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 September 30, 2021 (Unaudited) and December 31, 2020 | ||||||||
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited) | ||||||||
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited) | ||||||||
Consolidated Statements of Changes in Stockholder's Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited) | ||||||||
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (Unaudited) | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
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 $ | |||||||||||
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 ("BOLI") | |||||||||||
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, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost; | ( | ( | |||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
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 (reversal of) loan losses | ( | ||||||||||||||||||||||
Net interest income after provision for (reversal of) 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 and software expenses | |||||||||||||||||||||||
Merger-related expenses | |||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive gain (loss) income, net of tax: | |||||||||||||||||||||||
Unrealized (loss) on debt securities available for sale | ( | ( | ( | ||||||||||||||||||||
Accretion of unrealized (loss) on debt securities reclassified as held to maturity | ( | ( | |||||||||||||||||||||
Reclassification adjustment for gain included in net income | |||||||||||||||||||||||
( | ( | ( | |||||||||||||||||||||
Derivatives, net of tax: | |||||||||||||||||||||||
Unrealized gain (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 (loss) included in net income | ( | ( | ( | ( | |||||||||||||||||||
Change in funded status of retirement obligations | ( | ( | |||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income (loss), 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 June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase shares for taxes ( | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase shares for taxes ( | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
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, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to Columbia Bank MHC | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase shares for taxes ( | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ |
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock award grants | — | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase shares for taxes ( | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Funding of deferred compensation obligations | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands, unaudited) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) 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 | |||||||||||
Loss on extinguishment of debt | |||||||||||
(Reversal of) provision for loan losses | ( | ||||||||||
Gain on securities transactions | ( | ( | |||||||||
Change in fair value of equity securities | ( | ||||||||||
Gain on securitizations | ( | ( | |||||||||
Gain on sale of loans | ( | ( | |||||||||
Loss on disposal of office properties and equipment | |||||||||||
Loss on write-down of mortgage servicing rights | |||||||||||
Deferred tax expense (benefit) | ( | ||||||||||
Decrease (increase) in accrued interest receivable | ( | ||||||||||
(Increase) in other assets | ( | ( | |||||||||
(Increase) decrease 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 bank-owned life insurance death benefits | |||||||||||
Proceeds from redemptions of Federal Home Loan Bank stock | |||||||||||
Purchases of Federal Home Loan Bank stock | ( | ( | |||||||||
Proceeds from sales of office properties and equipment | |||||||||||
Additions to office properties and equipment | ( | ( | |||||||||
Net cash acquired in acquisition | |||||||||||
Net cash (used in) provided by investing activities | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
( In thousands, unaudited) | |||||||||||
Cash flows from financing activities: | |||||||||||
Net increase in deposits | $ | $ | |||||||||
Proceeds from long-term borrowings | |||||||||||
Payments on long-term borrowings | ( | ( | |||||||||
Net decrease in short-term borrowings | ( | ( | |||||||||
Payment of subordinated debt | ( | ||||||||||
Increase in advance payments by borrowers for taxes and insurance | ( | ||||||||||
Exercise of stock options | ( | ||||||||||
Purchase of treasury stock | ( | ( | |||||||||
Repurchase of shares for taxes | ( | ||||||||||
Restricted stock forfeitures | ( | ||||||||||
Net cash provided by financing activities | $ | $ | |||||||||
Net (decrease) 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 assumed | $ | $ | ( | ||||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(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 | $ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
December 31, 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 | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
September 30, 2021 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(In thousands) | |||||||||||
One year or less | $ | $ | |||||||||
More than one year to five years | |||||||||||
More than five years to ten years | |||||||||||
$ | $ | ||||||||||
Mortgage-backed securities and collateralized mortgage obligations | |||||||||||
$ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 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 | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
September 30, 2021 | |||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
December 31, 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 | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ |
September 30, 2021 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(In thousands) | |||||||||||
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 | |||||||||||
$ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | $ | ( |
December 31, 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 | $ | $ | ( | $ | $ | $ | $ | ( |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(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 ("PCI") loans | |||||||||||
Net deferred loan costs, fees and purchased premiums and discounts | |||||||||||
Loans receivable | $ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Acquisition | |||||||||||||||||||||||
Accretion | ( | ( | ( | ( | |||||||||||||||||||
Net change in expected cash flows | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | $ | $ |
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||
One-to-four family | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Multifamily and commercial | |||||||||||||||||||||||||||||||||||
Commercial business loans | |||||||||||||||||||||||||||||||||||
Total restructured loans | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||
One-to-four family | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Multifamily and commercial | |||||||||||||||||||||||||||||||||||
Commercial business loans | |||||||||||||||||||||||||||||||||||
Total restructured loans | $ | $ | $ | $ |
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Total | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision charged (credited) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision charged (credited) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
One-to-Four Family | Multifamily and Commercial | Construction | Commercial Business | Home Equity Loans and Advances | Other Consumer Loans | Total | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision charged (credited) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision charged (credited) | ( | ||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ |
At September 30, 2021 | |||||||||||||||||
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, 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 | |||||||||||||||||
$ | $ | $ |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to-four family | $ | $ | $ | $ | |||||||||||||||||||
Multifamily and commercial | |||||||||||||||||||||||
Commercial business loans | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity loans and advances | |||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
One-to-four family | $ | $ | $ | $ | |||||||||||||||||||
Multifamily and commercial | |||||||||||||||||||||||
Commercial business loans | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity loans and advances | |||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | $ | $ |
At September 30, 2021 | Lease Payment Obligations | |||||||
(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 to five years | ||||||||
Thereafter | ||||||||
Total undiscounted cash flows | ||||||||
Discount on cash flows | ( | |||||||
Total lease liability | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Non-interest-bearing demand | $ | $ | |||||||||
Interest-bearing demand | |||||||||||
Money market accounts | |||||||||||
Savings and club deposits | |||||||||||
Certificates of deposit | |||||||||||
Total deposits | $ | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(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 | ||||||||||
Non-vested at January 1, 2021 | $ | ||||||||||
Grants | |||||||||||
Forfeited | ( | ||||||||||
Non-vested at March 31, 2021 | $ | ||||||||||
Forfeited | ( | ||||||||||
Non-vested at June 30, 2021 | $ | ||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested at September 30, 2021 | $ |
Number of Restricted Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at January 1, 2020 | $ | ||||||||||
Forfeited | ( | ||||||||||
Non-vested at March 31, 2020 | $ | ||||||||||
Forfeited | ( | ||||||||||
Non-vested at June 30, 2020 | $ | ||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested at September 30, 2020 | $ |
Number of Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding, January 1, 2021 | $ | $ | |||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Expired | ( | — | — | ||||||||||||||||||||
Forfeited | ( | — | — | ||||||||||||||||||||
Outstanding, March 31, 2021 | $ | $ | |||||||||||||||||||||
Exercised | ( | — | — | ||||||||||||||||||||
Expired | ( | — | — | ||||||||||||||||||||
Forfeited | ( | — | — | ||||||||||||||||||||
Outstanding, June 30, 2021 | $ | $ | |||||||||||||||||||||
Exercised | ( | — | — | ||||||||||||||||||||
Expired | ( | — | — | ||||||||||||||||||||
Forfeited | ( | — | — | ||||||||||||||||||||
Outstanding, September 30, 2021 | $ | $ | |||||||||||||||||||||
Options exercisable at September 30, 2021 | $ | $ |
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 | $ | $ | |||||||||||||||||||||
Forfeited | ( | — | — | ||||||||||||||||||||
Outstanding, September 30, 2020 | $ | $ | |||||||||||||||||||||
Options exercisable at September 30, 2020 | $ | $ | — |
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | RIM Plan | Post-retirement Plan | Split-Dollar Life Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 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 Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | RIM Plan | Post-retirement Plan | Split-Dollar Life Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 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 | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||
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, 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 | $ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
$ | $ | $ | $ |
December 31, 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 | $ | $ | $ | $ | |||||||||||||||||||
$ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||
Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Impaired loans | $ | Other | Contracted sale price of collateral | % | % | ||||||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow | Prepayment speeds and discount rates (1) | % |
December 31, 2020 | |||||||||||||||||||||||||||||
Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Weighted Average | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Mortgage servicing rights | $ | Discounted cash flow | Prepayment speeds and discount rates (1) | % | |||||||||||||||||||||||||
(1) Value of SBA servicing rights based on a discount rate of |
September 30, 2021 | |||||||||||||||||||||||||||||
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 |
December 31, 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 | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||||||||
Derivative liabilities |
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Components of other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Unrealized (loss) on debt securities available for sale: | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Accretion of unrealized (loss) on debt securities reclassified as held to maturity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Reclassification adjustment for gain included in net income | ( | ||||||||||||||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||
Unrealized gain 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 (loss) | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Components of other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Unrealized (loss) gain on debt securities available for sale: | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity | ( | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for (loss) gain included in net income | ( | ( | |||||||||||||||||||||||||||||||||
( | ( | ( | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||
Unrealized gain (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 (loss) | $ | $ | $ | $ | ( | $ | $ | ( |
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains on Debt Securities Available for Sale | Unrealized (Losses) on Swaps | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) | Unrealized Gains on Debt Securities Available for Sale | Unrealized (Losses) 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 Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains on Debt Securities Available for Sale | Unrealized (Losses) on Swaps | Employee Benefit Plans | Accumulated Other Comprehensive (Loss) | Unrealized Gains on Debt Securities Available for Sale | Unrealized (Losses) 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) | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( |
Accumulated Other Comprehensive Income (Loss) Components | ||||||||||||||||||||
For the Three Months Ended September 30, | Affected Line Items in the Consolidated Statements of Income | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Reclassification adjustment for gain 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 Nine Months Ended September 30, | Affected Line Items in the Consolidated Statements of Income | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Reclassification adjustment for gain 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 | $ | ( | $ | ( |
September 30, 2021 | |||||||||||||||||||||||
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, 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 | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(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 | $ | $ | $ | $ |
Twelve Months Net Interest Income | Net Portfolio Value ("NPV") | ||||||||||||||||||||||||||||||||||
Change in Interest Rates (Basis Points) | Amount | Dollar Change | Percent of Change | Estimated NPV | Present Value Ratio | Percent Change | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||
+300 | $ | 217,711 | $ | 2,048 | 0.95 | % | $ | 1,002,027 | 12.01 | % | (15.88) | % | |||||||||||||||||||||||
+200 | 217,510 | 1,847 | 0.86 | 1,074,604 | 12.48 | (9.79) | |||||||||||||||||||||||||||||
+100 | 216,806 | 1,143 | 0.53 | 1,138,092 | 12.80 | (4.46) | |||||||||||||||||||||||||||||
Base | 215,663 | — | — | 1,191,241 | 12.96 | — | |||||||||||||||||||||||||||||
-100 | 202,166 | (13,497) | (6.26) | 1,118,563 | 11.83 | (6.10) |
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 September 30, 2021: | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,073,154 | 16.82 | % | $ | 510,380 | 8.00 | % | $ | 669,873 | 10.50 | % | N/A | N/A | |||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 1,002,277 | 15.71 | 382,785 | 6.00 | 542,278 | 8.50 | N/A | N/A | |||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 995,060 | 15.60 | 287,089 | 4.50 | 446,582 | 7.00 | N/A | N/A | |||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | 1,002,277 | 11.02 | 363,841 | 4.00 | 363,841 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||
At December 31, 2020: | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,070,361 | 18.54 | % | $ | 461,766 | 8.00 | % | $ | 606,068 | 10.50 | % | N/A | N/A | |||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 988,172 | 17.29 | 346,325 | 6.00 | 490,627 | 8.50 | N/A | N/A | |||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 980,995 | 17.17 | 259,744 | 4.50 | 404,046 | 7.00 | N/A | N/A | |||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | 988,172 | 11.38 | 350,923 | 4.00 | 350,923 | 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 September 30, 2021: | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,007,226 | 16.36 | % | $ | 492,523 | 8.00 | % | $ | 646,437 | 10.50 | % | $ | 615,654 | 10.00 | % | |||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 936,349 | 15.21 | 369,392 | 6.00 | 523,306 | 8.50 | 492,523 | 8.00 | |||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 936,349 | 15.21 | 277,044 | 4.50 | 430,958 | 7.00 | 400,175 | 6.50 | |||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | 936,349 | 10.30 | 363,692 | 4.00 | 363,692 | 4.00 | 454,615 | 5.00 | |||||||||||||||||||||||||||
At December 31, 2020: | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 924,959 | 16.05 | % | $ | 460,944 | 8.00 | % | $ | 604,989 | 10.50 | % | $ | 576,180 | 10.00 | % | |||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 852,897 | 14.80 | 345,708 | 6.00 | 489,753 | 8.50 | 460,944 | 8.00 | |||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 852,897 | 14.80 | 259,281 | 4.50 | 403,326 | 7.00 | 374,517 | 6.50 | |||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | 852,897 | 9.72 | 350,815 | 4.00 | 350,815 | 4.00 | 438,519 | 5.00 |
Period | Total Number of Shares (2) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1 - 31, 2021 | 658,581 | $ | 17.40 | 620,500 | 1,778,518 | |||||||||||||||||||||
August 1 - 31, 2021 | 241,800 | 18.23 | 233,400 | 1,545,118 | ||||||||||||||||||||||
September 1 - 30, 2021 | 309,600 | 17.79 | 309,600 | 1,235,518 | ||||||||||||||||||||||
Total | 1,209,981 | $ | 17.67 | 1,163,500 | ||||||||||||||||||||||
(1) On February 1, 2021, the Company announced that its Board of Directors authorized a new stock repurchase program to acquire up to 5,000,000 shares of the Company's then issued and outstanding common stock, commencing upon the completion of the repurchase of the remaining shares under the Company's existing stock repurchase program that was approved in September 2020. On February 5, 2021, the Company completed the repurchases under the previous stock repurchase program. | ||||||||||||||||||||||||||
(2) During the three months ended September 30, 2021, 29,882 shares were repurchased pursuant to forfeitures and 16,599 shares were repurchased for taxes related to the 2019 Equity Incentive Plan and not as part of a share repurchase program. |
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.0 | The following materials from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended September 30, 2021, 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 the 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: | November 9, 2021 | /s/Thomas J. Kemly | ||||||||||||
Thomas J. Kemly | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | November 9, 2021 | /s/Dennis E. Gibney | ||||||||||||
Dennis E. Gibney | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
Date: | November 9, 2021 | /s/Thomas J. Kemly | ||||||||||||
Thomas J. Kemly | ||||||||||||||
President and Chief Executive Officer |
Date: | November 9, 2021 | /s/Dennis E. Gibney | ||||||||||||
Dennis E. Gibney | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Date: | November 9, 2021 | /s/Thomas J. Kemly | ||||||||||||
Thomas J. Kemly | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
Date: | November 9, 2021 | /s/Dennis E. Gibney | ||||||||||||
Dennis E. Gibney | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity | $ 417,268 | $ 277,091 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 122,039,731 | 122,037,793 |
Common stock, shares outstanding (in shares) | 106,297,899 | 110,939,753 |
Treasury stock, shares (in shares) | 15,741,832 | 11,098,040 |
Consolidated Statements of Changes in Stockholder's Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Treasury stock, shares purchased (in shares) | 1,163,500 | 624,932 | 4,633,540 | 4,081,132 |
Restricted stock, shares forfeited (in shares) | 29,882 | 15,390 | 43,856 | 16,511 |
Repurchased shares for taxes (in shares) | 16,599 | 11,782 | 16,599 | 11,782 |
Repurchase shares for taxes | $ (292) | $ 0 | $ (292) | $ 0 |
Basis of Financial Statement Presentation |
9 Months Ended |
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Sep. 30, 2021 | |
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 nine month periods ended September 30, 2021 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. These unaudited consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the audited consolidated financial statements included therein.
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Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 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. The aggregate merger consideration paid was $136.3 million. 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 nine months ended September 30, 2020, four of these branches were closed, and the Bank recorded a loss of $770,000 related to these branch closures. During the nine months ended September 30, 2021, the Bank recorded additional losses of $301,000 related to these branches. A credit of $14,000 related to one of these branches was recorded for the three months ended September 30, 2021. 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 $248,000 and $1.3 million during the three and nine months ended September 30, 2020, respectively. There were no merger expenses recorded for the three and nine months ended September 30, 2021. 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" or "Roselle"). 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 Columbia Financial, with Columbia Financial 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 Roselle acquisition totaled $175,000 and $618,000 during the three and nine months ended September 30, 2020. There were no merger expenses recorded for the three and nine months ended September 30, 2021. The following table sets forth assets acquired and liabilities assumed in the Roselle acquisition, at their estimated fair values as of the closing date of the transaction:
2. Acquisitions (continued) Roselle Bank (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. During the fourth quarter of 2020, the Company completed all tax returns related to the operation of the acquired entity and its impact on the Company's income taxes, which resulted in a $5.1 million adjustment to deferred income taxes, net, and a decrease in goodwill. During the quarter ended March 31, 2021, the Company recorded a final adjustment of $1.1 million to deferred income taxes, net, and a decrease in goodwill. At September 30, 2021, goodwill related to the Roselle acquisition totaled $17.6 million. Freehold Bank As previously disclosed, on June 17, 2021, the MHC, Columbia Financial, Inc. and the Bank (collectively, “Columbia”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Freehold MHC, Freehold Bancorp and Freehold Bank (collectively, “Freehold”), pursuant to which Columbia will acquire Freehold, with Freehold MHC and Freehold Bancorp merging into the MHC and Columbia Financial, respectively. At the effective time of these mergers, Freehold Bank will convert to a federal savings bank and operate as a wholly-owned subsidiary of Columbia Financial. As a subsidiary of Columbia Financial, current depositors of Freehold Bank will become members of, and will have the same rights and privileges in the MHC, the mutual holding company parent of Columbia Bank, as if their accounts had been established in Columbia Bank on the date established at Freehold. As part of the transaction, Columbia Financial will issue additional shares of its common stock to the MHC in an amount equal to the fair value of Freehold as determined by an independent appraiser. These shares are expected to be issued immediately prior to completion of the mergers. The Merger Agreement has been unanimously approved by the Boards of Directors of each of Columbia Financial, the MHC and the Bank and the Boards of Directors of each of Freehold MHC, Freehold Bancorp and Freehold Bank. Subject to the receipt of all required regulatory and other approvals, and the satisfaction or waiver of other customary closing conditions, the parties anticipate that the transactions contemplated by the Merger Agreement is anticipated to close in the fourth quarter of 2021. 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 pending Freehold acquisition totaled $55,000 and $130,000 during the three and nine months ended September 30, 2021. There were no merger expenses recorded for the three and nine months ended September 30, 2020.
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Earnings per Share |
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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 nine months ended September 30, 2021 and 2020: 3. Earnings per Share (continued)
During the three and nine months ended September 30, 2021, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 3,731,901 and 3,741,138, respectively. During the three and nine months ended September 30, 2020, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 3,771,082 and 3,769,793, respectively.
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Stock Repurchase Program |
9 Months Ended |
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Sep. 30, 2021 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program On June 11, 2019, the Company announced that its Board of Directors authorized the Company's first stock repurchase program since the completion of its minority public offering in April 2018. This program, which commenced on June 13, 2019, authorized the purchase of up to 4,000,000 shares, or approximately 3.5%, of the Company's then issued and outstanding common stock. On December 5, 2019, the Company announced that the Board of Directors had expanded its stock repurchase program to authorize the purchase of 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. On April 23, 2020, the Company completed the repurchases under these stock repurchase programs. On September 10, 2020, the Company announced that its Board of Directors authorized the Company's second stock repurchase program for the purchase of up to 5,000,000 shares, or approximately 4.3%, of the Company's issued and outstanding common stock, commencing on September 15, 2020. On February 5, 2021, the Company completed the repurchases under the second stock repurchase program. On February 1, 2021, the Company announced that its Board of Directors authorized the Company's third stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.5%, of the Company's then issued and outstanding common stock, commencing upon completion of the Company's second stock repurchase program. During the three and nine months ended September 30, 2021, the Company repurchased 1,163,500 shares at a cost of approximately $20.5 million, or $17.66 per share, and 4,633,540 shares, at a cost of approximately $79.1 million, or $17.07 per share, respectively, under these programs. During the three and nine months ended September 30, 2020, the Company repurchased 624,932 shares at a cost of approximately $6.9 million, or $11.08 per share, and 4,081,132 shares at a cost of approximately $60.3 million, or $14.78 per share, respectively, under these programs. Repurchased shares are held as treasury stock and are available for general corporate purposes.
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Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting Pronouncement Adopted in 2021 In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. Among other changes, the ASU adds disclosure requirements to Topic 715-20 for the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an 5. Summary of Significant Accounting Policies Accounting Pronouncement Adopted in 2021 (continued) explanation of the reasons for significant gains and losses related to changes in benefit obligation for the period. The amendments remove disclosure requirements for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, the amount and timing of plan assets expected to be returned to the employer, and the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for post-retirement health care benefits. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, including interim reporting periods within that reporting period, with early adoption permitted. The Company adopted this ASU effective January 1, 2021. The update will be applied on a retrospective basis to disclosures with regard to employee benefit plans. The adoption of this update did not have a significant impact on the Company's consolidated financial statements. 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 until December 31, 2020 as permitted by the enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). In late December 2020, the Consolidated Appropriations Act, 2021 was enacted, and extended certain provisions of the CARES Act, which allowed the Company to extend the adoption of CECL until January 1, 2022. The Company elected to extend its adoption of CECL in accordance with this legislation, and 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: •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. Based on several analyses performed, as well as an implementation analysis utilizing existing exposures and forecasts of macroeconomic conditions at September 30, 2021, we currently expect the adoption of ASU 2016-13 will result in a decrease between 15% and 25% 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 decrease 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 5. Summary of Significant Accounting Policies Accounting Pronouncements Not Yet Adopted (continued) 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. |
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 September 30, 2021 and December 31, 2020 are summarized as follows:
The amortized cost and fair value of debt securities available for sale at September 30, 2021, 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. 6. Debt Securities Available for Sale (continued)
Mortgage-backed securities and collateralized mortgage obligations totaling $1.6 billion at amortized cost, and $1.7 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 September 30, 2021, the sales of debt securities available for sale totaled $22.5 million, resulting in a gross gains of $2.0 million and no gross losses. Proceeds from called debt securities available for sale totaled $9.0 million, resulting in no gross gains or losses. No debt securities available for sale matured during the quarter. During the nine months ended September 30, 2021, the sale of debt securities available for sale totaled $27.2 million, resulting in a gross gains of $2.0 million and gross losses of $281,000. Proceeds from called debt securities available for sale totaled $14.0 million, resulting in no gross gains or losses. Proceeds from matured debt securities available for sale totaled $210,000. During the three months ended September 30, 2020, there were no sales, calls or matured debt securities available for sale. During the nine months ended September 30, 2020, the sale of debt securities available for sale totaled $20.8 million, resulting in gross gains of $369,000. Proceeds from called debt securities available for sale totaled $6.6 million, resulting in $1,000 of gross gains. Proceeds from matured debt securities available for sale totaled $5.8 million. Debt securities available for sale having a carrying value of $567.8 million and $822.2 million, at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: 6. Debt Securities Available for Sale (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 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 September 30, 2021, 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 September 30, 2021 totaled 83, compared with 40 at December 31, 2020. All temporarily impaired securities were investment grade as of September 30, 2021 and December 31, 2020. The Company did not record an other-than-temporary impairment charge on debt securities available for sale during the three and nine months ended September 30, 2021 and 2020. Debt Securities Held to Maturity Debt securities held to maturity at September 30, 2021 and December 31, 2020 are summarized as follows:
The amortized cost and fair value of debt securities held to maturity at September 30, 2021, 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 $363.2 million at amortized cost, and $372.9 million at fair value at September 30, 2021, 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 nine months ended September 30, 2021, there were no sales or maturities of debt securities held to maturity. During the nine months ended September 30, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. During the three and nine months ended September 30, 2020, there were no sales or maturities of debt securities held to maturity. During the three and nine months ended September 30, 2020, proceeds from called debt securities held to maturity totaled $20.0 million, resulting in no gross gains or losses. 7. Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $256.9 million and $220.5 million, at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 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 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 September 30, 2021, 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 September 30, 2021 totaled ten, compared with two at December 31, 2020. All temporarily impaired securities were investment grade as of September 30, 2021 and December 31, 2020. The Company did not record an other-than-temporary impairment charge on debt securities held to maturity during the three and nine months ended September 30, 2021 and 2020. Equity Securities at Fair Value The Company has an equity securities portfolio which consists of 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 September 30, 2021 and December 31, 2020 was $2.8 million and $5.4 million, respectively. The Company recorded a net (decrease) in the fair value of equity securities of $(443,000) and $(1.8) million, during the three and nine months ended September 30, 2021, respectively, as a component of non-interest income. During the three and nine months ended September 30, 2020, the Company recorded a net (decrease) increase in the fair value of equity securities of $(4,000) and $55,000, respectively, as a component of non-interest income. During the three and nine months ended September 30, 2021, sales of equity securities totaled $1.3 million, resulting in gross gains of $344,000 and no gross losses. During the three and nine months ended September 30, 2020, there were no sales of equity securities.
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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 September 30, 2021 and December 31, 2020 are summarized as follows:
The amortized cost and fair value of debt securities available for sale at September 30, 2021, 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. 6. Debt Securities Available for Sale (continued)
Mortgage-backed securities and collateralized mortgage obligations totaling $1.6 billion at amortized cost, and $1.7 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 September 30, 2021, the sales of debt securities available for sale totaled $22.5 million, resulting in a gross gains of $2.0 million and no gross losses. Proceeds from called debt securities available for sale totaled $9.0 million, resulting in no gross gains or losses. No debt securities available for sale matured during the quarter. During the nine months ended September 30, 2021, the sale of debt securities available for sale totaled $27.2 million, resulting in a gross gains of $2.0 million and gross losses of $281,000. Proceeds from called debt securities available for sale totaled $14.0 million, resulting in no gross gains or losses. Proceeds from matured debt securities available for sale totaled $210,000. During the three months ended September 30, 2020, there were no sales, calls or matured debt securities available for sale. During the nine months ended September 30, 2020, the sale of debt securities available for sale totaled $20.8 million, resulting in gross gains of $369,000. Proceeds from called debt securities available for sale totaled $6.6 million, resulting in $1,000 of gross gains. Proceeds from matured debt securities available for sale totaled $5.8 million. Debt securities available for sale having a carrying value of $567.8 million and $822.2 million, at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: 6. Debt Securities Available for Sale (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 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 September 30, 2021, 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 September 30, 2021 totaled 83, compared with 40 at December 31, 2020. All temporarily impaired securities were investment grade as of September 30, 2021 and December 31, 2020. The Company did not record an other-than-temporary impairment charge on debt securities available for sale during the three and nine months ended September 30, 2021 and 2020. Debt Securities Held to Maturity Debt securities held to maturity at September 30, 2021 and December 31, 2020 are summarized as follows:
The amortized cost and fair value of debt securities held to maturity at September 30, 2021, 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 $363.2 million at amortized cost, and $372.9 million at fair value at September 30, 2021, 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 nine months ended September 30, 2021, there were no sales or maturities of debt securities held to maturity. During the nine months ended September 30, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. During the three and nine months ended September 30, 2020, there were no sales or maturities of debt securities held to maturity. During the three and nine months ended September 30, 2020, proceeds from called debt securities held to maturity totaled $20.0 million, resulting in no gross gains or losses. 7. Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $256.9 million and $220.5 million, at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 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 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 September 30, 2021, 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 September 30, 2021 totaled ten, compared with two at December 31, 2020. All temporarily impaired securities were investment grade as of September 30, 2021 and December 31, 2020. The Company did not record an other-than-temporary impairment charge on debt securities held to maturity during the three and nine months ended September 30, 2021 and 2020. Equity Securities at Fair Value The Company has an equity securities portfolio which consists of 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 September 30, 2021 and December 31, 2020 was $2.8 million and $5.4 million, respectively. The Company recorded a net (decrease) in the fair value of equity securities of $(443,000) and $(1.8) million, during the three and nine months ended September 30, 2021, respectively, as a component of non-interest income. During the three and nine months ended September 30, 2020, the Company recorded a net (decrease) increase in the fair value of equity securities of $(4,000) and $55,000, respectively, as a component of non-interest income. During the three and nine months ended September 30, 2021, sales of equity securities totaled $1.3 million, resulting in gross gains of $344,000 and no gross losses. During the three and nine months ended September 30, 2020, there were no sales of equity securities.
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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 September 30, 2021 and December 31, 2020 are summarized as follows:
The amortized cost and fair value of debt securities available for sale at September 30, 2021, 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. 6. Debt Securities Available for Sale (continued)
Mortgage-backed securities and collateralized mortgage obligations totaling $1.6 billion at amortized cost, and $1.7 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 September 30, 2021, the sales of debt securities available for sale totaled $22.5 million, resulting in a gross gains of $2.0 million and no gross losses. Proceeds from called debt securities available for sale totaled $9.0 million, resulting in no gross gains or losses. No debt securities available for sale matured during the quarter. During the nine months ended September 30, 2021, the sale of debt securities available for sale totaled $27.2 million, resulting in a gross gains of $2.0 million and gross losses of $281,000. Proceeds from called debt securities available for sale totaled $14.0 million, resulting in no gross gains or losses. Proceeds from matured debt securities available for sale totaled $210,000. During the three months ended September 30, 2020, there were no sales, calls or matured debt securities available for sale. During the nine months ended September 30, 2020, the sale of debt securities available for sale totaled $20.8 million, resulting in gross gains of $369,000. Proceeds from called debt securities available for sale totaled $6.6 million, resulting in $1,000 of gross gains. Proceeds from matured debt securities available for sale totaled $5.8 million. Debt securities available for sale having a carrying value of $567.8 million and $822.2 million, at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: 6. Debt Securities Available for Sale (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 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 September 30, 2021, 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 September 30, 2021 totaled 83, compared with 40 at December 31, 2020. All temporarily impaired securities were investment grade as of September 30, 2021 and December 31, 2020. The Company did not record an other-than-temporary impairment charge on debt securities available for sale during the three and nine months ended September 30, 2021 and 2020. Debt Securities Held to Maturity Debt securities held to maturity at September 30, 2021 and December 31, 2020 are summarized as follows:
The amortized cost and fair value of debt securities held to maturity at September 30, 2021, 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 $363.2 million at amortized cost, and $372.9 million at fair value at September 30, 2021, 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 nine months ended September 30, 2021, there were no sales or maturities of debt securities held to maturity. During the nine months ended September 30, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. During the three and nine months ended September 30, 2020, there were no sales or maturities of debt securities held to maturity. During the three and nine months ended September 30, 2020, proceeds from called debt securities held to maturity totaled $20.0 million, resulting in no gross gains or losses. 7. Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $256.9 million and $220.5 million, at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 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 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 September 30, 2021, 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 September 30, 2021 totaled ten, compared with two at December 31, 2020. All temporarily impaired securities were investment grade as of September 30, 2021 and December 31, 2020. The Company did not record an other-than-temporary impairment charge on debt securities held to maturity during the three and nine months ended September 30, 2021 and 2020. Equity Securities at Fair Value The Company has an equity securities portfolio which consists of 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 September 30, 2021 and December 31, 2020 was $2.8 million and $5.4 million, respectively. The Company recorded a net (decrease) in the fair value of equity securities of $(443,000) and $(1.8) million, during the three and nine months ended September 30, 2021, respectively, as a component of non-interest income. During the three and nine months ended September 30, 2020, the Company recorded a net (decrease) increase in the fair value of equity securities of $(4,000) and $55,000, respectively, as a component of non-interest income. During the three and nine months ended September 30, 2021, sales of equity securities totaled $1.3 million, resulting in gross gains of $344,000 and no gross losses. During the three and nine months ended September 30, 2020, there were no sales of equity securities.
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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 September 30, 2021 and December 31, 2020 are summarized as follows:
The Company had no loans held-for-sale at September 30, 2021. The Company had $4.1 million of SBA loans held-for-sale at December 31, 2020. During the three months ended September 30, 2021, the Company sold $1.8 million, $15.0 million, and $1.2 million of one-to-four family real estate loans and home equity loans, multifamily and commercial real estate loans, and SBA loans held-for-sale included in commercial business loans, respectively, resulting in gross gains of $140,000 and no gross losses. During the nine months ended September 30, 2021, the Company sold $17.4 million, $19.1 million, $250.1 million, and $6.4 million of one-to-four family real estate loans and home equity loans, multifamily and commercial real estate loans, commercial business and SBA loans, and construction loans held-for-sale, respectively, resulting in gross gains of $8.6 million and no gross losses. During the three months ended September 30, 2020, the Company sold $7.8 million of one-to-four family real estate loans held-for-sale, resulting in gross gains of $327,000 and no gross losses. During the nine months ended September 30, 2020, the Company sold $111.8 million of one-to-four family real estate loans held-for-sale resulting in gross gains of $1.7 million and no gross losses. During the three and nine months ended September 30, 2021, no loans included in loans receivable were sold by the Company. During the three months ended September 30, 2020, the Company sold a construction loan totaling $5.8 million included in loans receivable, resulting in no gross gain or loss. During the three months ended September 30, 2020, the Company sold an SBA loan totaling $274,000 included in loans receivable, resulting in a gross gain of $23,000. During the nine months ended September 30, 2020, the Company sold $8.8 million, $12.5 million, and $7.6 million of one-to-four family real estate and home equity loans, construction loans, and commercial business and SBA loans, respectively, included in loans receivable, resulting in gross gains of $82,000, $0, and $78,000, respectively, and no gross losses. During the three months ended September 30, 2021, the Company purchased $678,000 of one-to-four family real estate loans and $2.0 million of multifamily and commercial real estate loans from third parties. During the nine months ended September 30, 2021, the Company purchased $678,000 of one-to-four family real estate loans and $73.6 million of multifamily and commercial real estate loans from third parties. During the three and nine months ended September 30, 2020, no loans were purchased by the Company. At September 30, 2021 and December 31, 2020, commercial business loans included $69.2 million and $344.4 million, respectively, in SBA Payroll Protection Program ("PPP") loans and net deferred fees related to these loans totaling $1.9 million and $6.6 million, respectively. 9. Loans Receivable and Allowance for Loan Losses (continued) The Company has entered into guarantor swaps with Freddie Mac which results in improved liquidity. During the three months ended September 30, 2021, no loans were exchanged for Freddie Mac mortgage participation certificates. During the nine months ended September 30, 2021, the Company exchanged $99.6 million of loans for Freddie Mac mortgage participation certificates, resulting in gross gains of $2.3 million and no gross losses. During the three and nine months ended September 30, 2020, $48.5 million of loans were exchanged for Freddie Mac mortgage participation certificates, resulting in gross gains of $1.5 million and no gross losses. The Company retained the servicing of these loans. At September 30, 2021 and December 31, 2020, the carrying value of loans serviced by the Company for investors was $551.1 million and $598.0 million, respectively. These loans are not included in the Consolidated Statements of Financial Condition. The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCI loans at September 30, 2021 and December 31, 2020:
9. Loans Receivable and Allowance for Loan Losses (continued) 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 September 30, 2021 and December 31, 2020, non-accrual loans totaled $5.3 million and $8.2 million, respectively. Included in non-accrual loans at September 30, 2021, are thirteen loans totaling $1.3 million which are less than 90 days in arrears. At December 31, 2020, 19 loans totaling $2.2 million were less than 90 days in arrears. At September 30, 2021 and December 31, 2020, there were no loans past due 90 days or more still accruing interest other than COVID-19 related loan forbearance and deferrals. In accordance with the CARES Act, these loans are not included in the aging of loans receivable by portfolio segment in the table above, and the Bank continues to accrue interest income during the forbearance or deferral period. If adverse information indicating that the borrower's capability of repaying all amounts due is unlikely, the interest accrual will cease. PCI loans are loans acquired at a discount primarily due to deteriorated credit quality. These loans are initially recorded 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 $2.8 million at September 30, 2021 and $6.1 million at December 31, 2020. PCI loans acquired in the Roselle acquisition totaled $184,000 at September 30, 2021 and $246,000 at December 31, 2020. The following table presents changes in accretable yield for PCI loans for the three and nine months ended September 30, 2021 and 2020.
We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. At September 30, 2021 and December 31, 2020, the Company had no real estate owned. At September 30, 2021 we had one residential mortgage loan with a carrying value of $86,000 collateralized by residential real estate which was in the process of foreclosure. At December 31, 2020 we had two residential mortgage loans with carrying values totaling $398,000 collateralized by residential real estate which were in the process of foreclosure. In March 2020, the Company temporarily suspended residential property foreclosure sales and evictions in the primary states in which we lend, as the federal government and various states issued executive orders which declared moratoriums on removing individuals from a residential property until at least two months after the COVID-19 health crisis ended. Many of these moratoriums expired in the second and third quarters of 2021. In New Jersey and New York the moratoriums will expire on November 15, 2021 and January 15, 2022, respectively. 9. Loans Receivable and Allowance for Loan Losses (continued) The following tables summarize loans receivable (including PCI loans) and allowance for loan losses by portfolio segment and impairment method at September 30, 2021 and December 31, 2020:
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. These short-term loan modifications were not treated as a troubled debt restructuring during the short-term modification period if the loan was not in arrears at December 31, 2019. Furthermore, based on current evaluations, generally, we have continued the accrual of interest on these loans during the short-term modification period. The Consolidated Appropriations Act, 2021, which was enacted in late December 2020, extended certain provisions of the CARES Act, including provisions permitting loan deferral extension requests to not be treated as troubled debt restructurings. The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020, 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. 9. Loans Receivable and Allowance for Loan Losses (continued)
9. Loans Receivable and Allowance for Loan Losses (continued) The activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020 are as follows:
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 September 30, 2021 and December 31, 2020:
9. Loans Receivable and Allowance for Loan Losses (continued)
Specific allocations of the allowance for loan losses attributable to impaired loans totaled $379,000 and $1.1 million at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021 and December 31, 2020, impaired loans for which there was no related allowance for loan losses totaled $19.9 million and $19.1 million, respectively. The recorded investment in TDRs totaled $23.5 million at September 30, 2021, of which one loan with a balance of $45,000 was 30-59 days past due, and one loan with a balance of $400,000 was 60-89 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 September 30, 2021. The recorded investment in TDRs totaled $45.4 million at December 31, 2020, of which one loan with a balance of $91,000 was over 90 days past due, and three loans totaling $11.9 million 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, 2020. 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 nine months ended September 30, 2021 and 2020:
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 September 30, 2021 and December 31, 2020:
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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. The Company's leases primarily relate to real estate property for branches and office space. At September 30, 2021 and December 31, 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 3 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 September 30, 2021 and December 31, 2020, the weighted average remaining lease term for operating leases was 6.9 years and 7.5 years, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 2.14%, and 2.26%, respectively. 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 months ended September 30, 2021 and 2020, operating and variable lease expenses totaled approximately $504,000 and $603,000, respectively. During the nine months ended September 30, 2021 and 2020, operating and variable lease expenses totaled approximately $1.7 million and $1.9 million, respectively. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three and nine months ended September 30, 2021 and 2020. At September 30, 2021, 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:
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits Deposits at September 30, 2021 and December 31, 2020 are summarized as follows:
Included in the above balances at September 30, 2021 and December 31, 2020 are certificates of deposit obtained through brokers, totaling $16.2 million and $26.3 million, respectively, that were acquired from Stewardship. The aggregate amount of certificates of deposit that meet or exceed $100,000 totaled approximately $934.9 million and $1.0 billion at September 30, 2021 and December 31, 2020, respectively. Interest expense on deposits for the three months ended September 30, 2021 and 2020 totaled $6.7 million and $12.8 million, respectively. Interest expense on deposits for the nine months ended September 30, 2021 and 2020 totaled $23.4 million and $44.6 million, respectively. 11. Deposits (continued) Scheduled maturities of certificates of deposit accounts at September 30, 2021 and December 31, 2020 are summarized as follows:
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Stock Based Compensation |
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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, 1,389,570 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. On December 14, 2020, 33,160 shares of restricted stock were awarded, with a grant date fair value of $15.08 per share. To fund the grant of restricted common stock, the Company reissued shares from treasury stock. On March 22, 2021, 50,203 shares of restricted stock were awarded, with a grant date fair value of $17.86 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 1 year to 5 years, beginning 1 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 both the three months ended September 30, 2021 and 2020, approximately $1.4 million in expense was recognized in regard to these awards. The expected future compensation expense related to the 1,105,634 non-vested restricted shares outstanding at September 30, 2021 is approximately $9.7 million over a weighted average period of 2.1 years. During the nine months ended September 30, 2021 and 2020, approximately $4.3 million and $4.2 million in expense was recognized in regard to these awards. 12. Stock Based Compensation (continued) The following is a summary of the Company's restricted stock activity during the three and nine months ended September 30, 2021 and 2020:
On July 23, 2019, options to purchase 3,707,901 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%. 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%. 12. Stock Based Compensation (continued) On March 22, 2021, options to purchase 109,654 shares of Company common stock were awarded with a grant date fair value of $4.91 per option. Stock options granted under the 2019 Plan vest in equal installments over the service period of three years beginning one year from the date of grant. Stock options were granted at an exercise price of $17.86, 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 6.0 years, risk-free rate of return of 1.11%, volatility of 25.98%, 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 Company stock plus 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 months ended September 30, 2021 and 2020, approximately $822,000 and $808,000 in expense was recognized in regard to these awards. During the nine months ended September 30, 2021 and 2020, approximately $2.4 million and $2.4 million in expense was recognized in regard to these awards. The expected future compensation expense related to the 2,278,056 non-vested options outstanding at September 30, 2021 is $9.0 million over a weighted average period of 2.8 years. The following is a summary of the Company's option activity during the three and nine months ended September 30, 2021 and 2020:
12. Stock Based Compensation (continued)
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. During the three and nine months ended September 30, 2021, the aggregate intrinsic value of options exercised was $56,186 and $59,991, respectively. There were no stock option exercises during the three and nine months ended September 30, 2020.
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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 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). 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. 13. Components of Net Periodic Benefit Cost (continued) Net periodic benefit (income) cost for Pension Plan, RIM Plan, Post-retirement Plan and Split-dollar Life Insurance plan benefits for the three and nine months ended September 30, 2021 and 2020, includes the following components:
For the three and nine months ended September 30, 2021, a $35.0 million contribution was made to the Pension Plan. The net periodic (income) cost for pension benefits, other post-retirement and split dollar life insurance benefits for the three and nine months ended September 30, 2021 were calculated using the most recent available benefit valuations. 13. Components of Net Periodic Benefit Cost (continued) Through the acquisition of the Roselle entities, 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 nine months ended September 30, 2021 and 2020, the Company recorded a net periodic benefit cost of $2,000 and $4,000, and $6,000 and $8,000, respectively, 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 September 30, 2021 and December 31, 2020. 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 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. 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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020. 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 September 30, 2021 and December 31, 2020. Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. Loan impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. 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 on a non-recurring basis at September 30, 2021 and December 31, 2020, by level within the fair value hierarchy:
14. Fair Value Measurements (continued) The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2021 and December 31, 2020:
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. 14. Fair Value Measurements (continued) 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. 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 September 30, 2021 and December 31, 2020:
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 nine months ended September 30, 2021 and 2020:
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 nine months ended September 30, 2021 and 2020:
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 nine months ended September 30, 2021 and 2020:
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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 September 30, 2021 and December 31, 2020, the Company had no currency forward contracts in place with commercial banking customers. Interest Rate Swaps. At both September 30, 2021 and December 31, 2020, the Company had interest rate swaps in place with 50 commercial banking customers executed by offsetting interest rate swaps with third parties, with an aggregated notional amount of $180.1 million. These derivatives are not designated as hedges and are not speculative. These interest rate swaps do not meet hedge accounting requirements. At September 30, 2021 and December 31, 2020, the Company had 28 and 31 interest rate swaps with notional amounts of $400.0 million and $430.0 million, respectively, hedging certain FHLB advances. These interest rate swaps meet the cash flow 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 nine months ended September 30, 2021 and 2020, 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 September 30, 2021 and December 31, 2020:
For the three months ended September 30, 2021 and 2020, losses/(gains) of $12,000 and $(44,000), respectively, were recorded for changes in fair value of interest rate swaps with third parties. For the nine months ended September 30, 2021 and 2020, (gains)/losses of $(189,000) and $406,000, respectively, were recorded for changes in fair value of interest rate swaps with third parties. At both September 30, 2021 and December 31, 2020, accrued interest was $1.0 million. 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. At September 30, 2021, the termination value of derivatives in a net liability position, which includes accrued interest, was $12.6 million. The Company has collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $24.1 million against its obligations under these agreements.
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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. 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 nine months ended September 30, 2021 and 2020.
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 |
9 Months Ended |
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Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events subsequent to September 30, 2021 and through the financial statement issuance date of November 9, 2021. The Company has not identified any material subsequent events that would require adjustment or disclosure in the consolidated financial statements. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Accounting Pronouncement Adopted in 2021 In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. Among other changes, the ASU adds disclosure requirements to Topic 715-20 for the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an 5. Summary of Significant Accounting Policies Accounting Pronouncement Adopted in 2021 (continued) explanation of the reasons for significant gains and losses related to changes in benefit obligation for the period. The amendments remove disclosure requirements for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, the amount and timing of plan assets expected to be returned to the employer, and the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for post-retirement health care benefits. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, including interim reporting periods within that reporting period, with early adoption permitted. The Company adopted this ASU effective January 1, 2021. The update will be applied on a retrospective basis to disclosures with regard to employee benefit plans. The adoption of this update did not have a significant impact on the Company's consolidated financial statements. 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 until December 31, 2020 as permitted by the enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). In late December 2020, the Consolidated Appropriations Act, 2021 was enacted, and extended certain provisions of the CARES Act, which allowed the Company to extend the adoption of CECL until January 1, 2022. The Company elected to extend its adoption of CECL in accordance with this legislation, and 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: •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. Based on several analyses performed, as well as an implementation analysis utilizing existing exposures and forecasts of macroeconomic conditions at September 30, 2021, we currently expect the adoption of ASU 2016-13 will result in a decrease between 15% and 25% 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 decrease 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 5. Summary of Significant Accounting Policies Accounting Pronouncements Not Yet Adopted (continued) 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. |
Fair Value Measurements | 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 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. Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. Loan impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. 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. 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. 14. Fair Value Measurements (continued) 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. 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. 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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Acquisitions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recognized identified assets acquired and liabilities assumed | The following table sets forth assets acquired and liabilities assumed in the Roselle acquisition, 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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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 nine months ended September 30, 2021 and 2020: 3. Earnings per Share (continued)
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Debt Securities Available for Sale (Tables) |
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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 September 30, 2021 and December 31, 2020 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 September 30, 2021, 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. 6. Debt Securities Available for Sale (continued)
The amortized cost and fair value of debt securities held to maturity at September 30, 2021, 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 September 30, 2021 and December 31, 2020 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: 6. Debt Securities Available for Sale (continued)
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Debt Securities Held to Maturity (Tables) |
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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 September 30, 2021 and December 31, 2020 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 September 30, 2021, 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. 6. Debt Securities Available for Sale (continued)
The amortized cost and fair value of debt securities held to maturity at September 30, 2021, 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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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 September 30, 2021 and December 31, 2020 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
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Loans Receivable and Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | Loans receivable at September 30, 2021 and December 31, 2020 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 September 30, 2021 and December 31, 2020:
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Schedule of PCI Loans Acquired | The following table presents changes in accretable yield for PCI loans for the three and nine months ended September 30, 2021 and 2020.
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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 September 30, 2021 and December 31, 2020:
9. Loans Receivable and Allowance for Loan Losses (continued)
The activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020 are as follows:
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Schedule of troubled debt restructuring | The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020, 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. 9. Loans Receivable and Allowance for Loan Losses (continued)
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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 September 30, 2021 and December 31, 2020:
9. Loans Receivable and Allowance for Loan Losses (continued)
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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 September 30, 2021 and December 31, 2020:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposits | Deposits at September 30, 2021 and December 31, 2020 are summarized as follows:
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Schedule of Certificate Accounts by Maturity | Scheduled maturities of certificates of deposit accounts at September 30, 2021 and December 31, 2020 are summarized as follows:
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Stock Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2021 and 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 nine months ended September 30, 2021 and 2020:
12. Stock Based Compensation (continued)
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Components of Net Periodic Benefit Costs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 plan benefits for the three and nine months ended September 30, 2021 and 2020, includes the following components:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2021 and December 31, 2020, by level within the fair value hierarchy:
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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 on a non-recurring basis at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020:
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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 September 30, 2021 and December 31, 2020:
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Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2021 and 2020:
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 nine months ended September 30, 2021 and 2020:
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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 nine months ended September 30, 2021 and 2020:
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Derivatives and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2021 and December 31, 2020:
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Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2021 and 2020.
|
Acquisitions - Assets Acquired and Liabilities Assumed in Roselle Acquisition (Details) - Roselle Entities - USD ($) $ in Thousands |
Apr. 01, 2020 |
Sep. 30, 2021 |
---|---|---|
Assets acquired: | ||
Cash and cash equivalents | $ 155,248 | |
Debt securities available for sale | 51,479 | |
Debt securities held to maturity | 13,418 | |
Equity securities | 1,796 | |
Federal Home Loan Bank stock | 2,010 | |
Loans receivable | 171,593 | |
Accrued interest receivable | 679 | |
Office properties and equipment, net | 5,774 | |
Bank-owned life insurance | 17,245 | |
Deferred tax asset, net | 1,334 | |
Other assets | 1,489 | |
Total assets acquired | 422,065 | |
Liabilities assumed: | ||
Deposits | 333,234 | |
Borrowings | 37,728 | |
Advance payments by borrowers for taxes and insurance | 982 | |
Accrued expenses and other liabilities | 5,400 | |
Total liabilities assumed | 377,344 | |
Net assets acquired | 44,721 | |
Fair market value of stock issued to Columbia Bank MHC for purchase | 68,530 | |
Goodwill recorded at merger | $ 23,809 | $ 17,600 |
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 20,982 | $ 15,087 | $ 68,715 | $ 36,949 |
Shares: | ||||
Weighted average shares outstanding - basic (in shares) | 102,977,254 | 110,983,871 | 104,486,520 | 110,177,736 |
Effect of dilutive common stock equivalents (in shares) | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 102,977,254 | 110,983,871 | 104,486,520 | 110,177,736 |
Earnings per share: | ||||
Earnings per share - basic (in dollars per share) | $ 0.20 | $ 0.14 | $ 0.66 | $ 0.34 |
Earnings per share - diluted (in dollars per share) | $ 0.20 | $ 0.14 | $ 0.66 | $ 0.34 |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 3,731,901 | 3,771,082 | 3,741,138 | 3,769,793 |
Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Feb. 01, 2021 |
Sep. 10, 2020 |
Dec. 05, 2019 |
Jun. 13, 2019 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Equity [Abstract] | ||||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 5,000,000 | 5,000,000 | 4,000,000 | |||||
Stock repurchase program, percent of common stock | 4.50% | 4.30% | 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) | 1,163,500 | 624,932 | 4,633,540 | 4,081,132 | ||||
Shares repurchased, value | $ 20,544 | $ 6,925 | $ 79,090 | $ 60,286 | ||||
Shares repurchased, price per share (in dollars per share) | $ 17.66 | $ 11.08 | $ 17.07 | $ 14.78 |
Summary of Significant Accounting Policies - Narrative (Details) - ASU 2016-13 - Forecast |
Jan. 01, 2022 |
---|---|
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Financing receivable, allowance for credit loss, period decrease, percent | 15.00% |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Financing receivable, allowance for credit loss, period decrease, percent | 25.00% |
Debt Securities Available for Sale - Expected Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
One year or less | $ 6,944 | |
More than one year to five years | 68,415 | |
More than five years to ten years | 36,225 | |
Available-for-sale debt securities, allocated and single maturity date, total | 111,584 | |
Mortgage-backed securities and collateralized mortgage obligations | 1,638,630 | |
Amortized Cost | 1,750,214 | $ 1,277,511 |
Fair Value | ||
One year or less | 6,944 | |
More than one year to five years | 70,837 | |
More than five years to ten years | 36,473 | |
Available-for-sale debt securities, allocated and single maturity date, total | 114,254 | |
Mortgage-backed securities and collateralized mortgage obligations | 1,650,612 | |
Debt securities available for sale, at fair value | $ 1,764,866 | $ 1,316,952 |
Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 408,088 | $ 262,720 |
Gross unrealized gains | 10,088 | 14,373 |
Gross unrealized (losses) | (908) | (2) |
Fair value | 417,268 | 277,091 |
U.S. government and agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 44,870 | 5,000 |
Gross unrealized gains | 0 | 1 |
Gross unrealized (losses) | (489) | 0 |
Fair value | 44,381 | 5,001 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 363,218 | 257,720 |
Gross unrealized gains | 10,088 | 14,372 |
Gross unrealized (losses) | (419) | (2) |
Fair value | $ 372,887 | $ 272,090 |
Debt Securities Held to Maturity - Expected Maturities of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
More than one year to five years | $ 14,875 | |
More than five years to ten years | 19,995 | |
More than ten years | 10,000 | |
Held-to-maturity debt securities, allocated and single maturity date, total | 44,870 | |
Mortgage-backed securities and collateralized mortgage obligations | 363,218 | |
Amortized Cost | 408,088 | $ 262,720 |
Fair Value | ||
More than one year to five years | 14,857 | |
More than five years to ten years | 19,685 | |
More than ten years | 9,839 | |
Held-to-maturity debt securities, allocated and single maturity date, total | 44,381 | |
Mortgage-backed securities and collateralized mortgage obligations | 372,887 | |
Debt securities held to maturity | $ 417,268 | $ 277,091 |
Equity Securities at Fair Value (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | |||||
Equity securities | $ 2,785,000 | $ 2,785,000 | $ 5,418,000 | ||
Change in fair value of equity securities | (443,000) | $ (4,000) | (1,809,000) | $ 55,000 | |
Proceeds from sale of equity securities | 1,300,000 | $ 0 | 1,300,000 | $ 0 | |
Equity securities, realized gain | 344,000 | 344,000 | |||
Equity securities, realized loss | $ 0 | $ 0 |
Loans Receivable and Allowance for Loan Losses - Accretable Yield For PCI Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 375 | $ 471 | $ 418 | $ 511 |
Acquisition | 0 | 0 | 0 | 58 |
Accretion | (27) | (58) | (91) | (156) |
Net change in expected cash flows | 4 | 1 | 25 | 1 |
Balance at end of period | $ 352 | $ 414 | $ 352 | $ 414 |
Leases - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Jan. 01, 2020 |
|
Lessee, Lease, Description [Line Items] | ||||||
Total lease liability | $ 19,128 | $ 19,128 | ||||
Operating lease, weighted average remaining lease term | 6 years 10 months 24 days | 6 years 10 months 24 days | 7 years 6 months | |||
Operating lease, weighted average discount rate | 2.14% | 2.14% | 2.26% | |||
Lease, cost | $ 504 | $ 603 | $ 1,700 | $ 1,900 | ||
Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lessee, operating lease, renewal term | 3 years | 3 years | ||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lessee, operating lease, renewal term | 10 years | 10 years | ||||
Accounting Standards Update 2016-02 | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease, right-of-use asset | $ 22,200 | |||||
Total lease liability | $ 23,300 |
Leases - Operating Lease Payment Obligations (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
One year or less | $ 1,026 |
After one year to two years | 4,008 |
After two years to three years | 3,739 |
After three years to four years | 3,014 |
After four years to five years | 2,342 |
Thereafter | 6,662 |
Total undiscounted cash flows | 20,791 |
Discount on cash flows | (1,663) |
Total lease liability | $ 19,128 |
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 1,567,112 | $ 1,354,605 |
Interest-bearing demand | 2,451,718 | 2,189,164 |
Money market accounts | 636,392 | 588,180 |
Savings and club deposits | 775,681 | 688,309 |
Certificates of deposit | 1,791,455 | 1,958,366 |
Total deposits | $ 7,222,358 | $ 6,778,624 |
Deposits - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Interest-bearing demand | $ 2,451,718 | $ 2,451,718 | $ 2,189,164 | ||
Aggregate amount of certificates of deposit exceeding threshold amount | 934,900 | 934,900 | 1,000,000 | ||
Interest expense on deposits | 6,673 | $ 12,826 | 23,403 | $ 44,569 | |
Stewardship Financial Corporation | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Interest-bearing demand | $ 16,200 | $ 16,200 | $ 26,300 |
Deposits - Schedule of Deposit Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deposits [Abstract] | ||
One year or less | $ 1,193,342 | $ 1,494,129 |
After one year to two years | 365,668 | 337,579 |
After two years to three years | 120,496 | 52,809 |
After three years to four years | 29,925 | 23,018 |
After four years | 82,024 | 50,831 |
Total term certificate accounts | $ 1,791,455 | $ 1,958,366 |
Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - $ / shares |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 22, 2021 |
Dec. 14, 2020 |
Dec. 16, 2019 |
Jul. 23, 2019 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Number of Restricted Shares | ||||||||||
Beginning balance (in shares) | 1,299,398 | 1,299,526 | 1,263,169 | 1,418,891 | 1,419,131 | 1,420,012 | ||||
Granted (in shares) | 50,203 | 33,160 | 74,673 | 1,389,570 | 50,203 | |||||
Vested (in shares) | (163,882) | (167,427) | ||||||||
Forfeited (in shares) | (29,882) | (128) | (13,846) | (15,390) | (240) | (881) | ||||
Ending balance (in shares) | 1,105,634 | 1,299,398 | 1,299,526 | 1,236,074 | 1,418,891 | 1,419,131 | ||||
Weighted Average Grant Date Fair Value | ||||||||||
Beginning balance (in dollars per share) | $ 15.74 | $ 15.74 | $ 15.66 | $ 15.67 | $ 15.67 | $ 15.67 | ||||
Granted (in dollars per share) | $ 17.86 | $ 15.08 | $ 17.00 | $ 15.60 | 17.86 | |||||
Vested (in dollars per share) | 15.61 | 15.62 | ||||||||
Forfeited (in dollars per share) | 15.63 | 15.60 | 15.60 | 16.07 | 15.60 | 15.60 | ||||
Ending balance (in dollars per share) | $ 15.76 | $ 15.74 | $ 15.74 | $ 15.68 | $ 15.67 | $ 15.67 |
Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 22, 2021 |
Dec. 16, 2019 |
Jul. 23, 2019 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Number of Stock Options | ||||||||||||
Beginning balance (in shares) | 3,775,533 | 3,786,135 | 3,708,628 | 3,771,690 | 3,774,337 | 3,784,044 | 3,784,044 | 3,784,044 | ||||
Granted (in shares) | 109,654 | 184,378 | 3,707,901 | 109,654 | ||||||||
Exercises (in shares) | (26,861) | (1,661) | 0 | 0 | ||||||||
Expired (in shares) | (353) | (7,529) | (2,029) | |||||||||
Forfeited (in shares) | (58,287) | (1,412) | (30,118) | (44,485) | (2,647) | (9,707) | ||||||
Ending balance (in shares) | 3,690,032 | 3,775,533 | 3,786,135 | 3,727,205 | 3,771,690 | 3,774,337 | 3,727,205 | 3,708,628 | 3,784,044 | |||
Options exercisable (in shares) | 1,411,976 | 727,438 | 727,438 | |||||||||
Weighted Average Exercise Price | ||||||||||||
Beginning balance (in dollars per share) | $ 15.73 | $ 15.73 | $ 15.66 | $ 15.67 | $ 15.67 | $ 15.67 | $ 15.67 | |||||
Granted (in dollars per share) | $ 17.86 | $ 17.00 | $ 15.60 | 17.86 | ||||||||
Exercised (in dollars per share) | 15.60 | 15.60 | ||||||||||
Expired (in dollars per share) | 15.60 | 15.60 | 15.60 | |||||||||
Forfeited (in dollars per share) | 15.73 | 15.60 | 15.60 | 15.95 | $ 15.60 | $ 15.60 | ||||||
Ending balance (in dollars per share) | 15.73 | $ 15.73 | $ 15.73 | 15.67 | $ 15.67 | 15.67 | $ 15.66 | $ 15.67 | ||||
Options exercisable (in dollars per share) | $ 15.64 | $ 15.62 | $ 15.62 | |||||||||
Weighted Average Remaining Contractual Term (in years) | ||||||||||||
Options outstanding | 7 years 10 months 24 days | 8 years 1 month 6 days | 8 years 4 months 24 days | 8 years 9 months 18 days | 9 years 1 month 6 days | 9 years 3 months 18 days | 8 years 7 months 6 days | 9 years 7 months 6 days | ||||
Options exercisable | 7 years 9 months 18 days | 8 years 8 months 12 days | ||||||||||
Aggregate Intrinsic Value | ||||||||||||
Options outstanding | $ 10,222,527 | $ 5,700,258 | $ 6,673,328 | $ 0 | $ 0 | $ 0 | $ 0 | $ 4,812,490 | ||||
Options exercisable | $ 4,036,196 |
Fair Value Measurements - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
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 |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Interest rate swaps | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 11,464 | $ 19,425 |
Interest rate swaps | Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 25,068 | 42,384 |
Reported Value Measurement | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 11,464 | 19,425 |
Derivative liabilities | $ 25,068 | $ 42,384 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total out-of-scope non-interest income | $ 4,523 | $ 4,155 | $ 18,991 | $ 10,469 |
Total non-interest income | 8,874 | 7,909 | 31,860 | 21,308 |
Deposit Account, Title Insurance and Other Non-Interest Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,351 | 3,754 | 12,869 | 10,839 |
Demand deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 986 | 787 | 2,682 | 2,706 |
Title insurance fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,431 | 1,218 | 4,554 | 3,445 |
Other non-interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,934 | $ 1,749 | $ 5,633 | $ 4,688 |