0001823608-22-000044 | 10-K | XBRL Viewer | Amalgamated Financial Corp

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Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 8,622	$ 7,736
Interest-bearing deposits in banks	321,863	31,033
Total cash and cash equivalents	330,485	38,769
Securities:
Available for sale, at fair value (amortized cost of $2,103,049 and $1,513,409, respectively)	2,113,410	1,539,862
Held-to-maturity (fair value of $849,704 and $502,425, respectively)	843,569	494,449
Loans held for sale	3,279	11,178
Loans receivable, net of deferred loan origination costs (fees)	3,312,224	3,488,895
Allowance for loan losses	(35,866)	(41,589)
Loans receivable, net	3,276,358	3,447,306
Resell agreements	229,018	154,779
Accrued interest and dividends receivable	28,820	23,970
Premises and equipment, net	11,735	12,977
Bank-owned life insurance	107,266	105,888
Right-of-use lease asset	33,115	36,104
Deferred tax asset	26,719	36,079
Goodwill	12,936	12,936
Other intangible assets	4,151	5,359
Equity investments	6,856	11,735
Other assets	50,159	47,240
Total assets	7,077,876	5,978,631
Liabilities
Deposits	6,356,255	5,338,711
Subordinated Debt	83,831	0
Operating leases	48,160	53,173
Other liabilities	25,755	50,926
Total liabilities	6,514,001	5,442,810
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 31,130,143 and 31,049,525 shares issued and outstanding, respectively)	311	310
Additional paid-in capital	297,975	300,989
Retained earnings	260,047	217,213
Accumulated other comprehensive income (loss), net of income taxes	5,409	17,176
Total Amalgamated Financial Corp. stockholders' equity	563,742	535,688
Noncontrolling interests	133	133
Total stockholders' equity	563,875	535,821
Total liabilities and stockholders’ equity	$ 7,077,876	$ 5,978,631

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available for sale, amortized cost	$ 2,103,049	$ 1,513,409
Held-to-maturity, fair value	$ 849,704	$ 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)	31,130,143	31,049,525
Common stock, shares outstanding (in shares)	31,130,143	31,049,525
Fixed-to-Floating Rate Notes \| Subordinated Debt
Face amount	$ 85,000
Issuance costs	$ 1,169

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INTEREST AND DIVIDEND INCOME
Loans	$ 123,318	$ 141,983	$ 139,995
Securities	56,387	47,588	44,197
Federal Home Loan Bank of New York stock	170	227	813
Interest-bearing deposits in banks	651	697	949
Total interest and dividend income	180,526	190,495	185,954
INTEREST EXPENSE
Deposits	5,823	10,452	14,461
Borrowed funds	399	27	4,856
Total interest expense	6,222	10,479	19,317
NET INTEREST INCOME	174,304	180,016	166,637
Provision for (recovery of) loan losses	(287)	24,791	3,837
Net interest income after provision for loan losses	174,591	155,225	162,800
NON-INTEREST INCOME
Trust Department fees	13,352	15,222	18,598
Service charges on deposit accounts	9,355	9,201	8,544
Bank-owned life insurance	2,388	3,085	1,649
Gain (loss) on sale of securities	649	1,605	83
Gain (loss) on sale of loans, net	1,887	2,520	13
Gain (loss) on other real estate owned, net	(407)	(482)	(564)
Equity method investments	150	7,411	0
Other	1,015	2,042	878
Total non-interest income	28,389	40,604	29,201
NON-INTEREST EXPENSE
Compensation and employee benefits	69,844	69,421	70,276
Occupancy and depreciation	14,023	23,040	17,721
Professional fees	12,961	11,205	11,934
Data processing	16,042	11,330	10,880
Office maintenance and depreciation	3,057	3,314	3,540
Amortization of intangible assets	1,207	1,370	1,374
Advertising and promotion	3,230	3,514	2,908
Other	11,891	10,692	9,194
Total non-interest expense	132,255	133,886	127,827
Income before income taxes	70,725	61,943	64,174
Income tax expense (benefit)	17,788	15,755	16,972
Net income	$ 52,937	$ 46,188	$ 47,202
Earnings per common share - basic (in dollars per share)	$ 1.70	$ 1.48	$ 1.49
Earnings per common share - diluted (in dollars per share)	$ 1.68	$ 1.48	$ 1.47

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 52,937	$ 46,188	$ 47,202
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	(63)	362	(183)
Net unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses)	(15,438)	20,374	21,309
Reclassification adjustment for losses (gains) realized in income	(654)	(1,604)	(86)
Net unrealized gains (losses) on securities available for sale	(16,092)	18,770	21,223
Other comprehensive income (loss), before tax	(16,155)	19,132	21,040
Income tax effect	4,388	(5,181)	(5,825)
Total other comprehensive income (loss), net of taxes	(11,767)	13,951	15,215
Total comprehensive income (loss), net of taxes	$ 41,170	$ 60,139	$ 62,417

Consolidated Statements of Changes in Stockholders’ Equity - 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, 2018	$ 439,371	$ 439,237	$ 318	$ 308,678	$ 142,231	$ (11,990)	$ 134
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,202	47,202			47,202
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares	(22)	(22)			(22)
Dividends	(8,279)	(8,279)			(8,279)
Repurchase of shares	(5,785)	(5,785)	(3)	(5,782)
Exercise of stock options, net of repurchases	400	400		400
Stock-based compensation expense	2,442	2,442		2,442
Other comprehensive income (loss), net of taxes	15,215	15,215				15,215
Ending 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	46,188	46,188			46,188
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares	(22)	(22)			(22)
Dividends	(10,081)	(10,081)			(10,081)
Redemption of AREMCO class B shares	(5)	(4)			(4)		(1)
Repurchase of shares	(7,001)	(7,001)	(5)	(6,996)
Exercise of stock options, net of repurchases	(23)	(23)		(23)
Restricted stock unit vesting, net of repurchases	(116)	(116)		(116)
Stock-based compensation expense	2,386	2,386		2,386
Other comprehensive income (loss), net of taxes	13,951	13,951				13,951
Ending 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	52,937	52,937			52,937
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares	(22)	(22)			(22)
Dividends	(10,081)	(10,081)			(10,081)
Repurchase of shares	(2,920)	(2,920)	(1)	(2,919)
Exercise of stock options, net of repurchases	(1,799)	(1,799)	2	(1,801)
Restricted stock unit vesting, net of repurchases	(90)	(90)		(90)
Stock-based compensation expense	1,796	1,796		1,796
Other comprehensive income (loss), net of taxes	(11,767)	(11,767)				(11,767)
Ending balance at Dec. 31, 2021	$ 563,875	$ 563,742	$ 311	$ 297,975	$ 260,047	$ 5,409	$ 133

Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.32	$ 0.32	$ 0.26

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$ 52,937

$ 46,188

$ 47,202

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

Depreciation and amortization

3,638

6,194

4,629

Amortization of intangible assets

1,207

1,370

1,374

Deferred income tax expense (benefit)

7,050

(407)

5,029

Provision for (recovery of) loan losses

(287)

24,791

3,837

Stock-based compensation expense

1,796

2,386

2,442

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

2,743

3,199

1,471

Net amortization on securities

3,869

1,837

(5,845)

OTTI loss (gain) recognized in earnings

(5)

(3)

Net loss (income) from equity method investments

(150)

(7,411)

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

(649)

(1,605)

(83)

Net loss (gain) on sale of loans

(1,887)

(2,520)

(13)

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

407

482

564

Net loss (gain) on owned property held for sale

(1,394)

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

(266)

(1,594)

Proceeds from sales of loans held for sale

123,566

159,309

21,014

Originations of loans held for sale

(112,833)

(165,569)

(22,502)

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

(2,122)

(1,514)

(1,565)

Decrease (increase) in accrued interest and dividends receivable

(4,850)

(4,882)

(4,701)

Decrease (increase) in other assets

^[1]

7,445

11,041

18,180

Increase (decrease) in accrued expenses and other liabilities

^[2]

(11,071)

(4,131)

12,431

Net cash provided by operating activities

70,538

65,771

83,461

CASH FLOWS FROM INVESTING ACTIVITIES

Net decrease (increase) in loans

167,545

(36,599)

(350,263)

Proceeds from sales of loans

115,856

Purchase of securities available for sale

(1,220,727)

(683,688)

(479,311)

Purchase of securities held to maturity

(472,615)

(256,093)

(291,601)

Proceeds from sales of securities available for sale

111,274

94,698

245,260

Maturities, principal payments and redemptions of securities available for sale

508,211

278,524

205,557

Maturities, principal payments and redemptions of securities held to maturity

119,802

52,779

9,016

Decrease (increase) in resell agreements

(74,239)

(154,779)

Purchase of equity method investments

(5,764)

(31,039)

Payment to Acquire Life Insurance Policy, Investing Activities

(25,000)

Decrease (increase) of FHLBNY stock, net

214

3,105

147

Purchases of premises and equipment

(2,396)

(1,612)

(753)

Proceeds from redemption of bank-owned life insurance

1,010

2,934

Proceeds from sale of owned assets

1,613

Proceeds from sale of other real estate owned

2,275

209

Net cash (used in) provided by investing activities

(865,410)

(755,137)

(545,883)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase (decrease) in deposits

1,017,544

697,729

535,676

Net increase (decrease) in FHLB advances

(75,000)

(17,875)

Net increase (decrease) in subordinated debt

83,831

Redemption of AREMCO class B shares

(5)

Repurchase of shares

(2,920)

(7,001)

(5,785)

Dividends paid

(9,978)

(9,987)

(8,301)

Exercise of stock options, net

(1,799)

(23)

400

Restricted stock unit vesting, net

(90)

(116)

Net cash provided by financing activities

1,086,588

605,597

504,115

Net increase (decrease) in cash, cash equivalents, and restricted cash

291,716

(83,769)

41,693

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

38,769

122,538

80,845

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

330,485

38,769

122,538

Supplemental disclosures of cash flow information:

Interest paid during the year

6,039

11,476

18,966

Income taxes paid during the year

5,692

9,823

9,311

Supplemental non-cash investing activities:

Right-of-use assets obtained in exchange for lease liabilities

777

55,813

Initial recognition of operating leases liability

71,122

Loans transferred to held-for-sale

1,000

8,850

2,328

Loans transferred to other real estate owned

2,682

738

Purchase (sale) of securities available for sale, net not settled

$ 0

$ 12,080

$ 0

[1]	Includes $3.0 million, $11.2 million, and $8.4 million of right of use asset amortization for the respective periods
[2]	Includes $1.3 million, $2.3 million and $2.2 million accretion of operating lease liabilities for the respective periods

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Right of use asset amortization	$ 3.0	$ 11.2	$ 8.4
Accretion of operating lease liabilities	$ 1.3	$ 2.3	$ 2.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Changes in Significant Accounting Policies The accounting and reporting policies of 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 consolidated financial statements include the accounts of the Company and its majority-owned and wholly-owned subsidiaries. All significant inter-company transactions and balances are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. In particular, estimates and assumptions are used in measuring the fair value of certain financial instruments, determining the appropriateness of the allowance for loan and lease losses (“allowance”), evaluating potential other-than-temporary securities impairment, assessing the ability to realize deferred tax assets, and the valuation of share-based payment awards. Estimates and assumptions are based on available information and judgment; therefore actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash flows, cash, cash equivalents, and restricted cash include cash, due from banks, interest-bearing deposits in other banks and federal funds sold with original maturities of three months or less. The Company had $0.4 million and $0.4 million in restricted cash as of December 31, 2021 and December 31, 2020, respectively and is included in total cash and cash equivalents on the Consolidated Statements of Financial Condition. The Company’s restricted cash reflects funds held in other financial institutions to secure business operating rights or contractually obligated minimum account funding requirements. Securities Purchases of investments in debt securities are designated as either trading, available for sale or held to maturity depending on the intent and ability to hold the securities. The initial designation is made at the time of purchase. During the years ended December 31, 2021 and 2020, there were no transfers of securities between available for sale and held to maturity categories. Additionally, as of December 31, 2021 and December 31, 2020, the Company had no securities designated as trading. Securities available for sale are carried at fair value, with any net unrealized appreciation or depreciation in fair value reported net of taxes as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Debt securities held to maturity are carried at amortized cost provided management does not have the intent to sell these securities and does not anticipate that it will be necessary to sell these securities before the full recovery of principal and interest, which may be at maturity. The Company reported its investments in "Property Assessed Clean Energy" ("PACE") assessments as held to maturity securities. Management conducts a periodic evaluation of securities available for sale and held to maturity to determine if the amortized cost basis of a security has been other-than-temporarily impaired (OTTI). The evaluation of other-than-temporary impairment is a quantitative and qualitative process, which is subject to risks and uncertainties. If the amortized cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than amortized cost, the probability of a near-term recovery in value, whether management intends to sell the security and whether it is more likely than not that the Company will be required to sell the security before full recovery of the investment or maturity. Management also considers specific adverse conditions related to the financial health, projected cash flow and business outlook for the investee, including industry and sector performance, operational and financing cash flow factors and rating agency actions. For debt investment securities deemed to be other-than-temporarily impaired, the investment is written down to fair value with the estimated credit loss charged to current earnings and the noncredit-related impairment loss charged to other comprehensive income. If market, industry and/or investee conditions deteriorate, the Company may incur future impairments. Premiums (discounts) on debt securities are amortized (accreted) to income using the level yield method to the contractual maturity date adjusted for actual prepayment experience. Realized gains and losses on sale of securities are determined using the specific identification method and are reported in non-interest income. Loans Held for Sale Loans held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to current earnings. Gains or losses resulting from sales of loans held for sale, net of unamortized deferred fees and costs, are recognized at the time of sale and are included in other non-interest income on the Consolidated Statements of Income. The Company had $3.3 million and $11.2 million of loans classified as held for sale as of December 31, 2021 and December 31, 2020, respectively. Loans and Loan Interest Income Recognition Loans are stated at the principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method. Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due, both principal and interest, according to the contractual terms. Individual loans which are deemed to be impaired are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral net of estimated selling costs if the loan is collateral dependent. Individual loan impairment evaluation is generally limited to multifamily, CRE, C&I, construction and certain restructured 1-4 family residential loans. Smaller balance loans including HELOCs, consumer and student loans, as well as non-restructured 1-4 family residential loans, are considered homogeneous. When assessing homogenous loans for impairment, the Company considers regulatory guidance concerning the classification and management of retail credits. The aggregate amount of individually and collectively measured loan impairment is included as a component of the allowance. Loans are considered Troubled Debt Restructurings (TDRs) if the borrower is experiencing financial difficulty and is afforded a concession by the Company, such as, but not limited to: (i) payment deferral; (ii) a reduction of the stated interest rate for the remaining contractual life of the loan; (iii) an extension of the loan’s original contractual term at a stated interest rate lower than the current market rate for a new loan with similar risk; (iv) capitalization of interest; or (v) forgiveness of principal or interest. Generally, TDRs are placed on non-accrual status (and reported as non-performing loans) until the loan qualifies for return to accrual status. A TDR loan is considered impaired. A loan extended or renewed at a stated interest rate equal to the market interest rate for new debt with similar risk is not considered to be a TDR. In accordance with the accounting guidance for business combinations, no allowance is brought forward on any of the loans we acquire. For purchased non-credit impaired loans, credit and interest rate discounts representing the principal losses expected over the life of the loan are a component of the initial fair value and the total combined discount is accreted to interest income over the life of the loan. Subsequent to the acquisition date, the method used to evaluate the sufficiency of the discount is similar to organic loans, and if necessary, additional reserves are recognized in the allowance. Allowance for Loan Losses The allowance for loan and lease losses (“allowance”) is a valuation allowance for probable incurred credit losses. The Company monitors its entire loan portfolio on a regular basis and considers numerous factors including (i) end-of-period loan levels and portfolio composition, (ii) observable trends in non-performing loans, (iii) the Company’s historical loan loss experience, (iv) known and inherent risks in the portfolio, (v) underwriting practices, (vi) adverse situations which may affect the borrower’s ability to repay, (vii) the estimated value and sufficiency of any underlying collateral, (viii) credit risk grading assessments, (ix) loan impairment, and (x) economic conditions. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. Additions to the allowance are charged to expense, and realized losses, net of recoveries, are charged to the allowance. Based on the determination of management, the overall level of allowance is periodically adjusted to account for the inherent and specific risks within the entire portfolio. Based on review of the classified loans and the overall allowance levels as they relate to the entire loan portfolio at December 31, 2021, management believes the allowance is adequate. Generally, a loan is considered for charge-off when it is in default of either principal or interest after 90 days or more. In addition to delinquency criteria, other triggering events may include, but are not limited to, notice of bankruptcy by the borrower or guarantor, death of the borrower, and deficiency balance from the sale of collateral. Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, often including obtaining collateral at exercise of the commitment. An allowance is calculated and recorded in other liabilities within the Consolidated Statements of Financial Condition. While management uses available information to recognize losses on loans, future additions or reductions to the allowance may be necessary due to changes in one or more evaluation factors; management’s assumptions as to rates of default, loss or recovery, or management’s intent with regard to disposition. A shift in lending strategy may warrant a change in the allowance due to a changing credit risk profile. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the Company’s allowance. Such agencies may require the Company to recognize additions to, or charge-offs against, the allowance based on their judgment about information available to them at the time of their examination. Other Real Estate Owned Other real estate owned (“OREO”) properties acquired through, or in lieu of, foreclosure are recorded initially at fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance prior to transfer. OREO assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest income. Costs relating to the development and improvement of other real estate owned are capitalized. Costs relating to holding other real estate owned, including real estate taxes, insurance and maintenance, are charged to expense as incurred. Goodwill and Intangible Assets Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company elected June 30 as the annual date for impairment testing. Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures, and equipment is computed by the straight-line method over the estimated useful lives of the related assets. Furniture and fixtures are generally depreciated over ten years. Equipment, computer hardware and computer software are normally depreciated over three to seven years. Amortization of leasehold improvements is computed by the straight-line method over their estimated useful lives or the terms of the leases, whichever is shorter. Fully depreciated assets with no determinable salvage value are disposed. Repairs and maintenance are charged to expense as incurred. Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, right-of-use ("ROU") assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. The Company uses its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of lease liabilities. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Leases are classified as financing or operating leases at commencement. All of the Company's leases are classified as operating leases as of December 31, 2021. Operating lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. Bank-Owned Life Insurance The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchase of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. The insurance and earnings thereon is used to offset a portion of future employee benefit costs. BOLI is carried at the cash surrender value of the underlying policies. Earnings from BOLI, as well as changes in cash surrender value, are recognized as non-interest income. Advertising Costs The Company expenses advertising and promotion costs as incurred. Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense (benefit) approximates cash to be paid (refunded) for income taxes for the applicable period. Deferred income tax expense (benefit) results from differences between assets and liabilities measured for financial reporting and for income-tax return purposes. The Company records as a deferred tax asset on its Consolidated Statement of Financial Condition an amount equal to the tax credit and tax loss carry-forwards and tax deductions (tax benefits) that we believe will be available to us to offset or reduce the amounts of our income taxes in future periods. Under applicable federal and state income tax laws and regulations, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully utilize our deferred tax asset may depend on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently, if warranted, we make estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our Consolidated Statement of Financial Condition. If, however, we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish (or increase any existing) a valuation allowance to reduce the deferred tax asset on our Consolidated Statement of Financial Condition to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any benefit, for income taxes that we would otherwise have recorded in our Consolidated Statements of Income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors. When measuring the amount of current taxes to be paid (or refunded) management considers the merit of various tax treatments in the context of statutory, judicial and regulatory guidance. Management also considers results of recent tax audits and historical experience. While management considers the amount of income taxes payable (or receivable) to be appropriate based on information currently available, future additions or reductions to such amounts may be necessary due to unanticipated events or changes in circumstances. Management has not taken, and does not expect to take, any position in a tax return which it deems to be uncertain. The Company recognizes interest and penalties related to income tax matters in income tax expense. The deferral method of accounting is used for investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction of the related asset. Post-Retirement Benefit Plans The Company sponsors several post-retirement benefit plans for current and former employees. Contributions to the trustee of a multi-employer defined benefit pension plan are recorded as expense in the period of contribution. The Company made $6.2 million, $6.3 million and $6.3 million in pension plan contributions for the 2021, 2020 and 2019 plan years, respectively. Plan obligations and related expenses for other post retirement plans are calculated using actuarial methodologies. The measurement of such obligations and expenses requires management to make certain assumptions, in particular the discount rate, which is evaluated on an annual basis. Other factors include retirement patterns, mortality and turnover assumptions. The Company uses a December 31 measurement date for its post retirement benefit plans. FASB ASC 715 30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires the Company to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial condition and to recognize changes in that funded status in the year the changes occur through comprehensive income. Comprehensive Income Comprehensive income includes net income and all other changes in equity during a period, except those resulting from investments by owners and distributions to owners. Other comprehensive income includes income, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but excluded from net income. Other comprehensive income (loss) and accumulated other comprehensive income (loss) are reported net of deferred income taxes. Accumulated other comprehensive income for the Company includes unrealized holding gains or losses on available for sale securities, and actuarial gains or losses on the Company’s pension plans. FASB ASC 715‑30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year the changes occur through comprehensive income. Stock-Based Compensation Stock-based compensation is recorded in accordance with FASB ASC No. 718, “Accounting for Stock-Based Compensation” which requires the Company to record compensation cost for stock options and restricted stock granted to employees in return for employee service. The cost is measured at the fair value of the options and restricted stock when granted, and this cost is expensed over the employee service period, which is normally the vesting period of the options and restricted stock. Forfeitures of options and restricted stock result in a retirement of the related award and a reversal of the cost previously incurred. The Company's performance-based restricted stock units (“RSUs”) are subject to the achievement of the Company's corporate goals. The Company's stock-based compensation plans are further described in Note 12, Employee Benefit Plans. Variable Interest Entities The consolidated financial statements include the accounts of certain variable interest entities (“VIEs”). The Company considers a voting rights entity to be a subsidiary and consolidates if the Company has a controlling financial interest in the entity. VIEs are consolidated if the Company has the power to direct the activities of the VIE that significantly impact financial performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (i.e., the Company is the primary beneficiary). Investments in VIEs where the Company is not the primary beneficiary of a VIE are accounted for using the equity method of accounting. The determination of whether the Company is the primary beneficiary of a VIE is reassessed on an ongoing basis. The consolidation status may change as a result of these reassessments. These investments are included in Other Assets in the Company’s Consolidated Statements of Financial Condition. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity, both funded and unfunded. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured. Additional disclosures regarding VIEs are further described in Note 17, Variable Interest Entities. Resell Agreements The Company enters into short-term agreements for the purchase of government guaranteed loans with simultaneous agreements to resell (resell agreements). The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. The Company had $229.0 million and $154.8 million in resell agreements as of December 31, 2021 and December 31, 2020, respectively. The resell agreements were entered into at par, and earned $1.9 million in interest income for the year ended December 31, 2021. Interest income on resell agreements is reported on the "securities interest income" line of the Consolidated Statements of Income. Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact to the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders’ Equity. Risks and Uncertainties The COVID-19 pandemic continues to create disruptions to the global economy and financial markets and to businesses and the lives of individuals throughout the world. The impact of the COVID-19 pandemic and its related variants is fluid and continues to evolve, adversely affecting many of our clients. Our business, financial condition and results of operations generally rely upon the ability of our borrowers to repay their loans, the value of collateral underlying our secured loans, and demand for loans and other products and services we offer, which are highly dependent on the business environment in our primary markets where we operate and in the United States as a whole. The unprecedented and rapid spread of COVID-19 and its variants and their associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities have resulted in, and continue to result in, less economic activity, and volatility and disruption in financial markets, and has had an adverse effect on our business, financial condition and results of operations. In addition, due to the COVID-19 pandemic, market interest rates have declined to and remain at historic lows, despite the increase in market interest rates that the economy is beginning to experience. These reductions in interest rates and the other effects of the COVID-19 pandemic have had, and are expected to continue to have, adverse effects on our business, financial condition and results of operations. The ultimate extent of the impact of the COVID-19 pandemic on our business, financial condition and results of operations is currently uncertain and will depend on various developments and other factors, including the effect of governmental and private sector initiatives, the effect of the rollout of vaccinations for the virus and its variants, whether such vaccinations will be effective against another resurgence of the virus, including any new strains, and the ability for customers and businesses to return to their pre-pandemic routines. In addition, it is reasonably possible that certain significant estimates made in our financial statements could be materially and adversely affected in the near term as a result of these conditions.

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 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 Accounting Standards Update ("ASU") No. 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 the Company's 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, the Company currently anticipates a January 1, 2023 adoption date. In preparation, the Company has 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 the Company's 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 the Company's Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued 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 the Company's 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 the Company does 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 the Company's 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)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
		2021		2020		2019
(In thousands)


Change in total obligation for postretirement benefits and for prior service credit and for other benefits		$	(63)	$	362	$	(183)

Income tax effect		17		(99)		57

Net change in total obligation for postretirement benefits and prior service credit and for other benefits		(46)		263		(126)
Unrealized holding gains (losses) on available for sale securities		$	(15,438)	$	20,374	$	21,309
Reclassification adjustment for losses (gains) realized in income		(654)		(1,604)		(86)
Change in unrealized gains (losses) on available for sale securities		(16,092)		18,770		21,223
Income tax effect		4,371		(5,082)		(5,882)
Net change in unrealized gains (losses) on available for sale securities		(11,721)		13,688		15,341

Total		$	(11,767)	$	13,951	$	15,215

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 December 31, 2021








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,056)	$	(63)	$	17	$	(2,102)



Unrealized gains (losses) on available for sale securities	19,232		(16,092)		4,371		7,511


Total	$	17,176	$	(16,155)	$	4,388	$	5,409


	Balance as of January 1, 2020		Current Period Change		Income Tax Effect		Balance as of December 31, 2020








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,319)	$	362	$	(99)	$	(2,056)



Unrealized gains (losses) on available for sale securities	5,544		18,770		(5,082)		19,232


Total	$	3,225	$	19,132	$	(5,181)	$	17,176

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


	Year Ended December 31,					Affected Line Item in the Consolidated Statements of Income
		2021		2020				2019
(In thousands)

Realized gains (losses) on sale of available for sale securities		$	649	$	1,605	$	83		Gain (loss) on sale of investment securities available for sale, net
Recognized gains (losses) on OTTI securities		5		(1)		3			Non-Interest Income - other
Income tax expense (benefit)		180		438		24			Income tax expense (benefit)
Total reclassifications, net of income tax		$	474	$	1,166	$	62


Prior service credit on pension plans and other postretirement benefits		$	29	$	28	$	29		Compensation and employee benefits
Income tax expense (benefit)		(8)		(8)		(8)			Income tax expense (benefit)
Total reclassifications, net of income tax		$	21	$	20	$	21

Total reclassifications, net of income tax		$	495	$	1,186	$	83

INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 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 December 31, 2021 are as follows:






	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available for sale:
Mortgage-related:
GSE residential certificates	$	3,838	$	129	$	—	$	3,967
GSE residential CMOs	460,571		5,697		(2,385)		463,883
GSE commercial certificates & CMO	364,274		6,855		(765)		370,364
Non-GSE residential certificates	66,756		29		(646)		66,139
Non-GSE commercial certificates	81,705		12		(616)		81,101
	977,144		12,722		(4,412)		985,454
Other debt:
U.S. Treasury	200		—		—		200
ABS	988,061		3,351		(2,224)		989,188
Trust preferred	14,631		—		(484)		14,147
Corporate	123,013		1,681		(273)		124,421

	1,125,905		5,032		(2,981)		1,127,956


Total available for sale	$	2,103,049	$	17,754	$	(7,393)	$	2,113,410

Held to maturity:
Mortgage-related:
GSE commercial certificates	$	30,742	$	—	$	(489)	$	30,253
GSE residential certificates	442		19		—		461
Non GSE commercial certificates	10,333		13		(288)		10,058
Non GSE residential certificates	10,796		5		—		10,801
	52,313		37		(777)		51,573
Other debt:
ABS	75,800		1		(50)		75,751
PACE Assessments	627,394		5,933		—		633,327
Municipal	84,962		2,045		(1,056)		85,951
Other	3,100		2		—		3,102
	791,256		7,981		(1,106)		798,131

Total held to maturity	$	843,569	$	8,018	$	(1,883)	$	849,704

As of December 31, 2021, available for sale securities with a fair value of $907.1 million were pledged with $126.6 million 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 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

	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

As of December 31, 2020, available for sale securities with a fair value of $966.5 million were pledged; no held to maturity securities were pledged. The majority of the securities were pledged to the 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 and to collateralize municipal deposits.

The following table summarizes the amortized cost and fair value of debt securities available for sale and held to maturity, exclusive of mortgage-backed securities, by their contractual maturity as of December 31, 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
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	200	$	200	$	1,100	$	1,101
Due after one year through five years	43,043		43,285		2,000		2,002
Due after five years through ten years	403,620		404,342		—		—
Due after ten years	679,042		680,129		788,156		795,028
	$	1,125,905	$	1,127,956	$	791,256	$	798,131

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


	Year Ended December 31,
(In thousands)		2021		2020		2019

Proceeds		$	111,274	$	94,698	$	245,260

Realized gains		$	1,057	$	2,111	$	1,912
Realized losses		(408)		(506)		(1,829)
Net realized gains (losses)		$	649	$	1,605	$	83

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 December 31, 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:


	December 31, 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	$	222,825	$	(2,385)	$	—			$	—	$	222,825	$	(2,385)
GSE commercial certificates & CMO	28,695		(271)		159,681				(494)		188,376		(765)
Non-GSE residential certificates	55,284		(646)		—				—		55,284		(646)
Non-GSE commercial certificates	42,530		(247)		23,124				(369)		65,654		(616)
Other debt:
ABS	374,241		(1,903)		71,746				(321)		445,987		(2,224)
Trust preferred	—		—		14,147				(484)		14,147		(484)
Corporate	48,743		(273)		—				—		48,743		(273)




Total available for sale	$	772,318	$	(5,725)	$	268,698			$	(1,668)	$	1,041,016	$	(7,393)

Held to maturity:
Mortgage-related:
GSE commercial certificates	$	30,253	$	(489)	$	—	$	—	$	—	$	30,253	$	(489)

Non GSE commercial certificates	9,857		(288)		—		—		—		9,857		(288)
Other debt:
ABS	26,951		(50)		—				—		26,951		(50)
Municipal	38,468		(852)		3,876				(204)		42,344		(1,056)

Total held to maturity	$	105,529	$	(1,679)	$	3,876			$	(204)	$	109,405	$	(1,883)


	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)




Total available for sale	$	159,966	$	(334)	$	432,503	$	(3,208)	$	592,469	$	(3,542)

The temporary impairment of fixed income securities 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.

As of December 31, 2021, excluding GSE and U.S. Treasury securities and TruPs, discussed above, temporarily impaired securities totaled $696.2 million with an unrealized loss of $5.1 million. These 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 that we have invested in and are not aware of any losses that could be material in the sector given the low LTV position. Management considers that the temporary impairment of these investments as of December 31, 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 December 31, 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 December 31, 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.

For the years ended December 31, 2021, 2020 and 2019, the Company recorded an OTTI recovery of $4,800, compared to a loss of $900 and a recovery of $2,900, respectively.

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 December 31, 2021; however, it is possible that the Company may recognize OTTI in future periods.

Federal Home Loan Bank Stock

As a condition of membership with the Federal Home Loan Bank of New York (FHLBNY), the Company is required to hold FHLBNY stock in an amount equal to 0.125% of its aggregate mortgage related assets plus 4.5% of its outstanding FHLBNY advances. The Company’s holdings of FHLBNY stock are pledged against outstanding advances.

FHLBNY stock is a non-marketable equity security and is, therefore, reported at cost, which equals par value (the amount at which shares have been redeemed in the past). The investment is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLBNY and its overall financial condition.

Dividend income on FHLBNY stock amounted to approximately $0.2 million, $0.2 million, and $0.8 million during the years ended December 31, 2021, 2020 and 2019, respectively.

LOANS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

LOANS RECEIVABLE, NET

Loans receivable are summarized as follows:





	December 31, 2021		December 31, 2020
(In thousands)
Commercial and industrial	$	729,385	$	677,192
Multifamily	821,801		947,177
Commercial real estate	369,429		372,736
Construction and land development	31,539		56,087
Total commercial portfolio	1,952,154		2,053,192
Residential real estate lending	1,063,682		1,238,697


Consumer and other	291,818		190,676
Total retail portfolio	1,355,500		1,429,373
Total loans receivable	3,307,654		3,482,565
Net deferred loan origination costs (fees)	4,570		6,330
Total loans receivable, net of deferred loan origination costs (fees)	3,312,224		3,488,895
Allowance for loan losses	(35,866)		(41,589)
Total loans receivable, net	$	3,276,358	$	3,447,306

The following table presents information regarding the quality of the Company’s loans as of December 31, 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	$	—	$	8,313	$	—	$	8,313	$	—	$	721,072	$	729,385
Multifamily	13,537		2,907		—		16,444		—		805,357		821,801
Commercial real estate	21,599		4,054		—		25,653		—		343,776		369,429
Construction and land development	26,482		—		—		26,482		—		5,057		31,539
Total commercial portfolio	61,618		15,274		—		76,892		—		1,875,262		1,952,154
Residential real estate lending	4,811		12,525		—		17,336		—		1,046,346		1,063,682
Consumer and other	1,590		420		—		2,010		—		289,808		291,818
Total retail portfolio	6,401		12,945		—		19,346		—		1,336,154		1,355,500
	$	68,019	$	28,219	$	—	$	96,238	$	—	$	3,211,416	$	3,307,654

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 interpreted then-current accounting standards and indicated that a lender could conclude that a borrower was not experiencing financial difficulty if short-term modifications were made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that were 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 was 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 were 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 could request a forbearance (i.e., payment deferral), regardless of delinquency status, for up to 180 days, which could 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 could accrue. In addition, Section 4013 of the CARES Act provided temporary relief from the accounting and reporting requirements for TDRs regarding certain loan modifications related to COVID-19. Specifically, the CARES Act provided that a financial institution could 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 included a forbearance arrangement, an interest rate modification, a repayment plan, or any other similar arrangement that deferred or delayed the payment of principal or interest, that occurred 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, which in pertinent part expired

on January 1, 2022, short term deferrals granted due to the COVID-19 pandemic were not considered TDRs unless the borrower was experiencing financial difficulty prior to the pandemic.

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


	December 31, 2021						December 31, 2020
(In thousands)	Accruing		Non- Accrual		Total		Accruing		Non- Accrual		Total
Commercial and industrial	$	4,052	$	8,313	$	12,365	$	1,648	$	12,116	$	13,764
Commercial real estate	—		3,166		3,166		—		3,433		3,433
Construction and land development	7,476		—		7,476		—		2,682		2,682
Residential real estate lending	13,469		2,018		15,487		17,905		2,654		20,559


	$	24,997	$	13,497	$	38,494	$	19,553	$	20,885	$	40,438

The financial effects of TDRs granted for the year ended December 31, 2021 are as:


				Weighted Average Interest Rate
(In thousands)	Number of Loans	Recorded Investment			Pre-Modification		Post-Modification		Charge-off Amount
Commercial and industrial	1	$	2,536		6.50	%	4.00	%	$	—


Construction and land development	2	7,477			4.30	%	4.30	%	—



	3	$	10,013		4.86	%	4.22	%	$	—

The financial effects of TDRs granted for the year ended December 31, 2020 are as:


				Weighted Average Interest Rate
(In thousands)	Number of Loans	Recorded Investment			Pre-Modification		Post-Modification		Charge-off Amount
Commercial and industrial	4	$	2,109		5.76	%	5.76	%	$	—





Residential real estate lending	3	992			5.92	%	3.96	%	$	18
	7	$	3,101		5.81	%	5.18	%	$	18

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2021:




(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	693,312	$	10,165	$	25,908	$	—	$	729,385
Multifamily	721,869		48,804		51,128		—		821,801
Commercial real estate	295,261		13,947		60,221		—		369,429
Construction and land development	24,063		—		7,476		—		31,539
Residential real estate lending	1,050,865		292		12,525		—		1,063,682
Consumer and other	291,398		—		420		—		291,818
Total loans	$	3,076,768	$	73,208	$	157,678	$	—	$	3,307,654

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 December 31, 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	$	12,785	$	2,907	$	4,054	$	7,476	$	25,994	$	—	$	53,216
Collectively evaluated for impairment	716,600		818,894		365,375		24,063		1,037,688		291,818		3,254,438
Total loans	$	729,385	$	821,801	$	369,429	$	31,539	$	1,063,682	$	291,818	$	3,307,654

Allowance for loan losses:
Individually evaluated for impairment	$	4,350	$	—	$	—	$	—	$	755	$	—	$	5,105
Collectively evaluated for impairment	6,302		4,760		7,273		405		8,253		3,768		30,761
Total allowance for loan losses	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,768	$	35,866


(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 year ended December 31, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer 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	2,179		(1,483)		1,374		(1,675)		(5,409)		4,727		(287)
Charge-offs	(813)		(4,081)		(314)		—		(1,081)		(2,699)		(8,988)
Recoveries	221		—		—		3		3,168		160		3,552
Ending Balance	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,768	$	35,866

The activities in the allowance by portfolio for the year ended December 31, 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	9,175		5,114		7,508		2,238		(2,302)		3,058		24,791
Charge-offs	(11,293)		—		(3,787)		(970)		(492)		(1,691)		(18,233)
Recoveries	57		—		—		1		975		151		1,184
Ending Balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589

The activities in the allowance by portfolio for the year ended December 31, 2019 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	$	16,046		$	4,736		$	2,573		$	1,089		$	11,987		$	764	$	37,195
Provision for (recovery of) loan losses	2,620			474			(81)			(281)			1,251			(146)		3,837
Charge-offs	(9,236)			—			—			—			(683)			(710)		(10,629)
Recoveries	1,696			—			—			—			1,594			154		3,444
Ending Balance	$	11,126	0	$	5,210	0	$	2,492	0	$	808	0	$	14,149	0	$	62	$	33,847

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


	December 31, 2021
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	10,507	$	15,666	$	11,896	$	—



Construction and land development	7,476		9,330		7,476		—
Commercial real estate	4,054		3,744		4,953		—

	22,037		28,740		24,325		—
Loans with a related allowance:
Residential real estate lending	15,487		18,120		19,306		755


Multifamily	2,907		6,241		8,024		—


Commercial and industrial	12,785		13,746		13,207		4,350
	31,179		38,107		40,537		5,105
Total individually impaired loans:
Residential real estate lending	25,994		33,786		31,202		755


Multifamily	2,907		6,241		8,024		—
Construction and land development	7,476		9,330		7,476		—
Commercial real estate	4,054		3,744		4,953		—
Commercial and industrial	12,785		13,746		13,207		4,350
	$	53,216	$	66,847	$	64,862	$	5,105


	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


	December 31, 2019
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	4,496	$	4,397	$	4,558	$	—



Construction and land development	3,652		3,652		3,702		—
Commercial real estate	8,807		11,921		9,137		—

	16,955		19,970		17,397		—
Loans with a related allowance:
Residential real estate lending	23,547		25,206		27,288		1,325





Commercial and industrial	24,870		18,512		29,534		6,144
	48,417		43,718		56,822		7,469
Total individually impaired loans:
Residential real estate lending	28,043		29,603		31,846		1,325



Construction and land development	3,652		3,652		3,702		—
Commercial real estate	8,807		11,921		9,137		—
Commercial and industrial	24,870		18,512		29,534		6,144
	$	65,372	$	63,688	$	74,219	$	7,469

As of December 31, 2021 and December 31, 2020, mortgage loans with an unpaid principal balance of $1.1 billion and $1.2 billion respectively, are pledged to the FHLB to secure outstanding advances and letters of credit.

There were $533,000 in related party loans outstanding as of December 31, 2021 compared to no related party loans as of December 31, 2020.

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows:


	December 31,
	2021		2020
(In thousands)
Buildings, premises and improvements	$	29,935	$	33,280
Furniture, fixtures and equipment	7,020		5,856
Projects in process	—		550
	36,955		39,686
Accumulated depreciation and amortization	(25,220)		(26,709)
	$	11,735	$	12,977

Depreciation and amortization expense charged to operations amounted to approximately $3.6 million, $6.2 million, and $4.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2020, the Bank completed closures of eight branch offices, resulting in $2.3 million in accelerated depreciation recorded on the "occupancy and depreciation" expense line item on the Consolidated Statements of Income.

DEPOSITS

12 Months Ended

Dec. 31, 2021

Statistical Disclosure for Banks [Abstract]

DEPOSITS

Deposits are summarized as follows:





	December 31, 2021				December 31, 2020
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest bearing demand deposit accounts	$	3,335,005	0.00	%	$	2,603,274	0.00	%
NOW accounts	210,844		0.08	%	205,653		0.06	%
Money market deposit accounts	2,227,953		0.12	%	1,914,391		0.13	%
Savings accounts	375,301		0.11	%	343,368		0.12	%
Time deposits	207,152		0.32	%	272,025		0.86	%

	$	6,356,255	0.06	%	$	5,338,711	0.10	%

Scheduled maturities of time deposits as of December 31, 2021 are as follows:


(In thousands)
2022	$	182,654
2023	12,268
2024	6,516
2025	3,933
2026	1,781

	$	207,152

Time deposits of $250,000 or more totaled $43.7 million as of December 31, 2021 and $31.2 million as of December 31, 2020.

From time to time the Company will issue time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) for the purpose of providing FDIC insurance to bank customers with balances in excess of FDIC insurance limits. CDARS deposits totaled approximately $56.0 million and $123.8 million as of December 31, 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 $99.9 million as of December 31, 2021 and $95.8 million as of December 31, 2020.

Included in total deposits are state and municipal deposits totaling $65.5 million and $15.2 million as of December 31, 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	12 Months Ended
BORROWED FUNDS	Dec. 31, 2021
Federal Home Loan Banks [Abstract]
BORROWED FUNDS	BORROWED FUNDS On November 8, 2021, the Company completed a public offering of $85.0 million of aggregated principal amount of 3.250% Fixed-to-Floating Rate subordinated notes due 2031 (the "Notes"). The fixed rate period is defined from and including November 8, 2021 to, but excluding, November 15, 2026, or the date of earlier redemption. The floating rate period is defined from and including November 15, 2026 to, but excluding, November 15, 2031, or the date of earlier redemption. The floating rate per annum is equal to three-month term SOFR (the "benchmark rate") plus a spread of 230 basis points for each quarterly interest period during the floating rate period, provided however, that if the benchmark rate is less than zero, the benchmark rate shall be deemed to be zero. The subordinated notes will mature on November 15, 2031. The Company may, at its option, beginning with the interest payment date of November 15, 2026, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining prior approval of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. There were no borrowed funds as of December 31, 2021. FHLB advances are collateralized by the FHLB stock owned by the Company plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of December 31, 2021, the value of the other eligible assets had an estimated market value net of haircut totaling $1.6 billion (comprised of securities of $723.3 million and mortgage loans of $888.2 million). The fair value of assets pledged to the FHLB is required to be not less than 110% of the outstanding advances.

REGULATORY CAPITAL

12 Months Ended

Dec. 31, 2021

Regulatory Capital [Abstract]

REGULATORY CAPITAL

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

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total, tier 1, and common equity tier 1 capital (as defined in the regulations) to risk weighted assets, and of tier 1 capital (as defined in the regulations) to average assets. Management believes as of December 31, 2021 and 2020, the Company and the Bank met all capital adequacy requirements.

As of December 31, 2021, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, tier 1 leverage ratios as set forth in the table below. Since that notification, there are no conditions or events that management believes have changed the institution’s category.

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


	Actual			For Capital Adequacy Purposes (1)
(In thousands)	Amount	Ratio		Amount	Ratio
December 31, 2021

Total capital to risk weighted assets	656,719	15.95	%	329,471	8.00	%
Tier 1 capital to risk weighted assets	534,381	12.98	%	247,103	6.00	%
Tier 1 capital to average assets	534,381	7.62	%	280,454	4.00	%
Common equity tier 1 to risk weighted assets	534,381	12.98	%	185,327	4.50	%

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

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


	Actual				For Capital Adequacy Purposes (1)				To Be Considered Well capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2021






Total capital to risk weighted assets	$	613,030	14.89	%	$	329,376	8.00	%	$	411,720	10.00	%
Tier 1 capital to risk weighted assets	575,692		13.98	%	247,032		6.00	%	329,376		8.00	%
Tier 1 capital to average assets	575,692		8.21	%	164,688		4.00	%	205,860		5.00	%
Common equity tier 1 to risk weighted assets	575,692		13.98	%	185,274		4.50	%	267,618		6.50	%

December 31, 2020
Total capital to risk weighted assets	$	534,684	14.25	%	$	300,199	8.00	%	$	375,249	10.00	%
Tier 1 capital to risk weighted assets	491,913		13.11	%	225,149		6.00	%	300,199		8.00	%
Tier 1 capital to average assets	491,913		7.97	%	246,904		4.00	%	308,630		5.00	%
Common equity tier 1 to risk weighted assets	491,913		13.11	%	168,862		4.50	%	243,912		6.50	%

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

- Definition

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

+ References + Details

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of the provision (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 are as follows:


	Year Ended December 31,
(In thousands)	2021		2020		2019

Current:
Federal	$	9,349	$	15,010	$	10,656
State and local	1,389		1,152		1,287
	10,738		16,162		11,943
Deferred:
Federal	4,409		(3,497)		1,880
State and local	2,641		3,090		3,149
	7,050		(407)		5,029

Total income tax provision	$	17,788	$	15,755	$	16,972

A reconciliation of the expected income tax expense at the statutory federal income tax rate of 21% to the Company’s actual income tax benefit and effective tax rate for the years ended December 31, 2021, 2020, and 2019 and is as follows:


	Year Ended December 31,
	2021				2020				2019
(In thousands)	Amount		%		Amount		%		Amount		%

Tax expense at federal income tax rate	$	14,852	21.00	%	$	13,008	21.00	%	$	13,476	21.00	%
Increase (decrease) resulting from:
Tax exempt income	(317)		-0.45	%	(862)		-1.39	%	(423)		-0.66	%
Change in DTA rate	(199)		-0.28	%	333		0.54	%	(186)		-0.29	%
State tax, net of federal benefit	3,184		4.50	%	3,551		5.73	%	4,030		6.28	%
Stock options windfall	(94)		-0.13	%	(3)		-0.01	%	(68)		-0.11	%



Other	362		0.51	%	(272)		-0.44	%	143		0.23	%
Total	$	17,788	25.15	%	$	15,755	25.43	%	$	16,972	26.45	%

As of December 31, 2021 the Company had remaining federal, state and local NOL carryforwards of approximately $2.6 million, $61.0 million and $39.9 million, respectively, which are available to offset future federal, state and local income and which expire over varying periods from 2028 through 2037.

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

The significant components of the net deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows:





	December 31,
	2021		2020
(In thousands)
Deferred tax assets:
Excess tax basis over carrying value of assets:
Allowance for loan losses	$	16,300	$	16,644
Nonaccrual interest income	389		689
Postretirement and other employee benefits	242		436



Depreciation and amortization	1,123		1,657
Operating leases	13,250		14,515
Federal, state and local net operating loss carryforward	7,285		9,270
Other, net	3,258		2,723
Gross deferred tax asset	41,847		45,934

Deferred tax liabilities:
Available for sale securities carried at fair value for financial statement purposes	(2,850)		(7,221)
Purchase accounting adjustments, net	(874)		(966)
Operating leases	(10,142)		(9,855)
Net deferred loan fees	(1,262)		—
Gross deferred tax liabilities	(15,128)		(18,042)

Deferred tax asset, net	$	26,719	$	27,892

As of December 31, 2021, the Company’s deferred tax assets were valued without an allowance as management concluded that it is more likely than not that the entire amount may be realized. ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Management reassesses the need for a valuation allowance on an annual basis, or more frequently if warranted. If it is later determined that a valuation allowance is required, it generally will be an expense to the income tax provision in the period such determination is made.

The Company has no uncertain tax positions. The Company and its subsidiaries are subject to Federal, New York State, California, Colorado, District of Columbia, Florida, New Jersey, Massachusetts, Minnesota, North Carolina, Pennsylvania, Virginia and New York City income taxes. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination; with a tax examination presumably to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

As of December 31, 2021, the Company is generally subject to possible examination by federal, state, and local taxing authorities for 2018 and subsequent tax years. Income tax receivable, which is included in other assets, totaled $20.8 million and $23.1 million as of December 31, 2021 and 2020, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 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 December 31, 2021 and December 31, 2020, we had 368,000 and 79,000 anti-dilutive shares, respectively.

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



	Year Ended December 31,
		2021		2020		2019
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.		$	52,937	$	46,188	$	47,202
Dividends paid on preferred stock		(22)		(22)		(22)
Income attributable to common stock		$	52,915	$	46,166	$	47,180
Weighted average common shares outstanding, basic		31,104		31,133		31,733
Basic earnings per common share		$	1.70	$	1.48	$	1.49

Income attributable to common stock		$	52,915	$	46,166	$	47,180
Weighted average common shares outstanding, basic		31,104		31,133		31,733
Incremental shares from assumed conversion of options and RSUs		408		96		472
Weighted average common shares outstanding, diluted		31,512		31,229		32,205
Diluted earnings per common share		$	1.68	$	1.48	$	1.47

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

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

Pension Plan

The Company participates in a multi-employer non-contributory pension plan which covers substantially all full-time employees, both unionized and non-unionized. Employees generally qualify for participation in the plan on the first January 1st or July 1st after attaining age 21 and completing 1,000 Hours of Service in a 12 consecutive month period. The collective bargaining agreement covering the unionized employees was last renewed in March 2020. Under the terms of this plan, participants vest 100% upon completion of five years of service, as defined in the plan document. Plan assets are invested in the Consolidated Retirement Fund (CRF). The Employer Identification Number of the CRF is 133177000 and the Plan Number is 001.

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

The Pension Protection Act of 2006 (PPA) ranks the funded status of multi-employer plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical Status) if it has a current funded percentage (as defined) of less than 65%. A plan is in the Yellow Zone (Endangered Status) if it has a current funded percentage of less than 80%, or projects a credit balance deficit within seven years. A plan is in the Green Zone if it has a current funded percentage greater than 80% and does not have a projected credit balance deficit within seven years. For the 2021 and 2020 plan years, pursuant to the PPA, the CRF was certified to be in the Green Zone (i.e. neither Critical Status nor Endangered Status).

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


(In thousands)	Contributions		Company contributions greater than 5% of total contributions received by the CRF?
Year Ended December 31,
2021	$	6,193	Yes
2020	6,278		Yes
2019	6,254		Yes

The amounts of contributions presented in the preceding table represent expense recorded by the Company during the respective periods.

Retirement Benefit Plans

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

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


	Year Ended December 31,
(In thousands)	2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	4,094	$	4,527
Service cost	—		—
Interest cost	58		118
Amendments	—		—
Actuarial loss (gain)	(16)		(71)
Benefits paid	(478)		(480)
Benefit obligation at end of year	3,658		4,094
Change in plan assets:
Employer contributions	478		480
Benefits paid	(478)		(480)
Plan assets at end of year	—		—
Benefit obligation, included in other liabilities	$	3,658	$	4,094

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


(In thousands)	2021		2020		2019
Net actuarial loss	$	3,235	$	3,200	$	3,591
Prior service credit	(320)		(349)		(378)


Total amount recognized	$	2,915	$	2,851	$	3,213

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


(In thousands)	2021		2020		2019
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	—
Interest cost	58		118		165
Prior service credit amortization	(29)		(29)		(29)
Prior service credit due to curtailments	—		—		—
Recognized actuarial (gain) loss	400		320		219
Net periodic benefit	$	429	$	409	$	355

Components of other amounts:
Net regular actuarial (gain) loss	$	(16)	$	379	$	373
Recognized actuarial gain (loss)	(400)		(320)		(219)
Prior service credit amortization	29		29		29
Prior service credit due to curtailments	450		(450)		—
Prior service credit due to amendment	—		—		—
Total recognized in other comprehensive income	$	63	$	(362)	$	183
Total recognized in comprehensive income	$	492	$	47	$	538

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


	2021		2020		2019
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.07	%	1.50	%	2.77	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	1.66	%	3.13	%	3.92	%

The net actuarial loss and prior service credit that is expected to be amortized from accumulated other comprehensive income (loss) and into net periodic (benefit) expense during the year ended December 31, 2021 is $0.4 million.

Future estimated benefit payments are expected to be approximately $0.3 million per annum during the period 2022 through 2031.

401(k) Plans

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

Long Term Incentive Plans

Stock Options:

The Company has granted stock options in previous years to employees and directors. As of January 1, 2021, all options have vested and are exercisable at the option of the vested holders until the termination of each tranche after 10 years from the grant date or earlier if the employee or director has changed their employment status. The Company does not currently have an active stock option plan that is available for issuing new options.

A summary of the status of the Company’s options as of December 31, 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	4.2	years
Granted	—	—		—
Forfeited/ Expired	(182,180)	12.69		—
Exercised	(1,094,480)	12.92		—
Outstanding, December 31, 2021	701,900	13.29		4.1	years	$	2,441
Vested and Exercisable, December 31, 2021	701,900	$	13.29	4.1	years	$	2,441

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

There were no options compensation costs to employees and directors for the year ended December 31, 2021 as all options had been fully expensed as of December 31, 2020. Total options compensation costs for the years ended 2020 and 2019 was $0.7 million and $1.4 million, respectively, and is recorded within the Consolidated Statements of Income. The fair value of all awards outstanding as of December 31, 2021 and December 31, 2020 was $2.9 million and $8.4 million, respectively. No cash was received for options exercised in 2021.

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 601,049 shares were available for issuance as of December 31, 2021.

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

During the year ended December 31, 2021, the Company granted 260,355 restricted stock units (“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 260,355 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 Company’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 December 31, 2021 follows:


	Shares	Grant Date Fair Value
Unvested, December 31, 2020	290,637	$	15.99
Awarded	260,355	15.81
Forfeited	(70,080)	12.93
Vested	(81,005)	15.46
Unvested, December 31, 2021	399,907	$	16.52

Of the 399,907 unvested RSUs on December 31, 2021, the minimum units that will vest, solely due to a service test, are 298,341. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 480,111.

Compensation expense attributable to the employee RSUs was $1.8 million and $1.2 million for the year ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was $3.8 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 2.1 years.

During the year ended December 31, 2021, the Company granted 28,710 RSUs to directors under the Equity Plan that vest after one year. The Company recorded an expense of $0.3 million and $0.5 million for the year ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was no unrecognized cost related to the non-vested RSUs granted to directors.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 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:


	December 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	3,967	$	—	$	3,967
GSE residential CMOs	—		463,883		—		463,883
GSE commercial certificates & CMO	—		370,364		—		370,364
Non-GSE residential certificates	—		66,139		—		66,139
Non-GSE commercial certificates	—		81,101		—		81,101

Other debt:
U.S. Treasury	200		—		—		200
ABS	—		989,188		—		989,188
Trust preferred	—		14,147		—		14,147
Corporate	—		124,421		—		124,421


Total assets carried at fair value	$	200	$	2,113,210	$	—	$	2,113,410


	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

During the years ended December 31, 2021 and 2020, there were no transfers of financial instruments between Level 1 and Level

2. There were no financial instruments measured at fair value on a recurring basis and categorized as Level 3 in the Consolidated

Statement of Financial Condition during the years ended December 31, 2021 and 2020.

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





	December 31, 2021
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	48,111	$	—	$	—	$	48,111	$	48,111
Other real estate owned	307		—		—		335		335
	$	48,418	$	—	$	—	$	48,446	$	48,446

















	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

A description of the methods, factors and significant assumptions utilized in estimating the fair values for significant categories of financial instruments follows:

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

security, management will typically value those instruments using observable market inputs in a discounted cash flow analysis. Held to maturity securities, with the exception of PACE securities which are categorized as Level 3, are generally categorized as Level 2.

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

•Loans receivable – Loans are valued using a present value technique that incorporates management’s assumptions as to what a market participant would assume given the attributes of the loans. The observable U.S. Treasury yield curve is a significant input to the valuation. Assumptions, including prepayment speeds and credit spreads, are based on observable market data where possible or alternatively are based on terms currently offered on loans to borrowers of similar credit quality. Fair values for loans considered impaired are based on discounted cash flows using the loan’s initial effective interest rate or the fair value of the underlying collateral in the case of collateral dependent loans. The methods used to estimate the fair value of loans are extremely sensitive to the assumptions and estimates used. While management has attempted to use assumptions and estimates that best reflect the Company’s loan portfolio and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. Loans would generally be categorized as Level 3.

•Resell agreements – Resell agreements are carried at fair value, as these are short term agreements. All existing trades are done at the current rate for new trades, which historically has always been 1.25%, which is the same rate we bring in new trades, so there is no market value adjustment. The agreements are generally categorized as Level 3, as we have limited market information.

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

•Borrowed funds – FHLBNY advances and repurchase agreements are valued using a present value technique that incorporates current rates offered by the FHLBNY for advances of comparable remaining maturity. Bank issued subordinated debt is valued based on recent trades for similar issues and or values provided by firms that transact in our bonds. FHLBNY advances, repurchase agreements, and subordinated debt are categorized as Level 2.

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

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

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

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







	December 31, 2021
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
(In thousands)
Financial assets:
Cash and cash equivalents	$	330,485	$	330,485	$	—	$	—	$	330,485

Available for sale securities	2,113,410		200		2,113,210		—		2,113,410
Held to maturity securities	843,569		—		216,377		633,327		849,704
Loans held for sale	3,279		—		—		3,279		3,279
Loans receivable, net	3,276,358		—		—		3,291,377		3,291,377

Resell agreements	229,018		—		—		229,018		229,018
Accrued interest and dividends receivable	28,820		—		28,820		—		28,820




Financial liabilities:
Deposits payable on demand	6,149,103		—		6,149,103		—		6,149,103
Time deposits	207,152		—		207,369		—		207,369
Subordinated Debt	83,831		—		85,000		—		85,000
Accrued interest payable	569		—		569		—		569


	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

12 Months Ended

Dec. 31, 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:





	December 31, 2021		December 31, 2020
(In thousands)
Commitments to extend credit	$	927,428	$	455,541
Standby letters of credit	18,752		17,910
Total	$	946,180	$	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 $1.5 million as of December 31, 2021 and $1.2 million as of December 31, 2020.

Other Commitments and Contingencies

In the ordinary course of business, there are various legal proceedings pending against the Bank. Based on the opinion of counsel, management believes that the aggregate liabilities, if any, arising from such actions would not have a material adverse effect on the consolidated financial position or results of operations of the Bank.

Investment Obligations

The Company is party to agreements with Pace Funding Group LLC, which operates Home Run Financing, for the purchase of property assessed clean energy, or PACE, assessment securities until the end of 2022. These investments are to be held in the Company's held-to-maturity investment portfolio. As of December 31, 2021, we had purchased $314.1 million of PACE assessment securities from Pace Funding Group LLC and had a remaining commitment of $145.8 million. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages. The Company anticipates these commitments will be funded by means of normal cash flows, will be funded by a reduction in cash and cash equivalents, or by pay-downs and maturities of loans and and other investments.

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

The Company as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of December 31, 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 Company’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:


	Year Ended December 31,
	2021			2020
(In thousands)
Operating lease cost	$	8,219		$	15,256


Cash paid for amounts included in the measurement of Operating leases liability	$	10,193		$	12,358
Weighted average remaining lease term on operating leases (in years)	4.7			5.7
Weighted average discount rate used for operating leases liability	3.25		%	3.27		%

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 December 31, 2021:


(In thousands)
As of December 31, 2021
2022	$	10,955
2023	10,895
2024	10,525
2025	10,165
2026	8,758
Thereafter	526
Total undiscounted operating lease payments	51,824
Less: present value adjustment	3,664
Total Operating leases liability	$	48,160

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 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 December 31, 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 Company’s core deposit intangible asset, for the next five years and thereafter:


(In thousands)
2022	$	1,047
2023	888
2024	730
2025	574
2026	419
Thereafter	493
Total	$	4,151

Accumulated amortization of the core deposit intangible was $4.9 million as of December 31, 2021.

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 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 December 31, 2021, the Company's maximum exposure to loss is $54.5 million.


	December 31, 2021		December 31, 2020
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	1,681	$	6,735

Loans and letters of credit commitments	52,813		11,097
Funded portion of loans and letters of credit commitments	15,512		11,097

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


	Year Ended
	December 31,
		2021		2020
(In thousands)
Tax credits and other tax benefits recognized		$	11,571	$	23,993

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Amalgamated Financial Corp. follows:


CONDENSED BALANCE SHEET
	Year Ended December 31,
	2021

(in thousands)
ASSETS
Cash and cash equivalents	$	42,886

Investment in banking subsidiary	605,074
Other assets	12
Total assets	$	647,972

LIABILITIES AND EQUITY
Subordinated Debt	$	83,831

Accrued expense and other liabilities	399
Stockholders' equity	563,742
Total liabilities and stockholders' equity	$	647,972


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2021
(in thousands)
Interest income	$	—

Other income	11,800
Interest expense	399
Other expense	148
Income before tax expense	11,253
Income tax expense (benefit)	—
Equity in undistributed subsidiary income	41,684
Net income	$	52,937

Comprehensive income	$	41,170


CONDENSED STATEMENT OF CASH FLOWS
	Year Ended December 31,
	2021
(in thousands)
Cash flows from operating activities
Net income	$	52,937
Adjustments:
Equity in undistributed subsidiary income	(41,684)
Change in other assets	(12)
Change in other liabilities	399
Net cash provided (used) by operating activities	11,640

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



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

Cash flows from financing activities

Dividends paid	(7,597)
Repurchase of shares	(2,498)
Proceeds of issuance of subordinated debt	83,831




Net cash provided (used) by financing activities	73,736

Net increase (decrease) in cash and cash equivalents	42,886
Cash and cash equivalents at beginning of year	—
Cash and cash equivalents at end of year	$	42,886
Supplemental non-cash investing activities:
Equity exchange for the outstanding common stock of Amalgamated Bank	541,093

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTOn February 25, 2022, the Company's Board of Directors approved an increase in the Company's common stock share repurchase authorization to an aggregate amount up to $40 million. The timing and exact amount of stock repurchase activity will be informed by economic and regulatory considerations as well as the Company's capital position, earnings outlook, and capital deployment priorities.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	The accounting and reporting policies of 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 consolidated financial statements include the accounts of the Company and its majority-owned and wholly-owned subsidiaries. All significant inter-company transactions and balances are eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. In particular, estimates and assumptions are used in measuring the fair value of certain financial instruments, determining the appropriateness of the allowance for loan and lease losses (“allowance”), evaluating potential other-than-temporary securities impairment, assessing the ability to realize deferred tax assets, and the valuation of share-based payment awards. Estimates and assumptions are based on available information and judgment; therefore actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash	For purposes of reporting cash flows, cash, cash equivalents, and restricted cash include cash, due from banks, interest-bearing deposits in other banks and federal funds sold with original maturities of three months or less. The Company had $0.4 million and $0.4 million in restricted cash as of December 31, 2021 and December 31, 2020, respectively and is included in total cash and cash equivalents on the Consolidated Statements of Financial Condition. The Company’s restricted cash reflects funds held in other financial institutions to secure business operating rights or contractually obligated minimum account funding requirements.
Securities	Purchases of investments in debt securities are designated as either trading, available for sale or held to maturity depending on the intent and ability to hold the securities. The initial designation is made at the time of purchase. During the years ended December 31, 2021 and 2020, there were no transfers of securities between available for sale and held to maturity categories. Additionally, as of December 31, 2021 and December 31, 2020, the Company had no securities designated as trading. Securities available for sale are carried at fair value, with any net unrealized appreciation or depreciation in fair value reported net of taxes as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Debt securities held to maturity are carried at amortized cost provided management does not have the intent to sell these securities and does not anticipate that it will be necessary to sell these securities before the full recovery of principal and interest, which may be at maturity. The Company reported its investments in "Property Assessed Clean Energy" ("PACE") assessments as held to maturity securities. Management conducts a periodic evaluation of securities available for sale and held to maturity to determine if the amortized cost basis of a security has been other-than-temporarily impaired (OTTI). The evaluation of other-than-temporary impairment is a quantitative and qualitative process, which is subject to risks and uncertainties. If the amortized cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than amortized cost, the probability of a near-term recovery in value, whether management intends to sell the security and whether it is more likely than not that the Company will be required to sell the security before full recovery of the investment or maturity. Management also considers specific adverse conditions related to the financial health, projected cash flow and business outlook for the investee, including industry and sector performance, operational and financing cash flow factors and rating agency actions. For debt investment securities deemed to be other-than-temporarily impaired, the investment is written down to fair value with the estimated credit loss charged to current earnings and the noncredit-related impairment loss charged to other comprehensive income. If market, industry and/or investee conditions deteriorate, the Company may incur future impairments. Premiums (discounts) on debt securities are amortized (accreted) to income using the level yield method to the contractual maturity date adjusted for actual prepayment experience. Realized gains and losses on sale of securities are determined using the specific identification method and are reported in non-interest income.
Loans Held for Sale	Loans held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to current earnings. Gains or losses resulting from sales of loans held for sale, net of unamortized deferred fees and costs, are recognized at the time of sale and are included in other non-interest income on the Consolidated Statements of Income. The Company had $3.3 million and $11.2 million of loans classified as held for sale as of December 31, 2021 and December 31, 2020, respectively.
Loans and Loan Interest Income Recognition	Loans are stated at the principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method. Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due, both principal and interest, according to the contractual terms. Individual loans which are deemed to be impaired are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral net of estimated selling costs if the loan is collateral dependent. Individual loan impairment evaluation is generally limited to multifamily, CRE, C&I, construction and certain restructured 1-4 family residential loans. Smaller balance loans including HELOCs, consumer and student loans, as well as non-restructured 1-4 family residential loans, are considered homogeneous. When assessing homogenous loans for impairment, the Company considers regulatory guidance concerning the classification and management of retail credits. The aggregate amount of individually and collectively measured loan impairment is included as a component of the allowance. Loans are considered Troubled Debt Restructurings (TDRs) if the borrower is experiencing financial difficulty and is afforded a concession by the Company, such as, but not limited to: (i) payment deferral; (ii) a reduction of the stated interest rate for the remaining contractual life of the loan; (iii) an extension of the loan’s original contractual term at a stated interest rate lower than the current market rate for a new loan with similar risk; (iv) capitalization of interest; or (v) forgiveness of principal or interest. Generally, TDRs are placed on non-accrual status (and reported as non-performing loans) until the loan qualifies for return to accrual status. A TDR loan is considered impaired. A loan extended or renewed at a stated interest rate equal to the market interest rate for new debt with similar risk is not considered to be a TDR. In accordance with the accounting guidance for business combinations, no allowance is brought forward on any of the loans we acquire. For purchased non-credit impaired loans, credit and interest rate discounts representing the principal losses expected over the life of the loan are a component of the initial fair value and the total combined discount is accreted to interest income over the life of the loan. Subsequent to the acquisition date, the method used to evaluate the sufficiency of the discount is similar to organic loans, and if necessary, additional reserves are recognized in the allowance.
Allowance for Loan Losses	The allowance for loan and lease losses (“allowance”) is a valuation allowance for probable incurred credit losses. The Company monitors its entire loan portfolio on a regular basis and considers numerous factors including (i) end-of-period loan levels and portfolio composition, (ii) observable trends in non-performing loans, (iii) the Company’s historical loan loss experience, (iv) known and inherent risks in the portfolio, (v) underwriting practices, (vi) adverse situations which may affect the borrower’s ability to repay, (vii) the estimated value and sufficiency of any underlying collateral, (viii) credit risk grading assessments, (ix) loan impairment, and (x) economic conditions. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. Additions to the allowance are charged to expense, and realized losses, net of recoveries, are charged to the allowance. Based on the determination of management, the overall level of allowance is periodically adjusted to account for the inherent and specific risks within the entire portfolio. Based on review of the classified loans and the overall allowance levels as they relate to the entire loan portfolio at December 31, 2021, management believes the allowance is adequate. Generally, a loan is considered for charge-off when it is in default of either principal or interest after 90 days or more. In addition to delinquency criteria, other triggering events may include, but are not limited to, notice of bankruptcy by the borrower or guarantor, death of the borrower, and deficiency balance from the sale of collateral. Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, often including obtaining collateral at exercise of the commitment. An allowance is calculated and recorded in other liabilities within the Consolidated Statements of Financial Condition. While management uses available information to recognize losses on loans, future additions or reductions to the allowance may be necessary due to changes in one or more evaluation factors; management’s assumptions as to rates of default, loss or recovery, or management’s intent with regard to disposition. A shift in lending strategy may warrant a change in the allowance due to a changing credit risk profile. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the Company’s allowance. Such agencies may require the Company to recognize additions to, or charge-offs against, the allowance based on their judgment about information available to them at the time of their examination.
Other Real Estate Owned	Other real estate owned (“OREO”) properties acquired through, or in lieu of, foreclosure are recorded initially at fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance prior to transfer. OREO assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest income. Costs relating to the development and improvement of other real estate owned are capitalized. Costs relating to holding other real estate owned, including real estate taxes, insurance and maintenance, are charged to expense as incurred.
Goodwill and Intangible Assets	Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company elected June 30 as the annual date for impairment testing. Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years.
Premises and Equipment	Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures, and equipment is computed by the straight-line method over the estimated useful lives of the related assets. Furniture and fixtures are generally depreciated over ten years. Equipment, computer hardware and computer software are normally depreciated over three to seven years. Amortization of leasehold improvements is computed by the straight-line method over their estimated useful lives or the terms of the leases, whichever is shorter. Fully depreciated assets with no determinable salvage value are disposed. Repairs and maintenance are charged to expense as incurred.
Leases	The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, right-of-use ("ROU") assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. The Company uses its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of lease liabilities. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Leases are classified as financing or operating leases at commencement. All of the Company's leases are classified as operating leases as of December 31, 2021. Operating lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred.
Bank-Owned Life Insurance	The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchase of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. The insurance and earnings thereon is used to offset a portion of future employee benefit costs. BOLI is carried at the cash surrender value of the underlying policies. Earnings from BOLI, as well as changes in cash surrender value, are recognized as non-interest income.
Advertising Costs	The Company expenses advertising and promotion costs as incurred.
Income Taxes	There are two components of income tax expense: current and deferred. Current income tax expense (benefit) approximates cash to be paid (refunded) for income taxes for the applicable period. Deferred income tax expense (benefit) results from differences between assets and liabilities measured for financial reporting and for income-tax return purposes. The Company records as a deferred tax asset on its Consolidated Statement of Financial Condition an amount equal to the tax credit and tax loss carry-forwards and tax deductions (tax benefits) that we believe will be available to us to offset or reduce the amounts of our income taxes in future periods. Under applicable federal and state income tax laws and regulations, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully utilize our deferred tax asset may depend on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently, if warranted, we make estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our Consolidated Statement of Financial Condition. If, however, we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish (or increase any existing) a valuation allowance to reduce the deferred tax asset on our Consolidated Statement of Financial Condition to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any benefit, for income taxes that we would otherwise have recorded in our Consolidated Statements of Income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors. When measuring the amount of current taxes to be paid (or refunded) management considers the merit of various tax treatments in the context of statutory, judicial and regulatory guidance. Management also considers results of recent tax audits and historical experience. While management considers the amount of income taxes payable (or receivable) to be appropriate based on information currently available, future additions or reductions to such amounts may be necessary due to unanticipated events or changes in circumstances. Management has not taken, and does not expect to take, any position in a tax return which it deems to be uncertain. The Company recognizes interest and penalties related to income tax matters in income tax expense. The deferral method of accounting is used for investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction of the related asset.
Post-Retirement Benefit Plans	The Company sponsors several post-retirement benefit plans for current and former employees. Contributions to the trustee of a multi-employer defined benefit pension plan are recorded as expense in the period of contribution. The Company made $6.2 million, $6.3 million and $6.3 million in pension plan contributions for the 2021, 2020 and 2019 plan years, respectively. Plan obligations and related expenses for other post retirement plans are calculated using actuarial methodologies. The measurement of such obligations and expenses requires management to make certain assumptions, in particular the discount rate, which is evaluated on an annual basis. Other factors include retirement patterns, mortality and turnover assumptions. The Company uses a December 31 measurement date for its post retirement benefit plans. FASB ASC 715 30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires the Company to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial condition and to recognize changes in that funded status in the year the changes occur through comprehensive income.
Comprehensive Income	Comprehensive income includes net income and all other changes in equity during a period, except those resulting from investments by owners and distributions to owners. Other comprehensive income includes income, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but excluded from net income. Other comprehensive income (loss) and accumulated other comprehensive income (loss) are reported net of deferred income taxes. Accumulated other comprehensive income for the Company includes unrealized holding gains or losses on available for sale securities, and actuarial gains or losses on the Company’s pension plans. FASB ASC 715‑30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year the changes occur through comprehensive income.
Stock-Based Compensation	Stock-based compensation is recorded in accordance with FASB ASC No. 718, “Accounting for Stock-Based Compensation” which requires the Company to record compensation cost for stock options and restricted stock granted to employees in return for employee service. The cost is measured at the fair value of the options and restricted stock when granted, and this cost is expensed over the employee service period, which is normally the vesting period of the options and restricted stock. Forfeitures of options and restricted stock result in a retirement of the related award and a reversal of the cost previously incurred. The Company's performance-based restricted stock units (“RSUs”) are subject to the achievement of the Company's corporate goals. The Company's stock-based compensation plans are further described in Note 12, Employee Benefit Plans.
Variable Interest Entities	The consolidated financial statements include the accounts of certain variable interest entities (“VIEs”). The Company considers a voting rights entity to be a subsidiary and consolidates if the Company has a controlling financial interest in the entity. VIEs are consolidated if the Company has the power to direct the activities of the VIE that significantly impact financial performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (i.e., the Company is the primary beneficiary). Investments in VIEs where the Company is not the primary beneficiary of a VIE are accounted for using the equity method of accounting. The determination of whether the Company is the primary beneficiary of a VIE is reassessed on an ongoing basis. The consolidation status may change as a result of these reassessments. These investments are included in Other Assets in the Company’s Consolidated Statements of Financial Condition. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity, both funded and unfunded. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured. Additional disclosures regarding VIEs are further described in Note 17, Variable Interest Entities.
Resell Agreements	The Company enters into short-term agreements for the purchase of government guaranteed loans with simultaneous agreements to resell (resell agreements). The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. The Company had $229.0 million and $154.8 million in resell agreements as of December 31, 2021 and December 31, 2020, respectively. The resell agreements were entered into at par, and earned $1.9 million in interest income for the year ended December 31, 2021. Interest income on resell agreements is reported on the "securities interest income" line of the Consolidated Statements of Income.
Segment Information	Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment.
Reclassifications	Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact to the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders’ Equity.
Risks and Uncertainties	The COVID-19 pandemic continues to create disruptions to the global economy and financial markets and to businesses and the lives of individuals throughout the world. The impact of the COVID-19 pandemic and its related variants is fluid and continues to evolve, adversely affecting many of our clients. Our business, financial condition and results of operations generally rely upon the ability of our borrowers to repay their loans, the value of collateral underlying our secured loans, and demand for loans and other products and services we offer, which are highly dependent on the business environment in our primary markets where we operate and in the United States as a whole. The unprecedented and rapid spread of COVID-19 and its variants and their associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities have resulted in, and continue to result in, less economic activity, and volatility and disruption in financial markets, and has had an adverse effect on our business, financial condition and results of operations. In addition, due to the COVID-19 pandemic, market interest rates have declined to and remain at historic lows, despite the increase in market interest rates that the economy is beginning to experience. These reductions in interest rates and the other effects of the COVID-19 pandemic have had, and are expected to continue to have, adverse effects on our business, financial condition and results of operations. The ultimate extent of the impact of the COVID-19 pandemic on our business, financial condition and results of operations is currently uncertain and will depend on various developments and other factors, including the effect of governmental and private sector initiatives, the effect of the rollout of vaccinations for the virus and its variants, whether such vaccinations will be effective against another resurgence of the virus, including any new strains, and the ability for customers and businesses to return to their pre-pandemic routines. In addition, it is reasonably possible that certain significant estimates made in our financial statements could be materially and adversely affected in the near term as a result of these conditions.
Recent Accounting Pronouncements	Accounting Standards Effective in 2021 and onward In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 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 the Company's 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, the Company currently anticipates a January 1, 2023 adoption date. In preparation, the Company has 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 the Company's 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 the Company's Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued 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 the Company's 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 the Company does 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 the Company's 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)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule Other Comprehensive Income (Loss)

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


	Year Ended December 31,
		2021		2020		2019
(In thousands)


Change in total obligation for postretirement benefits and for prior service credit and for other benefits		$	(63)	$	362	$	(183)

Income tax effect		17		(99)		57

Net change in total obligation for postretirement benefits and prior service credit and for other benefits		(46)		263		(126)
Unrealized holding gains (losses) on available for sale securities		$	(15,438)	$	20,374	$	21,309
Reclassification adjustment for losses (gains) realized in income		(654)		(1,604)		(86)
Change in unrealized gains (losses) on available for sale securities		(16,092)		18,770		21,223
Income tax effect		4,371		(5,082)		(5,882)
Net change in unrealized gains (losses) on available for sale securities		(11,721)		13,688		15,341

Total		$	(11,767)	$	13,951	$	15,215

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 December 31, 2021








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,056)	$	(63)	$	17	$	(2,102)



Unrealized gains (losses) on available for sale securities	19,232		(16,092)		4,371		7,511


Total	$	17,176	$	(16,155)	$	4,388	$	5,409


	Balance as of January 1, 2020		Current Period Change		Income Tax Effect		Balance as of December 31, 2020








(In thousands)
Unrealized gains (losses) on benefits plans	$	(2,319)	$	362	$	(99)	$	(2,056)



Unrealized gains (losses) on available for sale securities	5,544		18,770		(5,082)		19,232


Total	$	3,225	$	19,132	$	(5,181)	$	17,176

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

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


	Year Ended December 31,					Affected Line Item in the Consolidated Statements of Income
		2021		2020				2019
(In thousands)

Realized gains (losses) on sale of available for sale securities		$	649	$	1,605	$	83		Gain (loss) on sale of investment securities available for sale, net
Recognized gains (losses) on OTTI securities		5		(1)		3			Non-Interest Income - other
Income tax expense (benefit)		180		438		24			Income tax expense (benefit)
Total reclassifications, net of income tax		$	474	$	1,166	$	62


Prior service credit on pension plans and other postretirement benefits		$	29	$	28	$	29		Compensation and employee benefits
Income tax expense (benefit)		(8)		(8)		(8)			Income tax expense (benefit)
Total reclassifications, net of income tax		$	21	$	20	$	21

Total reclassifications, net of income tax		$	495	$	1,186	$	83

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 are as follows:






	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available for sale:
Mortgage-related:
GSE residential certificates	$	3,838	$	129	$	—	$	3,967
GSE residential CMOs	460,571		5,697		(2,385)		463,883
GSE commercial certificates & CMO	364,274		6,855		(765)		370,364
Non-GSE residential certificates	66,756		29		(646)		66,139
Non-GSE commercial certificates	81,705		12		(616)		81,101
	977,144		12,722		(4,412)		985,454
Other debt:
U.S. Treasury	200		—		—		200
ABS	988,061		3,351		(2,224)		989,188
Trust preferred	14,631		—		(484)		14,147
Corporate	123,013		1,681		(273)		124,421

	1,125,905		5,032		(2,981)		1,127,956


Total available for sale	$	2,103,049	$	17,754	$	(7,393)	$	2,113,410

Held to maturity:
Mortgage-related:
GSE commercial certificates	$	30,742	$	—	$	(489)	$	30,253
GSE residential certificates	442		19		—		461
Non GSE commercial certificates	10,333		13		(288)		10,058
Non GSE residential certificates	10,796		5		—		10,801
	52,313		37		(777)		51,573
Other debt:
ABS	75,800		1		(50)		75,751
PACE Assessments	627,394		5,933		—		633,327
Municipal	84,962		2,045		(1,056)		85,951
Other	3,100		2		—		3,102
	791,256		7,981		(1,106)		798,131

Total held to maturity	$	843,569	$	8,018	$	(1,883)	$	849,704

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 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

	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 December 31, 2021 are as follows:






	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Available for sale:
Mortgage-related:
GSE residential certificates	$	3,838	$	129	$	—	$	3,967
GSE residential CMOs	460,571		5,697		(2,385)		463,883
GSE commercial certificates & CMO	364,274		6,855		(765)		370,364
Non-GSE residential certificates	66,756		29		(646)		66,139
Non-GSE commercial certificates	81,705		12		(616)		81,101
	977,144		12,722		(4,412)		985,454
Other debt:
U.S. Treasury	200		—		—		200
ABS	988,061		3,351		(2,224)		989,188
Trust preferred	14,631		—		(484)		14,147
Corporate	123,013		1,681		(273)		124,421

	1,125,905		5,032		(2,981)		1,127,956


Total available for sale	$	2,103,049	$	17,754	$	(7,393)	$	2,113,410

Held to maturity:
Mortgage-related:
GSE commercial certificates	$	30,742	$	—	$	(489)	$	30,253
GSE residential certificates	442		19		—		461
Non GSE commercial certificates	10,333		13		(288)		10,058
Non GSE residential certificates	10,796		5		—		10,801
	52,313		37		(777)		51,573
Other debt:
ABS	75,800		1		(50)		75,751
PACE Assessments	627,394		5,933		—		633,327
Municipal	84,962		2,045		(1,056)		85,951
Other	3,100		2		—		3,102
	791,256		7,981		(1,106)		798,131

Total held to maturity	$	843,569	$	8,018	$	(1,883)	$	849,704

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 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

	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
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	200	$	200	$	1,100	$	1,101
Due after one year through five years	43,043		43,285		2,000		2,002
Due after five years through ten years	403,620		404,342		—		—
Due after ten years	679,042		680,129		788,156		795,028
	$	1,125,905	$	1,127,956	$	791,256	$	798,131

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

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


	Year Ended December 31,
(In thousands)		2021		2020		2019

Proceeds		$	111,274	$	94,698	$	245,260

Realized gains		$	1,057	$	2,111	$	1,912
Realized losses		(408)		(506)		(1,829)
Net realized gains (losses)		$	649	$	1,605	$	83

Schedule of Unrealized Losses


	December 31, 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	$	222,825	$	(2,385)	$	—			$	—	$	222,825	$	(2,385)
GSE commercial certificates & CMO	28,695		(271)		159,681				(494)		188,376		(765)
Non-GSE residential certificates	55,284		(646)		—				—		55,284		(646)
Non-GSE commercial certificates	42,530		(247)		23,124				(369)		65,654		(616)
Other debt:
ABS	374,241		(1,903)		71,746				(321)		445,987		(2,224)
Trust preferred	—		—		14,147				(484)		14,147		(484)
Corporate	48,743		(273)		—				—		48,743		(273)




Total available for sale	$	772,318	$	(5,725)	$	268,698			$	(1,668)	$	1,041,016	$	(7,393)

Held to maturity:
Mortgage-related:
GSE commercial certificates	$	30,253	$	(489)	$	—	$	—	$	—	$	30,253	$	(489)

Non GSE commercial certificates	9,857		(288)		—		—		—		9,857		(288)
Other debt:
ABS	26,951		(50)		—				—		26,951		(50)
Municipal	38,468		(852)		3,876				(204)		42,344		(1,056)

Total held to maturity	$	105,529	$	(1,679)	$	3,876			$	(204)	$	109,405	$	(1,883)


	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)




Total available for sale	$	159,966	$	(334)	$	432,503	$	(3,208)	$	592,469	$	(3,542)

LOANS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable are summarized as follows:





	December 31, 2021		December 31, 2020
(In thousands)
Commercial and industrial	$	729,385	$	677,192
Multifamily	821,801		947,177
Commercial real estate	369,429		372,736
Construction and land development	31,539		56,087
Total commercial portfolio	1,952,154		2,053,192
Residential real estate lending	1,063,682		1,238,697


Consumer and other	291,818		190,676
Total retail portfolio	1,355,500		1,429,373
Total loans receivable	3,307,654		3,482,565
Net deferred loan origination costs (fees)	4,570		6,330
Total loans receivable, net of deferred loan origination costs (fees)	3,312,224		3,488,895
Allowance for loan losses	(35,866)		(41,589)
Total loans receivable, net	$	3,276,358	$	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 December 31, 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	$	—	$	8,313	$	—	$	8,313	$	—	$	721,072	$	729,385
Multifamily	13,537		2,907		—		16,444		—		805,357		821,801
Commercial real estate	21,599		4,054		—		25,653		—		343,776		369,429
Construction and land development	26,482		—		—		26,482		—		5,057		31,539
Total commercial portfolio	61,618		15,274		—		76,892		—		1,875,262		1,952,154
Residential real estate lending	4,811		12,525		—		17,336		—		1,046,346		1,063,682
Consumer and other	1,590		420		—		2,010		—		289,808		291,818
Total retail portfolio	6,401		12,945		—		19,346		—		1,336,154		1,355,500
	$	68,019	$	28,219	$	—	$	96,238	$	—	$	3,211,416	$	3,307,654

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 December 31, 2021 and December 31, 2020:


	December 31, 2021						December 31, 2020
(In thousands)	Accruing		Non- Accrual		Total		Accruing		Non- Accrual		Total
Commercial and industrial	$	4,052	$	8,313	$	12,365	$	1,648	$	12,116	$	13,764
Commercial real estate	—		3,166		3,166		—		3,433		3,433
Construction and land development	7,476		—		7,476		—		2,682		2,682
Residential real estate lending	13,469		2,018		15,487		17,905		2,654		20,559


	$	24,997	$	13,497	$	38,494	$	19,553	$	20,885	$	40,438

The financial effects of TDRs granted for the year ended December 31, 2021 are as:


				Weighted Average Interest Rate
(In thousands)	Number of Loans	Recorded Investment			Pre-Modification		Post-Modification		Charge-off Amount
Commercial and industrial	1	$	2,536		6.50	%	4.00	%	$	—


Construction and land development	2	7,477			4.30	%	4.30	%	—



	3	$	10,013		4.86	%	4.22	%	$	—

The financial effects of TDRs granted for the year ended December 31, 2020 are as:


				Weighted Average Interest Rate
(In thousands)	Number of Loans	Recorded Investment			Pre-Modification		Post-Modification		Charge-off Amount
Commercial and industrial	4	$	2,109		5.76	%	5.76	%	$	—





Residential real estate lending	3	992			5.92	%	3.96	%	$	18
	7	$	3,101		5.81	%	5.18	%	$	18

Schedule of Loans by Credit Quality Indicator

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2021:




(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	693,312	$	10,165	$	25,908	$	—	$	729,385
Multifamily	721,869		48,804		51,128		—		821,801
Commercial real estate	295,261		13,947		60,221		—		369,429
Construction and land development	24,063		—		7,476		—		31,539
Residential real estate lending	1,050,865		292		12,525		—		1,063,682
Consumer and other	291,398		—		420		—		291,818
Total loans	$	3,076,768	$	73,208	$	157,678	$	—	$	3,307,654

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	$	12,785	$	2,907	$	4,054	$	7,476	$	25,994	$	—	$	53,216
Collectively evaluated for impairment	716,600		818,894		365,375		24,063		1,037,688		291,818		3,254,438
Total loans	$	729,385	$	821,801	$	369,429	$	31,539	$	1,063,682	$	291,818	$	3,307,654

Allowance for loan losses:
Individually evaluated for impairment	$	4,350	$	—	$	—	$	—	$	755	$	—	$	5,105
Collectively evaluated for impairment	6,302		4,760		7,273		405		8,253		3,768		30,761
Total allowance for loan losses	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,768	$	35,866


(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 year ended December 31, 2021 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer 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	2,179		(1,483)		1,374		(1,675)		(5,409)		4,727		(287)
Charge-offs	(813)		(4,081)		(314)		—		(1,081)		(2,699)		(8,988)
Recoveries	221		—		—		3		3,168		160		3,552
Ending Balance	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,768	$	35,866

The activities in the allowance by portfolio for the year ended December 31, 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	9,175		5,114		7,508		2,238		(2,302)		3,058		24,791
Charge-offs	(11,293)		—		(3,787)		(970)		(492)		(1,691)		(18,233)
Recoveries	57		—		—		1		975		151		1,184
Ending Balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589

The activities in the allowance by portfolio for the year ended December 31, 2019 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	$	16,046		$	4,736		$	2,573		$	1,089		$	11,987		$	764	$	37,195
Provision for (recovery of) loan losses	2,620			474			(81)			(281)			1,251			(146)		3,837
Charge-offs	(9,236)			—			—			—			(683)			(710)		(10,629)
Recoveries	1,696			—			—			—			1,594			154		3,444
Ending Balance	$	11,126	0	$	5,210	0	$	2,492	0	$	808	0	$	14,149	0	$	62	$	33,847

Schedule of Additional Information for Individually Impaired Loans and Allowances


	December 31, 2021
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	10,507	$	15,666	$	11,896	$	—



Construction and land development	7,476		9,330		7,476		—
Commercial real estate	4,054		3,744		4,953		—

	22,037		28,740		24,325		—
Loans with a related allowance:
Residential real estate lending	15,487		18,120		19,306		755


Multifamily	2,907		6,241		8,024		—


Commercial and industrial	12,785		13,746		13,207		4,350
	31,179		38,107		40,537		5,105
Total individually impaired loans:
Residential real estate lending	25,994		33,786		31,202		755


Multifamily	2,907		6,241		8,024		—
Construction and land development	7,476		9,330		7,476		—
Commercial real estate	4,054		3,744		4,953		—
Commercial and industrial	12,785		13,746		13,207		4,350
	$	53,216	$	66,847	$	64,862	$	5,105


	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


	December 31, 2019
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	4,496	$	4,397	$	4,558	$	—



Construction and land development	3,652		3,652		3,702		—
Commercial real estate	8,807		11,921		9,137		—

	16,955		19,970		17,397		—
Loans with a related allowance:
Residential real estate lending	23,547		25,206		27,288		1,325





Commercial and industrial	24,870		18,512		29,534		6,144
	48,417		43,718		56,822		7,469
Total individually impaired loans:
Residential real estate lending	28,043		29,603		31,846		1,325



Construction and land development	3,652		3,652		3,702		—
Commercial real estate	8,807		11,921		9,137		—
Commercial and industrial	24,870		18,512		29,534		6,144
	$	65,372	$	63,688	$	74,219	$	7,469

PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Premises and Equipment

Premises and equipment are summarized as follows:


	December 31,
	2021		2020
(In thousands)
Buildings, premises and improvements	$	29,935	$	33,280
Furniture, fixtures and equipment	7,020		5,856
Projects in process	—		550
	36,955		39,686
Accumulated depreciation and amortization	(25,220)		(26,709)
	$	11,735	$	12,977

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2021

Statistical Disclosure for Banks [Abstract]

Schedule of Deposits

Deposits are summarized as follows:





	December 31, 2021				December 31, 2020
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest bearing demand deposit accounts	$	3,335,005	0.00	%	$	2,603,274	0.00	%
NOW accounts	210,844		0.08	%	205,653		0.06	%
Money market deposit accounts	2,227,953		0.12	%	1,914,391		0.13	%
Savings accounts	375,301		0.11	%	343,368		0.12	%
Time deposits	207,152		0.32	%	272,025		0.86	%

	$	6,356,255	0.06	%	$	5,338,711	0.10	%

Schedule of Maturities of Time Deposits

Scheduled maturities of time deposits as of December 31, 2021 are as follows:


(In thousands)
2022	$	182,654
2023	12,268
2024	6,516
2025	3,933
2026	1,781

	$	207,152

- 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

REGULATORY CAPITAL (Tables)

12 Months Ended

Dec. 31, 2021

Regulatory Capital [Abstract]

Schedule of Bank's Capital and Ratio Amounts

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


	Actual			For Capital Adequacy Purposes (1)
(In thousands)	Amount	Ratio		Amount	Ratio
December 31, 2021

Total capital to risk weighted assets	656,719	15.95	%	329,471	8.00	%
Tier 1 capital to risk weighted assets	534,381	12.98	%	247,103	6.00	%
Tier 1 capital to average assets	534,381	7.62	%	280,454	4.00	%
Common equity tier 1 to risk weighted assets	534,381	12.98	%	185,327	4.50	%

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

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


	Actual				For Capital Adequacy Purposes (1)				To Be Considered Well capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2021






Total capital to risk weighted assets	$	613,030	14.89	%	$	329,376	8.00	%	$	411,720	10.00	%
Tier 1 capital to risk weighted assets	575,692		13.98	%	247,032		6.00	%	329,376		8.00	%
Tier 1 capital to average assets	575,692		8.21	%	164,688		4.00	%	205,860		5.00	%
Common equity tier 1 to risk weighted assets	575,692		13.98	%	185,274		4.50	%	267,618		6.50	%

December 31, 2020
Total capital to risk weighted assets	$	534,684	14.25	%	$	300,199	8.00	%	$	375,249	10.00	%
Tier 1 capital to risk weighted assets	491,913		13.11	%	225,149		6.00	%	300,199		8.00	%
Tier 1 capital to average assets	491,913		7.97	%	246,904		4.00	%	308,630		5.00	%
Common equity tier 1 to risk weighted assets	491,913		13.11	%	168,862		4.50	%	243,912		6.50	%

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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 are as follows:


	Year Ended December 31,
(In thousands)	2021		2020		2019

Current:
Federal	$	9,349	$	15,010	$	10,656
State and local	1,389		1,152		1,287
	10,738		16,162		11,943
Deferred:
Federal	4,409		(3,497)		1,880
State and local	2,641		3,090		3,149
	7,050		(407)		5,029

Total income tax provision	$	17,788	$	15,755	$	16,972

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2021				2020				2019
(In thousands)	Amount		%		Amount		%		Amount		%

Tax expense at federal income tax rate	$	14,852	21.00	%	$	13,008	21.00	%	$	13,476	21.00	%
Increase (decrease) resulting from:
Tax exempt income	(317)		-0.45	%	(862)		-1.39	%	(423)		-0.66	%
Change in DTA rate	(199)		-0.28	%	333		0.54	%	(186)		-0.29	%
State tax, net of federal benefit	3,184		4.50	%	3,551		5.73	%	4,030		6.28	%
Stock options windfall	(94)		-0.13	%	(3)		-0.01	%	(68)		-0.11	%



Other	362		0.51	%	(272)		-0.44	%	143		0.23	%
Total	$	17,788	25.15	%	$	15,755	25.43	%	$	16,972	26.45	%

Schedule of Net Deferred Tax Assets and Liabilities

The significant components of the net deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows:





	December 31,
	2021		2020
(In thousands)
Deferred tax assets:
Excess tax basis over carrying value of assets:
Allowance for loan losses	$	16,300	$	16,644
Nonaccrual interest income	389		689
Postretirement and other employee benefits	242		436



Depreciation and amortization	1,123		1,657
Operating leases	13,250		14,515
Federal, state and local net operating loss carryforward	7,285		9,270
Other, net	3,258		2,723
Gross deferred tax asset	41,847		45,934

Deferred tax liabilities:
Available for sale securities carried at fair value for financial statement purposes	(2,850)		(7,221)
Purchase accounting adjustments, net	(874)		(966)
Operating leases	(10,142)		(9,855)
Net deferred loan fees	(1,262)		—
Gross deferred tax liabilities	(15,128)		(18,042)

Deferred tax asset, net	$	26,719	$	27,892

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Factors Used in Earnings Per Share Calculation

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



	Year Ended December 31,
		2021		2020		2019
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.		$	52,937	$	46,188	$	47,202
Dividends paid on preferred stock		(22)		(22)		(22)
Income attributable to common stock		$	52,915	$	46,166	$	47,180
Weighted average common shares outstanding, basic		31,104		31,133		31,733
Basic earnings per common share		$	1.70	$	1.48	$	1.49

Income attributable to common stock		$	52,915	$	46,166	$	47,180
Weighted average common shares outstanding, basic		31,104		31,133		31,733
Incremental shares from assumed conversion of options and RSUs		408		96		472
Weighted average common shares outstanding, diluted		31,512		31,229		32,205
Diluted earnings per common share		$	1.68	$	1.48	$	1.47

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Employer Contributions

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


(In thousands)	Contributions		Company contributions greater than 5% of total contributions received by the CRF?
Year Ended December 31,
2021	$	6,193	Yes
2020	6,278		Yes
2019	6,254		Yes

Schedule of Changes in Benefit Obligations and Plan Assets

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


	Year Ended December 31,
(In thousands)	2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	4,094	$	4,527
Service cost	—		—
Interest cost	58		118
Amendments	—		—
Actuarial loss (gain)	(16)		(71)
Benefits paid	(478)		(480)
Benefit obligation at end of year	3,658		4,094
Change in plan assets:
Employer contributions	478		480
Benefits paid	(478)		(480)
Plan assets at end of year	—		—
Benefit obligation, included in other liabilities	$	3,658	$	4,094

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

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


(In thousands)	2021		2020		2019
Net actuarial loss	$	3,235	$	3,200	$	3,591
Prior service credit	(320)		(349)		(378)


Total amount recognized	$	2,915	$	2,851	$	3,213

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

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


(In thousands)	2021		2020		2019
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	—
Interest cost	58		118		165
Prior service credit amortization	(29)		(29)		(29)
Prior service credit due to curtailments	—		—		—
Recognized actuarial (gain) loss	400		320		219
Net periodic benefit	$	429	$	409	$	355

Components of other amounts:
Net regular actuarial (gain) loss	$	(16)	$	379	$	373
Recognized actuarial gain (loss)	(400)		(320)		(219)
Prior service credit amortization	29		29		29
Prior service credit due to curtailments	450		(450)		—
Prior service credit due to amendment	—		—		—
Total recognized in other comprehensive income	$	63	$	(362)	$	183
Total recognized in comprehensive income	$	492	$	47	$	538

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

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


(In thousands)	2021		2020		2019
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	—
Interest cost	58		118		165
Prior service credit amortization	(29)		(29)		(29)
Prior service credit due to curtailments	—		—		—
Recognized actuarial (gain) loss	400		320		219
Net periodic benefit	$	429	$	409	$	355

Components of other amounts:
Net regular actuarial (gain) loss	$	(16)	$	379	$	373
Recognized actuarial gain (loss)	(400)		(320)		(219)
Prior service credit amortization	29		29		29
Prior service credit due to curtailments	450		(450)		—
Prior service credit due to amendment	—		—		—
Total recognized in other comprehensive income	$	63	$	(362)	$	183
Total recognized in comprehensive income	$	492	$	47	$	538

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

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


	2021		2020		2019
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.07	%	1.50	%	2.77	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	1.66	%	3.13	%	3.92	%

Schedule of Stock Option Activity

A summary of the status of the Company’s options as of December 31, 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	4.2	years
Granted	—	—		—
Forfeited/ Expired	(182,180)	12.69		—
Exercised	(1,094,480)	12.92		—
Outstanding, December 31, 2021	701,900	13.29		4.1	years	$	2,441
Vested and Exercisable, December 31, 2021	701,900	$	13.29	4.1	years	$	2,441

Schedule of Restricted Stock Unit Activity

A summary of the status of the Company’s employee RSUs as of December 31, 2021 follows:


	Shares	Grant Date Fair Value
Unvested, December 31, 2020	290,637	$	15.99
Awarded	260,355	15.81
Forfeited	(70,080)	12.93
Vested	(81,005)	15.46
Unvested, December 31, 2021	399,907	$	16.52

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35742348&loc=SL14450788-114948

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis


	December 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	3,967	$	—	$	3,967
GSE residential CMOs	—		463,883		—		463,883
GSE commercial certificates & CMO	—		370,364		—		370,364
Non-GSE residential certificates	—		66,139		—		66,139
Non-GSE commercial certificates	—		81,101		—		81,101

Other debt:
U.S. Treasury	200		—		—		200
ABS	—		989,188		—		989,188
Trust preferred	—		14,147		—		14,147
Corporate	—		124,421		—		124,421


Total assets carried at fair value	$	200	$	2,113,210	$	—	$	2,113,410


	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:





	December 31, 2021
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	48,111	$	—	$	—	$	48,111	$	48,111
Other real estate owned	307		—		—		335		335
	$	48,418	$	—	$	—	$	48,446	$	48,446

















	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:







	December 31, 2021
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
(In thousands)
Financial assets:
Cash and cash equivalents	$	330,485	$	330,485	$	—	$	—	$	330,485

Available for sale securities	2,113,410		200		2,113,210		—		2,113,410
Held to maturity securities	843,569		—		216,377		633,327		849,704
Loans held for sale	3,279		—		—		3,279		3,279
Loans receivable, net	3,276,358		—		—		3,291,377		3,291,377

Resell agreements	229,018		—		—		229,018		229,018
Accrued interest and dividends receivable	28,820		—		28,820		—		28,820




Financial liabilities:
Deposits payable on demand	6,149,103		—		6,149,103		—		6,149,103
Time deposits	207,152		—		207,369		—		207,369
Subordinated Debt	83,831		—		85,000		—		85,000
Accrued interest payable	569		—		569		—		569


	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)

12 Months Ended

Dec. 31, 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:





	December 31, 2021		December 31, 2020
(In thousands)
Commitments to extend credit	$	927,428	$	455,541
Standby letters of credit	18,752		17,910
Total	$	946,180	$	473,451

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Lease Cost and Other Information

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


	Year Ended December 31,
	2021			2020
(In thousands)
Operating lease cost	$	8,219		$	15,256


Cash paid for amounts included in the measurement of Operating leases liability	$	10,193		$	12,358
Weighted average remaining lease term on operating leases (in years)	4.7			5.7
Weighted average discount rate used for operating leases liability	3.25		%	3.27		%

Note: Sublease income and variable income or expense considered immaterial

Schedule of Remaining Commitments of Operating Lease Payments


(In thousands)
As of December 31, 2021
2022	$	10,955
2023	10,895
2024	10,525
2025	10,165
2026	8,758
Thereafter	526
Total undiscounted operating lease payments	51,824
Less: present value adjustment	3,664
Total Operating leases liability	$	48,160

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Estimated Amortization Expense

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


(In thousands)
2022	$	1,047
2023	888
2024	730
2025	574
2026	419
Thereafter	493
Total	$	4,151

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


	December 31, 2021		December 31, 2020
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	1,681	$	6,735

Loans and letters of credit commitments	52,813		11,097
Funded portion of loans and letters of credit commitments	15,512		11,097

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


	Year Ended
	December 31,
		2021		2020
(In thousands)
Tax credits and other tax benefits recognized		$	11,571	$	23,993

- 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

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Condensed financial information of Amalgamated Financial Corp. follows:


CONDENSED BALANCE SHEET
	Year Ended December 31,
	2021

(in thousands)
ASSETS
Cash and cash equivalents	$	42,886

Investment in banking subsidiary	605,074
Other assets	12
Total assets	$	647,972

LIABILITIES AND EQUITY
Subordinated Debt	$	83,831

Accrued expense and other liabilities	399
Stockholders' equity	563,742
Total liabilities and stockholders' equity	$	647,972

Condensed Statements of Income


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2021
(in thousands)
Interest income	$	—

Other income	11,800
Interest expense	399
Other expense	148
Income before tax expense	11,253
Income tax expense (benefit)	—
Equity in undistributed subsidiary income	41,684
Net income	$	52,937

Comprehensive income	$	41,170

Condensed Statements of Comprehensive Income


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2021
(in thousands)
Interest income	$	—

Other income	11,800
Interest expense	399
Other expense	148
Income before tax expense	11,253
Income tax expense (benefit)	—
Equity in undistributed subsidiary income	41,684
Net income	$	52,937

Comprehensive income	$	41,170

Condensed Statement of Cash Flows


CONDENSED STATEMENT OF CASH FLOWS
	Year Ended December 31,
	2021
(in thousands)
Cash flows from operating activities
Net income	$	52,937
Adjustments:
Equity in undistributed subsidiary income	(41,684)
Change in other assets	(12)
Change in other liabilities	399
Net cash provided (used) by operating activities	11,640

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



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

Cash flows from financing activities

Dividends paid	(7,597)
Repurchase of shares	(2,498)
Proceeds of issuance of subordinated debt	83,831




Net cash provided (used) by financing activities	73,736

Net increase (decrease) in cash and cash equivalents	42,886
Cash and cash equivalents at beginning of year	—
Cash and cash equivalents at end of year	$	42,886
Supplemental non-cash investing activities:
Equity exchange for the outstanding common stock of Amalgamated Bank	541,093

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Restricted cash	$ 400	$ 400
Loans held for sale	$ 3,279	11,178
Estimated useful life of intangible assets	10 years
Property, Plant and Equipment [Line Items]
Contributions to trustee of multi-employer defined benefit pension plan	$ 6,193	6,278	$ 6,254
Resell agreements	229,018	$ 154,779
Interest income from resell agreements	$ 1,900
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	10 years
Computer Equipment, Hardware and Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	3 years
Computer Equipment, Hardware and Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	7 years

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	$ (63)	$ 362	$ (183)
Income tax effect	17	(99)	57
Net change in total obligation for postretirement benefits and prior service credit and for other benefits	(46)	263	(126)
Unrealized holding gains (losses) on available for sale securities	(15,438)	20,374	21,309
Reclassification adjustment for losses (gains) realized in income	(654)	(1,604)	(86)
Net unrealized gains (losses) on securities available for sale	(16,092)	18,770	21,223
Income tax effect	4,371	(5,082)	(5,882)
Net change in unrealized gains (losses) on available for sale securities	(11,721)	13,688	15,341
Total other comprehensive income (loss), net of taxes	$ (11,767)	$ 13,951	$ 15,215

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 535,821	$ 490,544	$ 439,371
Current Period Change	(16,155)	19,132	21,040
Income Tax Effect	4,388	(5,181)	(5,825)
Ending balance	563,875	535,821	490,544
Unrealized gains (losses) on benefits plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,056)	(2,319)
Current Period Change	(63)	362
Income Tax Effect	17	(99)
Ending balance	(2,102)	(2,056)	(2,319)
Unrealized gains (losses) on available for sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	19,232	5,544
Current Period Change	(16,092)	18,770
Income Tax Effect	4,371	(5,082)
Ending balance	7,511	19,232	5,544
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	17,176	3,225	(11,990)
Current Period Change	(16,155)	19,132
Income Tax Effect	4,388	(5,181)
Ending balance	$ 5,409	$ 17,176	$ 3,225

- 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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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Non-Interest Income - other	$ 1,015	$ 2,042	$ 878
Income tax expense (benefit)	17,788	15,755	16,972
Compensation and employee benefits	69,844	69,421	70,276
Total reclassifications, net of income tax	52,937	46,188	47,202
Reclassification out of accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of income tax	495	1,186	83
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	649	1,605	83
Non-Interest Income - other	5	(1)	3
Income tax expense (benefit)	180	438	24
Total reclassifications, net of income tax	474	1,166	62
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)	(8)	(8)	(8)
Compensation and employee benefits	29	28	29
Total reclassifications, net of income tax	$ 21	$ 20	$ 21

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

INVESTMENT SECURITIES - Amortized Cost and Fair Value of of AFS and HTM Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,103,049	$ 1,513,409
Gross Unrealized Gains	17,754	29,995
Gross Unrealized Losses	(7,393)	(3,542)
Fair Value	2,113,410	1,539,862
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	843,569	494,449
Gross Unrealized Gains	8,018	7,976
Gross Unrealized Losses	(1,883)	0
Fair Value	849,704	502,425
Mortgage-related
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	977,144	866,547
Gross Unrealized Gains	12,722	24,953
Gross Unrealized Losses	(4,412)	(814)
Fair Value	985,454	890,686
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	52,313	823
Gross Unrealized Gains	37	53
Gross Unrealized Losses	(777)	0
Fair Value	51,573	876
GSE residential certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,838	12,977
Gross Unrealized Gains	129	322
Gross Unrealized Losses	0	0
Fair Value	3,967	13,299
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	442	611
Gross Unrealized Gains	19	38
Gross Unrealized Losses	0	0
Fair Value	461	649
GSE residential CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	460,571	353,783
Gross Unrealized Gains	5,697	12,690
Gross Unrealized Losses	(2,385)	(52)
Fair Value	463,883	366,421
GSE commercial certificates & CMO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	364,274	421,488
Gross Unrealized Gains	6,855	11,548
Gross Unrealized Losses	(765)	(422)
Fair Value	370,364	432,614
Non-GSE residential certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	66,756	33,120
Gross Unrealized Gains	29	281
Gross Unrealized Losses	(646)	(17)
Fair Value	66,139	33,384
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	10,796
Gross Unrealized Gains	5
Gross Unrealized Losses	0
Fair Value	10,801
Non-GSE commercial certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	81,705	45,179
Gross Unrealized Gains	12	112
Gross Unrealized Losses	(616)	(323)
Fair Value	81,101	44,968
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	10,333	212
Gross Unrealized Gains	13	15
Gross Unrealized Losses	(288)	0
Fair Value	10,058	227
GSE commercial certificates
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	30,742
Gross Unrealized Gains	0
Gross Unrealized Losses	(489)
Fair Value	30,253
Other debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,125,905	646,862
Gross Unrealized Gains	5,032	5,042
Gross Unrealized Losses	(2,981)	(2,728)
Fair Value	1,127,956	649,176
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	791,256	493,626
Gross Unrealized Gains	7,981	7,923
Gross Unrealized Losses	(1,106)	0
Fair Value	798,131	501,549
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	200	200
Gross Unrealized Gains	0	3
Gross Unrealized Losses	0	0
Fair Value	200	203
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	988,061	595,062
Gross Unrealized Gains	3,351	4,356
Gross Unrealized Losses	(2,224)	(1,872)
Fair Value	989,188	597,546
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	75,800
Gross Unrealized Gains	1
Gross Unrealized Losses	(50)
Fair Value	75,751
Trust preferred
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,631	14,627
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(484)	(854)
Fair Value	14,147	13,773
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	123,013	36,973
Gross Unrealized Gains	1,681	683
Gross Unrealized Losses	(273)	(2)
Fair Value	124,421	37,654
PACE Assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	627,394	421,036
Gross Unrealized Gains	5,933	4,870
Gross Unrealized Losses	0	0
Fair Value	633,327	425,906
Municipal
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	84,962	67,490
Gross Unrealized Gains	2,045	3,019
Gross Unrealized Losses	(1,056)	0
Fair Value	85,951	70,509
Other
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	3,100	5,100
Gross Unrealized Gains	2	34
Gross Unrealized Losses	0	0
Fair Value	$ 3,102	$ 5,134

INVESTMENT SECURITIES - Narrative (Details) - USD ($)	12 Months Ended
INVESTMENT SECURITIES - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair value of available for sale securities, pledged as collateral	$ 907,100,000	$ 966,500,000
Fair value of held to maturity securities, pledged as collateral	126,600,000	0
Fair value of temporarily impaired securities	1,041,016,000	592,469,000
Available for sale securities, temporarily impaired, unrealized loss	7,393,000	3,542,000
Recovery of other-than-temporary impairment	4,800		$ 2,900
Other than temporary impairment loss		900
Federal Home Loan Bank of New York stock	170,000	$ 227,000	$ 813,000
Excluding GSE, US Treasury, TRUPS
Debt Securities, Available-for-sale [Line Items]
Fair value of temporarily impaired securities	696,200,000
Available for sale securities, temporarily impaired, unrealized loss	$ 5,100,000

INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Amortized Cost	$ 2,103,049	$ 1,513,409
Fair Value
Fair Value	2,113,410	1,539,862
Amortized Cost
Amortized Cost	843,569	494,449
Fair Value
Fair Value	849,704	502,425
Other debt
Amortized Cost
Due within one year	200
Due after one year through five years	43,043
Due after five years through ten years	403,620
Due after ten years	679,042
Amortized Cost	1,125,905	646,862
Fair Value
Due within one year	200
Due after one year through five years	43,285
Due after five years through ten years	404,342
Due after ten years	680,129
Fair Value	1,127,956	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	0
Due after ten years	788,156
Amortized Cost	791,256	493,626
Fair Value
Due within one year	1,101
Due after one year through five years	2,002
Due after five years through ten years	0
Due after ten years	795,028
Fair Value	$ 798,131	$ 501,549

INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 111,274	$ 94,698	$ 245,260
Realized gains	1,057	2,111	1,912
Realized losses	(408)	(506)	(1,829)
Net realized gains (losses)	$ 649	$ 1,605	$ 83

INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	$ 772,318	$ 159,966
Available for sale, less than 12 months, unrealized losses	(5,725)	(334)
Available for sale, 12 months or longer, fair value	268,698	432,503
Available for sale, 12 months or longer, unrealized losses	(1,668)	(3,208)
Available for sale, total fair value	1,041,016	592,469
Available for sale, total unrealized losses	(7,393)	(3,542)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	105,529
Held to maturity, less than 12 months, unrealized loss	(1,679)
Held to maturity, 12 months or longer, fair value	3,876
Held to maturity, 12 months or longer, unrealized loss	(204)
Held to maturity, total fair value	109,405
Held to maturity, total unrealized losses	(1,883)
GSE residential CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	222,825	31,106
Available for sale, less than 12 months, unrealized losses	(2,385)	(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	222,825	44,016
Available for sale, total unrealized losses	(2,385)	(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	28,695	116,667
Available for sale, less than 12 months, unrealized losses	(271)	(287)
Available for sale, 12 months or longer, fair value	159,681	75,126
Available for sale, 12 months or longer, unrealized losses	(494)	(135)
Available for sale, total fair value	188,376	191,793
Available for sale, total unrealized losses	(765)	(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	55,284	2,138
Available for sale, less than 12 months, unrealized losses	(646)	(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	55,284	5,215
Available for sale, total unrealized losses	(646)	(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	42,530	47
Available for sale, less than 12 months, unrealized losses	(247)	0
Available for sale, 12 months or longer, fair value	23,124	29,207
Available for sale, 12 months or longer, unrealized losses	(369)	(323)
Available for sale, total fair value	65,654	29,254
Available for sale, total unrealized losses	(616)	(323)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	9,857
Held to maturity, less than 12 months, unrealized loss	(288)
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	9,857
Held to maturity, total unrealized losses	(288)
GSE commercial certificates
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	30,253
Held to maturity, less than 12 months, unrealized loss	(489)
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	30,253
Held to maturity, total unrealized losses	(489)
ABS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	374,241	3,010
Available for sale, less than 12 months, unrealized losses	(1,903)	(1)
Available for sale, 12 months or longer, fair value	71,746	298,410
Available for sale, 12 months or longer, unrealized losses	(321)	(1,871)
Available for sale, total fair value	445,987	301,420
Available for sale, total unrealized losses	(2,224)	(1,872)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	26,951
Held to maturity, less than 12 months, unrealized loss	(50)
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	26,951
Held to maturity, total unrealized losses	(50)
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	14,147	13,773
Available for sale, 12 months or longer, unrealized losses	(484)	(854)
Available for sale, total fair value	14,147	13,773
Available for sale, total unrealized losses	(484)	(854)
Corporate
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	48,743	6,998
Available for sale, less than 12 months, unrealized losses	(273)	(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	48,743	6,998
Available for sale, total unrealized losses	(273)	$ (2)
Municipal
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	38,468
Held to maturity, less than 12 months, unrealized loss	(852)
Held to maturity, 12 months or longer, fair value	3,876
Held to maturity, 12 months or longer, unrealized loss	(204)
Held to maturity, total fair value	42,344
Held to maturity, total unrealized losses	$ (1,056)

LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 3,307,654	$ 3,482,565
Net deferred loan origination costs (fees)	4,570	6,330
Total loans receivable, net of deferred loan origination costs (fees)	3,312,224	3,488,895
Allowance for loan losses	(35,866)	(41,589)	$ (33,847)	$ (37,195)
Total loans receivable, net	3,276,358	3,447,306
Commercial portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,952,154	2,053,192
Commercial portfolio \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	729,385	677,192
Allowance for loan losses	(10,652)	(9,065)	(11,126)	(16,046)
Commercial portfolio \| Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	821,801	947,177
Allowance for loan losses	(4,760)	(10,324)	(5,210)	(4,736)
Commercial portfolio \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	369,429	372,736
Allowance for loan losses	(7,273)	(6,213)	(2,492)	(2,573)
Commercial portfolio \| Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	31,539	56,087
Allowance for loan losses	(405)	(2,077)	(808)	(1,089)
Retail portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,355,500	1,429,373
Retail portfolio \| Residential real estate lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,063,682	1,238,697
Allowance for loan losses	(9,008)	(12,330)	(14,149)	(11,987)
Retail portfolio \| Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	291,818	190,676
Allowance for loan losses	$ (3,768)	$ (1,580)	$ (62)	$ (764)

LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 3,307,654	$ 3,482,565
Non- Accrual	28,219	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	68,019	44,679
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	96,238	106,631
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,211,416	3,375,558
Commercial portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,952,154	2,053,192
Non- Accrual	15,274	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	61,618	24,138
Commercial portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	76,892	62,178
Commercial portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,875,262	1,991,014
Commercial portfolio \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	729,385	677,192
Non- Accrual	8,313	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	8,313	13,848
Commercial portfolio \| Commercial and industrial \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	721,072	663,344
Commercial portfolio \| Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	821,801	947,177
Non- Accrual	2,907	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	13,537	3,590
Commercial portfolio \| Multifamily \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	16,444	13,165
Commercial portfolio \| Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	805,357	934,012
Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	369,429	372,736
Non- Accrual	4,054	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	21,599	10,574
Commercial portfolio \| Commercial real estate \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	25,653	14,007
Commercial portfolio \| Commercial real estate \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	343,776	358,729
Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	31,539	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	26,482	9,974
Commercial portfolio \| Construction and land development \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	26,482	21,158
Commercial portfolio \| Construction and land development \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,057	34,929
Retail portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,355,500	1,429,373
Non- Accrual	12,945	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	6,401	20,541
Retail portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19,346	44,453
Retail portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,336,154	1,384,544
Retail portfolio \| Residential real estate lending
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,063,682	1,238,697
Non- Accrual	12,525	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	4,811	19,526
Retail portfolio \| Residential real estate lending \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	17,336	42,806
Retail portfolio \| Residential real estate lending \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,046,346	1,195,515
Retail portfolio \| Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	291,818	190,676
Non- Accrual	420	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	1,590	1,015
Retail portfolio \| Consumer and other \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,010	1,647
Retail portfolio \| Consumer and other \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 289,808	$ 189,029

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Mortgage loans pledged to the FHLBNY to secure outstanding advances and letters of credit	$ 1,100,000	$ 1,200,000
Related party loans outstanding	$ 533	$ 0

LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	$ 24,997	$ 19,553
Non- Accrual	13,497	20,885
Total	3,307,654	3,482,565
Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	38,494	40,438
Commercial portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	1,952,154	2,053,192
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	4,052	1,648
Non- Accrual	8,313	12,116
Total	729,385	677,192
Commercial portfolio \| Commercial and industrial \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	12,365	13,764
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	0	0
Non- Accrual	3,166	3,433
Total	369,429	372,736
Commercial portfolio \| Commercial real estate \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	3,166	3,433
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	7,476	0
Non- Accrual	0	2,682
Total	31,539	56,087
Commercial portfolio \| Construction and land development \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	7,476	2,682
Retail portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	1,355,500	1,429,373
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	13,469	17,905
Non- Accrual	2,018	2,654
Total	1,063,682	1,238,697
Retail portfolio \| Residential real estate lending \| Nonperforming Financial Instruments
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 15,487	$ 20,559

LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings Granted (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan	3	7
Recorded Investment	$ 10,013	$ 3,101
Pre-modification, weighted average interest rate	4.86%	5.81%
Post-modification, weighted average interest rate	4.22%	5.18%
Charge-off Amount	$ 0	$ 18
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan	1	4
Recorded Investment	$ 2,536	$ 2,109
Pre-modification, weighted average interest rate	6.50%	5.76%
Post-modification, weighted average interest rate	4.00%	5.76%
Charge-off Amount	$ 0	$ 0
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan	2
Recorded Investment	$ 7,477
Pre-modification, weighted average interest rate	4.30%
Post-modification, weighted average interest rate	4.30%
Charge-off Amount	$ 0
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan		3
Recorded Investment		$ 992
Pre-modification, weighted average interest rate		5.92%
Post-modification, weighted average interest rate		3.96%
Charge-off Amount		$ 18

LOANS RECEIVABLE, NET - Method of Evaluating Impairment of Loans and Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	$ 53,216	$ 80,477
Loans - collectively evaluated for impairment	3,254,438	3,402,088
Total Loans Receivable	3,307,654	3,482,565
Allowance for loan losses - individually evaluated for impairment	5,105	6,238
Allowance for loan losses - collectively evaluated for impairment	30,761	35,351
Total allowance for loan losses	35,866	41,589	$ 33,847	$ 37,195
Commercial portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans Receivable	1,952,154	2,053,192
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	12,785	14,706
Loans - collectively evaluated for impairment	716,600	662,486
Total Loans Receivable	729,385	677,192
Allowance for loan losses - individually evaluated for impairment	4,350	3,118
Allowance for loan losses - collectively evaluated for impairment	6,302	5,947
Total allowance for loan losses	10,652	9,065	11,126	16,046
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	2,907	9,575
Loans - collectively evaluated for impairment	818,894	937,602
Total Loans Receivable	821,801	947,177
Allowance for loan losses - individually evaluated for impairment	0	1,933
Allowance for loan losses - collectively evaluated for impairment	4,760	8,391
Total allowance for loan losses	4,760	10,324	5,210	4,736
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	4,054	3,433
Loans - collectively evaluated for impairment	365,375	369,303
Total Loans Receivable	369,429	372,736
Allowance for loan losses - individually evaluated for impairment	0	0
Allowance for loan losses - collectively evaluated for impairment	7,273	6,213
Total allowance for loan losses	7,273	6,213	2,492	2,573
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	7,476	11,184
Loans - collectively evaluated for impairment	24,063	44,903
Total Loans Receivable	31,539	56,087
Allowance for loan losses - individually evaluated for impairment	0	0
Allowance for loan losses - collectively evaluated for impairment	405	2,077
Total allowance for loan losses	405	2,077	808	1,089
Retail portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans Receivable	1,355,500	1,429,373
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	25,994	41,579
Loans - collectively evaluated for impairment	1,037,688	1,197,118
Total Loans Receivable	1,063,682	1,238,697
Allowance for loan losses - individually evaluated for impairment	755	1,187
Allowance for loan losses - collectively evaluated for impairment	8,253	11,143
Total allowance for loan losses	9,008	12,330	14,149	11,987
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	291,818	190,676
Total Loans Receivable	291,818	190,676
Allowance for loan losses - individually evaluated for impairment	0	0
Allowance for loan losses - collectively evaluated for impairment	3,768	1,580
Total allowance for loan losses	$ 3,768	$ 1,580	$ 62	$ 764

LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 41,589	$ 33,847	$ 37,195
Provision for (recovery of) loan losses	(287)	24,791	3,837
Charge-offs	(8,988)	(18,233)	(10,629)
Recoveries	3,552	1,184	3,444
Ending Balance	35,866	41,589	33,847
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	9,065	11,126	16,046
Provision for (recovery of) loan losses	2,179	9,175	2,620
Charge-offs	(813)	(11,293)	(9,236)
Recoveries	221	57	1,696
Ending Balance	10,652	9,065	11,126
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	10,324	5,210	4,736
Provision for (recovery of) loan losses	(1,483)	5,114	474
Charge-offs	(4,081)	0	0
Recoveries	0	0	0
Ending Balance	4,760	10,324	5,210
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,213	2,492	2,573
Provision for (recovery of) loan losses	1,374	7,508	(81)
Charge-offs	(314)	(3,787)	0
Recoveries	0	0	0
Ending Balance	7,273	6,213	2,492
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,077	808	1,089
Provision for (recovery of) loan losses	(1,675)	2,238	(281)
Charge-offs	0	(970)	0
Recoveries	3	1	0
Ending Balance	405	2,077	808
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12,330	14,149	11,987
Provision for (recovery of) loan losses	(5,409)	(2,302)	1,251
Charge-offs	(1,081)	(492)	(683)
Recoveries	3,168	975	1,594
Ending Balance	9,008	12,330	14,149
Retail portfolio \| Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,580	62	764
Provision for (recovery of) loan losses	4,727	3,058	(146)
Charge-offs	(2,699)	(1,691)	(710)
Recoveries	160	151	154
Ending Balance	$ 3,768	$ 1,580	$ 62

LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	$ 22,037	$ 35,441	$ 16,955
Loans without a related allowance - average recorded investment	28,740	26,198	19,970
Loans without a related allowance - unpaid principal balance	24,325	37,125	17,397
Loans with a related allowance - recorded investment	31,179	45,036	48,417
Loans with a related allowance - average recorded investment	38,107	46,727	43,718
Loans with a related allowance - unpaid principal balance	40,537	61,479	56,822
Total individually impaired loans - recorded investment	53,216	80,477
Total individually impaired loans - average recorded investment	66,847	72,925
Total individually impaired loans - unpaid principal balance	64,862	98,604
Individually impaired loans - related allowance	5,105	6,238	7,469
Retail portfolio \| Residential real estate lending
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	10,507	20,824	4,496
Loans without a related allowance - average recorded investment	15,666	12,660	4,397
Loans without a related allowance - unpaid principal balance	11,896	20,898	4,558
Loans with a related allowance - recorded investment	15,487	20,755	23,547
Loans with a related allowance - average recorded investment	18,120	22,151	25,206
Loans with a related allowance - unpaid principal balance	19,306	24,680	27,288
Total individually impaired loans - recorded investment	25,994	41,579	28,043
Total individually impaired loans - average recorded investment	33,786	34,811	29,603
Total individually impaired loans - unpaid principal balance	31,202	45,578	31,846
Individually impaired loans - related allowance	755	1,187	1,325
Commercial portfolio
Financing Receivable, Impaired [Line Items]
Total individually impaired loans - recorded investment			65,372
Total individually impaired loans - average recorded investment			63,688
Total individually impaired loans - unpaid principal balance			74,219
Individually impaired loans - related allowance			7,469
Commercial portfolio \| Construction and land development
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	7,476	11,184	3,652
Loans without a related allowance - average recorded investment	9,330	7,418	3,652
Loans without a related allowance - unpaid principal balance	7,476	12,204	3,702
Total individually impaired loans - recorded investment	7,476	11,184	8,807
Total individually impaired loans - average recorded investment	9,330	7,418	11,921
Total individually impaired loans - unpaid principal balance	7,476	12,204	9,137
Individually impaired loans - related allowance	0	0	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	4,054	3,433	8,807
Loans without a related allowance - average recorded investment	3,744	6,120	11,921
Loans without a related allowance - unpaid principal balance	4,953	4,023	9,137
Total individually impaired loans - recorded investment	4,054	3,433	24,870
Total individually impaired loans - average recorded investment	3,744	6,120	18,512
Total individually impaired loans - unpaid principal balance	4,953	4,023	29,534
Individually impaired loans - related allowance	0	0	6,144
Commercial portfolio \| Multifamily
Financing Receivable, Impaired [Line Items]
Loans with a related allowance - recorded investment	2,907	9,575
Loans with a related allowance - average recorded investment	6,241	4,788
Loans with a related allowance - unpaid principal balance	8,024	9,589
Total individually impaired loans - recorded investment	2,907	9,575	3,652
Total individually impaired loans - average recorded investment	6,241	4,788	3,652
Total individually impaired loans - unpaid principal balance	8,024	9,589	3,702
Individually impaired loans - related allowance	0	1,933	0
Commercial portfolio \| Commercial and industrial
Financing Receivable, Impaired [Line Items]
Loans with a related allowance - recorded investment	12,785	14,706	24,870
Loans with a related allowance - average recorded investment	13,746	19,788	18,512
Loans with a related allowance - unpaid principal balance	13,207	27,210	29,534
Total individually impaired loans - recorded investment	12,785	14,706
Total individually impaired loans - average recorded investment	13,746	19,788
Total individually impaired loans - unpaid principal balance	13,207	27,210
Individually impaired loans - related allowance	$ 4,350	$ 3,118	$ 6,144

PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 36,955	$ 39,686
Accumulated depreciation and amortization	(25,220)	(26,709)
Premises and equipment, net	11,735	12,977
Buildings, premises and improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	29,935	33,280
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	7,020	5,856
Projects in process
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 0	$ 550

PREMISES AND EQUIPMENT - Narrative (Details) $ in Millions	12 Months Ended
PREMISES AND EQUIPMENT - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) branchOffice	Dec. 31, 2019 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 3.6	$ 6.2	$ 4.6
Number of branch office closures \| branchOffice		8
Accelerated depreciation		$ 2.3

DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amount
Non-interest bearing demand deposit accounts	$ 3,335,005	$ 2,603,274
NOW accounts	210,844	205,653
Money market deposit accounts	2,227,953	1,914,391
Savings accounts	375,301	343,368
Time deposits	207,152	272,025
Total deposits	$ 6,356,255	$ 5,338,711
Weighted Average Rate
NOW accounts	0.08%	0.06%
Money market deposit accounts	0.12%	0.13%
Savings accounts	0.11%	0.12%
Time deposits	0.32%	0.86%
Deposits	0.06%	0.10%

DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Time Deposits, Fiscal Year Maturity [Abstract]
2022	$ 182,654
2023	12,268
2024	6,516
2025	3,933
2026	1,781
Time deposits	$ 207,152	$ 272,025

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statistical Disclosure for Banks [Abstract]
Time deposits at or above FDIC limit	$ 43.7	$ 31.2
CDARS deposits	56.0	123.8
Deposits from Workers United and other related entities	99.9	95.8
State and municipal deposits	$ 65.5	$ 15.2

BORROWED FUNDS - Narrative (Details) - USD ($) $ in Thousands	Nov. 08, 2021	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount		$ 83,831	$ 0
Other eligible assets pledged as collateral		$ 1,600,000
Required percentage of pledged assets to FHLBNY of outstanding advances		110.00%
Fixed-to-Floating Rate Notes \| Subordinated Debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount	$ 85,000
Interest rate	3.25%
Redemption price percentage	100.00%
Fixed-to-Floating Rate Notes \| Subordinated Debt \| Secured Overnight Financing Rate
Financial Instruments Owned and Pledged as Collateral [Line Items]
Variable rate	2.30%
Compromised Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other eligible assets pledged as collateral		$ 723,300
Mortgage Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other eligible assets pledged as collateral		$ 888,200

REGULATORY CAPITAL (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Actual
Total capital to risk weighted assets, amount, actual	$ 613,030	$ 534,684
Tier 1 capital to risk weighted assets, amount, actual	575,692	491,913
Tier 1 capital to average assets, amount, actual	575,692	491,913
Common equity tier 1 to risk weighted assets, amount, actual	$ 575,692	$ 491,913
Total capital to risk weighted assets, ratio, actual	0.1489	0.1425
Tier 1 capital to risk weighted assets, ratio, actual	0.1398	0.1311
Tier 1 capital to average assets, ratio, actual	0.0821	0.0797
Common equity tier 1 to risk weighted assets, ratio, actual	0.1398	0.1311
For Capital Adequacy Purposes
Total capital to risk weighted assets, amount, capital adequacy	$ 329,376	$ 300,199
Tier 1 capital to risk weighted assets, amount, capital adequacy	247,032	225,149
Tier 1 capital to average assets, amount, capital adequacy	164,688	246,904
Common equity tier 1 to risk weighted assets, amount, capital adequacy	$ 185,274	$ 168,862
Total capital to risk weighted assets, ratio, capital adequacy	0.0800	0.0800
Tier 1 capital to risk weighted assets, ratio, capital adequacy	0.0600	0.0600
Tier 1 capital to average assets, ratio, capital adequacy	0.0400	0.0400
Common equity tier 1 to risk weighted assets, ratio, capital adequacy	0.0450	0.0450
To Be Considered Well Capitalized
Total capital to risk weighted assets, amount, well capitalized	$ 411,720	$ 375,249
Tier 1 capital to risk weighted assets, amount, well capitalized	329,376	300,199
Tier 1 capital to average assets, amount, well capitalized	205,860	308,630
Common equity tier 1 to risk weighted assets, amount, well capitalized	$ 267,618	$ 243,912
Total capital to risk weighted assets, ratio, well capitalized	0.1000	0.1000
Tier 1 capital to risk weighted assets, ratio, well capitalized	0.0800	0.0800
Tier 1 capital to average assets, ratio, well capitalized	0.0500	0.0500
Common equity tier 1 to risk weighted assets, ratio, well capitalized	0.0650	0.0650
Consolidated
Actual
Total capital to risk weighted assets, amount, actual	$ 656,719
Tier 1 capital to risk weighted assets, amount, actual	534,381
Tier 1 capital to average assets, amount, actual	534,381
Common equity tier 1 to risk weighted assets, amount, actual	$ 534,381
Total capital to risk weighted assets, ratio, actual	0.1595
Tier 1 capital to risk weighted assets, ratio, actual	0.1298
Tier 1 capital to average assets, ratio, actual	0.0762
Common equity tier 1 to risk weighted assets, ratio, actual	0.1298
For Capital Adequacy Purposes
Total capital to risk weighted assets, amount, capital adequacy	$ 329,471
Tier 1 capital to risk weighted assets, amount, capital adequacy	247,103
Tier 1 capital to average assets, amount, capital adequacy	280,454
Common equity tier 1 to risk weighted assets, amount, capital adequacy	$ 185,327
Total capital to risk weighted assets, ratio, capital adequacy	0.0800
Tier 1 capital to risk weighted assets, ratio, capital adequacy	0.0600
Tier 1 capital to average assets, ratio, capital adequacy	0.0400
Common equity tier 1 to risk weighted assets, ratio, capital adequacy	0.0450

INCOME TAXES - Schedule of Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 9,349	$ 15,010	$ 10,656
State and local	1,389	1,152	1,287
Total current	10,738	16,162	11,943
Deferred:
Federal	4,409	(3,497)	1,880
State and local	2,641	3,090	3,149
Total deferred	7,050	(407)	5,029
Total income tax provision	$ 17,788	$ 15,755	$ 16,972

- Definition

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

+ References + Details

INCOME TAXES - Reconciliation of Expected Income Tax Expense and Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount
Tax expense at federal income tax rate	$ 14,852	$ 13,008	$ 13,476
Increase (decrease) resulting from:
Tax exempt income	(317)	(862)	(423)
Change in DTA rate	(199)	333	(186)
State tax, net of federal benefit	3,184	3,551	4,030
Stock options windfall	(94)	(3)	(68)
Other	362	(272)	143
Total income tax provision	$ 17,788	$ 15,755	$ 16,972
Percentage
Tax expense at federal income tax rate	21.00%	21.00%	21.00%
Increase (decrease) resulting from:
Tax exempt income	(0.45%)	(1.39%)	(0.66%)
Change in DTA rate	(0.28%)	0.54%	(0.29%)
State tax, net of federal benefit	4.50%	5.73%	6.28%
Stock options windfall	(0.13%)	(0.01%)	(0.11%)
Other	0.51%	(0.44%)	0.23%
Total	25.15%	25.43%	26.45%

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax receivable	$ 20.8	$ 23.1
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2.6
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	61.0
Local
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 39.9

INCOME TAXES - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Excess tax basis over carrying value of assets:
Allowance for loan losses	$ 16,300	$ 16,644
Nonaccrual interest income	389	689
Postretirement and other employee benefits	242	436
Depreciation and amortization	1,123	1,657
Operating leases	13,250	14,515
Federal, state and local net operating loss carryforward	7,285	9,270
Other, net	3,258	2,723
Gross deferred tax asset	41,847	45,934
Deferred tax liabilities:
Available for sale securities carried at fair value for financial statement purposes	(2,850)	(7,221)
Purchase accounting adjustments, net	(874)	(966)
Operating leases	(10,142)	(9,855)
Net deferred loan fees	(1,262)	0
Gross deferred tax liabilities	(15,128)	(18,042)
Deferred tax asset, net	$ 26,719	$ 27,892

EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Number of antidilutive shares (in shares)	368	79

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to Amalgamated Financial Corp.	$ 52,937	$ 46,188	$ 47,202
Dividends paid on preferred stock	(22)	(22)	(22)
Income attributable to common stock	$ 52,915	$ 46,166	$ 47,180
Weighted average common shares outstanding, basic (in shares)	31,104	31,133	31,733
Basic earnings per common share (in dollars per share)	$ 1.70	$ 1.48	$ 1.49
Incremental shares for assumed conversion of options and RSUs (in shares)	408	96	472
Weighted average common shares outstanding, diluted (in shares)	31,512	31,229	32,205
Diluted earnings per common share (in dollars per share)	$ 1.68	$ 1.48	$ 1.47

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

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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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EMPLOYEE BENEFIT PLANS - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2021 USD ($) hour $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multi-employer plan, minimum age			21 years
Multi-employer plan, number of hours of service during twelve consecutive month period \| hour			1,000
Multi-employer plan, vesting percentage			100.00%
Multi-employer plan, vesting period			5 years
Employer identification number			133177000
Plan number			001
Net actuarial loss and prior service credit expected to be amortized in next fiscal year \| $	$ 0.4		$ 0.4
Future estimated benefit payments expected next fiscal year \| $	0.3		0.3
Future estimated benefit payments expected in year two \| $	0.3		0.3
Future estimated benefit payments expected in year three \| $	0.3		0.3
Future estimated benefit payments expected in year four \| $	0.3		0.3
Future estimated benefit payments expected in year five \| $	0.3		0.3
Future estimated benefit payments expected after year five \| $	0.3		$ 0.3
Employee contributions, maximum percentage of salary			15.00%
Exercise price of stock options, minimum (in dollars per share) \| $ / shares			$ 11.00
Exercise price of stock options, maximum (in dollars per share) \| $ / shares			$ 14.65
Fair value of options outstanding \| $	$ 2.9	$ 8.4	$ 2.9	$ 8.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Stock Options \| Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost \| $			$ 0.0	$ 0.7	$ 1.4
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)	601,049		601,049
Number of shares granted (in shares)			260,355
Fair value of shares granted (in dollars per share) \| $ / shares			$ 15.81
Unvested shares (in shares)	399,907	290,637	399,907	290,637
Restricted Stock Units \| Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost \| $			$ 1.8	$ 1.2
Restricted Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost \| $	$ 0.3	$ 0.5
Unrecognized compensation cost \| $	$ 0.0		$ 0.0
Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	283,859		283,859
Unrecognized compensation cost \| $	$ 3.8		$ 3.8
Unrecognized compensation cost, period for recognition			2 years 1 month 6 days
Restricted Stock Units \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			298,341
Restricted Stock Units \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)			480,111
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
Fair value of shares granted (in dollars per share) \| $ / shares			$ 14.95
Vesting period			3 years
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 - Schedule of Employer Contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Contributions	$ 6,193	$ 6,278	$ 6,254

EMPLOYEE BENEFIT PLANS - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation:
Benefit obligation at beginning of year	$ 4,094	$ 4,527
Service cost	0	0	$ 0
Interest cost	58	118	165
Amendments	0	0
Actuarial loss (gain)	(16)	(71)
Benefits paid	(478)	(480)
Benefit obligation at end of year	3,658	4,094	$ 4,527
Change in plan assets:
Employer contributions	478	480
Benefits paid	(478)	(480)
Plan assets at end of year	0	0
Benefit obligation, included in other liabilities	$ 3,658	$ 4,094

EMPLOYEE BENEFIT PLANS - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts recognized in accumulated other comprehensive income (loss)
Net actuarial loss	$ 3,235	$ 3,200	$ 3,591
Prior service credit	(320)	(349)	(378)
Total amount recognized	$ 2,915	$ 2,851	$ 3,213

EMPLOYEE BENEFIT PLANS - Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of net periodic benefit cost:
Service cost	$ 0	$ 0	$ 0
Interest cost	58	118	165
Prior service credit amortization	(29)	(29)	(29)
Prior service credit due to curtailments	0	0	0
Recognized actuarial (gain) loss	400	320	219
Net periodic benefit	429	409	355
Components of other amounts:
Net regular actuarial (gain) loss	(16)	379	373
Recognized actuarial gain (loss)	(400)	(320)	(219)
Prior service credit amortization	29	29	29
Prior service credit due to curtailments	450	(450)	0
Prior service credit due to amendment	0	0	0
Total recognized in other comprehensive income	63	(362)	183
Total recognized in comprehensive income	$ 492	$ 47	$ 538

EMPLOYEE BENEFIT PLANS - Schedule of Assumptions Used to Measure Plans' Benefit Obligation and Net Period Benefit Expense (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.07%	1.50%	2.77%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	1.66%	3.13%	3.92%

EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 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)	(182,180)
Exercised (in shares)	(1,094,480)
Outstanding, balance at the end of the period (in shares)	701,900	1,978,560
Vested and exercisable (in shares)	701,900
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)	12.69
Exercised (in dollars per share)	12.92
Outstanding, balance at the end of the period (in dollars per share)	13.29	$ 13.03
Vested and exercisable (in dollars per share)	$ 13.29
Other Disclosures
Options outstanding, weighted average remaining contractual term	4 years 1 month 6 days	4 years 2 months 12 days
Options vested and exercisable, weighted average remaining contractual term	4 years 1 month 6 days
Options outstanding, aggregate intrinsic value	$ 2,441
Options exercisable, aggregate intrinsic value	$ 2,441

EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 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	(70,080)
Vested (in shares) \| shares	(81,005)
Unvested at the end of the period (in shares) \| shares	399,907
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	12.93
Vested (in dollars per share) \| $ / shares	15.46
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 16.52

FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Measured on Non-Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current rate for new trades	1.25%
Carrying Value \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 48,111	$ 67,433
Other real estate owned	307	307
Total value of assets measured on non-recurring basis	48,418	67,740
Estimated Fair Value \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	48,111	67,433
Other real estate owned	335	303
Total value of assets measured on non-recurring basis	48,446	67,736
Estimated Fair Value \| Fair Value, Nonrecurring \| Level 1
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
Estimated Fair Value \| Fair Value, Nonrecurring \| Level 2
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
Estimated Fair Value \| Fair Value, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	48,111	67,433
Other real estate owned	335	303
Total value of assets measured on non-recurring basis	$ 48,446	$ 67,736

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Basis and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Available for sale securities	$ 2,113,410	$ 1,539,862
Held to maturity securities	849,704	502,425
Carrying Value
Financial assets:
Cash and cash equivalents	330,485	38,769
Available for sale securities	2,113,410	1,513,409
Held to maturity securities	843,569	494,449
Loans held for sale	3,279	11,178
Loans receivable, net	3,276,358	3,447,306
Resell agreements	229,018	154,779
Accrued interest and dividends receivable	28,820	23,970
Financial liabilities:
Subordinated Debt	83,831
Accrued interest payable	569	386
Carrying Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,149,103	5,066,687
Carrying Value \| Time deposits
Financial liabilities:
Deposits	207,152	272,025
Estimated Fair Value
Financial assets:
Cash and cash equivalents	330,485	38,769
Available for sale securities	2,113,410	1,539,862
Held to maturity securities	849,704	502,425
Loans held for sale	3,279	11,178
Loans receivable, net	3,291,377	3,566,742
Resell agreements	229,018	154,779
Accrued interest and dividends receivable	28,820	23,970
Financial liabilities:
Subordinated Debt	85,000
Accrued interest payable	569	386
Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,149,103	5,066,687
Estimated Fair Value \| Time deposits
Financial liabilities:
Deposits	207,369	272,451
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	330,485	38,769
Available for sale securities	200	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:
Subordinated Debt	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 1 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 1 \| Time deposits
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	0	0
Available for sale securities	2,113,210	1,539,659
Held to maturity securities	216,377	76,519
Loans held for sale	0	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest and dividends receivable	28,820	23,970
Financial liabilities:
Subordinated Debt	85,000
Accrued interest payable	569	386
Estimated Fair Value \| Level 2 \| Deposits payable on demand
Financial liabilities:
Deposits	6,149,103	5,066,687
Estimated Fair Value \| Level 2 \| Time deposits
Financial liabilities:
Deposits	207,369	272,451
Estimated Fair Value \| Level 3
Financial assets:
Cash and cash equivalents	0	0
Available for sale securities	0	0
Held to maturity securities	633,327	425,906
Loans held for sale	3,279	11,178
Loans receivable, net	3,291,377	3,566,742
Resell agreements	229,018	154,779
Accrued interest and dividends receivable	0	0
Financial liabilities:
Subordinated Debt	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 3 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 3 \| Time deposits
Financial liabilities:
Deposits	$ 0	$ 0

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 946,180	$ 473,451
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	927,428	455,541
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 18,752	$ 17,910

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Reserve for credit risk inherent in off balance sheet credit commitments	$ 1.5	$ 1.2
Property Assessed Clean Energy Commitments
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Investment obligations, amount purchased	314.1
Remaining commitment under investment obligations	$ 145.8

LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 8,219	$ 15,256
Cash paid for amounts included in the measurement of Operating leases liability	$ 10,193	$ 12,358
Weighted average remaining lease term on operating leases (in years)	4 years 8 months 12 days	5 years 8 months 12 days
Weighted average discount rate used for operating leases liability	3.25%	3.27%

LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 10,955
2023	10,895
2024	10,525
2025	10,165
2026	8,758
Thereafter	526
Total undiscounted operating lease payments	51,824
Less: present value adjustment	3,664
Total Operating leases liability	$ 48,160	$ 53,173

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 12,936	$ 12,936
Accumulated amortization of intangible assets	$ 4,900

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 1,047
2023	888
2024	730
2025	574
2026	419
Thereafter	493
Total	$ 4,151

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum exposure to credit loss	$ 54,500
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Tax credit investments included in equity investments	1,681	$ 6,735
Loans and letters of credit commitments	52,813	11,097
Funded portion of loans and letters of credit commitments	15,512	11,097
Tax credits and other tax benefits recognized	$ 11,571	$ 23,993

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 330,485	$ 38,769
Other assets	50,159	47,240
Total assets	7,077,876	5,978,631
LIABILITIES AND EQUITY
Subordinated Debt	83,831	0
Stockholders' equity	563,875	535,821	$ 490,544	$ 439,371
Total liabilities and stockholders’ equity	7,077,876	$ 5,978,631
Parent Company
ASSETS
Cash and cash equivalents	42,886
Investment in banking subsidiary	605,074
Other assets	12
Total assets	647,972
LIABILITIES AND EQUITY
Subordinated Debt	83,831
Accrued expense and other liabilities	399
Stockholders' equity	563,742
Total liabilities and stockholders’ equity	$ 647,972

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Interest expense	$ 6,222	$ 10,479	$ 19,317
Other expense	11,891	10,692	9,194
Income before income taxes	70,725	61,943	64,174
Income tax expense (benefit)	17,788	15,755	16,972
Net income	52,937	46,188	47,202
Total comprehensive income (loss), net of taxes	41,170	$ 60,139	$ 62,417
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest income	0
Other income	11,800
Interest expense	399
Other expense	148
Income before income taxes	11,253
Income tax expense (benefit)	0
Equity in undistributed subsidiary income	41,684
Net income	$ 52,937

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statement of Cash Flows (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash flows from operating activities

Net income

$ 52,937

$ 46,188

$ 47,202

Adjustments:

Change in other assets

^[1]

7,445

11,041

18,180

Change in other liabilities

^[2]

(11,071)

(4,131)

12,431

Net cash provided by operating activities

70,538

65,771

83,461

Cash flows from investing activities

Net cash (used in) provided by investing activities

(865,410)

(755,137)

(545,883)

Cash flows from financing activities

Dividends paid

(9,978)

(9,987)

(8,301)

Repurchase of shares

(2,920)

(7,001)

(5,785)

Net cash provided by financing activities

1,086,588

605,597

504,115

Net increase (decrease) in cash, cash equivalents, and restricted cash

291,716

(83,769)

41,693

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

38,769

122,538

80,845

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

330,485

38,769

$ 122,538

Parent Company

Cash flows from operating activities

Net income

52,937

Adjustments:

Equity in undistributed subsidiary income

(41,684)

Change in other assets

(12)

Change in other liabilities

399

Net cash provided by operating activities

11,640

Cash flows from investing activities

Payments for investments in subsidiaries

(42,490)

Net cash (used in) provided by investing activities

(42,490)

Cash flows from financing activities

Dividends paid

(7,597)

Repurchase of shares

(2,498)

Proceeds of issuance of subordinated debt

83,831

Net cash provided by financing activities

73,736

Net increase (decrease) in cash, cash equivalents, and restricted cash

42,886

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

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

42,886

$ 0

Supplemental non-cash investing activities:

Equity exchange for the outstanding common stock of Amalgamated Bank

$ 541,093

[1]	Includes $3.0 million, $11.2 million, and $8.4 million of right of use asset amortization for the respective periods
[2]	Includes $1.3 million, $2.3 million and $2.2 million accretion of operating lease liabilities for the respective periods

SUBSEQUENT EVENT (Details) $ in Thousands	Feb. 25, 2022 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Number of shares authorized for repurchase (in shares)	$ 40,000

LOANS RECEIVABLE, NET - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	$ 3,307,654	$ 3,482,565
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	3,076,768	3,114,298
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	73,208	211,853
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	157,678	155,952
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	462
Commercial portfolio
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,952,154	2,053,192
Commercial portfolio \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	729,385	677,192
Commercial portfolio \| Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	693,312	627,553
Commercial portfolio \| Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	10,165	16,407
Commercial portfolio \| Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	25,908	32,770
Commercial portfolio \| Commercial and industrial \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	462
Commercial portfolio \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	821,801	947,177
Commercial portfolio \| Multifamily \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	721,869	775,605
Commercial portfolio \| Multifamily \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	48,804	138,090
Commercial portfolio \| Multifamily \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	51,128	33,482
Commercial portfolio \| Multifamily \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	369,429	372,736
Commercial portfolio \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	295,261	276,712
Commercial portfolio \| Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	13,947	41,420
Commercial portfolio \| Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	60,221	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	31,539	56,087
Commercial portfolio \| Construction and land development \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	24,063	28,967
Commercial portfolio \| Construction and land development \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	15,936
Commercial portfolio \| Construction and land development \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	7,476	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	1,355,500	1,429,373
Retail portfolio \| Residential real estate lending
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,063,682	1,238,697
Retail portfolio \| Residential real estate lending \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,050,865	1,215,417
Retail portfolio \| Residential real estate lending \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	292	0
Retail portfolio \| Residential real estate lending \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	12,525	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	291,818	190,676
Retail portfolio \| Consumer and other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	291,398	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	420	632
Retail portfolio \| Consumer and other \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	$ 0	$ 0