0001823608-22-000162 | 10-Q | XBRL Viewer | Amalgamated Financial Corp

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40136
Entity Registrant Name	Amalgamated Financial Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2757101
Entity Address, Address Line One	275 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	255-6200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AMAL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,672,303
Entity Central Index Key	0001823608
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Financial Condition - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 3,404,000	$ 8,622,000
Interest-bearing deposits in banks	62,819,000	321,863,000
Total cash and cash equivalents	66,223,000	330,485,000
Securities:
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	1,957,486,000	2,113,410,000
Amortized Cost	1,492,423,000	843,569,000
Loans held for sale	17,916,000	3,279,000
Loans receivable, net of deferred loan origination costs (fees)	3,871,290,000	3,312,224,000
Allowance for loan losses	(42,122,000)	(35,866,000)
Total loans receivable, net	3,829,168,000	3,276,358,000
Resell agreements	192,834,000	229,018,000
Accrued interest and dividends receivable	34,767,000	28,820,000
Premises and equipment, net	10,539,000	11,735,000
Bank-owned life insurance	105,915,000	107,266,000
Right-of-use lease asset	29,991,000	33,115,000
Deferred tax asset	64,046,000	26,719,000
Goodwill	12,936,000	12,936,000
Other intangible assets	3,366,000	4,151,000
Equity investments	7,683,000	6,856,000
Other assets	42,924,000	50,159,000
Total assets	7,868,217,000	7,077,876,000
Liabilities
Deposits	7,160,307,000	6,356,255,000
Subordinated debt	77,679,000	83,831,000
Borrowed funds	75,000,000	0
Operating leases	43,229,000	48,160,000
Other liabilities	24,264,000	25,755,000
Total liabilities	7,380,479,000	6,514,001,000
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,672,303 and 31,130,143 shares issued and outstanding, respectively)	307,000	311,000
Additional paid-in capital	286,431,000	297,975,000
Retained earnings	308,743,000	260,047,000
Accumulated other comprehensive income (loss), net of income taxes	(107,876,000)	5,409,000
Total Amalgamated Financial Corp. stockholders' equity	487,605,000	563,742,000
Noncontrolling interests	133,000	133,000
Total stockholders' equity	487,738,000	563,875,000
Total liabilities and stockholders’ equity	$ 7,868,217,000	$ 7,077,876,000

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	$ 2,087,187	$ 2,103,049
Held-to-maturity (fair value of $1,369,383 and $849,704, respectively)	$ 1,369,383	$ 849,704
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	30,672,303	31,130,143
Common stock, shares outstanding (in shares)	30,672,303	31,130,143

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INTEREST AND DIVIDEND INCOME
Loans	$ 38,264	$ 29,915	$ 103,157	$ 91,180
Securities	31,580	14,655	75,087	40,008
Interest-bearing deposits in banks	971	230	1,701	451
Total interest and dividend income	70,815	44,800	179,945	131,639
INTEREST EXPENSE
Deposits	2,491	1,413	5,374	4,416
Borrowed funds	696	0	2,077	0
Total interest expense	3,187	1,413	7,451	4,416
NET INTEREST INCOME	67,628	43,387	172,494	127,223
Provision for (recovery of) loan losses	5,363	(2,276)	10,568	(3,855)
Net interest income after provision for loan losses	62,265	45,663	161,926	131,078
NON-INTEREST INCOME
Trust Department fees	3,872	3,353	10,842	10,471
Service charges on deposit accounts	2,735	2,466	8,008	6,941
Bank-owned life insurance	785	539	2,882	1,858
Gain (loss) on sale of securities	(1,844)	413	(2,264)	755
Gain (loss) on sale of loans, net	(367)	280	(32)	1,706
Gain (loss) on other real estate owned, net	0	0	0	(407)
Equity method investments	(1,151)	(483)	(1,357)	(5,720)
Other	973	134	1,592	424
Total non-interest income	5,003	6,702	19,671	16,028
NON-INTEREST EXPENSE
Compensation and employee benefits	19,527	17,482	55,242	52,485
Occupancy and depreciation	3,481	3,440	10,378	10,293
Professional fees	3,173	2,348	8,733	9,219
Data processing	4,149	4,521	13,660	10,848
Office maintenance and depreciation	807	887	2,316	2,362
Amortization of intangible assets	262	301	785	905
Advertising and promotion	795	1,023	2,410	2,248
Other	4,064	3,032	11,477	8,863
Total non-interest expense	36,258	33,034	105,001	97,223
Income before income taxes	31,010	19,331	76,596	49,883
Income tax expense (benefit)	8,066	4,915	19,874	12,870
Net income	$ 22,944	$ 14,416	$ 56,722	$ 37,013
Earnings per common share - basic (in dollars per share)	$ 0.75	$ 0.46	$ 1.84	$ 1.19
Earnings per common share - diluted (in dollars per share)	$ 0.74	$ 0.46	$ 1.82	$ 1.17

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 22,944	$ 14,416	$ 56,722	$ 37,013
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	60	94	178	(171)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities available for sale	(43,422)	(5,640)	(159,460)	(7,021)
Reclassification adjustment for losses (gains) realized in income	1,831	(421)	2,248	(760)
Interest and dividend income - securities	548	0	757	0
Net unrealized gains (losses) on securities	(41,043)	(6,061)	(156,455)	(7,781)
Other comprehensive income (loss), before tax	(40,983)	(5,967)	(156,277)	(7,952)
Income tax benefit (expense)	11,275	1,629	42,992	2,153
Total other comprehensive income (loss), net of taxes	(29,708)	(4,338)	(113,285)	(5,799)
Total comprehensive income (loss), net of taxes	$ (6,764)	$ 10,078	$ (56,563)	$ 31,214

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 535,821	$ 535,688	$ 310	$ 300,989	$ 217,213	$ 17,176	$ 133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,013	37,013			37,013
Dividends	(7,561)	(7,561)			(7,561)
Repurchase of shares	(2,920)	(2,920)	(1)	(2,919)
Exercise of stock options, net of repurchases	(1,451)	(1,451)	2	(1,453)
Restricted stock unit vesting, net of repurchases	(90)	(90)		(90)
Stock-based compensation expense	1,377	1,377		1,377
Other comprehensive income (loss), net of taxes	(5,799)	(5,799)				(5,799)
Ending balance at Sep. 30, 2021	556,390	556,257	311	297,904	246,665	11,377	133
Beginning balance at Jun. 30, 2021	548,211	548,078	311	297,283	234,769	15,715	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,416	14,416			14,416
Dividends	(2,520)	(2,520)			(2,520)
Exercise of stock options, net of repurchases	(2)	(2)		(2)
Stock-based compensation expense	623	623		623
Other comprehensive income (loss), net of taxes	(4,338)	(4,338)				(4,338)
Ending balance at Sep. 30, 2021	556,390	556,257	311	297,904	246,665	11,377	133
Beginning balance at Dec. 31, 2021	563,875	563,742	311	297,975	260,047	5,409	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,722	56,722			56,722
Common stock issued	516	516		516
Dividends	(8,026)	(8,026)			(8,026)
Repurchase of shares	(12,478)	(12,478)	(7)	(12,471)
Exercise of stock options, net of repurchases	(1,538)	(1,538)	3	(1,541)
Restricted stock unit vesting, net of repurchases	(2)	(2)		(2)
Stock-based compensation expense	1,954	1,954		1,954
Other comprehensive income (loss), net of taxes	(113,285)	(113,285)				(113,285)
Ending balance at Sep. 30, 2022	487,738	487,605	307	286,431	308,743	(107,876)	133
Beginning balance at Jun. 30, 2022	498,041	497,908	307	286,901	288,868	(78,168)	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,944	22,944			22,944
Common stock issued	168	168		168
Dividends	(3,069)	(3,069)			(3,069)
Repurchase of shares	(745)	(745)	(1)	(744)
Exercise of stock options, net of repurchases	(501)	(501)	1	(502)
Stock-based compensation expense	608	608		608
Other comprehensive income (loss), net of taxes	(29,708)	(29,708)				(29,708)
Ending balance at Sep. 30, 2022	$ 487,738	$ 487,605	$ 307	$ 286,431	$ 308,743	$ (107,876)	$ 133

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.10	$ 0.08	$ 0.26	$ 0.24

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

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$ 56,722

$ 37,013

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

Depreciation and amortization

2,683

2,746

Amortization of intangible assets

785

905

Deferred income tax expense (benefit)

5,665

5,373

Provision for (recovery of) loan losses

10,568

(3,855)

Stock-based compensation expense

1,954

1,377

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

1,324

2,407

Net amortization on securities

3,625

2,984

OTTI loss (gain) recognized in earnings

(16)

(5)

Net loss (income) from equity method investments

1,357

5,720

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

2,264

(755)

Net loss (gain) on sale of loans

(1,706)

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

407

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

(1,369)

(266)

Proceeds from sales of loans held for sale

17,635

103,186

Originations of loans held for sale

(8,276)

(96,478)

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

(1,513)

(1,592)

Decrease (increase) in accrued interest and dividends receivable

(5,947)

633

Decrease (increase) in other assets

^[1]

13,521

6,499

Increase (decrease) in accrued expenses and other liabilities

^[2]

(6,146)

(11,193)

Net cash provided by operating activities

94,868

53,400

CASH FLOWS FROM INVESTING ACTIVITIES

Net decrease (increase) in loans

(588,730)

361,309

Purchase of securities available for sale

(672,142)

(874,116)

Purchase of securities held to maturity

(508,097)

(315,969)

Proceeds from sales of securities available for sale

132,105

94,899

Maturities, principal payments and redemptions of securities available for sale

281,244

349,328

Maturities, principal payments and redemptions of securities held to maturity

111,632

82,505

Decrease (increase) in resell agreements

36,184

24,345

Decrease (increase) in equity method investments

(2,184)

626

Decrease (increase) of FHLBNY stock, net

(3,162)

214

Purchases of premises and equipment

(1,487)

(2,216)

Proceeds from redemption of bank-owned life insurance

4,233

1,010

Proceeds from sale of other real estate owned

2,275

Net cash (used in) provided by investing activities

(1,210,404)

(275,790)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase (decrease) in deposits

804,052

885,795

Net increase (decrease) in FHLB advances

75,000

Net increase (decrease) in subordinated debt

(6,250)

Issuance of common stock

516

Repurchase of shares

(12,478)

(2,920)

Dividends paid

(8,026)

(7,467)

Exercise of stock options, net of repurchases

(1,538)

(1,451)

Restricted stock units vesting, net of repurchases

(2)

(90)

Net cash provided by financing activities

851,274

873,867

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

(264,262)

651,477

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

330,485

38,769

Cash, cash equivalents, and restricted cash at end period

66,223

690,246

Supplemental disclosures of cash flow information:

Interest paid during the period

6,909

4,626

Income taxes paid during the period

2,431

5,335

Supplemental non-cash investing activities:

Loans transferred to held-for-sale

24,043

Loans transferred to other real estate owned

2,682

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

4,999

Securities available-for-sale transferred to held-to-maturity

$ 260,112

$ 0

[1]	Includes $3.1 million and $1.3 million of right of use asset amortization for the respective periods
[2]	Includes $2.1 million and $0.9 million accretion of operating lease liabilities for the respective periods

Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Right of use asset amortization	$ 3.1	$ 1.3
Accretion of operating lease liabilities	$ 2.1	$ 0.9

BASIS OF PRESENTATION AND CONSOLIDATION	9 Months Ended
BASIS OF PRESENTATION AND CONSOLIDATION	Sep. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND CONSOLIDATION	BASIS OF PRESENTATION AND CONSOLIDATION Basis of Accounting and Changes in Significant Accounting Policies In this discussion, unless the context indicates otherwise, references to “we,” “us,” “our” and the “Company” refer to Amalgamated Financial Corp. and Amalgamated Bank. References to the “Bank” refer to Amalgamated Bank. 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 unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2021 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2021 Annual Report. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholder equity or net income.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
(In thousands)
Change in obligation for postretirement benefits and for prior service credit	$	51	$	53	$	153	$	159
Change in obligation for other benefits	9		41		25		(330)
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	60		94		178		(171)

Income tax effect	(17)		(26)		(49)		29

Net change in total obligation for postretirement benefits and prior service credit and for other benefits	43		68		129		(142)
Unrealized holding gains (losses) on available for sale securities	(43,422)		$	(5,640)	(159,460)		$	(7,021)
Reclassification adjustment for losses (gains) realized in income	1,831		(421)		2,248		(760)
Change in unrealized gains (losses) on available for sale securities	(41,591)		(6,061)		(157,212)		(7,781)

Accretion of net unrealized loss on securities transferred to held to maturity	548		—		757		—
Income tax effect	11,292		1,655		43,041		2,124
Net change in unrealized gains (losses) on securities	(29,751)		(4,406)		(113,414)		(5,657)

Total	$	(29,708)	$	(4,338)	$	(113,285)	$	(5,799)

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


	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Statements of Income
	2022		2021		2022		2021
(In thousands)

Realized gains (losses) on sale of available for sale securities	$	(1,844)	$	413	$	(2,264)	$	755	Gain (loss) on sale of securities
Recognized gains (losses) on OTTI securities	13		8		16		5		Non-Interest Income - other
Accretion of net unrealized loss on securities transferred to held to maturity	548		—		757		—		Interest and dividend income - securities
Income tax expense (benefit)	(333)		114		(387)		207		Income tax expense (benefit)
Total reclassifications, net of income tax	$	(950)	$	307	$	(1,104)	$	553


Prior service credit on pension plans and other postretirement benefits	$	7	$	7	$	21	$	21	Compensation and employee benefits
Income tax expense (benefit)	(1)		(2)		(5)		(6)		Income tax expense (benefit)
Total reclassifications, net of income tax	$	6	$	5	$	16	$	15

Total reclassifications, net of income tax	$	(944)	$	312	$	(1,088)	$	568

INVESTMENT SECURITIES

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 are as follows:






	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available for sale:
Mortgage-related:
GSE residential certificates	$	—	$	—	$	—	$	—
GSE residential CMOs	456,130		83		(36,351)		419,862
GSE commercial certificates & CMO	277,603		39		(9,330)		268,312
Non-GSE residential certificates	126,799		—		(15,651)		111,148
Non-GSE commercial certificates	109,144		—		(11,002)		98,142
	969,676		122		(72,334)		897,464
Other debt:
U.S. Treasury	8,201		—		(186)		8,015
ABS	942,175		—		(39,417)		902,758
Trust preferred	10,988		—		(829)		10,159
Corporate	156,147		—		(17,057)		139,090

	1,117,511		—		(57,489)		1,060,022


Total available for sale	$	2,087,187	$	122	$	(129,823)	$	1,957,486

Held to maturity:
Mortgage-related:
GSE CMOs	$	71,252	$	—	$	(3,965)	$	67,287
GSE commercial certificates	90,546		—		(11,450)		79,096
GSE residential certificates	431		—		(29)		402
Non GSE commercial certificates	32,613		—		(3,421)		29,192
Non GSE residential certificates	51,506		—		(5,478)		46,028
	246,348		—		(24,343)		222,005
Other debt:
ABS	291,488		—		(14,223)		277,265
Commercial PACE	220,827		—		(21,274)		199,553
Residential PACE	635,874		—		(44,953)		590,921
Municipal	95,886		—		(18,241)		77,645
Other	2,000		—		(6)		1,994
	1,246,075		—		(98,697)		1,147,378

Total held to maturity	$	1,492,423	$	—	$	(123,040)	$	1,369,383

As of September 30, 2022, available for sale securities with a fair value of $730.2 million were pledged with $309.6 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, 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	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 Company reassessed the classification of certain investments during the nine months ended September 30, 2022 and transferred securities with a book value of $277.3 million from available-for-sale to held-to-maturity. The transfer occurred at a fair value totaling $260.1 million. The related unrealized losses of $17.1 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer.

There were no transfers to or from securities held-to-maturity during the three months ended September 30, 2022 or the three or nine months ended September 30, 2021.

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 September 30, 2022. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:






	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Due within one year	$	—	$	—	$	2,000	$	1,994
Due after one year through five years	74,307		66,719		9,414		8,931
Due after five years through ten years	449,189		431,372		6,996		6,789
Due after ten years	594,015		561,931		1,227,665		1,129,664
	$	1,117,511	$	1,060,022	$	1,246,075	$	1,147,378

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


	Three Months Ended,				Nine Months Ended,
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
(In thousands)
Proceeds	$	96,154	$	31,603	$	132,105	$	94,899

Realized gains	$	2	$	477	$	164	$	1,040
Realized losses	(1,846)		(64)		(2,428)		(285)
Net realized gains (losses)	$	(1,844)	$	413	$	(2,264)	$	755

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 September 30, 2022 and December 31, 2021, 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:


	September 30, 2022
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Mortgage-related:

GSE residential CMOs	237,609		(12,210)		161,126		(24,141)		398,735		(36,351)
GSE commercial certificates & CMO	154,560		(6,989)		73,708		(2,341)		228,268		(9,330)
Non-GSE residential certificates	75,543		(8,424)		35,605		(7,227)		111,148		(15,651)
Non-GSE commercial certificates	62,999		(4,932)		35,143		(6,070)		98,142		(11,002)
Other debt:
US Treasury	8,015		(186)		—		—		8,015		(186)
ABS	585,953		(18,188)		316,805		(21,229)		902,758		(39,417)
Trust preferred	—		—		10,159		(829)		10,159		(829)
Corporate	97,413		(9,722)		41,677		(7,335)		139,090		(17,057)



Total available for sale	$	1,222,092	$	(60,651)	$	674,223	$	(69,172)	$	1,896,315	$	(129,823)

Held to maturity:
Mortgage-related:
GSE CMOs	$	56,116	$	(2,921)	$	11,171	$	(1,044)	$	67,287	$	(3,965)
GSE commercial certificates	49,257		(3,226)		29,839		(8,224)		79,096		(11,450)
GSE residential certificates	402		(29)		—		—		402		(29)
Non GSE commercial certificates	10,957		(731)		18,081		(2,690)		29,038		(3,421)
Non GSE residential certificates	40,046		(5,045)		5,982		(433)		46,028		(5,478)

Other debt:
ABS	226,723		(10,814)		50,542		(3,409)		277,265		(14,223)
Commercial PACE	199,553		(21,274)		—		—		199,553		(21,274)
Residential PACE	590,921		(44,953)		—		—		590,921		(44,953)
Municipal	47,708		(7,786)		29,937		(10,455)		77,645		(18,241)
Other	1,994		(6)		—		—		1,994		(6)
Total held to maturity	$	1,223,677	$	(96,785)	$	145,552	$	(26,255)	$	1,369,229	$	(123,040)


	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)

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. Management considers that the temporary impairment of the Company’s investments in trust preferred securities (“TruPs”) as of September 30, 2022 is primarily due to a widening of credit spreads since the time these investments were acquired, as well as market uncertainty for this class of investments. All of the TruPs were rated investment grade by not less than three nationally recognized statistical rating organization’s (“NRSROs”). All of the issues are current as to their dividend payments and management is not aware of a decision of any trust preferred issuer to exercise its option to defer dividend payments.

As of September 30, 2022, excluding GSE and U.S. Treasury securities and TruPs, discussed above, temporarily impaired securities totaled $2.6 billion with an unrealized loss of $200.6 million. With the exception of PACE securities, which are generally not rated, 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 insignificant losses on PACE bonds that we have invested in and are not aware of any significant losses in the PACE bonds sector given the low LTV position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of September 30, 2022 is primarily due to an increase in interest rates since the time these investments were acquired.

With respect to the Company’s security investments that are temporarily impaired as of September 30, 2022, 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 September 30, 2022. None of these positions or other securities held in the portfolio or sold during the year were purchased with the intent of selling them or would otherwise be classified as trading securities under ASC No. 320, Investments – Debt Securities.

During the three months ended September 30, 2022 and September 30, 2021, the Company recaptured $12.8 thousand and

$7.5 thousand of OTTI, respectively. For the nine months ended September 30, 2022, the Company recaptured $15.9 thousand OTTI, compared to a $4.8 thousand recapture of OTTI for the same period in 2021.

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 September 30, 2022; however, it is possible that the Company may recognize OTTI in future periods.

LOANS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

LOANS RECEIVABLE, NET

Loans receivable are summarized as follows:





	September 30, 2022		December 31, 2021
(In thousands)
Commercial and industrial	$	805,087	$	729,385
Multifamily	884,790		821,801
Commercial real estate	338,002		369,429
Construction and land development	38,946		31,539
Total commercial portfolio	2,066,825		1,952,154
Residential real estate lending	1,332,010		1,063,682


Consumer and other	467,793		291,818
Total retail portfolio	1,799,803		1,355,500
Total loans receivable	3,866,628		3,307,654
Net deferred loan origination costs (fees)	4,662		4,570
Total loans receivable, net of deferred loan origination costs (fees)	3,871,290		3,312,224
Allowance for loan losses	(42,122)		(35,866)
Total loans receivable, net	$	3,829,168	$	3,276,358

The following table presents information regarding the quality of the Company’s loans as of September 30, 2022:



	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	$	2,865	$	1,746	$	—	$	4,611	$	7,610	$	792,866	$	805,087
Multifamily	—		3,494		—		3,494		—		881,296		884,790
Commercial real estate	4,356		3,869		—		8,225		1,045		328,732		338,002
Construction and land development	—		—		—		—		—		38,946		38,946
Total commercial portfolio	7,221		9,109		—		16,330		8,655		2,041,840		2,066,825
Residential real estate lending	1,902		675		—		2,577		—		1,329,433		1,332,010
Consumer and other	4,072		1,382		—		5,454		—		462,339		467,793
Total retail portfolio	5,974		2,057		—		8,031		—		1,791,772		1,799,803
	$	13,195	$	11,166	$	—	$	24,361	$	8,655	$	3,833,612	$	3,866,628

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 primary driver of the decrease in non-accrual loans from December 31, 2021 to September 30, 2022 was a $13.2 million transfer of non-accrual loans to loans held for sale.

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.

The following table presents information regarding the Company’s TDRs as of September 30, 2022 and December 31, 2021:


	September 30, 2022						December 31, 2021
(In thousands)	Accruing		Non- Accrual		Total		Accruing		Non- Accrual		Total
Commercial and industrial	$	4,337	$	9,356	$	13,693	$	4,052	$	8,313	$	12,365
Multifamily	10,483		—		10,483		—		—		—
Commercial real estate	—		2,966		2,966		—		3,166		3,166
Construction and land development	2,424		—		2,424		7,476		—		7,476
Residential real estate lending	1,152		—		1,152		13,469		2,018		15,487

	$	18,396	$	12,322	$	30,718	$	24,997	$	13,497	$	38,494

The following tables present loans that were classified as TDRs during the three and nine months ended September 30, 2022 and 2021. The pre-modification balances represent the recorded investment immediately prior to the modification, and the post-modification balances represent the recorded investment as of the dates indicated.


	Three Months Ended September 30, 2022					Three Months Ended September 30, 2021
(In thousands)	Number of Loans	Pre-Modification Balance		Post-Modification Balance		Number of Loans	Pre-Modification Balance		Post-Modification Balance

Commercial and industrial	1	$	1,746	$	1,746	—	$	—	$	—


Total loans	1	$	1,746	$	1,746	—	$	—	$	—


	Nine Months Ended September 30, 2022					Nine Months Ended September 30, 2021
(In thousands)	Number of Loans	Pre-Modification Balance		Post-Modification Balance		Number of Loans	Pre-Modification Balance		Post-Modification Balance

Commercial and industrial	3	$	8,181	$	8,181	—	$	—	$	—
Commercial real estate	2	10,000		10,483		—	—		—
Construction and land development	—	—		—		1	2,779		2,779
Total loans	5	$	18,181	$	18,664	1	$	2,779	$	2,779

The following tables summarize the Company’s loan portfolio by credit quality indicator as of September 30, 2022:




(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	778,331	$	7,797	$	17,213	$	1,746	$	805,087
Multifamily	842,685		23,866		18,239		—		884,790
Commercial real estate	298,374		20,948		18,680		—		338,002
Construction and land development	36,522		—		2,424		—		38,946
Residential real estate lending	1,331,335		—		675		—		1,332,010
Consumer and other	466,411		—		1,382		—		467,793
Total loans	$	3,753,658	$	52,611	$	58,613	$	1,746	$	3,866,628

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 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 September 30, 2022:





(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	$	15,075	$	13,977	$	4,914	$	2,424	$	1,827	$	—	$	38,217
Collectively evaluated for impairment	790,012		870,813		333,088		36,522		1,330,183		467,793		3,828,411
Total loans	$	805,087	$	884,790	$	338,002	$	38,946	$	1,332,010	$	467,793	$	3,866,628

Allowance for loan losses:
Individually evaluated for impairment	$	4,995	$	179	$	—	$	—	$	45	$	—	$	5,219
Collectively evaluated for impairment	7,711		6,583		3,908		836		11,065		6,800		36,903
Total allowance for loan losses	$	12,706	$	6,762	$	3,908	$	836	$	11,110	$	6,800	$	42,122


(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

The activities in the allowance by portfolio for the three months ended September 30, 2022 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	14,617	$	4,397	$	5,726	$	709	$	10,304	$	3,724	$	39,477
Provision for (recovery of) loan losses	(1,916)		2,365		(1,818)		516		2,025		4,191		5,363
Charge-offs	—		—		—		(389)		(1,519)		(1,343)		(3,251)
Recoveries	5		—		—		—		300		228		533
Ending Balance	$	12,706	$	6,762	$	3,908	$	836	$	11,110	$	6,800	$	42,122

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


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012
Provision for (recovery of) loan losses	1,385		(544)		(470)		(963)		(1,677)		(7)		(2,276)
Charge-offs	—		—		(314)		—		(29)		(420)		(763)
Recoveries	2		—		—		1		858		29		890
Ending Balance	$	13,479	$	5,128	$	7,604	$	487	$	8,937	$	228	$	35,863

The activities in the allowance by portfolio for the nine months ended September 30, 2022 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	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,768	$	35,866
Provision for (recovery of) loan losses	2,037		2,418		(3,365)		818		2,817		5,843		10,568
Charge-offs	—		(416)		—		(389)		(2,340)		(3,206)		(6,351)
Recoveries	17		—		—		2		1,625		395		2,039
Ending Balance	$	12,706	$	6,762	$	3,908	$	836	$	11,110	$	6,800	$	42,122

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


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589
Provision for (recovery of) loan losses	4,205		(3,288)		1,705		(1,592)		(5,060)		175		(3,855)
Charge-offs	—		(1,908)		(314)		—		(230)		(1,596)		(4,048)
Recoveries	209		—		—		2		1,897		69		2,177
Ending Balance	$	13,479	$	5,128	$	7,604	$	487	$	8,937	$	228	$	35,863

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 September 30, 2022 and December 31, 2021:


	September 30, 2022
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	617	$	5,562	$	907	$	—



Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,914		4,484		5,014		—

	7,955		14,996		13,397		—
Loans with a related allowance:
Residential real estate lending	1,210		8,348		1,270		45


Multifamily	13,977		8,442		14,141		179


Commercial and industrial	15,075		13,930		15,884		4,995
	30,262		30,720		31,295		5,219
Total individually impaired loans:
Residential real estate lending	1,827		13,910		2,177		45


Multifamily	13,977		8,442		14,141		179
Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,914		4,484		5,014		—
Commercial and industrial	15,075		13,930		15,884		4,995
	$	38,217	$	45,716	$	44,692	$	5,219


	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

As of September 30, 2022 and December 31, 2021, mortgage loans with an unpaid principal balance of $0.8 billion and $1.1 billion, respectively, were pledged to the FHLB to secure outstanding advances and letters of credit.

There were $1.6 million in related party loans outstanding as of September 30, 2022 compared to $0.5 million related party loans for December 31, 2021.

DEPOSITS

9 Months Ended

Sep. 30, 2022

Statistical Disclosure for Banks [Abstract]

DEPOSITS

Deposits are summarized as follows:





	September 30, 2022				December 31, 2021
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest bearing demand deposit accounts	$	3,839,155	0.00	%	$	3,335,005	0.00	%
NOW accounts	204,473		0.33	%	210,844		0.08	%
Money market deposit accounts	2,549,024		0.37	%	2,227,953		0.12	%
Savings accounts	384,644		0.32	%	375,301		0.11	%
Time deposits	183,011		0.44	%	207,152		0.32	%

	$	7,160,307	0.17	%	$	6,356,255	0.06	%

The scheduled maturities of time deposits as of September 30, 2022 are as follows:


(In thousands)
2022	$	62,249
2023	87,543
2024	26,096
2025	5,006
2026	1,765
Thereafter	352
	$	183,011

Time deposits of $250,000 or more totaled $48.5 million as of September 30, 2022 and $43.7 million as of December 31, 2021.

From time to time the Bank will issue time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) for the purpose of providing FDIC insurance to bank customers with balances in excess of FDIC insurance limits. CDARS deposits totaled approximately $41.3 million and $56.0 million as of September 30, 2022 and December 31, 2021, respectively, and are included in Time deposits above.

Our total deposits included deposits from Workers United and its related entities in the amounts of $56.4 million as of September 30, 2022 and $99.9 million as of December 31, 2021.

Included in total deposits are state and municipal deposits totaling $35.9 million and $65.5 million as of September 30, 2022 and December 31, 2021, respectively. Such deposits are secured by letters of credit issued by the FHLB or by securities pledged with the FHLB.

BORROWED FUNDS	9 Months Ended
BORROWED FUNDS	Sep. 30, 2022
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. On July 26, 2022 and September 29, 2022 the Company repurchased $3.25 million and $3.0 million, respectively, of the subordinated notes due on November 15, 2031. FHLB advances are collateralized by the FHLB stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of September 30, 2022, the value of the other eligible assets had an estimated market value net of haircut totaling $1.4 billion (comprised of securities of $686.7 million and mortgage loans of $666.5 million). The fair value of assets pledged to the FHLB is required to be not less than 110% of the outstanding advances. There were $75 million outstanding FHLB advances as of September 30, 2022 and no outstanding FHLB advances as of December 31, 2021. FHLB advances are presented as Borrowed funds on the Consolidated Statements of Financial Condition.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and September 30, 2021, we had 0.4 million and 0.4 million anti-dilutive shares, respectively.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.	$	22,944	$	14,416	$	56,722	$	37,013
Dividends paid on preferred stock	—		—		—		—
Income attributable to common stock	$	22,944	$	14,416	$	56,722	$	37,013
Weighted average common shares outstanding, basic	30,673		31,094		30,864		31,216
Basic earnings per common share	$	0.75	$	0.46	$	1.84	$	1.19

Income attributable to common stock	$	22,944	$	14,416	$	56,722	$	37,013
Weighted average common shares outstanding, basic	30,673		31,094		30,864		31,216
Incremental shares from assumed conversion of options and RSUs	359		368		359		368
Weighted average common shares outstanding, diluted	31,032		31,462		31,223		31,584
Diluted earnings per common share	$	0.74	$	0.46	$	1.82	$	1.17

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

EMPLOYEE BENEFIT PLANS

Long Term Incentive Plans

Stock Options:

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

A summary of the status of the Company’s options as of September 30, 2022 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, December 31, 2021	847,560	$	13.19	4.3	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(361,800)	13.32		—
Outstanding, September 30, 2022	485,760	13.09		3.6	years	$	4,594
Vested and Exercisable, September 30, 2022	485,760	$	13.09	3.6	years	$	4,594

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

As noted above, there was no compensation cost attributable to the options for the nine months ended September 30, 2022 or for the nine months ended September 30, 2021.

Restricted Stock Units:

The Amalgamated Financial Corp. 2022 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 434,408 shares were available for issuance as of September 30, 2022.

During the nine months ended September 30, 2022, the Company granted 222,109 restricted stock units (“RSUs”) to employees under the Equity Plan and reserved 253,506 shares for issuance upon vesting assuming the Company’s employees achieve the maximum share payout.

Of the 222,109 RSUs granted to employees, 159,315 RSUs time-vest ratably over three years and were granted at an average fair value of $18.03 per share and 62,794 RSUs were performance-based and are more fully described below:

•The Company granted 16,536, 14,376 and 866 performance-based RSUs at a fair value of $17.39, $17.34 and $21.64 per share, respectively which vest subject to the achievement of the Company’s corporate goal for the three-year period from December 31, 2021 to December 31, 2024. 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 47,667 shares, respectively.

•The Company granted 30,016 market-based RSUs at a fair value of $17.91 per share which vest subject to the Bank’s relative total shareholder return compared to a group of peer banks over a three-year period from February 3, 2021 to February 2, 2024. The minimum and maximum awards that are achievable are 0 and 45,024 shares, respectively.

A summary of the status of the Company’s employee RSUs as of September 30, 2022 follows:


	Shares	Grant Date Fair Value
Unvested, December 31, 2021	401,585	$	16.50
Awarded	222,109	17.93
Forfeited/Expired	(85,194)	16.28
Vested	(125,972)	16.83
Unvested, September 30, 2022	412,528	$	16.13

Of the 412,528 unvested RSUs on September 30, 2022, the minimum units that will vest, solely due to a service test, are 314,938. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 493,577.

Compensation expense attributable to the employee RSUs was $0.5 million and $1.5 million for the three and nine months ended September 30, 2022, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, there was $4.9 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 nine months ended September 30, 2022, the Company granted 30,217 RSUs to directors under the Equity Plan that vest after one year. The Company recorded an expense of $0.1 million and $0.4 million for the three and nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was $0.3 million unrecognized cost related to the non-vested RSUs granted to directors.

Employee Stock Purchase Plan

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

The Compensation Committee of the Board of Directors (the "Committee") has the right to amend the ESPP without the approval of our stockholders; provided, that no such change may impair the rights of a participant with respect to any outstanding offering period without the consent of such participant, other than a change determined by the Committee to be necessary to comply with applicable law. A participant may not dispose of shares acquired under the ESPP until six months following the grant date of such shares, or any earlier date as of which the Committee has determined that the participant would qualify for a hardship distribution from the Company’s 401(k) Plan. Accordingly, the fair value award associated with their discounted purchase price is expensed at the time of purchase. There were 2,905, 14,967 and 7,461 shares purchased under the ESPP on March 31, 2022, June 30, 2022, and September 30, 2022, respectively.

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2022

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:


	September 30, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	—	$	—	$	—
GSE residential CMOs	—		419,862		—		419,862
GSE commercial certificates & CMO	—		268,312		—		268,312
Non-GSE residential certificates	—		111,148		—		111,148
Non-GSE commercial certificates	—		98,142		—		98,142

Other debt:
U.S. Treasury	8,015		—		—		8,015
ABS	—		902,758		—		902,758
Trust preferred	—		10,159		—		10,159
Corporate	—		139,090		—		139,090


Total assets carried at fair value	$	8,015	$	1,949,471	$	—	$	1,957,486


	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

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





	September 30, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	32,998	$	—	$	—	$	32,998	$	32,998

	$	32,998	$	—	$	—	$	32,998	$	32,998

















	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

	$	48,111	$	—	$	—	$	48,111	$	48,111

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







	September 30, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value

Financial assets:
Cash and cash equivalents	$	66,223	$	66,223	$	—	$	—	$	66,223

Available for sale securities	1,957,486		8,015		1,949,471		—		1,957,486
Held to maturity securities	1,492,423		—		578,876		790,507		1,369,383
Loans held for sale	17,916		—		—		17,916		17,916
Loans receivable, net	3,829,168		—		—		3,438,967		3,438,967

Resell agreements	192,834		—		—		192,834		192,834
Accrued interest and dividends receivable	34,767		—		34,767		—		34,767




Financial liabilities:
Deposits payable on demand	6,977,296		—		6,977,296		—		6,977,296
Time deposits	183,011		—		182,747		—		182,747
Borrowed Funds	152,679		—		143,940		—		143,940
Accrued interest payable	1,111		—		1,111		—		1,111


	December 31, 2021
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
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

- 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

9 Months Ended

Sep. 30, 2022

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:





	September 30, 2022		December 31, 2021
(In thousands)
Commitments to extend credit	$	835,241	$	927,428
Standby letters of credit	21,536		18,752
Total	$	856,777	$	946,180

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 $1.6 million as of September 30, 2022 and $1.5 million as of December 31, 2021.

Other Commitments and Contingencies

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

Investment Obligations

The Company is a 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 September 30, 2022, the Company had purchased $409.6 million of these obligations and had an estimated remaining commitment of $45.0 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, by a reduction in cash and cash equivalents, or by pay-downs and maturities of loans and other investments.

LEASES

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

The Bank as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of September 30, 2022. These leases are typically long-term leases and generally are not complicated arrangements or structures. Several of the leases contain renewal options at a rate comparable to the fair market value based on comparable analysis to similar properties in the Bank’s geographies.

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

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


	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
(In thousands)
Operating lease cost	$	2,257		$	6,765


Cash paid for amounts included in the measurement of Operating leases liability	$	2,714		$	7,976
Weighted average remaining lease term on operating leases (in years)	4.2			4.2
Weighted average discount rate used for operating leases liability	3.25		%	3.25		%

Note: Sublease income and variable income or expense considered immaterial


	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021
(In thousands)
Operating lease cost	$	2,258		$	6,679


Cash paid for amounts included in the measurement of Operating leases liability	$	2,566		$	7,573
Weighted average remaining lease term on operating leases (in years)	5.0			5.0
Weighted average discount rate used for operating leases liability	3.25		%	3.26		%

Note: Sublease income and variable income or expense considered immaterial

The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of September 30, 2022:


(In thousands)
As of September 30, 2022
2022 remaining	$	2,768
2023	11,285
2024	11,310
2025	10,574
2026	9,176
Thereafter	955
Total undiscounted operating lease payments	46,068
Less: present value adjustment	2,839
Total Operating leases liability	$	43,229

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

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, 2022 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, 2022. 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 September 30, 2022 and December 31, 2021, 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 remaining	$	261
2023	888
2024	730
2025	574
2026	419
Thereafter	494
Total	$	3,366

Accumulated amortization of the core deposit intangible was $5.7 million as of September 30, 2022.

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2022

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 September 30, 2022, the Company's maximum exposure to loss is $35.1 million.


	September 30, 2022		December 31, 2021
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	2,674	$	1,681

Loans and letters of credit commitments	32,430		52,813
Funded portion of loans and letters of credit commitments	17,506		15,512

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
(In thousands)
Tax credits and other tax benefits recognized	$	668	$	568	$	2,004	$	1,479

BASIS OF PRESENTATION AND CONSOLIDATION (Policies)	9 Months Ended
BASIS OF PRESENTATION AND CONSOLIDATION (Policies)	Sep. 30, 2022
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 unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2021 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2021 Annual Report.
Reclassifications	Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholder equity or net income.
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)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule Other Comprehensive Income (Loss)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
(In thousands)
Change in obligation for postretirement benefits and for prior service credit	$	51	$	53	$	153	$	159
Change in obligation for other benefits	9		41		25		(330)
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	60		94		178		(171)

Income tax effect	(17)		(26)		(49)		29

Net change in total obligation for postretirement benefits and prior service credit and for other benefits	43		68		129		(142)
Unrealized holding gains (losses) on available for sale securities	(43,422)		$	(5,640)	(159,460)		$	(7,021)
Reclassification adjustment for losses (gains) realized in income	1,831		(421)		2,248		(760)
Change in unrealized gains (losses) on available for sale securities	(41,591)		(6,061)		(157,212)		(7,781)

Accretion of net unrealized loss on securities transferred to held to maturity	548		—		757		—
Income tax effect	11,292		1,655		43,041		2,124
Net change in unrealized gains (losses) on securities	(29,751)		(4,406)		(113,414)		(5,657)

Total	$	(29,708)	$	(4,338)	$	(113,285)	$	(5,799)

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Statements of Income
	2022		2021		2022		2021
(In thousands)

Realized gains (losses) on sale of available for sale securities	$	(1,844)	$	413	$	(2,264)	$	755	Gain (loss) on sale of securities
Recognized gains (losses) on OTTI securities	13		8		16		5		Non-Interest Income - other
Accretion of net unrealized loss on securities transferred to held to maturity	548		—		757		—		Interest and dividend income - securities
Income tax expense (benefit)	(333)		114		(387)		207		Income tax expense (benefit)
Total reclassifications, net of income tax	$	(950)	$	307	$	(1,104)	$	553


Prior service credit on pension plans and other postretirement benefits	$	7	$	7	$	21	$	21	Compensation and employee benefits
Income tax expense (benefit)	(1)		(2)		(5)		(6)		Income tax expense (benefit)
Total reclassifications, net of income tax	$	6	$	5	$	16	$	15

Total reclassifications, net of income tax	$	(944)	$	312	$	(1,088)	$	568

INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 are as follows:






	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available for sale:
Mortgage-related:
GSE residential certificates	$	—	$	—	$	—	$	—
GSE residential CMOs	456,130		83		(36,351)		419,862
GSE commercial certificates & CMO	277,603		39		(9,330)		268,312
Non-GSE residential certificates	126,799		—		(15,651)		111,148
Non-GSE commercial certificates	109,144		—		(11,002)		98,142
	969,676		122		(72,334)		897,464
Other debt:
U.S. Treasury	8,201		—		(186)		8,015
ABS	942,175		—		(39,417)		902,758
Trust preferred	10,988		—		(829)		10,159
Corporate	156,147		—		(17,057)		139,090

	1,117,511		—		(57,489)		1,060,022


Total available for sale	$	2,087,187	$	122	$	(129,823)	$	1,957,486

Held to maturity:
Mortgage-related:
GSE CMOs	$	71,252	$	—	$	(3,965)	$	67,287
GSE commercial certificates	90,546		—		(11,450)		79,096
GSE residential certificates	431		—		(29)		402
Non GSE commercial certificates	32,613		—		(3,421)		29,192
Non GSE residential certificates	51,506		—		(5,478)		46,028
	246,348		—		(24,343)		222,005
Other debt:
ABS	291,488		—		(14,223)		277,265
Commercial PACE	220,827		—		(21,274)		199,553
Residential PACE	635,874		—		(44,953)		590,921
Municipal	95,886		—		(18,241)		77,645
Other	2,000		—		(6)		1,994
	1,246,075		—		(98,697)		1,147,378

Total held to maturity	$	1,492,423	$	—	$	(123,040)	$	1,369,383

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	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

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 September 30, 2022 are as follows:






	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
Available for sale:
Mortgage-related:
GSE residential certificates	$	—	$	—	$	—	$	—
GSE residential CMOs	456,130		83		(36,351)		419,862
GSE commercial certificates & CMO	277,603		39		(9,330)		268,312
Non-GSE residential certificates	126,799		—		(15,651)		111,148
Non-GSE commercial certificates	109,144		—		(11,002)		98,142
	969,676		122		(72,334)		897,464
Other debt:
U.S. Treasury	8,201		—		(186)		8,015
ABS	942,175		—		(39,417)		902,758
Trust preferred	10,988		—		(829)		10,159
Corporate	156,147		—		(17,057)		139,090

	1,117,511		—		(57,489)		1,060,022


Total available for sale	$	2,087,187	$	122	$	(129,823)	$	1,957,486

Held to maturity:
Mortgage-related:
GSE CMOs	$	71,252	$	—	$	(3,965)	$	67,287
GSE commercial certificates	90,546		—		(11,450)		79,096
GSE residential certificates	431		—		(29)		402
Non GSE commercial certificates	32,613		—		(3,421)		29,192
Non GSE residential certificates	51,506		—		(5,478)		46,028
	246,348		—		(24,343)		222,005
Other debt:
ABS	291,488		—		(14,223)		277,265
Commercial PACE	220,827		—		(21,274)		199,553
Residential PACE	635,874		—		(44,953)		590,921
Municipal	95,886		—		(18,241)		77,645
Other	2,000		—		(6)		1,994
	1,246,075		—		(98,697)		1,147,378

Total held to maturity	$	1,492,423	$	—	$	(123,040)	$	1,369,383

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	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

Schedule of Investments by Contractual Maturity

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






	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Due within one year	$	—	$	—	$	2,000	$	1,994
Due after one year through five years	74,307		66,719		9,414		8,931
Due after five years through ten years	449,189		431,372		6,996		6,789
Due after ten years	594,015		561,931		1,227,665		1,129,664
	$	1,117,511	$	1,060,022	$	1,246,075	$	1,147,378

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

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


	Three Months Ended,				Nine Months Ended,
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
(In thousands)
Proceeds	$	96,154	$	31,603	$	132,105	$	94,899

Realized gains	$	2	$	477	$	164	$	1,040
Realized losses	(1,846)		(64)		(2,428)		(285)
Net realized gains (losses)	$	(1,844)	$	413	$	(2,264)	$	755

Schedule of Unrealized Losses


	September 30, 2022
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Mortgage-related:

GSE residential CMOs	237,609		(12,210)		161,126		(24,141)		398,735		(36,351)
GSE commercial certificates & CMO	154,560		(6,989)		73,708		(2,341)		228,268		(9,330)
Non-GSE residential certificates	75,543		(8,424)		35,605		(7,227)		111,148		(15,651)
Non-GSE commercial certificates	62,999		(4,932)		35,143		(6,070)		98,142		(11,002)
Other debt:
US Treasury	8,015		(186)		—		—		8,015		(186)
ABS	585,953		(18,188)		316,805		(21,229)		902,758		(39,417)
Trust preferred	—		—		10,159		(829)		10,159		(829)
Corporate	97,413		(9,722)		41,677		(7,335)		139,090		(17,057)



Total available for sale	$	1,222,092	$	(60,651)	$	674,223	$	(69,172)	$	1,896,315	$	(129,823)

Held to maturity:
Mortgage-related:
GSE CMOs	$	56,116	$	(2,921)	$	11,171	$	(1,044)	$	67,287	$	(3,965)
GSE commercial certificates	49,257		(3,226)		29,839		(8,224)		79,096		(11,450)
GSE residential certificates	402		(29)		—		—		402		(29)
Non GSE commercial certificates	10,957		(731)		18,081		(2,690)		29,038		(3,421)
Non GSE residential certificates	40,046		(5,045)		5,982		(433)		46,028		(5,478)

Other debt:
ABS	226,723		(10,814)		50,542		(3,409)		277,265		(14,223)
Commercial PACE	199,553		(21,274)		—		—		199,553		(21,274)
Residential PACE	590,921		(44,953)		—		—		590,921		(44,953)
Municipal	47,708		(7,786)		29,937		(10,455)		77,645		(18,241)
Other	1,994		(6)		—		—		1,994		(6)
Total held to maturity	$	1,223,677	$	(96,785)	$	145,552	$	(26,255)	$	1,369,229	$	(123,040)


	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)

LOANS RECEIVABLE, NET (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable are summarized as follows:





	September 30, 2022		December 31, 2021
(In thousands)
Commercial and industrial	$	805,087	$	729,385
Multifamily	884,790		821,801
Commercial real estate	338,002		369,429
Construction and land development	38,946		31,539
Total commercial portfolio	2,066,825		1,952,154
Residential real estate lending	1,332,010		1,063,682


Consumer and other	467,793		291,818
Total retail portfolio	1,799,803		1,355,500
Total loans receivable	3,866,628		3,307,654
Net deferred loan origination costs (fees)	4,662		4,570
Total loans receivable, net of deferred loan origination costs (fees)	3,871,290		3,312,224
Allowance for loan losses	(42,122)		(35,866)
Total loans receivable, net	$	3,829,168	$	3,276,358

Schedule of Quality of Bank's Loans

The following table presents information regarding the quality of the Company’s loans as of September 30, 2022:



	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	$	2,865	$	1,746	$	—	$	4,611	$	7,610	$	792,866	$	805,087
Multifamily	—		3,494		—		3,494		—		881,296		884,790
Commercial real estate	4,356		3,869		—		8,225		1,045		328,732		338,002
Construction and land development	—		—		—		—		—		38,946		38,946
Total commercial portfolio	7,221		9,109		—		16,330		8,655		2,041,840		2,066,825
Residential real estate lending	1,902		675		—		2,577		—		1,329,433		1,332,010
Consumer and other	4,072		1,382		—		5,454		—		462,339		467,793
Total retail portfolio	5,974		2,057		—		8,031		—		1,791,772		1,799,803
	$	13,195	$	11,166	$	—	$	24,361	$	8,655	$	3,833,612	$	3,866,628

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

Schedule of Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of September 30, 2022 and December 31, 2021:


	September 30, 2022						December 31, 2021
(In thousands)	Accruing		Non- Accrual		Total		Accruing		Non- Accrual		Total
Commercial and industrial	$	4,337	$	9,356	$	13,693	$	4,052	$	8,313	$	12,365
Multifamily	10,483		—		10,483		—		—		—
Commercial real estate	—		2,966		2,966		—		3,166		3,166
Construction and land development	2,424		—		2,424		7,476		—		7,476
Residential real estate lending	1,152		—		1,152		13,469		2,018		15,487

	$	18,396	$	12,322	$	30,718	$	24,997	$	13,497	$	38,494


	Three Months Ended September 30, 2022					Three Months Ended September 30, 2021
(In thousands)	Number of Loans	Pre-Modification Balance		Post-Modification Balance		Number of Loans	Pre-Modification Balance		Post-Modification Balance

Commercial and industrial	1	$	1,746	$	1,746	—	$	—	$	—


Total loans	1	$	1,746	$	1,746	—	$	—	$	—


	Nine Months Ended September 30, 2022					Nine Months Ended September 30, 2021
(In thousands)	Number of Loans	Pre-Modification Balance		Post-Modification Balance		Number of Loans	Pre-Modification Balance		Post-Modification Balance

Commercial and industrial	3	$	8,181	$	8,181	—	$	—	$	—
Commercial real estate	2	10,000		10,483		—	—		—
Construction and land development	—	—		—		1	2,779		2,779
Total loans	5	$	18,181	$	18,664	1	$	2,779	$	2,779

Schedule of Loans by Credit Quality Indicator

The following tables summarize the Company’s loan portfolio by credit quality indicator as of September 30, 2022:




(In thousands)	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	778,331	$	7,797	$	17,213	$	1,746	$	805,087
Multifamily	842,685		23,866		18,239		—		884,790
Commercial real estate	298,374		20,948		18,680		—		338,002
Construction and land development	36,522		—		2,424		—		38,946
Residential real estate lending	1,331,335		—		675		—		1,332,010
Consumer and other	466,411		—		1,382		—		467,793
Total loans	$	3,753,658	$	52,611	$	58,613	$	1,746	$	3,866,628

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

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	$	15,075	$	13,977	$	4,914	$	2,424	$	1,827	$	—	$	38,217
Collectively evaluated for impairment	790,012		870,813		333,088		36,522		1,330,183		467,793		3,828,411
Total loans	$	805,087	$	884,790	$	338,002	$	38,946	$	1,332,010	$	467,793	$	3,866,628

Allowance for loan losses:
Individually evaluated for impairment	$	4,995	$	179	$	—	$	—	$	45	$	—	$	5,219
Collectively evaluated for impairment	7,711		6,583		3,908		836		11,065		6,800		36,903
Total allowance for loan losses	$	12,706	$	6,762	$	3,908	$	836	$	11,110	$	6,800	$	42,122


(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

The activities in the allowance by portfolio for the three months ended September 30, 2022 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	14,617	$	4,397	$	5,726	$	709	$	10,304	$	3,724	$	39,477
Provision for (recovery of) loan losses	(1,916)		2,365		(1,818)		516		2,025		4,191		5,363
Charge-offs	—		—		—		(389)		(1,519)		(1,343)		(3,251)
Recoveries	5		—		—		—		300		228		533
Ending Balance	$	12,706	$	6,762	$	3,908	$	836	$	11,110	$	6,800	$	42,122

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


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	12,092	$	5,672	$	8,388	$	1,449	$	9,785	$	626	$	38,012
Provision for (recovery of) loan losses	1,385		(544)		(470)		(963)		(1,677)		(7)		(2,276)
Charge-offs	—		—		(314)		—		(29)		(420)		(763)
Recoveries	2		—		—		1		858		29		890
Ending Balance	$	13,479	$	5,128	$	7,604	$	487	$	8,937	$	228	$	35,863

The activities in the allowance by portfolio for the nine months ended September 30, 2022 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	$	10,652	$	4,760	$	7,273	$	405	$	9,008	$	3,768	$	35,866
Provision for (recovery of) loan losses	2,037		2,418		(3,365)		818		2,817		5,843		10,568
Charge-offs	—		(416)		—		(389)		(2,340)		(3,206)		(6,351)
Recoveries	17		—		—		2		1,625		395		2,039
Ending Balance	$	12,706	$	6,762	$	3,908	$	836	$	11,110	$	6,800	$	42,122

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


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer and Other		Total
Allowance for loan losses:
Beginning balance	$	9,065	$	10,324	$	6,213	$	2,077	$	12,330	$	1,580	$	41,589
Provision for (recovery of) loan losses	4,205		(3,288)		1,705		(1,592)		(5,060)		175		(3,855)
Charge-offs	—		(1,908)		(314)		—		(230)		(1,596)		(4,048)
Recoveries	209		—		—		2		1,897		69		2,177
Ending Balance	$	13,479	$	5,128	$	7,604	$	487	$	8,937	$	228	$	35,863

Schedule of Additional Information for Individually Impaired Loans and Allowances


	September 30, 2022
(In thousands)	Recorded Investment		Average Recorded Investment		Unpaid Principal Balance		Related Allowance
Loans without a related allowance:
Residential real estate lending	$	617	$	5,562	$	907	$	—



Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,914		4,484		5,014		—

	7,955		14,996		13,397		—
Loans with a related allowance:
Residential real estate lending	1,210		8,348		1,270		45


Multifamily	13,977		8,442		14,141		179


Commercial and industrial	15,075		13,930		15,884		4,995
	30,262		30,720		31,295		5,219
Total individually impaired loans:
Residential real estate lending	1,827		13,910		2,177		45


Multifamily	13,977		8,442		14,141		179
Construction and land development	2,424		4,950		7,476		—
Commercial real estate	4,914		4,484		5,014		—
Commercial and industrial	15,075		13,930		15,884		4,995
	$	38,217	$	45,716	$	44,692	$	5,219


	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

DEPOSITS (Tables)

9 Months Ended

Sep. 30, 2022

Statistical Disclosure for Banks [Abstract]

Schedule of Deposits

Deposits are summarized as follows:





	September 30, 2022				December 31, 2021
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest bearing demand deposit accounts	$	3,839,155	0.00	%	$	3,335,005	0.00	%
NOW accounts	204,473		0.33	%	210,844		0.08	%
Money market deposit accounts	2,549,024		0.37	%	2,227,953		0.12	%
Savings accounts	384,644		0.32	%	375,301		0.11	%
Time deposits	183,011		0.44	%	207,152		0.32	%

	$	7,160,307	0.17	%	$	6,356,255	0.06	%

Schedule of Maturities of Time Deposits

The scheduled maturities of time deposits as of September 30, 2022 are as follows:


(In thousands)
2022	$	62,249
2023	87,543
2024	26,096
2025	5,006
2026	1,765
Thereafter	352
	$	183,011

- Definition

Tabular disclosure of type of deposit liability.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

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:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.	$	22,944	$	14,416	$	56,722	$	37,013
Dividends paid on preferred stock	—		—		—		—
Income attributable to common stock	$	22,944	$	14,416	$	56,722	$	37,013
Weighted average common shares outstanding, basic	30,673		31,094		30,864		31,216
Basic earnings per common share	$	0.75	$	0.46	$	1.84	$	1.19

Income attributable to common stock	$	22,944	$	14,416	$	56,722	$	37,013
Weighted average common shares outstanding, basic	30,673		31,094		30,864		31,216
Incremental shares from assumed conversion of options and RSUs	359		368		359		368
Weighted average common shares outstanding, diluted	31,032		31,462		31,223		31,584
Diluted earnings per common share	$	0.74	$	0.46	$	1.82	$	1.17

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the status of the Company’s options as of September 30, 2022 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, December 31, 2021	847,560	$	13.19	4.3	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(361,800)	13.32		—
Outstanding, September 30, 2022	485,760	13.09		3.6	years	$	4,594
Vested and Exercisable, September 30, 2022	485,760	$	13.09	3.6	years	$	4,594

Schedule of Restricted Stock Unit Activity

A summary of the status of the Company’s employee RSUs as of September 30, 2022 follows:


	Shares	Grant Date Fair Value
Unvested, December 31, 2021	401,585	$	16.50
Awarded	222,109	17.93
Forfeited/Expired	(85,194)	16.28
Vested	(125,972)	16.83
Unvested, September 30, 2022	412,528	$	16.13

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis


	September 30, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Mortgage-related:
GSE residential certificates	$	—	$	—	$	—	$	—
GSE residential CMOs	—		419,862		—		419,862
GSE commercial certificates & CMO	—		268,312		—		268,312
Non-GSE residential certificates	—		111,148		—		111,148
Non-GSE commercial certificates	—		98,142		—		98,142

Other debt:
U.S. Treasury	8,015		—		—		8,015
ABS	—		902,758		—		902,758
Trust preferred	—		10,159		—		10,159
Corporate	—		139,090		—		139,090


Total assets carried at fair value	$	8,015	$	1,949,471	$	—	$	1,957,486


	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

Schedule of Assets Measured on Nonrecurring Basis

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





	September 30, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Impaired loans	$	32,998	$	—	$	—	$	32,998	$	32,998

	$	32,998	$	—	$	—	$	32,998	$	32,998

















	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

	$	48,111	$	—	$	—	$	48,111	$	48,111

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:







	September 30, 2022
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value

Financial assets:
Cash and cash equivalents	$	66,223	$	66,223	$	—	$	—	$	66,223

Available for sale securities	1,957,486		8,015		1,949,471		—		1,957,486
Held to maturity securities	1,492,423		—		578,876		790,507		1,369,383
Loans held for sale	17,916		—		—		17,916		17,916
Loans receivable, net	3,829,168		—		—		3,438,967		3,438,967

Resell agreements	192,834		—		—		192,834		192,834
Accrued interest and dividends receivable	34,767		—		34,767		—		34,767




Financial liabilities:
Deposits payable on demand	6,977,296		—		6,977,296		—		6,977,296
Time deposits	183,011		—		182,747		—		182,747
Borrowed Funds	152,679		—		143,940		—		143,940
Accrued interest payable	1,111		—		1,111		—		1,111


	December 31, 2021
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
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

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables)

9 Months Ended

Sep. 30, 2022

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:





	September 30, 2022		December 31, 2021
(In thousands)
Commitments to extend credit	$	835,241	$	927,428
Standby letters of credit	21,536		18,752
Total	$	856,777	$	946,180

LEASES (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Lease Cost and Other Information

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


	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
(In thousands)
Operating lease cost	$	2,257		$	6,765


Cash paid for amounts included in the measurement of Operating leases liability	$	2,714		$	7,976
Weighted average remaining lease term on operating leases (in years)	4.2			4.2
Weighted average discount rate used for operating leases liability	3.25		%	3.25		%

Note: Sublease income and variable income or expense considered immaterial


	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021
(In thousands)
Operating lease cost	$	2,258		$	6,679


Cash paid for amounts included in the measurement of Operating leases liability	$	2,566		$	7,573
Weighted average remaining lease term on operating leases (in years)	5.0			5.0
Weighted average discount rate used for operating leases liability	3.25		%	3.26		%

Note: Sublease income and variable income or expense considered immaterial

Schedule of Remaining Commitments of Operating Lease Payments


(In thousands)
As of September 30, 2022
2022 remaining	$	2,768
2023	11,285
2024	11,310
2025	10,574
2026	9,176
Thereafter	955
Total undiscounted operating lease payments	46,068
Less: present value adjustment	2,839
Total Operating leases liability	$	43,229

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2022

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 remaining	$	261
2023	888
2024	730
2025	574
2026	419
Thereafter	494
Total	$	3,366

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


	September 30, 2022		December 31, 2021
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	2,674	$	1,681

Loans and letters of credit commitments	32,430		52,813
Funded portion of loans and letters of credit commitments	17,506		15,512

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
(In thousands)
Tax credits and other tax benefits recognized	$	668	$	568	$	2,004	$	1,479

- Definition

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

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before tax	$ (40,983)	$ (5,967)	$ (156,277)	$ (7,952)
Interest and dividend income - securities	548	0	757	0
Income tax benefit (expense)	11,275	1,629	42,992	2,153
Total other comprehensive income (loss), net of taxes	(29,708)	(4,338)	(113,285)	(5,799)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	60	94	178	(171)
Income tax effect	(17)	(26)	(49)	29
Total other comprehensive income (loss), net of taxes	43	68	129	(142)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest \| Postemployment Retirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	51	53	153	159
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest \| Other Postretirement Benefits Plan
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	9	41	25	(330)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	(43,422)	(5,640)	(159,460)	(7,021)
Reclassification adjustment for losses (gains) realized in income	1,831	(421)	2,248	(760)
Other comprehensive income (loss), before tax	(41,591)	(6,061)	(157,212)	(7,781)
Interest and dividend income - securities	548	0	757	0
Income tax benefit (expense)	11,292	1,655	43,041	2,124
Total other comprehensive income (loss), net of taxes	$ (29,751)	$ (4,406)	$ (113,414)	$ (5,657)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain (loss) on sale of securities	$ (1,844)	$ 413	$ (2,264)	$ 755
Non-Interest Income - other	973	134	1,592	424
Securities	31,580	14,655	75,087	40,008
Income tax expense (benefit)	8,066	4,915	19,874	12,870
Compensation and employee benefits	19,527	17,482	55,242	52,485
Total reclassifications, net of income tax	22,944	14,416	56,722	37,013
Reclassification out of accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of income tax	(944)	312	(1,088)	568
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 securities	(1,844)	413	(2,264)	755
Non-Interest Income - other	13	8	16	5
Securities	548	0	757	0
Income tax expense (benefit)	(333)	114	(387)	207
Total reclassifications, net of income tax	(950)	307	(1,104)	553
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)	(1)	(2)	(5)	(6)
Compensation and employee benefits	7	7	21	21
Total reclassifications, net of income tax	$ 6	$ 5	$ 16	$ 15

INVESTMENT SECURITIES - Amortized Cost and Fair Value of AFS Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,087,187	$ 2,103,049
Gross Unrealized Gains	122	17,754
Gross Unrealized Losses	(129,823)	(7,393)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	1,957,486	2,113,410
Mortgage-related
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	969,676	977,144
Gross Unrealized Gains	122	12,722
Gross Unrealized Losses	(72,334)	(4,412)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	897,464	985,454
GSE residential certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	3,838
Gross Unrealized Gains	0	129
Gross Unrealized Losses	0	0
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	0	3,967
GSE residential CMOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	456,130	460,571
Gross Unrealized Gains	83	5,697
Gross Unrealized Losses	(36,351)	(2,385)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	419,862	463,883
GSE commercial certificates & CMO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	277,603	364,274
Gross Unrealized Gains	39	6,855
Gross Unrealized Losses	(9,330)	(765)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	268,312	370,364
Non-GSE residential certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	126,799	66,756
Gross Unrealized Gains	0	29
Gross Unrealized Losses	(15,651)	(646)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	111,148	66,139
Non-GSE commercial certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	109,144	81,705
Gross Unrealized Gains	0	12
Gross Unrealized Losses	(11,002)	(616)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	98,142	81,101
Other debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,117,511	1,125,905
Gross Unrealized Gains	0	5,032
Gross Unrealized Losses	(57,489)	(2,981)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	1,060,022	1,127,956
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,201	200
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(186)	0
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	8,015	200
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	942,175	988,061
Gross Unrealized Gains	0	3,351
Gross Unrealized Losses	(39,417)	(2,224)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	902,758	989,188
Trust preferred
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,988	14,631
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(829)	(484)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	10,159	14,147
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	156,147	123,013
Gross Unrealized Gains	0	1,681
Gross Unrealized Losses	(17,057)	(273)
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)	$ 139,090	$ 124,421

INVESTMENT SECURITIES - Amortized Cost and Fair Value of HTM Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 1,492,423	$ 843,569
Gross Unrealized Gains	0	8,018
Gross Unrealized Losses	(123,040)	(1,883)
Fair Value	1,369,383	849,704
Mortgage-related
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	246,348	52,313
Gross Unrealized Gains	0	37
Gross Unrealized Losses	(24,343)	(777)
Fair Value	222,005	51,573
GSE CMOs
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	71,252
Gross Unrealized Gains	0
Gross Unrealized Losses	(3,965)
Fair Value	67,287
GSE commercial certificates
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	90,546	30,742
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(11,450)	(489)
Fair Value	79,096	30,253
GSE residential certificates
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	431	442
Gross Unrealized Gains	0	19
Gross Unrealized Losses	(29)	0
Fair Value	402	461
Non-GSE commercial certificates
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	32,613	10,333
Gross Unrealized Gains	0	13
Gross Unrealized Losses	(3,421)	(288)
Fair Value	29,192	10,058
Non-GSE residential certificates
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	51,506	10,796
Gross Unrealized Gains	0	5
Gross Unrealized Losses	(5,478)	0
Fair Value	46,028	10,801
Other debt
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	1,246,075	791,256
Gross Unrealized Gains	0	7,981
Gross Unrealized Losses	(98,697)	(1,106)
Fair Value	1,147,378	798,131
ABS
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	291,488	75,800
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(14,223)	(50)
Fair Value	277,265	75,751
Property Assessed Clean Energy Assessment Securities
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost		627,394
Gross Unrealized Gains		5,933
Gross Unrealized Losses		0
Fair Value		633,327
Commercial PACE
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	220,827
Gross Unrealized Gains	0
Gross Unrealized Losses	(21,274)
Fair Value	199,553
Residential PACE
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	635,874
Gross Unrealized Gains	0
Gross Unrealized Losses	(44,953)
Fair Value	590,921
Municipal
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	95,886	84,962
Gross Unrealized Gains	0	2,045
Gross Unrealized Losses	(18,241)	(1,056)
Fair Value	77,645	85,951
Other
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,000	3,100
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(6)	0
Fair Value	$ 1,994	$ 3,102

INVESTMENT SECURITIES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
INVESTMENT SECURITIES - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	$ 1,957,486,000		$ 1,957,486,000		$ 2,113,410,000
Book value of securities transferred from available for sale to held-to-maturity			277,300,000
Fair value of securities transferred from available for sale to held-to-maturity			260,112,000	$ 0
Unrealized losses from available for sale securities transferred held-to-maturity converted to discount			17,100,000
Fair value of temporarily impaired securities	1,896,315,000		1,896,315,000		1,041,016,000
Available for sale securities, temporarily impaired, unrealized loss	129,823,000		129,823,000		7,393,000
Other than temporary impairment loss	12,800	$ 7,500	15,900	$ 4,800
Excluding GSE, US Treasury, TRUPS
Debt Securities, Available-for-sale [Line Items]
Fair value of temporarily impaired securities	2,600,000,000		2,600,000,000
Available for sale securities, temporarily impaired, unrealized loss	200,600,000		200,600,000
Mortgage-related
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	897,464,000		897,464,000		$ 985,454,000
Mortgage-related \| Asset Pledged as Collateral without Right \| Federal Home Loan Bank Advances
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	730,200,000		730,200,000
Fair value of held to maturity securities, pledged as collateral	$ 309,600,000		$ 309,600,000

INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Amortized Cost	$ 2,087,187	$ 2,103,049
Fair Value
Fair Value	1,957,486	2,113,410
Other debt
Amortized Cost
Due within one year	0
Due after one year through five years	74,307
Due after five years through ten years	449,189
Due after ten years	594,015
Amortized Cost	1,117,511	1,125,905
Fair Value
Due within one year	0
Due after one year through five years	66,719
Due after five years through ten years	431,372
Due after ten years	561,931
Fair Value	1,060,022	$ 1,127,956
Amortized Cost
Due within one year	2,000
Due after one year through five years	9,414
Due after five years through ten years	6,996
Due after ten years	1,227,665
Amortized Cost	1,246,075
Fair Value
Due within one year	1,994
Due after one year through five years	8,931
Due after five years through ten years	6,789
Due after ten years	1,129,664
Fair Value	$ 1,147,378

INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 96,154	$ 31,603	$ 132,105	$ 94,899
Realized gains	2	477	164	1,040
Realized losses	(1,846)	(64)	(2,428)	(285)
Net realized gains (losses)	$ (1,844)	$ 413	$ (2,264)	$ 755

INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	$ 1,222,092	$ 772,318
Available for sale, less than 12 months, unrealized losses	(60,651)	(5,725)
Available for sale, 12 months or longer, fair value	674,223	268,698
Available for sale, 12 months or longer, unrealized losses	(69,172)	(1,668)
Available for sale, total fair value	1,896,315	1,041,016
Available for sale, total unrealized losses	(129,823)	(7,393)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	1,223,677	105,529
Held to maturity, less than 12 months, unrealized loss	(96,785)	(1,679)
Held to maturity, 12 months or longer, fair value	145,552	3,876
Held to maturity, 12 months or longer, unrealized loss	(26,255)	(204)
Held to maturity, total fair value	1,369,229	109,405
Held to maturity, total unrealized losses	(123,040)	(1,883)
GSE CMOs
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	56,116
Held to maturity, less than 12 months, unrealized loss	(2,921)
Held to maturity, 12 months or longer, fair value	11,171
Held to maturity, 12 months or longer, unrealized loss	(1,044)
Held to maturity, total fair value	67,287
Held to maturity, total unrealized losses	(3,965)
GSE residential certificates
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	402
Held to maturity, less than 12 months, unrealized loss	(29)
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	402
Held to maturity, total unrealized losses	(29)
GSE residential CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	237,609	222,825
Available for sale, less than 12 months, unrealized losses	(12,210)	(2,385)
Available for sale, 12 months or longer, fair value	161,126	0
Available for sale, 12 months or longer, unrealized losses	(24,141)	0
Available for sale, total fair value	398,735	222,825
Available for sale, total unrealized losses	(36,351)	(2,385)
GSE commercial certificates & CMO
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	154,560	28,695
Available for sale, less than 12 months, unrealized losses	(6,989)	(271)
Available for sale, 12 months or longer, fair value	73,708	159,681
Available for sale, 12 months or longer, unrealized losses	(2,341)	(494)
Available for sale, total fair value	228,268	188,376
Available for sale, total unrealized losses	(9,330)	(765)
Non-GSE residential certificates
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	75,543	55,284
Available for sale, less than 12 months, unrealized losses	(8,424)	(646)
Available for sale, 12 months or longer, fair value	35,605	0
Available for sale, 12 months or longer, unrealized losses	(7,227)	0
Available for sale, total fair value	111,148	55,284
Available for sale, total unrealized losses	(15,651)	(646)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	40,046
Held to maturity, less than 12 months, unrealized loss	(5,045)
Held to maturity, 12 months or longer, fair value	5,982
Held to maturity, 12 months or longer, unrealized loss	(433)
Held to maturity, total fair value	46,028
Held to maturity, total unrealized losses	(5,478)
Non-GSE commercial certificates
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	62,999	42,530
Available for sale, less than 12 months, unrealized losses	(4,932)	(247)
Available for sale, 12 months or longer, fair value	35,143	23,124
Available for sale, 12 months or longer, unrealized losses	(6,070)	(369)
Available for sale, total fair value	98,142	65,654
Available for sale, total unrealized losses	(11,002)	(616)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	10,957	9,857
Held to maturity, less than 12 months, unrealized loss	(731)	(288)
Held to maturity, 12 months or longer, fair value	18,081	0
Held to maturity, 12 months or longer, unrealized loss	(2,690)	0
Held to maturity, total fair value	29,038	9,857
Held to maturity, total unrealized losses	(3,421)	(288)
GSE commercial certificates
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	49,257	30,253
Held to maturity, less than 12 months, unrealized loss	(3,226)	(489)
Held to maturity, 12 months or longer, fair value	29,839	0
Held to maturity, 12 months or longer, unrealized loss	(8,224)	0
Held to maturity, total fair value	79,096	30,253
Held to maturity, total unrealized losses	(11,450)	(489)
U.S. Treasury
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	8,015
Available for sale, less than 12 months, unrealized losses	(186)
Available for sale, 12 months or longer, fair value	0
Available for sale, 12 months or longer, unrealized losses	0
Available for sale, total fair value	8,015
Available for sale, total unrealized losses	(186)
ABS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	585,953	374,241
Available for sale, less than 12 months, unrealized losses	(18,188)	(1,903)
Available for sale, 12 months or longer, fair value	316,805	71,746
Available for sale, 12 months or longer, unrealized losses	(21,229)	(321)
Available for sale, total fair value	902,758	445,987
Available for sale, total unrealized losses	(39,417)	(2,224)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	226,723	26,951
Held to maturity, less than 12 months, unrealized loss	(10,814)	(50)
Held to maturity, 12 months or longer, fair value	50,542	0
Held to maturity, 12 months or longer, unrealized loss	(3,409)	0
Held to maturity, total fair value	277,265	26,951
Held to maturity, total unrealized losses	(14,223)	(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	10,159	14,147
Available for sale, 12 months or longer, unrealized losses	(829)	(484)
Available for sale, total fair value	10,159	14,147
Available for sale, total unrealized losses	(829)	(484)
Corporate
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	97,413	48,743
Available for sale, less than 12 months, unrealized losses	(9,722)	(273)
Available for sale, 12 months or longer, fair value	41,677	0
Available for sale, 12 months or longer, unrealized losses	(7,335)	0
Available for sale, total fair value	139,090	48,743
Available for sale, total unrealized losses	(17,057)	(273)
Commercial PACE
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	199,553
Held to maturity, less than 12 months, unrealized loss	(21,274)
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	199,553
Held to maturity, total unrealized losses	(21,274)
Residential PACE
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	590,921
Held to maturity, less than 12 months, unrealized loss	(44,953)
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	590,921
Held to maturity, total unrealized losses	(44,953)
Municipal
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	47,708	38,468
Held to maturity, less than 12 months, unrealized loss	(7,786)	(852)
Held to maturity, 12 months or longer, fair value	29,937	3,876
Held to maturity, 12 months or longer, unrealized loss	(10,455)	(204)
Held to maturity, total fair value	77,645	42,344
Held to maturity, total unrealized losses	(18,241)	$ (1,056)
Other
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Held to maturity, less than 12 months, fair value	1,994
Held to maturity, less than 12 months, unrealized loss	(6)
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	1,994
Held to maturity, total unrealized losses	$ (6)

LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 3,866,628		$ 3,307,654
Net deferred loan origination costs (fees)	4,662		4,570
Total loans receivable, net of deferred loan origination costs (fees)	3,871,290		3,312,224
Allowance for loan losses	42,122	$ 39,477	35,866	$ 35,863	$ 38,012	$ 41,589
Loans receivable, net	3,829,168		3,276,358
Commercial portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	2,066,825		1,952,154
Commercial portfolio \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	805,087		729,385
Allowance for loan losses	12,706	14,617	10,652	13,479	12,092	9,065
Commercial portfolio \| Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	884,790		821,801
Allowance for loan losses	6,762	4,397	4,760	5,128	5,672	10,324
Commercial portfolio \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	338,002		369,429
Allowance for loan losses	3,908	5,726	7,273	7,604	8,388	6,213
Commercial portfolio \| Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	38,946		31,539
Allowance for loan losses	836	709	405	487	1,449	2,077
Retail portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,799,803		1,355,500
Retail portfolio \| Residential real estate lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,332,010		1,063,682
Allowance for loan losses	11,110	10,304	9,008	8,937	9,785	12,330
Retail portfolio \| Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	467,793		291,818
Allowance for loan losses	$ 6,800	$ 3,724	$ 3,768	$ 228	$ 626	$ 1,580

LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 3,866,628	$ 3,307,654
Non- Accrual	11,166	28,219
90 Days or More Delinquent and Still Accruing Interest	0	0
30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	13,195	68,019
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	24,361	96,238
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,833,612	3,211,416
Non- Accrual	8,655	0
Commercial portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,066,825	1,952,154
Non- Accrual	9,109	15,274
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,221	61,618
Commercial portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	16,330	76,892
Commercial portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,041,840	1,875,262
Non- Accrual	8,655	0
Commercial portfolio \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	805,087	729,385
Non- Accrual	1,746	8,313
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Commercial and industrial \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,865	0
Commercial portfolio \| Commercial and industrial \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,611	8,313
Commercial portfolio \| Commercial and industrial \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	792,866	721,072
Non- Accrual	7,610	0
Commercial portfolio \| Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	884,790	821,801
Non- Accrual	3,494	2,907
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Multifamily \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	13,537
Commercial portfolio \| Multifamily \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	3,494	16,444
Commercial portfolio \| Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	881,296	805,357
Non- Accrual	0	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	338,002	369,429
Non- Accrual	3,869	4,054
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Commercial real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,356	21,599
Commercial portfolio \| Commercial real estate \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,225	25,653
Commercial portfolio \| Commercial real estate \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	328,732	343,776
Non- Accrual	1,045	0
Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	38,946	31,539
Non- Accrual	0	0
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Construction and land development \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	26,482
Commercial portfolio \| Construction and land development \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	26,482
Commercial portfolio \| Construction and land development \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	38,946	5,057
Non- Accrual	0	0
Retail portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,799,803	1,355,500
Non- Accrual	2,057	12,945
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,974	6,401
Retail portfolio \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,031	19,346
Retail portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,791,772	1,336,154
Non- Accrual	0	0
Retail portfolio \| Residential real estate lending
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,332,010	1,063,682
Non- Accrual	675	12,525
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Residential real estate lending \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,902	4,811
Retail portfolio \| Residential real estate lending \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,577	17,336
Retail portfolio \| Residential real estate lending \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,329,433	1,046,346
Non- Accrual	0	0
Retail portfolio \| Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	467,793	291,818
Non- Accrual	1,382	420
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Consumer and other \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,072	1,590
Retail portfolio \| Consumer and other \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,454	2,010
Retail portfolio \| Consumer and other \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	462,339	289,808
Non- Accrual	$ 0	$ 0

LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	$ 18,396	$ 24,997
Non- Accrual	12,322	13,497
Total	30,718	38,494
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	4,337	4,052
Non- Accrual	9,356	8,313
Total	13,693	12,365
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	10,483	0
Non- Accrual	0	0
Total	10,483	0
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	0	0
Non- Accrual	2,966	3,166
Total	2,966	3,166
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	2,424	7,476
Non- Accrual	0	0
Total	2,424	7,476
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Accruing	1,152	13,469
Non- Accrual	0	2,018
Total	$ 1,152	$ 15,487

LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings Granted (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan	1	0	5	1
Pre-Modification Balance	$ 1,746	$ 0	$ 18,181	$ 2,779
Post-Modification Balance	$ 1,746	$ 0	$ 18,664	$ 2,779
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan	1	0	3	0
Pre-Modification Balance	$ 1,746	$ 0	$ 8,181	$ 0
Post-Modification Balance	$ 1,746	$ 0	$ 8,181	$ 0
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan			2	0
Pre-Modification Balance			$ 10,000	$ 0
Post-Modification Balance			$ 10,483	$ 0
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans \| loan			0	1
Pre-Modification Balance			$ 0	$ 2,779
Post-Modification Balance			$ 0	$ 2,779

LOANS RECEIVABLE, NET - Method of Evaluating Impairment of Loans and Allowance (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	$ 38,217		$ 53,216
Loans - collectively evaluated for impairment	3,828,411		3,254,438
Total Loans Receivable	3,866,628		3,307,654
Allowance for loan losses - individually evaluated for impairment	5,219		5,105
Allowance for loan losses - collectively evaluated for impairment	36,903		30,761
Total allowance for loan losses	42,122	$ 39,477	35,866	$ 35,863	$ 38,012	$ 41,589
Commercial portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans Receivable	2,066,825		1,952,154
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	15,075		12,785
Loans - collectively evaluated for impairment	790,012		716,600
Total Loans Receivable	805,087		729,385
Allowance for loan losses - individually evaluated for impairment	4,995		4,350
Allowance for loan losses - collectively evaluated for impairment	7,711		6,302
Total allowance for loan losses	12,706	14,617	10,652	13,479	12,092	9,065
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	13,977		2,907
Loans - collectively evaluated for impairment	870,813		818,894
Total Loans Receivable	884,790		821,801
Allowance for loan losses - individually evaluated for impairment	179		0
Allowance for loan losses - collectively evaluated for impairment	6,583		4,760
Total allowance for loan losses	6,762	4,397	4,760	5,128	5,672	10,324
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	4,914		4,054
Loans - collectively evaluated for impairment	333,088		365,375
Total Loans Receivable	338,002		369,429
Allowance for loan losses - individually evaluated for impairment	0		0
Allowance for loan losses - collectively evaluated for impairment	3,908		7,273
Total allowance for loan losses	3,908	5,726	7,273	7,604	8,388	6,213
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	2,424		7,476
Loans - collectively evaluated for impairment	36,522		24,063
Total Loans Receivable	38,946		31,539
Allowance for loan losses - individually evaluated for impairment	0		0
Allowance for loan losses - collectively evaluated for impairment	836		405
Total allowance for loan losses	836	709	405	487	1,449	2,077
Retail portfolio
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans Receivable	1,799,803		1,355,500
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans - individually evaluated for impairment	1,827		25,994
Loans - collectively evaluated for impairment	1,330,183		1,037,688
Total Loans Receivable	1,332,010		1,063,682
Allowance for loan losses - individually evaluated for impairment	45		755
Allowance for loan losses - collectively evaluated for impairment	11,065		8,253
Total allowance for loan losses	11,110	10,304	9,008	8,937	9,785	12,330
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	467,793		291,818
Total Loans Receivable	467,793		291,818
Allowance for loan losses - individually evaluated for impairment	0		0
Allowance for loan losses - collectively evaluated for impairment	6,800		3,768
Total allowance for loan losses	$ 6,800	$ 3,724	$ 3,768	$ 228	$ 626	$ 1,580

LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 39,477	$ 38,012	$ 35,866	$ 41,589
Provision for (recovery of) loan losses	5,363	(2,276)	10,568	(3,855)
Charge-offs	(3,251)	(763)	(6,351)	(4,048)
Recoveries	533	890	2,039	2,177
Ending balance	42,122	35,863	42,122	35,863
Commercial portfolio \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	14,617	12,092	10,652	9,065
Provision for (recovery of) loan losses	(1,916)	1,385	2,037	4,205
Charge-offs	0	0	0	0
Recoveries	5	2	17	209
Ending balance	12,706	13,479	12,706	13,479
Commercial portfolio \| Multifamily
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,397	5,672	4,760	10,324
Provision for (recovery of) loan losses	2,365	(544)	2,418	(3,288)
Charge-offs	0	0	(416)	(1,908)
Recoveries	0	0	0	0
Ending balance	6,762	5,128	6,762	5,128
Commercial portfolio \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,726	8,388	7,273	6,213
Provision for (recovery of) loan losses	(1,818)	(470)	(3,365)	1,705
Charge-offs	0	(314)	0	(314)
Recoveries	0	0	0	0
Ending balance	3,908	7,604	3,908	7,604
Commercial portfolio \| Construction and land development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	709	1,449	405	2,077
Provision for (recovery of) loan losses	516	(963)	818	(1,592)
Charge-offs	(389)	0	(389)	0
Recoveries	0	1	2	2
Ending balance	836	487	836	487
Retail portfolio \| Residential real estate lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	10,304	9,785	9,008	12,330
Provision for (recovery of) loan losses	2,025	(1,677)	2,817	(5,060)
Charge-offs	(1,519)	(29)	(2,340)	(230)
Recoveries	300	858	1,625	1,897
Ending balance	11,110	8,937	11,110	8,937
Retail portfolio \| Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,724	626	3,768	1,580
Provision for (recovery of) loan losses	4,191	(7)	5,843	175
Charge-offs	(1,343)	(420)	(3,206)	(1,596)
Recoveries	228	29	395	69
Ending balance	$ 6,800	$ 228	$ 6,800	$ 228

LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2020	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	$ 7,955		$ 22,037
Loans without a related allowance - average recorded investment	14,996	$ 28,740
Loans without a related allowance - unpaid principal balance	13,397		24,325
Loans with a related allowance - recorded investment	30,262		31,179
Loans with a related allowance - average recorded investment	30,720	38,107
Loans with a related allowance - unpaid principal balance	31,295		40,537
Total individually impaired loans - recorded investment	38,217		53,216
Total individually impaired loans - average recorded investment	45,716	66,847
Total individually impaired loans - unpaid principal balance	44,692		64,862
Individually impaired loans - related allowance	5,219		5,105
Retail portfolio \| Residential real estate lending
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	617		10,507
Loans without a related allowance - average recorded investment	5,562	15,666
Loans without a related allowance - unpaid principal balance	907		11,896
Loans with a related allowance - recorded investment	1,210		15,487
Loans with a related allowance - average recorded investment	8,348	18,120
Loans with a related allowance - unpaid principal balance	1,270		19,306
Total individually impaired loans - recorded investment	1,827		25,994
Total individually impaired loans - average recorded investment	13,910	33,786
Total individually impaired loans - unpaid principal balance	2,177		31,202
Individually impaired loans - related allowance	45		755
Commercial portfolio \| Construction and land development
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	2,424		7,476
Loans without a related allowance - average recorded investment	4,950	9,330
Loans without a related allowance - unpaid principal balance	7,476		7,476
Total individually impaired loans - recorded investment	2,424		7,476
Total individually impaired loans - average recorded investment	4,950	9,330
Total individually impaired loans - unpaid principal balance	7,476		7,476
Individually impaired loans - related allowance	0		0
Commercial portfolio \| Commercial real estate
Financing Receivable, Impaired [Line Items]
Loans without a related allowance - recorded investment	4,914		4,054
Loans without a related allowance - average recorded investment	4,484	3,744
Loans without a related allowance - unpaid principal balance	5,014		4,953
Total individually impaired loans - recorded investment	4,914		4,054
Total individually impaired loans - average recorded investment	4,484	3,744
Total individually impaired loans - unpaid principal balance	5,014		4,953
Individually impaired loans - related allowance	0		0
Commercial portfolio \| Multifamily
Financing Receivable, Impaired [Line Items]
Loans with a related allowance - recorded investment	13,977		2,907
Loans with a related allowance - average recorded investment	8,442	6,241
Loans with a related allowance - unpaid principal balance	14,141		8,024
Total individually impaired loans - recorded investment	13,977		2,907
Total individually impaired loans - average recorded investment	8,442	6,241
Total individually impaired loans - unpaid principal balance	14,141		8,024
Individually impaired loans - related allowance	179		0
Commercial portfolio \| Commercial and industrial
Financing Receivable, Impaired [Line Items]
Loans with a related allowance - recorded investment	15,075		12,785
Loans with a related allowance - average recorded investment	13,930	13,746
Loans with a related allowance - unpaid principal balance	15,884		13,207
Total individually impaired loans - recorded investment	15,075		12,785
Total individually impaired loans - average recorded investment	13,930	$ 13,746
Total individually impaired loans - unpaid principal balance	15,884		13,207
Individually impaired loans - related allowance	$ 4,995		$ 4,350

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Transfer to loans held for sale	$ 13,200
Loans receivable, net	3,829,168	$ 3,276,358
Related party loans outstanding	1,600	500
Asset Pledged as Collateral without Right \| Federal Home Loan Bank Advances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans receivable, net	$ 800,000	$ 1,100,000

DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amount
Non-interest bearing demand deposit accounts	$ 3,839,155	$ 3,335,005
NOW accounts	204,473	210,844
Money market deposit accounts	2,549,024	2,227,953
Savings accounts	384,644	375,301
Time deposits	183,011	207,152
Total deposits	$ 7,160,307	$ 6,356,255
Weighted Average Rate
NOW accounts	0.33%	0.08%
Money market deposit accounts	0.37%	0.12%
Savings accounts	0.32%	0.11%
Time deposits	0.44%	0.32%
Deposits	0.17%	0.06%

DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Time Deposits, Fiscal Year Maturity [Abstract]
2022	$ 62,249
2023	87,543
2024	26,096
2025	5,006
2026	1,765
Thereafter	352
Total time deposits	$ 183,011	$ 207,152

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statistical Disclosure for Banks [Abstract]
Time deposits at or above FDIC limit	$ 48.5	$ 43.7
CDARS deposits	41.3	56.0
Deposits from Workers United and other related entities	56.4	99.9
State and municipal deposits	$ 35.9	$ 65.5

BORROWED FUNDS - Narrative (Details) - USD ($)	Nov. 08, 2021	Sep. 30, 2022	Sep. 29, 2022	Jul. 26, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount		$ 77,679,000			$ 83,831,000
Other eligible assets pledged as collateral		$ 1,400,000,000
Required percentage of pledged assets to FHLBNY of outstanding advances		110.00%
Borrowed funds		$ 75,000,000			$ 0
Compromised Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other eligible assets pledged as collateral		686,700,000
Mortgage Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other eligible assets pledged as collateral		$ 666,500,000
Fixed-to-Floating Rate Notes \| Subordinated Debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount	$ 85,000,000
Interest rate	3.25%
Redemption price percentage	100.00%
Debt Instrument, Repurchase Amount			$ 3,000,000	$ 3,250,000
Fixed-to-Floating Rate Notes \| Subordinated Debt \| Secured Overnight Financing Rate
Financial Instruments Owned and Pledged as Collateral [Line Items]
Variable rate	2.30%

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Number of antidilutive shares (in shares)	0.4	0.4

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income attributable to Amalgamated Financial Corp.	$ 22,944	$ 14,416	$ 56,722	$ 37,013
Dividends paid on preferred stock	0	0	0	0
Income attributable to common stock	$ 22,944	$ 14,416	$ 56,722	$ 37,013
Weighted average common shares outstanding, basic (in shares)	30,673	31,094	30,864	31,216
Basic earnings per common share (in dollars per share)	$ 0.75	$ 0.46	$ 1.84	$ 1.19
Incremental shares for assumed conversion of options and RSUs (in shares)	359	368	359	368
Weighted average common shares outstanding, diluted (in shares)	31,032	31,462	31,223	31,584
Diluted earnings per common share (in dollars per share)	$ 0.74	$ 0.46	$ 1.82	$ 1.17

- 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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-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Number of Options
Outstanding, balance at the beginning of the period (in shares)	847,560
Granted (in shares)	0
Forfeited/expired (in shares)	0
Exercised (in shares)	(361,800)
Outstanding, balance at the end of the period (in shares)	485,760	847,560
Vested and exercisable (in shares)	485,760
Weighted Average Exercise Price
Outstanding, balance at the beginning of the period (in dollars per share)	$ 13.19
Granted (in dollars per share)	0
Forfeited/expired (in dollars per share)	0
Exercised (in dollars per share)	13.32
Outstanding, balance at the end of the period (in dollars per share)	13.09	$ 13.19
Vested and exercisable (in dollars per share)	$ 13.09
Weighted Average Remaining Contractual Term
Options outstanding	3 years 7 months 6 days	4 years 3 months 18 days
Options vested and exercisable	3 years 7 months 6 days
Intrinsic Value (in thousands)
Options outstanding	$ 4,594
Options exercisable	$ 4,594

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)					3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Apr. 28, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock options, minimum (in dollars per share)							$ 11.00
Exercise price of stock options, maximum (in dollars per share)							$ 14.65
Grant period							6 months
Number of shares issued to employees (in shares)	7,461	14,967	2,905
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost							$ 0	$ 0
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		1,250,000
Number of shares available for issuance (in shares)	434,408				434,408		434,408
Fair value of shares granted (in dollars per share)							$ 17.93
Unvested shares (in shares)	412,528				412,528		412,528		401,585
Restricted Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost					$ 100,000	$ 400,000
Unrecognized compensation cost	$ 300,000				300,000		$ 300,000
Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost					$ 500,000	$ 500,000	$ 1,500,000	$ 1,400,000
Number of shares granted (in shares)							222,109
Number of shares reserved for issuance (in shares)	253,506				253,506		253,506
Unrecognized compensation cost, period for recognition							2 years 1 month 6 days
Unrecognized compensation cost	$ 4,900,000				$ 4,900,000		$ 4,900,000
Restricted Stock Units \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)							314,938
Restricted Stock Units \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)							493,577
Time-Based Restricted Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)							30,217
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)							159,315
Vesting period							3 years
Fair value of shares granted (in dollars per share)							$ 18.03
Performance Shares \| Grant Date Fair Value, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted (in dollars per share)							17.39
Performance Shares \| Grant Date Fair Value, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted (in dollars per share)							17.34
Performance Shares \| Grant Date Fair Value, Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted (in dollars per share)							$ 21.64
Performance Shares \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)							62,794
Vesting period							3 years
Performance Shares \| Employee \| Grant Date Fair Value, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)							16,536
Performance Shares \| Employee \| Grant Date Fair Value, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)							14,376
Performance Shares \| Employee \| Grant Date Fair Value, Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)							866
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)							47,667
Market-Based Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)							30,016
Vesting period							3 years
Fair value of shares granted (in dollars per share)							$ 17.91
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)							45,024
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for stock-based awards (in shares)				500,000
Maximum withholding percentage for each employee of eligible compensation				15.00%
Maximum value of shares eligible to be purchased by employees for each calendar year							$ 25,000
Purchase price of common stock, percentage of fair market value				85.00%

EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Unvested at the beginning of the period (in shares) \| shares	401,585
Forfeited/expired (in shares) \| shares	(85,194)
Vested (in shares) \| shares	(125,972)
Unvested at the end of the period (in shares) \| shares	412,528
Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 16.50
Awarded (in dollars per share) \| $ / shares	17.93
Forfeited/expired (in dollars per share) \| $ / shares	16.28
Vested (in dollars per share) \| $ / shares	16.83
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 16.13
Employee
Shares
Awarded (in shares) \| shares	222,109

FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Measured on Non-Recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 32,998	$ 48,111
Total value of assets measured on non-recurring basis	32,998	48,111
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	32,998	48,111
Total value of assets measured on non-recurring basis	32,998	48,111
Estimated Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0	0
Total value of assets measured on non-recurring basis	0	0
Estimated Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0	0
Total value of assets measured on non-recurring basis	0	0
Estimated Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	32,998	48,111
Total value of assets measured on non-recurring basis	$ 32,998	$ 48,111

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Basis and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Available for sale securities	$ 1,957,486	$ 2,113,410
Carrying Value
Financial assets:
Cash and cash equivalents	66,223	330,485
Available for sale securities	1,957,486	2,113,410
Held to maturity securities	1,492,423	843,569
Loans held for sale	17,916	3,279
Loans receivable, net	3,829,168	3,276,358
Resell agreements	192,834	229,018
Accrued interest and dividends receivable	34,767	28,820
Financial liabilities:
Borrowed Funds	152,679	83,831
Accrued interest payable	1,111	569
Carrying Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,977,296	6,149,103
Carrying Value \| Time deposits
Financial liabilities:
Deposits	183,011	207,152
Estimated Fair Value
Financial assets:
Cash and cash equivalents	66,223	330,485
Available for sale securities	1,957,486	2,113,410
Held to maturity securities	1,369,383	849,704
Loans held for sale	17,916	3,279
Loans receivable, net	3,438,967	3,291,377
Resell agreements	192,834	229,018
Accrued interest and dividends receivable	34,767	28,820
Financial liabilities:
Borrowed Funds	143,940	85,000
Accrued interest payable	1,111	569
Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,977,296	6,149,103
Estimated Fair Value \| Time deposits
Financial liabilities:
Deposits	182,747	207,369
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	66,223	330,485
Available for sale securities	8,015	200
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:
Borrowed Funds	0	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 1 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 1 \| Time deposits
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	0	0
Available for sale securities	1,949,471	2,113,210
Held to maturity securities	578,876	216,377
Loans held for sale	0	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest and dividends receivable	34,767	28,820
Financial liabilities:
Borrowed Funds	143,940	85,000
Accrued interest payable	1,111	569
Estimated Fair Value \| Level 2 \| Deposits payable on demand
Financial liabilities:
Deposits	6,977,296	6,149,103
Estimated Fair Value \| Level 2 \| Time deposits
Financial liabilities:
Deposits	182,747	207,369
Estimated Fair Value \| Level 3
Financial assets:
Cash and cash equivalents	0	0
Available for sale securities	0	0
Held to maturity securities	790,507	633,327
Loans held for sale	17,916	3,279
Loans receivable, net	3,438,967	3,291,377
Resell agreements	192,834	229,018
Accrued interest and dividends receivable	0	0
Financial liabilities:
Borrowed Funds	0	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 3 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 3 \| Time deposits
Financial liabilities:
Deposits	$ 0	$ 0

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 856,777	$ 946,180
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	835,241	927,428
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 21,536	$ 18,752

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Reserve for credit risk inherent in off balance sheet credit commitments	$ 1.6	$ 1.5
Property Assessed Clean Energy Commitments
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Investment obligations, amount fulfilled	409.6
Remaining commitment	$ 45.0

LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 2,257	$ 2,258	$ 6,765	$ 6,679
Cash paid for amounts included in the measurement of Operating leases liability	$ 2,714	$ 2,566	$ 7,976	$ 7,573
Weighted average remaining lease term on operating leases (in years)	4 years 2 months 12 days	5 years	4 years 2 months 12 days	5 years
Weighted average discount rate used for operating leases liability	3.25%	3.25%	3.25%	3.26%

LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 remaining	$ 2,768
2023	11,285
2024	11,310
2025	10,574
2026	9,176
Thereafter	955
Total undiscounted operating lease payments	46,068
Less: present value adjustment	2,839
Total Operating leases liability	$ 43,229	$ 48,160

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 12,936	$ 12,936
Accumulated amortization of intangible assets	$ 5,700

- Definition

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

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022 remaining	$ 261
2023	888
2024	730
2025	574
2026	419
Thereafter	494
Total	$ 3,366

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum exposure to credit loss	$ 35,100		$ 35,100
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Tax credit investments included in equity investments	2,674		2,674		$ 1,681
Loans and letters of credit commitments	32,430		32,430		52,813
Funded portion of loans and letters of credit commitments	17,506		17,506		$ 15,512
Tax credits and other tax benefits recognized	$ 668	$ 568	$ 2,004	$ 1,479

LOANS RECEIVABLE, NET - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	$ 3,866,628	$ 3,307,654
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	3,753,658	3,076,768
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	52,611	73,208
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	58,613	157,678
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,746	0
Commercial portfolio
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	2,066,825	1,952,154
Commercial portfolio \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	805,087	729,385
Commercial portfolio \| Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	778,331	693,312
Commercial portfolio \| Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	7,797	10,165
Commercial portfolio \| Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	17,213	25,908
Commercial portfolio \| Commercial and industrial \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,746	0
Commercial portfolio \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	884,790	821,801
Commercial portfolio \| Multifamily \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	842,685	721,869
Commercial portfolio \| Multifamily \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	23,866	48,804
Commercial portfolio \| Multifamily \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	18,239	51,128
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	338,002	369,429
Commercial portfolio \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	298,374	295,261
Commercial portfolio \| Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	20,948	13,947
Commercial portfolio \| Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	18,680	60,221
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	38,946	31,539
Commercial portfolio \| Construction and land development \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	36,522	24,063
Commercial portfolio \| Construction and land development \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	0
Commercial portfolio \| Construction and land development \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	2,424	7,476
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	1,799,803	1,355,500
Retail portfolio \| Residential real estate lending
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,332,010	1,063,682
Retail portfolio \| Residential real estate lending \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,331,335	1,050,865
Retail portfolio \| Residential real estate lending \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0	292
Retail portfolio \| Residential real estate lending \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	675	12,525
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	467,793	291,818
Retail portfolio \| Consumer and other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	466,411	291,398
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	1,382	420
Retail portfolio \| Consumer and other \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	$ 0	$ 0