QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
☒ | Accelerated filer | ☐ | Smaller reporting company | ||
Non-accelerated filer | ☐ | Emerging growth company |
Item Number | Page Number | |
PART I. | Financial Information | |
Item 1. | Financial Statements | |
Consolidated Statements of Financial Condition as of June 30, 2020 (Unaudited) and December 31, 2019 | ||
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) | ||
Consolidated Statements of Comprehensive Income (Loss) for the Six Months Ended June 30, 2020 and 2019 (Unaudited) | ||
Consolidated Statements of Changes in Stockholder's Equity for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) | ||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (Unaudited) | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. | ||
June 30, | December 31, | ||||||
2020 | 2019 | ||||||
Assets | (Unaudited) | ||||||
Cash and due from banks | $ | $ | |||||
Short-term investments | |||||||
Total cash and cash equivalents | |||||||
Debt securities available for sale, at fair value | |||||||
Debt securities held to maturity, at amortized cost (fair value of $289,836 and $289,505 at June 30, 2020 and December 31, 2019, respectively) | |||||||
Equity securities, at fair value | |||||||
Federal Home Loan Bank stock | |||||||
Loans held-for-sale, at fair value | |||||||
Loans receivable | |||||||
Less: allowance for loan losses | |||||||
Loans receivable, net | |||||||
Accrued interest receivable | |||||||
Office properties and equipment, net | |||||||
Bank-owned life insurance | |||||||
Goodwill and intangible assets | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and Stockholders' Equity | |||||||
Liabilities: | |||||||
Deposits | $ | $ | |||||
Borrowings | |||||||
Advance payments by borrowers for taxes and insurance | |||||||
Accrued expenses and other liabilities | |||||||
Total liabilities | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at June 30, 2020 and December 31, 2019 | |||||||
Common stock, $0.01 par value. 500,000,000 shares authorized; 122,037,793 shares issued and 115,067,114 shares outstanding at June 30, 2020, and 113,765,387 shares issued and outstanding at December 31, 2019 | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Treasury stock, at cost; 6,970,679 shares at June 30, 2020 and 3,513,358 shares at December 31, 2019 | ( | ) | ( | ) | |||
Common stock held by the Employee Stock Ownership Plan | ( | ) | ( | ) | |||
Stock held by Rabbi Trust | ( | ) | ( | ) | |||
Deferred compensation obligations | |||||||
Total stockholders' equity | |||||||
Total liabilities and stockholders' equity | $ | $ | |||||
See accompanying notes to unaudited consolidated financial statements. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Interest income: | (Unaudited) | ||||||||||||||
Loans receivable | $ | $ | |||||||||||||
Debt securities available for sale and equity securities | |||||||||||||||
Debt securities held to maturity | |||||||||||||||
Federal funds and interest earning deposits | |||||||||||||||
Federal Home Loan Bank stock dividends | |||||||||||||||
Total interest income | |||||||||||||||
Interest expense: | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | |||||||||||||||
Total interest expense | |||||||||||||||
Net interest income | |||||||||||||||
Provision for loan losses | |||||||||||||||
Net interest income after provision for loan losses | |||||||||||||||
Non-interest income: | |||||||||||||||
Demand deposit account fees | |||||||||||||||
Bank-owned life insurance | |||||||||||||||
Title insurance fees | |||||||||||||||
Loan fees and service charges | |||||||||||||||
Gain on securities transactions | |||||||||||||||
Change in fair value of equity securities | |||||||||||||||
Gain on sale of loans | |||||||||||||||
Other non-interest income | |||||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | |||||||||||||||
Occupancy | |||||||||||||||
Federal deposit insurance premiums | |||||||||||||||
Advertising | |||||||||||||||
Professional fees | |||||||||||||||
Data processing | |||||||||||||||
Merger-related expenses | |||||||||||||||
Other non-interest expense | |||||||||||||||
Total non-interest expense | |||||||||||||||
Income before income tax expense | |||||||||||||||
Income tax expense | |||||||||||||||
Net income | $ | $ | |||||||||||||
Earnings per share - basic and diluted | $ | $ | $ | $ | |||||||||||
Weighted average shares outstanding -basic and diluted | |||||||||||||||
See accompanying notes to unaudited consolidated financial statements. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Unaudited) | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Other comprehensive income, net of tax: | |||||||||||||||
Unrealized gains on debt securities available for sale | |||||||||||||||
Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity | ( | ) | ( | ) | |||||||||||
Reclassification adjustment for gains included in net income | |||||||||||||||
Derivatives, net of tax: | |||||||||||||||
Unrealized (loss) on swap contracts accounted for as cash flow hedges | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Employee benefit plans, net of tax: | |||||||||||||||
Amortization of prior service cost included in net income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Reclassification adjustment of actuarial net gain included in net income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Change in funded status of retirement obligations | ( | ) | ( | ) | |||||||||||
( | ) | ( | ) | ||||||||||||
Total other comprehensive income | |||||||||||||||
Total comprehensive income, net of tax | $ | $ | $ | $ | |||||||||||
See accompanying notes to unaudited consolidated financial statements. |
Common Stock | Additional Paid-in-Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Common Stock Held by the Employee Stock Ownership Plan | Stock Held by Rabbi Trust | Deferred Compensation Obligations | Total Stockholders' Equity | |||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issuance of common stock to Columbia Bank MHC | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Purchase of treasury stock (899,074 shares) | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||||
Restricted stock forfeitures (240 shares) | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||
See accompanying notes to unaudited consolidated financial statements. |
Common Stock | Additional Paid-in-Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Common Stock Held by the Employee Stock Ownership Plan | Stock Held by Rabbi Trust | Deferred Compensation Obligations | Total Stockholders' Equity | |||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
Effect of the adoption of Accounting Standards Update ("ASC") 2016-01 | — | — | ( | ) | — | — | — | — | |||||||||||||||||||||||||||
Balance at January 1, 2019 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issuance of common stock to Columbia Bank MHC | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Purchase of treasury (3,456,200 shares) | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||||
Restricted stock forfeitures (1,121 shares) | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||
See accompanying notes to unaudited consolidated financial statements. |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities: | (In thousands, unaudited) | ||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Amortization of deferred loan costs, fees and purchased premiums and discounts | |||||||
Net amortization of premiums and discounts on securities | |||||||
Net amortization of mortgage servicing rights | ( | ) | |||||
Amortization of intangible assets | |||||||
Depreciation and amortization of office properties and equipment | |||||||
Amortization of operating lease right-of-use assets | |||||||
Provision for loan losses | |||||||
Gain on securities transactions | ( | ) | ( | ) | |||
Change in fair value of equity securities | ( | ) | ( | ) | |||
Gain on sale of loans | ( | ) | ( | ) | |||
Loss on real estate owned | |||||||
Loss on disposal of office properties and equipment | |||||||
Loss on write-down of mortgage servicing rights | |||||||
Deferred tax expense (benefit) | ( | ) | |||||
(Increase) in accrued interest receivable | ( | ) | ( | ) | |||
(Increase) in other assets | ( | ) | ( | ) | |||
Increase in accrued expenses and other liabilities | |||||||
Income on bank-owned life insurance | ( | ) | ( | ) | |||
Employee stock ownership plan expense | |||||||
Stock based compensation | |||||||
Increase in deferred compensation obligations under Rabbi Trust | ( | ) | ( | ) | |||
Net cash provided by operating activities | ( | ) | |||||
Cash flows from investing activities: | |||||||
Proceeds from sales of debt securities available for sale | |||||||
Proceeds from sales of equity securities | |||||||
Proceeds from paydowns/maturities/calls of debt securities available for sale | |||||||
Proceeds from paydowns/maturities/calls of debt securities held to maturity | |||||||
Purchases of debt securities available for sale | ( | ) | ( | ) | |||
Purchases of debt securities held to maturity | ( | ) | |||||
Purchases of equity securities | ( | ) | |||||
Proceeds from sales of loans held-for-sale | |||||||
Proceeds from sales of loans receivable | |||||||
Purchases of loans receivable | ( | ) | |||||
Net increase in loans receivable | ( | ) | ( | ) | |||
Proceeds from redemptions of Federal Home Loan Bank stock | |||||||
Purchases of Federal Home Loan Bank stock | ( | ) | ( | ) | |||
Additions to office properties and equipment | ( | ) | ( | ) | |||
Proceeds from sale of real estate owned | |||||||
Net cash acquired in acquisition | |||||||
Net cash used in investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Net increase in deposits | |||||||
Proceeds from long-term borrowings | |||||||
Payments on long-term borrowings | ( | ) | ( | ) | |||
Net (decrease) increase in short-term borrowings | ( | ) | |||||
Increase in advance payments by borrowers for taxes and insurance | |||||||
Purchase of treasury stock | ( | ) | ( | ) | |||
Restricted stock forfeitures | ( | ) | |||||
Net cash provided by financing activities |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
( In thousands, unaudited) | |||||||
Net increase in cash and cash equivalents | $ | $ | |||||
Cash and cash equivalents at beginning of year | |||||||
Cash and cash equivalents at end of period | $ | $ | |||||
Cash paid during the period for: | |||||||
Interest on deposits and borrowings | $ | $ | |||||
Income tax payments, net of (refunds) | $ | $ | ( | ) | |||
Non-cash investing and financing activities: | |||||||
Transfer of loans receivable to loans held-for-sale | $ | $ | |||||
Securitization of loans | $ | $ | |||||
Initial recognition of operating lease right-of-use assets | $ | $ | |||||
Initial recognition of operating lease liabilities | $ | $ | |||||
Acquisition: | |||||||
Non-cash assets acquired: | |||||||
Debt securities available for sale | $ | $ | |||||
Debt securities held to maturity | |||||||
Equity securities | |||||||
Federal Home Loan Bank stock | |||||||
Loans receivable | |||||||
Accrued interest receivable | |||||||
Office properties and equipment, net | |||||||
Bank-owned life insurance | |||||||
Other assets | |||||||
Total non-cash assets acquired | $ | $ | |||||
Liabilities assumed: | |||||||
Deposits | $ | $ | |||||
Borrowings | |||||||
Advance payments by borrowers for taxes and insurance | |||||||
Accrued expenses and other liabilities | |||||||
Total liabilities assumed | $ | $ | |||||
Net non-cash liabilities acquired | $ | ( | ) | $ | |||
Net cash and cash equivalents acquired in acquisition | $ | $ | |||||
See accompanying notes to unaudited consolidated financial statements. |
April 1, 2020 | |||
(In thousands) | |||
Assets acquired: | |||
Cash and cash equivalents | $ | ||
Debt securities available for sale | |||
Debt securities held to maturity | |||
Equity securities | |||
Federal Home Loan Bank stock | |||
Loans receivable | |||
Accrued interest receivable | |||
Office properties and equipment, net | |||
Bank-owned life insurance | |||
Deferred tax asset, net | |||
Other assets | |||
Total assets acquired | $ | ||
Liabilities assumed: | |||
Deposits | $ | ||
Borrowings | |||
Advance payments by borrowers for taxes and insurance | |||
Accrued expenses and other liabilities | |||
Total liabilities assumed | $ | ||
Net assets acquired | |||
Fair market value of stock issued to Columbia Bank MHC for purchase | |||
Goodwill recorded at merger | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Shares: | |||||||||||||||
Weighted average shares outstanding - basic | |||||||||||||||
Weighted average dilutive shares outstanding | |||||||||||||||
Weighted average shares outstanding - diluted | |||||||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||
Diluted | $ | $ | $ | $ |
• | a historical loss period, which represents a full economic credit cycle utilizing internal loss experience, as well as industry and peer historical loss data; |
• | a single economic scenario with a reasonable and supportable forecast period of four to six quarters based on management’s current review of macroeconomic factors and the reliability of extended economic forecasts over different time horizons; |
• | a reversion to historical mean period (after the reasonable and supportable forecast period) using a straight-line approach that extends through the shorter of six quarters or the end of the remaining contractual term; and |
• | expected prepayment rates based on a combination of our historical experience and market observations. |
June 30, 2020 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
U.S. government and agency obligations | $ | $ | $ | $ | |||||||||||
Mortgage-backed securities and collateralized mortgage obligations | ( | ) | |||||||||||||
Municipal obligations | |||||||||||||||
Corporate debt securities | ( | ) | |||||||||||||
Trust preferred securities | ( | ) | |||||||||||||
$ | $ | $ | ( | ) | $ |
December 31, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
U.S. government and agency obligations | $ | $ | $ | ( | ) | $ | |||||||||
Mortgage-backed securities and collateralized mortgage obligations | ( | ) | |||||||||||||
Municipal obligations | ( | ) | |||||||||||||
Corporate debt securities | ( | ) | |||||||||||||
Trust preferred securities | ( | ) | |||||||||||||
$ | $ | $ | ( | ) | $ |
June 30, 2020 | |||||||
Amortized Cost | Fair Value | ||||||
(In thousands) | |||||||
One year or less | $ | $ | |||||
More than one year to five years | |||||||
More than five years to ten years | |||||||
More than ten years | |||||||
$ | $ | ||||||
Mortgage-backed securities and collateralized mortgage obligations | |||||||
$ | $ |
June 30, 2020 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized (Losses) | Fair Value | Gross Unrealized (Losses) | Fair Value | Gross Unrealized (Losses) | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Corporate debt securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Trust preferred securities | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
December 31, 2019 | ||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||
Fair Value | — | Gross Unrealized (Losses) | — | Fair Value | — | Gross Unrealized (Losses) | — | Fair Value | — | Gross Unrealized (Losses) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
U.S. government and agency obligations | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Municipal obligations | ( | ) | ( | ) | ||||||||||||||||||||||||
Corporate debt securities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Trust preferred securities | ( | ) | ( | ) | ||||||||||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
June 30, 2020 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | $ | $ | $ | ( | ) | $ | |||||||||
$ | $ | $ | ( | ) | $ |
December 31, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
U.S. government and agency obligations | $ | $ | $ | ( | ) | $ | |||||||||
Mortgage-backed securities and collateralized mortgage obligations | ( | ) | |||||||||||||
$ | $ | $ | ( | ) | $ |
June 30, 2020 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized (Losses) | Fair Value | Gross Unrealized (Losses) | Fair Value | Gross Unrealized (Losses) | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) |
December 31, 2019 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized (Losses) | Fair Value | Gross Unrealized (Losses) | Fair Value | Gross Unrealized (Losses) | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
U.S. government and agency obligations | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | |||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
June 30, | December 31, | ||||||
2020 | 2019 | ||||||
(In thousands) | |||||||
Real estate loans: | |||||||
One-to-four family | $ | $ | |||||
Multifamily and commercial | |||||||
Construction | |||||||
Commercial business loans | |||||||
Consumer loans: | |||||||
Home equity loans and advances | |||||||
Other consumer loans | |||||||
Total gross loans | |||||||
Purchased credit-impaired loans | |||||||
Net deferred loan costs, fees and purchased premiums and discounts | |||||||
Loans receivable | $ | $ |
June 30, 2020 | |||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Non-accrual | Current | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||
One-to-four family | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Multifamily and commercial | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||
Commercial business loans | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||
Home equity loans and advances | |||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Total Past Due | Non-accrual | Current | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||
One-to-four family | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Multifamily and commercial | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||
Commercial business loans | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||
Home equity loans and advances | |||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||
(In thousands) | |||||||
Balance at beginning of period | $ | $ | |||||
Acquisition | |||||||
Accretion | ( | ) | ( | ) | |||
Net change in expected cash flows | ( | ) | |||||
Balance at end of period | $ | $ |
June 30, 2020 | |||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
For the Six Months Ended June 30, | |||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
No. of Loans | Pre-modification Recorded Investment | Post-modification Recorded Investment | No. of Loans | Pre-modification Recorded Investment | Post-modification Recorded Investment | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||
Real Estate loans: | |||||||||||||||||||||
Multifamily and commercial | $ | $ | $ | $ | |||||||||||||||||
Total restructured loans | $ | $ | $ | $ |
For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Unallocated | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Provision charged (credited) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Provision charged (credited) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Unallocated | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Provision charged (credited) | ( | ) | |||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Provision charged (credited) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
At June 30, 2020 | |||||||||||
Recorded Investment | Unpaid Principal Balance | Specific Allowance | |||||||||
(In thousands) | |||||||||||
With no allowance recorded: | |||||||||||
Real estate loans: | |||||||||||
One-to-four family | $ | $ | $ | — | |||||||
Multifamily and commercial | — | ||||||||||
Commercial business loans | — | ||||||||||
Consumer loans: | |||||||||||
Home equity loans and advances | — | ||||||||||
— | |||||||||||
With a specific allowance recorded: | |||||||||||
Real estate loans: | |||||||||||
One-to-four family | |||||||||||
Multifamily and commercial | |||||||||||
Commercial business loans | |||||||||||
Consumer loans: | |||||||||||
Home equity loans and advances | |||||||||||
Total: | |||||||||||
Real estate loans: | |||||||||||
One-to-four family | |||||||||||
Multifamily and commercial | |||||||||||
Commercial business loans | |||||||||||
Consumer loans: | |||||||||||
Home equity loans and advances | |||||||||||
Total loans | $ | $ | $ |
At December 31, 2019 | |||||||||||
Recorded Investment | Unpaid Principal Balance | Specific Allowance | |||||||||
(In thousands) | |||||||||||
With no allowance recorded: | |||||||||||
Real estate loans: | |||||||||||
One-to-four family | $ | $ | $ | — | |||||||
Multifamily and commercial | — | ||||||||||
Commercial business loans | — | ||||||||||
Consumer loans: | |||||||||||
Home equity loans and advances | — | ||||||||||
— | |||||||||||
With a specific allowance recorded: | |||||||||||
Real estate loans: | |||||||||||
One-to-four family | |||||||||||
Multifamily and commercial | |||||||||||
Commercial business loans | |||||||||||
Consumer loans: | |||||||||||
Home equity loans and advances | |||||||||||
Total: | |||||||||||
Real estate loans: | |||||||||||
One-to-four family | |||||||||||
Multifamily and commercial | |||||||||||
Commercial business loans | |||||||||||
Consumer loans: | |||||||||||
Home equity loans and advances | |||||||||||
$ | $ | $ |
For the Three Months Ended June 30, | |||||||||||||||
2020 | 2019 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
(In thousands) | |||||||||||||||
Real estate loans: | |||||||||||||||
One-to-four family | $ | $ | $ | $ | |||||||||||
Multifamily and commercial | |||||||||||||||
Construction | |||||||||||||||
Commercial business loans | |||||||||||||||
Consumer loans: | |||||||||||||||
Home equity loans and advances | |||||||||||||||
Total loans | $ | $ | $ | $ |
For the Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
(In thousands) | |||||||||||||||
Real estate loans: | |||||||||||||||
One-to-four family | $ | $ | $ | $ | |||||||||||
Multifamily and commercial | |||||||||||||||
Construction | |||||||||||||||
Commercial business loans | |||||||||||||||
Consumer loans: | |||||||||||||||
Home equity loans and advances | |||||||||||||||
Total loans | $ | $ | $ | $ |
June 30, 2020 | |||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
At June 30, 2020 | Lease Payment Obligations | |||
(In thousands) | ||||
2020 | $ | |||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
Thereafter | ||||
Total undiscounted cash flows | ||||
Discount on cash flows | ( | ) | ||
Total lease liability | $ |
June 30, | December 31, | ||||||
2020 | 2019 | ||||||
(In thousands) | |||||||
Non-interest-bearing demand | $ | $ | |||||
Interest-bearing demand | |||||||
Money market accounts | |||||||
Savings and club deposits | |||||||
Certificates of deposit | |||||||
Total deposits | $ | $ |
June 30, | December 31, | ||||||
2020 | 2019 | ||||||
(In thousands) | |||||||
One year or less | $ | $ | |||||
After one year to two years | |||||||
After two years to three years | |||||||
After three years to four years | |||||||
After four years | |||||||
$ | $ |
Number of Restricted Shares | Weighted Average Grant Date Fair Value | |||||
Outstanding, January 1, 2020 | $ | |||||
Forfeited | ( | ) | ||||
Outstanding, March 31, 2020 | $ | |||||
Forfeited | ( | ) | ||||
Outstanding, June 30, 2020 | $ |
Number of Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, January 1, 2020 | $ | ||||||||||||
Forfeited | ( | ) | — | — | |||||||||
Outstanding, March 31, 2020 | $ | ||||||||||||
Forfeited | ( | ) | — | — | |||||||||
Outstanding, June 30, 2020 | $ | ||||||||||||
Options exercisable at June 30, 2020 | $ | — | $ | — |
For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
Pension Plan | RIM Plan | Post-retirement Plan | Split-Dollar Life Insurance | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Affected Line Item in the Consolidated Statements of Income | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | Compensation and employee benefits | ||||||||||||||||||||||||
Interest cost | Other non-interest expense | ||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | Other non-interest expense | ||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||
Prior service cost | Other non-interest expense | ||||||||||||||||||||||||||||||||
Net loss | Other non-interest expense | ||||||||||||||||||||||||||||||||
Net periodic (income) benefit cost | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | $ | $ |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
Pension Plan | RIM Plan | Post-retirement Plan | Split-Dollar Life Insurance | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | Affected Line Item in the Consolidated Statements of Income | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | Compensation and employee benefits | ||||||||||||||||||||||||
Interest cost | Other non-interest expense | ||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | Other non-interest expense | ||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||
Prior service cost | Other non-interest expense | ||||||||||||||||||||||||||||||||
Net loss | Other non-interest expense | ||||||||||||||||||||||||||||||||
Net periodic (income) benefit cost | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | $ | $ |
June 30, 2020 | |||||||||||||||
Fair Value Measurements | |||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Debt securities available for sale: | |||||||||||||||
U.S. government and agency obligations | $ | $ | $ | $ | |||||||||||
Mortgage-backed securities and collateralized mortgage obligations | |||||||||||||||
Municipal obligations | |||||||||||||||
Corporate debt securities | |||||||||||||||
Trust preferred securities | |||||||||||||||
Total debt securities available for sale | |||||||||||||||
Equity securities | |||||||||||||||
Derivative assets | |||||||||||||||
$ | $ | $ | $ | ||||||||||||
Derivative liabilities | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||
Fair Value Measurements | |||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Debt securities available for sale: | |||||||||||||||
U.S. government and agency obligations | $ | $ | $ | $ | |||||||||||
Mortgage-backed securities and collateralized mortgage obligations | |||||||||||||||
Municipal obligations | |||||||||||||||
Corporate debt securities | |||||||||||||||
Trust preferred securities | |||||||||||||||
Total debt securities available for sale | |||||||||||||||
Equity securities | |||||||||||||||
Derivative assets | |||||||||||||||
$ | $ | $ | $ | ||||||||||||
Derivative liabilities | $ | $ | $ | $ |
June 30, 2020 | |||||||||||||||
Fair Value Measurements | |||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | |||||||||||
$ | $ | $ | $ |
December 31, 2019 | |||||||||||||||
Fair Value Measurements | |||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Impaired loans | $ | $ | $ | $ | |||||||||||
Mortgage servicing rights | |||||||||||||||
$ | $ | $ | $ |
June 30, 2020 | |||||||||||
Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | |||||||
(Dollars in thousands) | |||||||||||
Mortgage servicing rights | $ | Estimated cash flow | Prepayment speeds and discount rates(3) | 9.1% - 29.3% |
December 31, 2019 | |||||||||||
Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | |||||||
(Dollars in thousands) | |||||||||||
Impaired loans | $ | Estimated cash flow | Expected value of future cash flows (1) | ||||||||
Mortgage servicing rights | Estimated cash flow | Prepayment speeds and discount rates (2) | 3.6% - 24.0% | ||||||||
(1) Value based on management's estimate of expected future cash flows. | |||||||||||
(2) Value of SBA servicing rights based on a discount rate of 11.75%. | |||||||||||
(3) Value of SBA servicing rights based on a discount rate of 10.25%. |
June 30, 2020 | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
Carrying Value | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Debt securities available for sale | |||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||
Equity securities | |||||||||||||||||||
Federal Home Loan Bank stock | |||||||||||||||||||
Loans receivable, net | |||||||||||||||||||
Financial liabilities: | — | ||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||
Borrowings | |||||||||||||||||||
Derivative liabilities |
December 31, 2019 | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
Carrying Value | Total Fair Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Debt securities available for sale | |||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||
Equity securities | |||||||||||||||||||
Federal Home Loan Bank stock | |||||||||||||||||||
Loans receivable, net | |||||||||||||||||||
Derivative assets | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||
Borrowings | |||||||||||||||||||
Derivative liabilities |
For the Three Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Components of other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gains on debt securities available for sale: | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Accretion of unrealized gain on debt securities reclassified as held to maturity | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Reclassification adjustment for gains included in net income | ( | ) | |||||||||||||||||||||
( | ) | ( | ) | ||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Unrealized (loss) on swap contracts accounted for as cash flow hedges | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Employee benefit plans: | |||||||||||||||||||||||
Amortization of prior service cost included in net income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Reclassification adjustment of actuarial net gain included in net income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Change in funded status of retirement obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||
( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total other comprehensive income | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
For the Six Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Components of other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gains on debt securities available for sale: | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Accretion of unrealized gain on debt securities reclassified as held to maturity | ( | ) | ( | ) | |||||||||||||||||||
Reclassification adjustment for gains included in net income | ( | ) | ( | ) | |||||||||||||||||||
( | ) | ( | ) | ||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Unrealized (loss) on swap contracts accounted for as cash flow hedges | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Employee benefit plans: | |||||||||||||||||||||||
Amortization of prior service cost included in net income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Reclassification adjustment of actuarial net (loss) included in net income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Change in funded status of retirement obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||
( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total other comprehensive income | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||
Unrealized Gains on Debt Securities Available for Sale | Unrealized (Losses) on Swaps | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) | Unrealized (Losses) Gains on Debt Securities Available for Sale | Unrealized Gains on Swaps | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Current period changes in other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||
Unrealized Gains on Debt Securities Available for Sale | Unrealized (Losses) on Swaps | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) | Unrealized (Losses) Gains on Debt Securities Available for Sale | Unrealized Gains on Swaps | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Effect of adoption of ASU 2016-01 | — | — | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||
Balance at January 1, | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Current period changes in other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Accumulated Other Comprehensive Income (Loss) Components | ||||||||||
For the Three Months Ended June 30, | Affected Line Items in the Consolidated Statements of Income | |||||||||
2020 | 2019 | |||||||||
(In thousands) | ||||||||||
Reclassification adjustment for gains included in net income | $ | $ | Gain on securities transactions | |||||||
Reclassification adjustment of actuarial net (loss) included in net income | ( | ) | ( | ) | Other non-interest expense | |||||
Total before tax | ( | ) | ( | ) | ||||||
Income (tax) benefit | ||||||||||
Net of tax | $ | ( | ) | $ | ( | ) |
Accumulated Other Comprehensive Income (Loss) Components | ||||||||||
For the Six Months Ended June 30, | Affected Line Items in the Consolidated Statements of Income | |||||||||
2020 | 2019 | |||||||||
(In thousands) | ||||||||||
Reclassification adjustment for gains included in net income | $ | $ | Gain on securities transactions | |||||||
Reclassification adjustment of actuarial net (loss) included in net income | ( | ) | ( | ) | Other non-interest expense | |||||
Total before tax | ( | ) | ( | ) | ||||||
Income (tax) benefit | ||||||||||
Net of tax | $ | ( | ) | $ | ( | ) |
June 30, 2020 | |||||||||||
Asset Derivative | Liability Derivative | ||||||||||
Consolidated Statements of Financial Condition | Fair Value | Consolidated Statements of Financial Condition | Fair Value | ||||||||
(In thousands) | |||||||||||
Derivatives: | |||||||||||
Interest rate swaps | Other Assets | $ | Other Liabilities | $ | |||||||
Total derivative instruments | $ | $ |
December 31, 2019 | |||||||||||
Asset Derivative | Liability Derivative | ||||||||||
Consolidated Statements of Financial Condition | Fair Value | Consolidated Statements of Financial Condition | Fair Value | ||||||||
(In thousands) | |||||||||||
Derivatives: | |||||||||||
Interest rate swaps | Other Assets | $ | Other Liabilities | $ | |||||||
Total derivative instruments | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In thousands) | |||||||||||||||
Non-interest income | |||||||||||||||
In-scope of Topic 606: | |||||||||||||||
Demand deposit account fees | $ | $ | $ | $ | |||||||||||
Title insurance fees | |||||||||||||||
Other non-interest income | |||||||||||||||
Total in-scope non-interest income | |||||||||||||||
Total out-of-scope non-interest income | |||||||||||||||
Total non-interest income | $ | $ | $ | $ |
Balance at July 21, 2020 | Percent of Total Loans at June 30, 2020 | |||||
(Dollars in thousands) | ||||||
Real estate loans: | ||||||
One-to-four family | $ | 73,502 | 3.40 | % | ||
Multifamily and commercial | 447,925 | 15.59 | % | |||
Construction | 13,525 | 4.14 | % | |||
Commercial business loans | 34,059 | 3.79 | % | |||
Home equity loans and advances | 8,427 | 2.34 | % | |||
Total loans | $ | 577,438 | 8.72 | % |
Twelve Months Net Interest Income | Net Portfolio Value ("NPV") | |||||||||||||||||||
(Dollars in thousands) | Amount | Dollar Change | Percent of Change | Estimated NPV | Present Value Ratio | Percent Change | ||||||||||||||
Change in Interest Rates (Basis Points) | ||||||||||||||||||||
+300 | $ | 221,423 | $ | 7,832 | 3.67 | % | $ | 990,657 | 11.81 | % | (9.84 | )% | ||||||||
+200 | 219,784 | 6,193 | 2.90 | 1,047,184 | 12.12 | (4.69 | ) | |||||||||||||
+100 | 216,647 | 3,056 | 1.43 | 1,083,445 | 12.18 | (1.39 | ) | |||||||||||||
Base | 213,591 | — | — | 1,098,769 | 12.00 | — | ||||||||||||||
-100 | 206,649 | (6,942 | ) | (3.25 | ) | 1,059,439 | 11.28 | (3.58 | ) |
Actual | Minimum Capital Adequacy Requirements | Minimum Capital Adequacy Requirements with Capital Conservation Buffer | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
Company | (In thousands, except ratio data) | |||||||||||||||||||
At June 30, 2020: | ||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,092,838 | 18.22 | % | $ | 479,760 | 8.00 | % | $ | 629,685 | 10.50 | % | N/A | N/A | ||||||
Tier 1 capital (to risk-weighted assets) | 1,006,951 | 16.79 | % | 359,820 | 6.00 | % | 509,745 | 8.50 | % | N/A | N/A | |||||||||
Common equity tier 1 capital (to risk-weighted assets) | 999,734 | 16.67 | % | 269,865 | 4.50 | % | 419,790 | 7.00 | % | N/A | N/A | |||||||||
Tier 1 capital (to adjusted total assets) | 1,006,951 | 11.56 | % | 348,535 | 4.00 | % | 348,535 | 4.00 | % | N/A | N/A | |||||||||
At December 31, 2019: | ||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,061,555 | 17.25 | % | $ | 492,438 | 8.00 | % | $ | 646,324 | 10.50 | % | N/A | N/A | ||||||
Tier 1 capital (to risk-weighted assets) | 988,172 | 16.05 | 369,328 | 6.00 | 523,215 | 8.50 | N/A | N/A | ||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 980,995 | 15.94 | 276,996 | 4.50 | 430,883 | 7.00 | N/A | N/A | ||||||||||||
Tier 1 capital (to adjusted total assets) | 988,172 | 12.92 | 305,824 | 4.00 | 305,824 | 4.00 | N/A | N/A |
Actual | Minimum Capital Adequacy Requirements | Minimum Capital Adequacy Requirements with Capital Conservation Buffer | To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Bank | (In thousands, except ratio data) | ||||||||||||||||||||||
At June 30, 2020: | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 926,380 | 15.58 | % | $ | 475,689 | 8.00 | % | $ | 624,342 | 10.50 | % | $ | 594,611 | 10.00 | % | |||||||
Tier 1 capital (to risk-weighted assets) | 852,093 | 14.33 | 356,767 | 6.00 | 505,420 | 8.50 | 475,689 | 8.00 | |||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 852,093 | 14.33 | 267,575 | 4.50 | 416,228 | 7.00 | 386,497 | 6.50 | |||||||||||||||
Tier 1 capital (to adjusted total assets) | 852,093 | 9.79 | 348,116 | 4.00 | 348,116 | 4.00 | 435,145 | 5.00 | |||||||||||||||
At December 31, 2019: | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 844,664 | 14.25 | % | $ | 474,125 | 8.00 | % | $ | 622,290 | 10.50 | % | $ | 592,657 | 10.00 | % | |||||||
Tier 1 capital (to risk-weighted assets) | 782,881 | 13.21 | 355,594 | 6.00 | 503,758 | 8.50 | 474,125 | 8.00 | |||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 782,881 | 13.21 | 266,696 | 4.50 | 414,860 | 7.00 | 385,227 | 6.50 | |||||||||||||||
Tier 1 capital (to adjusted total assets) | 782,881 | 10.25 | 305,423 | 4.00 | 305,423 | 4.00 | 381,779 | 5.00 |
• | cause changes in consumer and business spending, borrowing and savings habits, which may affect the demand for loans and other products and services we offer, as well as the creditworthiness of potential and current borrowers; |
• | cause our borrowers to be unable to meet existing payment obligations, particularly those borrowers that may be disproportionately affected by business shut downs and travel restrictions, such as those operating in the travel, lodging, retail, and entertainment industries, resulting in increases in loan delinquencies, problem assets, and foreclosures; |
• | cause the value of collateral for loans, especially real estate, to decline in value; |
• | reduce the availability and productivity of our employees; |
• | require us to increase our allowance for loan losses; |
• | cause our vendors and counterparties to be unable to meet existing obligations to us; |
• | negatively impact the business and operations of third party service providers that perform critical services for our business; |
• | impede our ability to close mortgage loans, if appraisers and title companies are unable to perform their functions; |
• | cause the value of our securities portfolio to decline; and |
• | cause the net worth and liquidity of loan guarantors to decline, impairing their ability to honor commitments to us. |
Period | Total Number of Shares (3) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
April 1 - 30, 2020 | 899,314 | $ | 14.46 | 899,074 | — | ||||||||
May 1 - 31, 2020 | — | — | — | — | |||||||||
June 1 - 30, 2020 | — | — | — | — | |||||||||
Total | 899,314 | 14.46 | 899,074 | ||||||||||
(1) On June 11, 2019, the Company announced that the Company's Board of Directors authorized a stock repurchase program for up to 4,000,000 shares of the Company's issued and outstanding common stock, commencing on June 13, 2019. | |||||||||||||
(2) On December 5, 2019, the Company announced that its Board of Directors had expanded its stock repurchase program to acquire an additional 3,000,000 shares of the Company's outstanding common stock in addition to the shares remaining under the repurchase program announced on June 11, 2019. | |||||||||||||
(3) During the three months ended June 30, 2020, 240 shares were repurchased pursuant to forfeitures related to the 2019 Equity Incentive Plan and not as part of our share repurchase program. |
31.1 | ||
31.2 | ||
32 | ||
101. | The following materials from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended June 30, 2020, formatted in inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. | |
101. INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document | |
101. SCH | Inline XBRL Taxonomy Extension Schema Document | |
101. CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101. DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101. LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101. PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |
Columbia Financial, Inc. | ||||
Date: | August 10, 2020 | /s/Thomas J. Kemly | ||
Thomas J. Kemly | ||||
President and Chief Executive Officer | ||||
(Principal Executive Officer) | ||||
Date: | August 10, 2020 | /s/Dennis E. Gibney | ||
Dennis E. Gibney | ||||
Executive Vice President and Chief Financial Officer | ||||
(Principal Financial and Accounting Officer) |
1. | I have reviewed this report on Form 10-Q of Columbia Financial, Inc. |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 10, 2020 | /s/Thomas J. Kemly | ||
Thomas J. Kemly | ||||
President and Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q of Columbia Financial, Inc. |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 10, 2020 | /s/Dennis E. Gibney | ||
Dennis E. Gibney | ||||
Executive Vice President and Chief Financial Officer |
Date: | August 10, 2020 | /s/Thomas J. Kemly | ||
Thomas J. Kemly | ||||
President and Chief Executive Officer | ||||
Date: | August 10, 2020 | /s/Dennis E. Gibney | ||
Dennis E. Gibney | ||||
Executive Vice President and Chief Financial Officer |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity | $ 289,836 | $ 289,505 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares issued (in shares) | 122,037,793 | 113,765,387 |
Common stock, shares outstanding (in shares) | 115,067,114 | 113,765,387 |
Treasury stock, shares (in shares) | 6,970,679 | 3,513,358 |
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in-Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss) |
Treasury Stock |
Common Stock Held by the Employee Stock Ownership Plan |
Stock Held by Rabbi Trust |
Deferred Compensation Obligations |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
|
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss)
|
Cumulative Effect, Period of Adoption, Adjusted Balance |
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional Paid-in-Capital
|
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
|
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive (Loss)
|
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury Stock
|
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock Held by the Employee Stock Ownership Plan
|
Cumulative Effect, Period of Adoption, Adjusted Balance
Stock Held by Rabbi Trust
|
Cumulative Effect, Period of Adoption, Adjusted Balance
Deferred Compensation Obligations
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2018 | $ 972,060 | $ 1,159 | $ 527,037 | $ 560,216 | $ (71,897) | $ 0 | $ (43,835) | $ (1,259) | $ 639 | $ 0 | $ 548 | $ (548) | $ 972,060 | $ 527,037 | $ 560,764 | $ (72,445) | $ 0 | $ (43,835) | $ (1,259) | $ 639 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 26,950 | 26,950 | ||||||||||||||||||
Other comprehensive income (loss) | 11,126 | 11,126 | ||||||||||||||||||
Purchase of treasury stock | (3,867) | (3,867) | ||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 1,738 | 613 | 1,125 | |||||||||||||||||
Funding of deferred compensation obligations | (98) | (148) | 50 | |||||||||||||||||
Balance at end of year at Jun. 30, 2019 | 1,007,909 | 1,159 | 527,650 | 587,714 | (61,319) | (3,867) | (42,710) | (1,407) | 689 | |||||||||||
Balance at beginning of period at Mar. 31, 2019 | 994,502 | 1,159 | 527,346 | 575,683 | (65,820) | 0 | (43,276) | (1,359) | 769 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 12,031 | 12,031 | ||||||||||||||||||
Other comprehensive income (loss) | 4,501 | 4,501 | ||||||||||||||||||
Purchase of treasury stock | (3,867) | (3,867) | ||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 870 | 304 | 566 | |||||||||||||||||
Funding of deferred compensation obligations | (128) | (48) | (80) | |||||||||||||||||
Balance at end of year at Jun. 30, 2019 | 1,007,909 | 1,159 | 527,650 | 587,714 | (61,319) | (3,867) | (42,710) | (1,407) | 689 | |||||||||||
Balance at beginning of period at Dec. 31, 2019 | 982,517 | 1,173 | 531,667 | 615,481 | (68,735) | (54,950) | (41,564) | (1,520) | 965 | $ (68,735) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 21,862 | 21,862 | ||||||||||||||||||
Other comprehensive income (loss) | 15,528 | 15,528 | ||||||||||||||||||
Issuance of common stock to Columbia Bank MHC | 68,530 | 47 | 68,483 | |||||||||||||||||
Stock based compensation | 4,409 | 4,409 | ||||||||||||||||||
Purchase of treasury stock | (53,361) | (53,361) | ||||||||||||||||||
Restricted stock forfeitures | (16) | (16) | ||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 1,695 | 565 | 1,130 | |||||||||||||||||
Funding of deferred compensation obligations | (176) | (247) | 71 | |||||||||||||||||
Balance at end of year at Jun. 30, 2020 | 1,040,988 | 1,220 | 605,124 | 637,343 | (53,207) | (108,327) | (40,434) | (1,767) | 1,036 | |||||||||||
Balance at beginning of period at Mar. 31, 2020 | 961,126 | 1,173 | 534,213 | 622,246 | (59,665) | (95,326) | (40,999) | (1,728) | 1,212 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income | 15,097 | 15,097 | ||||||||||||||||||
Other comprehensive income (loss) | 6,458 | 6,458 | ||||||||||||||||||
Issuance of common stock to Columbia Bank MHC | 68,530 | 47 | 68,483 | |||||||||||||||||
Stock based compensation | 2,205 | 2,205 | ||||||||||||||||||
Purchase of treasury stock | (12,998) | (12,998) | ||||||||||||||||||
Restricted stock forfeitures | (3) | (3) | ||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 788 | 223 | 565 | |||||||||||||||||
Funding of deferred compensation obligations | (215) | (39) | (176) | |||||||||||||||||
Balance at end of year at Jun. 30, 2020 | $ 1,040,988 | $ 1,220 | $ 605,124 | $ 637,343 | $ (53,207) | $ (108,327) | $ (40,434) | $ (1,767) | $ 1,036 |
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) (Parenthetical) - shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Treasury stock, shares purchased (in shares) | 899,074 | 3,456,200 |
Restricted stock, shares forfeited (in shares) | 240 | 1,121 |
Basis of Financial Statement Presentation |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the "Bank") and the Bank's wholly-owned subsidiaries (collectively, the “Company”). In consolidation, all intercompany accounts and transactions are eliminated. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC (the "MHC"). The accounts of the MHC are not consolidated in the accompanying consolidated financial statements of the Company. In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and Consolidated Statements of Income for the periods presented. Actual results could differ from these estimates. Material estimates that are particularly susceptible to change are the determination of the adequacy of the allowance for credit losses, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits. These estimates and assumptions are evaluated on an ongoing basis and are adjusted when facts and circumstances dictate. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six month periods ended June 30, 2020 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or any other period. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The interim unaudited consolidated financial statements of the Company presented herein have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and U.S. generally accepted accounting principles (“GAAP”). Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC. |
Acquisitions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Stewardship Financial Corporation | Acquisitions Stewardship Financial Corporation On November 1, 2019, the Company completed its acquisition of Stewardship Financial Corporation ("Stewardship"), pursuant to the Agreement and Plan of Merger, dated as of June 6, 2019 (the "Merger Agreement"), by and among Columbia Financial, Broadway Acquisition Corp. (a wholly owned subsidiary of Columbia Financial) and Stewardship. Under the terms of the merger agreement, each outstanding share of Stewardship common stock was converted into the right to received $15.75 in cash at the effective time of the merger. At the time of closing, Stewardship had $956.0 million in total assets, including $756.9 million in net loans receivable, and $52.6 million in securities, and $877.8 million in total liabilities, including $781.4 million in deposits and $81.8 million in borrowings. The deposits initially acquired from Stewardship were held across a network of 12 branches located in New Jersey throughout Bergen, Morris, and Passaic Counties. During the six months ended June 30, 2020, four of these branches were closed, and the Bank recorded a loss of $770,000 related to these branch closures. Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the Stewardship acquisition totaled $102,000 and $1.1 million during the three and six months ended June 30, 2020, respectively. Merger expenses recorded during both the three and six months ended June 30, 2019 were $462,000. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The fair value estimates are subject to change for up to one year after the closing date of the transaction if additional information (existing at the date of closing) relative to closing date fair values becomes available. As the Company continues to analyze the acquired assets and assumed liabilities, there may be adjustments to the recorded carrying values. However, management does not expect significant future adjustments to the recorded amounts as at November 1, 2019. 2. Acquisitions (continued) Roselle Bank On April 1, 2020, the Company completed its acquisition of RSB Bancorp, MHC, RSB Bancorp, Inc. and Roselle Bank (collectively, the "Roselle Entities"). Pursuant to the terms of the Merger Agreement, RSB Bancorp, MHC merged with and into the MHC, with the MHC as the surviving entity; RSB Bancorp, Inc.: merged with and into the Company, with the Company as the surviving entity; and Roselle Bank merged with and into the Bank, with the Bank as the surviving institution. Under the terms of the merger agreement, depositors of Roselle Bank became depositors of the Bank and have the same rights and privileges in the MHC as if their accounts had been established at the Bank on the date established at Roselle Bank. The Company issued 4,759,048 shares of its common stock to the MHC, representing an amount equal to the fair value of the Roselle Entities as determined by an independent appraiser, at the effective time of the merger. Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the acquisition of the Roselle Entities totaled $335,000 and $443,000 during the three and six months ended June 30, 2020, respectively. There were no merger expenses recorded during the three and six months ended June 30, 2019. The following table sets forth assets acquired and liabilities assumed in the acquisition of the Roselle Entities, at their estimated fair values as of the closing date of the transaction:
2. Acquisitions (continued) The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities were recorded at their fair values as of April 1, 2020, and resulted in the recognition of goodwill of $23.8 million. The determination of the fair value of assets acquired and liabilities assumed required management to make estimates about discount rates, future expected cash flows, market condition, and other future events that are highly subjective in nature and subject to change. The fair value estimates are subject to change for up to one year after the closing date of the transaction if additional information (existing at the date of closing) relative to closing date fair values becomes available. As the Company continues to analyze the acquired assets and assumed liabilities, there may be adjustments to the recorded carrying values. However, management does not expect significant future adjustments to the recorded amounts as at April 1, 2020. Fair Value Measurement of Assets Acquired and Liabilities Assumed Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed: Cash and cash equivalents. The estimated fair values of cash and cash equivalents approximate their stated face amounts, as these financial instruments are either due on demand or have short-term maturities. Debt securities available for sale. The estimated fair values of the debt securities were calculated utilizing Level 2 inputs. The majority of the acquired securities were fixed income instruments that are not quoted on an exchange, but are traded in active markets. The prices for these instruments are obtained through an independent pricing service when available, or dealer market participants with whom the Company has historically transacted with for both purchases and sales of securities. The prices are derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, and the bond's terms and conditions, among other things. Management reviewed the data and assumptions used in pricing securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. Loans receivable. The acquired loan portfolio was segregated into pools for valuation purposes primarily based on loan type, non-accrual status, and credit risk rating. The estimated fair values were computed by discounting the expected cash flows from the respective pools. Cash flows were estimated by using valuation models that incorporated estimates of current key assumptions such as prepayment speeds, default rates, and loss severity rates. The process included: (1) projecting monthly principal and/or interest cash flows based on the contractual terms of the loans, including both maturity and contractual amortization; (2) adjusting projected cash flows for expected losses and prepayments, where appropriate; (3) developing a discount rate based on the relative risk of the cash flows, considering the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and (4) discounting the projected cash flows to a present value, to arrive at the calculated value of the loans. The methods used to estimate the fair values of loans are extremely sensitive to the assumptions and estimates used. While management attempted to use assumptions and estimates that best reflected the acquired loan portfolios and current market conditions, a greater degree of subjectivity is inherent in the values than in those determined in active markets. Office properties and equipment, net. The fair value of land and buildings was estimated using current appraisals. Acquired equipment was not material. Buildings are amortized over their estimated useful lives. Equipment is amortized or depreciated over their estimated useful lives usually ranging for three to ten years. Goodwill. Goodwill is not amortized for book purposes: however, it is reviewed at least annually for impairment and is not deductible for tax purposes. Deposits. The fair values of deposit liabilities with no stated maturity (i.e., non-interest bearing and interest-bearing demand deposit accounts, money market and savings and club accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represent contractual cash flows, discounted to present value using interest rates currently offered on deposits with similar characteristics and remaining maturities. |
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Earnings Per Share | Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2020 and 2019:
For the three and six months ended June 30, 2020 the average number of stock options which were anti-dilutive and were not included in the computation of diluted earnings per share totaled 1,494,367 and 1,101,780, respectively. There were no stock options outstanding for the three and six months ended June 30, 2019.
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Stock Repurchase Program |
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Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program |
Summary of Significant Accounting Policies |
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Accounting Standards Update and Change in Accounting Principle [Abstract] | |||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting Pronouncements Adopted in 2020 In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815)- Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the use of the OIS rate based upon SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the direct Treasury obligations of the U.S. Government, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association Municipal Swap Rate. The amendments in this ASU are required to be adopted concurrently with the amendments in ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which was issued in August 2017. The effective date for this ASU for the Company is for fiscal years beginning after December 15, 2019, with early adoption, including adoption in an interim period permitted. The amendments should be adopted on a 5. Summary of Significant Accounting Policies (continued) Accounting Pronouncements Adopted in 2020 (continued) prospective basis for qualifying new or redesignated hedging relationships entered into on or after date of adoption. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this updated guidance is to improve the effectiveness and disclosures in the notes to the financial statements. The ASU removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; removes the policy for timing of transfers between levels; and removes the disclosure related to the valuation process for Level 3 fair value measurements. The ASU also modifies existing disclosure requirements which relate to the disclosure for investments in certain entities which calculate net asset value and clarifies the disclosure about uncertainty in the measurements as of the reporting date. For all entities, the effective date for this guidance is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This guidance shortens the amortization period for premiums on callable debt securities by requiring that premiums be amortized to the first (or earliest) call date instead of as an adjustment to the yield over the contractual life. This change more closely aligns the accounting with the economics of a callable debt security and the amortization period with expectations that already are included in market pricing on callable debt securities. This guidance does not change the accounting for discounts on callable debt securities, which will continue to be amortized to the maturity date. This guidance includes only instruments that are held at a premium and have explicit call features. It does not include instruments that contain prepayment features, such as mortgage backed securities; nor does it include call options that are contingent upon future events or in which the timing or amount to be paid is not fixed. The effective date for this ASU for the Company is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Transition is on a modified retrospective basis with an adjustment to retained earnings as of the beginning of the period of adoption. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under ASC 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance in the ASU was applied prospectively and is effective for the Company for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This guidance requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date for leases classified as operating leases as well as finance leases. The update also requires new quantitative disclosures related to leases in the Company's consolidated financial statements. There are also practical expedients in this update related to leases that commenced before the effective date, initial direct costs and the use of hindsight to extend or terminate a lease or purchase a leased asset. Lessor accounting remains largely unchanged under this new guidance. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842, which provides an optional practical expedient to not evaluate land easements which were existing or expired before the adoption of Topic 842 that were not accounted for as leases under Topic 840. 5. Summary of Significant Accounting Policies (continued) Accounting Pronouncements Adopted in 2020 (continued) In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842) -Targeted Improvements which provides entities with an optional transition method under which comparative periods presented in the financial statements will continue to be in accordance with current Topic 840, Leases, and a practical expedient to not separate non-lease components from the associated lease component. The guidance is effective for the Company for annual periods beginning after December 15, 2019, including interim periods within that reporting period. In the evaluation of this guidance, the Company identified the inventory of leases and actively accumulated the requisite lease data necessary to apply the guidance. The Company selected a software platform to support the recording, accounting and disclosure requirements of the new lease guidance. Upon adoption, the Company recorded a right-of-use asset and lease liability as of January 1, 2020. See note 10 for more information regarding adoption. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"), further amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. Topic 326 pertains to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better determine their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology permitted by the recently enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The Company will adopt CECL at the earlier of December 31, 2020 or when the national emergency concerning the COVID-19 outbreak has concluded. The Company will adopt the above mentioned ASUs related to Financial Instruments -Credit Losses (Topic 326) using a modified retrospective approach. Our CECL methodology includes the following key factors and assumptions for all loan portfolio segments:
Based on several analyses performed, as well as an implementation analysis utilizing existing exposures and forecasts of macroeconomic conditions at June 30, 2020, we currently expect the adoption of ASU 2016-13 will result in an increase between 10% and 20% in our allowance for loan losses and our reserves for unfunded commitments. As part of the implementation of the ASU, the Company will reconcile historical loan data, determine segmentation of the loan portfolio for application of the CECL calculation, determine the key assumptions, select calculation methods, and establish an internal control framework. We are currently finalizing the execution of our implementation controls and enhancing process documentation. The expected increase in the allowance for loan losses and reserve for unfunded commitments is a result of the change from an incurred loss model, which encompasses allowances for current known and inherent losses within the portfolio, to an expected loss model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets; however, we do not expect these allowances to be significant. Future amounts of provision expense related to our allowance for loan losses and reserves for unfunded commitments will depend on the size and composition of our loan portfolio, future economic conditions and borrowers’ payment performance. Future amounts of provision related our debt securities will depend on the composition of our securities portfolio and current market conditions. The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios. 5. Summary of Significant Accounting Policies (continued) Accounting Pronouncements Not Yet Adopted (continued) Upon adoption, any impact to the allowance for credit losses, currently the allowance for loan losses, will be reflected as an adjustment to retained earnings. |
Debt Securities Available for Sale |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Available for Sale | Debt Securities Available for Sale Debt securities available for sale at June 30, 2020 and December 31, 2019 are summarized as follows:
6. Debt Securities Available for Sale (continued) The amortized cost and fair value of debt securities available for sale at June 30, 2020, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
Mortgage-backed securities and collateralized mortgage obligations totaling $1.0 billion at amortized cost, and $1.1 billion at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended June 30, 2020, there were no sales of debt securities available for sale. Proceeds from called debt securities available for sale totaled $5.5 million. No gross gains or gross losses were recognized on the securities called. Proceeds from matured debt securities available for sale totaled $5.1 million. During the six months ended June 30, 2020, proceeds from the sale of debt securities available for sale totaled $20.8 million, resulting in $369,000 of gross gains and no gross losses. Proceeds from called debt securities available for sale totaled $6.6 million, resulting in $1,000 of gross gains and no gross losses. Proceeds from matured debt securities available for sale totaled $5.8 million. During the three and six months ended June 30, 2019, proceeds from the sale of debt securities available for sale totaled $15.7 million resulting in $339,000 of gross gains and no gross losses. During the three and six months ended June 30, 2019, there were no maturities of debt securities available for sale. During the six months ended June 30, 2019, proceeds from one called debt security available for sale totaled $797,000. No gross gains or losses were recognized on the security which was called. During the three months ended June 30, 2019 there were no calls of debt securities available for sale. Debt securities available for sale having a carrying value of $769.7 million and $462.0 million, respectively, at June 30, 2020 and December 31, 2019, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. 6. Debt Securities Available for Sale (continued) The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities available for sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2020, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of securities in an unrealized loss position at June 30, 2020 totaled 31, compared with 97 at December 31, 2019. All temporarily impaired securities were investment grade at June 30, 2020 and December 31, 2019. The Company did not record an other-than-temporary impairment charge on debt securities available for sale during the three and six months ended June 30, 2020 and 2019. Debt Securities Held to MaturityDebt securities held to maturity at June 30, 2020 and December 31, 2019 are summarized as follows:
Mortgage-backed securities and collateralized mortgage obligations totaling $274.0 million at amortized cost, and $289.8 million at fair value, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and six months ended June 30, 2020, there were no sales or maturities of debt securities held to maturity. During both the three and six months ended June 30, 2020, proceeds from called debt securities held to maturity totaled $20.0 million. No gross gains or losses were recognized on the securities which were called. During the three and six months ended June 30, 2019, there were no sales or maturities of debt securities held for maturity. During the three and six months ended June 30, 2019, proceeds from one called debt security held to maturity totaled $5.0 million, resulting in no gross gain or loss. Debt securities held to maturity having a carrying value of $240.0 million and $236.0 million, at June 30, 2020 and December 31, 2019, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
7. Debt Securities Held to Maturity (continued)
The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities held to maturity was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2020, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. There were five securities in an unrealized loss position at June 30, 2020, compared with 22 at December 31, 2019. All temporarily impaired securities were investment grade at June 30, 2020 and December 31, 2019. The Company did not record an other-than-temporary impairment charge on debt securities held to maturity during the three and six months ended June 30, 2020 and 2019. Equity Securities at Fair ValueThe Company has an equity securities portfolio which consists of common stock in other financial institutions, a payment technology company, a community bank correspondent services company, and preferred stock in U.S. Government agencies which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at June 30, 2020 and December 31, 2019 was $4.7 million and $2.9 million, respectively. The Company adopted ASU 2016-01 on January 1, 2019, resulting in a $548,000 after tax cumulative-effect adjustment from other comprehensive income (loss) to retained earnings, as reflected in the Consolidated Statements of Changes in Stockholders' Equity. The Company recorded a net increase in the fair value of equity securities of $643,000 and $59,000, during the three and six months ended June 30, 2020, as a component of non-interest income. During the three and six months ended June 30, 2019, the Company recorded a net increase in the fair value of equity securities of $71,000 and $247,000, respectively, as a component of non-interest income. |
Debt Securities Held to Maturity |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Held to Maturity | Debt Securities Available for Sale Debt securities available for sale at June 30, 2020 and December 31, 2019 are summarized as follows:
6. Debt Securities Available for Sale (continued) The amortized cost and fair value of debt securities available for sale at June 30, 2020, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
Mortgage-backed securities and collateralized mortgage obligations totaling $1.0 billion at amortized cost, and $1.1 billion at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended June 30, 2020, there were no sales of debt securities available for sale. Proceeds from called debt securities available for sale totaled $5.5 million. No gross gains or gross losses were recognized on the securities called. Proceeds from matured debt securities available for sale totaled $5.1 million. During the six months ended June 30, 2020, proceeds from the sale of debt securities available for sale totaled $20.8 million, resulting in $369,000 of gross gains and no gross losses. Proceeds from called debt securities available for sale totaled $6.6 million, resulting in $1,000 of gross gains and no gross losses. Proceeds from matured debt securities available for sale totaled $5.8 million. During the three and six months ended June 30, 2019, proceeds from the sale of debt securities available for sale totaled $15.7 million resulting in $339,000 of gross gains and no gross losses. During the three and six months ended June 30, 2019, there were no maturities of debt securities available for sale. During the six months ended June 30, 2019, proceeds from one called debt security available for sale totaled $797,000. No gross gains or losses were recognized on the security which was called. During the three months ended June 30, 2019 there were no calls of debt securities available for sale. Debt securities available for sale having a carrying value of $769.7 million and $462.0 million, respectively, at June 30, 2020 and December 31, 2019, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. 6. Debt Securities Available for Sale (continued) The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities available for sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2020, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of securities in an unrealized loss position at June 30, 2020 totaled 31, compared with 97 at December 31, 2019. All temporarily impaired securities were investment grade at June 30, 2020 and December 31, 2019. The Company did not record an other-than-temporary impairment charge on debt securities available for sale during the three and six months ended June 30, 2020 and 2019. Debt Securities Held to MaturityDebt securities held to maturity at June 30, 2020 and December 31, 2019 are summarized as follows:
Mortgage-backed securities and collateralized mortgage obligations totaling $274.0 million at amortized cost, and $289.8 million at fair value, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and six months ended June 30, 2020, there were no sales or maturities of debt securities held to maturity. During both the three and six months ended June 30, 2020, proceeds from called debt securities held to maturity totaled $20.0 million. No gross gains or losses were recognized on the securities which were called. During the three and six months ended June 30, 2019, there were no sales or maturities of debt securities held for maturity. During the three and six months ended June 30, 2019, proceeds from one called debt security held to maturity totaled $5.0 million, resulting in no gross gain or loss. Debt securities held to maturity having a carrying value of $240.0 million and $236.0 million, at June 30, 2020 and December 31, 2019, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
7. Debt Securities Held to Maturity (continued)
The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities held to maturity was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2020, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. There were five securities in an unrealized loss position at June 30, 2020, compared with 22 at December 31, 2019. All temporarily impaired securities were investment grade at June 30, 2020 and December 31, 2019. The Company did not record an other-than-temporary impairment charge on debt securities held to maturity during the three and six months ended June 30, 2020 and 2019. Equity Securities at Fair ValueThe Company has an equity securities portfolio which consists of common stock in other financial institutions, a payment technology company, a community bank correspondent services company, and preferred stock in U.S. Government agencies which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at June 30, 2020 and December 31, 2019 was $4.7 million and $2.9 million, respectively. The Company adopted ASU 2016-01 on January 1, 2019, resulting in a $548,000 after tax cumulative-effect adjustment from other comprehensive income (loss) to retained earnings, as reflected in the Consolidated Statements of Changes in Stockholders' Equity. The Company recorded a net increase in the fair value of equity securities of $643,000 and $59,000, during the three and six months ended June 30, 2020, as a component of non-interest income. During the three and six months ended June 30, 2019, the Company recorded a net increase in the fair value of equity securities of $71,000 and $247,000, respectively, as a component of non-interest income. |
Equity Securities at Fair Value |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities at Fair Value | Debt Securities Available for Sale Debt securities available for sale at June 30, 2020 and December 31, 2019 are summarized as follows:
6. Debt Securities Available for Sale (continued) The amortized cost and fair value of debt securities available for sale at June 30, 2020, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
Mortgage-backed securities and collateralized mortgage obligations totaling $1.0 billion at amortized cost, and $1.1 billion at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended June 30, 2020, there were no sales of debt securities available for sale. Proceeds from called debt securities available for sale totaled $5.5 million. No gross gains or gross losses were recognized on the securities called. Proceeds from matured debt securities available for sale totaled $5.1 million. During the six months ended June 30, 2020, proceeds from the sale of debt securities available for sale totaled $20.8 million, resulting in $369,000 of gross gains and no gross losses. Proceeds from called debt securities available for sale totaled $6.6 million, resulting in $1,000 of gross gains and no gross losses. Proceeds from matured debt securities available for sale totaled $5.8 million. During the three and six months ended June 30, 2019, proceeds from the sale of debt securities available for sale totaled $15.7 million resulting in $339,000 of gross gains and no gross losses. During the three and six months ended June 30, 2019, there were no maturities of debt securities available for sale. During the six months ended June 30, 2019, proceeds from one called debt security available for sale totaled $797,000. No gross gains or losses were recognized on the security which was called. During the three months ended June 30, 2019 there were no calls of debt securities available for sale. Debt securities available for sale having a carrying value of $769.7 million and $462.0 million, respectively, at June 30, 2020 and December 31, 2019, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. 6. Debt Securities Available for Sale (continued) The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities available for sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2020, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of securities in an unrealized loss position at June 30, 2020 totaled 31, compared with 97 at December 31, 2019. All temporarily impaired securities were investment grade at June 30, 2020 and December 31, 2019. The Company did not record an other-than-temporary impairment charge on debt securities available for sale during the three and six months ended June 30, 2020 and 2019. Debt Securities Held to MaturityDebt securities held to maturity at June 30, 2020 and December 31, 2019 are summarized as follows:
Mortgage-backed securities and collateralized mortgage obligations totaling $274.0 million at amortized cost, and $289.8 million at fair value, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and six months ended June 30, 2020, there were no sales or maturities of debt securities held to maturity. During both the three and six months ended June 30, 2020, proceeds from called debt securities held to maturity totaled $20.0 million. No gross gains or losses were recognized on the securities which were called. During the three and six months ended June 30, 2019, there were no sales or maturities of debt securities held for maturity. During the three and six months ended June 30, 2019, proceeds from one called debt security held to maturity totaled $5.0 million, resulting in no gross gain or loss. Debt securities held to maturity having a carrying value of $240.0 million and $236.0 million, at June 30, 2020 and December 31, 2019, respectively, were pledged as security for public funds on deposit at the Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
7. Debt Securities Held to Maturity (continued)
The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with debt securities held to maturity was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2020, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. There were five securities in an unrealized loss position at June 30, 2020, compared with 22 at December 31, 2019. All temporarily impaired securities were investment grade at June 30, 2020 and December 31, 2019. The Company did not record an other-than-temporary impairment charge on debt securities held to maturity during the three and six months ended June 30, 2020 and 2019. Equity Securities at Fair ValueThe Company has an equity securities portfolio which consists of common stock in other financial institutions, a payment technology company, a community bank correspondent services company, and preferred stock in U.S. Government agencies which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at June 30, 2020 and December 31, 2019 was $4.7 million and $2.9 million, respectively. The Company adopted ASU 2016-01 on January 1, 2019, resulting in a $548,000 after tax cumulative-effect adjustment from other comprehensive income (loss) to retained earnings, as reflected in the Consolidated Statements of Changes in Stockholders' Equity. The Company recorded a net increase in the fair value of equity securities of $643,000 and $59,000, during the three and six months ended June 30, 2020, as a component of non-interest income. During the three and six months ended June 30, 2019, the Company recorded a net increase in the fair value of equity securities of $71,000 and $247,000, respectively, as a component of non-interest income. |
Loans Receivable and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at June 30, 2020 and December 31, 2019 are summarized as follows:
The Company had $9.6 million of one-to-four family real estate loans and commercial business loans held-for-sale at June 30, 2020. The Company had no loans held-for-sale at December 31, 2019. During the three months ended June 30, 2020, the Company sold $52.4 million of one-to-four family real estate loans held-for-sale, resulting in gross gains of $740,000 and no gross losses. During the six months ended June 30, 2020, the Company sold $104.0 million of one-to-four family real estate loans held-for-sale resulting in gross gains of $1.4 million and no gross losses. During the three months ended June 30, 2019, the Company sold $27.6 million of one-to-four family real estate loans held-for-sale resulting in gross gains of $196,000 and no gross losses. During the six months ended June 30, 2019, the Company sold $45.0 million of one-to-four family real estate loans held-for-sale resulting in gross gains of $328,000 and no gross losses. During the six months ended June 30, 2020, the Company sold $8.8 million and $7.3 million of one-to-four family real estate and home equity loans and commercial business loans, respectively, included in loans receivable. The Company recognized gross gains of $82,000 and $55,000 and no gross losses, respectively. During the three months ended June 30, 2020, the Company sold $579,000 of commercial business loans included in loans receivable, resulting in $55,000 gross gains or losses. During the three and six months ended June 30, 2020, the Company sold one construction loan totaling $6.7 million included in loans receivable, resulting in no gross gains or gross losses. During the three and six months ended June 30, 2019, the Company sold $2.5 million of one-to-four family real estate and home equity loans included in loans receivable, resulting in no gross gains or gross losses. During the three and six months ended June 30, 2020, there were no loans purchased by the Company. During the three and six months ended June 30, 2019, the Company purchased $2.6 million and $5.0 million, respectively, of one-to-four family real estate loan from third parties. During the three and six months ended June 30, 2019, the Company purchased $24.9 million of commercial real estate loans from third parties. At June 30, 2020 commercial business loans include $467.0 million of SBA PPP loans and net deferred loan costs and fees of $13.5 million. At December 31, 2019 there were no SBA PPP loans. At June 30, 2020 and December 31, 2019, the carrying value of loans serviced by the Company for investors was $592.8 million and $526.3 million, respectively. The Company has entered into guarantor swaps with Freddie Mac which results in improved liquidity. During the three and six months ended June 30, 2020, no loans were sold. During the three and six months ended June 30, 2019, the Company exchanged $15.6 million and $21.6 million, respectively, of loans for a Freddie Mac mortgage participation certificate. The Company retained the servicing of these loans. 9. Loans Receivable and Allowance for Loan Losses (continued) The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCI loans at June 30, 2020 and December 31, 2019:
The Company considers a loan to be delinquent when we have not received a payment within 30 days of its contractual due date. Generally, a loan is designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. Non-accruing loans are returned to accrual status after there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The Company identifies loans that may need to be charged-off as a loss, by reviewing all delinquent loans, classified loans and other loans that management may have concerns about collectability. At June 30, 2020 and December 31, 2019, non-accrual loans totaled $13.5 million and $6.7 million, respectively. Included in non-accrual loans at June 30, 2020, are 21 loans totaling $4.2 million which are less than 90 days in arrears. At December 31, 2019, eight loans totaling $1.5 million were less than 90 days in arrears. At June 30, 2020 and December 31, 2019, there were no loans past due 90 days or more and still accruing interest. PCI loans are loans acquired at a discount primarily due to deteriorated credit quality. These loans are accounted for at fair value at acquisition, based upon the present value of expected future cash flows, with no related allowance for loan losses. PCI loans acquired in the Stewardship acquisition totaled $6.9 million at both June 30, 2020 and December 31, 2019. PCI loans acquired in the Roselle acquisition totaled $226,000 at June 30, 2020. 9. Loans Receivable and Allowance for Loan Losses (continued) The following table presents changes in accretable yield for PCI loans for the three and six months ended June 30, 2020. There were no PCI loans outstanding for the three and six months ended June 30, 2019.
We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. At June 30, 2020 and December 31, 2019, the Company had no real estate owned. At June 30, 2020 and December 31, 2019 we had one and four residential mortgage loans with carrying values totaling $180,000 and $522,000, respectively, collateralized by residential real estate which are in the process of foreclosure. The following tables summarize loans receivable (including PCI loans) and allowance for loan losses by portfolio segment and impairment method at June 30, 2020 and December 31, 2019:
9. Loans Receivable and Allowance for Loan Losses (continued)
Loan modifications to borrowers experiencing financial difficulties that are considered troubled debt restructurings ("TDRs") primarily involve the lowering of the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” allows banks to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. The Bank elected to account for modifications on certain loans under Section 4013 of the CARES Act or, if the loan modification was not eligible under Section 4013, used the criteria in the COVID-19 guidance to determine when the loan modification was not a TDR in accordance with ASC 310-40. Guidance noted that modification or deferral programs mandated by the federal or a state government related to COVID-19 would not be in the scope of ASC 310-40, such as a state program that requires all institutions within that state to suspend mortgage payments for a specified period. 9. Loans Receivable and Allowance for Loan Losses (continued) There were no loans modified during the three months ended June 30, 2020 and 2019. The following table presents the number of loans modified as TDRs during the six months ended June 30, 2020 and 2019, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification.
The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2020 and 2019 are as follows:
9. Loans Receivable and Allowance for Loan Losses (continued)
9. Loans Receivable and Allowance for Loan Losses (continued) The following tables present loans individually evaluated for impairment by loan segment, excluding PCI loans, at June 30, 2020 and December 31, 2019:
9. Loans Receivable and Allowance for Loan Losses (continued)
Specific allocations of the allowance for loan losses attributable to impaired loans totaled $2.1 million and $1.6 million at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 and December 31, 2019, impaired loans for which there was no related allowance for loan losses totaled $10.2 million and $10.7 million, respectively. The recorded investment in TDRs totaled $31.3 million at June 30, 2020, of which three loans totaling $603,000 were 30-59 days past due, two loans totaling $364,000 were 60-89 days past due, and six loans totaling $1.6 million were 90 days past due. The remaining loans modified were current at the time of restructuring and have complied with the terms of their restructure agreement at June 30, 2020. The recorded investment in TDRs totaled $20.0 million at December 31, 2019, of which there were no loans over 90 days past due and three loans totaling $660,000 were 30-59 days past due. The remaining loans modified were current at the time of restructuring and have complied with the terms of their restructure agreement at December 31, 2019. 9. Loans Receivable and Allowance for Loan Losses (continued) The following tables present interest income recognized for loans individually evaluated for impairment, by loan segment, excluding PCI loans for the three and six months ended June 30, 2020 and 2019:
The Company utilizes an eight-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4 (Pass), with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (Special Mention) or 6 (Substandard). Loans with adverse classifications are rated 7 (Doubtful) or 8 (Loss). The risk ratings are also confirmed through periodic loan review examinations which are currently performed by both an independent third-party and the Company's credit risk review department. The Company requires an annual review be performed above certain dollar thresholds, depending on loan type, to help determine the appropriate risk ratings. Results from examinations are presented to the Audit Committee of the Board of Directors. 9. Loans Receivable and Allowance for Loan Losses (continued) The following tables present loans receivable by credit quality risk indicator and by loan segment, excluding PCI loans at June 30, 2020 and December 31, 2019:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Effective January 1, 2020, the Company adopted ASU 2016-02 Leases (Topic 842) and all subsequent ASU's that modified Topic 842, as explained in note 5, Summary of Significant Accounting Policies, Accounting Pronouncements Adopted. The Company's leases primarily relate to real estate property for branches and office space. At June 30, 2020, all of the Company's leases are classified as operating leases. The Company determines if an arrangement is a lease at inception. Topic 842 requires lessees to recognize a right-of-use asset and a lease liability, measured at the present value of the future minimum lease payments, at the lease commencement date. At the time of adoption, an operating lease right-of-use asset of $22.2 million and operating lease liabilities of $23.3 million were recorded in other assets and other liabilities, respectively on our Consolidated Statements of Financial Condition. The calculated amount of the right-of-use asset and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of minimum lease payments. As the Company's leases do not provide an implicit rate, the discount rate used in determining the lease liability for each individual lease was the Company's incremental borrowing rate at the time of adoption of ASU 2016-02, on a collateralized basis, over a similar term. Certain leases include options to renew, with one or more renewal terms usually ranging from 5 years to 10 years. For each lease, these extension options were evaluated, and those which were considered reasonably certain of renewal were included in the lease term. At June 30, 2020, the weighted average remaining lease term for operating leases was 7.8 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.26%. 10. Leases (continued) The Company elected to account for the lease and non-lease components separately since such amounts are readily determinable under the Company's lease contracts. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense in the Consolidated Statements of Income. During the three and six months ended June 30, 2020, operating and variable lease expenses totaled approximately $601,000 and $1.3 million, respectively. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three and six months ended June 30, 2020. At June 30, 2020, the Company had no leases that had not yet commenced. The following table summarizes lease payment obligations for each of the next five years and thereafter as follows:
At December 31, 2019, operating lease commitments under lessee arrangements were $4.9 million, $4.5 million, $4.0 million, $3.5 million and $2.7 million for 2020 through 2024, respectively, and $5.0 million in aggregate for all years thereafter.
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits Deposits at June 30, 2020 and December 31, 2019 are summarized as follows:
Included in the above balances at June 30, 2020 and December 31, 2019 are certificates of deposit obtained through brokers, totaling $26.4 million and $31.6 million that were acquired from Stewardship. The aggregate amount of certificates of deposit that meet or exceed $100,000 totaled approximately $1.2 billion and $1.1 billion, respectively, at June 30, 2020 and December 31, 2019. Interest expense on deposits for the three and six months ended June 30, 2020 and 2019 totaled $14.9 million and $15.3 million, and $31.7 million and $28.9 million, respectively. 11. Deposits (continued) Scheduled maturities of certificates of deposit accounts at June 30, 2020 and December 31, 2019 are summarized as follows:
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Stock Based Compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation At the Company's annual meeting of stockholders held on June 6, 2019, stockholders approved the Columbia Financial, Inc. 2019 Equity Incentive Plan ("2019 Plan") which provides for the issuance of up to 7,949,996 shares (2,271,427 restricted stock awards and 5,678,569 stock options) of common stock. On July 23, 2019, 1,419,131 shares of restricted stock were awarded, with a grant date fair value of $15.60 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. On December 16, 2019, 74,673 shares of restricted stock were awarded, with a grant date fair value of $17.00 per share. To fund the grant of restricted common stock, the Company reissued shares from treasury stock. Restricted shares granted under the 2019 Plan generally vest in equal installments, over performance or service periods ranging from three to five years, beginning one year from the date of grant. A portion of restricted shares awarded are performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. Management recognizes compensation expense for the fair value of restricted shares on a straight line basis over the requisite performance or service period. During the three and six months ended June 30, 2020, approximately $1.4 million and $2.8 million, respectively, in expense was recognized in regard to these awards. There was no restricted stock expense recorded during the three and six months ended June 30, 2019. The expected future compensation expense related to the 1,418,891 non-vested restricted shares outstanding at June 30, 2020 is approximately $17.1 million over a weighted average period of 3.6 years. The following is a summary of the Company's restricted stock activity during the three and six months ended June 30, 2020:
On July 23, 2019, options to purchase 3,589,959 shares of Company common stock were awarded, with a grant date fair value of $4.25 per option. Stock options granted under the 2019 Plan vest in equal installments over the service period of five years beginning one year from the date of grant. Stock options were granted at an exercise price of $15.60, which represents the fair value of the Company's common stock price on the grant date based on the closing market price, and have an expiration period of 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6.5 years, risk-free rate of return of 1.90%, volatility of 22.12%, and a dividend yield of 0.00%. 12. Stock Based Compensation (Continued) On December 16, 2019, options to purchase 184,378 shares of Company common stock were awarded with a grant date fair value of $4.59 per option. Stock options granted under the 2019 Plan generally vest in equal installments over the service period of five years beginning one year from the date of grant. Stock options were granted at an exercise price of $17.00, which represents the fair value of the Company's common stock price on the grant date based on the closing market price, and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6.5 years, risk-free rate of return of 1.79%, volatility of 22.23%, and a dividend yield of 0.00%. The expected life of the options represents the period of time that stock options are expected to be outstanding and is estimated using the simplified approach, which assumes that all outstanding options will be exercised at the midpoint of the vesting date and full contractual term. The risk-free rate of return is based on the rates on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Since the Company recently became a public company and does not have sufficient historical price data, the expected volatility is based on the historical daily stock prices of a peer group of similar entities based on factors such as industry, stage of life cycle, size and financial leverage. The Company has not paid any cash dividends on its common stock. Management recognizes expense for the fair value of these awards on a straight line basis over the requisite service period. During the three and six months ended June 30, 2020, approximately $804,200 and $1.6 million in expense was recognized in regard to these awards. There was no stock option expense recorded for the three and six months ended June 30, 2019. The expected future compensation expense related to the 3,771,690 non-vested options outstanding at June 30, 2020 is $13.1 million over a weighted average period of 4.1 years. The following is a summary of the Company's option activity during the three and six months ended June 30, 2020:
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options. There were no stock option exercises during the three and six months ended June 30, 2020 and 2019.
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Components of Net Periodic Benefit Costs |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Periodic Benefit Costs | Components of Net Periodic Benefit Cost Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") and Post-retirement Plan The Company maintains a single employer, tax-qualified defined benefit pension plan (the "Pension Plan") which covers full-time employees that satisfy the Pension Plan's eligibility requirements. The benefits are based on years of service and the employee's average compensation for the highest five consecutive years of employment. Effective October 1, 2018, employees hired by the Bank are not eligible to participate in the Bank's Pension Plan as the plan has been closed to new employees as of that date. The Company also has a Retirement Income Maintenance Plan (the "RIM "Plan) which is a non-qualified defined benefit plan which provides benefits to all employees of the Company if their benefits under the Pension Plan are limited by Internal Revenue Code 415 and 401(a)(17). 13. Components of Net Periodic Benefit Cost (continued) In addition, the Company provides certain health care and life insurance benefits to eligible retired employees under a Post-retirement Plan. The Company accrues the cost of retiree health care and other benefits during the employees’ period of active service. Effective January 1, 2019, the Post-retirement Plan has been closed to new hires. The Company also provides life insurance benefits to eligible employees under an endorsement split-dollar life insurance program. Net periodic benefit (income) cost for Pension Plan, RIM Plan, Post-retirement Plan and split-dollar life insurance arrangement plan benefits for the three and six months ended June 30, 2020 and 2019, includes the following components:
For the three and six months ended June 30, 2020, no contributions were made to the Pension Plan. The net periodic cost (income) for pension benefits, other post-retirement and split dollar life insurance benefits for the three and six months ended June 30, 2020 were calculated using the most recent available benefit valuations. 13. Components of Net Periodic Benefit Cost (continued) Through the acquisition of Roselle, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being a former president of Roselle Bank. For the three and six months ended June 30, 2020 the Company recorded a net periodic benefit cost of $4,000 in connection with this plan.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. In January 2016, the FASB issued ASU 2016-01- "Financial Instruments". This guidance amended existing guidance to improve accounting standards for financial instruments including clarification and simplification of the accounting and disclosure requirements and the requirement to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The Company adopted the guidance effective January 1, 2019, and the fair value of the Company's loan portfolio is now presented using an exit price method. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access on the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in markets that are active or not active, or inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require unobservable inputs that are both significant to the fair value measurement and unobservable (i.e., supported by minimal or no market activity). Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis The methods described below were used to measure fair value of financial instruments as reflected in the tables below on a recurring basis at June 30, 2020 and December 31, 2019. 14. Fair Value Measurements (continued) Debt Securities Available for Sale, at Fair Value For debt securities available for sale, fair value was estimated using a market approach. The majority of these securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company may hold debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. A trust preferred security that is not traded in an active market, and Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") preferred stock are considered Level 2 instruments. In addition, Level 2 instruments include Atlantic Community Bankers Bank ("ACCB") stock, which is based on redemption at par value and can only be sold to the issuing ACBB or another institution that holds ACBB or another institution that holds ACBB stock. Derivatives The Company records all derivatives included in other assets and liabilities on the Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. See note 16 for disclosures related to the accounting treatment for derivatives. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2020 and December 31, 2019, by level within the fair value hierarchy: 14. Fair Value Measurements (continued)
There were no Level 3 assets measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019. 14. Fair Value Measurements (continued) Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis at June 30, 2020 and December 31, 2019. Collateral Dependent Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 6.0% and 8.0%. The Company classifies these loans as Level 3 within the fair value hierarchy. Mortgage Servicing Rights, Net ("MSR's") Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSRs is obtained through an analysis of future cash flows, incorporating assumptions that market participants would use in determining fair value including market discount rates, prepayments speeds, servicing income, servicing costs, default rates and other market driven data, including the market's perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant effect on this fair value estimate. The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2020 and December 31, 2019, by level within the fair value hierarchy:
At June 30, 2020, there were no impaired loans or real estate owned measured at fair value on a non-recurring basis. 14. Fair Value Measurements (continued) The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2020 and December 31, 2019:
Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities. Debt Securities Held to Maturity For debt securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs within the fair value hierarchy. 14. Fair Value Measurements (continued) Federal Home Loan Bank Stock ("FHLB") The fair value of FHLB stock is based on redemption at par value and can only be sold to the issuing FHLB, to other FHLBs, or to other member banks. As such, the Company's FHLB stock is recorded at cost, or par value, and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy. Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, and consumer and other. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for non-performing loans deemed significant was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as demand, money market, and savings and club deposits are payable on demand at each reporting date and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowings The fair value of borrowings was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter-parties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. 14. Fair Value Measurements (continued) The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2020 and December 31, 2019:
14. Fair Value Measurements (continued) Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. 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 financial instrument. Because limited markets exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include goodwill and intangibles assets, deferred tax assets, office properties and equipment, and bank-owned life insurance.
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Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2020 and 2019:
15. Other Comprehensive Income (Loss) (continued)
15. Other Comprehensive Income (Loss) (continued) The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2020 and 2019:
15. Other Comprehensive Income (Loss) (continued) The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2020 and 2019:
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. Certain derivatives are entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability. The Company generally applies hedge accounting to its derivatives used for market risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exists between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recognized in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income (loss) until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings. The Company formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments. The Company also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, the Company would discontinue hedge accounting prospectively. Gains or losses resulting from the termination of a derivative accounted for as a cash flow hedge remain in other comprehensive income (loss) and is (accreted) amortized to earnings over the remaining period of the former hedging relationship. Certain derivative financial instruments are offered to certain commercial banking customers to manage their risk of exposure and risk management strategies. These derivative instruments consist primarily of currency forward contracts and interest rate swap contracts. The risk associated with these transactions is mitigated by simultaneously entering into similar transactions having essentially offsetting terms with a third party. In addition, the Company executes interest rate swaps with third parties in order to hedge the interest rate risk of short-term FHLB advances. Currency Forward Contracts. At June 30, 2020 and December 31, 2019, the Company had no currency forward contracts in place with commercial banking customers. Interest Rate Swaps. At June 30, 2020, the Company had interest rate swaps in place with 23 commercial banking customers executed by offsetting interest rate swaps with third parties, with an aggregated notional amount of $171.3 million. At December 31, 2019, the Company had interest rate swaps in place with 22 commercial banking customers executed by offsetting interest rate swaps with third parties, with an aggregated notional amount of $169.9 million. These derivatives are not designated as hedges and are not speculative. These interest rate swaps do not meet hedge accounting requirements. At June 30, 2020 and December 31, 2019, the Company had 34 and 29 interest rate swaps with notional amounts of $475.0 million and $410.0 million, respectively, hedging certain FHLB advances. These interest rate swaps meet the hedge accounting requirements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counter-party in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. For the three and six months ended June 30, 2020 and 2019, the Company did not record any hedge ineffectiveness associated with these contracts. 16. Derivatives and Hedging Activities (continued) The tables below present the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at June 30, 2020 and December 31, 2019:
For the three months ended June 30, 2020 and 2019, losses of $24,000 and $146,000, respectively, were recorded for changes in fair value of interest rate swaps with third parties. For the six months ended June 30, 2020 and 2019, losses of $450,000 and $213,000, respectively, were recorded for changes in fair value of interest rate swaps with third parties. At June 30, 2020 and December 31, 2019, accrued interest was $846,000 and $344,000, respectively. The Company has agreements with counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of its derivative obligations. |
Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition On January 1, 2019, the Company adopted ASU 2014-09 Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified Topic 606. The Company performed a review and assessment of all revenue streams, the related contracts with customers, and the underlying performance obligations in those contracts. This guidance does not apply to revenue associated with financial instruments, including interest income on loans and securities, which comprise the majority of the Company's revenue. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams can generally be classified as demand deposit account fees, title insurance fees and other fees. The Company, using a modified retrospective transition approach, determined that there was no cumulative effect adjustment to retained earnings as a result of adopting the new standard, nor did the standard have a material impact on our consolidated financial statements including the timing or amounts of revenue recognized. 17. Revenue Recognition (continued) The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2020 and 2019.
Demand deposit account fees include monthly maintenance fees and service charges. These fees are generally derived as a result of either transaction-based or serviced-based services. The Company's performance obligation for these services is generally satisfied, and revenue recognized, at the time the transaction is completed or the service rendered. Fees for these services are generally received from the customer either at the time of the transaction or monthly. Title insurance fees are generally recognized at the time the transaction closes or when the service is rendered. Other non-interest income includes check printing fees, traveler's check fees, gift card fees, branch service fees, overdraft fees, account analysis fees, other deposit related fees, wealth management related fee income which includes annuity fees, brokerage commissions, and asset management fees. Wealth management related fee income represent fees earned from customers as consideration for asset management and investment advisory services provided by a third party. The Company's performance obligation is generally satisfied monthly and the resulting fees are recognized monthly based upon the month-end market value of the assets under management and the applicable fee rate. The Company does not earn performance-based incentives. The Company's performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at the time the transaction closes or when the service is rendered or a point in time when the service is completed. Also included in other fees are debit card and ATM fees which are transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at time of transaction or monthly. Out-of-scope non-interest income primarily consists of income from bank-owned life insurance, loan prepayment and servicing fees, net fees on loan level interest rate swaps, gains and losses on the sale of loans and securities, and changes in the fair value of equity securities. None of these revenue streams are subject to the requirements of Topic 606.
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Subsequent Events |
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Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events subsequent to June 30, 2020 and through the financial statement issuance date of August 10, 2020. The Company has not identified any material subsequent events that would require adjustment or disclosure in the consolidated financial statements. The COVID-19 pandemic has disrupted and adversely affected the Bank’s business and results of operations, and the ultimate impacts of the pandemic on the Bank’s business, financial condition and results of operations will depend on future developments and other factors that are highly uncertain and will be impacted by the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Standards Update and Change in Accounting Principle [Abstract] | |||||||||||||||||
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2020 In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815)- Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the use of the OIS rate based upon SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the direct Treasury obligations of the U.S. Government, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association Municipal Swap Rate. The amendments in this ASU are required to be adopted concurrently with the amendments in ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which was issued in August 2017. The effective date for this ASU for the Company is for fiscal years beginning after December 15, 2019, with early adoption, including adoption in an interim period permitted. The amendments should be adopted on a 5. Summary of Significant Accounting Policies (continued) Accounting Pronouncements Adopted in 2020 (continued) prospective basis for qualifying new or redesignated hedging relationships entered into on or after date of adoption. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this updated guidance is to improve the effectiveness and disclosures in the notes to the financial statements. The ASU removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; removes the policy for timing of transfers between levels; and removes the disclosure related to the valuation process for Level 3 fair value measurements. The ASU also modifies existing disclosure requirements which relate to the disclosure for investments in certain entities which calculate net asset value and clarifies the disclosure about uncertainty in the measurements as of the reporting date. For all entities, the effective date for this guidance is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This guidance shortens the amortization period for premiums on callable debt securities by requiring that premiums be amortized to the first (or earliest) call date instead of as an adjustment to the yield over the contractual life. This change more closely aligns the accounting with the economics of a callable debt security and the amortization period with expectations that already are included in market pricing on callable debt securities. This guidance does not change the accounting for discounts on callable debt securities, which will continue to be amortized to the maturity date. This guidance includes only instruments that are held at a premium and have explicit call features. It does not include instruments that contain prepayment features, such as mortgage backed securities; nor does it include call options that are contingent upon future events or in which the timing or amount to be paid is not fixed. The effective date for this ASU for the Company is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Transition is on a modified retrospective basis with an adjustment to retained earnings as of the beginning of the period of adoption. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under ASC 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance in the ASU was applied prospectively and is effective for the Company for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This guidance requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date for leases classified as operating leases as well as finance leases. The update also requires new quantitative disclosures related to leases in the Company's consolidated financial statements. There are also practical expedients in this update related to leases that commenced before the effective date, initial direct costs and the use of hindsight to extend or terminate a lease or purchase a leased asset. Lessor accounting remains largely unchanged under this new guidance. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842, which provides an optional practical expedient to not evaluate land easements which were existing or expired before the adoption of Topic 842 that were not accounted for as leases under Topic 840. 5. Summary of Significant Accounting Policies (continued) Accounting Pronouncements Adopted in 2020 (continued) In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842) -Targeted Improvements which provides entities with an optional transition method under which comparative periods presented in the financial statements will continue to be in accordance with current Topic 840, Leases, and a practical expedient to not separate non-lease components from the associated lease component. The guidance is effective for the Company for annual periods beginning after December 15, 2019, including interim periods within that reporting period. In the evaluation of this guidance, the Company identified the inventory of leases and actively accumulated the requisite lease data necessary to apply the guidance. The Company selected a software platform to support the recording, accounting and disclosure requirements of the new lease guidance. Upon adoption, the Company recorded a right-of-use asset and lease liability as of January 1, 2020. See note 10 for more information regarding adoption. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"), further amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. Topic 326 pertains to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better determine their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology permitted by the recently enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The Company will adopt CECL at the earlier of December 31, 2020 or when the national emergency concerning the COVID-19 outbreak has concluded. The Company will adopt the above mentioned ASUs related to Financial Instruments -Credit Losses (Topic 326) using a modified retrospective approach. Our CECL methodology includes the following key factors and assumptions for all loan portfolio segments:
Based on several analyses performed, as well as an implementation analysis utilizing existing exposures and forecasts of macroeconomic conditions at June 30, 2020, we currently expect the adoption of ASU 2016-13 will result in an increase between 10% and 20% in our allowance for loan losses and our reserves for unfunded commitments. As part of the implementation of the ASU, the Company will reconcile historical loan data, determine segmentation of the loan portfolio for application of the CECL calculation, determine the key assumptions, select calculation methods, and establish an internal control framework. We are currently finalizing the execution of our implementation controls and enhancing process documentation. The expected increase in the allowance for loan losses and reserve for unfunded commitments is a result of the change from an incurred loss model, which encompasses allowances for current known and inherent losses within the portfolio, to an expected loss model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets; however, we do not expect these allowances to be significant. Future amounts of provision expense related to our allowance for loan losses and reserves for unfunded commitments will depend on the size and composition of our loan portfolio, future economic conditions and borrowers’ payment performance. Future amounts of provision related our debt securities will depend on the composition of our securities portfolio and current market conditions. The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios. 5. Summary of Significant Accounting Policies (continued) Accounting Pronouncements Not Yet Adopted (continued) Upon adoption, any impact to the allowance for credit losses, currently the allowance for loan losses, will be reflected as an adjustment to retained earnings. |
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Fair Value Measurements | Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. 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 financial instrument. Because limited markets exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include goodwill and intangibles assets, deferred tax assets, office properties and equipment, and bank-owned life insurance. Debt Securities Available for Sale, at Fair Value For debt securities available for sale, fair value was estimated using a market approach. The majority of these securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company may hold debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. A trust preferred security that is not traded in an active market, and Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") preferred stock are considered Level 2 instruments. In addition, Level 2 instruments include Atlantic Community Bankers Bank ("ACCB") stock, which is based on redemption at par value and can only be sold to the issuing ACBB or another institution that holds ACBB or another institution that holds ACBB stock. Derivatives The Company records all derivatives included in other assets and liabilities on the Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. See note 16 for disclosures related to the accounting treatment for derivatives. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities. Debt Securities Held to Maturity For debt securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs within the fair value hierarchy. 14. Fair Value Measurements (continued) Federal Home Loan Bank Stock ("FHLB") The fair value of FHLB stock is based on redemption at par value and can only be sold to the issuing FHLB, to other FHLBs, or to other member banks. As such, the Company's FHLB stock is recorded at cost, or par value, and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy. Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, and consumer and other. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for non-performing loans deemed significant was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as demand, money market, and savings and club deposits are payable on demand at each reporting date and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowings The fair value of borrowings was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit Collateral Dependent Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 6.0% and 8.0%. The Company classifies these loans as Level 3 within the fair value hierarchy. Mortgage Servicing Rights, Net ("MSR's") Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSRs is obtained through an analysis of future cash flows, incorporating assumptions that market participants would use in determining fair value including market discount rates, prepayments speeds, servicing income, servicing costs, default rates and other market driven data, including the market's perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant effect on this fair value estimate.
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Acquisitions (Tables) |
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Schedule of recognized identified assets acquired and liabilities assumed | The following table sets forth assets acquired and liabilities assumed in the acquisition of the Roselle Entities, at their estimated fair values as of the closing date of the transaction:
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Earnings per Share (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2020 and 2019:
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Debt Securities Available for Sale (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and the fair value of securities available-for-sale | Debt securities available for sale at June 30, 2020 and December 31, 2019 are summarized as follows:
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Schedule of securities by contractual maturity | The amortized cost and fair value of debt securities available for sale at June 30, 2020, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
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Debt securities, available-for-sale, unrealized loss position, fair value | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
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Debt Securities Held to Maturity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and the fair value of securities held-to-maturity | Debt securities held to maturity at June 30, 2020 and December 31, 2019 are summarized as follows:
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Schedule of held-to-maturity securities reported in a continuous unrealized loss position | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2020 and December 31, 2019 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
7. Debt Securities Held to Maturity (continued)
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Loans Receivable and Allowance for Loan Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | Loans receivable at June 30, 2020 and December 31, 2019 are summarized as follows:
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Schedule of aging of loans receivable by portfolio segment | The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCI loans at June 30, 2020 and December 31, 2019:
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Schedule of PCI Loans Acquired | The following table presents changes in accretable yield for PCI loans for the three and six months ended June 30, 2020. There were no PCI loans outstanding for the three and six months ended June 30, 2019.
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Schedule of loans receivable by portfolio segment and impairment method | The following tables summarize loans receivable (including PCI loans) and allowance for loan losses by portfolio segment and impairment method at June 30, 2020 and December 31, 2019:
9. Loans Receivable and Allowance for Loan Losses (continued)
The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2020 and 2019 are as follows:
9. Loans Receivable and Allowance for Loan Losses (continued)
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Schedule of troubled debt restructuring | The following table presents the number of loans modified as TDRs during the six months ended June 30, 2020 and 2019, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification.
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Schedule of loans individually evaluated for impairment | The following tables present loans individually evaluated for impairment by loan segment, excluding PCI loans, at June 30, 2020 and December 31, 2019:
9. Loans Receivable and Allowance for Loan Losses (continued)
The following tables present interest income recognized for loans individually evaluated for impairment, by loan segment, excluding PCI loans for the three and six months ended June 30, 2020 and 2019:
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Schedule of loans receivable by credit quality risk | The following tables present loans receivable by credit quality risk indicator and by loan segment, excluding PCI loans at June 30, 2020 and December 31, 2019:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | The following table summarizes lease payment obligations for each of the next five years and thereafter as follows:
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposits | Deposits at June 30, 2020 and December 31, 2019 are summarized as follows:
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Schedule of Certificate Accounts by Maturity | Scheduled maturities of certificates of deposit accounts at June 30, 2020 and December 31, 2019 are summarized as follows:
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Stock Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following is a summary of the Company's restricted stock activity during the three and six months ended June 30, 2020:
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Share-based Payment Arrangement, Option, Activity | The following is a summary of the Company's option activity during the three and six months ended June 30, 2020:
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Components of Net Periodic Benefit Costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic benefit (income) cost for Pension Plan, RIM Plan, Post-retirement Plan and split-dollar life insurance arrangement plan benefits for the three and six months ended June 30, 2020 and 2019, includes the following components:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value assets and liabilities measured on recurring basis | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2020 and December 31, 2019, by level within the fair value hierarchy: 14. Fair Value Measurements (continued)
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Schedule of fair value assets and liabilities measured on non-recurring basis | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2020 and December 31, 2019, by level within the fair value hierarchy:
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Schedule of qualitative information for Level 3 assets measured at fair value on a non-recurring basis | The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2020 and December 31, 2019:
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Schedule of fair value assets and liabilities on Consolidated Balance Sheets | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2020 and December 31, 2019:
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Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Comprehensive Income (Loss) | The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2020 and 2019:
15. Other Comprehensive Income (Loss) (continued)
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Components of Other Comprehensive Income (Loss) | The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2020 and 2019:
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Reclassification out of AOCI | The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2020 and 2019:
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Derivatives and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative financial instruments on the Consolidated Balance Sheets | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at June 30, 2020 and December 31, 2019:
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2020 and 2019.
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Acquisitions - Assets Acquired and Liabilities Assumed in Roselle Acquisition (Details) - USD ($) |
Apr. 01, 2020 |
Jun. 30, 2020 |
---|---|---|
Liabilities assumed: | ||
Goodwill | $ 0 | |
Roselle Entities | ||
Assets acquired: | ||
Cash and cash equivalents | $ 155,248,000 | |
Debt securities available for sale | 51,479,000 | |
Debt securities held to maturity | 13,418,000 | |
Equity securities | 1,796,000 | |
Federal Home Loan Bank stock | 2,010,000 | |
Loans receivable | 171,593,000 | |
Accrued interest receivable | 679,000 | |
Office properties and equipment, net | 5,774,000 | |
Bank-owned life insurance | 17,245,000 | |
Deferred tax asset, net | 1,334,000 | |
Other assets | 1,489,000 | |
Total assets acquired | 422,065,000 | |
Liabilities assumed: | ||
Deposits | 333,234,000 | |
Borrowings | 37,728,000 | |
Advance payments by borrowers for taxes and insurance | 982,000 | |
Advance payments by borrowers for taxes and insurance | 5,400,000 | |
Total liabilities assumed | 377,344,000 | |
Net assets acquired | 44,721,000 | |
Fair market value of stock issued to Columbia Bank MHC for purchase | 68,530,000 | |
Goodwill | $ 23,809,000 |
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 15,097 | $ 12,031 | $ 21,862 | $ 26,950 |
Shares: | ||||
Weighted average shares outstanding - basic (in shares) | 111,102,306 | 111,553,203 | 109,770,239 | 111,544,339 |
Effect of dilutive common stock equivalents (in shares) | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 111,102,306 | 111,553,203 | 109,770,239 | 111,544,339 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.20 | $ 0.24 |
Diluted (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.20 | $ 0.24 |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,494,367 | 0 | 1,101,780 | 0 |
Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 05, 2019 |
Jun. 13, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Equity [Abstract] | ||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 4,000,000 | |||||
Stock repurchase program, percent of common stock | 3.50% | |||||
Stock repurchase program, number of additional shares authorized to be repurchased (in shares) | 3,000,000 | |||||
Shares repurchased, number of shares (in shares) | 899,074 | 263,900 | 3,456,200 | 263,900 | ||
Shares repurchased, value | $ 12,998 | $ 3,867 | $ 53,361 | $ 3,867 | ||
Shares repurchased, price per share (in dollars per share) | $ 14.46 | $ 14.65 | $ 15.44 | $ 14.65 |
Summary of Significant Accounting Policies - Narrative (Details) - ASU 2016-13 |
6 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Jun. 30, 2020 |
|
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing receivable, allowance for credit loss, period increase (decrease), percent | 20.00% | |
Forecast | Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing receivable, allowance for credit loss, period increase (decrease), percent | 10.00% |
Debt Securities Available for Sale - Expected Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Amortized Cost | ||
Amortized Cost | $ 1,132,936 | $ 1,086,143 |
Fair Value | ||
Fair Value | 1,177,925 | 1,098,336 |
Debt Securities excluding Mortgage-based securities and CMOs | ||
Amortized Cost | ||
One year or less | 22,397 | |
More than one year to five years | 37,414 | |
More than five years to ten years | 59,575 | |
More than ten years | 471 | |
Amortized Cost | 119,857 | |
Fair Value | ||
One year or less | 22,464 | |
More than one year to five years | 39,410 | |
More than five years to ten years | 59,338 | |
More than ten years | 485 | |
Fair Value | 121,697 | |
Mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Amortized Cost | 1,013,079 | 968,165 |
Fair Value | ||
Fair Value | $ 1,056,228 | $ 979,881 |
Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 273,997 | $ 285,756 |
Gross unrealized gains | 15,878 | 4,074 |
Gross unrealized (losses) | (39) | (325) |
Fair value | 289,836 | 289,505 |
U.S. government and agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 20,000 | |
Gross unrealized gains | 26 | |
Gross unrealized (losses) | (66) | |
Fair value | 19,960 | |
Mortgage-backed securities and collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 273,997 | 265,756 |
Gross unrealized gains | 15,878 | 4,048 |
Gross unrealized (losses) | (39) | (259) |
Fair value | $ 289,836 | $ 269,545 |
Loans Receivable and Allowance for Loan Losses - Accretable Yield For PCI Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 463 | $ 511 |
Acquisition | 58 | 58 |
Accretion | (49) | (98) |
Net change in expected cash flows | (1) | 0 |
Balance at end of period | $ 471 | $ 471 |
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructuring (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
loan
|
Jun. 30, 2019
USD ($)
loan
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Pre-modification Recorded Investment | $ 10,212 | $ 4,095 |
Post-modification Recorded Investment | $ 11,507 | $ 4,095 |
Real estate loans | Multifamily and commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Pre-modification Recorded Investment | $ 10,212 | $ 4,095 |
Post-modification Recorded Investment | $ 11,507 | $ 4,095 |
Leases - Operating Lease Payment Obligations (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
2020 | $ 2,076 |
2021 | 3,940 |
2022 | 3,636 |
2023 | 3,322 |
2024 | 2,597 |
Thereafter | 8,548 |
Total undiscounted cash flows | 24,119 |
Discount on cash flows | (2,227) |
Total lease liability | $ 21,892 |
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 1,316,539 | $ 958,442 |
Interest-bearing demand | 1,926,019 | 1,720,383 |
Money market accounts | 501,954 | 410,392 |
Savings and club deposits | 652,555 | 543,480 |
Certificates of deposit | 2,184,042 | 2,013,145 |
Total deposits | $ 6,581,109 | $ 5,645,842 |
Deposits - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Interest-bearing demand | $ 1,926,019 | $ 1,926,019 | $ 1,720,383 | ||
Aggregate amount of certificates of deposit exceeding threshold amount | 1,200,000 | 1,200,000 | 1,100,000 | ||
Interest expense on deposits | 14,911 | $ 15,250 | 31,743 | $ 28,929 | |
Stewardship Financial Corporation | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Interest-bearing demand | $ 26,400 | $ 26,400 | $ 31,600 |
Deposits - Schedule of Deposit Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits [Abstract] | ||
One year or less | $ 1,572,328 | $ 1,293,613 |
After one year to two years | 478,820 | 548,995 |
After two years to three years | 61,513 | 142,458 |
After three years to four years | 27,502 | 11,362 |
After four years | 43,879 | 16,717 |
Total term certificate accounts | $ 2,184,042 | $ 2,013,145 |
Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - $ / shares |
3 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Number of Restricted Shares | ||
Beginning balance (in shares) | 1,419,131 | 1,420,012 |
Forfeited (in shares) | (240) | (881) |
Ending balance (in shares) | 1,418,891 | 1,419,131 |
Weighted Average Grant Date Fair Value | ||
Beginning balance (in dollars per share) | $ 15.67 | $ 15.67 |
Forfeited (in dollars per share) | 15.60 | 16.60 |
Ending balance (in dollars per share) | $ 15.67 | $ 15.67 |
Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Number of Stock Options | |||
Beginning balance (in shares) | 3,774,337 | 3,784,044 | |
Forfeited (in shares) | (2,647) | (9,707) | |
Ending balance (in shares) | 3,771,690 | 3,774,337 | 3,784,044 |
Options exercisable (in shares) | 0 | ||
Weighted Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 15.67 | $ 15.67 | |
Forfeited (in dollars per share) | 15.60 | 15.60 | |
Ending balance (in dollars per share) | 15.67 | $ 15.67 | $ 15.67 |
Options exercisable (in dollars per share) | $ 0 | ||
Weighted Average Remaining Contractual Term (in years) | |||
Options outstanding | 9 years 1 month 6 days | 9 years 3 months 18 days | 9 years 7 months 6 days |
Aggregate Intrinsic Value | |||
Options outstanding | $ 0 | $ 0 | $ 4,812,490 |
Fair Value Measurements - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Adjustments for estimated costs to sell collateral dependent impaired loans | 6.00% |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Adjustments for estimated costs to sell collateral dependent impaired loans | 8.00% |
Derivatives and Hedging Activities - Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Interest rate swaps | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 0 | $ 185 |
Interest rate swaps | Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 27,626 | 11,546 |
Reported Value Measurement | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 185 |
Derivative liabilities | $ 27,626 | $ 11,546 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Total out-of-scope non-interest income | $ 3,865 | $ 3,411 | $ 6,309 | $ 6,388 |
Total non-interest income | 7,008 | 6,775 | 13,399 | 12,812 |
Deposit Account, Title Insurance and Other Non-Interest Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,143 | 3,364 | 7,090 | 6,424 |
Demand deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 620 | 1,051 | 1,919 | 2,010 |
Title insurance fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 996 | 1,099 | 2,227 | 2,140 |
Other non-interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,527 | $ 1,214 | $ 2,944 | $ 2,274 |
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