0001823608-21-000083 | 10-Q | XBRL Viewer | Amalgamated Financial Corp

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,095,608
Entity Central Index Key	0001823608
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 7,960	$ 7,736
Interest-bearing deposits in banks	539,485	31,033
Total cash and cash equivalents	547,445	38,769
Securities:
Available for sale, at fair value (amortized cost of $1,799,993 and $1,513,409, respectively)	1,824,726	1,539,862
Held-to-maturity (fair value of $621,954 and $502,425, respectively)	624,826	494,449
Loans held for sale	8,230	11,178
Loans receivable, net of deferred loan origination costs (fees)	3,175,461	3,488,895
Allowance for loan losses	(38,012)	(41,589)
Loans receivable, net	3,137,449	3,447,306
Resell agreements	141,651	154,779
Accrued interest and dividends receivable	22,648	23,970
Premises and equipment, net	12,876	12,977
Bank-owned life insurance	106,197	105,888
Right-of-use lease asset	35,072	36,104
Deferred tax asset	24,328	36,079
Goodwill	12,936	12,936
Other intangible assets	4,755	5,359
Equity investments	6,296	11,735
Other assets	46,837	47,240
Total assets	6,556,272	5,978,631
Liabilities
Deposits	5,909,992	5,338,711
Operating leases	51,165	53,173
Other liabilities	46,904	50,926
Total liabilities	6,008,061	5,442,810
Commitments and contingencies	0	0
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 31,073,669 and 31,049,525 shares issued and outstanding, respectively)	311	310
Additional paid-in capital	297,283	300,989
Retained earnings	234,769	217,213
Accumulated other comprehensive income (loss), net of income taxes	15,715	17,176
Total Amalgamated Financial Corp. stockholders' equity	548,078	535,688
Noncontrolling interests	133	133
Total stockholders' equity	548,211	535,821
Total liabilities and stockholders’ equity	$ 6,556,272	$ 5,978,631

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Available for sale, amortized cost	$ 1,799,993	$ 1,513,409
Held-to-maturity, fair value	$ 621,954	$ 502,425
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)	31,073,669	31,049,525
Common stock, shares outstanding (in shares)	31,073,669	31,049,525

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INTEREST AND DIVIDEND INCOME
Loans	$ 30,156	$ 35,225	$ 61,265	$ 70,837
Securities	13,094	11,746	25,264	24,299
Federal Home Loan Bank of New York stock	41	66	89	135
Interest-bearing deposits in banks	131	83	221	479
Total interest and dividend income	43,422	47,120	86,839	95,750
INTEREST EXPENSE
Deposits	1,431	2,681	3,003	6,596
Borrowed funds	0	0	0	27
Total interest expense	1,431	2,681	3,003	6,623
NET INTEREST INCOME	41,991	44,439	83,836	89,127
Provision for (recovery of) loan losses	1,682	8,221	(1,579)	16,808
Net interest income after provision for loan losses	40,309	36,218	85,415	72,319
NON-INTEREST INCOME
Trust Department fees	3,292	3,980	7,118	8,066
Service charges on deposit accounts	2,296	1,850	4,475	4,261
Bank-owned life insurance	531	1,111	1,319	1,495
Gain (loss) on sale of investment securities available for sale, net	321	486	342	985
Gain (loss) on sale of loans, net	720	162	1,426	297
Gain (loss) on other real estate owned, net	(407)	(283)	(407)	(306)
Equity method investments	(1,555)	1,289	(5,237)	1,289
Other	129	76	290	1,702
Total non-interest income	5,327	8,671	9,326	17,789
NON-INTEREST EXPENSE
Compensation and employee benefits	16,964	17,334	35,003	34,792
Occupancy and depreciation	3,352	4,241	6,853	9,747
Professional fees	3,211	1,988	6,871	4,971
Data processing	3,322	2,977	6,327	5,241
Office maintenance and depreciation	820	818	1,475	1,675
Amortization of intangible assets	302	342	604	685
Advertising and promotion	628	672	1,225	1,339
Other	2,796	2,696	5,831	4,889
Total non-interest expense	31,395	31,068	64,189	63,339
Income before income taxes	14,241	13,821	30,552	26,769
Income tax expense (benefit)	3,833	3,447	7,955	6,850
Net income	10,408	10,374	22,597	19,919
Net income attributable to Amalgamated Financial Corp.	$ 10,408	$ 10,374	$ 22,597	$ 19,919
Earnings per common share - basic (in dollars per share)	$ 0.33	$ 0.33	$ 0.73	$ 0.64
Earnings per common share - diluted (in dollars per share)	$ 0.33	$ 0.33	$ 0.72	$ 0.64

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 10,408	$ 10,374	$ 22,597	$ 19,919
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	92	74	(265)	147
Net unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses)	4,055	30,811	(1,381)	6,443
Reclassification adjustment for losses (gains) realized in income	(321)	(485)	(339)	(984)
Net unrealized gains (losses) on securities available for sale	3,734	30,326	(1,720)	5,459
Other comprehensive income (loss), before tax	3,826	30,400	(1,985)	5,606
Income tax benefit (expense)	(922)	(8,463)	524	(1,561)
Total other comprehensive income (loss), net of taxes	2,904	21,937	(1,461)	4,045
Total comprehensive income (loss), net of taxes	$ 13,312	$ 32,311	$ 21,136	$ 23,964

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2019	$ 490,544	$ 490,410	$ 315	$ 305,738	$ 181,132	$ 3,225	$ 134
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,919	19,919			19,919
Dividends	(5,060)	(5,060)			(5,060)
Shares issued under stock-based compensation plan	16	16		16
Repurchase of shares	(7,001)	(7,001)	(5)	(6,996)
Exercise of stock options, net of repurchases	(155)	(155)		(155)
Stock-based compensation expense	1,394	1,394		1,394
Other comprehensive income (loss), net of taxes	4,045	4,045				4,045
Ending balance at Jun. 30, 2020	503,702	503,568	310	299,997	195,991	7,270	134
Beginning balance at Mar. 31, 2020	473,269	473,135	310	299,332	188,160	(14,667)	134
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,374	10,374			10,374
Dividends	(2,543)	(2,543)			(2,543)
Shares issued under stock-based compensation plan	16	16		16
Exercise of stock options, net of repurchases	(132)	(132)		(132)
Stock-based compensation expense	781	781		781
Other comprehensive income (loss), net of taxes	21,937	21,937				21,937
Ending balance at Jun. 30, 2020	503,702	503,568	310	299,997	195,991	7,270	134
Beginning balance at Dec. 31, 2020	535,821	535,688	310	300,989	217,213	17,176	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,597	22,597			22,597
Dividends	(5,041)	(5,041)			(5,041)
Repurchase of shares	(2,920)	(2,920)	(1)	(2,919)
Exercise of stock options, net of repurchases	(1,449)	(1,449)	2	(1,451)
Restricted stock unit vesting, net of repurchases	(90)	(90)		(90)
Stock-based compensation expense	754	754		754
Other comprehensive income (loss), net of taxes	(1,461)	(1,461)				(1,461)
Ending balance at Jun. 30, 2021	548,211	548,078	311	297,283	234,769	15,715	133
Beginning balance at Mar. 31, 2021	540,222	540,089	312	300,079	226,887	12,811	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,408	10,408			10,408
Dividends	(2,526)	(2,526)			(2,526)
Repurchase of shares	(2,500)	(2,500)	(1)	(2,499)
Exercise of stock options, net of repurchases	(463)	(463)		(463)
Stock-based compensation expense	166	166		166
Other comprehensive income (loss), net of taxes	2,904	2,904				2,904
Ending balance at Jun. 30, 2021	$ 548,211	$ 548,078	$ 311	$ 297,283	$ 234,769	$ 15,715	$ 133

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.08	$ 0.08	$ 0.16	$ 0.16

Consolidated Statements of Cash Flows (unaudited) - USD ($)

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$ 22,597,000

$ 19,919,000

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,825,000

2,505,000

Amortization of intangible assets

604,000

685,000

Deferred income tax expense (benefit)

4,089,000

(2,415,000)

Provision for (recovery of) loan losses

(1,579,000)

16,808,000

Stock-based compensation expense

754,000

1,394,000

Net amortization (accretion) on loan fees, costs, premiums, and discounts

1,198,000

299,000

Net amortization on securities

1,779,000

617,000

OTTI loss (gain) recognized in earnings

2,700

1,100

Net loss (income) from equity method investments

5,237,000

(1,289,000)

Net loss (gain) on sale of securities available for sale

(342,000)

(985,000)

Net loss (gain) on sale of loans

(1,426,000)

(297,000)

Net loss (gain) on sale of other real estate owned

407,000

306,000

Net loss (gain) on owned property held for sale

(1,394,000)

Net (gain) on redemption of bank-owned life insurance

(266,000)

(741,000)

Proceeds from sales of loans held for sale

81,870,000

19,924,000

Originations of loans held for sale

(77,526,000)

(11,114,000)

Decrease (increase) in cash surrender value of bank-owned life insurance

(1,053,000)

(754,000)

Decrease (increase) in accrued interest and dividends receivable

1,322,000

(2,748,000)

Decrease (increase) in other assets

^[1]

(720,000)

(13,383,000)

Increase (decrease) in accrued expenses and other liabilities

^[2]

(14,057,000)

(9,591,000)

Net cash provided by operating activities

24,716,000

17,747,000

CASH FLOWS FROM INVESTING ACTIVITIES

Originations (purchase) of loans, net of principal repayments

310,268,000

(216,322,000)

Purchase of securities available for sale

(563,204,000)

(529,880,000)

Purchase of securities held to maturity

(176,669,000)

(97,395,000)

Proceeds from sales of securities available for sale

62,883,000

52,420,000

Maturities, principal payments and redemptions of securities available for sale

228,905,000

120,829,000

Maturities, principal payments and redemptions of securities held to maturity

44,604,000

19,102,000

Decrease (increase) in resell agreements

13,128,000

(45,653,000)

Purchase of equity method investments

427,000

Purchase of equity method investments

(2,732,000)

Decrease (increase) of FHLBNY stock, net

214,000

3,105,000

Purchases of premises and equipment

(1,724,000)

(1,126,000)

Proceeds from redemption of bank-owned life insurance

1,010,000

1,515,000

Proceeds from sale of owned assets

1,613,000

Proceeds from sale of other real estate owned

2,275,000

Net cash (used in) provided by investing activities

(77,883,000)

(694,524,000)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase (decrease) in deposits

571,281,000

1,229,337,000

Net increase (decrease) in FHLB advances

(75,000,000)

Issuance of common stock

16,000

Repurchase of shares

(2,920,000)

(7,001,000)

Dividends paid

(4,979,000)

(4,997,000)

Exercise of stock options, net

(1,449,000)

(155,000)

Restricted stock unit vesting, net

(90,000)

Net cash provided by financing activities

561,843,000

1,142,200,000

Increase (decrease) in cash, cash equivalents, and restricted cash

508,676,000

465,423,000

Cash, cash equivalents, and restricted cash at beginning of year

38,769,000

122,538,000

Cash, cash equivalents, and restricted cash at end of period

547,445,000

587,961,000

Supplemental disclosures of cash flow information:

Interest paid during the period

3,113,000

6,936,000

Income taxes paid during the period

2,285,000

9,355,000

Supplemental non-cash investing activities:

Purchase of securities available for sale, net not settled

27,000,000

(12,551,000)

Loans transferred to other real estate owned

$ 2,682,000

$ 0

[1]	Includes $1.0 million and $4.5 million of right of use asset amortization for the respective periods
[2]	Includes $0.7 million and $1.0 million accretion of operating lease liabilities for the respective periods

Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Cash Flows [Abstract]
Right of use asset amortization	$ 1.0	$ 4.5
Accretion of operating lease liabilities	$ 0.7	$ 1.0

BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Holding Company Reorganization On March 1, 2021 (the “Effective Date”), Amalgamated Financial Corp., a Delaware public benefit corporation (the “Company”) acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered bank (the “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. Prior to the Effective Date of the Reorganization, the Company conducted no operations other than obtaining regulatory approval for the Reorganization. Accordingly, there has been no significant financial activity at the parent company level as of June 30, 2021. In this discussion, unless the context indicates otherwise, references to “we,” “us,” and “our” refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Date, the terms refer only to the Bank. 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. Basis of Accounting and Changes in Significant Accounting Policies The accounting and reporting policies of Amalgamated Financial Corp. (the “Company”) conform to accounting principles generally accepted 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 unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2020 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2020 Annual Report. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholder equity or net income.

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Effective in 2021 and onward In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model and provides for recording credit losses on available for sale debt securities through an allowance account. ASU 2016-13 also requires certain incremental disclosures. In October 2019, the FASB voted to extend the adoption date for entities eligible to be smaller reporting companies, public business entities ("PBEs") that are not SEC filers, and entities that are not PBEs from January 1, 2020 to January 1, 2023. Based on our election as an Emerging Growth Company under the Jumpstart Our Business Startups Act to use the extended transition period for complying with any new or revised financial accounting standards, we currently anticipate a January 1, 2023 adoption date. In preparation, we have performed work in assessing and enhancing the technology environment and related data needs and availability. Additionally, a Management Committee comprised of members from multiple departments has been established to monitor our progress towards adoption. As adoption will require the implementation of significant changes to the existing credit loss estimation model and is dependent on the economic forecast, and given the length of time before our adoption date, evaluating the overall impact of the ASU on our Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued Accounting Standards Update ("ASU") No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance amends the scope of ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was aimed at easing the potential accounting burden expected when global capital markets move away from the London Interbank Offered Rate ("LIBOR") (the benchmark interest rate banks use to make short-term loans to each other) and provided temporary, optional expedients and exceptions for applying accounting guidance to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. As the majority of our securities tied to LIBOR are expected to transition to the Secured Overnight Financing Rate ("SOFR") or pay off before the transition date and given that we do not have a substantial amount of commercial loans or any derivative transactions tied to LIBOR, the Adoption of ASU 2021-01 is not expected to have a material impact on our operating results or financial condition.

- 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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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The Company records unrealized gains and losses, net of taxes, on securities available for sale in 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 (“OTTI”) 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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
(In thousands)
Change in obligation for postretirement benefits and for prior service credit	$	52	$	55	$	106	$	110
Change in obligation for other benefits	40		19		(371)		37
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	$	92	$	74	$	(265)	$	147

Income tax effect	98		(20)		55		(41)

Net change in total obligation for postretirement benefits and prior service credit and for other benefits	190		54		(210)		106
Unrealized holding gains (losses) on available for sale securities	$	4,055	$	30,811	$	(1,381)	$	6,443
Reclassification adjustment for losses (gains) realized in income	(321)		(485)		(339)		(984)
Change in unrealized gains (losses) on available for sale securities	3,734		30,326		(1,720)		5,459
Income tax effect	(1,020)		(8,443)		469		(1,520)
Net change in unrealized gains (losses) on available for sale securities	2,714		21,883		(1,251)		3,939

Total	$	2,904	$	21,937	$	(1,461)	$	4,045

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


	Balance as of January 1, 2021		Current Period Change		Income Tax Effect		Balance as of June 30, 2021








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,056)	$	(265)	$	55	$	(2,266)



Unrealized gains (losses) on available for sale securities	19,232		(1,720)		469		17,981


Total	$	17,176	$	(1,985)	$	524	$	15,715

The following represents the reclassifications out of accumulated other comprehensive income (loss):


	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income
	2021		2020		2021		2020
(In thousands)

Realized gains (losses) on sale of available for sale securities	$	321	$	486	$	342	$	985	Gain (loss) on sale of investment securities available for sale, net
Recognized gains (losses) on OTTI securities	—		(1)		(3)		(1)		Non-Interest Income - other
Income tax expense (benefit)	88		135		93		274		Income tax expense (benefit)
Total reclassifications, net of income tax	$	233	$	350	$	246	$	710


Prior service credit on pension plans and other postretirement benefits	$	7	$	7	$	14	$	14	Compensation and employee benefits
Income tax expense (benefit)	(2)		(2)		(4)		(4)		Income tax expense (benefit)
Total reclassifications, net of income tax	$	5	$	5	$	10	$	10

Total reclassifications, net of income tax	$	238	$	355	$	256	$	720

INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 are as follows:






	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available for sale:
Mortgage-related:
GSE residential certificates	$	10,217	$	273	$	—	$	10,490
GSE residential CMOs	370,583		9,921		(156)		380,348
GSE commercial certificates & CMO	421,942		8,977		(308)		430,611
Non-GSE residential certificates	15,880		95		(20)		15,955
Non-GSE commercial certificates	60,474		190		(125)		60,539
	879,096		19,456		(609)		897,943
Other debt:
U.S. Treasury	200		2		—		202
ABS	841,093		5,817		(851)		846,059
Trust preferred	14,629		—		(503)		14,126
Corporate	64,975		1,511		(90)		66,396

	920,897		7,330		(1,444)		926,783


Total available for sale	$	1,799,993	$	26,786	$	(2,053)	$	1,824,726

Held to maturity:
Mortgage-related:
GSE residential certificates	$	450	$	21	$	—	$	471
Non GSE commercial certificates	191		—		—		191
	641		21		—		662
Other debt:
PACE Assessments	545,795		—		(5,192)		540,603
Municipal	75,290		2,386		(87)		77,589
Other	3,100		—		—		3,100
	624,185		2,386		(5,279)		621,292
Total held to maturity	$	624,826	$	2,407	$	(5,279)	$	621,954

As of June 30, 2021, available for sale securities with a fair value of $940.8 million were pledged with no held-to-maturity securities being pledged. The majority of the securities were pledged to the Federal Home Loan Bank of New York (“FHLB”) 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 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, 2020 are as follows:


	December 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Mortgage-related:
GSE residential certificates	$	12,977	$	322	$	—	$	13,299
GSE residential CMOs	353,783		12,690		(52)		366,421
GSE commercial certificates & CMO	421,488		11,548		(422)		432,614
Non-GSE residential certificates	33,120		281		(17)		33,384
Non-GSE commercial certificates	45,179		112		(323)		44,968
	866,547		24,953		(814)		890,686
Other debt:
U.S. Treasury	200		3		—		203
ABS	595,062		4,356		(1,872)		597,546
Trust preferred	14,627		—		(854)		13,773
Corporate	36,973		683		(2)		37,654
Other	—		—		—		—
	646,862		5,042		(2,728)		649,176

Total available for sale	1,513,409		29,995		(3,542)		1,539,862

Held to maturity:
Mortgage-related:
GSE residential certificates	$	611	$	38	$	—	$	649
Non GSE commercial certificates	212		15		—		227
	823		53		—		876
Other debt:
PACE Assessments	421,036		4,870		—		425,906
Municipal	67,490		3,019		—		70,509
Other	5,100		34		—		5,134
	493,626		7,923		—		501,549
Total held to maturity	$	494,449	$	7,976	$	—	$	502,425

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 June 30, 2021. 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
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Due within one year	$	200	$	202	$	1,100	$	1,100
Due after one year through five years	24,324		24,790		2,000		1,999
Due after five years through ten years	324,260		324,496		9,329		9,369
Due after ten years	572,113		577,295		611,756		608,824
	$	920,897	$	926,783	$	624,185	$	621,292

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


	Three Months Ended,				Six Months Ended,
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
(In thousands)
Proceeds	$	48,345	$	24,657	$	62,883	$	52,420

Realized gains	$	490	$	731	$	562	$	1,254
Realized losses	(169)		(245)		(220)		(269)
Net realized gains (losses)	$	321	$	486	$	342	$	985

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 U.S. Government sponsored entity (“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 collateralized mortgage obligations (“CMOs”).

The following summarizes the fair value and unrealized losses for those available for sale and held to maturity securities as of June 30, 2021 and December 31, 2020, 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:


	June 30, 2021
	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:
Mortgage-related:

GSE residential CMOs	$	28,535	$	(156)	$	—	$	—	$	28,535	$	(156)
GSE commercial certificates & CMO	70,054		(189)		182,769		(119)		252,823		(308)
Non-GSE residential certificates	10,974		(20)		—		—		10,974		(20)
Non-GSE commercial certificates	19,935		(84)		10,931		(41)		30,866		(125)
Other debt:
ABS	98,216		(231)		116,563		(620)		214,779		(851)
Trust preferred	—		—		14,126		(503)		14,126		(503)
Corporate	12,911		(90)		—		—		12,911		(90)




Total available for sale	$	240,625	$	(770)	$	324,389	$	(1,283)	$	565,014	$	(2,053)

Held to maturity:
PACE assessment	540,603		(5,192)		—		—		540,603		(5,192)
Municipal	8,605		(87)		—		—		8,605		(87)
Other	3,100		—		—		—		3,100		—
Total held to maturity	$	552,308	$	(5,279)	$	—	$	—	$	552,308	$	(5,279)


	December 31, 2020
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-related:

GSE residential CMOs	$	31,106	$	(35)	$	12,910	$	(17)	$	44,016	$	(52)
GSE commercial certificates & CMO	116,667		(287)		75,126		(135)		191,793		(422)
Non-GSE residential certificates	2,138		(9)		3,077		(8)		5,215		(17)
Non-GSE commercial certificates	47		—		29,207		(323)		29,254		(323)
Other debt:
ABS	3,010		(1)		298,410		(1,871)		301,420		(1,872)
Trust preferred	—		—		13,773		(854)		13,773		(854)
Corporate	6,998		(2)		—		—		6,998		(2)




	$	159,966	$	(334)	$	432,503	$	(3,208)	$	592,469	$	(3,542)

The temporary impairment of fixed income is primarily attributable to changes in overall market interest rates and/or changes in credit spreads since the investments were acquired. In general, as market interest rates rise and/or credit 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. Management considers that the temporary impairment of the Company’s investments in trust preferred securities (“TruPs”) as of June 30, 2021 is primarily due to a widening of credit spreads since the time these investments were acquired, as well as market uncertainty for this class of investments. All of the TruPs were rated investment grade by not less than

three nationally recognized statistical rating organization’s (“NRSROs”). All of the issues are current as to their dividend payments and management is not aware of a decision of any trust preferred issuer to exercise its option to defer dividend payments.

As of June 30, 2021, excluding GSE and U.S. Treasury securities and TruPs, discussed above, temporarily impaired securities totaled $827.1 million with an unrealized loss of $6.3 million. With the exception of $545.8 million of PACE bonds which were not rated, the remaining securities were rated investment grade by at least one NRSRO with no ratings below investment grade. All issues were current as to their interest payments. We have had no losses on any PACE bonds and are not aware of any losses in the sector given the low LTV position. Management considers that the temporary impairment of these investments as of June 30, 2021 is primarily due to an increase in market spreads since the time these investments were acquired.

With respect to the Company’s security investments that are temporarily impaired as of June 30, 2021, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2021. None of these positions or other securities held in the portfolio or sold during the year were purchased with the intent of selling them or would otherwise be classified as trading securities under ASC No. 320, Investments – Debt Securities.

During the three months ended June 30, 2021, the Company recorded no OTTI, compared to a $1,100 OTTI for the same period in 2020. For the six months ended June 30, 2021, the Company recorded $2,700 OTTI, compared to a $1,100 OTTI for the same period in 2020.

Events which may cause material declines in the fair value of debt investments may include, but are not limited to, deterioration of credit metrics, higher incidences of default, worsening liquidity, worsening global or domestic economic conditions or adverse regulatory action. Management does not believe that there are any cases of unrecorded OTTI as of June 30, 2021; however, it is possible that the Company may recognize OTTI in future periods.

LOANS RECEIVABLE, NET

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

LOANS RECEIVABLE, NET

Loans receivable are summarized as follows:





	June 30, 2021		December 31, 2020
(In thousands)
Commercial and industrial	$	619,037	$	677,192
Multifamily	848,651		947,177
Commercial real estate	351,707		372,736
Construction and land development	42,303		56,087
Total commercial portfolio	1,861,698		2,053,192
Residential real estate lending	1,085,791		1,238,697


Consumer and other	222,265		190,676
Total retail portfolio	1,308,056		1,429,373
Total loans receivable	3,169,754		3,482,565
Net deferred loan origination costs (fees)	5,707		6,330
Total loans receivable, net of deferred loan origination costs (fees)	3,175,461		3,488,895
Allowance for loan losses	(38,012)		(41,589)
Total loans receivable, net	$	3,137,449	$	3,447,306

The following table presents information regarding the quality of the Company’s loans as of June 30, 2021:



	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current and Not Accruing Interest		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	—	$	14,561	$	—	$	14,561	$	—	$	604,476	$	619,037
Multifamily	3,567		10,266		—		13,833		—		834,818		848,651
Commercial real estate	11,354		4,066		—		15,420		—		336,287		351,707
Construction and land development	—		—		—		—		—		42,303		42,303
Total commercial portfolio	14,921		28,893		—		43,814		—		1,817,884		1,861,698
Residential real estate lending	5,882		22,320		—		28,202		—		1,057,589		1,085,791
Consumer and other	1,552		718		—		2,270		—		219,995		222,265
Total retail portfolio	7,434		23,038		—		30,472		—		1,277,584		1,308,056
	$	22,355	$	51,931	$	—	$	74,286	$	—	$	3,095,468	$	3,169,754

The following table presents information regarding the quality of the Company’s loans as of December 31, 2020:









	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current and Not Accruing Interest		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	—	$	12,444	$	1,404	$	13,848	$	—	$	663,344	$	677,192
Multifamily	3,590		9,575		—		13,165		—		934,012		947,177
Commercial real estate	10,574		3,433		—		14,007		—		358,729		372,736
Construction and land development	9,974		11,184		—		21,158		—		34,929		56,087
Total commercial portfolio	24,138		36,636		1,404		62,178		—		1,991,014		2,053,192
Residential real estate lending	19,526		23,280		—		42,806		376		1,195,515		1,238,697


Consumer and other	1,015		632		—		1,647		—		189,029		190,676
Total retail portfolio	20,541		23,912		—		44,453		376		1,384,544		1,429,373
	$	44,679	$	60,548	$	1,404	$	106,631	$	376	$	3,375,558	$	3,482,565

For a loan modification to be considered a troubled debt restructuring ("TDR") in accordance with ASC 310-40, both of the following conditions must be met: the borrower is experiencing financial difficulty, and the creditor has granted a concession (except for an “insignificant delay in payment”, defined as six months or less). Loans modified as TDRs are placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. The Company’s TDRs primarily involve rate reductions, forbearance of arrears or extension of maturity. TDRs are included in total impaired loans as of the respective date.

On March 22, 2020, federal banking regulators issued an interagency statement that included guidance on their approach for the accounting of loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant related to the loans in which the borrower is less than 30 days past due on its contractual payments at the time a modification program is implemented. The agencies confirmed in working with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security ("CARES") Act was enacted to help the nation’s economy recover from the COVID-19 pandemic. The CARES Act provided $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofit entities, states, and municipalities. Under Section 4022 of the CARES Act, a borrower with a federally backed mortgage loan that was experiencing a financial hardship due to COVID-19 may request a forbearance (i.e., payment deferral), regardless of delinquency status, for up to 180 days, which may be extended for an additional 180 days at the borrower’s request. Before this relief was set to expire on December 31, 2020, the Consolidated Appropriations Act was signed into law, which extended the relief granted under the CARES act to the earlier of January 1, 2022 or 60 days after the national emergency is terminated. During this relief period, no fees, penalties, or interest beyond those scheduled or calculated as if the borrower had made all contractual payments on time and in full will accrue. In addition, Section 4013 of the CARES Act provides temporary relief from the accounting and reporting requirements for TDRs regarding certain loan modifications related to COVID-19. Specifically, the CARES Act provides that a financial institution may elect to suspend the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR. Modifications that qualify for this exception include a forbearance arrangement, an interest rate modification, a repayment plan, or any other similar arrangement that defers or delays the payment of principal or interest, that occurs for a loan that was not more than 30 days past due as of December 31, 2019. In accordance with interagency guidance and the CARES Act, short term deferrals granted due to

the COVID-19 pandemic are not considered TDRs unless the borrower was experiencing financial difficulty prior to the pandemic.

As of June 30, 2021, the Company had $4.0 million in loans remaining on a payment deferral program and still accruing interest, the majority of which were residential loans and none were commercial loans.

The following table presents information regarding the Company’s TDRs as of June 30, 2021 and December 31, 2020:


	June 30, 2021						December 31, 2020
(In thousands)	Accruing		Non- Accrual		Total		Accruing		Non- Accrual		Total
Commercial and industrial	$	1,590	$	11,667	$	13,257	$	1,648	$	12,116	$	13,764
Commercial real estate	—		3,300		3,300		—		3,433		3,433
Construction and land development	2,424		—		2,424		—		2,682		2,682
Residential real estate lending	14,669		5,527		20,196		17,905		2,654		20,559


	$	18,683	$	20,494	$	39,177	$	19,553	$	20,885	$	40,438

The following tables summarize the Company’s loan portfolio by credit quality indicator as of June 30, 2021:




(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	568,878	$	17,569	$	32,133	$	457	$	619,037
Multifamily	711,551		101,579		32,348		3,173		848,651
Commercial real estate	234,018		45,236		72,453		—		351,707
Construction and land development	34,414		535		7,354		—		42,303
Residential real estate lending	1,063,176		295		22,320		—		1,085,791
Consumer and other	221,835		—		430		—		222,265
Total loans	$	2,833,872	$	165,214	$	167,038	$	3,630	$	3,169,754

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2020:


(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	627,553	$	16,407	$	32,770	$	462	$	677,192
Multifamily	775,605		138,090		33,482		—		947,177
Commercial real estate	276,712		41,420		54,604		—		372,736
Construction and land development	28,967		15,936		11,184		—		56,087
Residential real estate lending	1,215,417		—		23,280		—		1,238,697
Consumer and other	190,044		—		632		—		190,676
Total loans	$	3,114,298	$	211,853	$	155,952	$	462	$	3,482,565

The above 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.

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 June 30, 2021:





(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Loans:
Individually evaluated for impairment	$	16,869	$	10,266	$	4,066	$	2,424	$	36,989	$	—	$	70,614
Collectively evaluated for impairment	602,168		838,385		347,641		39,879		1,048,802		222,265		3,099,140
Total loans	$	619,037	$	848,651	$	351,707	$	42,303	$	1,085,791	$	222,265	$	3,169,754

Allowance for loan losses:
Individually evaluated for impairment	$	5,101	$	250	$	—	$	—	$	954	$	—	$	6,305
Collectively evaluated for impairment	6,991		5,422		8,388		1,449		8,831		626		31,707
Total allowance for loan losses	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Loans:
Individually evaluated for impairment	$	14,706	$	9,575	$	3,433	$	11,184	$	41,579	$	—	$	80,477
Collectively evaluated for impairment	662,486		937,602		369,303		44,903		1,197,118		190,676		3,402,088
Total loans	$	677,192	$	947,177	$	372,736	$	56,087	$	1,238,697	$	190,676	$	3,482,565

Allowance for loan losses:
Individually evaluated for impairment	$	3,118	$	1,933	$	—	$	—	$	1,187	$	—	$	6,238
Collectively evaluated for impairment	5,947		8,391		6,213		2,077		11,143		1,580		35,351
Total allowance for loan losses	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589

The activities in the allowance by portfolio for the three months ended June 30, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	8,692	$	6,125	$	8,464	$	1,391	$	10,747	$	1,243	$	36,662
Provision for (recovery of) loan losses	3,397		(453)		(76)		58		(1,446)		202		1,682
Charge-offs	—		—		—		—		(60)		(836)		(896)
Recoveries	3		—		—		—		544		17		564
Ending Balance	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012

The activities in the allowance by portfolio for the three months ended June 30, 2020 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	14,930	$	5,886	$	2,736	$	1,740	$	15,430	$	1,626	$	42,348
Provision for (recovery of) loan losses	514		1,177		3,241		1,536		1,099		654		8,221
Charge-offs	(2)		—		—		—		(240)		(487)		(729)
Recoveries	2		—		—		—		151		17		170
Ending Balance	$	15,444	$	7,063	$	5,977	$	3,276	$	16,440	$	1,810	$	50,010

The activities in the allowance by portfolio for the six months ended June 30, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589
Provision for (recovery of) loan losses	2,820		(2,744)		2,175		(629)		(3,383)		182		(1,579)
Charge-offs	—		(1,908)		—		—		(201)		(1,176)		(3,285)
Recoveries	207		—		—		1		1,039		40		1,287
Ending Balance	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012

The activities in the allowance by portfolio for the six months ended June 30, 2020 are as follows:


(In thousands)	Commercial and Industrial	Multifamily	Commercial Real Estate	Construction and Land Development	Residential Real Estate Lending	Consumer and Other	Total
Allowance for loan losses:
Beginning balance	11,126	5,210	2,492	808	14,149	62	33,847
Provision for (recovery of) loan losses	4,316	1,853	3,485	2,468	2,192	2,494	16,808
Charge-offs	(1)	—	—	—	(264)	(791)	(1,056)
Recoveries	3	—	—	—	363	45	411
Ending Balance	15,444	7,063	5,977	3,276	16,440	1,810	50,010

The following is additional information regarding the Company’s individually impaired loans and the allowance related to such loans as of June 30, 2021 and December 31, 2020:


	June 30, 2021
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	16,663	$	18,744	$	20,998	$	—



Construction and land development	2,424		6,804		2,424		—
Commercial real estate	4,066		3,750		4,803		—

	23,153		29,298		28,225		—
Loans with a related allowance:
Residential real estate lending	20,326		20,540		25,673		954


Multifamily	10,266		9,921		12,215		250


Commercial and industrial	16,869		15,788		34,252		5,101
	47,461		46,249		72,140		6,305
Total individually impaired loans:
Residential real estate lending	36,989		39,284		46,671		954


Multifamily	10,266		9,921		12,215		250
Construction and land development	2,424		6,804		2,424		—
Commercial real estate	4,066		3,750		4,803		—
Commercial and industrial	16,869		15,788		34,252		5,101
	$	70,614	$	75,547	$	100,365	$	6,305


	December 31, 2020
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	20,824	$	12,660	$	20,898	$	—



Construction and land development	11,184		7,418		12,204		—
Commercial real estate	3,433		6,120		4,023		—

	35,441		26,198		37,125		—
Loans with a related allowance:
Residential real estate lending	20,755		22,151		24,680		1,187


Multifamily	9,575		4,788		9,589		1,933


Commercial and industrial	14,706		19,788		27,210		3,118
	45,036		46,727		61,479		6,238
Total individually impaired loans:
Residential real estate lending	41,579		34,811		45,578		1,187


Multifamily	9,575		4,788		9,589		1,933
Construction and land development	11,184		7,418		12,204		—
Commercial real estate	3,433		6,120		4,023		—
Commercial and industrial	14,706		19,788		27,210		3,118
	$	80,477	$	72,925	$	98,604	$	6,238

As of June 30, 2021 and December 31, 2020, mortgage loans with an unpaid principal balance of $0.9 billion and $1.2 billion respectively, are pledged to the FHLBNY to secure outstanding advances and letters of credit.

There were $463,000 in related party loans outstanding as of June 30, 2021 compared to no related party loans for December 31, 2020.

DEPOSITS

6 Months Ended

Jun. 30, 2021

Statistical Disclosure for Banks [Abstract]

DEPOSITS

Deposits are summarized as follows:





	June 30, 2021				December 31, 2020
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest bearing demand deposit accounts	$	2,948,718	0.00	%	$	2,603,274	0.00	%
NOW accounts	200,758		0.07	%	205,653		0.06	%
Money market deposit accounts	2,136,719		0.11	%	1,914,391		0.13	%
Savings accounts	371,047		0.11	%	343,368		0.12	%
Time deposits	252,750		0.36	%	272,025		0.86	%

	$	5,909,992	0.06	%	$	5,338,711	0.10	%

The scheduled maturities of time deposits as of June 30, 2021 are as follows:


(In thousands)
2021	$	147,752
2022	72,933
2023	14,358
2024	12,030
2025	4,218
Thereafter	1,459
	$	252,750

Time deposits of $250,000 or more totaled $46.2 million as of June 30, 2021 and $31.2 million as of December 31, 2020.

From time to time the Bank 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 $82.1 million and $123.8 million as of June 30, 2021 and December 31, 2020, respectively, and are included in Time deposits above.

Our total deposits included deposits from Workers United and its related entities in the amounts of $80.3 million as of June 30, 2021 and $95.8 million as of December 31, 2020.

Included in total deposits are state and municipal deposits totaling $38.6 million and $15.2 million as of June 30, 2021 and December 31, 2020, respectively. Such deposits are secured by letters of credit issued by the FHLB or by securities pledged with the FHLB.

BORROWED FUNDS	6 Months Ended
BORROWED FUNDS	Jun. 30, 2021
Federal Home Loan Banks [Abstract]
BORROWED FUNDS	BORROWED FUNDSThere were no borrowed funds as of June 30, 2021 or December 31, 2020.FHLB advances are collateralized by the FHLB stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of June 30, 2021, the value of the other eligible assets had an estimated market value net of haircut totaling $1.4 billion (comprised of securities of $686.3 million and mortgage loans of $735.4 million). The fair value of assets pledged to the FHLB is required to be not less than 110% of the outstanding advances.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and June 30, 2020, we had 76,000 and 219,000 anti-dilutive shares, respectively.

The factors used in the earnings per share computation follow:



	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.	$	10,408	$	10,374	$	22,597	$	19,919
Dividends paid on preferred stock	—		—		—		—
Income attributable to common stock	$	10,408	$	10,374	$	22,597	$	19,919
Weighted average common shares outstanding, basic	31,136		31,023		31,109		31,217
Basic earnings per common share	$	0.33	$	0.33	$	0.73	$	0.64

Income attributable to common stock	$	10,408	$	10,374	$	22,597	$	19,919
Weighted average common shares outstanding, basic	31,136		31,023		31,109		31,217
Incremental shares from assumed conversion of options and RSUs	436		12		436		128
Weighted average common shares outstanding, diluted	31,572		31,035		31,545		31,345
Diluted earnings per common share	$	0.33	$	0.33	$	0.72	$	0.64

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

Long Term Incentive Plans

Stock Options:

The Company does not currently maintain an active stock option plan that is available for issuing new options. As of January 1, 2021, all options are fully vested and the Company will not incur any further expense related to options.

A summary of the status of the Company’s options as of June 30, 2021 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, December 31, 2020	1,978,560	$	13.03	4.4	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(951,800)	12.88		—
Outstanding, June 30, 2021	1,026,760	13.17		5.3	years	$	2,529
Vested and Exercisable, June 30, 2021	1,026,760	$	13.17	5.3	years	$	2,529

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

As noted above, there was no compensation cost attributable to the options for June 30, 2021 and $0.2 million for the six months ended June 30, 2021, which is recorded within the Consolidated Statement of Income.

Restricted Stock Units:

The Amalgamated Financial Corp. 2021 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 1,250,000 of which 595,706 shares were available for issuance as of June 30, 2021.

During the six months ended June 30, 2021, the Company granted 260,335 RSUs to employees under the Equity Plan and reserved 283,859 shares for issuance upon vesting assuming the Company’s employees achieve the maximum share payout.

Of the 260,335 RSUs granted to employees, 213,348 RSUs time-vest ratably over three years and were granted at a fair value of $15.81 per share and 47,007 RSUs were performance-based and are more fully described below:

•The Company granted 23,464 performance-based RSUs at a fair value of $15.81 per share which vest subject to the achievement of the Company’s corporate goal for the three-year period from December 31, 2020 to December 31, 2023. 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 35,196 shares, respectively.

•The Company granted 23,543 market-based RSUs at a fair value of $14.95 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 3, 2021 to February 2, 2024. The minimum and maximum awards that are achievable are 0 and 35,315 shares, respectively.

A summary of the status of the Company’s employee RSUs as of June 30, 2021 follows:


	Shares	Grant Date Fair Value
Unvested, December 31, 2020	290,637	$	15.99
Awarded	260,355	15.81
Forfeited	(51,221)	13.02
Exercised	(60,757)	14.45
Unvested, June 30, 2021	439,014	$	15.43

Of the 439,014 unvested RSUs on June 30, 2021, the minimum units that will vest, solely due to a service test, are 229,685. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 507,950.

Compensation expense attributable to the employee RSUs was $0.3 million and $0.5 million for the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $5.4 million of total unrecognized compensation cost related to the non-vested RSUs granted to employees. 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 2.3 years.

During the six months ended June 30, 2021, the Company granted 28,710 RSUs to directors under the Equity Plan that vest after one year. The Company recorded an expense of $0.1 million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was no unrecognized cost related to the non-vested RSUs granted to directors.

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2021

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.

The following summarizes those financial instruments measured at fair value in the Consolidated Statements of Financial Condition categorized by the relevant class of investment and level of the fair value hierarchy:


	June 30, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	10,490	$	—	$	10,490
GSE residential CMOs	—		380,348		—		380,348
GSE commercial certificates & CMO	—		430,611		—		430,611
Non-GSE residential certificates	—		15,955		—		15,955
Non-GSE commercial certificates	—		60,539		—		60,539

Other debt:
U.S. Treasury	202		—		—		202
ABS	—		846,059		—		846,059
Trust preferred	—		14,126		—		14,126
Corporate	—		66,396		—		66,396


Total assets carried at fair value	$	202	$	1,824,524	$	—	$	1,824,726


	December 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	13,299	$	—	$	13,299
GSE residential CMOs	—		366,421		—		366,421
GSE commercial certificates & CMO	—		432,614		—		432,614
Non-GSE residential certificates	—		33,384		—		33,384
Non-GSE commercial certificates	—		44,968		—		44,968

Other debt:
U.S. Treasury	203		—		—		203
ABS	—		597,546		—		597,546
Trust preferred	—		13,773		—		13,773
Corporate	—		37,654		—		37,654


Total assets carried at fair value	$	203	$	1,539,659	$	—	$	1,539,862

The following tables summarize assets measured at fair value on a non-recurring basis:





	June 30, 2021
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	64,309	$	—	$	—	$	64,309	$	64,309
Other real estate owned	307		—		—		335		335
	$	64,616	$	—	$	—	$	64,644	$	64,644

















	December 31, 2020
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	67,433	$	—	$	—	$	67,433	$	67,433
Other real estate owned	307		—		—		303		303
	$	67,740	$	—	$	—	$	67,736	$	67,736

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







	June 30, 2021
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
(In thousands)
Financial assets:
Cash and cash equivalents	$	547,445	$	547,445	$	—	$	—	$	547,445

Available for sale securities	1,824,726		202		1,824,524		—		1,824,726
Held to maturity securities	624,826		—		81,351		540,603		621,954
Loans held for sale	8,230		—		—		8,230		8,230
Loans receivable, net	3,137,449		—		—		3,201,138		3,201,138

Resell agreements	141,651		—		—		141,651		141,651
Accrued interest and dividends receivable	22,648		—		22,648		—		22,648




Financial liabilities:
Deposits payable on demand	5,657,242		—		5,657,242		—		5,657,242
Time deposits	252,750		—		252,972		—		252,972

Accrued interest payable	276		—		276		—		276


	December 31, 2020
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	38,769	$	38,769	$	—	$	—	$	38,769

Available for sale securities	1,513,409		203		1,539,659		—		1,539,862
Held to maturity securities	494,449		—		76,519		425,906		502,425
Loans held for sale	11,178		—		—		11,178		11,178
Loans receivable, net	3,447,306		—		—		3,566,742		3,566,742

Resell agreements	154,779		—		—		154,779		154,779
Accrued interest and dividends receivable	23,970		—		23,970		—		23,970


Financial liabilities:
Deposits payable on demand	5,066,687		—		5,066,687		—		5,066,687
Time deposits	272,025		—		272,451		—		272,451

Accrued interest payable	386		—		386		—		386

- 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

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK

6 Months Ended

Jun. 30, 2021

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:





	June 30, 2021		December 31, 2020
(In thousands)
Commitments to extend credit	$	605,084	$	455,541
Standby letters of credit	16,118		17,910
Total	$	621,202	$	473,451

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. This reserve, which is included in other liabilities, amounted to approximately $1.1 million as of June 30, 2021 and $1.2 million as of December 31, 2020.

Investment Obligations

The Bank is party to agreements with Pace Funding Group LLC, or PFG, for the purchase of up to $375 million of property assessed clean energy, or PACE, assessment securities by the fourth quarter of 2021. Additionally, the Bank has an additional obligation up to $100 million for other PACE related purchases. These investments are to be held in the Company's held-to-maturity investment portfolio. As of June 30, 2021, we had fulfilled $262.6 million of these obligations. As of December 31, 2020, the Bank had fulfilled $165.4 million of our obligation. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages.

LEASES

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

LEASES

The Bank 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 June 30, 2021. 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 Bank’s geographies.

Real estate operating leases are presented as a right-of-use (“ROU”) 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 (“IBR”) 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:


	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
(In thousands)
Operating lease cost	$	2,184		$	2,766


Cash paid for amounts included in the measurement of operating leases liability	$	2,493		$	4,423
Weighted average remaining lease term on operating leases (in years)	5.2			6.2
Weighted average discount rate used for operating leases liability	3.25		%	3.26		%

Note: Sublease income and variable income or expense considered immaterial

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 June 30, 2021:


(In thousands)
As of June 30, 2021
2021 remaining	$	5,186
2022	10,705
2023	10,592
2024	10,215
2025	9,851
Thereafter	8,911
Total undiscounted operating lease payments	55,460
Less: present value adjustment	4,295
Total operating leases liability	$	51,165

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2021

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, 2021 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, 2021. 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 June 30, 2021 and December 31, 2020, the carrying amount of goodwill was $12.9 million.

Intangible Assets

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


(In thousands)
2021 remaining	$	603
2022	1,047
2023	888
2024	730
2025	574
Thereafter	913
Total	$	4,755

Accumulated amortization of the core deposit intangible was $4.3 million as of June 30, 2021.

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2021

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 June 30, 2021, the Bank's maximum exposure to loss is $13.4 million.


	June 30, 2021		December 31, 2020
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	1,287	$	6,735

Loans and letters of credit commitments	12,096		11,097
Funded portion of loans and letters of credit commitments	12,096		11,097

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
(In thousands)
Tax credits and other tax benefits recognized	$	343	$	1,860	$	911	$	1,860

BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
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.
Basis of Accounting	The accounting and reporting policies of Amalgamated Financial Corp. (the “Company”) conform to accounting principles generally accepted 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 unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2020 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2020 Annual Report.
Reclassifications	Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholder equity or net income.
Recent Accounting Pronouncements	Accounting Standards Effective in 2021 and onward In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model and provides for recording credit losses on available for sale debt securities through an allowance account. ASU 2016-13 also requires certain incremental disclosures. In October 2019, the FASB voted to extend the adoption date for entities eligible to be smaller reporting companies, public business entities ("PBEs") that are not SEC filers, and entities that are not PBEs from January 1, 2020 to January 1, 2023. Based on our election as an Emerging Growth Company under the Jumpstart Our Business Startups Act to use the extended transition period for complying with any new or revised financial accounting standards, we currently anticipate a January 1, 2023 adoption date. In preparation, we have performed work in assessing and enhancing the technology environment and related data needs and availability. Additionally, a Management Committee comprised of members from multiple departments has been established to monitor our progress towards adoption. As adoption will require the implementation of significant changes to the existing credit loss estimation model and is dependent on the economic forecast, and given the length of time before our adoption date, evaluating the overall impact of the ASU on our Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued Accounting Standards Update ("ASU") No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance amends the scope of ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was aimed at easing the potential accounting burden expected when global capital markets move away from the London Interbank Offered Rate ("LIBOR") (the benchmark interest rate banks use to make short-term loans to each other) and provided temporary, optional expedients and exceptions for applying accounting guidance to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. As the majority of our securities tied to LIBOR are expected to transition to the Secured Overnight Financing Rate ("SOFR") or pay off before the transition date and given that we do not have a substantial amount of commercial loans or any derivative transactions tied to LIBOR, the Adoption of ASU 2021-01 is not expected to have a material impact on our operating results or financial condition.
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.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule Other Comprehensive Income (Loss)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
(In thousands)
Change in obligation for postretirement benefits and for prior service credit	$	52	$	55	$	106	$	110
Change in obligation for other benefits	40		19		(371)		37
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	$	92	$	74	$	(265)	$	147

Income tax effect	98		(20)		55		(41)

Net change in total obligation for postretirement benefits and prior service credit and for other benefits	190		54		(210)		106
Unrealized holding gains (losses) on available for sale securities	$	4,055	$	30,811	$	(1,381)	$	6,443
Reclassification adjustment for losses (gains) realized in income	(321)		(485)		(339)		(984)
Change in unrealized gains (losses) on available for sale securities	3,734		30,326		(1,720)		5,459
Income tax effect	(1,020)		(8,443)		469		(1,520)
Net change in unrealized gains (losses) on available for sale securities	2,714		21,883		(1,251)		3,939

Total	$	2,904	$	21,937	$	(1,461)	$	4,045

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, 2021		Current Period Change		Income Tax Effect		Balance as of June 30, 2021








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,056)	$	(265)	$	55	$	(2,266)



Unrealized gains (losses) on available for sale securities	19,232		(1,720)		469		17,981


Total	$	17,176	$	(1,985)	$	524	$	15,715

Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss)

The following represents the reclassifications out of accumulated other comprehensive income (loss):


	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item in the Consolidated Statements of Income
	2021		2020		2021		2020
(In thousands)

Realized gains (losses) on sale of available for sale securities	$	321	$	486	$	342	$	985	Gain (loss) on sale of investment securities available for sale, net
Recognized gains (losses) on OTTI securities	—		(1)		(3)		(1)		Non-Interest Income - other
Income tax expense (benefit)	88		135		93		274		Income tax expense (benefit)
Total reclassifications, net of income tax	$	233	$	350	$	246	$	710


Prior service credit on pension plans and other postretirement benefits	$	7	$	7	$	14	$	14	Compensation and employee benefits
Income tax expense (benefit)	(2)		(2)		(4)		(4)		Income tax expense (benefit)
Total reclassifications, net of income tax	$	5	$	5	$	10	$	10

Total reclassifications, net of income tax	$	238	$	355	$	256	$	720

INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 are as follows:






	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available for sale:
Mortgage-related:
GSE residential certificates	$	10,217	$	273	$	—	$	10,490
GSE residential CMOs	370,583		9,921		(156)		380,348
GSE commercial certificates & CMO	421,942		8,977		(308)		430,611
Non-GSE residential certificates	15,880		95		(20)		15,955
Non-GSE commercial certificates	60,474		190		(125)		60,539
	879,096		19,456		(609)		897,943
Other debt:
U.S. Treasury	200		2		—		202
ABS	841,093		5,817		(851)		846,059
Trust preferred	14,629		—		(503)		14,126
Corporate	64,975		1,511		(90)		66,396

	920,897		7,330		(1,444)		926,783


Total available for sale	$	1,799,993	$	26,786	$	(2,053)	$	1,824,726

Held to maturity:
Mortgage-related:
GSE residential certificates	$	450	$	21	$	—	$	471
Non GSE commercial certificates	191		—		—		191
	641		21		—		662
Other debt:
PACE Assessments	545,795		—		(5,192)		540,603
Municipal	75,290		2,386		(87)		77,589
Other	3,100		—		—		3,100
	624,185		2,386		(5,279)		621,292
Total held to maturity	$	624,826	$	2,407	$	(5,279)	$	621,954

The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows:


	December 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Mortgage-related:
GSE residential certificates	$	12,977	$	322	$	—	$	13,299
GSE residential CMOs	353,783		12,690		(52)		366,421
GSE commercial certificates & CMO	421,488		11,548		(422)		432,614
Non-GSE residential certificates	33,120		281		(17)		33,384
Non-GSE commercial certificates	45,179		112		(323)		44,968
	866,547		24,953		(814)		890,686
Other debt:
U.S. Treasury	200		3		—		203
ABS	595,062		4,356		(1,872)		597,546
Trust preferred	14,627		—		(854)		13,773
Corporate	36,973		683		(2)		37,654
Other	—		—		—		—
	646,862		5,042		(2,728)		649,176

Total available for sale	1,513,409		29,995		(3,542)		1,539,862

Held to maturity:
Mortgage-related:
GSE residential certificates	$	611	$	38	$	—	$	649
Non GSE commercial certificates	212		15		—		227
	823		53		—		876
Other debt:
PACE Assessments	421,036		4,870		—		425,906
Municipal	67,490		3,019		—		70,509
Other	5,100		34		—		5,134
	493,626		7,923		—		501,549
Total held to maturity	$	494,449	$	7,976	$	—	$	502,425

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 June 30, 2021 are as follows:






	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available for sale:
Mortgage-related:
GSE residential certificates	$	10,217	$	273	$	—	$	10,490
GSE residential CMOs	370,583		9,921		(156)		380,348
GSE commercial certificates & CMO	421,942		8,977		(308)		430,611
Non-GSE residential certificates	15,880		95		(20)		15,955
Non-GSE commercial certificates	60,474		190		(125)		60,539
	879,096		19,456		(609)		897,943
Other debt:
U.S. Treasury	200		2		—		202
ABS	841,093		5,817		(851)		846,059
Trust preferred	14,629		—		(503)		14,126
Corporate	64,975		1,511		(90)		66,396

	920,897		7,330		(1,444)		926,783


Total available for sale	$	1,799,993	$	26,786	$	(2,053)	$	1,824,726

Held to maturity:
Mortgage-related:
GSE residential certificates	$	450	$	21	$	—	$	471
Non GSE commercial certificates	191		—		—		191
	641		21		—		662
Other debt:
PACE Assessments	545,795		—		(5,192)		540,603
Municipal	75,290		2,386		(87)		77,589
Other	3,100		—		—		3,100
	624,185		2,386		(5,279)		621,292
Total held to maturity	$	624,826	$	2,407	$	(5,279)	$	621,954

The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows:


	December 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Mortgage-related:
GSE residential certificates	$	12,977	$	322	$	—	$	13,299
GSE residential CMOs	353,783		12,690		(52)		366,421
GSE commercial certificates & CMO	421,488		11,548		(422)		432,614
Non-GSE residential certificates	33,120		281		(17)		33,384
Non-GSE commercial certificates	45,179		112		(323)		44,968
	866,547		24,953		(814)		890,686
Other debt:
U.S. Treasury	200		3		—		203
ABS	595,062		4,356		(1,872)		597,546
Trust preferred	14,627		—		(854)		13,773
Corporate	36,973		683		(2)		37,654
Other	—		—		—		—
	646,862		5,042		(2,728)		649,176

Total available for sale	1,513,409		29,995		(3,542)		1,539,862

Held to maturity:
Mortgage-related:
GSE residential certificates	$	611	$	38	$	—	$	649
Non GSE commercial certificates	212		15		—		227
	823		53		—		876
Other debt:
PACE Assessments	421,036		4,870		—		425,906
Municipal	67,490		3,019		—		70,509
Other	5,100		34		—		5,134
	493,626		7,923		—		501,549
Total held to maturity	$	494,449	$	7,976	$	—	$	502,425

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
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Due within one year	$	200	$	202	$	1,100	$	1,100
Due after one year through five years	24,324		24,790		2,000		1,999
Due after five years through ten years	324,260		324,496		9,329		9,369
Due after ten years	572,113		577,295		611,756		608,824
	$	920,897	$	926,783	$	624,185	$	621,292

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:


	Three Months Ended,				Six Months Ended,
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
(In thousands)
Proceeds	$	48,345	$	24,657	$	62,883	$	52,420

Realized gains	$	490	$	731	$	562	$	1,254
Realized losses	(169)		(245)		(220)		(269)
Net realized gains (losses)	$	321	$	486	$	342	$	985

Schedule of Unrealized Losses


	June 30, 2021
	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:
Mortgage-related:

GSE residential CMOs	$	28,535	$	(156)	$	—	$	—	$	28,535	$	(156)
GSE commercial certificates & CMO	70,054		(189)		182,769		(119)		252,823		(308)
Non-GSE residential certificates	10,974		(20)		—		—		10,974		(20)
Non-GSE commercial certificates	19,935		(84)		10,931		(41)		30,866		(125)
Other debt:
ABS	98,216		(231)		116,563		(620)		214,779		(851)
Trust preferred	—		—		14,126		(503)		14,126		(503)
Corporate	12,911		(90)		—		—		12,911		(90)




Total available for sale	$	240,625	$	(770)	$	324,389	$	(1,283)	$	565,014	$	(2,053)

Held to maturity:
PACE assessment	540,603		(5,192)		—		—		540,603		(5,192)
Municipal	8,605		(87)		—		—		8,605		(87)
Other	3,100		—		—		—		3,100		—
Total held to maturity	$	552,308	$	(5,279)	$	—	$	—	$	552,308	$	(5,279)


	December 31, 2020
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Mortgage-related:

GSE residential CMOs	$	31,106	$	(35)	$	12,910	$	(17)	$	44,016	$	(52)
GSE commercial certificates & CMO	116,667		(287)		75,126		(135)		191,793		(422)
Non-GSE residential certificates	2,138		(9)		3,077		(8)		5,215		(17)
Non-GSE commercial certificates	47		—		29,207		(323)		29,254		(323)
Other debt:
ABS	3,010		(1)		298,410		(1,871)		301,420		(1,872)
Trust preferred	—		—		13,773		(854)		13,773		(854)
Corporate	6,998		(2)		—		—		6,998		(2)




	$	159,966	$	(334)	$	432,503	$	(3,208)	$	592,469	$	(3,542)

LOANS RECEIVABLE, NET (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable are summarized as follows:





	June 30, 2021		December 31, 2020
(In thousands)
Commercial and industrial	$	619,037	$	677,192
Multifamily	848,651		947,177
Commercial real estate	351,707		372,736
Construction and land development	42,303		56,087
Total commercial portfolio	1,861,698		2,053,192
Residential real estate lending	1,085,791		1,238,697


Consumer and other	222,265		190,676
Total retail portfolio	1,308,056		1,429,373
Total loans receivable	3,169,754		3,482,565
Net deferred loan origination costs (fees)	5,707		6,330
Total loans receivable, net of deferred loan origination costs (fees)	3,175,461		3,488,895
Allowance for loan losses	(38,012)		(41,589)
Total loans receivable, net	$	3,137,449	$	3,447,306

Schedule of Quality of Bank's Loans

The following table presents information regarding the quality of the Company’s loans as of June 30, 2021:



	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current and Not Accruing Interest		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	—	$	14,561	$	—	$	14,561	$	—	$	604,476	$	619,037
Multifamily	3,567		10,266		—		13,833		—		834,818		848,651
Commercial real estate	11,354		4,066		—		15,420		—		336,287		351,707
Construction and land development	—		—		—		—		—		42,303		42,303
Total commercial portfolio	14,921		28,893		—		43,814		—		1,817,884		1,861,698
Residential real estate lending	5,882		22,320		—		28,202		—		1,057,589		1,085,791
Consumer and other	1,552		718		—		2,270		—		219,995		222,265
Total retail portfolio	7,434		23,038		—		30,472		—		1,277,584		1,308,056
	$	22,355	$	51,931	$	—	$	74,286	$	—	$	3,095,468	$	3,169,754

The following table presents information regarding the quality of the Company’s loans as of December 31, 2020:









	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due		Current and Not Accruing Interest		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	—	$	12,444	$	1,404	$	13,848	$	—	$	663,344	$	677,192
Multifamily	3,590		9,575		—		13,165		—		934,012		947,177
Commercial real estate	10,574		3,433		—		14,007		—		358,729		372,736
Construction and land development	9,974		11,184		—		21,158		—		34,929		56,087
Total commercial portfolio	24,138		36,636		1,404		62,178		—		1,991,014		2,053,192
Residential real estate lending	19,526		23,280		—		42,806		376		1,195,515		1,238,697


Consumer and other	1,015		632		—		1,647		—		189,029		190,676
Total retail portfolio	20,541		23,912		—		44,453		376		1,384,544		1,429,373
	$	44,679	$	60,548	$	1,404	$	106,631	$	376	$	3,375,558	$	3,482,565

Schedule of Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of June 30, 2021 and December 31, 2020:


	June 30, 2021						December 31, 2020
(In thousands)	Accruing		Non- Accrual		Total		Accruing		Non- Accrual		Total
Commercial and industrial	$	1,590	$	11,667	$	13,257	$	1,648	$	12,116	$	13,764
Commercial real estate	—		3,300		3,300		—		3,433		3,433
Construction and land development	2,424		—		2,424		—		2,682		2,682
Residential real estate lending	14,669		5,527		20,196		17,905		2,654		20,559


	$	18,683	$	20,494	$	39,177	$	19,553	$	20,885	$	40,438

Schedule of Loans by Credit Quality Indicator

The following tables summarize the Company’s loan portfolio by credit quality indicator as of June 30, 2021:




(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	568,878	$	17,569	$	32,133	$	457	$	619,037
Multifamily	711,551		101,579		32,348		3,173		848,651
Commercial real estate	234,018		45,236		72,453		—		351,707
Construction and land development	34,414		535		7,354		—		42,303
Residential real estate lending	1,063,176		295		22,320		—		1,085,791
Consumer and other	221,835		—		430		—		222,265
Total loans	$	2,833,872	$	165,214	$	167,038	$	3,630	$	3,169,754

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2020:


(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	627,553	$	16,407	$	32,770	$	462	$	677,192
Multifamily	775,605		138,090		33,482		—		947,177
Commercial real estate	276,712		41,420		54,604		—		372,736
Construction and land development	28,967		15,936		11,184		—		56,087
Residential real estate lending	1,215,417		—		23,280		—		1,238,697
Consumer and other	190,044		—		632		—		190,676
Total loans	$	3,114,298	$	211,853	$	155,952	$	462	$	3,482,565

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





(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Loans:
Individually evaluated for impairment	$	16,869	$	10,266	$	4,066	$	2,424	$	36,989	$	—	$	70,614
Collectively evaluated for impairment	602,168		838,385		347,641		39,879		1,048,802		222,265		3,099,140
Total loans	$	619,037	$	848,651	$	351,707	$	42,303	$	1,085,791	$	222,265	$	3,169,754

Allowance for loan losses:
Individually evaluated for impairment	$	5,101	$	250	$	—	$	—	$	954	$	—	$	6,305
Collectively evaluated for impairment	6,991		5,422		8,388		1,449		8,831		626		31,707
Total allowance for loan losses	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Loans:
Individually evaluated for impairment	$	14,706	$	9,575	$	3,433	$	11,184	$	41,579	$	—	$	80,477
Collectively evaluated for impairment	662,486		937,602		369,303		44,903		1,197,118		190,676		3,402,088
Total loans	$	677,192	$	947,177	$	372,736	$	56,087	$	1,238,697	$	190,676	$	3,482,565

Allowance for loan losses:
Individually evaluated for impairment	$	3,118	$	1,933	$	—	$	—	$	1,187	$	—	$	6,238
Collectively evaluated for impairment	5,947		8,391		6,213		2,077		11,143		1,580		35,351
Total allowance for loan losses	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589

The activities in the allowance by portfolio for the three months ended June 30, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	8,692	$	6,125	$	8,464	$	1,391	$	10,747	$	1,243	$	36,662
Provision for (recovery of) loan losses	3,397		(453)		(76)		58		(1,446)		202		1,682
Charge-offs	—		—		—		—		(60)		(836)		(896)
Recoveries	3		—		—		—		544		17		564
Ending Balance	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012

The activities in the allowance by portfolio for the three months ended June 30, 2020 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	14,930	$	5,886	$	2,736	$	1,740	$	15,430	$	1,626	$	42,348
Provision for (recovery of) loan losses	514		1,177		3,241		1,536		1,099		654		8,221
Charge-offs	(2)		—		—		—		(240)		(487)		(729)
Recoveries	2		—		—		—		151		17		170
Ending Balance	$	15,444	$	7,063	$	5,977	$	3,276	$	16,440	$	1,810	$	50,010

The activities in the allowance by portfolio for the six months ended June 30, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589
Provision for (recovery of) loan losses	2,820		(2,744)		2,175		(629)		(3,383)		182		(1,579)
Charge-offs	—		(1,908)		—		—		(201)		(1,176)		(3,285)
Recoveries	207		—		—		1		1,039		40		1,287
Ending Balance	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012

The activities in the allowance by portfolio for the six months ended June 30, 2020 are as follows:


(In thousands)	Commercial and Industrial	Multifamily	Commercial Real Estate	Construction and Land Development	Residential Real Estate Lending	Consumer and Other	Total
Allowance for loan losses:
Beginning balance	11,126	5,210	2,492	808	14,149	62	33,847
Provision for (recovery of) loan losses	4,316	1,853	3,485	2,468	2,192	2,494	16,808
Charge-offs	(1)	—	—	—	(264)	(791)	(1,056)
Recoveries	3	—	—	—	363	45	411
Ending Balance	15,444	7,063	5,977	3,276	16,440	1,810	50,010

Schedule of Additional Information for Individually Impaired Loans and Allowances

The following is additional information regarding the Company’s individually impaired loans and the allowance related to such loans as of June 30, 2021 and December 31, 2020:


	June 30, 2021
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	16,663	$	18,744	$	20,998	$	—



Construction and land development	2,424		6,804		2,424		—
Commercial real estate	4,066		3,750		4,803		—

	23,153		29,298		28,225		—
Loans with a related allowance:
Residential real estate lending	20,326		20,540		25,673		954


Multifamily	10,266		9,921		12,215		250


Commercial and industrial	16,869		15,788		34,252		5,101
	47,461		46,249		72,140		6,305
Total individually impaired loans:
Residential real estate lending	36,989		39,284		46,671		954


Multifamily	10,266		9,921		12,215		250
Construction and land development	2,424		6,804		2,424		—
Commercial real estate	4,066		3,750		4,803		—
Commercial and industrial	16,869		15,788		34,252		5,101
	$	70,614	$	75,547	$	100,365	$	6,305


	December 31, 2020
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	20,824	$	12,660	$	20,898	$	—



Construction and land development	11,184		7,418		12,204		—
Commercial real estate	3,433		6,120		4,023		—

	35,441		26,198		37,125		—
Loans with a related allowance:
Residential real estate lending	20,755		22,151		24,680		1,187


Multifamily	9,575		4,788		9,589		1,933


Commercial and industrial	14,706		19,788		27,210		3,118
	45,036		46,727		61,479		6,238
Total individually impaired loans:
Residential real estate lending	41,579		34,811		45,578		1,187


Multifamily	9,575		4,788		9,589		1,933
Construction and land development	11,184		7,418		12,204		—
Commercial real estate	3,433		6,120		4,023		—
Commercial and industrial	14,706		19,788		27,210		3,118
	$	80,477	$	72,925	$	98,604	$	6,238

DEPOSITS (Tables)

6 Months Ended

Jun. 30, 2021

Statistical Disclosure for Banks [Abstract]

Schedule of Deposits

Deposits are summarized as follows:





	June 30, 2021				December 31, 2020
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest bearing demand deposit accounts	$	2,948,718	0.00	%	$	2,603,274	0.00	%
NOW accounts	200,758		0.07	%	205,653		0.06	%
Money market deposit accounts	2,136,719		0.11	%	1,914,391		0.13	%
Savings accounts	371,047		0.11	%	343,368		0.12	%
Time deposits	252,750		0.36	%	272,025		0.86	%

	$	5,909,992	0.06	%	$	5,338,711	0.10	%

Schedule of Maturities of Time Deposits

The scheduled maturities of time deposits as of June 30, 2021 are as follows:


(In thousands)
2021	$	147,752
2022	72,933
2023	14,358
2024	12,030
2025	4,218
Thereafter	1,459
	$	252,750

- Definition

Tabular disclosure of type of deposit liability.

+ References

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

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (1)

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (1)

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iv)

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (5)

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iii)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (4)

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

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

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

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (3)

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

+ Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Factors Used in Earnings Per Share Calculation

The factors used in the earnings per share computation follow:



	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.	$	10,408	$	10,374	$	22,597	$	19,919
Dividends paid on preferred stock	—		—		—		—
Income attributable to common stock	$	10,408	$	10,374	$	22,597	$	19,919
Weighted average common shares outstanding, basic	31,136		31,023		31,109		31,217
Basic earnings per common share	$	0.33	$	0.33	$	0.73	$	0.64

Income attributable to common stock	$	10,408	$	10,374	$	22,597	$	19,919
Weighted average common shares outstanding, basic	31,136		31,023		31,109		31,217
Incremental shares from assumed conversion of options and RSUs	436		12		436		128
Weighted average common shares outstanding, diluted	31,572		31,035		31,545		31,345
Diluted earnings per common share	$	0.33	$	0.33	$	0.72	$	0.64

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Schedule of Stock Option Activity

A summary of the status of the Company’s options as of June 30, 2021 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, December 31, 2020	1,978,560	$	13.03	4.4	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(951,800)	12.88		—
Outstanding, June 30, 2021	1,026,760	13.17		5.3	years	$	2,529
Vested and Exercisable, June 30, 2021	1,026,760	$	13.17	5.3	years	$	2,529

Schedule of Restricted Stock Unit Activity

A summary of the status of the Company’s employee RSUs as of June 30, 2021 follows:


	Shares	Grant Date Fair Value
Unvested, December 31, 2020	290,637	$	15.99
Awarded	260,355	15.81
Forfeited	(51,221)	13.02
Exercised	(60,757)	14.45
Unvested, June 30, 2021	439,014	$	15.43

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis


	June 30, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	10,490	$	—	$	10,490
GSE residential CMOs	—		380,348		—		380,348
GSE commercial certificates & CMO	—		430,611		—		430,611
Non-GSE residential certificates	—		15,955		—		15,955
Non-GSE commercial certificates	—		60,539		—		60,539

Other debt:
U.S. Treasury	202		—		—		202
ABS	—		846,059		—		846,059
Trust preferred	—		14,126		—		14,126
Corporate	—		66,396		—		66,396


Total assets carried at fair value	$	202	$	1,824,524	$	—	$	1,824,726


	December 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	13,299	$	—	$	13,299
GSE residential CMOs	—		366,421		—		366,421
GSE commercial certificates & CMO	—		432,614		—		432,614
Non-GSE residential certificates	—		33,384		—		33,384
Non-GSE commercial certificates	—		44,968		—		44,968

Other debt:
U.S. Treasury	203		—		—		203
ABS	—		597,546		—		597,546
Trust preferred	—		13,773		—		13,773
Corporate	—		37,654		—		37,654


Total assets carried at fair value	$	203	$	1,539,659	$	—	$	1,539,862

Schedule of Assets Measured on Nonrecurring Basis

The following tables summarize assets measured at fair value on a non-recurring basis:





	June 30, 2021
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	64,309	$	—	$	—	$	64,309	$	64,309
Other real estate owned	307		—		—		335		335
	$	64,616	$	—	$	—	$	64,644	$	64,644

















	December 31, 2020
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	67,433	$	—	$	—	$	67,433	$	67,433
Other real estate owned	307		—		—		303		303
	$	67,740	$	—	$	—	$	67,736	$	67,736

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:







	June 30, 2021
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
(In thousands)
Financial assets:
Cash and cash equivalents	$	547,445	$	547,445	$	—	$	—	$	547,445

Available for sale securities	1,824,726		202		1,824,524		—		1,824,726
Held to maturity securities	624,826		—		81,351		540,603		621,954
Loans held for sale	8,230		—		—		8,230		8,230
Loans receivable, net	3,137,449		—		—		3,201,138		3,201,138

Resell agreements	141,651		—		—		141,651		141,651
Accrued interest and dividends receivable	22,648		—		22,648		—		22,648




Financial liabilities:
Deposits payable on demand	5,657,242		—		5,657,242		—		5,657,242
Time deposits	252,750		—		252,972		—		252,972

Accrued interest payable	276		—		276		—		276


	December 31, 2020
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	38,769	$	38,769	$	—	$	—	$	38,769

Available for sale securities	1,513,409		203		1,539,659		—		1,539,862
Held to maturity securities	494,449		—		76,519		425,906		502,425
Loans held for sale	11,178		—		—		11,178		11,178
Loans receivable, net	3,447,306		—		—		3,566,742		3,566,742

Resell agreements	154,779		—		—		154,779		154,779
Accrued interest and dividends receivable	23,970		—		23,970		—		23,970


Financial liabilities:
Deposits payable on demand	5,066,687		—		5,066,687		—		5,066,687
Time deposits	272,025		—		272,451		—		272,451

Accrued interest payable	386		—		386		—		386

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables)

6 Months Ended

Jun. 30, 2021

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:





	June 30, 2021		December 31, 2020
(In thousands)
Commitments to extend credit	$	605,084	$	455,541
Standby letters of credit	16,118		17,910
Total	$	621,202	$	473,451

LEASES (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Lease Cost and Other Information

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


	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
(In thousands)
Operating lease cost	$	2,184		$	2,766


Cash paid for amounts included in the measurement of operating leases liability	$	2,493		$	4,423
Weighted average remaining lease term on operating leases (in years)	5.2			6.2
Weighted average discount rate used for operating leases liability	3.25		%	3.26		%

Note: Sublease income and variable income or expense considered immaterial

Schedule of Remaining Commitments of Operating Lease Payments


(In thousands)
As of June 30, 2021
2021 remaining	$	5,186
2022	10,705
2023	10,592
2024	10,215
2025	9,851
Thereafter	8,911
Total undiscounted operating lease payments	55,460
Less: present value adjustment	4,295
Total operating leases liability	$	51,165

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Estimated Amortization Expense

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


(In thousands)
2021 remaining	$	603
2022	1,047
2023	888
2024	730
2025	574
Thereafter	913
Total	$	4,755

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


	June 30, 2021		December 31, 2020
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	1,287	$	6,735

Loans and letters of credit commitments	12,096		11,097
Funded portion of loans and letters of credit commitments	12,096		11,097

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
(In thousands)
Tax credits and other tax benefits recognized	$	343	$	1,860	$	911	$	1,860

- 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 Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Change in obligation for postretirement benefits and for prior service credit	$ 52	$ 55	$ 106	$ 110
Change in obligation for other benefits	40	19	(371)	37
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	92	74	(265)	147
Income tax effect	98	(20)	55	(41)
Net change in total obligation for postretirement benefits and prior service credit and for other benefits	190	54	(210)	106
Unrealized holding gains (losses) on available for sale securities	4,055	30,811	(1,381)	6,443
Reclassification adjustment for losses (gains) realized in income	(321)	(485)	(339)	(984)
Net unrealized gains (losses) on securities available for sale	3,734	30,326	(1,720)	5,459
Income tax effect	(1,020)	(8,443)	469	(1,520)
Net change in unrealized gains (losses) on available for sale securities	2,714	21,883	(1,251)	3,939
Total other comprehensive income (loss), net of taxes	$ 2,904	$ 21,937	$ (1,461)	$ 4,045

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 540,222	$ 473,269	$ 535,821	$ 490,544
Current Period Change	3,826	30,400	(1,985)	5,606
Income Tax Effect	(922)	(8,463)	524	(1,561)
Ending balance	548,211	503,702	548,211	503,702
Unrealized gains (losses) on benefits plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(2,056)
Current Period Change			(265)
Income Tax Effect			55
Ending balance	(2,266)		(2,266)
Unrealized gains (losses) on available for sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			19,232
Current Period Change			(1,720)
Income Tax Effect			469
Ending balance	17,981		17,981
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	12,811	(14,667)	17,176	3,225
Current Period Change			(1,985)
Income Tax Effect			524
Ending balance	$ 15,715	$ 7,270	$ 15,715	$ 7,270

- Definition

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

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- Definition

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

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-Subparagraph (b)(3)
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-Paragraph 15
-Subparagraph (e)
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-Subparagraph (a)(3)(iii)(03)

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-Interest Income - other	$ 129	$ 76	$ 290	$ 1,702
Income tax expense (benefit)	3,833	3,447	7,955	6,850
Compensation and employee benefits	16,964	17,334	35,003	34,792
Total reclassifications, net of income tax	10,408	10,374	22,597	19,919
Reclassification out of accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of income tax	238	355	256	720
Reclassification out of accumulated other comprehensive income (loss) \| Realized and recognized gains (losses) on sale of AFS and OTTI securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain (loss) on sale of investment securities available for sale, net	321	486	342	985
Non-Interest Income - other	0	(1)	(3)	(1)
Income tax expense (benefit)	88	135	93	274
Total reclassifications, net of income tax	233	350	246	710
Reclassification out of accumulated other comprehensive income (loss) \| Prior service credit on pension plans and other postretirement benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)	(2)	(2)	(4)	(4)
Compensation and employee benefits	7	7	14	14
Total reclassifications, net of income tax	$ 5	$ 5	$ 10	$ 10

- Definition

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

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

INVESTMENT SECURITIES - Amortized Cost and Fair Value of of AFS and HTM Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,799,993	$ 1,513,409
Gross Unrealized Gains	26,786	29,995
Gross Unrealized Losses	(2,053)	(3,542)
Fair Value	1,824,726	1,539,862
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	624,826	494,449
Gross Unrealized Gains	2,407	7,976
Gross Unrealized Losses	(5,279)	0
Fair Value	621,954	502,425
Mortgage-related
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	879,096	866,547
Gross Unrealized Gains	19,456	24,953
Gross Unrealized Losses	(609)	(814)
Fair Value	897,943	890,686
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	641	823
Gross Unrealized Gains	21	53
Gross Unrealized Losses	0	0
Fair Value	662	876
GSE residential certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,217	12,977
Gross Unrealized Gains	273	322
Gross Unrealized Losses	0	0
Fair Value	10,490	13,299
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	450	611
Gross Unrealized Gains	21	38
Gross Unrealized Losses	0	0
Fair Value	471	649
GSE residential CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	370,583	353,783
Gross Unrealized Gains	9,921	12,690
Gross Unrealized Losses	(156)	(52)
Fair Value	380,348	366,421
GSE commercial certificates & CMO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	421,942	421,488
Gross Unrealized Gains	8,977	11,548
Gross Unrealized Losses	(308)	(422)
Fair Value	430,611	432,614
Non-GSE residential certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,880	33,120
Gross Unrealized Gains	95	281
Gross Unrealized Losses	(20)	(17)
Fair Value	15,955	33,384
Non-GSE commercial certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,474	45,179
Gross Unrealized Gains	190	112
Gross Unrealized Losses	(125)	(323)
Fair Value	60,539	44,968
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	191	212
Gross Unrealized Gains	0	15
Gross Unrealized Losses	0	0
Fair Value	191	227
Other debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	920,897	646,862
Gross Unrealized Gains	7,330	5,042
Gross Unrealized Losses	(1,444)	(2,728)
Fair Value	926,783	649,176
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	624,185	493,626
Gross Unrealized Gains	2,386	7,923
Gross Unrealized Losses	(5,279)	0
Fair Value	621,292	501,549
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	200	200
Gross Unrealized Gains	2	3
Gross Unrealized Losses	0	0
Fair Value	202	203
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	841,093	595,062
Gross Unrealized Gains	5,817	4,356
Gross Unrealized Losses	(851)	(1,872)
Fair Value	846,059	597,546
Trust preferred
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,629	14,627
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(503)	(854)
Fair Value	14,126	13,773
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	64,975	36,973
Gross Unrealized Gains	1,511	683
Gross Unrealized Losses	(90)	(2)
Fair Value	66,396	37,654
PACE Assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	545,795	421,036
Gross Unrealized Gains	0	4,870
Gross Unrealized Losses	(5,192)	0
Fair Value	540,603	425,906
Municipal
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	75,290	67,490
Gross Unrealized Gains	2,386	3,019
Gross Unrealized Losses	(87)	0
Fair Value	77,589	70,509
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		0
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		0
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	3,100	5,100
Gross Unrealized Gains	0	34
Gross Unrealized Losses	0	0
Fair Value	$ 3,100	$ 5,134

INVESTMENT SECURITIES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
INVESTMENT SECURITIES - Narrative (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair value of available for sale securities, pledged as collateral	$ 940,800,000		$ 940,800,000
Fair value of held to maturity securities, pledged as collateral	0		0
Fair value of temporarily impaired securities	565,014,000		565,014,000		$ 592,469,000
Available for sale securities, temporarily impaired, unrealized loss	2,053,000		2,053,000		$ 3,542,000
Other than temporary impairment loss	0	$ 1,100	2,700	$ 1,100
Noninvestment Grade
Debt Securities, Available-for-sale [Line Items]
Fair value of temporarily impaired securities	545,800,000		545,800,000
Excluding GSE, US Treasury, TRUPS
Debt Securities, Available-for-sale [Line Items]
Fair value of temporarily impaired securities	827,100,000		827,100,000
Available for sale securities, temporarily impaired, unrealized loss	$ 6,300,000		$ 6,300,000

INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortized Cost
Amortized Cost	$ 1,799,993	$ 1,513,409
Fair Value
Fair Value	1,824,726	1,539,862
Amortized Cost
Amortized Cost	624,826	494,449
Fair Value
Fair Value	621,954	502,425
Other debt
Amortized Cost
Due within one year	200
Due after one year through five years	24,324
Due after five years through ten years	324,260
Due after ten years	572,113
Amortized Cost	920,897	646,862
Fair Value
Due within one year	202
Due after one year through five years	24,790
Due after five years through ten years	324,496
Due after ten years	577,295
Fair Value	926,783	649,176
Amortized Cost
Due within one year	1,100
Due after one year through five years	2,000
Due after five years through ten years	9,329
Due after ten years	611,756
Amortized Cost	624,185	493,626
Fair Value
Due within one year	1,100
Due after one year through five years	1,999
Due after five years through ten years	9,369
Due after ten years	608,824
Fair Value	$ 621,292	$ 501,549

INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 48,345	$ 24,657	$ 62,883	$ 52,420
Realized gains	490	731	562	1,254
Realized losses	(169)	(245)	(220)	(269)
Net realized gains (losses)	$ 321	$ 486	$ 342	$ 985

INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	$ 240,625	$ 159,966
Available for sale, less than 12 months, unrealized losses	(770)	(334)
Available for sale, 12 months or longer, fair value	324,389	432,503
Available for sale, 12 months or longer, unrealized losses	(1,283)	(3,208)
Available for sale, total fair value	565,014	592,469
Available for sale, total unrealized losses	(2,053)	(3,542)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	552,308
Held to maturity, less than 12 months, unrealized loss	(5,279)
Held to maturity, 12 months or longer, fair value	0
Held to maturity, 12 months or longer, unrealized loss	0
Held to maturity, total fair value	552,308
Held to maturity, total unrealized losses	(5,279)
GSE residential CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	28,535	31,106
Available for sale, less than 12 months, unrealized losses	(156)	(35)
Available for sale, 12 months or longer, fair value	0	12,910
Available for sale, 12 months or longer, unrealized losses	0	(17)
Available for sale, total fair value	28,535	44,016
Available for sale, total unrealized losses	(156)	(52)
GSE commercial certificates & CMO
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	70,054	116,667
Available for sale, less than 12 months, unrealized losses	(189)	(287)
Available for sale, 12 months or longer, fair value	182,769	75,126
Available for sale, 12 months or longer, unrealized losses	(119)	(135)
Available for sale, total fair value	252,823	191,793
Available for sale, total unrealized losses	(308)	(422)
Non-GSE residential certificates
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	10,974	2,138
Available for sale, less than 12 months, unrealized losses	(20)	(9)
Available for sale, 12 months or longer, fair value	0	3,077
Available for sale, 12 months or longer, unrealized losses	0	(8)
Available for sale, total fair value	10,974	5,215
Available for sale, total unrealized losses	(20)	(17)
Non-GSE commercial certificates
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	19,935	47
Available for sale, less than 12 months, unrealized losses	(84)	0
Available for sale, 12 months or longer, fair value	10,931	29,207
Available for sale, 12 months or longer, unrealized losses	(41)	(323)
Available for sale, total fair value	30,866	29,254
Available for sale, total unrealized losses	(125)	(323)
ABS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	98,216	3,010
Available for sale, less than 12 months, unrealized losses	(231)	(1)
Available for sale, 12 months or longer, fair value	116,563	298,410
Available for sale, 12 months or longer, unrealized losses	(620)	(1,871)
Available for sale, total fair value	214,779	301,420
Available for sale, total unrealized losses	(851)	(1,872)
Trust preferred
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	0	0
Available for sale, less than 12 months, unrealized losses	0	0
Available for sale, 12 months or longer, fair value	14,126	13,773
Available for sale, 12 months or longer, unrealized losses	(503)	(854)
Available for sale, total fair value	14,126	13,773
Available for sale, total unrealized losses	(503)	(854)
Corporate
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	12,911	6,998
Available for sale, less than 12 months, unrealized losses	(90)	(2)
Available for sale, 12 months or longer, fair value	0	0
Available for sale, 12 months or longer, unrealized losses	0	0
Available for sale, total fair value	12,911	6,998
Available for sale, total unrealized losses	(90)	$ (2)
PACE Assessments
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	540,603
Held to maturity, less than 12 months, unrealized loss	(5,192)
Held to maturity, 12 months or longer, fair value	0
Held to maturity, 12 months or longer, unrealized loss	0
Held to maturity, total fair value	540,603
Held to maturity, total unrealized losses	(5,192)
Municipal
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	8,605
Held to maturity, less than 12 months, unrealized loss	(87)
Held to maturity, 12 months or longer, fair value	0
Held to maturity, 12 months or longer, unrealized loss	0
Held to maturity, total fair value	8,605
Held to maturity, total unrealized losses	(87)
Other
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	3,100
Held to maturity, less than 12 months, unrealized loss	0
Held to maturity, 12 months or longer, fair value	0
Held to maturity, 12 months or longer, unrealized loss	0
Held to maturity, total fair value	3,100
Held to maturity, total unrealized losses	$ 0

LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 3,169,754		$ 3,482,565
Net deferred loan origination costs (fees)	5,707		6,330
Total loans receivable, net of deferred loan origination costs (fees)	3,175,461		3,488,895
Allowance for loan losses	(38,012)	$ (36,662)	(41,589)	$ (50,010)	$ (42,348)	$ (33,847)
Total loans receivable, net	3,137,449		3,447,306
Commercial portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,861,698		2,053,192
Commercial portfolio \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	619,037		677,192
Allowance for loan losses	(12,092)	(8,692)	(9,065)	(15,444)	(14,930)	(11,126)
Commercial portfolio \| Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	848,651		947,177
Allowance for loan losses	(5,672)	(6,125)	(10,324)	(7,063)	(5,886)	(5,210)
Commercial portfolio \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	351,707		372,736
Allowance for loan losses	(8,388)	(8,464)	(6,213)	(5,977)	(2,736)	(2,492)
Commercial portfolio \| Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	42,303		56,087
Allowance for loan losses	(1,449)	(1,391)	(2,077)	(3,276)	(1,740)	(808)
Retail portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,308,056		1,429,373
Retail portfolio \| Residential real estate lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,085,791		1,238,697
Allowance for loan losses	(9,785)	(10,747)	(12,330)	(16,440)	(15,430)	(14,149)
Retail portfolio \| Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	222,265		190,676
Allowance for loan losses	$ (626)	$ (1,243)	$ (1,580)	$ (1,810)	$ (1,626)	$ (62)

LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 3,169,754	$ 3,482,565
Non- Accrual	51,931	60,548
90 Days or More Delinquent and Still Accruing Interest	0	1,404
Current and Not Accruing Interest	0	376
30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	22,355	44,679
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	74,286	106,631
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,095,468	3,375,558
Commercial portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,861,698	2,053,192
Non- Accrual	28,893	36,636
90 Days or More Delinquent and Still Accruing Interest	0	1,404
Current and Not Accruing Interest	0	0
Commercial portfolio \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	14,921	24,138
Commercial portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	43,814	62,178
Commercial portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,817,884	1,991,014
Commercial portfolio \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	619,037	677,192
Non- Accrual	14,561	12,444
90 Days or More Delinquent and Still Accruing Interest	0	1,404
Current and Not Accruing Interest	0	0
Commercial portfolio \| Commercial and industrial \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial portfolio \| Commercial and industrial \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	14,561	13,848
Commercial portfolio \| Commercial and industrial \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	604,476	663,344
Commercial portfolio \| Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	848,651	947,177
Non- Accrual	10,266	9,575
90 Days or More Delinquent and Still Accruing Interest	0	0
Current and Not Accruing Interest	0	0
Commercial portfolio \| Multifamily \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,567	3,590
Commercial portfolio \| Multifamily \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	13,833	13,165
Commercial portfolio \| Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	834,818	934,012
Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	351,707	372,736
Non- Accrual	4,066	3,433
90 Days or More Delinquent and Still Accruing Interest	0	0
Current and Not Accruing Interest	0	0
Commercial portfolio \| Commercial real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	11,354	10,574
Commercial portfolio \| Commercial real estate \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,420	14,007
Commercial portfolio \| Commercial real estate \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	336,287	358,729
Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	42,303	56,087
Non- Accrual	0	11,184
90 Days or More Delinquent and Still Accruing Interest	0	0
Current and Not Accruing Interest	0	0
Commercial portfolio \| Construction and land development \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	9,974
Commercial portfolio \| Construction and land development \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	21,158
Commercial portfolio \| Construction and land development \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	42,303	34,929
Retail portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,308,056	1,429,373
Non- Accrual	23,038	23,912
90 Days or More Delinquent and Still Accruing Interest	0	0
Current and Not Accruing Interest	0	376
Retail portfolio \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,434	20,541
Retail portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	30,472	44,453
Retail portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,277,584	1,384,544
Retail portfolio \| Residential real estate lending
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,085,791	1,238,697
Non- Accrual	22,320	23,280
90 Days or More Delinquent and Still Accruing Interest	0	0
Current and Not Accruing Interest	0	376
Retail portfolio \| Residential real estate lending \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,882	19,526
Retail portfolio \| Residential real estate lending \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	28,202	42,806
Retail portfolio \| Residential real estate lending \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,057,589	1,195,515
Retail portfolio \| Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	222,265	190,676
Non- Accrual	718	632
90 Days or More Delinquent and Still Accruing Interest	0	0
Current and Not Accruing Interest	0	0
Retail portfolio \| Consumer and other \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,552	1,015
Retail portfolio \| Consumer and other \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,270	1,647
Retail portfolio \| Consumer and other \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 219,995	$ 189,029

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Loans held for sale	$ 8,230	$ 11,178
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	3,169,754	3,482,565
Mortgage loans pledged to the FHLBNY to secure outstanding advances and letters of credit	900,000	1,200,000
Related party loans outstanding	463	0
Principal and Interest Payment Deferral Method - CARES Act
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	4,000
Retail portfolio
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	1,308,056	1,429,373
Retail portfolio \| Residential real estate lending
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	1,085,791	1,238,697
Retail portfolio \| Consumer and other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	222,265	190,676
Retail portfolio \| Principal and Interest Payment Deferral Method - CARES Act \| Residential real estate lending
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	4,000
Commercial portfolio
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	1,861,698	$ 2,053,192
Commercial portfolio \| Principal and Interest Payment Deferral Method - CARES Act \| Consumer and other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	$ 0

LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	$ 18,683	$ 19,553
Non- Accrual	20,494	20,885
Total	3,169,754	3,482,565
Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	39,177	40,438
Commercial portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	1,861,698	2,053,192
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	1,590	1,648
Non- Accrual	11,667	12,116
Total	619,037	677,192
Commercial portfolio \| Commercial and industrial \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	13,257	13,764
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	0	0
Non- Accrual	3,300	3,433
Total	351,707	372,736
Commercial portfolio \| Commercial real estate \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	3,300	3,433
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	2,424	0
Non- Accrual	0	2,682
Total	42,303	56,087
Commercial portfolio \| Construction and land development \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	2,424	2,682
Retail portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	1,308,056	1,429,373
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	14,669	17,905
Non- Accrual	5,527	2,654
Total	1,085,791	1,238,697
Retail portfolio \| Residential real estate lending \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 20,196	$ 20,559

LOANS RECEIVABLE, NET - Method of Evaluating Impairment of Loans and Allowance (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	$ 70,614		$ 80,477
Loans - collectively evaluated for impairment	3,099,140		3,402,088
Total Loans Receivable	3,169,754		3,482,565
Allowance for loan losses - individually evaluated for impairment	6,305		6,238
Allowance for loan losses - collectively evaluated for impairment	31,707		35,351
Total allowance for loan losses	38,012	$ 36,662	41,589	$ 50,010	$ 42,348	$ 33,847
Commercial portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans Receivable	1,861,698		2,053,192
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	16,869		14,706
Loans - collectively evaluated for impairment	602,168		662,486
Total Loans Receivable	619,037		677,192
Allowance for loan losses - individually evaluated for impairment	5,101		3,118
Allowance for loan losses - collectively evaluated for impairment	6,991		5,947
Total allowance for loan losses	12,092	8,692	9,065	15,444	14,930	11,126
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	10,266		9,575
Loans - collectively evaluated for impairment	838,385		937,602
Total Loans Receivable	848,651		947,177
Allowance for loan losses - individually evaluated for impairment	250		1,933
Allowance for loan losses - collectively evaluated for impairment	5,422		8,391
Total allowance for loan losses	5,672	6,125	10,324	7,063	5,886	5,210
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	4,066		3,433
Loans - collectively evaluated for impairment	347,641		369,303
Total Loans Receivable	351,707		372,736
Allowance for loan losses - individually evaluated for impairment	0		0
Allowance for loan losses - collectively evaluated for impairment	8,388		6,213
Total allowance for loan losses	8,388	8,464	6,213	5,977	2,736	2,492
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	2,424		11,184
Loans - collectively evaluated for impairment	39,879		44,903
Total Loans Receivable	42,303		56,087
Allowance for loan losses - individually evaluated for impairment	0		0
Allowance for loan losses - collectively evaluated for impairment	1,449		2,077
Total allowance for loan losses	1,449	1,391	2,077	3,276	1,740	808
Retail portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans Receivable	1,308,056		1,429,373
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	36,989		41,579
Loans - collectively evaluated for impairment	1,048,802		1,197,118
Total Loans Receivable	1,085,791		1,238,697
Allowance for loan losses - individually evaluated for impairment	954		1,187
Allowance for loan losses - collectively evaluated for impairment	8,831		11,143
Total allowance for loan losses	9,785	10,747	12,330	16,440	15,430	14,149
Retail portfolio \| Consumer and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	0		0
Loans - collectively evaluated for impairment	222,265		190,676
Total Loans Receivable	222,265		190,676
Allowance for loan losses - individually evaluated for impairment	0		0
Allowance for loan losses - collectively evaluated for impairment	626		1,580
Total allowance for loan losses	$ 626	$ 1,243	$ 1,580	$ 1,810	$ 1,626	$ 62

LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 36,662	$ 42,348	$ 41,589	$ 33,847
Provision for (recovery of) loan losses	1,682	8,221	(1,579)	16,808
Charge-offs	(896)	(729)	(3,285)	(1,056)
Recoveries	564	170	1,287	411
Ending Balance	38,012	50,010	38,012	50,010
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	8,692	14,930	9,065	11,126
Provision for (recovery of) loan losses	3,397	514	2,820	4,316
Charge-offs	0	(2)	0	(1)
Recoveries	3	2	207	3
Ending Balance	12,092	15,444	12,092	15,444
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,125	5,886	10,324	5,210
Provision for (recovery of) loan losses	(453)	1,177	(2,744)	1,853
Charge-offs	0	0	(1,908)	0
Recoveries	0	0	0	0
Ending Balance	5,672	7,063	5,672	7,063
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	8,464	2,736	6,213	2,492
Provision for (recovery of) loan losses	(76)	3,241	2,175	3,485
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	8,388	5,977	8,388	5,977
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,391	1,740	2,077	808
Provision for (recovery of) loan losses	58	1,536	(629)	2,468
Charge-offs	0	0	0	0
Recoveries	0	0	1	0
Ending Balance	1,449	3,276	1,449	3,276
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	10,747	15,430	12,330	14,149
Provision for (recovery of) loan losses	(1,446)	1,099	(3,383)	2,192
Charge-offs	(60)	(240)	(201)	(264)
Recoveries	544	151	1,039	363
Ending Balance	9,785	16,440	9,785	16,440
Retail portfolio \| Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,243	1,626	1,580	62
Provision for (recovery of) loan losses	202	654	182	2,494
Charge-offs	(836)	(487)	(1,176)	(791)
Recoveries	17	17	40	45
Ending Balance	$ 626	$ 1,810	$ 626	$ 1,810

LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	$ 23,153	$ 35,441
Loans without a related allowance - average recorded investment	29,298	26,198
Loans without a related allowance - unpaid principal balance	28,225	37,125
Loans with a related allowance - recorded investment	47,461	45,036
Loans with a related allowance - average recorded investment	46,249	46,727
Loans with a related allowance - unpaid principal balance	72,140	61,479
Total individually impaired loans - recorded investment	70,614	80,477
Total individually impaired loans - average recorded investment	75,547	72,925
Total individually impaired loans - unpaid principal balance	100,365	98,604
Individually impaired loans - related allowance	6,305	6,238
Retail portfolio \| Residential real estate lending
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	16,663	20,824
Loans without a related allowance - average recorded investment	18,744	12,660
Loans without a related allowance - unpaid principal balance	20,998	20,898
Loans with a related allowance - recorded investment	20,326	20,755
Loans with a related allowance - average recorded investment	20,540	22,151
Loans with a related allowance - unpaid principal balance	25,673	24,680
Total individually impaired loans - recorded investment	36,989	41,579
Total individually impaired loans - average recorded investment	39,284	34,811
Total individually impaired loans - unpaid principal balance	46,671	45,578
Individually impaired loans - related allowance	954	1,187
Commercial portfolio \| Construction and land development
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	2,424	11,184
Loans without a related allowance - average recorded investment	6,804	7,418
Loans without a related allowance - unpaid principal balance	2,424	12,204
Total individually impaired loans - recorded investment	2,424	11,184
Total individually impaired loans - average recorded investment	6,804	7,418
Total individually impaired loans - unpaid principal balance	2,424	12,204
Individually impaired loans - related allowance	0	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	4,066	3,433
Loans without a related allowance - average recorded investment	3,750	6,120
Loans without a related allowance - unpaid principal balance	4,803	4,023
Total individually impaired loans - recorded investment	4,066	3,433
Total individually impaired loans - average recorded investment	3,750	6,120
Total individually impaired loans - unpaid principal balance	4,803	4,023
Individually impaired loans - related allowance	0	0
Commercial portfolio \| Multifamily
Financing Receivable, Impaired [Line Items]
Loans with a related allowance - recorded investment	10,266	9,575
Loans with a related allowance - average recorded investment	9,921	4,788
Loans with a related allowance - unpaid principal balance	12,215	9,589
Total individually impaired loans - recorded investment	10,266	9,575
Total individually impaired loans - average recorded investment	9,921	4,788
Total individually impaired loans - unpaid principal balance	12,215	9,589
Individually impaired loans - related allowance	250	1,933
Commercial portfolio \| Commercial and industrial
Financing Receivable, Impaired [Line Items]
Loans with a related allowance - recorded investment	16,869	14,706
Loans with a related allowance - average recorded investment	15,788	19,788
Loans with a related allowance - unpaid principal balance	34,252	27,210
Total individually impaired loans - recorded investment	16,869	14,706
Total individually impaired loans - average recorded investment	15,788	19,788
Total individually impaired loans - unpaid principal balance	34,252	27,210
Individually impaired loans - related allowance	$ 5,101	$ 3,118

DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amount
Non-interest bearing demand deposit accounts	$ 2,948,718	$ 2,603,274
NOW accounts	200,758	205,653
Money market deposit accounts	2,136,719	1,914,391
Savings accounts	371,047	343,368
Time deposits	252,750	272,025
Total deposits	$ 5,909,992	$ 5,338,711
Weighted Average Rate
NOW accounts	0.07%	0.06%
Money market deposit accounts	0.11%	0.13%
Savings accounts	0.11%	0.12%
Time deposits	0.36%	0.86%
Deposits	0.06%	0.10%

DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Time Deposits, Fiscal Year Maturity [Abstract]
2021	$ 147,752
2022	72,933
2023	14,358
2024	12,030
2025	4,218
Thereafter	1,459
Total time deposits	$ 252,750	$ 272,025

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statistical Disclosure for Banks [Abstract]
Time deposits at or above FDIC limit	$ 46.2	$ 31.2
CDARS deposits	82.1	123.8
Deposits from Workers United and other related entities	80.3	95.8
State and municipal deposits	$ 38.6	$ 15.2

BORROWED FUNDS - Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other eligible assets pledged as collateral	$ 1,400.0
Required percentage of pledged assets to FHLBNY of outstanding advances	110.00%
Compromised Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other eligible assets pledged as collateral	$ 686.3
Mortgage Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other eligible assets pledged as collateral	$ 735.4

EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Number of antidilutive shares (in shares)	76	219

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income attributable to Amalgamated Financial Corp.	$ 10,408	$ 10,374	$ 22,597	$ 19,919
Dividends paid on preferred stock	0	0	0	0
Income attributable to common stock	$ 10,408	$ 10,374	$ 22,597	$ 19,919
Weighted average common shares outstanding, basic (in shares)	31,136	31,023	31,109	31,217
Basic earnings per common share (in dollars per share)	$ 0.33	$ 0.33	$ 0.73	$ 0.64
Incremental shares for assumed conversion of options and RSUs (in shares)	436	12	436	128
Weighted average common shares outstanding, diluted (in shares)	31,572	31,035	31,545	31,345
Diluted earnings per common share (in dollars per share)	$ 0.33	$ 0.33	$ 0.72	$ 0.64

- 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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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Number of Options
Outstanding, balance at the beginning of the period (in shares)	1,978,560
Granted (in shares)	0
Forfeited/expired (in shares)	0
Exercised (in shares)	(951,800)
Outstanding, balance at the end of the period (in shares)	1,026,760	1,978,560
Vested and exercisable (in shares)	1,026,760
Weighted Average Exercise Price
Outstanding, balance at the beginning of the period (in dollars per share)	$ 13.03
Granted (in dollars per share)	0
Forfeited/expired (in dollars per share)	0
Exercised (in dollars per share)	12.88
Outstanding, balance at the end of the period (in dollars per share)	13.17	$ 13.03
Vested and exercisable (in dollars per share)	$ 13.17
Other Disclosures
Options outstanding, weighted average remaining contractual term	5 years 3 months 18 days	4 years 4 months 24 days
Options vested and exercisable, weighted average remaining contractual term	5 years 3 months 18 days
Options outstanding, aggregate intrinsic value	$ 2,529
Options exercisable, aggregate intrinsic value	$ 2,529

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock options, minimum (in dollars per share)			$ 11.00
Exercise price of stock options, maximum (in dollars per share)			$ 14.65
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 0.0		$ 0.2
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for stock-based awards (in shares)	1,250,000		1,250,000
Number of shares available for issuance (in shares)	595,706		595,706
Number of shares granted (in shares)			260,355
Fair value of shares granted (in dollars per share)			$ 15.81
Unvested shares (in shares)	439,014		439,014	290,637
Restricted Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 0.1	$ 0.1
Unrecognized compensation cost	0.0		$ 0.0
Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 0.3	$ 0.5
Number of shares granted (in shares)			260,335
Number of shares reserved for issuance (in shares)	283,859		283,859
Fair value of shares granted (in dollars per share)			$ 15.81
Unrecognized compensation cost, period for recognition			2 years 3 months 18 days
Unrecognized compensation cost	$ 5.4		$ 5.4
Restricted Stock Units \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			229,685
Restricted Stock Units \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			507,950
Time-Based Restricted Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			28,710
Vesting period			1 year
Time-Based Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			213,348
Vesting period			3 years
Performance Shares \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			47,007
Performance Shares \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			0
Performance Shares \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			35,196
Performance-Based Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			23,464
Vesting period			3 years
Market-Based Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			23,543
Vesting period			3 years
Fair value of shares granted (in dollars per share)			$ 14.95
Market-Based Restricted Stock Units \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			0
Market-Based Restricted Stock Units \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			35,315

EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Shares
Unvested at the beginning of the period (in shares) \| shares	290,637
Awarded (in shares) \| shares	260,355
Forfeited (in shares) \| shares	(51,221)
Exercised (in shares) \| shares	(60,757)
Unvested at the end of the period (in shares) \| shares	439,014
Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 15.99
Awarded (in dollars per share) \| $ / shares	15.81
Forfeited (in dollars per share) \| $ / shares	13.02
Exercised (in dollars per share) \| $ / shares	14.45
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 15.43
Employee
Shares
Awarded (in shares) \| shares	260,335
Grant Date Fair Value
Awarded (in dollars per share) \| $ / shares	$ 15.81

FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Measured on Non-Recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 64,309	$ 67,433
Other real estate owned	307	307
Total value of assets measured on non-recurring basis	64,616	67,740
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	64,309	67,433
Other real estate owned	335	303
Total value of assets measured on non-recurring basis	64,644	67,736
Level 1 \| Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0	0
Other real estate owned	0	0
Total value of assets measured on non-recurring basis	0	0
Level 2 \| Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0	0
Other real estate owned	0	0
Total value of assets measured on non-recurring basis	0	0
Level 3 \| Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	64,309	67,433
Other real estate owned	335	303
Total value of assets measured on non-recurring basis	$ 64,644	$ 67,736

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Basis and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Available for sale securities	$ 1,824,726	$ 1,539,862
Held to maturity securities	621,954	502,425
Carrying Value
Financial assets:
Cash and cash equivalents	547,445	38,769
Available for sale securities	1,824,726	1,513,409
Held to maturity securities	624,826	494,449
Loans held for sale	8,230	11,178
Loans receivable, net	3,137,449	3,447,306
Resell agreements	141,651	154,779
Accrued interest and dividends receivable	22,648	23,970
Financial liabilities:
Accrued interest payable	276	386
Carrying Value \| Deposits payable on demand
Financial liabilities:
Deposits payable on demand	5,657,242	5,066,687
Carrying Value \| Time deposits
Financial liabilities:
Deposits payable on demand	252,750	272,025
Estimated Fair Value
Financial assets:
Cash and cash equivalents	547,445	38,769
Available for sale securities	1,824,726	1,539,862
Held to maturity securities	621,954	502,425
Loans held for sale	8,230	11,178
Loans receivable, net	3,201,138	3,566,742
Resell agreements	141,651	154,779
Accrued interest and dividends receivable	22,648	23,970
Financial liabilities:
Accrued interest payable	276	386
Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits payable on demand	5,657,242	5,066,687
Estimated Fair Value \| Time deposits
Financial liabilities:
Deposits payable on demand	252,972	272,451
Level 1 \| Estimated Fair Value
Financial assets:
Cash and cash equivalents	547,445	38,769
Available for sale securities	202	203
Held to maturity securities	0	0
Loans held for sale	0	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest and dividends receivable	0	0
Financial liabilities:
Accrued interest payable	0	0
Level 1 \| Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits payable on demand	0	0
Level 1 \| Estimated Fair Value \| Time deposits
Financial liabilities:
Deposits payable on demand	0	0
Level 2 \| Estimated Fair Value
Financial assets:
Cash and cash equivalents	0	0
Available for sale securities	1,824,524	1,539,659
Held to maturity securities	81,351	76,519
Loans held for sale	0	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest and dividends receivable	22,648	23,970
Financial liabilities:
Accrued interest payable	276	386
Level 2 \| Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits payable on demand	5,657,242	5,066,687
Level 2 \| Estimated Fair Value \| Time deposits
Financial liabilities:
Deposits payable on demand	252,972	272,451
Level 3 \| Estimated Fair Value
Financial assets:
Cash and cash equivalents	0	0
Available for sale securities	0	0
Held to maturity securities	540,603	425,906
Loans held for sale	8,230	11,178
Loans receivable, net	3,201,138	3,566,742
Resell agreements	141,651	154,779
Accrued interest and dividends receivable	0	0
Financial liabilities:
Accrued interest payable	0	0
Level 3 \| Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits payable on demand	0	0
Level 3 \| Estimated Fair Value \| Time deposits
Financial liabilities:
Deposits payable on demand	$ 0	$ 0

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 621,202	$ 473,451
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	605,084	455,541
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 16,118	$ 17,910

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Reserve for credit risk inherent in off balance sheet credit commitments	$ 1.1	$ 1.2
Property Assessed Clean Energy Commitments
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Investment obligations	375.0
Investment obligations, amount fulfilled	262.6	$ 165.4
Other Property Assessed Clean Energy Commitments
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Investment obligations	$ 100.0

LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 2,184	$ 2,766
Cash paid for amounts included in the measurement of operating leases liability	$ 2,493	$ 4,423
Weighted average remaining lease term on operating leases (in years)	5 years 2 months 12 days	6 years 2 months 12 days
Weighted average discount rate used for operating leases liability	3.25%	3.26%

LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 remaining	$ 5,186
2022	10,705
2023	10,592
2024	10,215
2025	9,851
Thereafter	8,911
Total undiscounted operating lease payments	55,460
Less: present value adjustment	4,295
Total operating leases liability	$ 51,165	$ 53,173

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 12,936	$ 12,936
Accumulated amortization of intangible assets	$ 4,300

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021 remaining	$ 603
2022	1,047
2023	888
2024	730
2025	574
Thereafter	913
Total	$ 4,755

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum exposure to credit loss	$ 13,400		$ 13,400
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Tax credit investments included in equity investments	1,287		1,287		$ 6,735
Loans and letters of credit commitments	12,096		12,096		11,097
Funded portion of loans and letters of credit commitments	12,096		12,096		$ 11,097
Tax credits and other tax benefits recognized	$ 343	$ 1,860	$ 911	$ 1,860

LOANS RECEIVABLE, NET - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	$ 3,169,754	$ 3,482,565
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	2,833,872	3,114,298
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	165,214	211,853
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	167,038	155,952
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	3,630	462
Commercial portfolio
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,861,698	2,053,192
Commercial portfolio \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	619,037	677,192
Commercial portfolio \| Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	568,878	627,553
Commercial portfolio \| Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	17,569	16,407
Commercial portfolio \| Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	32,133	32,770
Commercial portfolio \| Commercial and industrial \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	457	462
Commercial portfolio \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	848,651	947,177
Commercial portfolio \| Multifamily \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	711,551	775,605
Commercial portfolio \| Multifamily \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	101,579	138,090
Commercial portfolio \| Multifamily \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	32,348	33,482
Commercial portfolio \| Multifamily \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	3,173	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	351,707	372,736
Commercial portfolio \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	234,018	276,712
Commercial portfolio \| Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	45,236	41,420
Commercial portfolio \| Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	72,453	54,604
Commercial portfolio \| Commercial real estate \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	0
Commercial portfolio \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	42,303	56,087
Commercial portfolio \| Construction and land development \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	34,414	28,967
Commercial portfolio \| Construction and land development \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	535	15,936
Commercial portfolio \| Construction and land development \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	7,354	11,184
Commercial portfolio \| Construction and land development \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	0
Retail portfolio
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,308,056	1,429,373
Retail portfolio \| Residential real estate lending
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,085,791	1,238,697
Retail portfolio \| Residential real estate lending \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,063,176	1,215,417
Retail portfolio \| Residential real estate lending \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	295	0
Retail portfolio \| Residential real estate lending \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	22,320	23,280
Retail portfolio \| Residential real estate lending \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	0
Retail portfolio \| Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	222,265	190,676
Retail portfolio \| Consumer and other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	221,835	190,044
Retail portfolio \| Consumer and other \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	0
Retail portfolio \| Consumer and other \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	430	632
Retail portfolio \| Consumer and other \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	$ 0	$ 0