0001823608-24-000076 | 10-K | XBRL Viewer | Amalgamated Financial Corp

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COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Provision for credit losses related to off balance sheet credit commitments expense (recovery)		$ (100)	$ 100	$ 300
Reserve for credit risk inherent in off balance sheet credit commitments		4,200	$ 1,600
Property Assessed Clean Energy Commitments
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Investment obligations, amount fulfilled		718,200
Remaining commitment		$ 85,000
Accounting Standards Update 2016-13
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Provision for credit losses related to off balance sheet credit commitments expense (recovery)	$ 2,700
Reserve for credit risk inherent in off balance sheet credit commitments	$ 2,705

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Factors Used in Earnings Per Share Calculation

Following is a table setting forth the factors used in the earnings per share computation follow:



	Year Ended December 31,
		2023		2022		2021
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.		$	87,978	$	81,477	$	52,937
Dividends paid on preferred stock		—		(22)		(22)
Income attributable to common stock		$	87,978	$	81,455	$	52,915
Weighted average common shares outstanding, basic		30,555		30,818		31,104
Basic earnings per common share		$	2.88	$	2.64	$	1.70

Income attributable to common stock		$	87,978	$	81,455	$	52,915
Weighted average common shares outstanding, basic		30,555		30,818		31,104
Incremental shares from assumed conversion of options and RSUs		230		375		408
Weighted average common shares outstanding, diluted		30,785		31,193		31,512
Diluted earnings per common share		$	2.86	$	2.61	$	1.68

EMPLOYEE BENEFIT PLANS - Narrative (Details)			12 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details)	Apr. 28, 2021 USD ($) shares	Dec. 31, 2020 shares	Dec. 31, 2023 USD ($) hour plan_benefit $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multi-employer plan, minimum age			21 years
Multi-employer plan, number of hours of service during twelve consecutive month period \| hour			1,000
Multi-employer plan, vesting percentage			100.00%
Multi-employer plan, vesting period			5 years
Number of non-qualifying supplemental retirement plan benefits \| plan_benefit			2
Plan number			001
Net actuarial loss and prior service credit expected to be amortized in next fiscal year \| $			$ 200,000
Future estimated benefit payments expected next fiscal year \| $			300,000
Future estimated benefit payments expected in year two \| $			300,000
Future estimated benefit payments expected in year three \| $			300,000
Future estimated benefit payments expected in year four \| $			300,000
Future estimated benefit payments expected in year five \| $			300,000
Future estimated benefit payments expected after year five \| $			$ 300,000
Employee contributions, maximum percentage of salary			15.00%
Exercise price of stock options, minimum (in dollars per share) \| $ / shares			$ 11.00
Exercise price of stock options, maximum (in dollars per share) \| $ / shares			$ 14.65
Fair value of options outstanding \| $			$ 4,700,000	$ 4,200,000
Proceeds from stock options exercised \| $			$ 0	$ 0
Stock repurchased during period (in shares)			55,881	310,176
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Stock Options \| Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost \| $			$ 0	$ 0		$ 700,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)			58,942	54,191
Number of shares authorized for stock-based awards (in shares)			1,300,000
Number of shares available for issuance (in shares)			1,265,610
Unvested shares (in shares)			417,725
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)			291,762
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)			480,707
Restricted Stock Units (RSUs) \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost \| $			$ 500,000	$ 500,000	$ 300,000
Restricted Stock Units (RSUs) \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost \| $			4,200,000	$ 2,200,000	1,800,000
Restricted Stock Units (RSUs) \| Employee \| Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 11,300,000
Unrecognized compensation cost, period for recognition			1 year 4 months 24 days
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			62,945
Granted (in dollars per share) \| $ / shares			$ 23.05
Unvested shares (in shares)			125,963	96,970
Performance-Based RSUs \| Award Date Fair Value, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)			619
Awarded (in dollars per share) \| $ / shares			$ 14.45
Performance-Based RSUs \| Award Date Fair Value, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)			2,656
Awarded (in dollars per share) \| $ / shares			$ 15.23
Performance-Based RSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			29,923
Granted (in dollars per share) \| $ / shares			$ 23.42
Vesting period			3 years
Number of shares reserved for issuance (in shares)			188,945
Performance-Based RSUs \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			0
Performance-Based RSUs \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			44,885
Market-Based RSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			29,747
Granted (in dollars per share) \| $ / shares			$ 23.56
Vesting period			3 years
Market-Based RSUs \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			0
Market-Based RSUs \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			44,621
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost \| $			$ 120,500	$ 99,600	$ 0
Number of shares authorized for stock-based awards (in shares)	500,000
Number of shares available for issuance (in shares)		500,000	424,848			500,000
Maximum withholding percentage for each employee of eligible compensation	15.00%
Maximum value of shares eligible to be purchased by employees for each calendar year \| $	$ 25,000
Purchase price of common stock, percentage of fair market value	85.00%
Grant period			6 months

PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 35,739	$ 35,498
Accumulated depreciation and amortization	(27,932)	(25,642)
Premises and equipment, net	7,807	9,856
Buildings, premises and improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	28,150	28,150
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	7,266	6,787
Projects in process
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 323	$ 561

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTEREST AND DIVIDEND INCOME
Loans	$ 191,295	$ 145,649	$ 123,318
Securities	161,003	110,654	56,557
Interest-bearing deposits in banks	5,779	2,186	651
Total interest and dividend income	358,077	258,489	180,526
INTEREST EXPENSE
Deposits	81,124	11,056	5,823
Borrowed funds	15,642	7,593	399
Total interest expense	96,766	18,649	6,222
NET INTEREST INCOME	261,311	239,840	174,304
Provision for credit losses	14,670	15,002	(287)
Net interest income after provision for credit losses	246,641	224,838	174,591
NON-INTEREST INCOME
Trust Department fees	15,175	14,449	13,352
Service charges on deposit accounts	10,999	10,999	9,355
Bank-owned life insurance income	2,882	3,868	2,388
Gain (loss) on sale of securities	(7,392)	(3,637)	649
Gain (loss) on sale of loans	32	(610)	1,887
Loss on other real estate owned	0	(168)	(407)
Equity method investments income (loss)	4,932	(2,773)	150
Other income	2,708	1,769	1,015
Total non-interest income	29,336	23,897	28,389
NON-INTEREST EXPENSE
Compensation and employee benefits	85,774	74,712	69,844
Occupancy and depreciation	13,605	13,723	14,023
Professional fees	9,637	10,417	12,961
Data processing	17,744	17,732	16,042
Office maintenance and depreciation	2,830	3,012	3,057
Amortization of intangible assets	888	1,046	1,207
Advertising and promotion	4,181	3,741	3,230
Federal deposit insurance premiums	4,018	3,228	2,531
Other expense	12,570	12,960	9,360
Total non-interest expense	151,247	140,571	132,255
Income before income taxes	124,730	108,164	70,725
Income tax expense	36,752	26,687	17,788
Net income	$ 87,978	$ 81,477	$ 52,937
Earnings per common share - basic (in dollars per share)	$ 2.88	$ 2.64	$ 1.70
Earnings per common share - diluted (in dollars per share)	$ 2.86	$ 2.61	$ 1.68

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows:


	December 31,
	2023		2022
(In thousands)
Buildings, premises and improvements	$	28,150	$	28,150
Furniture, fixtures and equipment	7,266		6,787
Projects in process	323		561
	35,739		35,498
Accumulated depreciation and amortization	(27,932)		(25,642)
	$	7,807	$	9,856

Depreciation and amortization expense charged to operations amounted to $3.5 million, $3.5 million, and $3.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to Amalgamated Financial Corp.	$ 87,978	$ 81,477	$ 52,937
Dividends paid on preferred stock	0	(22)	(22)
Income attributable to common stock	$ 87,978	$ 81,455	$ 52,915
Weighted average common shares outstanding, basic (in shares)	30,555	30,818	31,104
Basic earnings per common share (in dollars per share)	$ 2.88	$ 2.64	$ 1.70
Incremental shares from assumed conversion of options and RSUs (in shares)	230	375	408
Weighted average common shares outstanding, diluted (in shares)	30,785	31,193	31,512
Diluted earnings per common share (in dollars per share)	$ 2.86	$ 2.61	$ 1.68

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

EMPLOYEE BENEFIT PLANS - Schedule of Assumptions Used to Measure Plans' Benefit Obligation and Net Period Benefit Expense (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.76%	5.01%	2.07%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	5.01%	2.14%	1.66%

INCOME TAXES - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Excess tax basis over carrying value of assets:
Allowance for credit losses	$ 21,028	$ 13,237
Postretirement and other employee benefits	3,753	1,563
Available for sale securities carried at fair value for financial statement purposes	27,946	36,330
Depreciation and amortization	0	1,418
Operating leases	7,969	10,976
Federal, state and local net operating loss carryforward	1,527	4,468
Transfer of available for sale securities to held-to-maturity	3,825	4,379
Other, net	128	556
Gross deferred tax asset	66,176	72,927
Deferred tax liabilities:
Purchase accounting adjustments, net	(585)	(676)
Operating leases	(6,192)	(8,575)
Net deferred loan fees	(1,051)	(1,169)
Depreciation and amortization	(1,745)	0
Gross deferred tax liabilities	(9,573)	(10,420)
Deferred tax asset, net	$ 56,603	$ 62,507

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule Other Comprehensive Income (Loss)

Other comprehensive income (loss) components and related income tax effects were as follows:


	Year Ended December 31,
		2023		2022		2021
(In thousands)
Postretirement Benefit Plans
Change in obligation for postretirement benefits and for prior service credit		$	174	$	268	$	202
Reclassification adjustment for prior service expense included in other expense for the year ended December 31, 2023, and in compensation and employee benefits for the year ended December 31, 2022 and 2021		29		29		29
Change in obligation for other benefits		40		338		(294)
Change in total obligation for postretirement benefits and for prior service credit and for other benefits		243		635		(63)

Income tax expense		(72)		(185)		17

Net change in total obligation for postretirement benefits and prior service credit and for other benefits		171		450		(46)

Securities
Unrealized holding gains (losses) on available for sale securities		22,183		(163,001)		(15,438)
Reclassification adjustment for losses (gains) realized in income		7,392		3,621		(654)
Accretion of net unrealized loss on securities transferred to held-to-maturity		1,895		1,255		—
Change in unrealized gains (losses) on available for sale securities		31,470		(158,125)		(16,092)
Income tax benefit (expense)		(8,938)		43,559		4,371
Net change in unrealized gains (losses) on securities		22,532		(114,566)		(11,721)

Total		$	22,703	$	(114,116)	$	(11,767)

Schedule of Accumulated Other Comprehensive Income (Loss)

The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes:


	Balance as of January 1, 2023		Current Period Change		Income Tax Effect		Balance as of December 31, 2023
(In thousands)
Unrealized gains (losses) on benefits plans	$	(1,652)	$	243	$	(72)	$	(1,481)



Unrealized gains (losses) on available for sale securities	(95,539)		29,575		(8,384)		(74,348)
Unaccreted unrealized loss on securities transferred to held-to-maturity	(11,516)		1,895		(554)		(10,175)
Total	$	(108,707)	$	31,713	$	(9,010)	$	(86,004)


	Balance as of January 1, 2022		Current Period Change		Income Tax Effect		Balance as of December 31, 2022








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,102)	$	635	$	(185)	$	(1,652)


Unrealized gains (losses) on available for sale securities	7,511		(142,230)		39,180		(95,539)


Unaccreted unrealized loss on securities transferred to held-to-maturity	—		(15,895)		4,379		(11,516)
Total	$	5,409	$	(157,490)	$	43,374	$	(108,707)

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Interest expense	$ 96,766	$ 18,649	$ 6,222
Other expense	12,570	12,960	9,360
Income before tax expense	124,730	108,164	70,725
Income tax benefit	36,752	26,687	17,788
Net income	87,978	81,477	52,937
Comprehensive income (loss)	110,681	(32,639)	41,170
Parent Company
Condensed Income Statements, Captions [Line Items]
Dividends from subsidiaries	60,000	0	10,081
Other income	1,417	617	0
Equity in undistributed subsidiary income	30,170	84,321	43,403
Interest expense	2,719	2,693	399
Other expense	1,669	768	148
Income before tax expense	87,199	81,477	52,937
Income tax benefit	(779)	0	0
Net income	87,978	81,477	52,937
Comprehensive income (loss)	$ 110,681	$ (32,639)	$ 41,170

EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Outstanding, balance at the beginning of the period (in shares)	426,880
Granted (in shares)	0
Forfeited/Expired (in shares)	0
Exercised (in shares)	(84,620)
Outstanding, balance at the end of the period (in shares)	342,260	426,880
Vested and Exercisable (in shares)	342,260
Weighted Average Exercise Price
Outstanding, balance at the beginning of the period (in dollars per share)	$ 13.09
Granted (in dollars per share)	0
Forfeited/Expired (in dollars per share)	0
Exercised (in dollars per share)	12.78
Outstanding, balance at the end of the period (in dollars per share)	13.17	$ 13.09
Vested and Exercisable (in dollars per share)	$ 13.17
Weighted Average Remaining Contractual Term
Options, Outstanding	2 years 7 months 6 days	3 years 3 months 18 days
Options, Vested and Exercisable	2 years 7 months 6 days
Intrinsic Value (in thousands)
Options, Outstanding	$ 4,713
Options, Vested and Exercisable	$ 4,713

LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 4,411,319	$ 4,101,769
Net deferred loan origination costs	0	4,233
Total loans receivable, net of deferred loan origination costs	4,411,319	4,106,002
Allowance for credit losses	(65,691)	(45,031)	$ (35,866)	$ (41,589)
Total loans receivable, net	4,345,628	4,060,971
Commercial portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	2,536,176	2,265,991
Commercial portfolio \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,010,998	925,641
Total loans receivable, net of deferred loan origination costs	1,010,998
Allowance for credit losses	(18,331)	(12,916)	(10,652)	(9,065)
Commercial portfolio \| Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,148,120	967,521
Total loans receivable, net of deferred loan origination costs	1,148,120
Allowance for credit losses	(2,133)	(7,104)	(4,760)	(10,324)
Commercial portfolio \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	353,432	335,133
Total loans receivable, net of deferred loan origination costs	353,432
Allowance for credit losses	(1,276)	(3,627)	(7,273)	(6,213)
Commercial portfolio \| Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	23,626	37,696
Total loans receivable, net of deferred loan origination costs	23,626
Allowance for credit losses	(24)	(825)	(405)	(2,077)
Retail portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,875,143	1,835,778
Retail portfolio \| Residential real estate lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,425,596	1,371,779
Total loans receivable, net of deferred loan origination costs	1,425,596
Allowance for credit losses	(13,273)	(11,338)	(9,008)	(12,330)
Retail portfolio \| Consumer solar
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	408,260	416,849
Total loans receivable, net of deferred loan origination costs	408,260
Allowance for credit losses	(27,978)	(6,867)	$ (3,336)	$ (1,267)
Retail portfolio \| Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 41,287	$ 47,150

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


	December 31, 2023		December 31, 2022
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	9,024	$	3,299

Loans and letters of credit commitments	52,222		60,857
Funded portion of loans and letters of credit commitments	52,222		47,683

The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments:


	Year Ended
	December 31,
		2023		2022
(In thousands)
Tax credits and other tax benefits recognized		$	1,660	$	2,672

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 508,955	$ 563,875	$ 535,821
Current Period Change	31,713	(157,490)	(16,155)
Income Tax Effect	(9,010)	43,374	4,388
Ending balance	585,364	508,955	563,875
Unrealized gains (losses) on benefits plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,652)	(2,102)
Current Period Change	243	635	(63)
Income Tax Effect	(72)	(185)	17
Ending balance	(1,481)	(1,652)	(2,102)
Unrealized gains (losses) on available for sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(95,539)	7,511
Current Period Change	29,575	(142,230)
Income Tax Effect	(8,384)	39,180
Ending balance	(74,348)	(95,539)	7,511
Unaccreted unrealized loss on securities transferred to held-to-maturity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(11,516)	0
Current Period Change	1,895	(15,895)
Income Tax Effect	(554)	4,379
Ending balance	(10,175)	(11,516)	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(108,707)	5,409	17,176
Current Period Change	31,713	(157,490)
Income Tax Effect	(9,010)	43,374
Ending balance	$ (86,004)	$ (108,707)	$ 5,409

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

EMPLOYEE BENEFIT PLANS - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in accumulated other comprehensive income (loss)
Net actuarial loss	$ 2,300	$ 2,572	$ 3,235
Prior service credit	(263)	(292)	(320)
Total amount recognized	$ 2,037	$ 2,280	$ 2,915

LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 11,324
2025	10,593
2026	9,200
2027	959
2028	0
Thereafter	0
Total undiscounted operating lease payments	32,076
Less: present value adjustment	1,430
Total Operating leases liability	$ 30,646	$ 40,779

INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 285,408	$ 249,936	$ 111,274
Realized gains	61	168	1,057
Realized losses	(7,453)	(3,805)	(408)
Net realized gains (losses)	$ (7,392)	$ (3,637)	$ 649

EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock Units (RSUs)
Shares
Unvested at the end of the period (in shares) \| shares	417,725
Time-Based RSUs
Shares
Unvested at the beginning of the period (in shares) \| shares	331,023
Awarded (in shares) \| shares	142,563
Forfeited/Expired (in shares) \| shares	(16,106)
Vested (in shares) \| shares	(165,718)
Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 17.72
Awarded (in dollars per share) \| $ / shares	20.93
Forfeited/Expired (in dollars per share) \| $ / shares	18.91
Vested (in dollars per share) \| $ / shares	17.26
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 19.48
Performance-Based RSUs
Shares
Unvested at the beginning of the period (in shares) \| shares	96,970
Awarded (in shares) \| shares	62,945
Forfeited/Expired (in shares) \| shares	(10,004)
Vested (in shares) \| shares	(23,948)
Unvested at the end of the period (in shares) \| shares	125,963
Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 16.37
Awarded (in dollars per share) \| $ / shares	23.05
Forfeited/Expired (in dollars per share) \| $ / shares	18.44
Vested (in dollars per share) \| $ / shares	14.82
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 19.68

PREMISES AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 3.5	$ 3.5	$ 3.6

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 545,884	$ 753,470
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	514,206	723,902
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 31,678	$ 29,568

FAIR VALUE OF FINANCIAL INSTRUMENTS - Reconciliation of Assets Measured at Fair Value on a Recurring Basis, Significant Unobservable Inputs (Details) - Residential PACE Assessments - Available-for-Sale Securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of recurring Level 3 assets at January 1	$ 0	$ 0
Amortization included in interest income in net income	35	0
Change in unrealized holding gains/losses included in other comprehensive income	440	0
Purchases	54,199	0
Principal paydowns	$ (1,371)	0
Balance of recurring Level 3 assets at December 31		$ 0

REGULATORY CAPITAL (Tables)

12 Months Ended

Dec. 31, 2023

Regulatory Capital [Abstract]

Schedule of Bank's Capital and Ratio Amounts

The Company’s actual capital amounts and ratios are presented in the following table:


	Actual				For Capital Adequacy Purposes (1)				To Be Considered Well Capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount	Ratio
December 31, 2023

Total capital to risk weighted assets	$	788,207	15.64	%	$	403,277	8.00	%	N/A	N/A
Tier 1 capital to risk weighted assets	654,555		12.98	%	302,458		6.00	%	N/A	N/A
Tier 1 capital to average assets	654,555		8.07	%	324,511		4.00	%	N/A	N/A
Common equity tier 1 to risk weighted assets	654,555		12.98	%	226,843		4.50	%	N/A	N/A

December 31, 2022
Total capital to risk weighted assets	$	721,324	14.87	%	$	387,957	8.00	%	N/A	N/A
Tier 1 capital to risk weighted assets	597,022		12.31	%	290,967		6.00	%	N/A	N/A
Tier 1 capital to average assets	597,022		7.52	%	317,738		4.00	%	N/A	N/A
Common equity tier 1 to risk weighted assets	597,022		12.31	%	218,226		4.50	%	N/A	N/A

(1)Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%.

The Bank’s actual capital amounts and ratios are presented in the following table:


	Actual				For Capital Adequacy Purposes (1)				To Be Considered Well Capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2023






Total capital to risk weighted assets	$	752,828	14.93	%	$	403,266	8.00	%	$	504,083	10.00	%
Tier 1 capital to risk weighted assets	689,724		13.68	%	302,450		6.00	%	403,266		8.00	%
Tier 1 capital to average assets	689,724		8.50	%	324,515		4.00	%	405,643		5.00	%
Common equity tier 1 to risk weighted assets	689,724		13.68	%	226,837		4.50	%	327,654		6.50	%

December 31, 2022
Total capital to risk weighted assets	$	715,458	14.75	%	$	388,107	8.00	%	$	485,134	10.00	%
Tier 1 capital to risk weighted assets	668,864		13.79	%	291,080		6.00	%	388,107		8.00	%
Tier 1 capital to average assets	668,864		8.44	%	317,111		4.00	%	396,389		5.00	%
Common equity tier 1 to risk weighted assets	668,864		13.79	%	218,310		4.50	%	315,337		6.50	%

(1)Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%.

LOANS RECEIVABLE, NET - Loan Modifications (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 43,012
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	36,112
Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	6,900
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 12,791
% of Portfolio	1.30%
Commercial and industrial \| Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 5,891
Commercial and industrial \| Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	6,900
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 11,013
% of Portfolio	1.00%
Multifamily \| Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 11,013
Multifamily \| Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 2,045
% of Portfolio	0.60%
Commercial real estate \| Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 2,045
Commercial real estate \| Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Construction and land development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 17,163
% of Portfolio	72.60%
Construction and land development \| Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 17,163
Construction and land development \| Term Extension and Payment Delay
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0

INVESTMENT SECURITIES - Allowance for Credit Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Allowance for credit losses:
Beginning balance	$ 0
Provision for (recovery of) credit losses	79
Charge-offs	(26)
Recoveries	0
Ending Balance	721
Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance	668
Non-GSE commercial certificates
Allowance for credit losses:
Beginning balance	0
Provision for (recovery of) credit losses	(5)
Charge-offs	(26)
Recoveries	0
Ending Balance	54
Non-GSE commercial certificates \| Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance	85
Commercial PACE
Allowance for credit losses:
Beginning balance	0
Provision for (recovery of) credit losses	3
Charge-offs	0
Recoveries	0
Ending Balance	258
Commercial PACE \| Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance	255
Residential PACE
Allowance for credit losses:
Beginning balance	0
Provision for (recovery of) credit losses	81
Charge-offs	0
Recoveries	0
Ending Balance	409
Residential PACE \| Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance	$ 328

INVESTMENT SECURITIES - Narrative (Details) - USD ($)	12 Months Ended
INVESTMENT SECURITIES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Debt Securities, Available-for-sale [Line Items]
Available for sale, at fair value	$ 1,483,042,000	$ 1,812,476,000
Book value of securities transferred from available for sale to held-to-maturity		277,300,000
Securities available for sale transferred to held-to-maturity	0	260,112,000	$ 0
Unrealized losses from available for sale securities transferred held-to-maturity converted to discount		17,100,000
Amount, excluding accrued interest, of decrease in allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) from writeoff.	1,200,000
Accrued interest receivable	35,100,000	23,200,000
Fair value of temporarily impaired securities	1,361,729,000	1,773,594,000
Available for sale securities, temporarily impaired, unrealized loss	$ 102,831,000	$ 131,925,000
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Accounting Standards Update 2016-13
Debt Securities, Available-for-sale [Line Items]
Allowance for credit loss				$ 0
Federal Home Loan Bank of New York
Debt Securities, Available-for-sale [Line Items]
Investment owned, balance (in shares)	43,892	296,068
Investment owned, cost (in dollars per share)	$ 100	$ 100
Dividend income	$ 800,000	$ 500,000	$ 200,000
Traditional securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, at fair value	1,429,739,000	1,812,476,000
Traditional securities \| Asset Pledged as Collateral \| Federal Home Loan Bank Advances
Debt Securities, Available-for-sale [Line Items]
Available for sale, at fair value	909,900,000	907,100,000
Held to maturity, at fair value	$ 512,300,000	$ 126,600,000

DEPOSITS

12 Months Ended

Dec. 31, 2023

Statistical Disclosure for Banks [Abstract]

DEPOSITS

Deposits are summarized as follows:





	December 31, 2023				December 31, 2022
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest-bearing demand deposit accounts	$	2,940,398	0.00	%	$	3,331,067	0.00	%
NOW accounts	200,382		0.99	%	206,434		0.73	%
Money market deposit accounts	3,100,681		2.89	%	2,445,396		0.94	%
Savings accounts	340,860		1.20	%	386,190		0.75	%
Time deposits	187,457		3.01	%	151,699		2.57	%
Brokered CDs	242,210		5.09	%	74,251		3.84	%
Total deposits	$	7,011,988	1.62	%	$	6,595,037	0.52	%

The scheduled maturities of time deposits and brokered CDs as of December 31, 2023 are as follows:


(In thousands)	Balance
2024	$	258,311
2025	51,897
2026	46,325
2027	38,403
2028	26,870
Thereafter	7,861
Total	$	429,667

Time deposits greater than $250,000 totaled $42.2 million as of December 31, 2023 and $110.4 million as of December 31, 2022.

From time to time the Company will issue time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) for the purpose of providing FDIC insurance to bank customers with balances in excess of FDIC insurance limits. CDARS deposits totaled approximately $63.1 million and $28.3 million as of December 31, 2023 and December 31, 2022, respectively, and are included in Time deposits above.

Our total deposits included deposits from Workers United and its related entities, a related party, in the amounts of $56.4 million as of December 31, 2023 and $52.2 million as of December 31, 2022.

Included in total deposits are state and municipal deposits totaling $51.9 million and $88.3 million as of December 31, 2023 and December 31, 2022, respectively. Such deposits are secured by letters of credit issued by the FHLBNY or by securities pledged with the FHLBNY.

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Estimated Amortization Expense

The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter:


(In thousands)	Total
2024	$	730
2025	574
2026	419
2027	265
2028	111
Thereafter	118
Total	$	2,217

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows:

Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities.

Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities.

Level 3 - Valuations are based on inputs to the methodology that are unobservable and significant to the fair value measurement. These inputs reflect management’s own judgments about the assumptions that market participants would use in pricing the assets and liabilities.

Assets Measured at Fair Value on a Recurring Basis

Available for sale securities

The Company’s available for sale securities are reported at fair value. Investments in fixed income securities are generally valued based on evaluations provided by an independent pricing service. These evaluations represent an exit price or their opinion as to what a buyer would pay for a security, typically in an institutional round lot position, in a current sale. The pricing service utilizes evaluated pricing techniques that vary by asset class and incorporate available market information and, because many fixed income securities do not trade on a daily basis, applies available information through processes such as benchmark curves, benchmarking of available securities, sector groupings and matrix pricing. Model processes, such as option adjusted spread models, are used to value securities that have prepayment features. In those limited cases where pricing service evaluations are not available for a fixed income security, such as PACE assessments, management will typically value those instruments using observable market inputs in a discounted cash flow analysis.

The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:


	December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	480,615	$	—	$	480,615
Non-GSE certificates & CMOs	—		196,860		—		196,860
ABS	—		627,635		—		627,635
Corporate	—		120,741		—		120,741
Other	199		3,689		—		3,888
PACE assessments:
Residential PACE assessments	—		—		53,303		53,303

Total assets carried at fair value	$	199	$	1,429,540	$	53,303	$	1,483,042


	December 31, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	596,637	$	—	$	596,637
Non-GSE certificates & CMOs	—		224,706		—		224,706
ABS	—		848,427		—		848,427
Corporate	—		138,861		—		138,861
Other	192		3,653		—		3,845



Total assets carried at fair value	$	192	$	1,812,284	$	—	$	1,812,476

During the years ended December 31, 2023 and 2022, there were no transfers of financial instruments between Level 1 and Level

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022:


	Residential PACE Assessments
	2023		2022
(In thousands)
Balance of recurring Level 3 assets at January 1	$	—	$	—
Amortization included in interest income in net income	35		—
Change in unrealized holding gains/losses included in other comprehensive income	440		—
Purchases	54,199		—
Principal paydowns	(1,371)		—

Balance of recurring Level 3 assets at December 31	$	53,303	$	—

The fair value of the Company's PACE assessments are determined internally by calculating discounted cash flows using expected conditional prepayment rates, market spreads, and the Treasury yield curve. Qualitative assessments from recent commentary from dealers or investors or issuers, information revealed from secondary market trades of clean energy senior asset-backed securities, and volatility in the marketplace are reviewed and incorporated into the calculations.

The following table presents quantitative information about recurring Level 3 fair value measurements at December 31, 2023:

December 31, 2023

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

(In thousands)

Residential PACE assessments

53,303

Discounted cash flow

Conditional prepayment rate

7.0%-26.0% (16.3%)

The significant unobservable input used in the fair value measurement of the Company's residential PACE assessments is conditional prepayment rate. Significant increases/(decreases) in this input in isolation would have results in a modestly higher/(lower) fair value measurement. Unobservable inputs were weighted by the relative fair value of the instruments.

Assets Measured at Fair Value on a Non-recurring Basis

Certain financial assets are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances.

Collateral-dependent loans

Fair values for individually analyzed collateral-dependent loans are based on the fair value of the collateral based on an appraised values, net book value per the borrower’s financial statements, aging reports, or by reference to market activity, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. At December 31, 2023, there were no individually analyzed collateral-dependent loans.

Impaired loans (prior to the adoption of ASU 2016-13)

Fair values for loans considered impaired are based on discounted cash flows using the loan’s initial effective interest rate or the fair value of the underlying collateral in the case of collateral dependent loans. The methods used to estimate the fair value of loans are extremely sensitive to the assumptions and estimates used. While management has attempted to use assumptions and estimates that best reflect the Company’s loan portfolio and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy.

















	December 31, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	3,315	$	—	$	—	$	3,315	$	3,315

Financial Instruments Not Measured at Fair Value

A description of the methods, factors and significant assumptions utilized in estimating the fair values for significant categories of financial instruments not measured at fair value follows:

•Held-to-maturity securities – Investments in fixed income securities are generally valued based on evaluations provided by an independent pricing service. These evaluations represent an exit price or their opinion as to what a buyer would pay for a security, typically in an institutional round lot position, in a current sale. The pricing service utilizes evaluated pricing techniques that vary by asset class and incorporate available market information and, because many fixed income securities do not trade on a daily basis, applies available information through processes such as benchmark curves, benchmarking of available securities, sector groupings and matrix pricing. Model processes, such as option adjusted spread models, are used to value securities that have prepayment features. In those limited cases where pricing service evaluations are not available for a fixed income security, such as PACE assessments, management will typically value those instruments using observable market inputs in a discounted cash flow analysis. Held-to-maturity securities, with the exception of PACE securities which are categorized as Level 3, are generally categorized as Level 2.

•Loans held for sale – Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is determined using the price we expect to receive for the loans based on commitments received from third party investors. Loans held on our balance sheet greater than 90 days are evaluated to determine if a valuation allowance is required to adjust for a decline in fair value below the carrying amount, and then subject to quarterly evaluation going forward. Loans held for sale are generally categorized as Level 3.

•Loans receivable – Loans are valued using a present value technique that incorporates management’s assumptions as to what a market participant would assume given the attributes of the loans. The observable U.S. Treasury yield curve is a significant input to the valuation. Assumptions, including prepayment speeds and credit spreads, are based on observable market data where possible or alternatively are based on terms currently offered on loans to borrowers of similar credit quality. The

methods used to estimate the fair value of loans are extremely sensitive to the assumptions and estimates used. While management has attempted to use assumptions and estimates that best reflect the Company’s loan portfolio and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. Loans would generally be categorized as Level 3.

•Resell agreements – Resell agreements are carried at fair value, as these are short term agreements. All existing trades are done at the current rate for new trades, so there is no market value adjustment. The agreements are generally categorized as Level 3, as we have limited market information.

•Deposits – Deposits without a defined maturity date are valued at the amount payable on demand, and are categorized as Level 2. Certificates of deposit, which are categorized as Level 2, are valued using a present value technique that incorporates current rates offered by the Company for certificates of comparable remaining maturity.

•FHLBNY Advances – FHLBNY advances are valued using a present value technique that incorporates current rates offered by the FHLBNY for advances of comparable remaining maturity. FHLBNY advances are categorized as Level 2.

•Subordinated debt – Bank issued subordinated debt is valued based on recent trades for similar issues and or values provided by firms that transact in our bonds. Subordinated debt is categorized as Level 2.

•Other borrowings - Other borrowings are valued using a present value technique that incorporates current rates offered by the FRB for advances of comparable remaining maturity. Other borrowings are categorized as Level 2.

•Other – The Company holds or issues other financial instruments for which management considers the carrying value to approximate fair value. Such items include cash and cash equivalents, accrued interest receivable and payable. Many of these items are short term in nature with minimal risk characteristics.

For those financial instruments that are not recorded at fair value in the consolidated statements of financial condition, but are measured at fair value for disclosure purposes, management follows the same fair value measurement principles and guidance as for instruments recorded at fair value.

There are significant limitations in estimating the fair value of financial instruments for which an active market does not exist. Due to the degree of management judgment that is often required, such estimates tend to be subjective, sensitive to changes in assumptions and imprecise. Such estimates are made as of a point in time and are impacted by then-current observable market conditions; also such estimates do not give consideration to transaction costs or tax effects if estimated unrealized gains or losses were to become realized in the future. Because of inherent uncertainties of valuation, the estimated fair value may differ significantly from the value that would have been used had a ready market for the investment existed and the difference could be material. Lastly, consideration is not given to nonfinancial instruments, including various intangible assets, which could represent substantial value. Fair value estimates are not necessarily representative of the Company’s total enterprise value.

The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:







	December 31, 2023
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
(In thousands)
Financial assets:
Cash and cash equivalents	$	90,570	$	90,570	$	—	$	—	$	90,570

Held-to-maturity securities	1,696,834		—		575,417		974,092		1,549,509
Loans held for sale	1,817		—		—		1,817		1,817
Loans receivable, net	4,345,628		—		—		4,029,142		4,029,142

Resell agreements	50,000		—		—		50,000		50,000
Accrued interest receivable	55,484		43		12,645		42,796		55,484




Financial liabilities:
Deposits payable on demand	$	6,582,321	$	—	$	6,582,321	$	—	$	6,582,321
Time deposits and brokered CDs	429,667		—		428,116		—		428,116
FHLBNY advances	4,381		—		4,381		—		4,381
Other borrowings	230,000		—		229,711		—		229,711
Subordinated debt, net	70,546		—		56,790		—		56,790
Accrued interest payable	12,270		—		12,270		—		12,270


	December 31, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	63,540	$	63,540	$	—	$	—	$	63,540

Held-to-maturity securities	1,541,301		—		574,609		840,262		1,414,871
Loans held for sale	7,943		—				7,943		7,943
Loans receivable, net	4,060,971		—		—		3,718,308		3,718,308

Resell agreements	25,754		—		—		25,754		25,754
Accrued interest and dividends receivable	41,441		17		12,197		29,227		41,441

Financial liabilities:
Deposits payable on demand	6,369,087		—		6,369,087		—		6,369,087
Time deposits and brokered CDs	225,950		—		225,805		—		225,805
FHLBNY advances	580,000		—		580,000		—		580,000
Subordinated debt, net	77,708		—		68,966		—		68,966
Accrued interest payable	1,218		—		1,218		—		1,218

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 87,978	$ 81,477	$ 52,937
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,526	3,547	3,638
Amortization of intangible assets	888	1,046	1,207
Deferred income tax expense	4,244	14,375	7,050
Provision for (recovery of) credit losses	14,670	15,002	(287)
Stock-based compensation expense	4,687	2,682	1,796
Net amortization on loan fees, costs, premiums, and discounts	780	1,361	2,743
Net amortization on securities premiums, discounts, and net unrealized loss on securities transferred to held-to-maturity	1,203	4,396	3,869
OTTI gain recognized in earnings	0	(16)	(5)
Net (income) loss from equity method investments	(4,932)	2,773	(150)
Net loss (gain) on sale of securities available for sale	7,392	3,637	(649)
Net (gain) loss on sale of loans	(32)	610	(1,887)
Net loss on sale of other real estate owned	0	168	407
Net gain on redemption of bank-owned life insurance	(613)	(1,895)	(266)
Net gain on repurchase of subordinated debt	(1,417)	(617)	0
Proceeds from sales of loans held for sale	17,799	28,414	123,566
Originations of loans held for sale	(14,558)	(8,391)	(112,833)
Increase in cash surrender value of bank-owned life insurance	(2,269)	(1,973)	(2,122)
Increase in accrued interest and dividends receivable	(14,043)	(12,621)	(4,850)
Decrease in other assets	11,740	19,114	7,445
Increase (decrease) in other liabilities	181	(5,767)	(11,071)
Net cash provided by operating activities	117,224	147,322	70,538
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease (increase) in loans	(317,211)	(826,273)	167,545
Purchase of securities available for sale	(116,453)	(678,910)	(1,220,727)
Purchase of securities held-to-maturity	(264,498)	(584,906)	(472,615)
Proceeds from sales of securities available for sale	285,408	249,936	111,274
Maturities, principal payments and redemptions of securities available for sale	167,783	325,614	508,211
Maturities, principal payments and redemptions of securities held-to-maturity	108,877	139,326	119,802
Decrease (increase) in resell agreements	(24,246)	203,264	(74,239)
Increase in equity method investments	(757)	(7,359)	(5,764)
Decrease (increase) in FHLBNY stock, net	25,218	(25,887)	214
Purchases of premises and equipment, net	(1,477)	(1,668)	(2,396)
Proceeds from redemption of bank-owned life insurance	2,949	4,233	1,010
Proceeds from sale of other real estate owned	0	139	2,275
Net cash used in investing activities	(134,407)	(1,202,491)	(865,410)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	416,951	238,782	1,017,544
Net (decrease) increase in other borrowings	(345,619)	580,000	0
Proceeds from (repurchase of) subordinated debt	(6,047)	(5,633)	83,831
Common stock issued under Employee Stock Purchase Plan	804	665	0
Repurchase of common stock	(8,315)	(12,478)	(2,920)
Dividends paid	(12,333)	(11,211)	(9,978)
Repurchase of common stock for equity awards	(1,228)	(1,901)	(1,889)
Net cash provided by financing activities	44,213	788,224	1,086,588
Increase (decrease) in cash, cash equivalents, and restricted cash	27,030	(266,945)	291,716
Cash, cash equivalents, and restricted cash at beginning of year	63,540	330,485	38,769
Cash, cash equivalents, and restricted cash at end of year	90,570	63,540	330,485
Supplemental disclosures of cash flow information:
Interest paid during the year	85,714	18,000	6,039
Income taxes paid during the year	22,625	6,646	5,692
Supplemental non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	0	2,337	0
Loans transferred from held-for-sale	4,664	25,304	1,000
Loans transferred to held-for-sale	3,581	0	0
Loans transferred to other real estate owned	0	0	2,682
Purchase of securities available for sale, net not settled	0	14,000	0
Securities available for sale transferred to held-to-maturity	0	260,112	0
Cumulative change due to adoption of ASU No. 2016-13	$ 17,825	$ 0	$ 0

INVESTMENT SECURITIES - Amortized Cost and Fair Value of AFS Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,585,334	$ 1,944,343
Gross Unrealized Gains	539	58
Gross Unrealized Losses	(102,831)	(131,925)
Fair Value	1,483,042	1,812,476
Traditional securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,532,471
Gross Unrealized Gains	99
Gross Unrealized Losses	(102,831)
Fair Value	1,429,739	1,812,476
Government sponsored entities ("GSE") certificates and CMOs ("collateralized mortgage obligations")
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	521,101	642,805
Gross Unrealized Gains	59	24
Gross Unrealized Losses	(40,545)	(46,191)
Fair Value	480,615	596,638
Non-GSE certificates and CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	218,550	252,906
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(21,690)	(28,200)
Fair Value	196,860	224,706
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	648,585	887,608
Gross Unrealized Gains	40	34
Gross Unrealized Losses	(20,990)	(39,215)
Fair Value	627,635	848,427
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	140,038	156,830
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(19,297)	(17,969)
Fair Value	120,741	138,861
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,197	4,194
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(309)	(350)
Fair Value	3,888	3,844
PACE assessments
Debt Securities, Available-for-sale [Line Items]
Fair Value	53,303	$ 0
Residential PACE assessments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,863
Gross Unrealized Gains	440
Gross Unrealized Losses	0
Fair Value	$ 53,303

LOANS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable are summarized as follows:





	December 31, 2023		December 31, 2022
(In thousands)
Commercial and industrial	$	1,010,998	$	925,641
Multifamily	1,148,120		967,521
Commercial real estate	353,432		335,133
Construction and land development	23,626		37,696
Total commercial portfolio	2,536,176		2,265,991
Residential real estate lending	1,425,596		1,371,779


Consumer solar	408,260		416,849
Consumer and other	41,287		47,150
Total retail portfolio	1,875,143		1,835,778
Total loans receivable	4,411,319		4,101,769
Net deferred loan origination costs	—		4,233
Total loans receivable, net of deferred loan origination costs	4,411,319		4,106,002
Allowance for credit losses	(65,691)		(45,031)
Total loans receivable, net	$	4,345,628	$	4,060,971

Schedule of Quality of Bank's Loans

The following table presents information regarding the past due status of the Company’s loans as of December 31, 2023:



	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	434	$	7,533	$	—	$	7,967	$	1,003,031	$	1,010,998
Multifamily	11,968		—		—		11,968		1,136,152		1,148,120
Commercial real estate	—		4,490		—		4,490		348,942		353,432
Construction and land development	5,199		11,166		—		16,365		7,261		23,626
Total commercial portfolio	17,601		23,189		—		40,790		2,495,386		2,536,176
Residential real estate lending	9,128		7,218		—		16,346		1,409,250		1,425,596
Consumer solar	5,357		2,673		—		8,030		400,230		408,260
Consumer and other	985		103		—		1,088		40,199		41,287
Total retail portfolio	15,470		9,994		—		25,464		1,849,679		1,875,143
	$	33,071	$	33,183	$	—	$	66,254	$	4,345,065	$	4,411,319

Within the table above is a $12.0 million multifamily loan that was in the process of being refinanced at December 31, 2023, and has been included as 30-89 days past due as it was past the maturity date. This loan was subsequently refinanced and is performing in accordance with the updated terms.

The following table presents information regarding the past due status of the Company’s loans as of December 31, 2022:









	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	27	$	9,629	$	—	$	9,656	$	915,985	$	925,641
Multifamily	—		3,828		—		3,828		963,693		967,521
Commercial real estate	11,718		4,851		—		16,569		318,564		335,133
Construction and land development	16,426		—		—		16,426		21,270		37,696
Total commercial portfolio	28,171		18,308		—		46,479		2,219,512		2,265,991
Residential real estate lending	1,185		1,807		—		2,992		1,368,787		1,371,779


Consumer solar	3,320		1,584		—		4,904		411,945		416,849
Consumer and other	225		—		—		225		46,925		47,150
Total retail portfolio	4,730		3,391		—		8,121		1,827,657		1,835,778
	$	32,901	$	21,699	$	—	$	54,600	$	4,047,169	$	4,101,769

Schedule of Loan Modifications

The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the year ended December 31, 2023:


	Year Ended December 31, 2023
(Iin thousands)	Term Extension		Term Extension and Payment Delay		Total		% of Portfolio
Commercial and industrial	$	5,891	$	6,900	$	12,791	1.3	%
Multifamily	11,013		—		11,013		1.0	%
Commercial real estate	2,045		—		2,045		0.6	%
Construction and land development	17,163		—		17,163		72.6	%
Total	$	36,112	$	6,900	$	43,012

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:


	Year Ended December 31, 2023
	Weighted Average Years of Term Extension	Weighted Average Years of Term Extension and Payment Delay
Commercial and industrial	1.1	1.0
Multifamily	1.1	—
Commercial real estate	0.6	—
Construction and land development	0.8	—

Schedule of Loans by Credit Quality Indicator

The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of December 31, 2023:


	Term Loans by Origination Year
(In thousands)	2023		2022		2021		2020		2019 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and Industrial:
Pass	$	130,568	$	220,552	$	192,682	$	117,966	$	141,542	$	138,003	$	—	$	941,313
Special Mention	—		—		16,692		3,975		934		4,222		—		25,823
Substandard	—		720		—		5,143		16,927		21,072		—		43,862
Doubtful	—		—		—		—		—		—		—		—
Total commercial and industrial	$	130,568	$	221,272	$	209,374	$	127,084	$	159,403	$	163,297	$	—	$	1,010,998
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	1,726	$	—	$	—	$	1,726
Multifamily:
Pass	$	193,827	$	382,652	$	45,287	$	138,131	$	377,554	$	2	$	—	$	1,137,453
Special Mention	—		—		—		—		8,373		—		—		8,373
Substandard	—		—		—		—		2,294		—		—		2,294
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	193,827	$	382,652	$	45,287	$	138,131	$	388,221	$	2	$	—	$	1,148,120
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	2,367	$	—	$	—	$	2,367
Commercial real estate:
Pass	$	73,089	$	42,824	$	48,624	$	36,478	$	140,674	$	3,456	$	—	$	345,145
Special Mention	—		—		—		—		3,797		—		—		3,797
Substandard	—		—		—		1,858		2,632		—		—		4,490
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	73,089	$	42,824	$	48,624	$	38,336	$	147,103	$	3,456	$	—	$	353,432
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Construction and land development:
Pass	$	—	$	—	$	—	$	—	$	7,261	$	5,199	$	—	$	12,460
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		11,166		—		11,166
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	—	$	—	$	—	$	—	$	7,261	$	16,365	$	—	$	23,626
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	4,664	$	—	$	—	$	4,664
Residential real estate lending:
Pass	$	137,167	$	413,962	$	328,952	$	134,795	$	403,508	$	—	$	—	$	1,418,384
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		3,232		1,003		399		2,578		—		—		7,212
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	137,167	$	417,194	$	329,955	$	135,194	$	406,086	$	—	$	—	$	1,425,596
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	65	$	—	$	—	$	65
Consumer solar:
Pass	$	30,412	$	104,633	$	131,008	$	72,752	$	67,044	$	—	$	—	$	405,849
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		529		1,080		527		275		—		—		2,411
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	30,412	$	105,162	$	132,088	$	73,279	$	67,319	$	—	$	—	$	408,260
Current period gross charge-offs	$	—	$	1,525	$	3,034	$	2,095	$	312	$	—	$	—	$	6,966
Consumer and other:
Pass	$	2,730	$	14,807	$	11,866	$	—	$	11,780	$	—	$	—	$	41,183
Special Mention	—		—		—		—		—		—		—		—
Substandard	5		36		63		—		—		—		—		104
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	2,735	$	14,843	$	11,929	$	—	$	11,780	$	—	$	—	$	41,287
Current period gross charge-offs	$	2	$	—	$	—	$	—	$	268	$	—	$	—	$	270
Total Loans:
Pass	$	567,793	$	1,179,430	$	758,419	$	500,122	$	1,149,363	$	146,660	$	—	$	4,301,787
Special Mention	—		—		16,692		3,975		13,104		4,222		—		37,993
Substandard	5		4,517		2,146		7,927		24,706		32,238		—		71,539
Doubtful	—		—		—		—		—		—		—		—
Total loans	$	567,798	$	1,183,947	$	777,257	$	512,024	$	1,187,173	$	183,120	$	—	$	4,411,319
Current period gross charge-offs	$	2	$	1,525	$	3,034	$	2,095	$	9,402	$	—	$	—	$	16,058

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2022:


(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	893,637	$	6,983	$	23,275	$	1,746	$	925,641
Multifamily	947,661		13,696		6,164		—		967,521
Commercial real estate	299,953		24,679		10,501		—		335,133
Construction and land development	21,270		14,002		2,424		—		37,696
Residential real estate lending	1,369,972		—		1,807		—		1,371,779
Consumer solar	415,265		—		1,584		—		416,849
Consumer and other	47,150		—		—		—		47,150
Total loans	$	3,994,908	$	59,360	$	45,755	$	1,746	$	4,101,769

Schedule of Method for Evaluating Impairment and Allowance for Credit Loss Activity

The activities in the allowance by portfolio for the year ended December 31, 2023 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:
Beginning balance - ALLL	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031
Adoption of ASU No. 2016-13	3,816		(1,183)		(1,321)		(466)		3,068		16,166		1,149		21,229
Beginning balance - ACL	16,732		5,921		2,306		359		14,406		23,033		3,503		66,260
Provision for (recovery of) credit losses	3,272		(1,441)		(1,030)		4,329		(1,774)		10,700		(593)		13,463
Charge-offs	(1,726)		(2,367)		—		(4,664)		(65)		(6,966)		(270)		(16,058)
Recoveries	53		20		—		—		706		1,211		36		2,026
Ending balance - ACL	$	18,331	$	2,133	$	1,276	$	24	$	13,273	$	27,978	$	2,676	$	65,691

The activities in the allowance by portfolio for the year ended December 31, 2022 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,336	$	432	$	35,866
Provision for (recovery of) loan losses	1,990		2,760		(3,646)		807		2,978		8,050		2,063		15,002
Charge-offs	—		(416)		—		(389)		(2,448)		(4,942)		(201)		(8,396)
Recoveries	274		—		—		2		1,800		423		60		2,559
Ending balance	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031

The activities in the allowance by portfolio for the year ended December 31, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,267	$	313	$	41,589
Provision for (recovery of) loan losses	2,179		(1,483)		1,374		(1,675)		(5,409)		4,406		321		(287)
Charge-offs	(813)		(4,081)		(314)		—		(1,081)		(2,424)		(275)		(8,988)
Recoveries	221		—		—		3		3,168		87		73		3,552
Ending balance	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,336	$	432	$	35,866

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2023:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)


Commercial real estate	$	4,490	$	—
Construction and land development	16,365		—







	$	20,855	$	—





(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Loans:
Individually evaluated for impairment	$	14,716	$	3,828	$	4,851	$	2,424	$	1,982	$	—	$	—	$	27,801
Collectively evaluated for impairment	$	910,925	$	963,693	$	330,282	$	35,272	$	1,369,797	$	416,849	$	47,150	$	4,073,968
Total loans	$	925,641	$	967,521	$	335,133	$	37,696	$	1,371,779	$	416,849	$	47,150	$	4,101,769

Allowance for credit losses:
Individually evaluated for impairment	$	5,433	$	180	$	—	$	—	$	55	$	—	$	—	$	5,668
Collectively evaluated for impairment	$	7,483	$	6,924	$	3,627	$	825	$	11,283	$	6,867	$	2,354	$	39,363
Total allowance for credit losses	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031

Schedule of Amortized Cost Basis of Loans on Nonaccrual Status and Specific Allowance

The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2023 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)
Commercial and industrial	$	612	$	6,921	$	4,485

Commercial real estate	4,490		—		—
Construction and land development	11,166		—		—
Total commercial portfolio	$	16,268	$	6,921	$	4,485
Residential real estate lending	7,218		—		—


Consumer solar	2,673		—		—
Consumer and other	103		—		—
Total retail portfolio	9,994		—		—
	$	26,262	$	6,921	$	4,485

Schedule of Additional Information for Individually Impaired Loans and Allowances

The following is additional information regarding the Company's impaired loans and the allowance related to such loans prior to the adoption of ASU 2016-13, as of and for the year ended December 31, 2022.


	December 31, 2022
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	764	$	5,636	$	1,761	$	—


Multifamily	334		167		334		—
Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,851		4,453		5,023		—
Commercial and industrial	3,791		1,896		3,881		—
	12,164		17,102		18,475		—
Loans with a related allowance:
Residential real estate lending	1,218		8,352		1,278		55


Multifamily	3,494		3,201		3,494		180


Commercial and industrial	10,925		11,855		11,975		5,433
	15,637		23,408		16,747		5,668
Total individually impaired loans:
Residential real estate lending	1,982		13,988		3,039		55


Multifamily	3,828		3,368		3,828		180
Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,851		4,453		5,023		—
Commercial and industrial	14,716		13,751		15,856		5,433
	$	27,801	$	40,510	$	35,222	$	5,668

DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amount
Non-interest-bearing demand deposit accounts	$ 2,940,398	$ 3,331,067
NOW accounts	200,382	206,434
Money market deposit accounts	3,100,681	2,445,396
Savings accounts	340,860	386,190
Time deposits	187,457	151,699
Brokered CDs	242,210	74,251
Total deposits	$ 7,011,988	$ 6,595,037
Weighted Average Rate
NOW accounts	0.99%	0.73%
Money market deposit accounts	2.89%	0.94%
Savings accounts	1.20%	0.75%
Time deposits	3.01%	2.57%
Brokered CDs	5.09%	3.84%
Deposits	1.62%	0.52%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation Amalgamated Financial Corp., a Delaware public benefit corporation (the "Company"), was formed on August 25, 2020 to serve as the holding company for Amalgamated Bank and is a bank holding company registered with the Federal Reserve Board of Governors under the Bank Holding Company Act of 1956, as amended. On March 1, 2021 (the “Effective Date”), the Company acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered commercial bank in a statutory share exchange transaction (the “Reorganization”) effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020 (the “Agreement”). Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. The Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. The audited consolidated financial statements presented in this Annual Report on Form 10-K include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as the “Company.” Basis of Accounting and Changes in Significant Accounting Policies The accounting and reporting policies of the Company conform to generally accepted accounting principles ("GAAP") in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and wholly-owned subsidiaries. All significant inter-company transactions and balances are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. In particular, estimates and assumptions are used in measuring the fair value of certain financial instruments, determining the appropriateness of the allowance for credit losses (“allowance”), evaluating potential other-than-temporary securities impairment, assessing the ability to realize deferred tax assets, and the valuation of share-based payment awards. Estimates and assumptions are based on available information and judgment; therefore actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash flows, cash, cash equivalents, and restricted cash include cash, due from banks, interest-bearing deposits in other banks and federal funds sold with original maturities of three months or less. The Company had $0.4 million and $0.4 million in restricted cash as of December 31, 2023 and December 31, 2022, respectively and is included in total cash and cash equivalents on the Consolidated Statements of Financial Condition. The Company’s restricted cash reflects funds held in other financial institutions to secure business operating rights or contractually obligated minimum account funding requirements. Securities Purchases of investments in debt securities are designated as either trading, available for sale or held-to-maturity depending on the intent and ability to hold the securities. The initial designation is made at the time of purchase. As of December 31, 2023 and December 31, 2022, the Company had no securities designated as trading. Securities available for sale are carried at fair value, with any net unrealized appreciation or depreciation in fair value reported net of taxes as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Debt securities held-to-maturity are carried at amortized cost provided management does not have the intent to sell these securities and does not anticipate that it will be necessary to sell these securities before the full recovery of principal and interest, which may be at maturity. Premiums (discounts) on debt securities are amortized (accreted) to income using the level yield method to the contractual maturity date adjusted for actual prepayment experience. Realized gains and losses on sale of securities are determined using the specific identification method and are reported in non-interest income. Loans Held for Sale Loans held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to current earnings. Gains or losses resulting from sales of loans held for sale, net of unamortized deferred fees and costs, are recognized at the time of sale and are included in other non-interest income on the Consolidated Statements of Income. The Company had $1.8 million and $7.9 million of loans classified as held for sale as of December 31, 2023 and December 31, 2022, respectively. Loans and Loan Interest Income Recognition Loans are stated at the principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method. Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are considered modifications made to borrowers experiencing financial difficulty if the borrower is experiencing financial difficulty at the time of the modification and the modification is in the form of: (i) principal forgiveness; (ii) an interest rate reduction; (iii) another-than-insignificant payment delay; (iv) a term extension, or (v) any combination of the aforementioned. If a modification results in an effective interest rate less than the market rate for comparable loans with similar collection risks, a change in present value of cash flows of at least 10%, or is more than minor based on the specific facts and circumstances, the modification is accounted for as a new receivable. Absent these conditions, the modification is accounted for as a continuation of the existing receivable. Allowance for Credit Losses Allowance for Credit Losses - Available for Sale Securities: Any available for sale security in an unrealized loss position is assessed for Management's intent to sell, or if it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. Securities issued by U.S. government entities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major ratings agencies and have a long history of no credit losses. For debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from expected credit losses or other factors in making this assessment. Management considers the extent in which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Allowance for Credit Losses - Held-to-maturity Securities: Management measures expected credit losses on held-to-maturity securities on a collective basis by security type. The Company’s methodology to measure the allowance for credit losses incorporates both quantitative and qualitative information to assess lifetime expected credit losses. The calculation is based on projected annual default rates, loss severities, and prepayment rates. Expected credit losses are estimated over the contractual term of the securities, adjusted for forecasted prepayments when appropriate. Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Non-GSE residential and commercial mortgage-backed securities held by the Company are secured by pools of commercial or residential certificates. Asset-backed securities ("ABS") - ABS held by the Company are secured by pools of consumer products such as student loans, consumer loans, and consumer residential solar loans. Property assessed clean energy ("PACE assessments") - PACE assessments held by the Company are secured low loan to value long-term funding for energy efficient and renewable energy projects for residential or commercial projects. Other securities - Other securities held by the Company include corporate securities, municipal securities and small investments community reinvestment act investments secured by loans. GSE and U.S. Treasury securities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses, therefore the Company does not estimate or recognize an allowance for credit losses on these securities. Allowance for Credit Losses - Loans: The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, and deferred fees and costs. Accrued interest receivable on loans is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for loans placed on nonaccrual status. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized in net income as a credit loss expense or a reversal of credit loss expense. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management calculates the estimation of the allowance for credit losses on loans on a quarterly basis. The Company’s methodology to measure the allowance for credit losses incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio segment level. The quantitative component of the allowance model calculates future loan level balances by considering the loan segment baseline loss rate based on a peer group and severity rate, with the exception of the consumer solar segment which is based on the Company's loss history for this segment. Expected credit losses are estimated over the contractual term of the loans, adjusted for forecasted prepayments when appropriate. The baseline loss rate is adjusted for relevant macroeconomic variables by loan segment that consider forecasted economic conditions. The adjusted loss rate is calculated for an eight quarter forecast period then reverts to the historical loss rate on a straight-line basis over four quarters. The loan level cash flows are discounted at the effective interest rate to calculate a loan level allowance which is aggregated at the loan segment level to arrive at the estimated allowance. Economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative adjustments made to loan segments for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. The principal business of the Company is lending in commercial and industrial loans, multifamily mortgage loans, commercial real estate loans, construction and land development loans, residential real estate mortgage loans, and consumer solar and consumer and other loans. The Company considers its primary lending area to be the states of New York, and California, and Washington, D.C. A substantial portion of the Company’s loans are secured by real estate in these areas. Accordingly, the ultimate collectability of the loan portfolio is susceptible to changes in market and economic conditions in this region. The allowance for credit losses on loans is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the methods described above. Commercial and Industrial Loans - Loans in this classification are made to businesses and include term loans, lines of credit, and senior secured loans to corporations. Generally, these loans are secured by assets of the business and repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer and/or business spending, will have an effect on the credit quality in this loan class. Multifamily Mortgage Loans - Loans in this classification include income producing residential investment properties of five or more families. Loans are made to established owners with a proven and demonstrable record of strong performance. Repayment is derived generally from the rental income generated from the property and may be supplemented by the owners’ personal cash flow. Credit risk arises with an increase in vacancy rates, property mismanagement and the predominance of non-recourse loans that are customary in the industry. Commercial Real Estate Loans - Loans in this classification include income producing investment properties and owner-occupied real estate used for business purposes. The underlying properties are located largely in the Company’s primary market area. The cash flows of the income producing investment properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on credit quality. In the case of owner-occupied real estate used for business purposes, a weakened economy and resultant decreased consumer and/or business spending will have an adverse effect on credit quality. Construction and Land Development Loans - Loans in this classification primarily include land loans to local individuals, contractors and developers for developing the land for sale or for the purpose of making improvements thereon. Repayment is derived primarily from sale of the lots/units including any pre-sold units. Credit risk is affected by market conditions, time to sell at an adequate price and cost overruns. To a lesser extent, this class includes commercial development projects that the Company finances, which in most cases are interest only during construction, and then convert to permanent financing. Construction delays, cost overruns, market conditions and the availability of permanent financing, to the extent such permanent financing is not being provided by the Bank, all affect the credit risk in this loan class. Residential Real Estate Loans - Loans in this classification are generally secured by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. Loans in this class are secured by both first liens and second liens. The overall health of the economy, including unemployment rates and housing prices, can have an effect on the credit quality in this loan class. Consumer Solar Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of residential solar loans. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class. Consumer and Other Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of student loans and other consumer products. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by Management. Loans evaluated individually are not included in the collective evaluation. Factors that may be considered are borrower delinquency trends and nonaccrual status, probability of foreclosure or note sale, changes in the borrower’s circumstances or cash collections, borrower’s industry, or other facts and circumstances of the loan or collateral. Individually Evaluated Loans with an ACL: For collateral-dependent loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less the estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. The fair value of real estate collateral is determined based on recent appraised values. The fair value of non-real estate collateral, may be determined based on an appraisal, net book value per the borrower’s financial statements, aging reports, or by reference to market activity, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. For non-collateral dependent loans, ACL is measured based on the difference between the present value of expected cash flows and the amortized cost basis of the loan as of the measurement date. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company for its security and loan portfolios. The allowance for credit losses on off-balance sheet credit exposures is recorded in other liabilities on the consolidated statements of financial condition, and adjusted through the credit loss expense which is recorded in the provision for credit losses on the consolidated statements of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which is the same as the expected loss factor as determined based on the corresponding portfolio segment. FHLBNY Stock As a condition of membership with the FHLBNY, the Company is required to hold FHLBNY stock in an amount equal to 0.125% of its aggregate mortgage related assets plus 4.5% of its outstanding FHLBNY advances. The Company’s holdings of FHLBNY stock are pledged against outstanding advances. FHLBNY stock is a non-marketable equity security and is, therefore, reported at cost, which equals par value (the amount at which shares have been redeemed in the past). The investment is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLBNY and its overall financial condition. Other Real Estate Owned Other real estate owned (“OREO”) properties acquired through, or in lieu of, foreclosure are recorded initially at fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance prior to transfer. OREO assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest income. Costs relating to the development and improvement of other real estate owned are capitalized. Costs relating to holding other real estate owned, including real estate taxes, insurance and maintenance, are charged to expense as incurred. The balance of OREO was $0 at both December 31, 2023 and December 31, 2022. Goodwill and Intangible Assets Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company elected June 30 as the annual date for impairment testing. Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures, and equipment is computed by the straight-line method over the estimated useful lives of the related assets. Furniture and fixtures are generally depreciated over ten years. Equipment, computer hardware and computer software are normally depreciated over three to seven years. Amortization of leasehold improvements is computed by the straight-line method over their estimated useful lives or the terms of the leases, whichever is shorter. Fully depreciated assets with no determinable salvage value are disposed. Repairs and maintenance are charged to expense as incurred. Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, right-of-use ("ROU") assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. The Company uses its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of lease liabilities. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Leases are classified as financing or operating leases at commencement. All of the Company's leases are classified as operating leases as of December 31, 2023. Operating lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. Bank-Owned Life Insurance The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchase of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. The insurance and earnings thereon is used to offset a portion of future employee benefit costs. BOLI is carried at the cash surrender value of the underlying policies. Earnings from BOLI, as well as changes in cash surrender value, are recognized as non-interest income. Advertising Costs The Company expenses advertising and promotion costs as incurred. Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense (benefit) approximates cash to be paid (refunded) for income taxes for the applicable period. Deferred income tax expense (benefit) results from differences between assets and liabilities measured for financial reporting and for income-tax return purposes. The Company records as a deferred tax asset on its Consolidated Statement of Financial Condition an amount equal to the tax credit and tax loss carry-forwards and tax deductions (tax benefits) that we believe will be available to us to offset or reduce the amounts of our income taxes in future periods. Under applicable federal and state income tax laws and regulations, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully utilize our deferred tax asset may depend on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently, if warranted, we make estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our Consolidated Statement of Financial Condition. If, however, we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish (or increase any existing) a valuation allowance to reduce the deferred tax asset on our Consolidated Statement of Financial Condition to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any benefit, for income taxes that we would otherwise have recorded in our Consolidated Statements of Income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors. When measuring the amount of current taxes to be paid (or refunded) management considers the merit of various tax treatments in the context of statutory, judicial and regulatory guidance. Management also considers results of recent tax audits and historical experience. While management considers the amount of income taxes payable (or receivable) to be appropriate based on information currently available, future additions or reductions to such amounts may be necessary due to unanticipated events or changes in circumstances. Management has not taken, and does not expect to take, any position in a tax return which it deems to be uncertain. The Company recognizes interest and penalties related to income tax matters in income tax expense. The deferral method of accounting is used for investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction of the related asset. Contributions made by the Company are recognized as an increase of the related asset, and distributions are recognized as a reduction. Income and loss generated by the investment is recognized as a corresponding increase or reduction in the related asset. Post-Retirement Benefit Plans The Company sponsors several post-retirement benefit plans for current and former employees and certain directors. Contributions to the trustee of a multi-employer defined benefit pension plan are recorded as expense in the period of contribution. Plan obligations and related expenses for other post-retirement plans are calculated using actuarial methodologies. The measurement of such obligations and expenses requires management to make certain assumptions, in particular the discount rate, which is evaluated on an annual basis. Other factors include retirement patterns, mortality and turnover assumptions. The Company uses a December 31 measurement date for its post-retirement benefit plans. Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 715-30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires the Company to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial condition and to recognize changes in that funded status in the year the changes occur through comprehensive income. Comprehensive Income Comprehensive income includes net income and all other changes in equity during a period, except those resulting from investments by owners and distributions to owners. Other comprehensive income includes income, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but excluded from net income. Other comprehensive income (loss) and accumulated other comprehensive income (loss) are reported net of deferred income taxes. Accumulated other comprehensive income for the Company includes unrealized holding gains or losses on available for sale securities, unaccreted unrealized losses on securities transferred to held-to-maturity, and actuarial gains or losses on the Company’s pension plans. FASB ASC 715‑30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year the changes occur through comprehensive income. Stock-Based Compensation Stock-based compensation is recorded in accordance with FASB ASC No. 718, “Accounting for Stock-Based Compensation” which requires the Company to record compensation cost for stock options and restricted stock granted to employees and directors in return for employee service. The cost is measured at the fair value of the options and restricted stock when granted, and this cost is expensed over the service period, which is normally the vesting period of the options and restricted stock. Forfeitures of options and restricted stock result in a retirement of the related award and a reversal of the cost previously incurred. The Company grants time-based restricted stock units (“RSUs”) that are subject to a time-based vesting schedule, and performance-based RSUs that are subject to the achievement of the Company's corporate goals. The Company's stock-based compensation plans are further described in Note 13, Employee Benefit Plans. Variable Interest Entities The consolidated financial statements include investments in certain variable interest entities (“VIEs”). The Company considers a voting rights entity to be a subsidiary and consolidates if the Company has a controlling financial interest in the entity. VIEs are consolidated if the Company has the power to direct the activities of the VIE that significantly impact financial performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (i.e., the Company is the primary beneficiary). Investments in VIEs where the Company is not the primary beneficiary of a VIE are accounted for using the equity method of accounting. The determination of whether the Company is the primary beneficiary of a VIE is reassessed on an ongoing basis. The consolidation status may change as a result of these reassessments. These investments are included in Equity Investments on the Company’s Consolidated Statements of Financial Condition. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity, both funded and unfunded. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured. Additional disclosures regarding VIEs are further described in Note 18, Variable Interest Entities. Resell Agreements The Company enters into short-term resell agreements backed by residential first-lien mortgage loans. The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. The Company had $50.0 million and $25.8 million in resell agreements as of December 31, 2023 and December 31, 2022, respectively. The resell agreements were entered into at par, and earned $0.7 million, $4.2 million, and $1.9 million in interest income for the years ended December 31, 2023, 2022, and 2021, respectively. Interest income on resell agreements is reported in interest income from securities on the Consolidated Statements of Income. Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Treasury Stock Treasury stock is carried at cost. Shares issued out of treasury are valued based on the weighted average cost. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact to net income on the Consolidated Statements of Income or the stockholders' equity on the Consolidated Statements of Changes in Stockholders’ Equity.

FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Measured on Non-Recurring Basis (Details) - Fair Value, Nonrecurring $ in Thousands	Dec. 31, 2022 USD ($)
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 3,315
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	3,315
Estimated Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0
Estimated Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0
Estimated Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 3,315

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The Company records unrealized gains and losses, net of taxes, on securities available for sale in accumulated other comprehensive income (loss) in the Consolidated Statements of Changes in Stockholders’ Equity. Gains and losses on securities available for sale are reclassified to operations as the gains or losses are recognized. Other-than-temporary impairment losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). The Company also recognizes as a component of other comprehensive income (loss) the actuarial gains or losses as well as the prior service costs or credits that arise during the period from post-retirement benefit plans.

Other comprehensive income (loss) components and related income tax effects were as follows:


	Year Ended December 31,
		2023		2022		2021
(In thousands)
Postretirement Benefit Plans
Change in obligation for postretirement benefits and for prior service credit		$	174	$	268	$	202
Reclassification adjustment for prior service expense included in other expense for the year ended December 31, 2023, and in compensation and employee benefits for the year ended December 31, 2022 and 2021		29		29		29
Change in obligation for other benefits		40		338		(294)
Change in total obligation for postretirement benefits and for prior service credit and for other benefits		243		635		(63)

Income tax expense		(72)		(185)		17

Net change in total obligation for postretirement benefits and prior service credit and for other benefits		171		450		(46)

Securities
Unrealized holding gains (losses) on available for sale securities		22,183		(163,001)		(15,438)
Reclassification adjustment for losses (gains) realized in income		7,392		3,621		(654)
Accretion of net unrealized loss on securities transferred to held-to-maturity		1,895		1,255		—
Change in unrealized gains (losses) on available for sale securities		31,470		(158,125)		(16,092)
Income tax benefit (expense)		(8,938)		43,559		4,371
Net change in unrealized gains (losses) on securities		22,532		(114,566)		(11,721)

Total		$	22,703	$	(114,116)	$	(11,767)

The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes:


	Balance as of January 1, 2023		Current Period Change		Income Tax Effect		Balance as of December 31, 2023
(In thousands)
Unrealized gains (losses) on benefits plans	$	(1,652)	$	243	$	(72)	$	(1,481)



Unrealized gains (losses) on available for sale securities	(95,539)		29,575		(8,384)		(74,348)
Unaccreted unrealized loss on securities transferred to held-to-maturity	(11,516)		1,895		(554)		(10,175)
Total	$	(108,707)	$	31,713	$	(9,010)	$	(86,004)


	Balance as of January 1, 2022		Current Period Change		Income Tax Effect		Balance as of December 31, 2022








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,102)	$	635	$	(185)	$	(1,652)


Unrealized gains (losses) on available for sale securities	7,511		(142,230)		39,180		(95,539)


Unaccreted unrealized loss on securities transferred to held-to-maturity	—		(15,895)		4,379		(11,516)
Total	$	5,409	$	(157,490)	$	43,374	$	(108,707)

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 730
2025	574
2026	419
2027	265
2028	111
Thereafter	118
Total	$ 2,217

LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 7,219	$ 7,216
Cash paid for amounts included in the measurement of operating leases liability	$ 11,294	$ 10,745

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

Tax Credit Investments

The Company makes investments in unconsolidated entities that construct, own and operate solar generation facilities. An unrelated third party is the managing member and has control over the significant activities of the variable interest entities ("VIE"). The Company generates a return through the receipt of tax credits allocated to the projects, as well as operational distributions. The primary risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to the Company making its investment. Any loans to the VIE are secured. As of December 31, 2023, the Company's maximum exposure to loss is $61.2 million.


	December 31, 2023		December 31, 2022
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	9,024	$	3,299

Loans and letters of credit commitments	52,222		60,857
Funded portion of loans and letters of credit commitments	52,222		47,683

The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments:


	Year Ended
	December 31,
		2023		2022
(In thousands)
Tax credits and other tax benefits recognized		$	1,660	$	2,672

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available for Sale Securities

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2023 are as follows:






	December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available for sale:
Traditional securities:
Government sponsored entities ("GSE") certificates and CMOs ("collateralized mortgage obligations")	$	521,101	$	59	$	(40,545)	$	480,615
Non-GSE certificates and CMOs	218,550		—		(21,690)		196,860
ABS	648,585		40		(20,990)		627,635
Corporate	140,038		—		(19,297)		120,741
Other	4,197		—		(309)		3,888
	1,532,471		99		(102,831)		1,429,739
PACE assessments:
Residential PACE assessments	52,863		440		—		53,303


Total available for sale	$	1,585,334	$	539	$	(102,831)	$	1,483,042

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	194,329	$	1,099	$	(19,693)	$	175,735
Non-GSE certificates & CMOs	79,406		9		(6,686)		72,729
ABS	279,916		23		(8,678)		271,261
Municipal	66,635		165		(11,107)		55,693
	620,286		1,296		(46,164)		575,418
PACE assessments:
Commercial PACE assessments	258,306		—		(29,211)		229,095
Residential PACE assessments	818,963		—		(73,967)		744,996
	1,077,269		—		(103,178)		974,091

Allowance for credit losses	(721)

Total held-to-maturity	$	1,696,834	$	1,296	$	(149,342)	$	1,549,509

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2022 are as follows:


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Traditional securities:
GSE certificates and CMOs	$	642,805	$	24	$	(46,191)	$	596,638
Non-GSE certificates and CMOs	252,906		—		(28,200)		224,706
ABS	887,608		34		(39,215)		848,427
Corporate	156,830		—		(17,969)		138,861
Other	4,194		—		(350)		3,844


Total available for sale	$	1,944,343	$	58	$	(131,925)	$	1,812,476

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	187,652	$	—	$	(20,639)	$	167,013
Non-GSE certificates & CMOs	83,103		9		(8,392)		74,720
ABS	288,683		—		(15,176)		273,507
Municipal	67,986		—		(10,617)		57,369
Other	2,000		—		—		2,000
	629,424		9		(54,824)		574,609
PACE assessments:
Commercial PACE assessments	255,424		—		(26,782)		228,642
Residential PACE assessments	656,453		—		(44,833)		611,620
	911,877		—		(71,615)		840,262

Total held-to-maturity	$	1,541,301	$	9	$	(126,439)	$	1,414,871

Schedule of Amortized Cost and Fair Value of Held to Maturity Securities

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2023 are as follows:






	December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available for sale:
Traditional securities:
Government sponsored entities ("GSE") certificates and CMOs ("collateralized mortgage obligations")	$	521,101	$	59	$	(40,545)	$	480,615
Non-GSE certificates and CMOs	218,550		—		(21,690)		196,860
ABS	648,585		40		(20,990)		627,635
Corporate	140,038		—		(19,297)		120,741
Other	4,197		—		(309)		3,888
	1,532,471		99		(102,831)		1,429,739
PACE assessments:
Residential PACE assessments	52,863		440		—		53,303


Total available for sale	$	1,585,334	$	539	$	(102,831)	$	1,483,042

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	194,329	$	1,099	$	(19,693)	$	175,735
Non-GSE certificates & CMOs	79,406		9		(6,686)		72,729
ABS	279,916		23		(8,678)		271,261
Municipal	66,635		165		(11,107)		55,693
	620,286		1,296		(46,164)		575,418
PACE assessments:
Commercial PACE assessments	258,306		—		(29,211)		229,095
Residential PACE assessments	818,963		—		(73,967)		744,996
	1,077,269		—		(103,178)		974,091

Allowance for credit losses	(721)

Total held-to-maturity	$	1,696,834	$	1,296	$	(149,342)	$	1,549,509

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2022 are as follows:


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Traditional securities:
GSE certificates and CMOs	$	642,805	$	24	$	(46,191)	$	596,638
Non-GSE certificates and CMOs	252,906		—		(28,200)		224,706
ABS	887,608		34		(39,215)		848,427
Corporate	156,830		—		(17,969)		138,861
Other	4,194		—		(350)		3,844


Total available for sale	$	1,944,343	$	58	$	(131,925)	$	1,812,476

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	187,652	$	—	$	(20,639)	$	167,013
Non-GSE certificates & CMOs	83,103		9		(8,392)		74,720
ABS	288,683		—		(15,176)		273,507
Municipal	67,986		—		(10,617)		57,369
Other	2,000		—		—		2,000
	629,424		9		(54,824)		574,609
PACE assessments:
Commercial PACE assessments	255,424		—		(26,782)		228,642
Residential PACE assessments	656,453		—		(44,833)		611,620
	911,877		—		(71,615)		840,262

Total held-to-maturity	$	1,541,301	$	9	$	(126,439)	$	1,414,871

Schedule of Investments by Contractual Maturity

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:






	Available for Sale				Held-to-maturity
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	3,200	$	3,131	$	—	$	—
Due after one year through five years	66,178		61,023		9,438		9,097
Due after five years through ten years	327,601		311,557		89,117		87,653
Due after ten years	448,704		429,856		1,325,265		1,204,295
	$	845,683	$	805,567	$	1,423,820	$	1,301,045

Schedule of Proceeds Received and Gains (Losses) on Sale of Available for Sale Securities

Proceeds received and gains and losses realized on sales of securities are summarized below:


	Year Ended December 31,
(In thousands)		2023		2022		2021

Proceeds		$	285,408	$	249,936	$	111,274

Realized gains		61		168		1,057
Realized losses		(7,453)		(3,805)		(408)
Net realized gains (losses)		$	(7,392)	$	(3,637)	$	649

Schedule of Unrealized Losses

The following summarizes the fair value and unrealized losses for those available for sale and held-to-maturity securities as of December 31, 2023 and December 31, 2022, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates:


	December 31, 2023
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	—	$	—	$	460,239	$	40,545	$	460,239	$	40,545
Non-GSE certificates & CMOs	—		—		196,860		21,690		196,860		21,690
ABS	53,133		122		526,868		20,868		580,001		20,990
Corporate	—		—		120,741		19,297		120,741		19,297
Other	—		—		3,888		309		3,888		309


Total available for sale	$	53,133	$	122	$	1,308,596	$	102,709	$	1,361,729	$	102,831

	Less Than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	9,233	$	607	$	152,130	$	19,086	$	161,363	$	19,693
Non-GSE certificates & CMOs	86		9		72,616		6,677		72,702		6,686
ABS	—		—		256,405		8,678		256,405		8,678
Municipal	4,800		14		40,525		11,093		45,325		11,107
PACE assessments:
Commercial PACE assessments	14,586		1,505		214,509		27,706		229,095		29,211
Residential PACE assessments	216,794		12,691		528,202		61,276		744,996		73,967

Total held-to-maturity	$	245,499	$	14,826	$	1,264,387	$	134,516	$	1,509,886	$	149,342


	December 31, 2022
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	384,887	$	20,667	$	205,338	$	25,524	$	590,225	$	46,191
Non-GSE certificates & CMOs	134,770		13,810		89,937		14,390		224,707		28,200
ABS	530,269		17,290		285,688		21,925		815,957		39,215
Corporate	89,054		9,772		49,808		8,197		138,862		17,969
Other	192		7		3,651		343		3,843		350

Total available for sale	$	1,139,172	$	61,546	$	634,422	$	70,379	$	1,773,594	$	131,925

	Less Than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	114,278	$	8,114	$	52,737	$	12,525	$	167,015	$	20,639
Non-GSE certificates & CMOs	50,619		5,439		24,079		2,953		74,698		8,392
ABS	224,279		11,080		49,228		4,096		273,507		15,176
Municipal	37,731		4,063		19,637		6,554		57,368		10,617
	426,907		28,696		145,681		26,128		572,588		54,824
PACE assessments:
Commercial PACE assessments	228,642		26,782		—		—		228,642		26,782
Residential PACE assessments	611,620		44,833		—		—		611,620		44,833
	840,262		71,615		—		—		840,262		71,615

Total held-to-maturity	$	1,267,169	$	100,311	$	145,681	$	26,128	$	1,412,850	$	126,439

Schedule of Allowance For Credit Loss Activity on Held-to-Maturity Securities

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the year ended December 31, 2023:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	—	$	—	$	—	$	—
Adoption of ASU No. 2016-13	85		255		328		668
Provision for (recovery of) credit losses	(5)		3		81		79
Charge-offs	(26)		—		—		(26)
Recoveries	—		—		—		—
Ending Balance	$	54	$	258	$	409	$	721

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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+ Details

- Definition

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+ References

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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

+ Details

LEASES - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term	3 years 2 months 12 days	3 years 10 months 24 days
Weighted average discount rate	3.26%	3.25%

SUBORDINATED DEBT (Details) - USD ($)		12 Months Ended
SUBORDINATED DEBT (Details) - USD ($)	Nov. 08, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount		$ 70,546,000	$ 77,708,000
Proceeds from (repurchase of) subordinated debt		(6,047,000)	(5,633,000)	$ 83,831,000
Net gain on repurchase of subordinated debt		1,417,000	617,000	0
Fixed-to-Floating Rate Notes \| Subordinated Debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount	$ 85,000,000
Interest rate	3.25%
Redemption price percentage	100.00%
Interest expense, subordinated debt		2,700,000	2,700,000	400,000
Repurchased subordinated debt, par value		7,500,000	6,300,000	$ 0
Proceeds from (repurchase of) subordinated debt		6,000,000	5,600,000
Net gain on repurchase of subordinated debt		$ 1,400,000	$ 600,000
Fixed-to-Floating Rate Notes \| Subordinated Debt \| Secured Overnight Financing Rate
Financial Instruments Owned and Pledged as Collateral [Line Items]
Variable rate	2.30%

EMPLOYEE BENEFIT PLANS - ESPP (Details) - Employee Stock - shares	12 Months Ended			32 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Number of Shares
Maximum shares available for purchase at plan inception			500,000
Purchases during the year ended:
Purchases (in shares)	(43,387)	(31,765)	0	(75,152)
Remaining shares available for purchase at December 31, 2023	424,848			424,848

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Cost and Other Information

The following table summarizes our lease cost and other operating lease information:


	Year Ended December 31,
	2023		2022
(In thousands)
Operating lease cost	$	7,219	$	7,216


Cash paid for amounts included in the measurement of operating leases liability	$	11,294	$	10,745



Note: Sublease income and variable income or expense considered immaterial

Schedule of Remaining Commitments of Operating Lease Payments

The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of December 31, 2023:



(In thousands)	As of December 31, 2023
2024	$	11,324
2025	10,593
2026	9,200
2027	959
2028	—
Thereafter	—
Total undiscounted operating lease payments	32,076
Less: present value adjustment	1,430
Total Operating leases liability	$	30,646

SUBORDINATED DEBT	12 Months Ended
SUBORDINATED DEBT	Dec. 31, 2023
Federal Home Loan Banks [Abstract]
SUBORDINATED DEBT	BORROWED FUNDS FHLBNY advances are collateralized by the FHLBNY stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged as collateral for borrowing capacity. As of December 31, 2023, the value of the other eligible assets had an estimated market value net of haircut totaling $2.03 billion (comprised of securities of $392.9 million and mortgage loans of $1.64 billion). The fair value of assets pledged to the FHLBNY is required to be not less than 110% of the outstanding advances. There were $4.4 million in outstanding FHLBNY advances as of December 31, 2023 and $580.0 million in outstanding FHLBNY advances as of December 31, 2022. For the years ended December 31, 2023, 2022, and 2021, interest expense on FHLBNY advances was $5.4 million and $4.7 million, and zero, respectively. In addition to FHLBNY advances, the Company uses other borrowings for short-term borrowing needs. Federal funds lines of credit are extended to the Company by non-affiliated banks with which a correspondent banking relationship exists. At December 31, 2023, and December 31, 2022 there was no outstanding balance related to federal funds purchased. In addition, following the recent bank failures, the Federal Reserve created a new Bank Term Funding Program ("BTFP") as an additional source of liquidity against high-quality securities, offering loans of up to one year to eligible institutions pledging qualifying assets as collateral. At December 31, 2023, there was an outstanding balance of $230.0 million related to the BTFP due in 2024 with a weighted average rate of 4.50%, and no outstanding balance at December 31, 2022. For the years ended December 31, 2023, 2022, and 2021, interest expense on BTFP balances was $7.6 million, zero, and zero, respectively. SUBORDINATED DEBT On November 8, 2021, the Company completed a public offering of $85.0 million of aggregated principal amount of 3.250% Fixed-to-Floating Rate subordinated notes due 2031 (the "Notes"). The fixed rate period is defined from and including November 8, 2021 to, but excluding, November 15, 2026, or the date of earlier redemption. The floating rate period is defined from and including November 15, 2026 to, but excluding, November 15, 2031, or the date of earlier redemption. The floating rate per annum is equal to three-month term SOFR (the "benchmark rate") plus a spread of 230 basis points for each quarterly interest period during the floating rate period, provided however, that if the benchmark rate is less than zero, the benchmark rate shall be deemed to be zero. The subordinated notes will mature on November 15, 2031. The Company may, at its option, beginning with the interest payment date of November 15, 2026, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining prior approval of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. Interest expense on subordinated debt for the years ended December 31, 2023, 2022, and 2021 was $2.7 million, $2.7 million, and $0.4 million, respectively. During the year ended December 31, 2023 and 2022, the Company repurchased subordinated notes with a par value of $7.5 million and $6.3 million, for cash paid of $6.0 million and $5.6 million, respectively. There were no repurchases of subordinated notes during the year ended December 31, 2021. Gains on repurchases of subordinated debt for the year ended December 31, 2023 and 2022, were $1.4 million and $0.6 million, respectively, and are recorded in Non-interest income - other on the consolidated statements of income.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 90,570	$ 63,540
Other assets	25,371	29,522
Total assets	7,972,324	7,843,124
LIABILITIES AND EQUITY
Subordinated debt	70,546	77,708
Stockholders' equity	585,364	508,955	$ 563,875	$ 535,821
Total liabilities and stockholders’ equity	7,972,324	7,843,124
Parent Company
ASSETS
Cash and cash equivalents	35,417	10,884
Investment in banking subsidiary	620,401	580,664
Other assets	565	113
Total assets	656,383	591,661
LIABILITIES AND EQUITY
Subordinated debt	70,546	77,708
Accrued expense and other liabilities	606	5,131
Stockholders' equity	585,231	508,822
Total liabilities and stockholders’ equity	$ 656,383	$ 591,661

EMPLOYEE BENEFIT PLANS - Schedule of Employer Contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Contributions	$ 7,222	$ 6,321	$ 6,193

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Financial Instruments Outstanding Representing Credit Risk

The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods:





	December 31, 2023		December 31, 2022
(In thousands)
Commitments to extend credit	$	514,206	$	723,902
Standby letters of credit	31,678		29,568
Total	$	545,884	$	753,470

LOANS RECEIVABLE, NET - Schedule of Past Due Status of Bank's Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 4,411,319	$ 4,101,769
Non- Accrual	33,183	21,699
90 Days or More Delinquent and Still Accruing Interest	0	0
30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	33,071	32,901
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	66,254	54,600
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,345,065	4,047,169
Commercial portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,536,176	2,265,991
Non- Accrual	23,189	18,308
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	17,601	28,171
Commercial portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	40,790	46,479
Commercial portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,495,386	2,219,512
Commercial portfolio \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,010,998	925,641
Non- Accrual	7,533	9,629
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Commercial and industrial \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	434	27
Commercial portfolio \| Commercial and industrial \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,967	9,656
Commercial portfolio \| Commercial and industrial \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,003,031	915,985
Commercial portfolio \| Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,148,120	967,521
Non- Accrual	0	3,828
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Multifamily \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	11,968	0
Commercial portfolio \| Multifamily \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	11,968	3,828
Commercial portfolio \| Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,136,152	963,693
Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	353,432	335,133
Non- Accrual	4,490	4,851
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Commercial real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	11,718
Commercial portfolio \| Commercial real estate \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,490	16,569
Commercial portfolio \| Commercial real estate \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	348,942	318,564
Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	23,626	37,696
Non- Accrual	11,166	0
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Construction and land development \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,199	16,426
Commercial portfolio \| Construction and land development \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	16,365	16,426
Commercial portfolio \| Construction and land development \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,261	21,270
Retail portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,875,143	1,835,778
Non- Accrual	9,994	3,391
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,470	4,730
Retail portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	25,464	8,121
Retail portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,849,679	1,827,657
Retail portfolio \| Residential real estate lending
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,425,596	1,371,779
Non- Accrual	7,218	1,807
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Residential real estate lending \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,128	1,185
Retail portfolio \| Residential real estate lending \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	16,346	2,992
Retail portfolio \| Residential real estate lending \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,409,250	1,368,787
Retail portfolio \| Consumer solar
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	408,260	416,849
Non- Accrual	2,673	1,584
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Consumer solar \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,357	3,320
Retail portfolio \| Consumer solar \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,030	4,904
Retail portfolio \| Consumer solar \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	400,230	411,945
Retail portfolio \| Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	41,287	47,150
Non- Accrual	103	0
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Consumer and other \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	985	225
Retail portfolio \| Consumer and other \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,088	225
Retail portfolio \| Consumer and other \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 40,199	$ 46,925

DEPOSITS - Schedule of Maturities of Time Deposits (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Time Deposits, Fiscal Year Maturity [Abstract]
2024	$ 258,311
2025	51,897
2026	46,325
2027	38,403
2028	26,870
Thereafter	7,861
Time deposit and brokered CD	$ 429,667

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Crowe LLP
Auditor Location	New York, New York
Auditor Firm ID	173

REGULATORY CAPITAL

12 Months Ended

Dec. 31, 2023

Regulatory Capital [Abstract]

REGULATORY CAPITAL

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and, additionally for the Bank, the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital requirements that involve quantitative measures of the Company and the Bank’s assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The Company and the Bank’s capital amounts and classifications also are subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total, tier 1, and common equity tier 1 capital (as defined in the regulations) to risk weighted assets, and of tier 1 capital (as defined in the regulations) to average assets. Management believes as of December 31, 2023 and 2022, the Company and the Bank met all capital adequacy requirements.

As of December 31, 2023, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, tier 1 leverage ratios as set forth in the table below. Since that notification, there are no conditions or events that management believes have changed the institution’s category.

The Company’s actual capital amounts and ratios are presented in the following table:


	Actual				For Capital Adequacy Purposes (1)				To Be Considered Well Capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount	Ratio
December 31, 2023

Total capital to risk weighted assets	$	788,207	15.64	%	$	403,277	8.00	%	N/A	N/A
Tier 1 capital to risk weighted assets	654,555		12.98	%	302,458		6.00	%	N/A	N/A
Tier 1 capital to average assets	654,555		8.07	%	324,511		4.00	%	N/A	N/A
Common equity tier 1 to risk weighted assets	654,555		12.98	%	226,843		4.50	%	N/A	N/A

December 31, 2022
Total capital to risk weighted assets	$	721,324	14.87	%	$	387,957	8.00	%	N/A	N/A
Tier 1 capital to risk weighted assets	597,022		12.31	%	290,967		6.00	%	N/A	N/A
Tier 1 capital to average assets	597,022		7.52	%	317,738		4.00	%	N/A	N/A
Common equity tier 1 to risk weighted assets	597,022		12.31	%	218,226		4.50	%	N/A	N/A

(1)Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%.

The Bank’s actual capital amounts and ratios are presented in the following table:


	Actual				For Capital Adequacy Purposes (1)				To Be Considered Well Capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2023






Total capital to risk weighted assets	$	752,828	14.93	%	$	403,266	8.00	%	$	504,083	10.00	%
Tier 1 capital to risk weighted assets	689,724		13.68	%	302,450		6.00	%	403,266		8.00	%
Tier 1 capital to average assets	689,724		8.50	%	324,515		4.00	%	405,643		5.00	%
Common equity tier 1 to risk weighted assets	689,724		13.68	%	226,837		4.50	%	327,654		6.50	%

December 31, 2022
Total capital to risk weighted assets	$	715,458	14.75	%	$	388,107	8.00	%	$	485,134	10.00	%
Tier 1 capital to risk weighted assets	668,864		13.79	%	291,080		6.00	%	388,107		8.00	%
Tier 1 capital to average assets	668,864		8.44	%	317,111		4.00	%	396,389		5.00	%
Common equity tier 1 to risk weighted assets	668,864		13.79	%	218,310		4.50	%	315,337		6.50	%

(1)Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

INCOME TAXES - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 21,756	$ 9,201	$ 9,349
State and local	10,752	3,111	1,389
Total current	32,508	12,312	10,738
Deferred:
Federal	279	10,709	4,409
State and local	3,965	3,666	2,641
Total deferred	4,244	14,375	7,050
Total income tax provision	$ 36,752	$ 26,687	$ 17,788

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	$ 45,031	$ 35,866	$ 41,589
Provision for (recovery of) credit losses	13,463	15,002	(287)
Charge-offs	(16,058)	(8,396)	(8,988)
Recoveries	2,026	2,559	3,552
Ending balance - ACL	65,691	45,031	35,866
Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	21,229
Ending balance - ACL		21,229
Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	66,260
Ending balance - ACL		66,260
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	12,916	10,652	9,065
Provision for (recovery of) credit losses	3,272	1,990	2,179
Charge-offs	(1,726)	0	(813)
Recoveries	53	274	221
Ending balance - ACL	18,331	12,916	10,652
Commercial portfolio \| Commercial and industrial \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	3,816
Ending balance - ACL		3,816
Commercial portfolio \| Commercial and industrial \| Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	16,732
Ending balance - ACL		16,732
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	7,104	4,760	10,324
Provision for (recovery of) credit losses	(1,441)	2,760	(1,483)
Charge-offs	(2,367)	(416)	(4,081)
Recoveries	20	0	0
Ending balance - ACL	2,133	7,104	4,760
Commercial portfolio \| Multifamily \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	(1,183)
Ending balance - ACL		(1,183)
Commercial portfolio \| Multifamily \| Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	5,921
Ending balance - ACL		5,921
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	3,627	7,273	6,213
Provision for (recovery of) credit losses	(1,030)	(3,646)	1,374
Charge-offs	0	0	(314)
Recoveries	0	0	0
Ending balance - ACL	1,276	3,627	7,273
Commercial portfolio \| Commercial real estate \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	(1,321)
Ending balance - ACL		(1,321)
Commercial portfolio \| Commercial real estate \| Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	2,306
Ending balance - ACL		2,306
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	825	405	2,077
Provision for (recovery of) credit losses	4,329	807	(1,675)
Charge-offs	(4,664)	(389)	0
Recoveries	0	2	3
Ending balance - ACL	24	825	405
Commercial portfolio \| Construction and land development \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	(466)
Ending balance - ACL		(466)
Commercial portfolio \| Construction and land development \| Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	359
Ending balance - ACL		359
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	11,338	9,008	12,330
Provision for (recovery of) credit losses	(1,774)	2,978	(5,409)
Charge-offs	(65)	(2,448)	(1,081)
Recoveries	706	1,800	3,168
Ending balance - ACL	13,273	11,338	9,008
Retail portfolio \| Residential real estate lending \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	3,068
Ending balance - ACL		3,068
Retail portfolio \| Residential real estate lending \| Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	14,406
Ending balance - ACL		14,406
Retail portfolio \| Consumer solar
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	6,867	3,336	1,267
Provision for (recovery of) credit losses	10,700	8,050	4,406
Charge-offs	(6,966)	(4,942)	(2,424)
Recoveries	1,211	423	87
Ending balance - ACL	27,978	6,867	3,336
Retail portfolio \| Consumer solar \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	16,166
Ending balance - ACL		16,166
Retail portfolio \| Consumer solar \| Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	23,033
Ending balance - ACL		23,033
Retail portfolio \| Consumer and Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	2,354	432	313
Provision for (recovery of) credit losses	(593)	2,063	321
Charge-offs	(270)	(201)	(275)
Recoveries	36	60	73
Ending balance - ACL	2,676	2,354	$ 432
Retail portfolio \| Consumer and Other \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	1,149
Ending balance - ACL		1,149
Retail portfolio \| Consumer and Other \| Balance at January 1, 2023 adjusted for change in accounting principle
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - ALLL	$ 3,503
Ending balance - ACL		$ 3,503

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Basis and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Held-to-maturity securities	$ 1,549,509	$ 1,414,871
Carrying Value
Financial assets:
Cash and cash equivalents	90,570	63,540
Held-to-maturity securities	1,696,834	1,541,301
Loans held for sale	1,817	7,943
Loans receivable, net	4,345,628	4,060,971
Resell agreements	50,000	25,754
Accrued interest receivable	55,484
Accrued interest and dividends receivable		41,441
Financial liabilities:
FHLBNY advances	4,381	580,000
Subordinated debt, net	70,546	77,708
Accrued interest payable	12,270	1,218
Carrying Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,582,321	6,369,087
Carrying Value \| Time deposits and brokered CDs
Financial liabilities:
Deposits	429,667	225,950
Carrying Value \| Other borrowings
Financial liabilities:
Other borrowings	230,000
Estimated Fair Value
Financial assets:
Cash and cash equivalents	90,570	63,540
Held-to-maturity securities	1,549,509	1,414,871
Loans held for sale	1,817	7,943
Loans receivable, net	4,029,142	3,718,308
Resell agreements	50,000	25,754
Accrued interest receivable	55,484
Accrued interest and dividends receivable		41,441
Financial liabilities:
FHLBNY advances	4,381	580,000
Subordinated debt, net	56,790	68,966
Accrued interest payable	12,270	1,218
Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,582,321	6,369,087
Estimated Fair Value \| Time deposits and brokered CDs
Financial liabilities:
Deposits	428,116	225,805
Estimated Fair Value \| Other borrowings
Financial liabilities:
Other borrowings	229,711
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	90,570	63,540
Held-to-maturity securities	0	0
Loans held for sale	0	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest receivable	43
Accrued interest and dividends receivable		17
Financial liabilities:
FHLBNY advances	0	0
Subordinated debt, net	0	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 1 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 1 \| Time deposits and brokered CDs
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 1 \| Other borrowings
Financial liabilities:
Other borrowings	0
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	0	0
Held-to-maturity securities	575,417	574,609
Loans held for sale	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest receivable	12,645
Accrued interest and dividends receivable		12,197
Financial liabilities:
FHLBNY advances	4,381	580,000
Subordinated debt, net	56,790	68,966
Accrued interest payable	12,270	1,218
Estimated Fair Value \| Level 2 \| Deposits payable on demand
Financial liabilities:
Deposits	6,582,321	6,369,087
Estimated Fair Value \| Level 2 \| Time deposits and brokered CDs
Financial liabilities:
Deposits	428,116	225,805
Estimated Fair Value \| Level 2 \| Other borrowings
Financial liabilities:
Other borrowings	229,711
Estimated Fair Value \| Level 3
Financial assets:
Cash and cash equivalents	0	0
Held-to-maturity securities	974,092	840,262
Loans held for sale	1,817	7,943
Loans receivable, net	4,029,142	3,718,308
Resell agreements	50,000	25,754
Accrued interest receivable	42,796
Accrued interest and dividends receivable		29,227
Financial liabilities:
FHLBNY advances	0	0
Subordinated debt, net	0	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 3 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 3 \| Time deposits and brokered CDs
Financial liabilities:
Deposits	0	$ 0
Estimated Fair Value \| Level 3 \| Other borrowings
Financial liabilities:
Other borrowings	$ 0

EMPLOYEE BENEFIT PLANS - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation:
Benefit obligation at beginning of year	$ 2,855	$ 3,658
Service cost	0	0	$ 0
Interest cost	132	71	58
Amendments	0	0
Actuarial gain	(47)	(397)
Benefits paid	(472)	(477)
Benefit obligation at end of year	2,468	2,855	$ 3,658
Change in plan assets:
Employer contributions	472	477
Benefits paid	(472)	(477)
Plan assets at end of year	0	0
Benefit obligation, included in other liabilities	$ 2,468	$ 2,855

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

In accordance with GAAP, the Company performs an annual test as of June 30 to identify potential impairment of goodwill, or more frequently if events or circumstances indicate a potential impairment may exist. If the carrying amount of the Company, as a sole reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess up to the amount of the recorded goodwill.

The Company performed its annual test based upon market data as of June 30, 2023 and estimates and assumptions that the Company believes most appropriate for the analysis. Based on the qualitative analysis performed in accordance with ASC 350, the Company determined it more likely than not that goodwill was not impaired as of June 30, 2023. Changes in certain assumptions used in the Company's assessment could result in significant differences in the results of the impairment test. Should market conditions or management’s assumptions change significantly in the future, an impairment to goodwill is possible.

At December 31, 2023 and December 31, 2022, the carrying amount of goodwill was $12.9 million.

Intangible Assets

The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter:


(In thousands)	Total
2024	$	730
2025	574
2026	419
2027	265
2028	111
Thereafter	118
Total	$	2,217

Accumulated amortization of the core deposit intangible was $6.9 million as of December 31, 2023.

Amortization expense recognized on the core deposit intangible was $0.9 million, $1.0 million, and $1.2 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 87,978	$ 81,477	$ 52,937
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits, prior service credit, and other benefits	243	635	(63)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities available for sale	22,183	(163,001)	(15,438)
Reclassification adjustment for losses (gains) realized in income	7,392	3,621	(654)
Accretion of net unrealized loss on securities transferred to held-to-maturity	1,895	1,255	0
Net unrealized gains (losses) on securities	31,470	(158,125)	(16,092)
Other comprehensive income (loss), before tax	31,713	(157,490)	(16,155)
Income tax benefit (expense)	(9,010)	43,374	4,388
Total other comprehensive income (loss), net of taxes	22,703	(114,116)	(11,767)
Total comprehensive income (loss), net of taxes	$ 110,681	$ (32,639)	$ 41,170

LOANS RECEIVABLE, NET - Nonaccrual (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	$ 26,262
Nonaccrual with Allowance	6,921
Reserve	4,485
Commercial portfolio
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	16,268
Nonaccrual with Allowance	6,921
Reserve	4,485
Commercial portfolio \| Commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	612
Nonaccrual with Allowance	6,921
Reserve	4,485
Commercial portfolio \| Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	4,490
Nonaccrual with Allowance	0
Reserve	0
Commercial portfolio \| Construction and land development
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	11,166
Nonaccrual with Allowance	0
Reserve	0
Retail portfolio
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	9,994
Nonaccrual with Allowance	0
Reserve	0
Retail portfolio \| Residential real estate lending
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	7,218
Nonaccrual with Allowance	0
Reserve	0
Retail portfolio \| Consumer solar
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	2,673
Nonaccrual with Allowance	0
Reserve	0
Retail portfolio \| Consumer and other
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	103
Nonaccrual with Allowance	0
Reserve	$ 0

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Held-to-maturity, allowance for credit losses	$ 721	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	30,736,141	30,700,198
Common stock, shares outstanding (in shares)	30,428,359	30,700,198
Treasury stock, cost (in shares)	307,782	0
Traditional securities
Held-to-maturity, allowance for credit losses	$ 54
PACE assessments
Held-to-maturity, allowance for credit losses	$ 667

PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Premises and Equipment

Premises and equipment are summarized as follows:


	December 31,
	2023		2022
(In thousands)
Buildings, premises and improvements	$	28,150	$	28,150
Furniture, fixtures and equipment	7,266		6,787
Projects in process	323		561
	35,739		35,498
Accumulated depreciation and amortization	(27,932)		(25,642)
	$	7,807	$	9,856

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

The Company offers various pension and retirement benefit plans, as well as a long-term incentive plan to eligible employees and directors. Significant benefit plans are described as follows:

Pension Plan

The Company participates in a multi-employer non-contributory pension plan which covers substantially all full-time employees, both unionized and non-unionized. Employees generally qualify for participation in the plan on the first January 1st or July 1st after attaining age 21 and completing 1,000 Hours of Service in a 12 consecutive month period. a Memorandum of Agreement covering the unionized employees was entered into on December 20, 2023 which extended the term of the collective bargaining agreement to June 30, 2026. Under the terms of this plan, participants vest 100% upon completion of five years of service, as defined in the plan document. Plan assets are invested in the Consolidated Retirement Fund ("CRF"). The Employer Identification Number of the CRF is 13-3177000 and the Plan Number is 001.

As a multi-employer plan, the Administrator of the CRF does not make separate actuarial valuations with respect to each employer, nor are plan assets so segregated. The benefits provided by the CRF are being funded by the Company and other participating employers through contributions to the Administrator, which are necessary to maintain the CRF on a sound actuarial basis. Contributions are calculated based on a percentage of participants’ qualifying base salary, which percentage is determined from time to time by the CRF Board of Trustees.

The Pension Protection Act of 2006 ("PPA") ranks the funded status of multi-employer plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical Status) if it has a current funded percentage (as defined) of less than 65%. A plan is in the Yellow Zone (Endangered Status) if it has a current funded percentage of less than 80%, or projects a credit balance deficit within seven years. A plan is in the Green Zone if it has a current funded percentage greater than 80% and does not have a projected credit balance deficit within seven years. For the 2023 and 2022 plan years, pursuant to the PPA, the CRF was certified to be in the Green Zone (i.e. neither Critical Status nor Endangered Status).

The following table summarizes certain information regarding contributions made by the Company to the CRF:


(In thousands)	Contributions		Company contributions greater than 5% of total contributions received by the CRF?
Year Ended December 31,
2023	$	7,222	Yes
2022	6,321		Yes
2021	6,193		Yes

The amounts of contributions presented in the preceding table represent expense recorded by the Company during the respective periods and are included in Compensation and Employee Benefits expense on the Consolidated Statements of Income.

Retirement Benefit Plans

The Company offers a post-retirement health plan, a life insurance plan, and provides for two other non-qualifying supplemental retirement plan benefits; one for certain former directors, and one for certain former employees. The Company’s policy is to fund the cost of health and life benefits in amounts determined in accordance with the plan provisions. The other retirement benefit plans generally contain vesting provisions and service requirements. These plans are unfunded and represent a general obligation of the Company.

The following table summarizes the plans’ benefit obligation, the changes in the plans’ benefit obligation, changes in plan assets and the plan’s funded status:


	Year Ended December 31,
(In thousands)	2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	2,855	$	3,658
Service cost	—		—
Interest cost	132		71
Amendments	—		—
Actuarial gain	(47)		(397)
Benefits paid	(472)		(477)
Benefit obligation at end of year	$	2,468	$	2,855
Change in plan assets:
Employer contributions	$	472	$	477
Benefits paid	(472)		(477)
Plan assets at end of year	$	—	$	—
Benefit obligation, included in other liabilities	$	2,468	$	2,855

The following table presents before tax effected amounts recognized in accumulated other comprehensive income (loss) at December 31:


(In thousands)	2023		2022		2021
Net actuarial loss	$	2,300	$	2,572	$	3,235
Prior service credit	(263)		(292)		(320)


Total amount recognized	$	2,037	$	2,280	$	2,915

The following table summarizes the components of net periodic benefit cost and other amounts recognized in other comprehensive income:


(In thousands)	2023		2022		2021
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	—
Interest cost	132		71		58
Prior service credit amortization	(29)		(29)		(29)

Recognized actuarial loss	225		267		400
Net periodic benefit	$	328	$	309	$	429

Components of other amounts:
Net regular actuarial gain	$	(47)	$	(397)	$	(16)
Recognized actuarial loss	(225)		(267)		(400)
Prior service credit amortization	29		29		29
Prior service credit due to curtailments	—		—		450

Total recognized in other comprehensive income	$	(243)	$	(635)	$	63
Total recognized in comprehensive income	$	85	$	(326)	$	492

The following table summarizes certain weighted average assumptions used to measure the plans’ obligation at the end of the year as well as net periodic benefit expense during the year:


	2023		2022		2021
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.76	%	5.01	%	2.07	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	5.01	%	2.14	%	1.66	%

The net actuarial loss and prior service credit that is expected to be amortized from accumulated other comprehensive loss and into net periodic expense during the year ended December 31, 2024 is $0.2 million.

Future estimated benefit payments are expected to be approximately $0.3 million per annum during the period 2024 through 2033.

401(k) Plans

The Company also offers 2 retirement savings plans which are qualified under Section 401(k) of the Internal Revenue Code ("401(k) Plan"). Substantially all employees are eligible to participate, and participants can contribute up to 15% of their salary subject to certain limitations. The Company does not make contributions to the 401(k) Plan and as such does not incur any direct compensation expense related to the 401(k) Plan.

Long Term Incentive Plans

Stock Options:

The Company has granted stock options in previous years to employees and directors. As of December 31, 2020, all options have vested and are exercisable at the option of the vested holders until the termination of each tranche after 10 years from the grant date or earlier if the employee or director has changed their employment status. The Company does not currently have an active stock option plan that is available for issuing new options.

A summary of the status of the Company’s options as of December 31, 2023 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, January 1, 2023	426,880	$	13.09	3.3	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(84,620)	12.78		—
Outstanding, December 31, 2023	342,260	13.17		2.6	years	$	4,713
Vested and Exercisable, December 31, 2023	342,260	$	13.17	2.6	years	$	4,713

The range of exercise prices is $11.00 to $14.65 per share.

There were no options compensation costs to employees and directors for the year ended December 31, 2023 and December 31, 2022 as all options had been fully expensed as of December 31, 2020. Total options compensation costs for the year ended 2020 was $0.7 million, and is recorded within compensation and employee benefits expense on the Consolidated Statements of Income. The fair value of all awards outstanding as of December 31, 2023 and December 31, 2022 was $4.7 million and $4.2 million, respectively. No cash was received for options exercised in the years ended December 31, 2023 and December 31, 2022.

The Company repurchased 55,881 shares and 310,176 shares for options exercised in the years ended December 31, 2023 and December 31, 2022, respectively.

Restricted Stock Units:

The Amalgamated Financial Corp. 2023 Equity Incentive Plan (the “Equity Plan”) provides for the grant of stock-based incentive awards to employees and directors of the Company. The number of shares of common stock of the Company available for stock-based awards in the Equity Plan is 1,300,000 of which 1,265,610 shares were available for issuance as of December 31, 2023.

Restricted stock units ("RSUs") represent an obligation to deliver shares to an employee or director at a future date if certain vesting conditions are met. RSUs are subject to a time-based vesting schedule, the satisfaction of performance conditions, or the satisfaction of market conditions, and are settled in shares of the Company’s common stock. RSUs do not provide dividend equivalent rights from the date of grant and do not provide voting rights. RSUs accrue dividends based on dividends paid on common shares, but those dividends are paid in cash upon satisfaction of the specified vesting requirements on the underlying RSU.

A summary of the status of the Company’s time-based vesting RSUs as of December 31, 2023 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2023	331,023	$	17.72
Awarded	142,563	20.93
Forfeited/Expired	(16,106)	18.91
Vested	(165,718)	17.26
Unvested, December 31, 2023	291,762	$	19.48

A summary of the status of the Company’s performance-based RSUs as of December 31, 2023 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2023	96,970	$	16.37
Awarded	62,945	23.05
Forfeited/Expired	(10,004)	18.44
Vested	(23,948)	14.82
Unvested, December 31, 2023	125,963	$	19.68

During the year ended December 31, 2023, the Company granted 29,923 performance-based RSUs at a fair value of $23.42 per share, which vest subject to the achievement of the Company’s corporate goal for the three-year period from January 1, 2023 to December 31, 2025. The corporate goal is based on the Company achieving a target increase in Tangible Book Value, adjusted for certain factors. The minimum and maximum awards that are achievable are 0 and 44,885 shares, respectively.

During the year ended December 31, 2023, the Company granted 29,747 market-based RSUs at a fair value of $23.56 per share which vest subject to the Bank’s relative total shareholder return compared to a group of peer banks over a three-year period from February 15, 2023 to February 14, 2026. The minimum and maximum awards that are achievable are 0 and 44,621 shares, respectively.

During the year ended December 31, 2023, the Company awarded 619 and 2,656 shares at a fair value of $14.45 and $15.23 per share, respectively, related to the vesting of performance-based RSUs to satisfy the achievement of corporate goals above target.

As of December 31, 2023, the Company reserved 188,945 shares for issuance upon vesting of performance-based RSUs assuming the Company’s employees achieve the maximum share payout.

The Company repurchased 58,942 shares and 54,191 shares for RSUs vested in the years ended December 31, 2023 and 2022, respectively.

Of the 417,725 unvested RSUs as of December 31, 2023, the minimum units that will vest, solely due to a service test, are 291,762. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 480,707.

Compensation expense attributable to the employee RSUs was $4.2 million, $2.2 million, and $1.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company recorded an expense of $0.5 million, $0.5 million, and $0.3 million attributable to RSUs granted to directors for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, there was $11.3 million of total unrecognized compensation cost related to the non-vested RSUs granted to employees and directors. This expense may increase or decrease depending on the expected number of performance-based shares to be issued. This expense is expected to be recognized over 1.4 years.

Employee Stock Purchase Plan

On April 28, 2021, the Company's stockholders approved the Amalgamated Financial Corp. Employee Stock Purchase Plan (the "ESPP") which was implemented on March 2, 2022. The aggregate number of shares of common stock that may be purchased and issued under the ESPP will not exceed 500,000 of previously authorized shares. Under the terms of the ESPP, employees may authorize the withholding of up to 15% of their eligible compensation to purchase the Company's shares of common stock, not to exceed $25,000 of the fair market value of such common stock for any calendar year. The purchase price per shares acquired under the ESPP will never be less than 85% of the fair market value of the Company's common stock on the last day of the offering period. The Company's Board of Directors in its discretion may terminate the ESPP at any time with respect to any shares for which options have not been granted.

The Compensation and Human Resources Committee of the Board of Directors (the "Committee") has the right to amend the ESPP without the approval of our stockholders; provided, that no such change may impair the rights of a participant with respect to any outstanding offering period without the consent of such participant, other than a change determined by the Committee to be

necessary to comply with applicable law. A participant may not dispose of shares acquired under the ESPP until six months following the grant date of such shares, or any earlier date as of which the Committee has determined that the participant would qualify for a hardship distribution from the Company’s 401(k) Plan. Accordingly, the fair value award associated with their discounted purchase price is expensed at the time of purchase. The below following summarizes the shares purchased under the ESPP since the inception of the plan:


			Number of Shares
Maximum shares available for purchase at plan inception			500,000
Purchases during the year ended:
December 31, 2021			—
December 31, 2022			(31,765)
December 31, 2023			(43,387)
Purchases since plan inception			(75,152)
Remaining shares available for purchase at December 31, 2023			424,848

The expense related to the discount on purchased shares for the year ended December 31, 2023 and December 31, 2022 was $120.5 thousand and $99.6 thousand, respectively, and is recorded within compensation and employee benefits expense on the Consolidated Statements of Income

LOANS RECEIVABLE, NET - Dependent Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	$ 4,411,319	$ 4,106,002
Associated Allowance for Credit Losses	65,691	45,031	$ 35,866	$ 41,589
Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	353,432
Associated Allowance for Credit Losses	1,276	3,627	7,273	6,213
Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	23,626
Associated Allowance for Credit Losses	24	$ 825	$ 405	$ 2,077
Commercial real estate
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	20,855
Associated Allowance for Credit Losses	0
Commercial real estate \| Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	4,490
Associated Allowance for Credit Losses	0
Commercial real estate \| Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	16,365
Associated Allowance for Credit Losses	$ 0

RECENT ACCOUNTING PRONOUNCEMENTS

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Effective in 2023 and onward

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments

The Company adopted ASU No. 2016-13 inclusive of subsequent amendments as of January 1, 2023. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities, as well as off balance sheet credit exposures. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable incurred recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses will be presented as an allowance rather than as a

write-down. For the Company, the amendments affected loans, debt securities, off-balance sheet credit exposures, and any other financial assets not excluded from the scope that have the contractual right to receive cash.

The Company adopted ASU No. 2016-13 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date and, accordingly, the Company recorded a $24.6 million increase to the allowance for credit losses, a $6.8 million increase to deferred tax assets, and a decrease of $17.8 million to retained earnings as of January 1, 2023. The results for prior period amounts continue to be reported in accordance with previously applicable GAAP.

The below table illustrates the impact of the adoption of ASU 2016-13.


	January 1, 2023
	Gross Adjustment		Tax Impact		Net Adjustment to Retained Earnings
Assets:
Allowance for credit losses on held-to-maturity securities	$	668	$	(184)	$	484
Allowance for credit losses on loans	21,229		(5,849)		15,380

Liabilities:
Allowance for credit losses on off-balance sheet credit exposures	2,705		(744)		1,961

Total Day 1 Adjustment for Adoption of ASU 2016-13	$	24,602	$	(6,777)	$	17,825

ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures

The Company adopted ASU No. 2022-02 as of January 1, 2023, which eliminates the troubled debt restructuring ("TDR") accounting model for creditors that have adopted Topic 326, “Financial Instruments – Credit Losses.” Specifically, rather than applying the recognition and measurement guidance for TDRs, this ASU requires entities to evaluate receivable modifications, consistent with the accounting for other loan modifications, to determine whether a modification made to a borrower results is a new loan or a continuation of the existing loan. In addition, under the new ASU, entities are no longer required to use a discounted cash flow ("DCF") method to measure the ACL as a result of a modification or restructuring with a borrower experiencing financial difficulty. If a DCF method is used, the post-modification-derived effective interest rate is to be used, instead of the original interest rate as stipulated under the current GAAP. This ASU also enhances the disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. This ASU amends the guidance on “vintage disclosures” to require the disclosure of current-period gross write-offs by year of origination.

ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The update will be effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Reconciliation of Expected Income Tax Expense and Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount
Tax expense at federal income tax rate	$ 26,193	$ 22,714	$ 14,852
Increase (decrease) resulting from:
Tax exempt income	(1,027)	(497)	(317)
State tax, net of federal benefit	11,628	5,354	3,184
Equity awards windfall	(150)	(363)	(94)
Other	108	(521)	163
Total income tax provision	$ 36,752	$ 26,687	$ 17,788
Percentage
Tax expense at federal income tax rate	21.00%	21.00%	21.00%
Increase (decrease) resulting from:
Tax exempt income	(0.82%)	(0.46%)	(0.45%)
State tax, net of federal benefit	9.32%	4.95%	4.50%
Equity awards windfall	(0.12%)	(0.34%)	(0.13%)
Other	0.09%	(0.48%)	0.23%
Total	29.47%	24.67%	25.15%

LOANS RECEIVABLE, NET - Quality Indicator (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 567,798
2022	1,183,947
2021	777,257
2020	512,024
2019 & Prior	1,187,173
Revolving loans	183,120
Revolving Loans Converted to Term	0
Total	4,411,319	$ 4,106,002
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total	16,058	8,396	$ 8,988
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	567,793
2022	1,179,430
2021	758,419
2020	500,122
2019 & Prior	1,149,363
Revolving loans	146,660
Revolving Loans Converted to Term	0
Total	4,301,787
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	2
2022	1,525
2021	3,034
2020	2,095
2019 & Prior	9,402
Revolving loans	0
Revolving Loans Converted to Term	0
Total	16,058
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	16,692
2020	3,975
2019 & Prior	13,104
Revolving loans	4,222
Revolving Loans Converted to Term	0
Total	37,993
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	5
2022	4,517
2021	2,146
2020	7,927
2019 & Prior	24,706
Revolving loans	32,238
Revolving Loans Converted to Term	0
Total	71,539
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Commercial portfolio \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2023	130,568
2022	221,272
2021	209,374
2020	127,084
2019 & Prior	159,403
Revolving loans	163,297
Revolving Loans Converted to Term	0
Total	1,010,998
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	1,726
Revolving loans	0
Revolving Loans Converted to Term	0
Total	1,726	0	813
Commercial portfolio \| Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	130,568
2022	220,552
2021	192,682
2020	117,966
2019 & Prior	141,542
Revolving loans	138,003
Revolving Loans Converted to Term	0
Total	941,313
Commercial portfolio \| Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	16,692
2020	3,975
2019 & Prior	934
Revolving loans	4,222
Revolving Loans Converted to Term	0
Total	25,823
Commercial portfolio \| Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	720
2021	0
2020	5,143
2019 & Prior	16,927
Revolving loans	21,072
Revolving Loans Converted to Term	0
Total	43,862
Commercial portfolio \| Commercial and industrial \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Commercial portfolio \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2023	193,827
2022	382,652
2021	45,287
2020	138,131
2019 & Prior	388,221
Revolving loans	2
Revolving Loans Converted to Term	0
Total	1,148,120
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	2,367
Revolving loans	0
Revolving Loans Converted to Term	0
Total	2,367	416	4,081
Commercial portfolio \| Multifamily \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	193,827
2022	382,652
2021	45,287
2020	138,131
2019 & Prior	377,554
Revolving loans	2
Revolving Loans Converted to Term	0
Total	1,137,453
Commercial portfolio \| Multifamily \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	8,373
Revolving loans	0
Revolving Loans Converted to Term	0
Total	8,373
Commercial portfolio \| Multifamily \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	2,294
Revolving loans	0
Revolving Loans Converted to Term	0
Total	2,294
Commercial portfolio \| Multifamily \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2023	73,089
2022	42,824
2021	48,624
2020	38,336
2019 & Prior	147,103
Revolving loans	3,456
Revolving Loans Converted to Term	0
Total	353,432
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0	0	314
Commercial portfolio \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	73,089
2022	42,824
2021	48,624
2020	36,478
2019 & Prior	140,674
Revolving loans	3,456
Revolving Loans Converted to Term	0
Total	345,145
Commercial portfolio \| Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	3,797
Revolving loans	0
Revolving Loans Converted to Term	0
Total	3,797
Commercial portfolio \| Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	1,858
2019 & Prior	2,632
Revolving loans	0
Revolving Loans Converted to Term	0
Total	4,490
Commercial portfolio \| Commercial real estate \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Commercial portfolio \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	7,261
Revolving loans	16,365
Revolving Loans Converted to Term	0
Total	23,626
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	4,664
Revolving loans	0
Revolving Loans Converted to Term	0
Total	4,664	389	0
Commercial portfolio \| Construction and land development \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	7,261
Revolving loans	5,199
Revolving Loans Converted to Term	0
Total	12,460
Commercial portfolio \| Construction and land development \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Commercial portfolio \| Construction and land development \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	11,166
Revolving Loans Converted to Term	0
Total	11,166
Commercial portfolio \| Construction and land development \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Retail portfolio \| Residential real estate lending
Financing Receivable, Credit Quality Indicator [Line Items]
2023	137,167
2022	417,194
2021	329,955
2020	135,194
2019 & Prior	406,086
Revolving loans	0
Revolving Loans Converted to Term	0
Total	1,425,596
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	65
Revolving loans	0
Revolving Loans Converted to Term	0
Total	65	2,448	1,081
Retail portfolio \| Residential real estate lending \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	137,167
2022	413,962
2021	328,952
2020	134,795
2019 & Prior	403,508
Revolving loans	0
Revolving Loans Converted to Term	0
Total	1,418,384
Retail portfolio \| Residential real estate lending \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Retail portfolio \| Residential real estate lending \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	3,232
2021	1,003
2020	399
2019 & Prior	2,578
Revolving loans	0
Revolving Loans Converted to Term	0
Total	7,212
Retail portfolio \| Residential real estate lending \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Retail portfolio \| Consumer solar
Financing Receivable, Credit Quality Indicator [Line Items]
2023	30,412
2022	105,162
2021	132,088
2020	73,279
2019 & Prior	67,319
Revolving loans	0
Revolving Loans Converted to Term	0
Total	408,260
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0
2022	1,525
2021	3,034
2020	2,095
2019 & Prior	312
Revolving loans	0
Revolving Loans Converted to Term	0
Total	6,966	4,942	2,424
Retail portfolio \| Consumer solar \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	30,412
2022	104,633
2021	131,008
2020	72,752
2019 & Prior	67,044
Revolving loans	0
Revolving Loans Converted to Term	0
Total	405,849
Retail portfolio \| Consumer solar \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Retail portfolio \| Consumer solar \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	529
2021	1,080
2020	527
2019 & Prior	275
Revolving loans	0
Revolving Loans Converted to Term	0
Total	2,411
Retail portfolio \| Consumer solar \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Retail portfolio \| Consumer and Other
Financing Receivable, Credit Quality Indicator [Line Items]
2023	2,735
2022	14,843
2021	11,929
2020	0
2019 & Prior	11,780
Revolving loans	0
Revolving Loans Converted to Term	0
Total	41,287
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	2
2022	0
2021	0
2020	0
2019 & Prior	268
Revolving loans	0
Revolving Loans Converted to Term	0
Total	270	$ 201	$ 275
Retail portfolio \| Consumer and Other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	2,730
2022	14,807
2021	11,866
2020	0
2019 & Prior	11,780
Revolving loans	0
Revolving Loans Converted to Term	0
Total	41,183
Retail portfolio \| Consumer and Other \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	0
Retail portfolio \| Consumer and Other \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	5
2022	36
2021	63
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	104
Retail portfolio \| Consumer and Other \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019 & Prior	0
Revolving loans	0
Revolving Loans Converted to Term	0
Total	$ 0

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 87,978	$ 81,477	$ 52,937
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on repurchase of subordinated debt	(1,417)	(617)	0
Decrease (increase) in other assets	11,740	19,114	7,445
Increase (decrease) in other liabilities	181	(5,767)	(11,071)
Net cash provided by operating activities	117,224	147,322	70,538
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(134,407)	(1,202,491)	(865,410)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(12,333)	(11,211)	(9,978)
Repurchase of common stock	(8,315)	(12,478)	(2,920)
Proceeds from (repurchases of) subordinated debt	(6,047)	(5,633)	83,831
Net cash provided by (used in) financing activities	44,213	788,224	1,086,588
Increase (decrease) in cash and cash equivalents	27,030	(266,945)	291,716
Cash, cash equivalents, and restricted cash at beginning of year	63,540	330,485	38,769
Cash, cash equivalents, and restricted cash at end of year	90,570	63,540	330,485
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	87,978	81,477	52,937
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed subsidiary income	(30,170)	(84,321)	(43,403)
Net gain on repurchase of subordinated debt	(1,417)	(617)	0
Decrease (increase) in other assets	(453)	726	(12)
Increase (decrease) in other liabilities	(4,286)	(610)	2,118
Net cash provided by operating activities	51,652	(3,345)	11,640
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for investments in subsidiaries	0	0	(42,490)
Net cash used in investing activities	0	0	(42,490)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(12,333)	(11,211)	(7,597)
Repurchase of common stock	(9,543)	(12,478)	(2,498)
Proceeds from (repurchases of) subordinated debt	(6,047)	(5,633)	83,831
Proceeds from common stock issued under Employee Stock Purchase Plan	804	665	0
Net cash provided by (used in) financing activities	(27,119)	(28,657)	73,736
Increase (decrease) in cash and cash equivalents	24,533	(32,002)	42,886
Cash, cash equivalents, and restricted cash at beginning of year	10,884	42,886	0
Cash, cash equivalents, and restricted cash at end of year	$ 35,417	$ 10,884	$ 42,886

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of the provision for income taxes for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021

Current:
Federal	$	21,756	$	9,201	$	9,349
State and local	10,752		3,111		1,389
	32,508		12,312		10,738
Deferred:
Federal	279		10,709		4,409
State and local	3,965		3,666		2,641
	4,244		14,375		7,050

Total income tax provision	$	36,752	$	26,687	$	17,788

A reconciliation of the expected income tax expense at the statutory federal income tax rate of 21% to the Company’s actual income tax benefit and effective tax rate for the years ended December 31, 2023, 2022, and 2021 and is as follows:


	Year Ended December 31,
	2023				2022				2021
	Amount		%		Amount		%		Amount		%
(In thousands)
Tax expense at federal income tax rate	$	26,193	21.00	%	$	22,714	21.00	%	$	14,852	21.00	%
Increase (decrease) resulting from:
Tax exempt income	(1,027)		(0.82)	%	(497)		(0.46)	%	(317)		(0.45)	%

State tax, net of federal benefit	11,628		9.32	%	5,354		4.95	%	3,184		4.50	%
Equity awards windfall	(150)		(0.12)	%	(363)		(0.34)	%	(94)		(0.13)	%


Other	108		0.09	%	(521)		(0.48)	%	163		0.23	%
Total	$	36,752	29.47	%	$	26,687	24.67	%	$	17,788	25.15	%

As of December 31, 2023 the Company had remaining federal, state and local net operating loss carryforwards of approximately $8 thousand, $13.5 million and $8.0 million, respectively, which are available to offset future federal, state and local income and which expire over varying periods from 2030 through 2035.

Deferred income tax assets and liabilities result from temporary differences between the carrying value of assets and liabilities for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect and are reported net in the accompanying Consolidated Statement of Financial Condition.

The significant components of the net deferred tax assets and liabilities as of December 31, 2023 and 2022, are as follows:


	December 31,
	2023		2022
(In thousands)
Deferred tax assets:
Excess tax basis over carrying value of assets:
Allowance for credit losses	$	21,028	$	13,237

Postretirement and other employee benefits	3,753		1,563
Available for sale securities carried at fair value for financial statement purposes	27,946		36,330
Depreciation and amortization	—		1,418
Operating leases	7,969		10,976
Federal, state and local net operating loss carryforward	1,527		4,468
Transfer of available for sale securities to held-to-maturity	3,825		4,379
Other, net	128		556
Gross deferred tax asset	66,176		72,927

Deferred tax liabilities:


Purchase accounting adjustments, net	(585)		(676)
Operating leases	(6,192)		(8,575)
Net deferred loan fees	(1,051)		(1,169)
Depreciation and amortization	(1,745)		—

Gross deferred tax liabilities	(9,573)		(10,420)

Deferred tax asset, net	$	56,603	$	62,507

As of December 31, 2023, the Company’s deferred tax assets were valued without an allowance as management concluded that it is more likely than not that the entire amount may be realized. ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Management reassesses the need for a valuation allowance on an annual basis, or more frequently if warranted. If it is later determined that a valuation allowance is required, it generally will be an expense to the income tax provision in the period such determination is made.

The Company and its subsidiaries are subject to Federal, New York State, California, Colorado, District of Columbia, Florida, New Jersey, Massachusetts, Minnesota, North Carolina, Pennsylvania, Virginia and New York City income taxes. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination; with a tax examination presumably to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. As of December 31, 2023, the Company had an uncertain tax liability of $2.7 million related to a state and city tax examination regarding inventory of prior net operating losses. The Company reasonably expects to resolve this tax position in the next 12 months. The Company had no uncertain tax positions as of December 31, 2022.

As of December 31, 2023, the Company is generally subject to possible examination by federal, state, and local taxing authorities for 2020 and subsequent tax years. Income tax receivable, which is included in other assets, totaled $8.0 million and $12.1 million as of December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

The Company as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of December 31, 2023 and December 31, 2022. These leases are typically long-term leases and generally are not complicated arrangements or structures. Several of the leases contain renewal options at a rate comparable to the fair market value based on comparable analysis to similar properties in the Company’s geographies.

Real estate operating leases are presented as a right-of-use asset and a related operating lease liability on the Consolidated Statements of Financial Condition. The ROU asset represents the Company’s right to use the underlying asset for the lease term and the operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company applied its incremental borrowing rate as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of the operating lease liability. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Lease expense is recognized on a straight-line basis over the lease term.

The following table summarizes our lease cost and other operating lease information:


	Year Ended December 31,
	2023		2022
(In thousands)
Operating lease cost	$	7,219	$	7,216


Cash paid for amounts included in the measurement of operating leases liability	$	11,294	$	10,745



Note: Sublease income and variable income or expense considered immaterial

The weighted average remaining lease term on operating leases at December 31, 2023 and December 31, 2022 was 3.2 years and 3.9 years, respectively.

The weighted average discount rate used for the operating lease liability was 3.26% and 3.25% at December 31, 2023 and December 31, 2022, respectively.



(In thousands)	As of December 31, 2023
2024	$	11,324
2025	10,593
2026	9,200
2027	959
2028	—
Thereafter	—
Total undiscounted operating lease payments	32,076
Less: present value adjustment	1,430
Total Operating leases liability	$	30,646

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Condensed financial information of Amalgamated Financial Corp. follows:


CONDENSED BALANCE SHEET
	December 31, 2023		December 31, 2022

(in thousands)
ASSETS
Cash and cash equivalents	$	35,417	$	10,884

Investment in banking subsidiary	620,401		580,664
Other assets	565		113
Total assets	$	656,383	$	591,661

LIABILITIES AND EQUITY
Subordinated debt	$	70,546	$	77,708

Accrued expense and other liabilities	606		5,131
Stockholders' equity	585,231		508,822
Total liabilities and stockholders' equity	$	656,383	$	591,661

Condensed Statements of Income


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2023		2022		2021
(in thousands)

Dividends from subsidiaries	$	60,000	$	—	$	10,081
Other income	1,417		617		—
Equity in undistributed subsidiary income	30,170		84,321		43,403
Interest expense	2,719		2,693		399
Other expense	1,669		768		148
Income before tax expense	87,199		81,477		52,937
Income tax benefit	(779)		—		—
Net income	$	87,978	$	81,477	$	52,937
Comprehensive income (loss)	$	110,681	$	(32,639)	$	41,170

Condensed Statements Comprehensive Income


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2023		2022		2021
(in thousands)

Dividends from subsidiaries	$	60,000	$	—	$	10,081
Other income	1,417		617		—
Equity in undistributed subsidiary income	30,170		84,321		43,403
Interest expense	2,719		2,693		399
Other expense	1,669		768		148
Income before tax expense	87,199		81,477		52,937
Income tax benefit	(779)		—		—
Net income	$	87,978	$	81,477	$	52,937
Comprehensive income (loss)	$	110,681	$	(32,639)	$	41,170

Condensed Statement of Cash Flows


CONDENSED STATEMENT OF CASH FLOWS
	Year Ended December 31,
	2023		2022		2021
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	87,978	$	81,477	$	52,937
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed subsidiary income	(30,170)		(84,321)		(43,403)
Net gain on repurchase of subordinated debt	(1,417)		(617)		—
Decrease (increase) in other assets	(453)		726		(12)
Increase (decrease) in other liabilities	(4,286)		(610)		2,118
Net cash provided by (used in) operating activities	51,652		(3,345)		11,640

Cash flows from investing activities
Payments for investments in subsidiaries	—		—		(42,490)



Net cash provided by (used in) investing activities	—		—		(42,490)

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(12,333)		(11,211)		(7,597)
Repurchase of common stock	(9,543)		(12,478)		(2,498)
Proceeds from (repurchases of) subordinated debt	(6,047)		(5,633)		83,831

Proceeds from common stock issued under Employee Stock Purchase Plan	804		665		—


Net cash provided by (used in) financing activities	(27,119)		(28,657)		73,736

Increase (decrease) in cash and cash equivalents	24,533		(32,002)		42,886
Cash and cash equivalents at beginning of year	10,884		42,886		—
Cash and cash equivalents at end of year	$	35,417	$	10,884	$	42,886

LOANS RECEIVABLE, NET - Term Extension (Details) - Commercial portfolio	12 Months Ended
	Dec. 31, 2023
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted Average Years of Term Extension	1 year 1 month 6 days
Weighted Average Years of Term Extension and Payment Delay	1 year
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted Average Years of Term Extension	1 year 1 month 6 days
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted Average Years of Term Extension	7 months 6 days
Construction and land development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted Average Years of Term Extension	9 months 18 days

VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum exposure to credit loss	$ 61.2

BORROWED FUNDS	12 Months Ended
BORROWED FUNDS	Dec. 31, 2023
Advance from Federal Home Loan Bank [Abstract]
BORROWED FUNDS	BORROWED FUNDS FHLBNY advances are collateralized by the FHLBNY stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged as collateral for borrowing capacity. As of December 31, 2023, the value of the other eligible assets had an estimated market value net of haircut totaling $2.03 billion (comprised of securities of $392.9 million and mortgage loans of $1.64 billion). The fair value of assets pledged to the FHLBNY is required to be not less than 110% of the outstanding advances. There were $4.4 million in outstanding FHLBNY advances as of December 31, 2023 and $580.0 million in outstanding FHLBNY advances as of December 31, 2022. For the years ended December 31, 2023, 2022, and 2021, interest expense on FHLBNY advances was $5.4 million and $4.7 million, and zero, respectively. In addition to FHLBNY advances, the Company uses other borrowings for short-term borrowing needs. Federal funds lines of credit are extended to the Company by non-affiliated banks with which a correspondent banking relationship exists. At December 31, 2023, and December 31, 2022 there was no outstanding balance related to federal funds purchased. In addition, following the recent bank failures, the Federal Reserve created a new Bank Term Funding Program ("BTFP") as an additional source of liquidity against high-quality securities, offering loans of up to one year to eligible institutions pledging qualifying assets as collateral. At December 31, 2023, there was an outstanding balance of $230.0 million related to the BTFP due in 2024 with a weighted average rate of 4.50%, and no outstanding balance at December 31, 2022. For the years ended December 31, 2023, 2022, and 2021, interest expense on BTFP balances was $7.6 million, zero, and zero, respectively. SUBORDINATED DEBT On November 8, 2021, the Company completed a public offering of $85.0 million of aggregated principal amount of 3.250% Fixed-to-Floating Rate subordinated notes due 2031 (the "Notes"). The fixed rate period is defined from and including November 8, 2021 to, but excluding, November 15, 2026, or the date of earlier redemption. The floating rate period is defined from and including November 15, 2026 to, but excluding, November 15, 2031, or the date of earlier redemption. The floating rate per annum is equal to three-month term SOFR (the "benchmark rate") plus a spread of 230 basis points for each quarterly interest period during the floating rate period, provided however, that if the benchmark rate is less than zero, the benchmark rate shall be deemed to be zero. The subordinated notes will mature on November 15, 2031. The Company may, at its option, beginning with the interest payment date of November 15, 2026, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining prior approval of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. Interest expense on subordinated debt for the years ended December 31, 2023, 2022, and 2021 was $2.7 million, $2.7 million, and $0.4 million, respectively. During the year ended December 31, 2023 and 2022, the Company repurchased subordinated notes with a par value of $7.5 million and $6.3 million, for cash paid of $6.0 million and $5.6 million, respectively. There were no repurchases of subordinated notes during the year ended December 31, 2021. Gains on repurchases of subordinated debt for the year ended December 31, 2023 and 2022, were $1.4 million and $0.6 million, respectively, and are recorded in Non-interest income - other on the consolidated statements of income.

BORROWED FUNDS (Details) - USD ($)	12 Months Ended
BORROWED FUNDS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLBNY advances	$ 4,400,000	$ 580,000,000
Interest expense on federal home loan bank and federal reserve bank advances,	5,400,000	4,700,000	$ 0
Other borrowings	234,381,000	580,000,000
Interest expense	15,642,000	7,593,000	399,000
Bank Term Funding Program
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other borrowings	$ 230,000,000	0
Weighted average interest rate	4.50%
Interest expense	$ 7,600,000	$ 0	$ 0
Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other eligible assets pledged as collateral	2,030,000,000.00
Compromised Securities \| Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other eligible assets pledged as collateral	392,900,000
Mortgage Loans \| Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other eligible assets pledged as collateral	$ 1,640,000,000

INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale Securities and Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	$ 53,133	$ 1,139,172
Available for sale, less than 12 months, unrealized losses	122	61,546
Available for sale, 12 months or longer, fair value	1,308,596	634,422
Available for sale, 12 months or longer, unrealized losses	102,709	70,379
Available for sale, total fair value	1,361,729	1,773,594
Available for sale, total unrealized losses	102,831	131,925
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	245,499	1,267,169
Held to maturity, less than 12 months, unrealized losses	14,826	100,311
Held to maturity, 12 months or longer, fair value	1,264,387	145,681
Held to maturity, 12 months or longer, unrealized losses	134,516	26,128
Held to maturity, total fair value	1,509,886	1,412,850
Held to maturity, total unrealized losses	149,342	126,439
Traditional securities:
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value		426,907
Held to maturity, less than 12 months, unrealized losses		28,696
Held to maturity, 12 months or longer, fair value		145,681
Held to maturity, 12 months or longer, unrealized losses		26,128
Held to maturity, total fair value		572,588
Held to maturity, total unrealized losses		54,824
GSE certificates & CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	0	384,887
Available for sale, less than 12 months, unrealized losses	0	20,667
Available for sale, 12 months or longer, fair value	460,239	205,338
Available for sale, 12 months or longer, unrealized losses	40,545	25,524
Available for sale, total fair value	460,239	590,225
Available for sale, total unrealized losses	40,545	46,191
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	9,233	114,278
Held to maturity, less than 12 months, unrealized losses	607	8,114
Held to maturity, 12 months or longer, fair value	152,130	52,737
Held to maturity, 12 months or longer, unrealized losses	19,086	12,525
Held to maturity, total fair value	161,363	167,015
Held to maturity, total unrealized losses	19,693	20,639
Non-GSE certificates and CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	0	134,770
Available for sale, less than 12 months, unrealized losses	0	13,810
Available for sale, 12 months or longer, fair value	196,860	89,937
Available for sale, 12 months or longer, unrealized losses	21,690	14,390
Available for sale, total fair value	196,860	224,707
Available for sale, total unrealized losses	21,690	28,200
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	86	50,619
Held to maturity, less than 12 months, unrealized losses	9	5,439
Held to maturity, 12 months or longer, fair value	72,616	24,079
Held to maturity, 12 months or longer, unrealized losses	6,677	2,953
Held to maturity, total fair value	72,702	74,698
Held to maturity, total unrealized losses	6,686	8,392
ABS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	53,133	530,269
Available for sale, less than 12 months, unrealized losses	122	17,290
Available for sale, 12 months or longer, fair value	526,868	285,688
Available for sale, 12 months or longer, unrealized losses	20,868	21,925
Available for sale, total fair value	580,001	815,957
Available for sale, total unrealized losses	20,990	39,215
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	0	224,279
Held to maturity, less than 12 months, unrealized losses	0	11,080
Held to maturity, 12 months or longer, fair value	256,405	49,228
Held to maturity, 12 months or longer, unrealized losses	8,678	4,096
Held to maturity, total fair value	256,405	273,507
Held to maturity, total unrealized losses	8,678	15,176
Corporate
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	0	89,054
Available for sale, less than 12 months, unrealized losses	0	9,772
Available for sale, 12 months or longer, fair value	120,741	49,808
Available for sale, 12 months or longer, unrealized losses	19,297	8,197
Available for sale, total fair value	120,741	138,862
Available for sale, total unrealized losses	19,297	17,969
Other
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	0	192
Available for sale, less than 12 months, unrealized losses	0	7
Available for sale, 12 months or longer, fair value	3,888	3,651
Available for sale, 12 months or longer, unrealized losses	309	343
Available for sale, total fair value	3,888	3,843
Available for sale, total unrealized losses	309	350
Municipal
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	4,800	37,731
Held to maturity, less than 12 months, unrealized losses	14	4,063
Held to maturity, 12 months or longer, fair value	40,525	19,637
Held to maturity, 12 months or longer, unrealized losses	11,093	6,554
Held to maturity, total fair value	45,325	57,368
Held to maturity, total unrealized losses	11,107	10,617
PACE assessments
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value		840,262
Held to maturity, less than 12 months, unrealized losses		71,615
Held to maturity, 12 months or longer, fair value		0
Held to maturity, 12 months or longer, unrealized losses		0
Held to maturity, total fair value		840,262
Held to maturity, total unrealized losses		71,615
Commercial PACE assessments
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	14,586	228,642
Held to maturity, less than 12 months, unrealized losses	1,505	26,782
Held to maturity, 12 months or longer, fair value	214,509	0
Held to maturity, 12 months or longer, unrealized losses	27,706	0
Held to maturity, total fair value	229,095	228,642
Held to maturity, total unrealized losses	29,211	26,782
Residential PACE assessments
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	216,794	611,620
Held to maturity, less than 12 months, unrealized losses	12,691	44,833
Held to maturity, 12 months or longer, fair value	528,202	0
Held to maturity, 12 months or longer, unrealized losses	61,276	0
Held to maturity, total fair value	744,996	611,620
Held to maturity, total unrealized losses	$ 73,967	$ 44,833

LOANS RECEIVABLE, NET - Method of Evaluating Impairment of Loans and Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans:
Individually evaluated for impairment		$ 27,801
Collectively evaluated for impairment		4,073,968
Total loans	$ 4,411,319	4,101,769
Allowance for credit losses:
Individually evaluated for impairment		5,668
Collectively evaluated for impairment		39,363
Total allowance for credit losses	65,691	45,031	$ 35,866	$ 41,589
Commercial portfolio
Loans:
Total loans	2,536,176	2,265,991
Commercial portfolio \| Commercial and industrial
Loans:
Individually evaluated for impairment		14,716
Collectively evaluated for impairment		910,925
Total loans	1,010,998	925,641
Allowance for credit losses:
Individually evaluated for impairment		5,433
Collectively evaluated for impairment		7,483
Total allowance for credit losses	18,331	12,916	10,652	9,065
Commercial portfolio \| Multifamily
Loans:
Individually evaluated for impairment		3,828
Collectively evaluated for impairment		963,693
Total loans	1,148,120	967,521
Allowance for credit losses:
Individually evaluated for impairment		180
Collectively evaluated for impairment		6,924
Total allowance for credit losses	2,133	7,104	4,760	10,324
Commercial portfolio \| Commercial real estate
Loans:
Individually evaluated for impairment		4,851
Collectively evaluated for impairment		330,282
Total loans	353,432	335,133
Allowance for credit losses:
Individually evaluated for impairment		0
Collectively evaluated for impairment		3,627
Total allowance for credit losses	1,276	3,627	7,273	6,213
Commercial portfolio \| Construction and land development
Loans:
Individually evaluated for impairment		2,424
Collectively evaluated for impairment		35,272
Total loans	23,626	37,696
Allowance for credit losses:
Individually evaluated for impairment		0
Collectively evaluated for impairment		825
Total allowance for credit losses	24	825	405	2,077
Retail portfolio
Loans:
Total loans	1,875,143	1,835,778
Retail portfolio \| Residential real estate lending
Loans:
Individually evaluated for impairment		1,982
Collectively evaluated for impairment		1,369,797
Total loans	1,425,596	1,371,779
Allowance for credit losses:
Individually evaluated for impairment		55
Collectively evaluated for impairment		11,283
Total allowance for credit losses	13,273	11,338	9,008	12,330
Retail portfolio \| Consumer solar
Loans:
Individually evaluated for impairment		0
Collectively evaluated for impairment		416,849
Total loans	408,260	416,849
Allowance for credit losses:
Individually evaluated for impairment		0
Collectively evaluated for impairment		6,867
Total allowance for credit losses	27,978	6,867	3,336	1,267
Retail portfolio \| Consumer and Other
Loans:
Individually evaluated for impairment		0
Collectively evaluated for impairment		47,150
Total loans		47,150
Allowance for credit losses:
Individually evaluated for impairment		0
Collectively evaluated for impairment		2,354
Total allowance for credit losses	$ 2,676	$ 2,354	$ 432	$ 313

REGULATORY CAPITAL - Schedule of Capital Amounts and Ratios (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Actual
Total capital to risk weighted assets, amount, actual	$ 752,828	$ 715,458
Tier 1 capital to risk weighted assets, amount, actual	689,724	668,864
Tier 1 capital to average assets, amount, actual	689,724	668,864
Common equity tier 1 to risk weighted assets, amount, actual	$ 689,724	$ 668,864
Total capital to risk weighted assets, ratio, actual	0.1493	0.1475
Tier 1 capital to risk weighted assets, ratio, actual	0.1368	0.1379
Tier 1 capital to average assets, ratio, actual	0.0850	0.0844
Common equity tier 1 to risk weighted assets, ratio, actual	0.1368	0.1379
For Capital Adequacy Purposes
Total capital to risk weighted assets, amount, capital adequacy	$ 403,266	$ 388,107
Tier 1 capital to risk weighted assets, amount, capital adequacy	302,450	291,080
Tier 1 capital to average assets, amount, capital adequacy	324,515	317,111
Common equity tier 1 to risk weighted assets, amount, capital adequacy	$ 226,837	$ 218,310
Total capital to risk weighted assets, ratio, capital adequacy	0.0800	0.0800
Tier 1 capital to risk weighted assets, ratio, capital adequacy	0.0600	0.0600
Tier 1 capital to average assets, ratio, capital adequacy	0.0400	0.0400
Common equity tier 1 to risk weighted assets, ratio, capital adequacy	0.0450	0.0450
To Be Considered Well Capitalized
Total capital to risk weighted assets, amount, well capitalized	$ 504,083	$ 485,134
Tier 1 capital to risk weighted assets, amount, well capitalized	403,266	388,107
Tier 1 capital to average assets, amount, well capitalized	405,643	396,389
Common equity tier 1 to risk weighted assets, amount, well capitalized	$ 327,654	$ 315,337
Total capital to risk weighted assets, ratio, well capitalized	0.1000	0.1000
Tier 1 capital to risk weighted assets, ratio, well capitalized	0.0800	0.0800
Tier 1 capital to average assets, ratio, well capitalized	0.0500	0.0500
Common equity tier 1 to risk weighted assets, ratio, well capitalized	0.0650	0.0650
Consolidated
Actual
Total capital to risk weighted assets, amount, actual	$ 788,207	$ 721,324
Tier 1 capital to risk weighted assets, amount, actual	654,555	597,022
Tier 1 capital to average assets, amount, actual	654,555	597,022
Common equity tier 1 to risk weighted assets, amount, actual	$ 654,555	$ 597,022
Total capital to risk weighted assets, ratio, actual	0.1564	0.1487
Tier 1 capital to risk weighted assets, ratio, actual	0.1298	0.1231
Tier 1 capital to average assets, ratio, actual	0.0807	0.0752
Common equity tier 1 to risk weighted assets, ratio, actual	0.1298	0.1231
For Capital Adequacy Purposes
Total capital to risk weighted assets, amount, capital adequacy	$ 403,277	$ 387,957
Tier 1 capital to risk weighted assets, amount, capital adequacy	302,458	290,967
Tier 1 capital to average assets, amount, capital adequacy	324,511	317,738
Common equity tier 1 to risk weighted assets, amount, capital adequacy	$ 226,843	$ 218,226
Total capital to risk weighted assets, ratio, capital adequacy	0.0800	0.0800
Tier 1 capital to risk weighted assets, ratio, capital adequacy	0.0600	0.0600
Tier 1 capital to average assets, ratio, capital adequacy	0.0400	0.0400
Common equity tier 1 to risk weighted assets, ratio, capital adequacy	0.0450	0.0450

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2023

Statistical Disclosure for Banks [Abstract]

Schedule of Deposits

Deposits are summarized as follows:





	December 31, 2023				December 31, 2022
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest-bearing demand deposit accounts	$	2,940,398	0.00	%	$	3,331,067	0.00	%
NOW accounts	200,382		0.99	%	206,434		0.73	%
Money market deposit accounts	3,100,681		2.89	%	2,445,396		0.94	%
Savings accounts	340,860		1.20	%	386,190		0.75	%
Time deposits	187,457		3.01	%	151,699		2.57	%
Brokered CDs	242,210		5.09	%	74,251		3.84	%
Total deposits	$	7,011,988	1.62	%	$	6,595,037	0.52	%

Schedule of Maturities of Time Deposits

The scheduled maturities of time deposits and brokered CDs as of December 31, 2023 are as follows:


(In thousands)	Balance
2024	$	258,311
2025	51,897
2026	46,325
2027	38,403
2028	26,870
Thereafter	7,861
Total	$	429,667

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (3)
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (5)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (c)
-Publisher SEC

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (d)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (1)
-Publisher SEC

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)
-Publisher SEC

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)
-Publisher SEC

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(ii)
-Publisher SEC

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iv)
-Publisher SEC

+ Details

INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Amortized Cost	$ 1,585,334	$ 1,944,343
Fair Value
Fair Value	1,483,042	1,812,476
Fair Value
Fair Value	1,549,509	$ 1,414,871
Excluding Mortgage-Backed Securities
Amortized Cost
Due within one year	3,200
Due after one year through five years	66,178
Due after five years through ten years	327,601
Due after ten years	448,704
Amortized Cost	845,683
Fair Value
Due within one year	3,131
Due after one year through five years	61,023
Due after five years through ten years	311,557
Due after ten years	429,856
Fair Value	805,567
Amortized Cost
Due within one year	0
Due after one year through five years	9,438
Due after five years through ten years	89,117
Due after ten years	1,325,265
Amortized Cost	1,423,820
Fair Value
Due within one year	0
Due after one year through five years	9,097
Due after five years through ten years	87,653
Due after ten years	1,204,295
Fair Value	$ 1,301,045

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK

Credit Commitments

The Company is party to various credit related financial instruments with off balance sheet risk. The Company, in the normal course of business, issues such financial instruments in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition.

The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods:





	December 31, 2023		December 31, 2022
(In thousands)
Commitments to extend credit	$	514,206	$	723,902
Standby letters of credit	31,678		29,568
Total	$	545,884	$	753,470

Commitments to extend credit are contracts to lend to a customer as long as there is no violation of any condition established in the contract. These commitments have fixed expiration dates and other termination clauses and generally require the payment of nonrefundable fees. Since a portion of the commitments are expected to expire without being drawn upon, the contractual principal amounts do not necessarily represent future cash requirements. The Company’s maximum exposure to credit risk is represented by the contractual amount of these instruments. These instruments represent ultimate exposure to credit risk only to the extent they are subsequently drawn upon by customers.

Standby letters of credit are conditional lending commitments issued by the Company to guarantee the financial performance of a customer to a third party. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The balance sheet carrying value of standby letters of credit approximates any nonrefundable fees received but not yet recorded as income. The Company considers this carrying value, which is not material, to approximate the estimated fair value of these financial instruments.

The Company reserves for the credit risk inherent in off balance sheet credit commitments. Upon adoption of ASU 2016-13 on January 1, 2023, the Day 1 adjustment to allowance for credit losses on off-balance sheet credit exposures was $2.7 million. This allowance, which is included in other liabilities, amounted to approximately $4.2 million as of December 31, 2023, compared to a reserve of $1.6 million as of December 31, 2022. The provision for credit losses related to off balance sheet credit commitments was a recovery of $0.1 million for the year ended December 31, 2023. The expense related to off balance sheet credit commitments in other non-interest expense was an expense of $0.1 million for the year ended December 31, 2022, and an expense of $0.3 million for the year ended December 31, 2021.

Investment Obligations

The Company is a party to agreements with Pace Funding Group LLC, which operates Home Run Financing, for the purchase of PACE assessment securities until December 2023. As of December 31, 2023, the Company had purchased $718.2 million of these obligations and had an estimated remaining commitment of $85.0 million. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages. These investments are currently held in the Company's available for sale and held-to-maturity investment portfolio. The Company evaluates these obligations for credit risk and the recorded reserve is immaterial.

Other Commitments and Contingencies

In the ordinary course of business, there are various legal proceedings pending against the Company. Based on the opinion of counsel, management believes that the aggregate liabilities, if any, arising from such actions would not have a material adverse effect on the consolidated financial position or results of operations of the Company. As part of the Company's ongoing investments in variable interest entity ("VIE") projects, we also have commitments to provide financing, which are included in Note 18.

EMPLOYEE BENEFIT PLANS - Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of net periodic benefit cost:
Service cost	$ 0	$ 0	$ 0
Interest cost	132	71	58
Prior service credit amortization	(29)	(29)	(29)
Recognized actuarial loss	225	267	400
Net periodic benefit	328	309	429
Components of other amounts:
Net regular actuarial gain	(47)	(397)	(16)
Recognized actuarial loss	(225)	(267)	(400)
Prior service credit amortization	29	29	29
Prior service credit due to curtailments	0	0	450
Total recognized in other comprehensive income	(243)	(635)	63
Total recognized in comprehensive income	$ 85	$ (326)	$ 492
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total recognized in other comprehensive income

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 2,856	$ 5,110
Interest-bearing deposits in banks	87,714	58,430
Total cash and cash equivalents	90,570	63,540
Securities:
Available for sale, at fair value	1,483,042	1,812,476
Held-to-maturity, at amortized cost	1,696,834	1,541,301
Loans held for sale	1,817	7,943
Loans receivable, net of deferred loan origination costs	4,411,319	4,106,002
Allowance for credit losses	(65,691)	(45,031)
Loans receivable, net	4,345,628	4,060,971
Resell agreements	50,000	25,754
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost	4,389	29,607
Accrued interest and dividends receivable	55,484	41,441
Premises and equipment, net	7,807	9,856
Bank-owned life insurance	105,528	105,624
Right-of-use lease asset	21,074	28,236
Deferred tax asset, net	56,603	62,507
Goodwill	12,936	12,936
Intangible assets, net	2,217	3,105
Equity method investments	13,024	8,305
Other assets	25,371	29,522
Total assets	7,972,324	7,843,124
Liabilities
Deposits	7,011,988	6,595,037
Subordinated debt, net	70,546	77,708
Other borrowings	234,381	580,000
Operating leases	30,646	40,779
Other liabilities	39,399	40,645
Total liabilities	7,386,960	7,334,169
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,736,141 and 30,700,198 shares issued, respectively, and 30,428,359 and 30,700,198 shares outstanding, respectively)	307	307
Additional paid-in capital	288,232	286,947
Retained earnings	388,033	330,275
Accumulated other comprehensive loss, net of income taxes	(86,004)	(108,707)
Treasury stock, at cost (307,782 and zero shares, respectively)	(5,337)	0
Total Amalgamated Financial Corp. stockholders' equity	585,231	508,822
Noncontrolling interests	133	133
Total stockholders' equity	585,364	508,955
Total liabilities and stockholders’ equity	7,972,324	7,843,124
Traditional securities
Securities:
Available for sale, at fair value	1,429,739	1,812,476
Held-to-maturity, at amortized cost	620,232	629,424
PACE assessments
Securities:
Available for sale, at fair value	53,303	0
Held-to-maturity, at amortized cost	$ 1,076,602	$ 911,877

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Mar. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40136
Entity Registrant Name	Amalgamated Financial Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2757101
Entity Address, Address Line One	275 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	255-6200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AMAL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 284,459,116
Entity Common Stock, Shares Outstanding (in shares)		30,509,410
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant’s definitive proxy statement relating to the 2024 Annual Meeting of Stockholders, which will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
Entity Central Index Key	0001823608
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021

Current:
Federal	$	21,756	$	9,201	$	9,349
State and local	10,752		3,111		1,389
	32,508		12,312		10,738
Deferred:
Federal	279		10,709		4,409
State and local	3,965		3,666		2,641
	4,244		14,375		7,050

Total income tax provision	$	36,752	$	26,687	$	17,788

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2023				2022				2021
	Amount		%		Amount		%		Amount		%
(In thousands)
Tax expense at federal income tax rate	$	26,193	21.00	%	$	22,714	21.00	%	$	14,852	21.00	%
Increase (decrease) resulting from:
Tax exempt income	(1,027)		(0.82)	%	(497)		(0.46)	%	(317)		(0.45)	%

State tax, net of federal benefit	11,628		9.32	%	5,354		4.95	%	3,184		4.50	%
Equity awards windfall	(150)		(0.12)	%	(363)		(0.34)	%	(94)		(0.13)	%


Other	108		0.09	%	(521)		(0.48)	%	163		0.23	%
Total	$	36,752	29.47	%	$	26,687	24.67	%	$	17,788	25.15	%

Schedule of Net Deferred Tax Assets and Liabilities

The significant components of the net deferred tax assets and liabilities as of December 31, 2023 and 2022, are as follows:


	December 31,
	2023		2022
(In thousands)
Deferred tax assets:
Excess tax basis over carrying value of assets:
Allowance for credit losses	$	21,028	$	13,237

Postretirement and other employee benefits	3,753		1,563
Available for sale securities carried at fair value for financial statement purposes	27,946		36,330
Depreciation and amortization	—		1,418
Operating leases	7,969		10,976
Federal, state and local net operating loss carryforward	1,527		4,468
Transfer of available for sale securities to held-to-maturity	3,825		4,379
Other, net	128		556
Gross deferred tax asset	66,176		72,927

Deferred tax liabilities:


Purchase accounting adjustments, net	(585)		(676)
Operating leases	(6,192)		(8,575)
Net deferred loan fees	(1,051)		(1,169)
Depreciation and amortization	(1,745)		—

Gross deferred tax liabilities	(9,573)		(10,420)

Deferred tax asset, net	$	56,603	$	62,507

EARNINGS PER SHARE - Narrative (Details) - shares	12 Months Ended
EARNINGS PER SHARE - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Number of antidilutive shares (in shares)	3,233	10,934

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 12,936	$ 12,936
Accumulated amortization of intangible assets	6,900
Amortization of intangible assets	$ 888	$ 1,046	$ 1,207

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

LOANS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

LOANS RECEIVABLE, NET

With the adoption of ASU 2016-13 on January 1, 2023, all loan balances in this footnote for the period ended December 31, 2023 are presented at amortized cost, net of deferred loan origination costs. Loan balances for the period ended December 31, 2022 are presented at unpaid principal balance.

Loans receivable are summarized as follows:





	December 31, 2023		December 31, 2022
(In thousands)
Commercial and industrial	$	1,010,998	$	925,641
Multifamily	1,148,120		967,521
Commercial real estate	353,432		335,133
Construction and land development	23,626		37,696
Total commercial portfolio	2,536,176		2,265,991
Residential real estate lending	1,425,596		1,371,779


Consumer solar	408,260		416,849
Consumer and other	41,287		47,150
Total retail portfolio	1,875,143		1,835,778
Total loans receivable	4,411,319		4,101,769
Net deferred loan origination costs	—		4,233
Total loans receivable, net of deferred loan origination costs	4,411,319		4,106,002
Allowance for credit losses	(65,691)		(45,031)
Total loans receivable, net	$	4,345,628	$	4,060,971

The following table presents information regarding the past due status of the Company’s loans as of December 31, 2023:



	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	434	$	7,533	$	—	$	7,967	$	1,003,031	$	1,010,998
Multifamily	11,968		—		—		11,968		1,136,152		1,148,120
Commercial real estate	—		4,490		—		4,490		348,942		353,432
Construction and land development	5,199		11,166		—		16,365		7,261		23,626
Total commercial portfolio	17,601		23,189		—		40,790		2,495,386		2,536,176
Residential real estate lending	9,128		7,218		—		16,346		1,409,250		1,425,596
Consumer solar	5,357		2,673		—		8,030		400,230		408,260
Consumer and other	985		103		—		1,088		40,199		41,287
Total retail portfolio	15,470		9,994		—		25,464		1,849,679		1,875,143
	$	33,071	$	33,183	$	—	$	66,254	$	4,345,065	$	4,411,319

The following table presents information regarding the past due status of the Company’s loans as of December 31, 2022:









	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	27	$	9,629	$	—	$	9,656	$	915,985	$	925,641
Multifamily	—		3,828		—		3,828		963,693		967,521
Commercial real estate	11,718		4,851		—		16,569		318,564		335,133
Construction and land development	16,426		—		—		16,426		21,270		37,696
Total commercial portfolio	28,171		18,308		—		46,479		2,219,512		2,265,991
Residential real estate lending	1,185		1,807		—		2,992		1,368,787		1,371,779


Consumer solar	3,320		1,584		—		4,904		411,945		416,849
Consumer and other	225		—		—		225		46,925		47,150
Total retail portfolio	4,730		3,391		—		8,121		1,827,657		1,835,778
	$	32,901	$	21,699	$	—	$	54,600	$	4,047,169	$	4,101,769

Within the table above are $10.3 million of commercial real estate loans that were in the process of being refinanced at December 31, 2022, and have been included as 30-89 days past due as they are past their maturity date.

The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the year ended December 31, 2023:


	Year Ended December 31, 2023
(Iin thousands)	Term Extension		Term Extension and Payment Delay		Total		% of Portfolio
Commercial and industrial	$	5,891	$	6,900	$	12,791	1.3	%
Multifamily	11,013		—		11,013		1.0	%
Commercial real estate	2,045		—		2,045		0.6	%
Construction and land development	17,163		—		17,163		72.6	%
Total	$	36,112	$	6,900	$	43,012

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:


	Year Ended December 31, 2023
	Weighted Average Years of Term Extension	Weighted Average Years of Term Extension and Payment Delay
Commercial and industrial	1.1	1.0
Multifamily	1.1	—
Commercial real estate	0.6	—
Construction and land development	0.8	—

Twelve loans were permanently modified in the year ended December 31, 2023. Three loans that were modified in the year had a payment default during the year ended December 31, 2023.

In order to manage credit quality, we view the Company’s loan portfolio by various segments. For commercial loans, we assign individual credit ratings ranging from 1 (lowest risk) to 10 (highest risk) as an indicator of credit quality. These ratings are based on specific risk factors including (i) historical and projected financial results of the borrower, (ii) market conditions of the borrower’s industry that may affect the borrower’s future financial performance, (iii) business experience of the borrower’s management, (iv) nature of the underlying collateral, if any, including the ability of the collateral to generate sources of repayment, and (v) history of the borrower’s payment performance. These specific risk factors are then utilized as inputs in our credit model to determine the associated allowance for credit loss. Non-rated loans generally include residential mortgages and consumer loans.

The below classifications follow regulatory guidelines and can be generally described as follows:

•pass loans are of satisfactory quality;

•special mention loans have a potential weakness or risk that may result in the deterioration of future repayment;

•substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss); and

•doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable.

In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained.


	Term Loans by Origination Year
(In thousands)	2023		2022		2021		2020		2019 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and Industrial:
Pass	$	130,568	$	220,552	$	192,682	$	117,966	$	141,542	$	138,003	$	—	$	941,313
Special Mention	—		—		16,692		3,975		934		4,222		—		25,823
Substandard	—		720		—		5,143		16,927		21,072		—		43,862
Doubtful	—		—		—		—		—		—		—		—
Total commercial and industrial	$	130,568	$	221,272	$	209,374	$	127,084	$	159,403	$	163,297	$	—	$	1,010,998
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	1,726	$	—	$	—	$	1,726
Multifamily:
Pass	$	193,827	$	382,652	$	45,287	$	138,131	$	377,554	$	2	$	—	$	1,137,453
Special Mention	—		—		—		—		8,373		—		—		8,373
Substandard	—		—		—		—		2,294		—		—		2,294
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	193,827	$	382,652	$	45,287	$	138,131	$	388,221	$	2	$	—	$	1,148,120
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	2,367	$	—	$	—	$	2,367
Commercial real estate:
Pass	$	73,089	$	42,824	$	48,624	$	36,478	$	140,674	$	3,456	$	—	$	345,145
Special Mention	—		—		—		—		3,797		—		—		3,797
Substandard	—		—		—		1,858		2,632		—		—		4,490
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	73,089	$	42,824	$	48,624	$	38,336	$	147,103	$	3,456	$	—	$	353,432
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Construction and land development:
Pass	$	—	$	—	$	—	$	—	$	7,261	$	5,199	$	—	$	12,460
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		11,166		—		11,166
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	—	$	—	$	—	$	—	$	7,261	$	16,365	$	—	$	23,626
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	4,664	$	—	$	—	$	4,664
Residential real estate lending:
Pass	$	137,167	$	413,962	$	328,952	$	134,795	$	403,508	$	—	$	—	$	1,418,384
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		3,232		1,003		399		2,578		—		—		7,212
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	137,167	$	417,194	$	329,955	$	135,194	$	406,086	$	—	$	—	$	1,425,596
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	65	$	—	$	—	$	65
Consumer solar:
Pass	$	30,412	$	104,633	$	131,008	$	72,752	$	67,044	$	—	$	—	$	405,849
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		529		1,080		527		275		—		—		2,411
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	30,412	$	105,162	$	132,088	$	73,279	$	67,319	$	—	$	—	$	408,260
Current period gross charge-offs	$	—	$	1,525	$	3,034	$	2,095	$	312	$	—	$	—	$	6,966
Consumer and other:
Pass	$	2,730	$	14,807	$	11,866	$	—	$	11,780	$	—	$	—	$	41,183
Special Mention	—		—		—		—		—		—		—		—
Substandard	5		36		63		—		—		—		—		104
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	2,735	$	14,843	$	11,929	$	—	$	11,780	$	—	$	—	$	41,287
Current period gross charge-offs	$	2	$	—	$	—	$	—	$	268	$	—	$	—	$	270
Total Loans:
Pass	$	567,793	$	1,179,430	$	758,419	$	500,122	$	1,149,363	$	146,660	$	—	$	4,301,787
Special Mention	—		—		16,692		3,975		13,104		4,222		—		37,993
Substandard	5		4,517		2,146		7,927		24,706		32,238		—		71,539
Doubtful	—		—		—		—		—		—		—		—
Total loans	$	567,798	$	1,183,947	$	777,257	$	512,024	$	1,187,173	$	183,120	$	—	$	4,411,319
Current period gross charge-offs	$	2	$	1,525	$	3,034	$	2,095	$	9,402	$	—	$	—	$	16,058

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2022:


(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	893,637	$	6,983	$	23,275	$	1,746	$	925,641
Multifamily	947,661		13,696		6,164		—		967,521
Commercial real estate	299,953		24,679		10,501		—		335,133
Construction and land development	21,270		14,002		2,424		—		37,696
Residential real estate lending	1,369,972		—		1,807		—		1,371,779
Consumer solar	415,265		—		1,584		—		416,849
Consumer and other	47,150		—		—		—		47,150
Total loans	$	3,994,908	$	59,360	$	45,755	$	1,746	$	4,101,769

The activities in the allowance by portfolio for the year ended December 31, 2023 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:
Beginning balance - ALLL	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031
Adoption of ASU No. 2016-13	3,816		(1,183)		(1,321)		(466)		3,068		16,166		1,149		21,229
Beginning balance - ACL	16,732		5,921		2,306		359		14,406		23,033		3,503		66,260
Provision for (recovery of) credit losses	3,272		(1,441)		(1,030)		4,329		(1,774)		10,700		(593)		13,463
Charge-offs	(1,726)		(2,367)		—		(4,664)		(65)		(6,966)		(270)		(16,058)
Recoveries	53		20		—		—		706		1,211		36		2,026
Ending balance - ACL	$	18,331	$	2,133	$	1,276	$	24	$	13,273	$	27,978	$	2,676	$	65,691

The activities in the allowance by portfolio for the year ended December 31, 2022 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,336	$	432	$	35,866
Provision for (recovery of) loan losses	1,990		2,760		(3,646)		807		2,978		8,050		2,063		15,002
Charge-offs	—		(416)		—		(389)		(2,448)		(4,942)		(201)		(8,396)
Recoveries	274		—		—		2		1,800		423		60		2,559
Ending balance	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031

The activities in the allowance by portfolio for the year ended December 31, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,267	$	313	$	41,589
Provision for (recovery of) loan losses	2,179		(1,483)		1,374		(1,675)		(5,409)		4,406		321		(287)
Charge-offs	(813)		(4,081)		(314)		—		(1,081)		(2,424)		(275)		(8,988)
Recoveries	221		—		—		3		3,168		87		73		3,552
Ending balance	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,336	$	432	$	35,866

The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2023 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)
Commercial and industrial	$	612	$	6,921	$	4,485

Commercial real estate	4,490		—		—
Construction and land development	11,166		—		—
Total commercial portfolio	$	16,268	$	6,921	$	4,485
Residential real estate lending	7,218		—		—


Consumer solar	2,673		—		—
Consumer and other	103		—		—
Total retail portfolio	9,994		—		—
	$	26,262	$	6,921	$	4,485

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2023:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)


Commercial real estate	$	4,490	$	—
Construction and land development	16,365		—







	$	20,855	$	—

As of December 31, 2023 and December 31, 2022, mortgage loans with an unpaid principal balance of $2.35 billion and $0.82 billion, respectively, were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential.

There were $1.7 million in related party loans outstanding as of December 31, 2023 compared to $1.6 million related party loans as of December 31, 2022.

The Company has certain non-performing loans included in the balance of Loans held for sale on the Consolidated Statements of Financial Condition. There were $1.0 million and $6.9 million such loans as of December 31, 2023 and December 31, 2022, respectively.

Impaired Loans (prior to the adoption of ASU 2016-13)





(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Loans:
Individually evaluated for impairment	$	14,716	$	3,828	$	4,851	$	2,424	$	1,982	$	—	$	—	$	27,801
Collectively evaluated for impairment	$	910,925	$	963,693	$	330,282	$	35,272	$	1,369,797	$	416,849	$	47,150	$	4,073,968
Total loans	$	925,641	$	967,521	$	335,133	$	37,696	$	1,371,779	$	416,849	$	47,150	$	4,101,769

Allowance for credit losses:
Individually evaluated for impairment	$	5,433	$	180	$	—	$	—	$	55	$	—	$	—	$	5,668
Collectively evaluated for impairment	$	7,483	$	6,924	$	3,627	$	825	$	11,283	$	6,867	$	2,354	$	39,363
Total allowance for credit losses	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031


	December 31, 2022
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	764	$	5,636	$	1,761	$	—


Multifamily	334		167		334		—
Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,851		4,453		5,023		—
Commercial and industrial	3,791		1,896		3,881		—
	12,164		17,102		18,475		—
Loans with a related allowance:
Residential real estate lending	1,218		8,352		1,278		55


Multifamily	3,494		3,201		3,494		180


Commercial and industrial	10,925		11,855		11,975		5,433
	15,637		23,408		16,747		5,668
Total individually impaired loans:
Residential real estate lending	1,982		13,988		3,039		55


Multifamily	3,828		3,368		3,828		180
Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,851		4,453		5,023		—
Commercial and industrial	14,716		13,751		15,856		5,433
	$	27,801	$	40,510	$	35,222	$	5,668

INVESTMENT SECURITIES - Amortized Cost and Fair Value of HTM Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost		$ 1,541,301
Gross Unrealized Gains	$ 1,296	9
Gross Unrealized Losses	(149,342)	(126,439)
Fair Value	1,549,509	1,414,871
Allowance for credit losses	(721)	0
Total held-to-maturity	1,696,834	1,541,301
Traditional securities
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	620,286	629,424
Gross Unrealized Gains	1,296	9
Gross Unrealized Losses	(46,164)	(54,824)
Fair Value	575,418	574,609
Allowance for credit losses	(54)
Total held-to-maturity	620,232	629,424
GSE certificates & CMOs
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	194,329	187,652
Gross Unrealized Gains	1,099	0
Gross Unrealized Losses	(19,693)	(20,639)
Fair Value	175,735	167,013
Non-GSE certificates and CMOs
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	79,406	83,103
Gross Unrealized Gains	9	9
Gross Unrealized Losses	(6,686)	(8,392)
Fair Value	72,729	74,720
ABS
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	279,916	288,683
Gross Unrealized Gains	23	0
Gross Unrealized Losses	(8,678)	(15,176)
Fair Value	271,261	273,507
Municipal
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	66,635	67,986
Gross Unrealized Gains	165	0
Gross Unrealized Losses	(11,107)	(10,617)
Fair Value	55,693	57,369
Other
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost		2,000
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		2,000
PACE assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	1,077,269	911,877
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(103,178)	(71,615)
Fair Value	974,091	840,262
Allowance for credit losses	(667)
Total held-to-maturity	1,076,602	911,877
Commercial PACE assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	258,306	255,424
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(29,211)	(26,782)
Fair Value	229,095	228,642
Allowance for credit losses	(258)	0
Residential PACE assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	818,963	656,453
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(73,967)	(44,833)
Fair Value	744,996	611,620
Allowance for credit losses	$ (409)	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 87,978	$ 81,477	$ 52,937

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Uncertain tax positions		$ 0
Income tax receivable	$ 8,000,000	$ 12,100,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	8,000
State and Local
Operating Loss Carryforwards [Line Items]
Uncertain tax positions	2,700,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	13,500,000
Local
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 8,000,000

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASU No. 2016-13	Balance at January 1, 2023 adjusted for change in accounting principle	Total Stockholder's Equity	Total Stockholder's Equity Cumulative effect of adoption of ASU No. 2016-13	Total Stockholder's Equity Balance at January 1, 2023 adjusted for change in accounting principle	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative effect of adoption of ASU No. 2016-13	Retained Earnings Balance at January 1, 2023 adjusted for change in accounting principle	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, at cost	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020							31,049,525
Beginning balance at Dec. 31, 2020	$ 535,821			$ 535,688			$ 310	$ 300,989	$ 217,213			$ 17,176	$ 0	$ 133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52,937			52,937					52,937
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares	(22)			(22)					(22)
Dividends on common stock	(10,081)			(10,081)					(10,081)
Repurchase of common stock (in shares)							(178,937)
Repurchase of common stock	(2,920)			(2,920)			$ (1)	(2,919)
Exercise of stock options, net of repurchases (in shares)							173,532
Exercise of stock options, net of repurchases	(1,799)			(1,799)			$ 2	(1,801)
Restricted stock unit vesting, net of repurchases (in shares)							86,023
Restricted stock unit vesting, net of repurchases	(90)			(90)				(90)
Stock-based compensation expense	1,796			1,796				1,796
Other comprehensive income (loss), net of taxes	(11,767)			(11,767)								(11,767)
Ending balance (in shares) at Dec. 31, 2021							31,130,143
Ending balance at Dec. 31, 2021	563,875			563,742			$ 311	297,975	260,047			5,409	0	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81,477			81,477					81,477
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares	(22)			(22)					(22)
Common stock issued under Employee Stock Purchase Plan (in shares)							31,765
Common stock issued under Employee Stock Purchase Plan	665			665				665
Dividends on common stock	(11,227)			(11,227)					(11,227)
Repurchase of common stock (in shares)							(669,176)
Repurchase of common stock	(12,478)			(12,478)			$ (7)	(12,471)
Exercise of stock options, net of repurchases (in shares)							92,244
Exercise of stock options, net of repurchases	(897)			(897)			$ 1	(898)
Restricted stock unit vesting, net of repurchases (in shares)							115,222
Restricted stock unit vesting, net of repurchases	(1,004)			(1,004)			$ 2	(1,006)
Stock-based compensation expense	2,682			2,682				2,682
Other comprehensive income (loss), net of taxes	$ (114,116)			(114,116)								(114,116)
Ending balance (in shares) at Dec. 31, 2022	30,700,198						30,700,198
Ending balance at Dec. 31, 2022	$ 508,955	$ (17,825)	$ 491,130	508,822	$ (17,825)	$ 490,997	$ 307	286,947	330,275	$ (17,825)	$ 312,450	(108,707)	0	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13
Net income	$ 87,978			87,978					87,978
Common stock issued under Employee Stock Purchase Plan (in shares)							43,387
Common stock issued under Employee Stock Purchase Plan	804			804				25					779
Dividends on common stock	(12,395)			(12,395)					(12,395)
Repurchase of common stock (in shares)							(474,689)
Repurchase of common stock	$ (8,315)			(8,315)									(8,315)
Exercise of stock options, net of repurchases (in shares)	84,620						28,739
Exercise of stock options, net of repurchases	$ (91)			(91)				(474)					383
Restricted stock unit vesting, net of repurchases (in shares)							130,724
Restricted stock unit vesting, net of repurchases	(1,137)			(1,137)				(2,953)					1,816
Stock-based compensation expense	4,687			4,687				4,687
Other comprehensive income (loss), net of taxes	$ 22,703			$ 22,703								22,703
Ending balance (in shares) at Dec. 31, 2023	30,428,359						30,428,359
Ending balance at Dec. 31, 2023	$ 585,364					$ 585,231	$ 307	$ 288,232	$ 388,033			$ (86,004)	$ (5,337)	$ 133

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2023 are as follows:






	December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available for sale:
Traditional securities:
Government sponsored entities ("GSE") certificates and CMOs ("collateralized mortgage obligations")	$	521,101	$	59	$	(40,545)	$	480,615
Non-GSE certificates and CMOs	218,550		—		(21,690)		196,860
ABS	648,585		40		(20,990)		627,635
Corporate	140,038		—		(19,297)		120,741
Other	4,197		—		(309)		3,888
	1,532,471		99		(102,831)		1,429,739
PACE assessments:
Residential PACE assessments	52,863		440		—		53,303


Total available for sale	$	1,585,334	$	539	$	(102,831)	$	1,483,042

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	194,329	$	1,099	$	(19,693)	$	175,735
Non-GSE certificates & CMOs	79,406		9		(6,686)		72,729
ABS	279,916		23		(8,678)		271,261
Municipal	66,635		165		(11,107)		55,693
	620,286		1,296		(46,164)		575,418
PACE assessments:
Commercial PACE assessments	258,306		—		(29,211)		229,095
Residential PACE assessments	818,963		—		(73,967)		744,996
	1,077,269		—		(103,178)		974,091

Allowance for credit losses	(721)

Total held-to-maturity	$	1,696,834	$	1,296	$	(149,342)	$	1,549,509

As of December 31, 2023, available for sale securities with a fair value of $909.9 million were pledged and held-to-maturity securities with a fair value of $512.3 million were pledged. The majority of the securities were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve Bank, secure outstanding Bank Term Funding Program advances, and to collateralize municipal deposits.

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2022 are as follows:


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Traditional securities:
GSE certificates and CMOs	$	642,805	$	24	$	(46,191)	$	596,638
Non-GSE certificates and CMOs	252,906		—		(28,200)		224,706
ABS	887,608		34		(39,215)		848,427
Corporate	156,830		—		(17,969)		138,861
Other	4,194		—		(350)		3,844


Total available for sale	$	1,944,343	$	58	$	(131,925)	$	1,812,476

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	187,652	$	—	$	(20,639)	$	167,013
Non-GSE certificates & CMOs	83,103		9		(8,392)		74,720
ABS	288,683		—		(15,176)		273,507
Municipal	67,986		—		(10,617)		57,369
Other	2,000		—		—		2,000
	629,424		9		(54,824)		574,609
PACE assessments:
Commercial PACE assessments	255,424		—		(26,782)		228,642
Residential PACE assessments	656,453		—		(44,833)		611,620
	911,877		—		(71,615)		840,262

Total held-to-maturity	$	1,541,301	$	9	$	(126,439)	$	1,414,871

As of December 31, 2022, available for sale securities with a fair value of $907.1 million were pledged; $126.6 million held-to-maturity securities were pledged. The majority of the securities were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve and to collateralize municipal deposits.

During the year ended December 31, 2023, there were no transfers of securities between available for sale and held-to-maturity. The Company reassessed the classification of certain investments during the year ended December 31, 2022 and transferred securities with a book value of $277.3 million from available for sale to held-to-maturity. The transfer occurred at fair market value totaling $260.1 million. The related unrealized losses of $17.1 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of the securities, with no net change to interest income. No gain or loss was recorded at the time of the transfer.

The following table summarizes the amortized cost and fair value of debt securities available for sale and held-to-maturity, exclusive of mortgage-backed securities, by their contractual maturity as of December 31, 2023. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:






	Available for Sale				Held-to-maturity
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	3,200	$	3,131	$	—	$	—
Due after one year through five years	66,178		61,023		9,438		9,097
Due after five years through ten years	327,601		311,557		89,117		87,653
Due after ten years	448,704		429,856		1,325,265		1,204,295
	$	845,683	$	805,567	$	1,423,820	$	1,301,045

Proceeds received and gains and losses realized on sales of securities are summarized below:


	Year Ended December 31,
(In thousands)		2023		2022		2021

Proceeds		$	285,408	$	249,936	$	111,274

Realized gains		61		168		1,057
Realized losses		(7,453)		(3,805)		(408)
Net realized gains (losses)		$	(7,392)	$	(3,637)	$	649

There were no sales of held-to-maturity securities during the year ended December 31, 2023 or December 31, 2022.

The Company controls and monitors inherent credit risk in its securities portfolio through due diligence, diversification, concentration limits, periodic securities reviews, and by investing in low risk securities. This includes high quality Non-Agency Securities, low LTV PACE Bonds and a significant portion of the securities portfolio in GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. At December 31, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.


	December 31, 2023
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	—	$	—	$	460,239	$	40,545	$	460,239	$	40,545
Non-GSE certificates & CMOs	—		—		196,860		21,690		196,860		21,690
ABS	53,133		122		526,868		20,868		580,001		20,990
Corporate	—		—		120,741		19,297		120,741		19,297
Other	—		—		3,888		309		3,888		309


Total available for sale	$	53,133	$	122	$	1,308,596	$	102,709	$	1,361,729	$	102,831

	Less Than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	9,233	$	607	$	152,130	$	19,086	$	161,363	$	19,693
Non-GSE certificates & CMOs	86		9		72,616		6,677		72,702		6,686
ABS	—		—		256,405		8,678		256,405		8,678
Municipal	4,800		14		40,525		11,093		45,325		11,107
PACE assessments:
Commercial PACE assessments	14,586		1,505		214,509		27,706		229,095		29,211
Residential PACE assessments	216,794		12,691		528,202		61,276		744,996		73,967

Total held-to-maturity	$	245,499	$	14,826	$	1,264,387	$	134,516	$	1,509,886	$	149,342


	December 31, 2022
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	384,887	$	20,667	$	205,338	$	25,524	$	590,225	$	46,191
Non-GSE certificates & CMOs	134,770		13,810		89,937		14,390		224,707		28,200
ABS	530,269		17,290		285,688		21,925		815,957		39,215
Corporate	89,054		9,772		49,808		8,197		138,862		17,969
Other	192		7		3,651		343		3,843		350

Total available for sale	$	1,139,172	$	61,546	$	634,422	$	70,379	$	1,773,594	$	131,925

	Less Than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	114,278	$	8,114	$	52,737	$	12,525	$	167,015	$	20,639
Non-GSE certificates & CMOs	50,619		5,439		24,079		2,953		74,698		8,392
ABS	224,279		11,080		49,228		4,096		273,507		15,176
Municipal	37,731		4,063		19,637		6,554		57,368		10,617
	426,907		28,696		145,681		26,128		572,588		54,824
PACE assessments:
Commercial PACE assessments	228,642		26,782		—		—		228,642		26,782
Residential PACE assessments	611,620		44,833		—		—		611,620		44,833
	840,262		71,615		—		—		840,262		71,615

Total held-to-maturity	$	1,267,169	$	100,311	$	145,681	$	26,128	$	1,412,850	$	126,439

Available for sale securities

As discussed in Note 1, upon adoption of the Current Expected Credit Losses ("CECL") standard, no allowance for credit losses was recorded on available for sale securities. During the year ended December 31, 2023, the Company charged-off an unrealized loss position of $1.2 million related to a corporate bond related to Silicon Valley Bank following credit concerns over the issuer, and the sale of the security resulted in an immaterial additional loss.

As of December 31, 2023, none of the Company’s available for sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available for sale debt securities was required. The temporary impairment of fixed income securities is primarily attributable to changes in overall market interest rates and/or changes in credit/liquidity spreads since the investments were acquired. In general, as market interest rates rise and/or credit/liquidity spreads widen, the fair value of fixed rate securities will decrease, as market interest rates fall and/or credit spreads tighten, the fair value of fixed rate securities will increase.

With respect to the Company’s security investments that are temporarily impaired as of December 31, 2023, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company

does not hold an allowance for credit losses for available for sale securities at December 31, 2023.

Held-to-maturity securities

Management conducts an evaluation of expected credit losses on held-to-maturity securities on a collective basis by security type. Management monitors the credit quality of debt securities held-to-maturity through reasonable and supportable forecasts, reviews of credit trends on underlying assets, credit ratings, and other factors. Holdings of securities issued by GSEs with unrealized losses are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses.

With the exception of PACE assessments, which are generally not rated, our traditional securities were rated investment grade by at least one nationally recognized statistical rating organization with no ratings below investment grade. All issues were current as to their interest payments. We have had insignificant losses on PACE assessments that we have invested in and are not aware of any significant losses in the PACE bonds sector given the low loan-to-value position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of December 31, 2023 is primarily due to an increase in interest rates and spreads since the time these investments were acquired.

Accrued interest receivable on securities totaling $35.1 million and $23.2 million at December 31, 2023 and December 31, 2022, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the year ended December 31, 2023:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	—	$	—	$	—	$	—
Adoption of ASU No. 2016-13	85		255		328		668
Provision for (recovery of) credit losses	(5)		3		81		79
Charge-offs	(26)		—		—		(26)
Recoveries	—		—		—		—
Ending Balance	$	54	$	258	$	409	$	721

Federal Home Loan Bank Stock

The Company owned 43,892 shares and 296,068 shares at a cost of $100 per share at December 31, 2023 and December 31, 2022, respectively. Dividend income on FHLBNY stock amounted to approximately $0.8 million, $0.5 million, $0.2 million during the years ended December 31, 2023, 2022 and 2021, respectively.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Amalgamated Financial Corp. follows:


CONDENSED BALANCE SHEET
	December 31, 2023		December 31, 2022

(in thousands)
ASSETS
Cash and cash equivalents	$	35,417	$	10,884

Investment in banking subsidiary	620,401		580,664
Other assets	565		113
Total assets	$	656,383	$	591,661

LIABILITIES AND EQUITY
Subordinated debt	$	70,546	$	77,708

Accrued expense and other liabilities	606		5,131
Stockholders' equity	585,231		508,822
Total liabilities and stockholders' equity	$	656,383	$	591,661


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2023		2022		2021
(in thousands)

Dividends from subsidiaries	$	60,000	$	—	$	10,081
Other income	1,417		617		—
Equity in undistributed subsidiary income	30,170		84,321		43,403
Interest expense	2,719		2,693		399
Other expense	1,669		768		148
Income before tax expense	87,199		81,477		52,937
Income tax benefit	(779)		—		—
Net income	$	87,978	$	81,477	$	52,937
Comprehensive income (loss)	$	110,681	$	(32,639)	$	41,170


CONDENSED STATEMENT OF CASH FLOWS
	Year Ended December 31,
	2023		2022		2021
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	87,978	$	81,477	$	52,937
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed subsidiary income	(30,170)		(84,321)		(43,403)
Net gain on repurchase of subordinated debt	(1,417)		(617)		—
Decrease (increase) in other assets	(453)		726		(12)
Increase (decrease) in other liabilities	(4,286)		(610)		2,118
Net cash provided by (used in) operating activities	51,652		(3,345)		11,640

Cash flows from investing activities
Payments for investments in subsidiaries	—		—		(42,490)



Net cash provided by (used in) investing activities	—		—		(42,490)

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(12,333)		(11,211)		(7,597)
Repurchase of common stock	(9,543)		(12,478)		(2,498)
Proceeds from (repurchases of) subordinated debt	(6,047)		(5,633)		83,831

Proceeds from common stock issued under Employee Stock Purchase Plan	804		665		—


Net cash provided by (used in) financing activities	(27,119)		(28,657)		73,736

Increase (decrease) in cash and cash equivalents	24,533		(32,002)		42,886
Cash and cash equivalents at beginning of year	10,884		42,886		—
Cash and cash equivalents at end of year	$	35,417	$	10,884	$	42,886

LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	$ 12,164
Loans without a related allowance - average recorded investment	17,102
Loans without a related allowance - unpaid principal balance	18,475
Loans with a related allowance - recorded investment	15,637
Loans with a related allowance - average recorded investment	23,408
Loans with a related allowance - unpaid principal balance	16,747
Total individually impaired loans - recorded investment	27,801
Total individually impaired loans - average recorded investment	40,510
Total individually impaired loans - unpaid principal balance	35,222
Individually impaired loans - related allowance	5,668
Retail portfolio \| Residential real estate lending
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	764
Loans without a related allowance - average recorded investment	5,636
Loans without a related allowance - unpaid principal balance	1,761
Loans with a related allowance - recorded investment	1,218
Loans with a related allowance - average recorded investment	8,352
Loans with a related allowance - unpaid principal balance	1,278
Total individually impaired loans - recorded investment	1,982
Total individually impaired loans - average recorded investment	13,988
Total individually impaired loans - unpaid principal balance	3,039
Individually impaired loans - related allowance	55
Commercial portfolio \| Multifamily
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	334
Loans without a related allowance - average recorded investment	167
Loans without a related allowance - unpaid principal balance	334
Loans with a related allowance - recorded investment	3,494
Loans with a related allowance - average recorded investment	3,201
Loans with a related allowance - unpaid principal balance	3,494
Total individually impaired loans - recorded investment	3,828
Total individually impaired loans - average recorded investment	3,368
Total individually impaired loans - unpaid principal balance	3,828
Individually impaired loans - related allowance	180
Commercial portfolio \| Construction and land development
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	2,424
Loans without a related allowance - average recorded investment	4,950
Loans without a related allowance - unpaid principal balance	7,476
Total individually impaired loans - recorded investment	2,424
Total individually impaired loans - average recorded investment	4,950
Total individually impaired loans - unpaid principal balance	7,476
Individually impaired loans - related allowance	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	4,851
Loans without a related allowance - average recorded investment	4,453
Loans without a related allowance - unpaid principal balance	5,023
Total individually impaired loans - recorded investment	4,851
Total individually impaired loans - average recorded investment	4,453
Total individually impaired loans - unpaid principal balance	5,023
Individually impaired loans - related allowance	0
Commercial portfolio \| Commercial and industrial
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	3,791
Loans without a related allowance - average recorded investment	1,896
Loans without a related allowance - unpaid principal balance	3,881
Loans with a related allowance - recorded investment	10,925
Loans with a related allowance - average recorded investment	11,855
Loans with a related allowance - unpaid principal balance	11,975
Total individually impaired loans - recorded investment	14,716
Total individually impaired loans - average recorded investment	13,751
Total individually impaired loans - unpaid principal balance	15,856
Individually impaired loans - related allowance	$ 5,433

LOANS RECEIVABLE, NET - Narrative (Details) $ in Thousands	12 Months Ended
LOANS RECEIVABLE, NET - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loans modified \| loan	12
Loans receivable, net of deferred loan origination costs	$ 4,345,628	$ 4,060,971
Related party loans outstanding	1,700	1,600
Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable, net of deferred loan origination costs	1,000	6,900
Asset Pledged as Collateral \| Federal Home Loan Bank Advances
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable, net of deferred loan origination costs	2,350,000	820,000
Commercial portfolio \| Multifamily \| 30-89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan in process of being refinanced	$ 12,000
Commercial portfolio \| Commercial real estate \| 30-89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan in process of being refinanced		$ 10,300

VARIABLE INTEREST ENTITIES - Tax Credit Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Tax credits and other tax benefits recognized	$ 1,660	$ 2,672

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Restricted cash	$ 400	$ 400
Loans held for sale	1,817	7,943
Balance of other real estate owned	$ 0	0
Estimated useful life of intangible assets	10 years
Resell agreements	$ 50,000	25,754
Interest income from resell agreements	$ 700	$ 4,200	$ 1,900
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	10 years
Computer Equipment, Hardware and Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	3 years
Computer Equipment, Hardware and Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	7 years

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 13, 2023, Sam Brown, Senior Executive Vice President, Chief Banking Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 31,250 shares of the Company’s common stock, net of shares to be withheld for the exercise price and for taxes upon the exercise or vesting of underlying stock awards, with such transactions to occur during sale periods beginning on or after March 13, 2024 and ending on the earlier of March 12, 2025 or the date on which all shares authorized for sale have been sold in conformance with the terms of the arrangement. On December 14, 2023, Jason Darby, Senior Executive Vice President, Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 4,000 shares of the Company’s common stock, with such transactions to occur during sale periods beginning on or after March 14, 2024 and ending on the earlier of March 13, 2025 or the date on which all shares authorized for sale have been sold in conformance with the terms of the arrangement.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Sam Brown [Member]
Trading Arrangements, by Individual
Name	Sam Brown
Title	Senior Executive Vice President, Chief Banking Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2023
Arrangement Duration	364 days
Aggregate Available	31,250	31,250
Jason Darby [Member]
Trading Arrangements, by Individual
Name	Jason Darby
Title	Senior Executive Vice President, Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 14, 2023
Arrangement Duration	364 days
Aggregate Available	4,000	4,000

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities according to participation rights in undistributed earnings. Our time-based and performance-based restricted stock units are not considered participating securities as they do not receive dividend distributions until satisfaction of the related vesting requirements. As of December 31, 2023 and December 31, 2022, the Company had 3,233 and 10,934 anti-dilutive shares, respectively.

Following is a table setting forth the factors used in the earnings per share computation follow:



	Year Ended December 31,
		2023		2022		2021
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.		$	87,978	$	81,477	$	52,937
Dividends paid on preferred stock		—		(22)		(22)
Income attributable to common stock		$	87,978	$	81,455	$	52,915
Weighted average common shares outstanding, basic		30,555		30,818		31,104
Basic earnings per common share		$	2.88	$	2.64	$	1.70

Income attributable to common stock		$	87,978	$	81,455	$	52,915
Weighted average common shares outstanding, basic		30,555		30,818		31,104
Incremental shares from assumed conversion of options and RSUs		230		375		408
Weighted average common shares outstanding, diluted		30,785		31,193		31,512
Diluted earnings per common share		$	2.86	$	2.61	$	1.68

VARIABLE INTEREST ENTITIES - Unconsolidated Variable Interest Entities (Details) - Unconsolidated Variable Interest Entities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Tax credit investments included in equity investments	$ 9,024	$ 3,299
Loans and letters of credit commitments	52,222	60,857
Funded portion of loans and letters of credit commitments	$ 52,222	$ 47,683

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RECENT ACCOUNTING PRONOUNCEMENTS - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets		$ 36,752	$ 26,687	$ 17,788
Net decrease to retained earnings		(585,364)	(508,955)	(563,875)	$ (535,821)
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 24,602
Deferred tax assets	(6,777)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net decrease to retained earnings		$ (388,033)	$ (330,275)	$ (260,047)	$ (217,213)
Retained Earnings \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net decrease to retained earnings	$ 17,825

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before tax	$ 31,713	$ (157,490)	$ (16,155)
Income tax benefit (expense)	(9,010)	43,374	4,388
Total other comprehensive income (loss), net of taxes	22,703	(114,116)	(11,767)
Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before tax	31,713	(157,490)
Income tax benefit (expense)	(9,010)	43,374
Total other comprehensive income (loss), net of taxes	22,703	(114,116)	(11,767)
Accumulated Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before tax	243	635	(63)
Income tax benefit (expense)	(72)	(185)	17
Total other comprehensive income (loss), net of taxes	171	450	(46)
Unrealized gains (losses) on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before tax	31,470	(158,125)	(16,092)
Income tax benefit (expense)	(8,938)	43,559	4,371
Total other comprehensive income (loss), net of taxes	22,532	(114,566)	(11,721)
Unrealized holding gains (losses) on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	22,183	(163,001)	(15,438)
Reclassification adjustment for losses (gains) realized in income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment	7,392	3,621	(654)
Accretion of net unrealized loss on securities transferred to held-to-maturity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment	1,895	1,255	0
Postemployment Retirement Benefits \| Change in obligation for postretirement benefits and for prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	174	268	202
Postemployment Retirement Benefits \| Accumulated Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment	29	29	29
Other Postretirement Benefits Plan \| Accumulated Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before tax	$ 40	$ 338	$ (294)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Accounting and Changes in Significant Accounting Policies

The accounting and reporting policies of the Company conform to generally accepted accounting principles ("GAAP") in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes.

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and wholly-owned subsidiaries. All significant inter-company transactions and balances are eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. In particular, estimates and assumptions are used in measuring the fair value of certain financial instruments, determining the appropriateness of the allowance for credit losses (“allowance”), evaluating potential other-than-temporary securities impairment, assessing the ability to realize deferred tax assets, and the valuation of share-based payment awards. Estimates and assumptions are based on available information and judgment; therefore actual results could differ from those estimates.

Cash, Cash Equivalents and Restricted Cash

For purposes of reporting cash flows, cash, cash equivalents, and restricted cash include cash, due from banks, interest-bearing deposits in other banks and federal funds sold with original maturities of three months or less. The Company had $0.4 million and $0.4 million in restricted cash as of December 31, 2023 and December 31, 2022, respectively and is included in total cash and cash equivalents on the Consolidated Statements of Financial Condition. The Company’s restricted cash reflects funds held in other financial institutions to secure business operating rights or contractually obligated minimum account funding requirements.

Securities

Purchases of investments in debt securities are designated as either trading, available for sale or held-to-maturity depending on the intent and ability to hold the securities. The initial designation is made at the time of purchase.

As of December 31, 2023 and December 31, 2022, the Company had no securities designated as trading.

Securities available for sale are carried at fair value, with any net unrealized appreciation or depreciation in fair value reported net of taxes as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Debt securities held-to-maturity are carried at amortized cost provided management does not have the intent to sell these securities and does not anticipate that it will be necessary to sell these securities before the full recovery of principal and interest, which may be at maturity.

Premiums (discounts) on debt securities are amortized (accreted) to income using the level yield method to the contractual maturity date adjusted for actual prepayment experience.

Realized gains and losses on sale of securities are determined using the specific identification method and are reported in non-interest income.

Loans Held for Sale

Loans held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to current earnings. Gains or losses resulting from sales of loans held for sale, net of unamortized deferred fees and costs, are recognized at the time of sale and are included in other non-interest income on the Consolidated Statements of Income.

Loans and Loan Interest Income Recognition

Loans are stated at the principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method.

Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Loans are considered modifications made to borrowers experiencing financial difficulty if the borrower is experiencing financial difficulty at the time of the modification and the modification is in the form of: (i) principal forgiveness; (ii) an interest rate reduction; (iii) another-than-insignificant payment delay; (iv) a term extension, or (v) any combination of the aforementioned. If a modification results in an effective interest rate less than the market rate for comparable loans with similar collection risks, a change in present value of cash flows of at least 10%, or is more than minor based on the specific facts and circumstances, the modification is accounted for as a new receivable. Absent these conditions, the modification is accounted for as a continuation of the existing receivable.

Allowance for Credit Losses

Allowance for Credit Losses - Available for Sale Securities: Any available for sale security in an unrealized loss position is assessed for Management's intent to sell, or if it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. Securities issued by U.S. government entities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major ratings agencies and have a long history of no credit losses. For debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from expected credit losses or other factors in making this assessment. Management considers the extent in which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Allowance for Credit Losses - Held-to-maturity Securities: Management measures expected credit losses on held-to-maturity securities on a collective basis by security type. The Company’s methodology to measure the allowance for credit losses incorporates both quantitative and qualitative information to assess lifetime expected credit losses. The calculation is based on

projected annual default rates, loss severities, and prepayment rates. Expected credit losses are estimated over the contractual term of the securities, adjusted for forecasted prepayments when appropriate.

Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods:

Non-GSE residential and commercial mortgage-backed securities held by the Company are secured by pools of commercial or residential certificates.

Asset-backed securities ("ABS") - ABS held by the Company are secured by pools of consumer products such as student loans, consumer loans, and consumer residential solar loans.

Property assessed clean energy ("PACE assessments") - PACE assessments held by the Company are secured low loan to value long-term funding for energy efficient and renewable energy projects for residential or commercial projects.

Other securities - Other securities held by the Company include corporate securities, municipal securities and small investments community reinvestment act investments secured by loans.

GSE and U.S. Treasury securities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses, therefore the Company does not estimate or recognize an allowance for credit losses on these securities.

Allowance for Credit Losses - Loans: The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, and deferred fees and costs. Accrued interest receivable on loans is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for loans placed on nonaccrual status. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized in net income as a credit loss expense or a reversal of credit loss expense. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

Management calculates the estimation of the allowance for credit losses on loans on a quarterly basis. The Company’s methodology to measure the allowance for credit losses incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio segment level. The quantitative component of the allowance model calculates future loan level balances by considering the loan segment baseline loss rate based on a peer group and severity rate, with the exception of the consumer solar segment which is based on the Company's loss history for this segment. Expected credit losses are estimated over the contractual term of the loans, adjusted for forecasted prepayments when appropriate. The baseline loss rate is adjusted for relevant macroeconomic variables by loan segment that consider forecasted economic conditions. The adjusted loss rate is calculated for an eight quarter forecast period then reverts to the historical loss rate on a straight-line basis over four quarters. The loan level cash flows are discounted at the effective interest rate to calculate a loan level allowance which is aggregated at the loan segment level to arrive at the estimated allowance.

Economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative adjustments made to loan segments for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors.

The principal business of the Company is lending in commercial and industrial loans, multifamily mortgage loans, commercial real estate loans, construction and land development loans, residential real estate mortgage loans, and consumer solar and consumer and other loans. The Company considers its primary lending area to be the states of New York, and California, and Washington, D.C. A substantial portion of the Company’s loans are secured by real estate in these areas. Accordingly, the ultimate collectability of the loan portfolio is susceptible to changes in market and economic conditions in this region.

The allowance for credit losses on loans is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the methods described above.

Commercial and Industrial Loans - Loans in this classification are made to businesses and include term loans, lines of credit, and senior secured loans to corporations. Generally, these loans are secured by assets of the business and repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer and/or business spending, will have an effect on the credit quality in this loan class.

Multifamily Mortgage Loans - Loans in this classification include income producing residential investment properties of five or more families. Loans are made to established owners with a proven and demonstrable record of strong performance. Repayment is derived generally from the rental income generated from the property and may be supplemented by the owners’ personal cash flow. Credit risk arises with an increase in vacancy rates, property mismanagement and the predominance of non-recourse loans that are customary in the industry.

Commercial Real Estate Loans - Loans in this classification include income producing investment properties and owner-occupied real estate used for business purposes. The underlying properties are located largely in the Company’s primary market area. The cash flows of the income producing investment properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on credit quality. In the case of owner-occupied real estate used for business purposes, a weakened economy and resultant decreased consumer and/or business spending will have an adverse effect on credit quality.

Construction and Land Development Loans - Loans in this classification primarily include land loans to local individuals, contractors and developers for developing the land for sale or for the purpose of making improvements thereon. Repayment is derived primarily from sale of the lots/units including any pre-sold units. Credit risk is affected by market conditions, time to sell at an adequate price and cost overruns. To a lesser extent, this class includes commercial development projects that the Company finances, which in most cases are interest only during construction, and then convert to permanent financing. Construction delays, cost overruns, market conditions and the availability of permanent financing, to the extent such permanent financing is not being provided by the Bank, all affect the credit risk in this loan class.

Residential Real Estate Loans - Loans in this classification are generally secured by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. Loans in this class are secured by both first liens and second liens. The overall health of the economy, including unemployment rates and housing prices, can have an effect on the credit quality in this loan class.

Consumer Solar Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of residential solar loans. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class.

Consumer and Other Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of student loans and other consumer products. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class.

Loans that are determined to have unique risk characteristics are evaluated on an individual basis by Management. Loans evaluated individually are not included in the collective evaluation. Factors that may be considered are borrower delinquency trends and nonaccrual status, probability of foreclosure or note sale, changes in the borrower’s circumstances or cash collections, borrower’s industry, or other facts and circumstances of the loan or collateral.

Individually Evaluated Loans with an ACL: For collateral-dependent loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less the estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. The fair value of real estate collateral is determined based on recent appraised values. The fair value of non-real estate collateral, may be determined based on an appraisal, net book value per the borrower’s financial statements, aging

reports, or by reference to market activity, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. For non-collateral dependent loans, ACL is measured based on the difference between the present value of expected cash flows and the amortized cost basis of the loan as of the measurement date.

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company for its security and loan portfolios. The allowance for credit losses on off-balance sheet credit exposures is recorded in other liabilities on the consolidated statements of financial condition, and adjusted through the credit loss expense which is recorded in the provision for credit losses on the consolidated statements of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which is the same as the expected loss factor as determined based on the corresponding portfolio segment.

Other Real Estate Owned

Other real estate owned (“OREO”) properties acquired through, or in lieu of, foreclosure are recorded initially at fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance prior to transfer. OREO assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest income. Costs relating to the development and improvement of other real estate owned are capitalized. Costs relating to holding other real estate owned, including real estate taxes, insurance and maintenance, are charged to expense as incurred.

Goodwill and Intangible Assets

Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company elected June 30 as the annual date for impairment testing. Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years.

Premises and Equipment

Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures, and equipment is computed by the straight-line method over the estimated useful lives of the related assets. Furniture and fixtures are generally depreciated over ten years. Equipment, computer hardware and computer software are normally depreciated over three to seven years. Amortization of leasehold improvements is computed by the straight-line method over their estimated useful lives or the terms of the leases, whichever is shorter. Fully depreciated assets with no determinable salvage value are disposed. Repairs and maintenance are charged to expense as incurred.

Leases

The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, right-of-use ("ROU") assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are

initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. The Company uses its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of lease liabilities. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Leases are classified as financing or operating leases at commencement. All of the Company's leases are classified as operating leases as of December 31, 2023. Operating lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred.

Bank-Owned Life Insurance

The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchase of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. The insurance and earnings thereon is used to offset a portion of future employee benefit costs. BOLI is carried at the cash surrender value of the underlying policies. Earnings from BOLI, as well as changes in cash surrender value, are recognized as non-interest income.

Advertising Costs

The Company expenses advertising and promotion costs as incurred.

Income Taxes

There are two components of income tax expense: current and deferred. Current income tax expense (benefit) approximates cash to be paid (refunded) for income taxes for the applicable period. Deferred income tax expense (benefit) results from differences between assets and liabilities measured for financial reporting and for income-tax return purposes.

The Company records as a deferred tax asset on its Consolidated Statement of Financial Condition an amount equal to the tax credit and tax loss carry-forwards and tax deductions (tax benefits) that we believe will be available to us to offset or reduce the amounts of our income taxes in future periods. Under applicable federal and state income tax laws and regulations, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully utilize our deferred tax asset may depend on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently, if warranted, we make estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our Consolidated Statement of Financial Condition. If, however, we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish (or increase any existing) a valuation allowance to reduce the deferred tax asset on our Consolidated Statement of Financial Condition to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any benefit, for income taxes that we would otherwise have recorded in our Consolidated Statements of Income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors.

When measuring the amount of current taxes to be paid (or refunded) management considers the merit of various tax treatments in the context of statutory, judicial and regulatory guidance. Management also considers results of recent tax audits and historical experience. While management considers the amount of income taxes payable (or receivable) to be appropriate based on information currently available, future additions or reductions to such amounts may be necessary due to unanticipated events or changes in circumstances. Management has not taken, and does not expect to take, any position in a tax return which it deems to be uncertain.

The Company recognizes interest and penalties related to income tax matters in income tax expense.

The deferral method of accounting is used for investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction of the related asset. Contributions made by the Company are recognized as an increase of the related asset, and distributions are recognized as a reduction. Income and loss generated by the investment is recognized as a corresponding increase or reduction in the related asset.

Post-Retirement Benefit Plans

The Company sponsors several post-retirement benefit plans for current and former employees and certain directors. Contributions to the trustee of a multi-employer defined benefit pension plan are recorded as expense in the period of contribution. Plan obligations and related expenses for other post-retirement plans are calculated using actuarial methodologies. The measurement of such obligations and expenses requires management to make certain assumptions, in particular the discount rate, which is evaluated on an annual basis. Other factors include retirement patterns, mortality and turnover assumptions. The Company uses a December 31 measurement date for its post-retirement benefit plans. Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 715-30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires the Company to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial condition and to recognize changes in that funded status in the year the changes occur through comprehensive income.

Comprehensive Income

Comprehensive income includes net income and all other changes in equity during a period, except those resulting from investments by owners and distributions to owners. Other comprehensive income includes income, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but excluded from net income. Other comprehensive income (loss) and accumulated other comprehensive income (loss) are reported net of deferred income taxes. Accumulated other comprehensive income for the Company includes unrealized holding gains or losses on available for sale securities, unaccreted unrealized losses on securities transferred to held-to-maturity, and actuarial gains or losses on the Company’s pension plans. FASB ASC 715‑30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year the changes occur through comprehensive income.

Stock-Based Compensation

Stock-based compensation is recorded in accordance with FASB ASC No. 718, “Accounting for Stock-Based Compensation” which requires the Company to record compensation cost for stock options and restricted stock granted to employees and directors in return for employee service. The cost is measured at the fair value of the options and restricted stock when granted, and this cost is expensed over the service period, which is normally the vesting period of the options and restricted stock. Forfeitures of options and restricted stock result in a retirement of the related award and a reversal of the cost previously incurred. The Company grants time-based restricted stock units (“RSUs”) that are subject to a time-based vesting schedule, and performance-based RSUs that are subject to the achievement of the Company's corporate goals.

Variable Interest Entities

The consolidated financial statements include investments in certain variable interest entities (“VIEs”). The Company considers a voting rights entity to be a subsidiary and consolidates if the Company has a controlling financial interest in the entity. VIEs are consolidated if the Company has the power to direct the activities of the VIE that significantly impact financial performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (i.e., the Company is the primary beneficiary).

Investments in VIEs where the Company is not the primary beneficiary of a VIE are accounted for using the equity method of accounting. The determination of whether the Company is the primary beneficiary of a VIE is reassessed on an ongoing basis. The consolidation status may change as a result of these reassessments.

These investments are included in Equity Investments on the Company’s Consolidated Statements of Financial Condition. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance,

future funding commitments and any related loans to the entity, both funded and unfunded. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured.

Resell Agreements

The Company enters into short-term resell agreements backed by residential first-lien mortgage loans. The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. The Company had $50.0 million and $25.8 million in resell agreements as of December 31, 2023 and December 31, 2022, respectively. The resell agreements were entered into at par, and earned $0.7 million, $4.2 million, and $1.9 million in interest income for the years ended December 31, 2023, 2022, and 2021, respectively. Interest income on resell agreements is reported in interest income from securities on the Consolidated Statements of Income.

Segment Information

Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Treasury Stock

Treasury stock is carried at cost. Shares issued out of treasury are valued based on the weighted average cost.

Reclassifications

Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact to net income on the Consolidated Statements of Income or the stockholders' equity on the Consolidated Statements of Changes in Stockholders’ Equity.

Recent Accounting Pronouncements

Accounting Standards Effective in 2023 and onward

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments

The below table illustrates the impact of the adoption of ASU 2016-13.


	January 1, 2023
	Gross Adjustment		Tax Impact		Net Adjustment to Retained Earnings
Assets:
Allowance for credit losses on held-to-maturity securities	$	668	$	(184)	$	484
Allowance for credit losses on loans	21,229		(5,849)		15,380

Liabilities:
Allowance for credit losses on off-balance sheet credit exposures	2,705		(744)		1,961

Total Day 1 Adjustment for Adoption of ASU 2016-13	$	24,602	$	(6,777)	$	17,825

ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures

ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

Fair Value of Financial Instruments

Assets Measured at Fair Value on a Recurring Basis

Available for sale securities

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis


	December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	480,615	$	—	$	480,615
Non-GSE certificates & CMOs	—		196,860		—		196,860
ABS	—		627,635		—		627,635
Corporate	—		120,741		—		120,741
Other	199		3,689		—		3,888
PACE assessments:
Residential PACE assessments	—		—		53,303		53,303

Total assets carried at fair value	$	199	$	1,429,540	$	53,303	$	1,483,042


	December 31, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	596,637	$	—	$	596,637
Non-GSE certificates & CMOs	—		224,706		—		224,706
ABS	—		848,427		—		848,427
Corporate	—		138,861		—		138,861
Other	192		3,653		—		3,845



Total assets carried at fair value	$	192	$	1,812,284	$	—	$	1,812,476

Schedule of Assets Measured at Fair Value on a Recurring Basis

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022:


	Residential PACE Assessments
	2023		2022
(In thousands)
Balance of recurring Level 3 assets at January 1	$	—	$	—
Amortization included in interest income in net income	35		—
Change in unrealized holding gains/losses included in other comprehensive income	440		—
Purchases	54,199		—
Principal paydowns	(1,371)		—

Balance of recurring Level 3 assets at December 31	$	53,303	$	—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about recurring Level 3 fair value measurements at December 31, 2023:

December 31, 2023

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

(In thousands)

Residential PACE assessments

53,303

Discounted cash flow

Conditional prepayment rate

7.0%-26.0% (16.3%)

Schedule of Assets Measured on Nonrecurring Basis

The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy.

















	December 31, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	3,315	$	—	$	—	$	3,315	$	3,315

Schedule of Basis and Estimated Fair Values of Financial Instruments

The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:







	December 31, 2023
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
(In thousands)
Financial assets:
Cash and cash equivalents	$	90,570	$	90,570	$	—	$	—	$	90,570

Held-to-maturity securities	1,696,834		—		575,417		974,092		1,549,509
Loans held for sale	1,817		—		—		1,817		1,817
Loans receivable, net	4,345,628		—		—		4,029,142		4,029,142

Resell agreements	50,000		—		—		50,000		50,000
Accrued interest receivable	55,484		43		12,645		42,796		55,484




Financial liabilities:
Deposits payable on demand	$	6,582,321	$	—	$	6,582,321	$	—	$	6,582,321
Time deposits and brokered CDs	429,667		—		428,116		—		428,116
FHLBNY advances	4,381		—		4,381		—		4,381
Other borrowings	230,000		—		229,711		—		229,711
Subordinated debt, net	70,546		—		56,790		—		56,790
Accrued interest payable	12,270		—		12,270		—		12,270


	December 31, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	63,540	$	63,540	$	—	$	—	$	63,540

Held-to-maturity securities	1,541,301		—		574,609		840,262		1,414,871
Loans held for sale	7,943		—				7,943		7,943
Loans receivable, net	4,060,971		—		—		3,718,308		3,718,308

Resell agreements	25,754		—		—		25,754		25,754
Accrued interest and dividends receivable	41,441		17		12,197		29,227		41,441

Financial liabilities:
Deposits payable on demand	6,369,087		—		6,369,087		—		6,369,087
Time deposits and brokered CDs	225,950		—		225,805		—		225,805
FHLBNY advances	580,000		—		580,000		—		580,000
Subordinated debt, net	77,708		—		68,966		—		68,966
Accrued interest payable	1,218		—		1,218		—		1,218

RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Accounting Standards Update, Impact of Adoption

The below table illustrates the impact of the adoption of ASU 2016-13.


	January 1, 2023
	Gross Adjustment		Tax Impact		Net Adjustment to Retained Earnings
Assets:
Allowance for credit losses on held-to-maturity securities	$	668	$	(184)	$	484
Allowance for credit losses on loans	21,229		(5,849)		15,380

Liabilities:
Allowance for credit losses on off-balance sheet credit exposures	2,705		(744)		1,961

Total Day 1 Adjustment for Adoption of ASU 2016-13	$	24,602	$	(6,777)	$	17,825

RECENT ACCOUNTING PRONOUNCEMENTS - Adoption of ASU (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on held-to-maturity securities		$ (721)	$ 0
Allowance for credit losses on loans		(65,691)	(45,031)	$ (35,866)	$ (41,589)
Allowance for credit losses on off-balance sheet credit exposures		(4,200)	(1,600)
Tax Impact
Total income tax provision		36,752	26,687	17,788
Net Adjustment to Retained Earnings		(585,364)	(508,955)	(563,875)	(535,821)
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on held-to-maturity securities	$ (668)
Allowance for credit losses on loans	(21,229)
Allowance for credit losses on off-balance sheet credit exposures	(2,705)
Total Day 1 Adjustment for Adoption of ASU 2016-13	24,602
Tax Impact
Allowance for credit losses on held-to-maturity securities	(184)
Allowance for credit losses on loans	(5,849)
Allowance for credit losses on off-balance sheet credit exposures	(744)
Total income tax provision	(6,777)
Retained Earnings
Tax Impact
Net Adjustment to Retained Earnings		$ (388,033)	$ (330,275)	$ (260,047)	$ (217,213)
Retained Earnings \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on held-to-maturity securities	484
Allowance for credit losses on loans	15,380
Allowance for credit losses on off-balance sheet credit exposures	1,961
Tax Impact
Net Adjustment to Retained Earnings	$ 17,825

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Employer Contributions

The following table summarizes certain information regarding contributions made by the Company to the CRF:


(In thousands)	Contributions		Company contributions greater than 5% of total contributions received by the CRF?
Year Ended December 31,
2023	$	7,222	Yes
2022	6,321		Yes
2021	6,193		Yes

Schedule of Changes in Benefit Obligations and Plan Assets

The following table summarizes the plans’ benefit obligation, the changes in the plans’ benefit obligation, changes in plan assets and the plan’s funded status:


	Year Ended December 31,
(In thousands)	2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	2,855	$	3,658
Service cost	—		—
Interest cost	132		71
Amendments	—		—
Actuarial gain	(47)		(397)
Benefits paid	(472)		(477)
Benefit obligation at end of year	$	2,468	$	2,855
Change in plan assets:
Employer contributions	$	472	$	477
Benefits paid	(472)		(477)
Plan assets at end of year	$	—	$	—
Benefit obligation, included in other liabilities	$	2,468	$	2,855

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The following table presents before tax effected amounts recognized in accumulated other comprehensive income (loss) at December 31:


(In thousands)	2023		2022		2021
Net actuarial loss	$	2,300	$	2,572	$	3,235
Prior service credit	(263)		(292)		(320)


Total amount recognized	$	2,037	$	2,280	$	2,915

Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income

The following table summarizes the components of net periodic benefit cost and other amounts recognized in other comprehensive income:


(In thousands)	2023		2022		2021
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	—
Interest cost	132		71		58
Prior service credit amortization	(29)		(29)		(29)

Recognized actuarial loss	225		267		400
Net periodic benefit	$	328	$	309	$	429

Components of other amounts:
Net regular actuarial gain	$	(47)	$	(397)	$	(16)
Recognized actuarial loss	(225)		(267)		(400)
Prior service credit amortization	29		29		29
Prior service credit due to curtailments	—		—		450

Total recognized in other comprehensive income	$	(243)	$	(635)	$	63
Total recognized in comprehensive income	$	85	$	(326)	$	492

Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income

The following table summarizes the components of net periodic benefit cost and other amounts recognized in other comprehensive income:


(In thousands)	2023		2022		2021
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	—
Interest cost	132		71		58
Prior service credit amortization	(29)		(29)		(29)

Recognized actuarial loss	225		267		400
Net periodic benefit	$	328	$	309	$	429

Components of other amounts:
Net regular actuarial gain	$	(47)	$	(397)	$	(16)
Recognized actuarial loss	(225)		(267)		(400)
Prior service credit amortization	29		29		29
Prior service credit due to curtailments	—		—		450

Total recognized in other comprehensive income	$	(243)	$	(635)	$	63
Total recognized in comprehensive income	$	85	$	(326)	$	492

Assumptions Used to Measure Plans' Benefit Obligation and Net Periodic Benefit Expense

The following table summarizes certain weighted average assumptions used to measure the plans’ obligation at the end of the year as well as net periodic benefit expense during the year:


	2023		2022		2021
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.76	%	5.01	%	2.07	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	5.01	%	2.14	%	1.66	%

Schedule of Stock Option Activity

A summary of the status of the Company’s options as of December 31, 2023 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, January 1, 2023	426,880	$	13.09	3.3	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(84,620)	12.78		—
Outstanding, December 31, 2023	342,260	13.17		2.6	years	$	4,713
Vested and Exercisable, December 31, 2023	342,260	$	13.17	2.6	years	$	4,713

Schedule of Restricted Stock Unit Activity

A summary of the status of the Company’s time-based vesting RSUs as of December 31, 2023 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2023	331,023	$	17.72
Awarded	142,563	20.93
Forfeited/Expired	(16,106)	18.91
Vested	(165,718)	17.26
Unvested, December 31, 2023	291,762	$	19.48

A summary of the status of the Company’s performance-based RSUs as of December 31, 2023 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2023	96,970	$	16.37
Awarded	62,945	23.05
Forfeited/Expired	(10,004)	18.44
Vested	(23,948)	14.82
Unvested, December 31, 2023	125,963	$	19.68

Schedule of Shares Purchased Under the ESPP Since Inception

The below following summarizes the shares purchased under the ESPP since the inception of the plan:


			Number of Shares
Maximum shares available for purchase at plan inception			500,000
Purchases during the year ended:
December 31, 2021			—
December 31, 2022			(31,765)
December 31, 2023			(43,387)
Purchases since plan inception			(75,152)
Remaining shares available for purchase at December 31, 2023			424,848

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measurement Inputs and Valuation Techniques (Details) - Residential PACE assessments - Level 3 - Discounted cash flow $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 53,303
Conditional prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 53,303
Conditional prepayment rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.070
Conditional prepayment rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.260
Conditional prepayment rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.163

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statistical Disclosure for Banks [Abstract]
Time deposits at or above FDIC limit	$ 42.2	$ 110.4
CDARS deposits	63.1	28.3
Deposits from Workers United and other related entities	56.4	52.2
State and municipal deposits	$ 51.9	$ 88.3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	$ 1,483,042	$ 1,812,476
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	1,483,042	1,812,476
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	199	192
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	1,429,540	1,812,284
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	53,303	0
GSE certificates & CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	480,615	596,638
GSE certificates & CMOs \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	480,615	596,637
GSE certificates & CMOs \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
GSE certificates & CMOs \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	480,615	596,637
GSE certificates & CMOs \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Non-GSE certificates and CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	196,860	224,706
Non-GSE certificates and CMOs \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	196,860	224,706
Non-GSE certificates and CMOs \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Non-GSE certificates and CMOs \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	196,860	224,706
Non-GSE certificates and CMOs \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	627,635	848,427
ABS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	627,635	848,427
ABS \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
ABS \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	627,635	848,427
ABS \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	120,741	138,861
Corporate \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	120,741	138,861
Corporate \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Corporate \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	120,741	138,861
Corporate \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	3,888	3,844
Other \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	3,888	3,845
Other \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	199	192
Other \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	3,689	3,653
Other \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	$ 0
Residential PACE assessments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	53,303
Residential PACE assessments \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	53,303
Residential PACE assessments \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0
Residential PACE assessments \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0
Residential PACE assessments \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	$ 53,303