Cost Basis | 10,793 |
Lines of credit converted to term loans | 15,974 |
Total | 234,683 |
One-To-Four Family - Residential Portfolio Segment [Member] | Watch [Member] | |
2020 | 486 |
2019 | 720 |
2017 | 3,302 |
2016 | 446 |
Prior | 2,599 |
Revolving Loans Amortized Cost Basis | 635 |
Lines of credit converted to term loans | 2,397 |
Total | 10,585 |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 1,338 |
Lines of credit converted to term loans | 383 |
Total | 1,721 |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |
2016 | 960 |
Prior | 3,183 |
Lines of credit converted to term loans | 1,559 |
Total | 5,702 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |
2020 | 37,307 |
2019 | 72,920 |
2018 | 81,923 |
2017 | 64,879 |
2016 | 55,122 |
Prior | 294,734 |
Total | 606,885 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Pass [Member] | |
2020 | 36,491 |
2019 | 72,920 |
2018 | 77,037 |
2017 | 58,404 |
2016 | 53,518 |
Prior | 282,169 |
Total | 580,539 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Watch [Member] | |
2020 | 816 |
2018 | 4,077 |
2017 | 6,107 |
2016 | 882 |
Prior | 9,617 |
Total | 21,499 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |
2017 | 368 |
2016 | 722 |
Prior | 1,433 |
Total | 2,523 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |
2018 | 809 |
Prior | 1,515 |
Total | 2,324 |
Commercial Real Estate | |
2020 | 174,027 |
2019 | 273,802 |
2018 | 282,506 |
2017 | 209,766 |
2016 | 252,581 |
Prior | 565,702 |
Total | 1,758,384 |
Commercial Real Estate | Pass [Member] | |
2020 | 173,089 |
2019 | 263,007 |
2018 | 266,949 |
2017 | 191,532 |
2016 | 220,560 |
Prior | 499,186 |
Total | 1,614,323 |
Commercial Real Estate | Watch [Member] | |
2020 | 938 |
2019 | 1,359 |
2018 | 15,557 |
2017 | 15,687 |
2016 | 29,445 |
Prior | 62,587 |
Total | 125,573 |
Commercial Real Estate | Special Mention [Member] | |
2017 | 2,547 |
2016 | 2,576 |
Prior | 1,350 |
Total | 6,473 |
Commercial Real Estate | Substandard [Member] | |
2019 | 9,436 |
Prior | 2,579 |
Total | 12,015 |
Construction Portfolio Segment [Member] | |
2020 | 16,768 |
2019 | 17,908 |
2018 | 39,317 |
2017 | 8,578 |
Prior | 590 |
Total | 83,161 |
Construction Portfolio Segment [Member] | Pass [Member] | |
2020 | 16,768 |
2019 | 16,793 |
2018 | 28,984 |
2017 | 5,253 |
Prior | 590 |
Total | 68,388 |
Construction Portfolio Segment [Member] | Watch [Member] | |
2019 | 1,115 |
2018 | 9,572 |
2017 | 750 |
Total | 11,437 |
Construction Portfolio Segment [Member] | Special Mention [Member] | |
2018 | 761 |
2017 | 2,575 |
Total | 3,336 |
Multi-family Residential Portfolio Segment [Member] | |
2020 | 246,677 |
2019 | 349,492 |
2018 | 482,623 |
2017 | 379,742 |
2016 | 286,106 |
Prior | 785,766 |
Revolving Loans Amortized Cost Basis | 5,571 |
Total | 2,535,977 |
Multi-family Residential Portfolio Segment [Member] | Pass [Member] | |
2020 | 245,551 |
2019 | 343,887 |
2018 | 479,644 |
2017 | 376,275 |
2016 | 282,185 |
Prior | 769,712 |
Revolving Loans Amortized Cost Basis | 4,572 |
Total | 2,501,826 |
Multi-family Residential Portfolio Segment [Member] | Watch [Member] | |
2020 | 1,126 |
2019 | 4,906 |
2018 | 982 |
2017 | 931 |
2016 | 3,457 |
Prior | 14,806 |
Revolving Loans Amortized Cost Basis | 798 |
Total | 27,006 |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | |
2019 | 699 |
2017 | 2,536 |
2016 | 464 |
Prior | 668 |
Total | 4,367 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |
2018 | 1,997 |
Prior | 580 |
Revolving Loans Amortized Cost Basis | 201 |
Total | 2,778 |
Commercial Business Secured By Portfolio Segment [member] | |
2020 | 135,188 |
2019 | 95,988 |
2018 | 71,406 |
2017 | 37,330 |
2016 | 51,192 |
Prior | 107,074 |
Total | 498,178 |
Commercial Business Secured By Portfolio Segment [member] | Pass [Member] | |
2020 | 110,649 |
2019 | 43,909 |
2018 | 54,016 |
2017 | 36,010 |
2016 | 50,230 |
Prior | 86,662 |
Total | 381,476 |
Commercial Business Secured By Portfolio Segment [member] | Watch [Member] | |
2020 | 24,539 |
2019 | 51,466 |
2018 | 17,390 |
2017 | 1,320 |
2016 | 962 |
Prior | 16,192 |
Total | 111,869 |
Commercial Business Secured By Portfolio Segment [member] | Special Mention [Member] | |
2019 | 613 |
Total | 613 |
Commercial Business Secured By Portfolio Segment [member] | Substandard [Member] | |
Prior | 4,220 |
Total | 4,220 |
Commercial Business Portfolio Segment [Member] | |
2020 | 102,218 |
2019 | 141,585 |
2018 | 125,934 |
2017 | 78,752 |
2016 | 19,664 |
Prior | 68,071 |
Revolving Loans Amortized Cost Basis | 264,877 |
Total | 801,101 |
Commercial Business Portfolio Segment [Member] | Pass [Member] | |
2020 | 97,071 |
2019 | 118,501 |
2018 | 104,304 |
2017 | 51,627 |
2016 | 17,340 |
Prior | 66,398 |
Revolving Loans Amortized Cost Basis | 250,633 |
Total | 705,874 |
Commercial Business Portfolio Segment [Member] | Watch [Member] | |
2020 | 250 |
2019 | 22,490 |
2018 | 19,202 |
2017 | 20,591 |
2016 | 39 |
Prior | 26 |
Revolving Loans Amortized Cost Basis | 11,564 |
Total | 74,162 |
Commercial Business Portfolio Segment [Member] | Special Mention [Member] | |
2018 | 2,411 |
2017 | 93 |
Revolving Loans Amortized Cost Basis | 246 |
Total | 2,750 |
Commercial Business Portfolio Segment [Member] | Substandard [Member] | |
2020 | 4,897 |
2019 | 594 |
2018 | 17 |
2017 | 6,441 |
2016 | 2,285 |
Prior | 1,647 |
Revolving Loans Amortized Cost Basis | 1,161 |
Total | 17,042 |
Commercial Business Portfolio Segment [Member] | Doubtful [Member] | |
Revolving Loans Amortized Cost Basis | 1,273 |
Total | 1,273 |
Small Business Administration Portfolio Segment [Member] | |
2020 | 151,449 |
2019 | 1,453 |
2018 | 4,194 |
2017 | 4,443 |
2016 | 2,458 |
Prior | 1,573 |
Total | 165,570 |
Small Business Administration Portfolio Segment [Member] | Pass [Member] | |
2020 | 151,449 |
2019 | 1,453 |
2018 | 4,194 |
2017 | 1,327 |
2016 | 1,882 |
Prior | 1,523 |
Total | 161,828 |
Small Business Administration Portfolio Segment [Member] | Watch [Member] | |
2017 | 1,948 |
2016 | 570 |
Total | 2,518 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 50 |
Total | 50 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |
2017 | 1,168 |
2016 | 6 |
Total | 1,174 |
Taxi Medallion Portfolio Segment [Member] | |
2017 | 279 |
Prior | 2,318 |
Total | 2,597 |
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |
2017 | 279 |
Prior | 2,318 |
Total | 2,597 |
Other Portfolio Segment [Member] | |
Prior | 37 |
Revolving Loans Amortized Cost Basis | 93 |
Total | 130 |
Other Portfolio Segment [Member] | Pass [Member] | |
Prior | 37 |
Revolving Loans Amortized Cost Basis | 93 |
Total | $ 130 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Loans Designated as Criticized or Classified (Details) $ in Thousands | Dec. 31, 2020USD ($) |
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 |
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 |
Commercial Real Estate | |
Loans designated as criticized or classified | 5,892 |
Commercial Real Estate | Special Mention [Member] | |
Loans designated as criticized or classified | 5,525 |
Commercial Real Estate | Substandard [Member] | |
Loans designated as criticized or classified | 367 |
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 - 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 |
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 |
Taxi Medallion Portfolio Segment [Member] | |
Loans designated as criticized or classified | 3,309 |
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 3,309 |
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 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Amortized Cost of Collateral (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | $ 12,589 |
Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 7,408 |
Multi-family Residential Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 2,576 |
Commercial Real Estate | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 2,994 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 1,706 |
One-To-Four Family - Residential Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 5,313 |
Small Business Administration Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 1,168 |
Commercial Business and Other Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 3,482 |
Taxi Medallion Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | $ 2,758 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Off-Balance Sheet Credit Losses (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Other operating expense | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Credit loss expense for off-balance-sheet | $ 1.2 |
Other Liabilities | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Off-balance-sheet credit losses | $ 1.8 |
Loans and Allowance for Loan_15
Loans and Allowance for Loan Losses - PCD Financial Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Oct. 30, 2020 | Oct. 29, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Losses at Acquisition Date | $ (4,100) | ||
Total consideration paid | 286,100 | ||
Empire | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Purchase price | 297,807 | ||
Allowance for Credit Losses at Acquisition Date | (4,099) | ||
Noncredit Discount | $ (7,600) | (7,616) | |
Total consideration paid | $ 286,092 | ||
Amount of Purchase price, charge offs | $ 1,700 |
Loans Held for Sale (Details)
Loans Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note to Financial Statements | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | $ 0 | $ 0 |
Loans Held for Sale - Delinquen
Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Nonperforming Financial Instruments [Member] | |||
Loans sold | loan | 2 | 11 | 12 |
Proceeds | $ 580 | $ 13,048 | $ 8,739 |
Net (charge-offs) recoveries | 0 | (1) | 68 |
Net gain (loss) | $ 42 | $ 756 | $ (225) |
Nonperforming Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | |||
Loans sold | loan | 1 | 5 | 4 |
Proceeds | $ 284 | $ 2,115 | $ 1,559 |
Net (charge-offs) recoveries | 0 | 0 | 0 |
Net gain (loss) | $ 42 | $ 367 | $ 0 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate | |||
Loans sold | loan | 2 | 4 | |
Proceeds | $ 6,800 | $ 6,065 | |
Net (charge-offs) recoveries | 0 | 0 | |
Net gain (loss) | $ 383 | $ (235) | |
Nonperforming Financial Instruments [Member] | Commercial Business and Other 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 | 3 | 2 |
Proceeds | $ 296 | $ 885 | $ 725 |
Net (charge-offs) recoveries | 0 | (1) | (4) |
Net gain (loss) | $ 0 | $ 6 | $ 0 |
Nonperforming Financial Instruments [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | |||
Loans sold | loan | 2 | ||
Proceeds | $ 390 | ||
Net (charge-offs) recoveries | 72 | ||
Net gain (loss) | $ 10 | ||
Performing Financial Instruments [Member] | |||
Loans sold | loan | 2 | 3 | 9 |
Proceeds | $ 6,913 | $ 2,069 | $ 5,671 |
Net (charge-offs) recoveries | 0 | 0 | 0 |
Net gain (loss) | $ 6 | $ 114 | $ 393 |
Performing Financial Instruments [Member] | Commercial Business and Other Portfolio Segment [Member] | |||
Loans sold | loan | 1 | ||
Proceeds | $ 6,139 | ||
Net (charge-offs) recoveries | 0 | ||
Net gain (loss) | $ (62) | ||
Performing Financial Instruments [Member] | Small Business Administration Portfolio Segment [Member] | |||
Loans sold | loan | 1 | 3 | 9 |
Proceeds | $ 774 | $ 2,069 | $ 5,671 |
Net (charge-offs) recoveries | 0 | 0 | 0 |
Net gain (loss) | $ 68 | $ 114 | $ 393 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 6 - Other Real Estate Owned - Changes in Other Real Estate Owned ("OREO") (Details) | |||
Balance at beginning of year | $ 239 | $ 0 | $ 0 |
Acquisitions | 0 | 239 | 638 |
Reductions to carrying value | (31) | 0 | 0 |
Sales | (208) | 0 | (638) |
Balance at end of year | $ 0 | $ 239 | $ 0 |
Other Real Estate Owned - Gross
Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 6 - Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) | |||
Gross gains | $ 0 | $ 0 | $ 27 |
Gross losses | (5) | 0 | 0 |
Reductions to carrying value | (31) | 0 | 0 |
Total income | $ (36) | $ 0 | $ 27 |
Securities (Details)
Securities (Details) | Jan. 01, 2020USD ($) | Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 | ||
Number of securities in portfolio | security | 3 | |||
Specific reserve for outstanding balance of financing receivable in active forbearance | $ 600,000 | |||
Accrued interest receivable on held-to-maturity securities | 100,000 | |||
Accrued interest receivable on available-for-sale debt securities | 1,300,000 | |||
Mortgage Backed Securities Available for Sale Amortized Cost | 308,100,000 | 128,000,000 | $ 196,400,000 | |
Proceeds from Sale of Debt Securities, Available-for-sale | 221,000,000 | 26,400,000 | $ 67,000,000 | |
Held-to-maturity Securities [Member] | ||||
Outstanding balance in active forbearance | 21,000,000 | |||
Non-qualified Deferred Compensation Plan [Member] | Other Assets [Member] | ||||
Deferred Compensation Plan, Amounts Held in Rabbi Trust | $ 22,600,000 | $ 20,000,000 | ||
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 | $ 300,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost | $ 58,739 | $ 58,888 |
Securities held-to-maturity, fair value | 63,529 | 62,112 |
Securities held-to-maturity, gross Unrecognized gains | 4,790 | 3,224 |
Securities held-to-maturity, allowance for credit losses | (907) | |
Securities available for sale, amortized cost, total other securities | 646,112 | 778,294 |
Securities available for sale, fair value | 647,974 | 772,500 |
Securities available for sale, gross unrealized gains | 9,628 | 4,307 |
Securities available for sale, gross unrealized losses | 7,766 | 10,101 |
Other Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 1,295 | 1,332 |
Securities available for sale, fair value | 1,295 | 1,332 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 6,452 | |
Securities available for sale, fair value | 6,453 | |
Securities available for sale, gross unrealized gains | 2 | |
Securities available for sale, gross unrealized losses | 1 | |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 130,000 | 130,000 |
Securities available for sale, fair value | 123,865 | 123,050 |
Securities available for sale, gross unrealized gains | 131 | 0 |
Securities available for sale, gross unrealized losses | 6,266 | 6,950 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held-to-maturity, amortized cost | 50,954 | |
Securites held-to-maturity, amortized cost | 50,825 | |
Securities held-to-maturity, fair value | 54,538 | 53,998 |
Securities held-to-maturity, gross Unrecognized gains | 3,713 | 3,044 |
Securities held-to-maturity, allowance for credit losses | (907) | |
Securities available for sale, amortized cost, total other securities | 12,797 | |
Securities available for sale, fair value | 12,916 | |
Securities available for sale, gross unrealized gains | 119 | |
Securities available for sale, gross unrealized losses | 0 | |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 12,703 | 12,216 |
Securities available for sale, fair value | 12,703 | 12,216 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Collateralized Debt Obligations [Member] | ||
Securities available for sale, amortized cost, total other securities | 100,561 | 100,349 |
Securities available for sale, fair value | 99,198 | 99,137 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 1,363 | 1,212 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 49,918 | 50,954 |
Securites held-to-maturity, amortized cost | 50,825 | |
Securities held-to-maturity, fair value | 54,538 | 53,998 |
Securities held-to-maturity, gross Unrecognized gains | 3,713 | 3,044 |
Securities held-to-maturity, allowance for credit losses | (907) | |
Securities available for sale, fair value | 243,514 | 248,651 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,914 | 7,934 |
Securities held-to-maturity, fair value | 8,991 | 8,114 |
Securities held-to-maturity, gross Unrecognized gains | 1,077 | 180 |
Securities held-to-maturity, allowance for credit losses | 0 | |
Securities available for sale, amortized cost, total other securities | 395,101 | 521,600 |
Securities available for sale, fair value | 404,460 | 523,849 |
Securities available for sale, gross unrealized gains | 9,495 | 4,188 |
Securities available for sale, gross unrealized losses | 136 | 1,939 |
REMIC and CMO [Member] | ||
Securities available for sale, amortized cost, total other securities | 175,142 | 348,236 |
Securities available for sale, fair value | 180,877 | 348,989 |
Securities available for sale, gross unrealized gains | 5,735 | 2,193 |
Securities available for sale, gross unrealized losses | 0 | 1,440 |
GNMA [Member] | ||
Securities available for sale, amortized cost, total other securities | 13,009 | 653 |
Securities available for sale, fair value | 13,053 | 704 |
Securities available for sale, gross unrealized gains | 66 | 51 |
Securities available for sale, gross unrealized losses | 22 | 0 |
FNMA [Member] | ||
Securities held-to-maturity, amortized cost | 7,914 | 7,934 |
Securities held-to-maturity, fair value | 8,991 | 8,114 |
Securities held-to-maturity, gross Unrecognized gains | 1,077 | 180 |
Securities held-to-maturity, allowance for credit losses | 0 | |
Securities available for sale, amortized cost, total other securities | 143,154 | 104,235 |
Securities available for sale, fair value | 146,169 | 104,882 |
Securities available for sale, gross unrealized gains | 3,046 | 1,073 |
Securities available for sale, gross unrealized losses | 31 | 426 |
FHLMC [Member] | ||
Securities available for sale, amortized cost, total other securities | 63,796 | 68,476 |
Securities available for sale, fair value | 64,361 | 69,274 |
Securities available for sale, gross unrealized gains | 648 | 871 |
Securities available for sale, gross unrealized losses | 83 | 73 |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 251,011 | 256,694 |
Securities available for sale, fair value | 243,514 | 248,651 |
Securities available for sale, gross unrealized gains | 133 | 119 |
Securities available for sale, gross unrealized losses | $ 7,630 | $ 8,162 |
Securities - Securities Availab
Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost, due after ten years | $ 50,825 | |
Securities held-to-maturity, fair value, due after ten years | 54,538 | |
Securities held-to-maturity, amortized cost | 58,739 | $ 58,888 |
Securities held-to-maturity, fair value | 63,529 | 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 | 43,738 | |
Securities available for sale, amortized cost, due after five years through ten years | 138,730 | |
Securities available for sale, fair value, due after five years through ten years | 133,201 | |
Securities available for sale, amortized cost, due after ten years | 54,578 | |
Securities available for sale, fair value, due after ten years | 53,872 | |
Securities available for sale, amortized cost, total other securities | 646,112 | 778,294 |
Securities available for sale, fair value, total other securities | 647,974 | 772,500 |
Total Other Securities [Member] | ||
Securities held-to-maturity, amortized cost | 50,825 | |
Securities held-to-maturity, fair value | 54,538 | |
Securities available for sale, amortized cost, total other securities | 238,308 | |
Securities available for sale, fair value, total other securities | 230,811 | |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 12,703 | 12,216 |
Securities available for sale, fair value, total other securities | 12,703 | 12,216 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,914 | 7,934 |
Securities held-to-maturity, fair value | 8,991 | 8,114 |
Securities available for sale, amortized cost, total other securities | 395,101 | 521,600 |
Securities available for sale, fair value, total other securities | $ 404,460 | $ 523,849 |
Securities - Available for Sale
Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Securities have been in a continuous unrealized loss position, number of positions | 37 | 62 |
Securities have been in a continuous unrealized loss position, fair value | $ 290,820 | $ 441,043 |
Securities have been in a continuous unrealized loss position, unrealized losses | 7,766 | 10,101 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 76,729 | 146,957 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 186 | 1,363 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 214,091 | 294,086 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 7,580 | $ 8,738 |
US Government Agencies Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | |
Securities have been in a continuous unrealized loss position, fair value | $ 4,988 | |
Securities have been in a continuous unrealized loss position, unrealized losses | 1 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 4,988 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | |
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 | $ 113,734 | $ 123,050 |
Securities have been in a continuous unrealized loss position, unrealized losses | 6,266 | 6,950 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 113,734 | 123,050 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 6,266 | $ 6,950 |
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 | $ 99,199 | $ 99,137 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,363 | 1,212 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 7,441 | 25,451 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 52 | 108 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 91,758 | 73,686 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,311 | $ 1,104 |
Other Debt Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 28 | 29 |
Securities have been in a continuous unrealized loss position, fair value | $ 217,921 | $ 222,187 |
Securities have been in a continuous unrealized loss position, unrealized losses | 7,630 | 8,162 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 12,429 | 25,451 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 53 | 108 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 205,492 | 196,736 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 7,577 | $ 8,054 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 9 | 33 |
Securities have been in a continuous unrealized loss position, fair value | $ 72,899 | $ 218,856 |
Securities have been in a continuous unrealized loss position, unrealized losses | 136 | 1,939 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 64,300 | 121,506 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 133 | 1,255 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 8,599 | 97,350 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 3 | $ 684 |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 23 | |
Securities have been in a continuous unrealized loss position, fair value | $ 120,989 | |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,440 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 102,384 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,117 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 18,605 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 323 | |
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 | $ 10,341 | $ 49 |
Securities have been in a continuous unrealized loss position, unrealized losses | 22 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 10,341 | $ 49 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 22 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | |
FNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 5 | 8 |
Securities have been in a continuous unrealized loss position, fair value | $ 32,463 | $ 67,618 |
Securities have been in a continuous unrealized loss position, unrealized losses | 31 | 426 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 23,864 | 19,073 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 28 | 138 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 8,599 | 48,545 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 3 | $ 288 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 3 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 30,095 | $ 30,200 |
Securities have been in a continuous unrealized loss position, unrealized losses | 83 | 73 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 30,095 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 83 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 30,200 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 73 |
Securities - Allowance for cred
Securities - Allowance for credit losses for debt securities held-to-maturity (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 |
Activity in the allowance for credit losses for debt securities held-to-maturity | ||
CECL adoption | $ 300 | |
Allowance for credit losses - securities | $ 907 | |
Collateralized Mortgage Backed Securities [Member] | ||
Activity in the allowance for credit losses for debt securities held-to-maturity | ||
Allowance for credit losses - securities | 0 | |
Other Debt Obligations [Member] | ||
Activity in the allowance for credit losses for debt securities held-to-maturity | ||
CECL adoption | 340 | |
Provision | 567 | |
Allowance for credit losses - securities | $ 907 |
Securities - Gross Gain (Loss)
Securities - Gross Gain (Loss) Realized From the Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies. | |||
Gross gains from the sale of securities | $ 1,499 | $ 423 | $ 105 |
Gross losses from the sale of securities | (2,200) | (438) | (2,025) |
Net losses from the sale of securities | $ (701) | $ (15) | $ (1,920) |
Bank Premises and Equipment, _3
Bank Premises and Equipment, Net - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Bank premises and equipment, gross | $ 74,186 | $ 68,470 |
Less: Accumulated depreciation and amortization | 46,007 | 39,794 |
Bank premises and equipment, net | 28,179 | 28,676 |
Leasehold Improvements [Member] | ||
Bank premises and equipment, gross | 44,984 | 41,304 |
Equipment and Furniture [Member] | ||
Bank premises and equipment, gross | $ 29,202 | $ 27,166 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, at or Above FDIC Insurance Limit | $ 266,900 | $ 351,000 |
Interest-bearing Domestic Deposit, Brokered | 1,074,100 | 388,800 |
Reciprocal Deposits | 735,400 | 805,600 |
Deposits, Total | 6,136,355 | 5,066,424 |
Letter of Credit Pledged as Collateral [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 855,400 | 494,000 |
Government Deposits [Member] | ||
Deposits, Total | 1,615,400 | 1,265,100 |
Government Deposits [Member] | ICS Deposits [Member] | ||
Deposits, Total | 524,000 | 685,000 |
Government Deposits [Member] | Collateralized Deposits [Member] | ||
Deposits, Total | 1,091,400 | 580,100 |
Government Deposits [Member] | Debt Securities Pledged as Collateral [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 260,300 | 181,000 |
Government Deposits [Member] | Letter of Credit Pledged as Collateral [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 855,400 | $ 494,000 |
Deposits - Total Deposits and t
Deposits - Total Deposits and the Weighted Average Rate on Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note 9 - Deposits - Total Deposits and the Weighted Average Rate on Deposits (Details) | ||
Certificate of deposit accounts | $ 1,138,361 | $ 1,437,890 |
Certificate of deposit accounts | 0.97% | |
Savings accounts | $ 168,183 | 191,485 |
Savings accounts | 0.18% | |
Money market accounts | $ 1,682,345 | 1,592,011 |
Money market accounts | 0.50% | |
NOW accounts | $ 2,323,172 | 1,365,591 |
NOW accounts | 0.28% | |
Total interest-bearing deposits | $ 5,312,061 | 4,586,977 |
Non-interest bearing demand deposits | 778,672 | 435,072 |
Total due to depositors | 6,090,733 | 5,022,049 |
Mortgagors' escrow deposits | $ 45,622 | 44,375 |
Mortgagors' escrow deposits | 0.02% | |
Deposits, Total | $ 6,136,355 | $ 5,066,424 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 9 - Deposits - Interest Expense on Deposits (Details) | |||
Certificate of deposit accounts | $ 18,096 | $ 35,078 | $ 28,310 |
Savings accounts | 495 | 1,378 | 1,370 |
Money market accounts | 14,368 | 27,819 | 18,707 |
NOW accounts | 9,309 | 23,553 | 15,896 |
Total due to depositors | 42,268 | 87,828 | 64,283 |
Mortgagors' escrow deposits | 44 | 229 | 214 |
Total interest expense on deposits | $ 42,312 | $ 88,057 | $ 64,497 |
Deposits - Remaining Maturities
Deposits - Remaining Maturities of Certificate of Deposit Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total certificate of deposit accounts | $ 1,138,361 | $ 1,437,890 |
Certificates of Deposit [Member] | ||
Within 12 months | 923,235 | 1,220,601 |
More than 12 months to 24 months | 139,088 | 143,520 |
More than 24 months to 36 months | 58,125 | 14,223 |
More than 36 months to 48 months | 14,488 | 48,318 |
More than 48 months to 60 months | 3,394 | 11,082 |
More than 60 months | 31 | 146 |
Total certificate of deposit accounts | $ 1,138,361 | $ 1,437,890 |
Borrowed Funds (Details)
Borrowed Funds (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2016 | Oct. 31, 2020 | |
Advances from Federal Home Loan Banks and Letters of Credit | $ 1,652.6 | ||
Subordinated Borrowing, Interest Rate | 5.25% | ||
Empire | |||
Subordinated debentures acquired | $ 15.3 | ||
Capital Securities [Member] | Flushing Financial Capital Trust IV [Member] | |||
Proceeds from Issuance of Debt | 20.6 | ||
Capital Securities [Member] | Flushing Financial Capital Trust II [Member] | |||
Proceeds from Issuance of Debt | 20.6 | ||
Capital Securities [Member] | Flushing Financial Capital Trust III [Member] | |||
Proceeds from Issuance of Debt | 20.6 | ||
Unsecured Line of Credit [Member] | |||
Long-term Line of Credit, Total | 618 | ||
Federal Home Loan Bank of New York [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 3,568 | ||
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank of New York [Member] | Minimum [Member] | |||
Debt Instrument, Term | 1 day | ||
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank of New York [Member] | Maximum [Member] | |||
Debt Instrument, Term | 5 years | ||
Subordinated Debentures | |||
Debt Instrument, Face Amount | $ 75 |
Borrowed Funds - Borrowed Funds
Borrowed Funds - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank advances | $ 887,579 | $ 1,118,528 |
Junior subordinated debentures - adjustable rate Due in 2037 | $ 43,136 | $ 44,384 |
Junior subordinated debentures - adjustable rate Due in 2037 | 2.35% | 4.65% |
Total borrowings | $ 1,020,895 | $ 1,237,231 |
Total borrowings, weighted average interest rate | 1.05% | 2.16% |
Federal Home Loan Bank of New York [Member] | ||
Due in 2020 | $ 0 | $ 727,516 |
Due in 2020, weighted average rate | 0.00% | 1.86% |
Due in 2021 | $ 702,515 | $ 200,016 |
Due in 2021, weighted average rate | 0.57% | 1.65% |
Due in 2022 | $ 55,685 | $ 175,000 |
Due in 2022, weighted average rate | 0.52% | 1.93% |
Due in 2023 | $ 39,001 | $ 15,996 |
Due in 2023, weighted average rate | 0.48% | 3.14% |
Federal Home Loan Bank advances | $ 797,201 | $ 1,118,528 |
Federal Home Loan Bank of New York [Member] | Weighted Average [Member] | ||
Total FHLB-NY advances, weighted average rate | 0.56% | 1.85% |
Other Borrowings [Member] | ||
Due in 2022 | $ 90,378 | |
Due in 2022, weighted average rate | 0.35% | |
Subordinated Debentures | ||
Due in 2025 | $ 15,523 | |
Due in 2025, weighted average rate | 6.12% | |
Due in 2026 | $ 74,657 | $ 74,319 |
Due in 2026, weighted average rate | 5.27% | 5.30% |
Federal Home Loan Bank advances | $ 90,180 | $ 74,319 |
Total FHLB-NY advances, weighted average rate | 5.42% | 5.30% |
Borrowed Funds - Terms of the S
Borrowed Funds - Terms of the Securities Issued by the Trusts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2016 | |
Flushing Financial Capital Trust II [Member] | Capital Securities [Member] | ||
Issue Date | Jun. 20, 2007 | |
Initial Rate | 7.14% | |
First Reset Date | Sep. 1, 2012 | |
Spread over 3-month LIBOR | 1.41% | |
Maturity Date | Sep. 1, 2037 | |
Flushing Financial Capital Trust III [Member] | Capital Securities [Member] | ||
Issue Date | Jun. 21, 2007 | |
Initial Rate | 6.89% | |
First Reset Date | Jun. 15, 2012 | |
Spread over 3-month LIBOR | 1.44% | |
Maturity Date | Sep. 15, 2037 | |
Flushing Financial Capital Trust IV [Member] | Capital Securities [Member] | ||
Issue Date | Jul. 3, 2007 | |
Initial Rate | 6.85% | |
First Reset Date | Jul. 30, 2012 | |
Spread over 3-month LIBOR | 1.42% | |
Maturity Date | Jul. 30, 2037 | |
Subordinated Debentures | ||
Amount | $ 75,000 | |
$75,000 subordinate debentures due December 15, 2026 | ||
Amount | $ 75,000 | |
Issue Date | Dec. 12, 2016 | |
Initial Rate | 5.25% | |
First Reset Date | Dec. 15, 2021 | |
First Call Date | Dec. 15, 2021 | |
Maturity Date | Dec. 15, 2026 | |
$75,000 subordinate debentures due December 15, 2026 | London Interbank Offered Rate (LIBOR) [Member] | ||
Spread over 3-month LIBOR | 3.44% | |
$7,500 subordinate debentures due December 17, 2025 | ||
Amount | $ 7,500 | |
Issue Date | Dec. 17, 2015 | |
Initial Rate | 7.38% | |
First Call Date | Dec. 20, 2020 | |
Maturity Date | Dec. 17, 2025 | |
$7,750 Subordinate debentures. | ||
Amount | $ 7,750 | |
Issue Date | Dec. 17, 2015 | |
Initial Rate | 6.50% | |
First Reset Date | Dec. 20, 2020 | |
First Call Date | Dec. 20, 2020 | |
Maturity Date | Dec. 17, 2025 | |
$7,750 Subordinate debentures. | London Interbank Offered Rate (LIBOR) [Member] | ||
Spread over 3-month LIBOR | 4.88% |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 11 - Income Taxes - Income Tax Provisions (Details) | |||||||||||
Federal tax provision, current | $ 14,178 | $ 12,404 | $ 9,183 | ||||||||
Federal tax provision, deferred | (4,990) | (1,965) | (609) | ||||||||
Total federal tax provision | 9,188 | 10,439 | 8,574 | ||||||||
State and local tax provision, current | 967 | 3,543 | 3,876 | ||||||||
State and local tax provision, deferred | 353 | (1,930) | (2,055) | ||||||||
Total state and local tax provision | 1,320 | 1,613 | 1,821 | ||||||||
Total income tax provision | $ 417 | $ 4,489 | $ 5,808 | $ (206) | $ 3,957 | $ 2,536 | $ 3,272 | $ 2,287 | $ 10,508 | $ 12,052 | $ 10,395 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 11 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | |||||||||||
Taxes at federal statutory rate | $ 9,489 | $ 11,200 | $ 13,752 | ||||||||
Taxes at federal statutory rate, percentage | 21.00% | 21.00% | 21.00% | ||||||||
State and local income tax, net of Federal income tax benefit | $ 1,043 | $ 1,274 | $ 1,439 | ||||||||
State and local income tax, net of Federal income tax benefit, percentage | 2.30% | 2.40% | 2.20% | ||||||||
Tax exempt | $ (875) | $ (878) | $ (1,961) | ||||||||
Tax exempt, percentage | (1.90%) | (1.60%) | (3.00%) | ||||||||
Nondeductible merger expense | $ 543 | $ 328 | |||||||||
Nondeductible merger expense, percentage | 1.20% | 0.60% | |||||||||
Other | $ 308 | $ 128 | $ (2,835) | ||||||||
Other, percentage | 0.70% | 0.30% | (4.30%) | ||||||||
Total provision for income taxes | $ 417 | $ 4,489 | $ 5,808 | $ (206) | $ 3,957 | $ 2,536 | $ 3,272 | $ 2,287 | $ 10,508 | $ 12,052 | $ 10,395 |
Taxes at effective rate, percentage | 23.30% | 22.70% | 15.90% |
Income Taxes - The Components o
Income Taxes - The Components of the Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Postretirement benefits | $ 7,600 | $ 7,188 |
Allowance for loan losses | 13,886 | 6,782 |
Operating lease liabilities | 18,175 | 12,863 |
Stock based compensation | 2,845 | 2,950 |
Depreciation | 2,002 | 1,875 |
Unrealized loss on securities available for sale | 1,812 | |
Fair value adjustment on financial assets carried at fair value | 23 | 95 |
Fair value hedges | 2,726 | 1,669 |
Adjustment required to recognize funded status of postretirement pension plans | 837 | 447 |
Cashflow hedges | 7,780 | 2,668 |
Deferred loan income | 2,000 | 1,367 |
Fair Value of Loans from Empire acquisition | 3,465 | |
Net operating loss (NYS) | 23 | |
Net operating loss (NYC) | 1,395 | 880 |
Other | 3,412 | 1,690 |
Deferred tax assets | 66,169 | 42,286 |
Deferred tax liabilities: | ||
FPFC deferred income | 2,084 | 2,256 |
Right of Use Asset | 15,582 | 12,863 |
Fair value adjustment on financial liabilities carried at fair value | 4,968 | 5,003 |
Entity specific fair value | 821 | 456 |
Unrealized losses on securities | 573 | |
Deferred loan cost | 6,426 | 5,994 |
Other | 1,459 | 341 |
Deferred tax liabilities | 31,913 | 26,913 |
Net deferred tax asset included in other assets | $ 34,256 | $ 15,373 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note to Financial Statements | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Amount of deferred tax liability that can potentially offset deferred tax assets | $ 31.9 | ||
Deferred Tax Assets, Valuation Allowance, Total | 0 | $ 0 | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | May 31, 2017 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | May 20, 2014 |
Stock-based compensation (benefit) expense | $ 6,000,000 | $ 7,900,000 | $ 6,500,000 | ||||
Income tax benefits related to the stock-based compensation plans | $ 1,400,000 | $ 1,800,000 | $ 1,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||
Stock options outstanding | 0 | 0 | 0 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0 | $ 0 | $ 0 | ||||
Omnibus Plan 2014 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 672,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 324,738 | 324,738 | |||||
Omnibus Plan 2014 [Member] | Minimum [Member] | |||||||
Awards vesting period | 3 years | ||||||
Omnibus Plan 2014 [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
The 2019 Long-term Incentive Compensation Program [Member] | |||||||
Awards vesting period | 3 years | ||||||
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% | ||||||
Phantom Stock Plan [Member] | Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights in the First Five Years of Employment, Percentage | 20.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights After Five Years of Employment, Percentage | 100.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights Upon A Change in Control, Percentage | 100.00% | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Awards granted | 173,528 | 263,574 | 280,590 | ||||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | |||||||
Total unrecognized compensation cost | $ 5,400,000 | $ 5,400,000 | |||||
Weighted-average period of recognition of compensation cost | 2 years 292 days | ||||||
Total fair value of awards vested | $ 5,700,000 | $ 7,400,000 | $ 7,100,000 | ||||
Performance-based Restricted Stock Units [Member] | |||||||
Awards granted | 72,143 | 67,352 | |||||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | |||||||
Stock-based compensation (benefit) expense | $ (400,000) | $ 100,000 | (500,000) | ||||
Total fair value of awards vested | $ 10,000 | $ 31,000 | $ 12,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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) | 173,528 | 263,574 | 280,590 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 19.63 | ||
Vested RSU's (in shares) | (258,745) | ||
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 22.43 | ||
Forfeited RSU's (in shares) | (6,180) | ||
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 24.61 | ||
Non-vested RSU's, ending balance (in shares) | 336,898 | 428,295 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 23.48 | $ 24.42 | |
Vested RSU's but unissued (in shares) | 234,481 | ||
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 23.25 | ||
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) | 72,143 | 67,352 | |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 20.38 | ||
Vested RSU's (in shares) | (39,749) | ||
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 20.64 | ||
Non-vested RSU's, ending balance (in shares) | 66,580 | 34,186 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 21.26 | $ 22.38 | |
Vested RSU's but unissued (in shares) | 67,115 | ||
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 21.35 |
Stock-based Compensation - Phan
Stock-based Compensation - Phantom Stock Plan (Details) - Phantom Share Units (PSUs) [Member] - Phantom Stock Plan [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Outstanding, beginning balance (in shares) | shares | 109,226 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 21.61 |
Granted (in shares) | shares | 11,912 |
Granted (in dollars per share) | $ / shares | $ 14.81 |
Distributions (in shares) | shares | (890) |
Distributions (in dollars per share) | $ / shares | $ 11.73 |
Outstanding, ending balance (in shares) | shares | 120,248 |
Outstanding, ending (in dollars per share) | $ / shares | $ 16.64 |
Vested at September 30, 2020 (in shares) | shares | 120,212 |
Vested at September 30, 2020 (in dollars per share) | $ / shares | $ 16.64 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)plan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Trust for Benefit of Employees [Member] | |||
Full Time Employment, Years of Service | 1 year | ||
Employer Contributions to the 401(k) and Profit Sharing Plans Funded By the Employee Benefit Trust | $ 2,600,000 | $ 3,400,000 | $ 3,600,000 |
Directors' Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 144,000 | 144,000 | |
Deferred Compensation Plan, Amounts Held in Rabbi Trust | 4,200,000 | 4,300,000 | |
Defined Benefit Plan, Annual Retirement Benefit | $ 48,000 | ||
Defined Benefit Contributions, Months of Benefit Used in Lump Sum Payment in the Event of Termination | 10 years | ||
2021 | $ 288,000 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 95,000 | $ 76,000 | |
Number of Unfunded Postretirement Benefit Plans | plan | 2 | ||
Full Time Employment, Years of Service | 5 years | ||
Cost Sharing Arrangement, Medical Benefits Percentage | 50.00% | ||
Medical Premiums, Required Percentage to Be Paid By Spouses of Future Retirees | 100.00% | ||
2021 | $ 255,000 | ||
Retirement Plan [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.75% | 5.25% | 7.00% |
2021 | $ 1,386,000 | ||
Retirement Plan [Member] | Savings Bank [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.75% | ||
Retirement Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan, Benefit Service Period | 3 years | ||
Retirement Plan [Member] | Minimum [Member] | Defined Benefit Plan, Equity Securities [Member] | Savings Bank [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 8.00% | ||
Retirement Plan [Member] | Minimum [Member] | Fixed Income Securities [Member] | Savings Bank [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.00% | ||
Retirement Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan, Benefit Service Period | 10 years | ||
Retirement Plan [Member] | Maximum [Member] | Defined Benefit Plan, Equity Securities [Member] | Savings Bank [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 10.00% | ||
Retirement Plan [Member] | Maximum [Member] | Fixed Income Securities [Member] | Savings Bank [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.00% | ||
Defined Contribution Retirement Plan ("DCRP") [Member] | Savings Bank [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | ||
Non-qualified Deferred Compensation Plan [Member] | |||
Defined Contribution Plan, Annual Employer Matching of Employees Contribution, Percent | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Employer's Matching Contribution, Vesting Percentage, Upon Change of Control | 100.00% | ||
Defined Contribution Plan, Cost | $ 500,000 | 500,000 | 500,000 |
Defined Contribution Plan, Service Period Requirement | 1 year | ||
Defined Contribution Plan, Vesting Period | 5 years | ||
Deferred Compensation Plan, Amounts Held in Rabbi Trust | $ 16,600,000 | 14,400,000 | |
The 401K Plan [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Employer's Matching Contribution, Vesting Percentage, Upon Change of Control | 100.00% | ||
Defined Contribution Plan, Cost | $ 3,700,000 | $ 3,000,000 | $ 4,100,000 |
The 401K Plan [Member] | Savings Bank [Member] | |||
Defined Contribution Plan, Annual Employer Matching of Employees Contribution, Percent | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans - Amounts Recognized In AOCI on a Pre-tax Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net Actuarial loss (gain) | $ 2,834 | $ 1,628 | $ 2,707 |
Prior Service cost (credit) | (112) | (198) | (283) |
Total | 2,722 | 1,430 | 2,424 |
Retirement Plan [Member] | |||
Net Actuarial loss (gain) | 1,775 | 2,273 | 3,238 |
Prior Service cost (credit) | 0 | 0 | 0 |
Total | 1,775 | 2,273 | 3,238 |
Other Postretirement Benefits Plan [Member] | |||
Net Actuarial loss (gain) | 1,333 | (265) | 35 |
Prior Service cost (credit) | (112) | (198) | (283) |
Total | 1,221 | (463) | (248) |
Directors' Plan [Member] | |||
Net Actuarial loss (gain) | (274) | (380) | (566) |
Prior Service cost (credit) | 0 | 0 | 0 |
Total | $ (274) | $ (380) | $ (566) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans - Change in Benefit Obligation and Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plan [Member] | ||
Projected benefit obligation at beginning of year | $ 22,443 | $ 20,344 |
Interest cost | 652 | 797 |
Actuarial (gain) loss | 2,109 | 2,265 |
Benefits paid | (977) | (963) |
Projected benefit obligation at end of year | 24,227 | 22,443 |
Market value of assets at beginning of year | 25,505 | 22,419 |
Actual return on plan assets | 3,192 | 4,049 |
Benefits paid | (977) | (963) |
Market value of plan assets at end of year | 27,720 | 25,505 |
Accrued pension asset/liability included in other assets | 3,493 | 3,062 |
Other Postretirement Benefits Plan [Member] | ||
Projected benefit obligation at beginning of year | 8,762 | 8,518 |
Service cost | 274 | 280 |
Interest cost | 259 | 341 |
Actuarial (gain) loss | 1,599 | (301) |
Benefits paid | (95) | (76) |
Projected benefit obligation at end of year | 10,799 | 8,762 |
Market value of assets at beginning of year | 0 | 0 |
Benefits paid | (95) | (76) |
Market value of plan assets at end of year | 0 | 0 |
Employer contributions | 95 | 76 |
Accrued pension cost included in other liabilities | 10,799 | 8,762 |
Directors' Plan [Member] | ||
Projected benefit obligation at beginning of year | 2,290 | 2,265 |
Service cost | 15 | 39 |
Interest cost | 64 | 86 |
Actuarial (gain) loss | 51 | 44 |
Benefits paid | (144) | (144) |
Projected benefit obligation at end of year | 2,276 | 2,290 |
Market value of assets at beginning of year | 0 | 0 |
Benefits paid | (144) | (144) |
Market value of plan assets at end of year | 0 | 0 |
Employer contributions | 144 | 144 |
Accrued pension cost included in other liabilities | $ 2,276 | $ 2,290 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Assumptions Used to Determine Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement Plans [Member] | |||
Discount rate, net periodic benefit | 3.00% | 4.06% | 3.42% |
Initial | 7.50% | 7.00% | 7.00% |
Ultimate (year 2023) | 5.00% | 5.00% | 5.00% |
Retirement Plan [Member] | |||
Discount rate, benefit obligation | 2.18% | 3.00% | |
Discount rate, net periodic benefit | 3.00% | 4.06% | 3.42% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.75% | 5.25% | 7.00% |
Rate of return on plan assets | 4.75% | 5.25% | 7.00% |
Other Postretirement Benefits Plan [Member] | |||
Discount rate, benefit obligation | 2.18% | 3.00% | |
Initial | 7.50% | 7.50% | |
Ultimate (year 2023) | 5.00% | 5.00% | |
Directors' Plan [Member] | |||
Discount rate, benefit obligation | 2.18% | 3.00% | 4.06% |
Discount rate, net periodic benefit | 3.00% | 4.06% | 3.42% |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - The Components of the Net Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Directors' Plan [Member] | |||
Service cost | $ 15 | $ 39 | $ 42 |
Interest cost | 64 | 86 | 78 |
Amortization of unrecognized (gain) loss | (55) | (141) | (91) |
Amortization of past service credit | 12 | ||
Net pension (benefit) expense | 24 | (16) | 41 |
Current year actuarial (gain) loss | 51 | 44 | (184) |
Amortization of actuarial gain (loss) | (55) | (141) | (91) |
Total recognized in other comprehensive income | 106 | 185 | (105) |
Total recognized in net pension cost (benefit) and other comprehensive loss | 130 | 169 | (64) |
Amortization of prior service credit | (12) | ||
Amortization of actuarial gain (loss) | 55 | 141 | 91 |
Retirement Plan [Member] | |||
Interest cost | 652 | 797 | 781 |
Amortization of unrecognized (gain) loss | 444 | 269 | 621 |
Expected return on plan assets | (1,028) | (1,088) | (1,452) |
Net pension (benefit) expense | 68 | (22) | (50) |
Current year actuarial (gain) loss | (54) | (696) | (2,307) |
Amortization of actuarial gain (loss) | (444) | (269) | (621) |
Total recognized in other comprehensive income | (498) | (965) | (2,928) |
Total recognized in net pension cost (benefit) and other comprehensive loss | (430) | (987) | (2,978) |
Amortization of actuarial gain (loss) | 444 | 269 | 621 |
Other Post Retirement Benefit Plan Defined Benefit [Member] | |||
Service cost | 274 | 280 | 350 |
Interest cost | 259 | 341 | 307 |
Amortization of unrecognized (gain) loss | 33 | ||
Amortization of past service credit | (85) | (85) | (85) |
Net pension (benefit) expense | 448 | 536 | 605 |
Current year actuarial (gain) loss | 1,599 | (301) | (1,155) |
Amortization of actuarial gain (loss) | 33 | ||
Total recognized in other comprehensive income | 1,684 | (216) | (1,103) |
Total recognized in net pension cost (benefit) and other comprehensive loss | 2,132 | 320 | (498) |
Amortization of prior service credit | $ 85 | $ 85 | 85 |
Amortization of actuarial gain (loss) | $ (33) |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans - Benefit Payments Expected to be Paid (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Retirement Plan [Member] | |
2021 | $ 1,386 |
2022 | 1,231 |
2023 | 1,247 |
2024 | 1,228 |
2025 | 1,214 |
2026 - 2030 | 6,020 |
Other Postretirement Benefits Plan [Member] | |
2021 | 255 |
2022 | 299 |
2023 | 310 |
2024 | 315 |
2025 | 333 |
2026 - 2030 | 2,029 |
Directors' Plan [Member] | |
2021 | 288 |
2022 | 288 |
2023 | 256 |
2024 | 220 |
2025 | 192 |
2026 - 2030 | $ 736 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans - Retirement Plan Weighted Average Asset Allocations (Details) - Retirement Plan [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Securities [Member] | ||
Weighted average asset allocation | 0.00% | 0.00% |
Debt Securities [Member] | ||
Weighted average asset allocation | 100.00% | 100.00% |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans - Assets that are Carried at Fair Value, and the Method Used to Determine Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long Corporate Bond Fund [Member] | |||
Pooled Separate Accounts | |||
Average duration of bonds | 3 months | ||
Retirement Plan [Member] | |||
Pooled Separate Accounts | |||
Plan Investments | $ 27,720 | $ 25,505 | $ 22,419 |
Retirement Plan [Member] | Long Duration Bond Fund [Member] | |||
Pooled Separate Accounts | |||
Plan Investments | 12,229 | 11,242 | |
Retirement Plan [Member] | Long Corporate Bond Fund [Member] | |||
Pooled Separate Accounts | |||
Plan Investments | 5,587 | 5,069 | |
Retirement Plan [Member] | Prudential Short-term [Member] | |||
Pooled Separate Accounts | |||
Plan Investments | 286 | 403 | |
Retirement Plan [Member] | Investment Grade Bond Fund [Member] | |||
Pooled Separate Accounts | |||
Plan Investments | $ 9,618 | $ 8,791 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefit Plans - Employee Benefit Trust Shares (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Note 13 - Pension and Other Postretirement Benefit Plans - Employee Benefit Trust (EBT) Shares (Details) | ||
Shares owned by Employee Benefit Trust, beginning balance (in shares) | 181,611 | 329,090 |
Shares purchased (in shares) | 3,697 | 7,267 |
Shares released and allocated (in shares) | (145,447) | (154,746) |
Shares owned by Employee Benefit Trust, ending balance (in shares) | 39,861 | 181,611 |
Market value of unallocated shares | $ 663,287 | $ 3,924,614 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retained earnings which is available to distribute in the form of cash dividends to the Holding Company | $ 10.7 | |
Purchase of treasury shares (in shares) | 142,405 | 40,000 |
Treasury Stock Acquired, Average Cost Per Share | $ 16.45 | $ 19.28 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 284,806 | |
Savings Bank [Member] | ||
Liquidation Account, Conversion From Mutual to Stock Form | $ 0.4 | $ 0.5 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 579,672 | $ 549,464 | $ 532,608 |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings | 2,073 | ||
Impact of adoption of Accounting Standard Update 2016-01 | (875) | ||
Total other comprehensive income (loss) , net of tax | (6,459) | 2,945 | (2,472) |
Balance | 618,997 | 579,672 | 549,464 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | (3,982) | (15,649) | (5,522) |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings | (1,325) | ||
Other comprehensive income before reclassifications, net of tax | 4,787 | 11,657 | (10,127) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 485 | 10 | 1,325 |
Total other comprehensive income (loss) , net of tax | 5,272 | 11,667 | (8,802) |
Balance | 1,290 | (3,982) | (15,649) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (5,863) | 3,704 | 231 |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings | 50 | ||
Other comprehensive income before reclassifications, net of tax | (14,924) | (8,606) | 3,351 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 3,266 | (961) | 72 |
Total other comprehensive income (loss) , net of tax | (11,658) | (9,567) | 3,423 |
Balance | (17,521) | (5,863) | 3,704 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (983) | (1,673) | (3,695) |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings | (798) | ||
Other comprehensive income before reclassifications, net of tax | (1,112) | 661 | 2,484 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 211 | 29 | 336 |
Total other comprehensive income (loss) , net of tax | (901) | 690 | 2,820 |
Balance | (1,884) | (983) | (1,673) |
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | |||
Balance | 1,021 | 866 | |
Impact of adoption of Accounting Standard Update 2016-01 | 779 | ||
Other comprehensive income before reclassifications, net of tax | 828 | 155 | 87 |
Total other comprehensive income (loss) , net of tax | 828 | 155 | 87 |
Balance | 1,849 | 1,021 | 866 |
AOCI Attributable to Parent [Member] | |||
Balance | (9,807) | (12,752) | (8,986) |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act to Retained Earnings | (2,073) | ||
Impact of adoption of Accounting Standard Update 2016-01 | 0 | 779 | |
Other comprehensive income before reclassifications, net of tax | (10,421) | 3,867 | (4,205) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 3,962 | (922) | 1,733 |
Total other comprehensive income (loss) , net of tax | (6,459) | 2,945 | (2,472) |
Balance | $ (16,266) | $ (9,807) | $ (12,752) |
Stockholders' Equity - Amounts
Stockholders' Equity - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other interest expense | $ (13,239) | $ (13,990) | $ (16,055) | $ (25,844) | $ (29,000) | $ (30,440) | $ (29,566) | $ (28,010) | $ (69,128) | $ (117,016) | $ (89,592) |
Other operating expense | (16,635) | (14,937) | (15,235) | ||||||||
Total before tax | 3,878 | 18,820 | 24,080 | (1,596) | 16,888 | 13,260 | 13,828 | 9,355 | 45,182 | 53,331 | 65,485 |
Tax expense (benefit) | (417) | (4,489) | (5,808) | 206 | (3,957) | (2,536) | (3,272) | (2,287) | (10,508) | (12,052) | (10,395) |
Net income | $ 3,461 | $ 14,331 | $ 18,272 | $ (1,390) | $ 12,931 | $ 10,724 | $ 10,556 | $ 7,068 | 34,674 | 41,279 | 55,090 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||
Net loss on sale of securities | (701) | (15) | (1,920) | ||||||||
Tax expense (benefit) | (216) | (5) | (595) | ||||||||
Net income | (485) | (10) | (1,325) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | |||||||||||
Other operating expense | (4,732) | 1,392 | (104) | ||||||||
Tax expense (benefit) | (1,466) | 431 | (32) | ||||||||
Net income | (3,266) | 961 | (72) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||
Other operating expense | (390) | (128) | (530) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||||||
Other operating expense | 85 | 85 | 39 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Total before tax | (305) | (43) | (491) | ||||||||
Tax expense (benefit) | (94) | (14) | (155) | ||||||||
Net income | $ (211) | $ (29) | $ (336) |
Regulatory Capital (Details)
Regulatory Capital (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Capital Conservation Buffer Required for Capital Adequacy | 2.50% | |
Savings Bank [Member] | ||
Capital Conservation Buffer | 4.30% | 5.43% |
Holding Company | ||
Capital Conservation Buffer | 4.54% | 5.62% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 733,010 | $ 680,749 |
Tier I (leverage) capital, capital level, percent | 9.27% | 9.65% |
Tier I (leverage) capital, requirement to be well capitalized, amount | $ 395,510 | $ 352,581 |
Tier I (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier I (leverage) capital, excess, amount | $ 337,500 | $ 328,168 |
Tier I (leverage) capital, excess, percent | 4.27% | 4.65% |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 733,010 | $ 680,749 |
Common Equity Tier I risk-based capital, capital level, percent | 11.65% | 13.02% |
Common Equity Tier I risk-based capital, requirement to be well capitalized, amount | $ 408,929 | $ 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 | $ 324,081 | $ 340,805 |
Common Equity Tier I risk-based capital, excess, percent | 5.15% | 6.52% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 733,010 | $ 680,749 |
Tier I risk-based capital, capital level, percent | 11.65% | 13.02% |
Tier I risk-based capital, requirement to be well capitalized, amount | $ 503,297 | $ 418,393 |
Tier I risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier I risk-based capital, excess, amount | $ 229,713 | $ 262,356 |
Tier I risk-based capital, excess, percent | 3.65% | 5.02% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 773,807 | $ 702,500 |
Total risk-based capital, capital level, percent | 12.30% | 13.43% |
Total risk-based capital, requirement to be well capitalized, amount | $ 629,121 | $ 522,991 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 144,686 | $ 179,509 |
Total risk-based capital, excess, percent | 2.30% | 3.43% |
Holding Company | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 662,987 | $ 615,500 |
Tier I (leverage) capital, capital level, percent | 8.38% | 8.73% |
Tier I (leverage) capital, requirement to be well capitalized, amount | $ 395,439 | $ 352,581 |
Tier I (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier I (leverage) capital, excess, amount | $ 267,548 | $ 262,919 |
Tier I (leverage) capital, excess, percent | 3.38% | 3.73% |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 621,247 | $ 572,651 |
Common Equity Tier I risk-based capital, capital level, percent | 9.88% | 10.95% |
Common Equity Tier I risk-based capital, requirement to be well capitalized, amount | $ 408,694 | $ 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 | $ 212,553 | $ 232,722 |
Common Equity Tier I risk-based capital, excess, percent | 3.38% | 4.45% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 662,987 | $ 615,500 |
Tier I risk-based capital, capital level, percent | 10.54% | 11.77% |
Tier I risk-based capital, requirement to be well capitalized, amount | $ 503,008 | $ 418,374 |
Tier I risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier I risk-based capital, excess, amount | $ 159,979 | $ 197,126 |
Tier I risk-based capital, excess, percent | 2.54% | 3.77% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 794,034 | $ 712,251 |
Total risk-based capital, capital level, percent | 12.63% | 13.62% |
Total risk-based capital, requirement to be well capitalized, amount | $ 628,760 | $ 522,967 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 165,274 | $ 189,284 |
Total risk-based capital, excess, percent | 2.63% | 3.62% |
Leases - Balance Sheet Disclosu
Leases - Balance Sheet Disclosures and Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating lease ROU assets | $ 50,743 | $ 41,254 | |
Operating lease liabilities | 59,100 | 49,367 | |
Operating lease cost | 7,725 | 7,575 | |
Short-term lease cost | 139 | 136 | |
Variable lease cost | 1,128 | 1,020 | |
Total lease cost | 8,992 | 8,731 | |
Operating cash flows from operating leases | 8,316 | 8,051 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 5,484 | $ 1,576 | |
Right-of-use assets obtained in acquisition | $ 9,993 | ||
Weighted-average remaining lease term-operating leases (Year) | 8 years 3 months 18 days | 7 years 6 months | |
Weighted average discount rate-operating leases | 3.20% | 3.80% | |
Operating leases, rent expense | $ 6,100 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments for Bank facilities Due Under Non-cancelable Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 8,757 | $ 7,675 |
2022 | 8,871 | 7,260 |
2023 | 9,006 | 7,397 |
2024 | 8,847 | 7,425 |
2025 | 8,212 | |
Thereafter | 23,547 | |
Total minimum payments required | 67,240 | 57,018 |
Less: implied interest | 8,140 | 7,651 |
Total lease obligations | $ 59,100 | $ 49,367 |
Leases - Minimum Annual Renta_2
Leases - Minimum Annual Rental Payments for 2019 Bank facilities Due Under Non-cancelable Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 8,113 | |
2021 | $ 8,757 | 7,675 |
2022 | 8,871 | 7,260 |
2023 | 9,006 | 7,397 |
2024 | 8,847 | 7,425 |
Thereafter | 19,148 | |
Total minimum payments required | 67,240 | 57,018 |
Less: implied interest | 8,140 | 7,651 |
Total lease obligations | $ 59,100 | $ 49,367 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 38.4 | |||
Loans and Leases Receivable, Commitments, Weighted Average Rate of Interest | 3.82% | |||
Loans and Leases Receivable, Commitments, Variable Rates | $ 436.7 | |||
Loans and Leases Receivable, Commitments, Variable Rates, Weighted Average Rate | 3.84% | |||
Loan Commitments, Expiration | 90 days | |||
Line of Credit, Maturity, Max | 1 year 180 days | |||
Purchase obligations | $ 17.4 | $ 22 | ||
Home Equity Line of Credit [Member] | ||||
Loans and Leases Receivable, Commitments, Credit | $ 411.7 | |||
Line of Credit, Maturity, Max | 10 years | |||
Letter of Credit Pledged as Collateral [Member] | ||||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 855.4 | $ 494 | ||
Capital Securities [Member] | Flushing Financial's Capital Trusts [Member] | ||||
Proceeds from Issuance of Debt | $ 61.9 | $ 61.9 | ||
Mortgages [Member] | ||||
Loans and Leases Receivable, Commitments, Credit | $ 62.4 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) $ in Millions | Dec. 31, 2020USD ($) |
Note to Financial Statements | |
Lending Limit to Single Borrower | $ 110 |
Largest Aggregate Amount of Loans to Single Borrower | $ 87.8 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Note to Financial Statements | ||
Number of Related Party Loans | loan | 0 | 0 |
Related Party Deposit Liabilities | $ | $ 13.4 | $ 7.7 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financial Assets at Fair Value Option | $ 14,500 | $ 14,300 | |
Financial Liabilities at Fair Value Option | 43,100 | 44,400 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (2,142) | (5,353) | $ (4,122) |
Financial Liabilities at Fair Value Option Contractual Principal | 61,900 | 61,900 | |
Financial Liabilities at Fair Value Option Accrued Interest Payable | 100 | 200 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | 0 | |
Appraised Value of Property [Member] | |||
Collateral Dependent Loans Measurement Input | 0.85 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | 0 | |
Interest Rate Swaps [Member] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (2,300) | $ (3,000) | $ 900 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Assets at Fair Value Option | $ 14,500 | $ 14,300 | |
Net loss from fair value adjustments | (2,142) | (5,353) | $ (4,122) |
Collateralized Mortgage Backed Securities [Member] | |||
Financial Assets at Fair Value Option | 505 | 772 | |
Net loss from fair value adjustments | 3 | 3 | (19) |
Other Securities [Member] | |||
Financial Assets at Fair Value Option | 13,998 | 13,548 | |
Net loss from fair value adjustments | 230 | 427 | (109) |
Junior Subordinated Debentures [Member] | |||
Financial Assets at Fair Value Option | 43,136 | 44,384 | |
Net loss from fair value adjustments | (50) | (2,802) | (4,913) |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||
Net loss from fair value adjustments | $ 183 | $ (2,372) | $ (5,041) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, fair value | $ 647,974 | $ 772,500 |
us-gaap_FairValueAssetsLevel2ToLevel1TransfersAmount | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 404,460 | 523,849 |
Other Securities [Member] | ||
Securities available for sale, fair value | 1,295 | 1,332 |
Fair Value, Measurements, Recurring [Member] | ||
Total assets | 649,293 | 774,852 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 104,123 | 64,037 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 404,460 | 523,849 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 243,514 | 248,651 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 1,319 | 2,352 |
Interest Rate Swaps, Net Amount | 60,987 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 43,136 | 44,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 12,703 | 12,216 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 12,703 | 12,216 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 635,295 | 761,304 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 60,987 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 404,460 | 523,849 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 229,516 | 235,103 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 1,319 | 2,352 |
Interest Rate Swaps, Net Amount | 60,987 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 1,295 | 1,332 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 43,136 | 44,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 1,295 | 1,332 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 43,136 | 44,384 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Total assets | 11,980 | 1,320 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | $ 11,980 | $ 1,320 |
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) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Trust Preferred Securities [Member] | ||
Beginning balance | $ 1,332 | $ 1,256 |
Net (loss) gain from fair value adjustment of financial assets | (34) | 78 |
Increase (decrease) in accrued interest receivable | (3) | (2) |
Ending balance | 1,295 | 1,332 |
Junior Subordinated Debentures [Member] | ||
Beginning balance | 44,384 | 41,849 |
Net loss (gain) from fair value adjustment of financial liabilities | 50 | 2,803 |
Increase (decrease) in accrued interest receivable | (103) | (39) |
Change in unrealized gains included in other comprehensive income | (1,195) | (229) |
Ending balance | 43,136 | 44,384 |
Changes in unrealized gains held at period end | $ 2,670 | $ 1,476 |
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 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Securities available for sale, fair value | $ 647,974 | $ 772,500 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 43,136 | $ 44,384 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities, Weighted average | 0.042 | 0.042 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Securities available for sale, fair value | $ 1,295 | $ 1,332 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Assets, Weighted average | 0.042 | 0.042 |
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Impaired loans | $ 1,081 | $ 11,980 |
Other repossessed assets | 239 | |
Total assets | 1,320 | 11,980 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 1,081 | 11,980 |
Other repossessed assets | 239 | |
Total assets | $ 1,320 | $ 11,980 |
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 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Other Real Estate | $ 0 | $ 239 | $ 0 | $ 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Impaired loans | 11,980 | 1,081 | ||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||
Impaired loans | $ 10,690 | $ 239 | ||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||||
Impaired loans, measurement input | (100) | 0.5 | ||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||||
Impaired loans, measurement input | 15 | 12.5 | ||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||||
Impaired loans, measurement input | 6.8 | 6.5 | ||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | ||||
Impaired loans | $ 1,290 | |||
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 | 5.5 | |||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||
Impaired loans, measurement input | 4.9 | 6.4 | ||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||
Impaired loans, measurement input | 20 | |||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||||
Impaired loans, measurement input | 20 | |||
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 | 27.4 | 20 | ||
Valuation, Income Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | ||||
Impaired loans | $ 809 | |||
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 | 3 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost | $ 58,739 | $ 58,888 |
Securities available for sale, fair value | 647,974 | 772,500 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 1,319 | 2,352 |
Interest rate swaps | (2,629) | 388 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,914 | 7,934 |
Securities available for sale, fair value | 404,460 | 523,849 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 49,918 | 50,954 |
Securities available for sale, fair value | 243,514 | 248,651 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 157,388 | 49,787 |
Loans | 6,704,674 | 5,772,206 |
FHLB-NY stock | 43,439 | 56,921 |
Accrued interest receivable | 44,041 | 25,722 |
Deposits | 6,136,355 | 5,066,424 |
Borrowings | 1,020,895 | 1,237,231 |
Accrued interest payable | 4,755 | 6,752 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 1,319 | 2,352 |
Interest rate swaps | 60,987 | 19,653 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,914 | 7,934 |
Securities available for sale, fair value | 404,460 | 523,849 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 49,918 | 50,954 |
Securities available for sale, fair value | 243,514 | 248,651 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 157,388 | 49,787 |
Loans | 6,793,985 | 5,822,124 |
FHLB-NY stock | 43,439 | 56,921 |
Accrued interest receivable | 44,041 | 25,722 |
Deposits | 6,141,775 | 5,070,046 |
Borrowings | 1,017,573 | 1,389,883 |
Accrued interest payable | 4,755 | 6,752 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 1,319 | 2,352 |
Interest rate swaps | 60,987 | 19,653 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 8,991 | 8,114 |
Securities available for sale, fair value | 404,460 | 523,849 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 54,538 | 53,998 |
Securities available for sale, fair value | 243,514 | 248,651 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 157,388 | 49,787 |
Accrued interest receivable | 2 | 9 |
Deposits | 4,997,994 | 3,628,534 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Securities available for sale, fair value | 12,703 | 12,216 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
FHLB-NY stock | 43,439 | 56,921 |
Accrued interest receivable | 1,389 | 2,519 |
Deposits | 1,143,781 | 1,441,512 |
Borrowings | 974,437 | 1,345,499 |
Accrued interest payable | 4,755 | 6,752 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 1,319 | 2,352 |
Interest rate swaps | 60,987 | 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 | 8,991 | 8,114 |
Securities available for sale, fair value | 404,460 | 523,849 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Securities available for sale, fair value | 229,516 | 235,103 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 6,793,985 | 5,822,124 |
Accrued interest receivable | 42,650 | 23,194 |
Borrowings | 43,136 | 44,384 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 54,538 | 53,998 |
Securities available for sale, fair value | $ 1,295 | $ 1,332 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Junior subordinated debentures | $ 43,136 | $ 44,384 |
Notional amount | 1,481,109 | 885,469 |
Short-term Debt, Total | 1,021,500 | 541,500 |
Derivative instruments | (59,668) | (17,301) |
Customer [Member] | ||
Derivative instruments | 62,800 | |
Bank [Member] | ||
Derivative instruments | 62,800 | |
Customer and Bank [Member] | ||
Derivative instruments | 125,600 | |
Cash Flow Hedging [Member] | ||
Amount reclassified from accumulated other comprehensive loss to interest expense | 4,700 | |
Amount to be reclassified from the accumulated comprehensive income (loss) into earnings | 4,700 | |
Not Designated as Hedging Instrument [Member] | ||
Notional amount | 143,600 | 18,000 |
Designated as Hedging Instrument [Member] | ||
Notional amount | 316,100 | 326,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Notional amount | 1,021,500 | 541,500 |
Interest Rate Swap [Member] | ||
Notional amount | 316,100 | 326,000 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional amount | 80,779 | 18,000 |
Derivative instruments | (6,998) | (3,354) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Notional amount | 1,021,500 | 541,500 |
Derivative instruments | (25,300) | (8,530) |
Floating Rate Junior Subordinated Debentures [Member] | ||
Amount of hedged item | 18,000 | 18,000 |
Junior subordinated debentures | $ 61,900 | $ 61,900 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Interest rate swaps, notional amount | $ 1,481,109 | $ 885,469 |
Interest rate swaps, net carrying value | (59,668) | (17,301) |
Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 316,100 | 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 | 143,600 | 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 | 62,779 | |
Interest rate swaps, net carrying value | 1,319 | |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 316,051 | 186,009 |
Interest rate swaps, net carrying value | (28,689) | (7,769) |
Interest Rate Swap [Member] | ||
Interest rate swaps, notional amount | 316,100 | 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 | (25,300) | (8,530) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 80,779 | 18,000 |
Interest rate swaps, net carrying value | $ (6,998) | $ (3,354) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (14,688) | $ (2,726) | $ 925 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Net loss | (2,759) | (3,121) | 726 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other interest expense | |||
Net loss | (434) | (140) | (193) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Net gain (loss) from fair value adjustments | |||
Net loss | (2,325) | (2,981) | 919 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest and fees on loans | |||
Net loss | (5,226) | (837) | 43 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other interest expense | |||
Net loss | $ (6,703) | $ 1,232 | $ 156 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 1,319 | $ 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 | 1,319 | 2,352 |
Interest Rate Swaps, Financial Instruments | 0 | 0 |
Interest Rate Swaps, Cash Collateral Received | 0 | 0 |
Interest Rate Swaps, Net Amount | 1,319 | 2,352 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 60,987 | 19,653 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | 0 |
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 60,987 | 19,653 |
Interest Rate Swaps, Financial Instruments | 99 | 19,265 |
Interest Rate Swaps, Cash Collateral Received | 63,517 | 0 |
Interest Rate Swaps, Net Amount | $ (2,629) | $ 388 |
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 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Selected Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 23 - Quarterly Financial Data (Unaudited) - Selected Unaudited Quarterly Financial Data (Details) | |||||||||||
Interest income | $ 68,971 | $ 63,914 | $ 64,772 | $ 66,670 | $ 70,179 | $ 69,389 | $ 69,575 | $ 69,813 | $ 264,327 | $ 278,956 | $ 256,998 |
Interest expense | 13,239 | 13,990 | 16,055 | 25,844 | 29,000 | 30,440 | 29,566 | 28,010 | 69,128 | 117,016 | 89,592 |
Net interest income | 55,732 | 49,924 | 48,717 | 40,826 | 41,179 | 38,949 | 40,009 | 41,803 | 195,199 | 161,940 | 167,406 |
Provision (benefit) for credit losses | 3,862 | 2,470 | 9,619 | 7,178 | (318) | 683 | 1,474 | 972 | 22,600 | 2,811 | 575 |
Other operating (loss) income | (1,181) | 1,351 | 13,737 | (2,864) | 5,038 | 1,039 | 2,451 | 943 | 11,043 | 9,471 | 10,337 |
Other operating expense | 46,811 | 29,985 | 28,755 | 32,380 | 29,647 | 26,045 | 27,158 | 32,419 | 137,931 | 115,269 | 111,683 |
Income (loss) before income tax expense | 3,878 | 18,820 | 24,080 | (1,596) | 16,888 | 13,260 | 13,828 | 9,355 | 45,182 | 53,331 | 65,485 |
Total income tax provision | 417 | 4,489 | 5,808 | (206) | 3,957 | 2,536 | 3,272 | 2,287 | 10,508 | 12,052 | 10,395 |
Net income | $ 3,461 | $ 14,331 | $ 18,272 | $ (1,390) | $ 12,931 | $ 10,724 | $ 10,556 | $ 7,068 | $ 34,674 | $ 41,279 | $ 55,090 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.11 | $ 0.50 | $ 0.63 | $ (0.05) | $ 0.45 | $ 0.37 | $ 0.37 | $ 0.25 | $ 1.18 | $ 1.44 | $ 1.92 |
Diluted earnings (loss) per common share (in dollars per share) | 0.11 | 0.50 | 0.63 | (0.05) | 0.45 | 0.37 | 0.37 | 0.25 | 1.18 | 1.44 | 1.92 |
Dividends on common share (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 | $ 0.84 | $ 0.80 |
Basic earnings per share (in shares) | 30,603 | 28,874 | 28,867 | 28,853 | 28,723 | 28,730 | 28,761 | 28,621 | 29,301 | 28,709 | 28,709 |
Diluted earnings per share (in shares) | 30,603 | 28,874 | 28,867 | 28,853 | 28,723 | 28,730 | 28,761 | 28,621 | 29,301 | 28,709 | 28,710 |
Parent Company Only Financial_3
Parent Company Only Financial Information - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and due from banks | $ 157,388 | $ 49,787 | ||
Goodwill | 17,636 | 16,127 | ||
Other assets | 84,759 | 59,494 | ||
Total assets | 7,976,394 | 7,017,776 | ||
Subordinated debentures | 90,180 | 74,319 | ||
Other liabilities | 141,047 | 85,082 | ||
Total liabilities | 7,357,397 | 6,438,104 | ||
Common stock | 341 | 315 | ||
Additional paid-in capital | 261,533 | 226,691 | ||
Treasury stock, at average cost (3,311,769 shares and 3,373,389 shares at December 31, 2020 and 2019, respectively) | (69,400) | (71,487) | ||
Retained earnings | 442,789 | 433,960 | ||
Accumulated other comprehensive loss, net of taxes | (16,266) | (9,807) | ||
Total stockholders' equity | 618,997 | 579,672 | $ 549,464 | $ 532,608 |
Total liabilities and stockholders' equity | 7,976,394 | 7,017,776 | ||
Holding Company | ||||
Cash and due from banks | 28,033 | 14,401 | ||
Other securities | 1,295 | 1,332 | ||
Investment in Bank | 726,802 | 684,643 | ||
Goodwill | 2,185 | 2,185 | ||
Other assets | 839 | 1,897 | ||
Total assets | 759,154 | 704,458 | ||
Subordinated debentures | 90,180 | 74,319 | ||
Junior subordinated debentures, at fair value | 43,136 | 44,384 | ||
Other liabilities | 6,841 | 6,083 | ||
Total liabilities | 140,157 | 124,786 | ||
Common stock | 341 | 315 | ||
Additional paid-in capital | 261,533 | 226,691 | ||
Treasury stock, at average cost (3,311,769 shares and 3,373,389 shares at December 31, 2020 and 2019, respectively) | (69,400) | (71,487) | ||
Retained earnings | 442,789 | 433,960 | ||
Accumulated other comprehensive loss, net of taxes | (16,266) | (9,807) | ||
Total stockholders' equity | 618,997 | 579,672 | ||
Total liabilities and stockholders' equity | $ 759,154 | $ 704,458 |
Parent Company Only Financial_4
Parent Company Only Financial Information - Condensed Statements of Financial Condition, Parenthetical (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Treasury stock, shares (in shares) | 3,311,769 | 3,373,389 |
Holding Company | ||
Treasury stock, shares (in shares) | 3,311,769 | 3,373,389 |
Parent Company Only Financial_5
Parent Company Only Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 15,776 | $ 25,535 | $ 23,022 | ||||||||
Interest expense | $ (13,239) | $ (13,990) | $ (16,055) | $ (25,844) | $ (29,000) | $ (30,440) | $ (29,566) | $ (28,010) | (69,128) | (117,016) | (89,592) |
Net loss from fair value adjustments | (2,142) | (5,353) | (4,122) | ||||||||
Other operating expenses | (16,635) | (14,937) | (15,235) | ||||||||
Total income tax provision | 417 | 4,489 | 5,808 | (206) | 3,957 | 2,536 | 3,272 | 2,287 | 10,508 | 12,052 | 10,395 |
Net income | $ 3,461 | $ 14,331 | $ 18,272 | $ (1,390) | $ 12,931 | $ 10,724 | $ 10,556 | $ 7,068 | 34,674 | 41,279 | 55,090 |
Other comprehensive gain (loss), net of tax | (6,459) | 2,945 | (2,472) | ||||||||
Comprehensive net income | 28,215 | 44,224 | 52,618 | ||||||||
Holding Company | |||||||||||
Dividends from the Bank | 78,833 | 32,000 | 34,000 | ||||||||
Interest income | 466 | 250 | 275 | ||||||||
Interest expense | (5,858) | (6,677) | (6,479) | ||||||||
Net loss from fair value adjustments | (85) | (2,725) | (4,769) | ||||||||
Other operating expenses | (3,975) | (2,833) | (1,391) | ||||||||
Income before taxes and equity in undistributed earnings of subsidiary | 69,381 | 20,015 | 21,636 | ||||||||
Total income tax provision | 2,274 | 3,173 | 3,907 | ||||||||
Income before equity in undistributed earnings of subsidiary | 71,655 | 23,188 | 25,543 | ||||||||
Equity in undistributed earnings of the Bank | (36,981) | 18,091 | 29,547 | ||||||||
Net income | 34,674 | 41,279 | 55,090 | ||||||||
Other comprehensive gain (loss), net of tax | (6,459) | 2,945 | (2,472) | ||||||||
Comprehensive net income | $ 28,215 | $ 44,224 | $ 52,618 |
Parent Company Only Financial_6
Parent Company Only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 3,461 | $ 14,331 | $ 18,272 | $ (1,390) | $ 12,931 | $ 10,724 | $ 10,556 | $ 7,068 | $ 34,674 | $ 41,279 | $ 55,090 |
Deferred income tax | (4,637) | (3,895) | (2,664) | ||||||||
Fair value adjustments for financial assets and financial liabilities | 2,142 | 5,353 | 4,122 | ||||||||
Stock-based compensation expense | 6,450 | 7,763 | 7,016 | ||||||||
Net cash provided by operating activities | 71,278 | 63,770 | 77,303 | ||||||||
Cash used in acquisition of Empire | (54,836) | 0 | 0 | ||||||||
Cash provided by acquisition of Empire | 86,340 | 0 | 0 | ||||||||
Net cash provided by (used in) investing activities | 93,098 | (194,769) | (477,995) | ||||||||
Purchase of treasury stock | (3,877) | (2,656) | (22,585) | ||||||||
Stock options exercised | 3 | 6 | |||||||||
Net cash (used in) provided by financing activities | (56,775) | 62,225 | 467,707 | ||||||||
Net increase (decrease) in cash and cash equivalents | 107,601 | (68,774) | 67,015 | ||||||||
Cash and cash equivalents, beginning of year | 49,787 | 118,561 | 49,787 | 118,561 | 51,546 | ||||||
Cash and cash equivalents, end of year | 157,388 | 49,787 | 157,388 | 49,787 | 118,561 | ||||||
Holding Company | |||||||||||
Net income | 34,674 | 41,279 | 55,090 | ||||||||
Equity in undistributed earnings of the Bank | 36,981 | (18,091) | (29,547) | ||||||||
Deferred income tax | (291) | (769) | (1,915) | ||||||||
Fair value adjustments for financial assets and financial liabilities | 85 | 2,725 | 4,769 | ||||||||
Stock-based compensation expense | 6,450 | 7,763 | 7,016 | ||||||||
Net change in operating assets and liabilities | 3,490 | 3,945 | 4,246 | ||||||||
Net cash provided by operating activities | 81,389 | 36,852 | 39,659 | ||||||||
Cash used in acquisition of Empire | (54,836) | ||||||||||
Cash provided by acquisition of Empire | 15,769 | 0 | 0 | ||||||||
Net cash provided by (used in) investing activities | (39,067) | 0 | 0 | ||||||||
Purchase of treasury stock | (3,877) | (2,656) | (22,585) | ||||||||
Cash dividends paid | (24,813) | (24,149) | (22,927) | ||||||||
Stock options exercised | 0 | 3 | 6 | ||||||||
Net cash (used in) provided by financing activities | (28,690) | (26,802) | (45,506) | ||||||||
Net increase (decrease) in cash and cash equivalents | 13,632 | 10,050 | (5,847) | ||||||||
Cash and cash equivalents, beginning of year | $ 14,401 | $ 4,351 | 14,401 | 4,351 | 10,198 | ||||||
Cash and cash equivalents, end of year | $ 28,033 | $ 14,401 | $ 28,033 | $ 14,401 | $ 4,351 |