Cover - USD ($) $ in Thousands	12 Months Ended
Cover - USD ($) $ in Thousands	Dec. 31, 2021	Feb. 21, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11713
Entity Registrant Name	OceanFirst Financial Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3412577
Entity Address, Address Line One	110 West Front Street
Entity Address, City or Town	Red Bank
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07701
City Area Code	732
Local Phone Number	240-4500
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,211,768
Entity Common Stock, Shares Outstanding		59,244,422
Documents Incorporated by Reference	Portions of the Proxy Statement for the 2022 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days from December 31, 2021, are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001004702
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	OCFC
Security Exchange Name	NASDAQ
Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 7.0% Series A Non-Cumulative, perpetual preferred stock)
Trading Symbol	OCFCP
Security Exchange Name	NASDAQ

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Short Hills, New Jersey
Auditor Firm ID	185

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 204,949	$ 1,272,134
Debt securities available-for-sale, at estimated fair value (encumbered $293,968 at December 31, 2021 and $5,339 at December 31, 2020)	568,255	183,302
Debt securities held-to-maturity, net of allowance for securities credit losses of $1,467 at December 31, 2021 and $1,715 at December 31, 2020 (estimated fair value of $1,152,744 at December 31, 2021 and $968,466 at December 31, 2020) (encumbered $756,706 at December 31, 2021 and $418,719 at December 31, 2020)	1,139,193	937,253
Equity investments (encumbered $40,122 at December 31, 2021)	101,155	107,079
Restricted equity investments, at cost	53,195	51,705
Loans receivable, net of allowance for loan credit losses of $48,850 at December 31, 2021 and $60,735 at December 31, 2020	8,583,352	7,704,857
Loans held-for-sale	0	45,524
Interest and dividends receivable	32,606	35,269
Other real estate owned	106	106
Premises and equipment, net	125,828	107,094
Bank owned life insurance	259,207	265,253
Assets held for sale	6,229	5,782
Goodwill	500,319	500,319
Core deposit intangible	18,215	23,668
Other assets	147,007	208,968
Total assets	11,739,616	11,448,313
Liabilities and Stockholders’ Equity
Deposits	9,732,816	9,427,616
Securities sold under agreements to repurchase with retail customers	118,769	128,454
Other borrowings	229,141	235,471
Advances by borrowers for taxes and insurance	20,305	17,296
Other liabilities	122,032	155,346
Total liabilities	10,223,063	9,964,183
Stockholders’ equity:
Preferred stock, $0.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, 57,370 shares issued at both December 31, 2021 and December 31, 2020	1	1
Common stock, $0.01 par value, 150,000,000 shares authorized, 61,535,381 and 61,040,894 shares issued at December 31, 2021 and December 31, 2020, respectively; and 59,175,046 and 60,392,043 shares outstanding at December 31, 2021 and December 31, 2020, respectively	611	609
Additional paid-in capital	1,146,781	1,137,715
Retained earnings	442,306	378,268
Accumulated other comprehensive (loss) income	(2,821)	621
Less: Unallocated common stock held by Employee Stock Ownership Plan ("ESOP")	(8,615)	(7,433)
Treasury stock, 2,360,335 and 648,851 shares at December 31, 2021 and December 31, 2020, respectively	(61,710)	(25,651)
Total stockholders’ equity	1,516,553	1,484,130
Total liabilities and stockholders’ equity	$ 11,739,616	$ 11,448,313

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Securities available-for-sale, encumbered	$ 293,968	$ 5,339
Allowance for credit loss	1,467	1,715
Securities held-to-maturity, net estimated fair value	1,152,744	968,466
Securities held-to-maturity, net encumbered	756,706	418,719
Equity investments, encumbered	40,122
Allowance for loan credit losses	$ 48,850	$ 60,735
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1	$ 1
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares issued (shares)	57,370	57,370
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	150,000,000	150,000,000
Common stock, shares issued (shares)	61,535,381	61,040,894
Common stock, shares outstanding (shares)	59,175,046	60,392,043
Treasury stock, shares (shares)	2,360,335	648,851

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Loans	$ 315,237	$ 349,221	$ 279,931
Debt securities	22,033	24,116	23,811
Equity investments and other	4,822	6,271	5,052
Total interest income	342,092	379,608	308,794
Interest expense:
Deposits	25,210	48,290	38,432
Borrowed funds	11,544	18,367	14,391
Total interest expense	36,754	66,657	52,823
Net interest income	305,338	312,951	255,971
Credit loss (benefit) expense	(11,832)	59,404	1,636
Net interest income after credit loss (benefit) expense	317,170	253,547	254,335
Other income:
Bankcard services revenue	13,360	11,417	10,263
Net gain on sales of loans	3,186	8,278	16
Net gain on equity investments	7,145	21,214	267
Net (loss) gain from other real estate operations	(15)	35	(330)
Income from bank owned life insurance	6,832	6,424	5,420
Commercial loan swap income	4,095	8,080	5,285
Other	1,159	618	642
Total other income	51,931	73,926	42,165
Operating expenses:
Compensation and employee benefits	120,014	114,155	89,912
Occupancy	20,481	20,782	17,159
Equipment	5,443	7,769	7,719
Marketing	2,169	3,117	3,469
Federal deposit insurance and regulatory assessments	6,155	4,871	2,227
Data processing	21,570	17,467	14,814
Check card processing	5,182	5,458	5,956
Professional fees	11,043	12,247	9,338
Federal Home Loan Bank (“FHLB”) advance prepayment fees	0	14,257	0
Amortization of core deposit intangible	5,453	6,186	4,027
Branch consolidation expense	12,337	7,623	9,050
Merger related expenses	1,503	15,947	10,503
Other operating expense	15,510	16,552	14,968
Total operating expenses	226,860	246,431	189,142
Income before provision for income taxes	142,241	81,042	107,358
Provision for income taxes	32,165	17,733	18,784
Net income	110,076	63,309	88,574
Dividends on preferred shares	(4,016)	(2,097)	0
Net income available to common stockholders	$ (106,060)	$ (61,212)	$ (88,574)
Basic earnings per share (in dollars per share)	$ 1.79	$ 1.02	$ 1.77
Diluted earnings per share (in dollars per share)	$ 1.78	$ 1.02	$ 1.75
Average basic shares outstanding (in shares)	59,406	59,919	50,166
Average diluted shares outstanding (in shares)	59,649	60,072	50,746
Trust and asset management revenue
Other income:
Trust and asset management revenue and fees and service charges	$ 2,336	$ 2,052	$ 2,102
Fees and service charges
Other income:
Trust and asset management revenue and fees and service charges	$ 13,833	$ 15,808	$ 18,500

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 110,076	$ 63,309	$ 88,574
Other comprehensive income:
Unrealized (loss) gain on debt securities (net of tax benefit of $1,142 in 2021, and tax expense of $411 and $470 in 2020 and 2019, respectively)	(3,837)	1,039	1,655
Accretion of unrealized loss on debt securities reclassified to held-to-maturity (net of tax expense of $272, $310 and $404 in 2021, 2020, and 2019, respectively)	395	446	587
Reclassification adjustment for gains included in net income (net of tax expense of $101 in 2020)	0	344	0
Total other comprehensive (loss) income	(3,442)	1,829	2,242
Total comprehensive income	106,634	65,138	90,816
Less: Dividends on preferred shares	4,016	2,097	0
Total comprehensive income available to common stockholders	$ 102,618	$ 63,041	$ 90,816

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Unrealized holding gain (loss), before adjustment, tax	$ (1,142)	$ 411	$ 470
Other comprehensive income accretion of fair value adjustment on held to maturity securities tax	$ 272	310	$ 404
Reclassification adjustment from AOCI for sale of securities, tax		$ 101

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Capital Bank	Two River Bancorp Inc.	OCFCCountry Bank Holding Company Inc	Cumulative Effect, Period of Adoption, Adjustment	Employee Stock Ownership Plan	Preferred Stock	Common Stock	Common Stock Capital Bank	Common Stock Two River Bancorp Inc.	Common Stock OCFCCountry Bank Holding Company Inc	Additional Paid-In Capital	Additional Paid-In Capital Capital Bank	Additional Paid-In Capital Two River Bancorp Inc.	Additional Paid-In Capital OCFCCountry Bank Holding Company Inc	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Gain	Treasury Stock	Treasury Stock Two River Bancorp Inc.
Beginning Balance at Dec. 31, 2018	$ 1,039,358					$ (9,857)	$ 0	$ 483				$ 757,963				$ 305,056		$ (3,450)	$ (10,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	88,574															88,574
Other comprehensive income (loss), net of tax	2,242																	2,242
Stock awards	3,861							2				3,859
Allocation of ESOP stock	1,575					1,209						366
Cash dividend	(34,241)															(34,241)
Exercise of stock options	1,335							2				2,054				(721)
Purchase shares of common stock	(26,066)																		(26,066)
Acquisition of company		$ 76,481							$ 32				$ 76,449
Ending Balance at Dec. 31, 2019	$ 1,153,119				$ (4)	(8,648)	0	519				840,691				358,668	$ (4)	(1,208)	(36,903)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Net income	$ 63,309															63,309
Other comprehensive income (loss), net of tax	1,829																	1,829
Stock awards	4,258							2				4,256
Allocation of ESOP stock	1,135					1,215						(80)
Cash dividend	(40,820)															(40,820)
Exercise of stock options	1,241							2				2,027				(788)
Purchase shares of common stock	(14,814)																		(14,814)
Proceeds from preferred stock issuance, net of costs	55,529						1					55,528
Preferred stock dividend	(2,097)															(2,097)
Acquisition of company			$ 148,609	$ 112,836						$ 42	$ 44			$ 122,501	$ 112,792					$ 26,066
Ending Balance at Dec. 31, 2020	1,484,130					(7,433)	1	609				1,137,715				378,268		621	(25,651)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110,076															110,076
Other comprehensive income (loss), net of tax	(3,442)																	(3,442)
Stock awards	5,415											5,415
Acquisition of common stock by ESOP	(3,200)					(3,200)
Allocation of ESOP stock	2,197					2,018						179
Cash dividend	(40,494)															(40,494)
Exercise of stock options	1,946							2				3,472				(1,528)
Purchase shares of common stock	(36,059)																		(36,059)
Preferred stock dividend	(4,016)															(4,016)
Ending Balance at Dec. 31, 2021	$ 1,516,553					$ (8,615)	$ 1	$ 611				$ 1,146,781				$ 442,306		$ (2,821)	$ (61,710)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividend per share (in dollars per share)	$ 0.68	$ 0.68	$ 0.68
Purchase of common stock, shares	1,711,484	648,851	1,127,557

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 110,076	$ 63,309	$ 88,574
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	9,357	8,453	8,363
Allocation of ESOP stock	2,197	1,135	1,575
Stock compensation	5,415	4,258	3,861
Net excess tax expense (benefit) on stock compensation	93	123	(357)
Amortization of core deposit intangible	5,453	6,186	4,027
Net accretion of purchase accounting adjustments	(14,484)	(21,557)	(14,094)
Amortization of servicing asset	72	93	42
Net premium amortization in excess of discount accretion on securities	8,466	2,997	3,232
Net amortization of deferred costs on borrowings	824	553	216
Net amortization of deferred costs and discounts on loans	1,242	4,872	1,584
Credit loss (benefit) expense	(11,832)	59,404	1,636
Deferred tax provision (benefit)	3,608	(4,615)	16,053
Net (gain) loss on sale and write-down of other real estate owned	0	(390)	20
Net write-down of fixed assets held-for-sale to net realizable value	7,787	3,853	7,532
Net gain on sale of fixed assets	0	(6)	(27)
Net gain on equity investments	(7,145)	(21,214)	(267)
Net gain on sales of loans	(3,186)	(8,278)	(16)
Proceeds from sales of residential loans held for sale	102,648	171,263	1,023
Residential loans originated for sale	(53,938)	(213,428)	(1,007)
Increase in value of bank owned life insurance	(6,832)	(6,424)	(5,420)
Net (gain) loss on sale of assets held for sale	(318)	(21)	17
Decrease (increase) in interest and dividends receivable	2,663	(9,434)	(397)
Decrease (increase) in other assets	33,093	17,030	(32,871)
(Decrease) increase in other liabilities	(35,287)	74,494	16,948
Total adjustments	49,896	69,347	11,673
Net cash provided by operating activities	159,972	132,656	100,247
Cash flows from investing activities:
Net increase in loans receivable	(556,449)	(428,444)	(215,881)
Purchases of loans receivable	(301,954)	0	(101,674)
Premiums paid on purchased loan pools	(8,874)	0	0
Proceeds from sale of loans	825	449,462	5,901
Purchase of debt securities available-for-sale	(510,070)	(77,519)	(60,158)
Purchase of debt securities held-to-maturity	(447,447)	(224,073)	(4,381)
Purchase of equity investments	(86,462)	(96,519)	(214)
Proceeds from maturities and calls of debt securities available-for-sale	103,720	43,503	29,299
Proceeds from maturities and calls of debt securities held-to-maturity	38,042	53,959	43,256
Proceeds from sales of debt securities available-for-sale	3,000	10,598	0
Proceeds from sales of debt securities held-to-maturity	0	12,450	0
Proceeds from sales of equity investments	98,777	16,978	0
Principal repayments on debt securities available-for-sale	0	306	503
Principal repayments on debt securities held-to-maturity	215,734	186,687	123,833
Proceeds from bank owned life insurance	12,878	1,022	870
Proceeds from the redemption of restricted equity investments	2,200	78,190	122,535
Purchases of restricted equity investments	(3,267)	(59,525)	(127,794)
Proceeds from sales of other real estate owned	0	855	2,060
Proceeds from sales of assets held-for-sale	3,544	1,169	2,353
Purchases of premises and equipment	(42,039)	(14,728)	(5,075)
Cash held in escrow for acquisitions	0	0	(46,950)
Cash consideration received for acquisition	0	23,460	59,395
Net cash used in investing activities	(1,477,842)	(22,169)	(172,122)
Cash flows from financing activities:
Net increase in deposits	407,569	1,507,943	65,687
Net payment for sale of branches	(86,282)	0	0
(Decrease) increase in short-term borrowings	(9,685)	(226,018)	105,979
Proceeds from FHLB advances	0	525,000	80,000
Repayments of FHLB advances	0	(840,200)	(106,618)
Net proceeds from issuance of subordinated notes	0	122,180	0
Proceeds from Federal Reserve Bank advances	0	53,778	0
Repayments from Federal Reserve Bank advances	0	(53,778)	0
Repayments of other borrowings	(7,612)	(8,109)	(263)
Increase (decrease) in advances by borrowers for taxes and insurance	3,009	(2,803)	(182)
Exercise of stock options	1,946	1,241	1,335
Payment of employee taxes withheld from stock awards	(1,183)	(2,084)	(2,858)
Purchase of treasury stock	(36,059)	(14,814)	(26,066)
Net proceeds from the issuance of preferred stock	0	55,529	0
Acquisition of common stock by ESOP	(3,200)	0	0
Dividends paid	(44,510)	(42,917)	(34,241)
Net cash provided by financing activities	223,993	1,074,948	82,773
Net (decrease) increase in cash and due from banks and restricted cash	(1,093,877)	1,185,435	10,898
Supplemental disclosure of cash flow information:
Cash and due from banks and restricted cash at beginning of year	1,318,661	133,226	122,328
Cash and due from banks at beginning of year	1,272,134	120,544	120,792
Restricted cash at beginning of year	46,527	12,682	1,536
Cash and due from banks at end of year	204,949	1,272,134	120,544
Restricted cash at end of year	19,835	46,527	12,682
Cash and due from banks and restricted cash at end of year	224,784	1,318,661	133,226
Cash paid during the year for:
Interest	37,381	66,454	52,315
Income taxes	50,524	5,742	20,006
Non-cash activities:
Accretion of unrealized loss on securities reclassified to held-to-maturity	667	756	991
Net loan (recoveries) charge-offs	(442)	18,859	1,361
Transfer of premises and equipment to assets held-for-sale	4,035	3,953	2,189
Transfer of debt securities from available-for-sale to held-to-maturity	12,721	0	0
Transfer of loans receivable to other real estate owned	0	106	963
Transfer of loans receivable to loans held-for-sale	0	444,543	0
Non-cash assets acquired:
Securities	0	208,880	103,775
Restricted equity investments	0	5,334	313
Loans	0	1,558,480	307,778
Premises and equipment	0	9,744	3,389
Accrued interest receivable	0	4,161	1,390
Bank owned life insurance	0	22,440	10,460
Deferred tax asset	0	41	3,967
Other assets	0	10,073	1,278
Goodwill and other intangible assets, net	0	139,501	38,875
Total non-cash assets acquired	0	1,958,654	471,225
Liabilities assumed:
Deposits	0	1,594,403	449,018
Borrowings	0	92,618	0
Other liabilities	0	33,648	5,121
Total liabilities assumed	$ 0	$ 1,720,669	$ 454,139

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of OceanFirst Financial Corp. (the “Company”) and its wholly-owned subsidiaries, OceanFirst Bank N.A. (the “Bank”) and OceanFirst Risk Management, Inc., and the Bank’s direct and indirect wholly-owned subsidiaries, OceanFirst REIT Holdings, Inc., OceanFirst Management Corp., OceanFirst Realty Corp., Casaba Real Estate Holdings Corporation, CBNJ Investments Corp., Country Property Holdings, Inc., and TRCB Investment Corp. Certain other subsidiaries were dissolved in 2020 and are included in the consolidated financial statements for prior periods. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts previously reported have been reclassified to conform to the current year’s presentation. Business The Bank provides a range of community banking services to retail and commercial customers through a network of branches and offices throughout New Jersey and the major metropolitan areas of Philadelphia, New York, Baltimore, Washington D.C., and Boston. The Bank is subject to competition from other financial institutions and certain technology companies. It is also subject to the regulations of certain regulatory agencies and undergoes periodic examinations by those regulatory authorities. Basis of Financial Statement Presentation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of the accompanying consolidated financial statements, in conformity with these accounting principles, requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current and forecasted economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes, including in the economic environment, will be reflected in the financial statements in future periods. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash items in the process of collection, and interest-bearing deposits in other financial institutions. For purposes of the Consolidated Statements of Cash Flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Securities Securities include debt securities held-to-maturity (“HTM”), and debt securities available-for-sale (“AFS”). Debt securities include U.S. government and agency obligations, state and municipal obligations, corporate debt securities, asset-backed securities, and mortgage-backed securities (“MBS”). Mortgage-backed securities include: agency residential mortgage-backed securities which are issued and guaranteed by either the Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”), and Government National Mortgage Association (“GNMA”); agency commercial mortgage-backed securities which are issued and guaranteed by Small Business Administration (“SBA”), or agency commercial mortgage-backed securities (“ACMBS”); and non-agency commercial mortgage-backed securities which are issued and guaranteed by commercial mortgage-backed securities (“CMBS”), and collateralized mortgage obligations (“CMOs”). Management determines the appropriate classification at the time of purchase. If management has the positive intent not to sell a security and the Company would not be required to sell such a security prior to maturity, the securities can be classified as HTM debt securities. Such securities are stated at amortized cost. Securities in the AFS category are securities which the Company may sell prior to maturity as part of its asset/liability management strategy. Such securities are carried at estimated fair value and unrealized gains and losses, net of related tax effect, are excluded from earnings, but are included as a separate component of stockholders’ equity and as part of other comprehensive income. Discounts and premiums on securities are accreted or amortized using the level-yield method over the estimated lives of the securities, including the effect of prepayments. Gains or losses on the sale of such securities are included in other income using the specific identification method. During 2021 and 2013, the Company transferred securities from AFS to HTM. Unrealized gains or losses at the time of transfer will continue to be reflected in accumulated other comprehensive income, net of subsequent amortization, which is being recognized over the remaining life of the securities. Equity investments with readily determinable fair value are reported at fair value, with changes in fair value reported in net income. Equity investments without readily determinable fair values are carried at cost less impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Credit Losses for Available-for-Sale Debt Securities As of January 1, 2020, the Company adopted ASC 326-30, Available-for-Sale Debt Securities. The adoption retained the fundamental nature of other-than-temporary impairment (“OTTI”) – that entities recognize securities credit losses only once securities become impaired. An AFS debt security is considered impaired when amounts are deemed uncollectible or when the Company intends, or more likely than not will be required to sell, the AFS debt security before recovery of the amortized cost basis. If a determination is made that an AFS debt security is impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as a securities credit loss expense through an allowance for securities credit losses. The securities credit loss expense will be limited to the difference between the security’s amortized cost basis and fair value and any future changes may be reversed, limited to the amount previously expensed, in the period they occur. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. The evaluation of securities for impairment is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the estimated fair value of investments should be recognized in current period earnings. The risks and uncertainties include changes in general economic conditions, the issuer’s financial condition and/or future prospects, the effects of changes in interest rates or credit spreads, and the expected recovery period. On a quarterly basis the Company evaluates the AFS debt securities for impairment. Securities that are in an unrealized loss position are reviewed to determine if a securities credit loss exists based on certain quantitative and qualitative factors. The primary factors considered in evaluating whether an impairment exists include: (a) the extent to which the fair value is less than the amortized cost basis, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, and (d) whether the Company intends to sell the security and whether it is more likely than not that the Company will not be required to sell the security. Loans Receivable Loans receivable, other than loans held-for-sale, are stated at unpaid principal balance, plus unamortized premiums less unearned discounts, net of deferred loan origination and commitment fees and costs, and the associated allowance for loan credit losses. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income using the level-yield method over the contractual life of the specifically identified loans, adjusted for actual prepayments. For each loan class, a loan is considered past due when a payment has not been received in accordance with the contractual terms. Loans which are more than 90 days past due, and other loans in the process of foreclosure, are placed on non-accrual status. Interest income previously accrued on these loans, but not yet received, is reversed in the current period. Any interest subsequently collected is credited to income in the period of recovery only after the full principal balance has been brought current and has returned to accrual status. A loan is returned to accrual status when all amounts due have been received, payments remain current for a period of six months, and the remaining principal and interest are deemed collectible. Loans are charged-off in the period the loans, or portion thereof, are deemed uncollectible. The Company will record a loan charge-off to reduce a loan to the estimated fair value of the underlying collateral, less cost to sell, if it is determined that it is probable that recovery will come primarily from the sale of the collateral. Loans Held for Sale Loans held for sale are carried at the lower of unpaid principal balance, net, or estimated fair value on an aggregate basis. Estimated fair value is generally determined based on bid quotations from securities dealers. Allowance for Credit Losses (“ACL”) Under the current expected credit loss (“CECL”) model, the allowance for credit losses on financial assets is a valuation allowance estimated at each balance sheet date in accordance with GAAP that is deducted from the financial assets’ amortized cost basis to present the net amount expected to be collected on the financial assets. The CECL model also applies to certain off-balance sheet credit exposures. The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the ACL. For loans under forbearance as a result of Coronavirus Disease 2019 (“COVID-19”), the Company made a policy election to include the accrued interest receivable related to such loans in the amortized cost basis and therefore includes it in the measurement of the ACL. Accrued interest receivable related to loans at December 31, 2021 was $26.2 million, of which $4.4 million related to forbearance loans. Expected credit losses are reflected in the ACL through a charge to credit loss expense. The Company’s estimate of the ACL reflects credit losses currently expected over the remaining contractual life of the assets. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible. When available information confirms that specific financial assets, or portions thereof, are uncollectible, these amounts are charged off against the ACL. Subsequent recoveries, if any, are credited to the ACL when received. The Company measures the ACL of financial assets on a collective portfolio segment basis when the financial assets share similar risk characteristics. The Company has identified the following portfolio segments of financial assets with similar risk characteristics for measuring expected credit losses: commercial and industrial, commercial real estate - owner occupied, commercial real estate - investor (including commercial real estate - construction and land), residential real estate, consumer (including student loans) and HTM debt securities. The Company further segments the commercial loan portfolios by risk rating, and the residential and consumer loan portfolios by delinquency. The total ACL on loans measured on a collective portfolio segment basis was $48.6 million as of December 31, 2021. The HTM portfolio is segmented by rating category. The Company’s methodology to measure the ACL incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio segment level. The quantitative component includes the calculation of loss rates using an open pool method. Under this method, the Company calculates a loss rate based on historical loan level loss experience for portfolio segments with similar risk characteristics. The historical loss rate is adjusted for select macroeconomic variables that consider both historical trends as well as forecasted trends for a single economic scenario. The adjusted loss rate is calculated for an eight quarter forecast period then reverts to the historical loss rate on a straight-line basis over four quarters. The Company differentiates its loss-rate method for HTM debt securities by looking to publicly available historical default and recovery statistics based on the attributes of issuer type, rating category and time to maturity. The Company measures expected credit losses of these financial assets by applying loss rates to the amortized cost basis of each asset taking into consideration amortization, prepayment and default assumptions. The Company considers qualitative adjustments to expected credit loss estimates for information not already captured in the loss estimation process. Qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Adjustments will not be made for information that has already been considered and included in the quantitative allowance. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data, changes in loan composition, performance trends, regulatory changes, uncertainty of macroeconomic forecasts, and other asset specific risk characteristics. Collateral Dependent Financial Assets For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is generally calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell. Due to conditions caused by COVID-19, appraisals ordered in the current environment may not be indicative of the underlying loan collateral value. As such, the Company may require multiple valuation approaches (sales comparison approach, income approach, and/or cost approach), as applicable. The Company will assess the individual facts and circumstances of COVID-19-related loan downgrades and, if a new appraisal is not necessary, an additional discount may be applied to an existing appraisal. Troubled Debt Restructured (“TDR”) Loans A loan that has been modified or renewed is considered a TDR when two conditions are met: (1) the borrower is experiencing financial difficulty and (2) concessions are made for the borrower's benefit that would not otherwise be considered for a borrower or transaction with similar credit risk characteristics. So long as they share similar risk characteristics, TDRs may be collectively evaluated and included in the Company’s existing portfolio segments to measure the ACL, unless the TDR is collateral dependent. Loans modified in accordance with the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act are not considered TDRs. Loan Commitments and Allowance for Loan Credit Losses on Off-Balance Sheet Credit Exposures Financial assets include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to loan credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for loan credit losses on off-balance sheet credit exposures through a charge to loan credit loss expense for off-balance sheet credit exposures. The ACL on off-balance sheet credit exposures is estimated by portfolio segment at each balance sheet date under the CECL model using the same methodologies as portfolio loans, taking into consideration management’s assumption of the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Acquired Loans Acquired loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Certain acquired loans are grouped together according to similar risk characteristics and are aggregated when applying various valuation techniques. These cash flow evaluations are subjective as they require material estimates, all of which may be susceptible to significant change. Beginning on January 1, 2020, loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased with credit deterioration (“PCD”) loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that were current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses was made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Allowance for Loan Losses (Prior to January 1, 2020) The allowance for loan losses (currently referred to as ACL on loans) represented a valuation account that reflected probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses was based on management’s evaluation of the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, current economic and regulatory conditions, as well as organizational changes. The allowance for loan losses was maintained at an amount management considered sufficient to provide for probable losses. Reserve for Repurchased Loans and Loss Sharing Obligations The reserve for repurchased loans and loss sharing obligations relates to potential losses on loans sold which may have to be repurchased due to a violation of representations and warranties, an estimate of the Bank’s obligation under a loss sharing arrangement for loans sold to the FHLB as well as the potential repair requests for guaranteed loans sold to the SBA. Provisions for losses are charged to gain on sale of loans and credited to the reserve while actual losses are charged to the reserve. The reserve represents the Company’s estimate of the total losses expected to occur and is considered to be adequate by management based upon the Company’s evaluation of the potential exposure related to the loan sale agreements and loss sharing obligations over the period of repurchase risk. The reserve for repurchased loans and loss sharing obligations, as well as SBA repair requests, is included in other liabilities on the Company’s consolidated statement of financial condition. Other Real Estate Owned (“OREO”) Other real estate owned is carried at the lower of cost or estimated fair value, less estimated costs to sell. When a property is acquired, the excess of the loan balance over estimated fair value is charged to the allowance for credit losses for loans. Operating results from other real estate owned, including rental income, operating expenses, gains and losses realized from the sales of other real estate owned, and subsequent write-downs are recorded as incurred. Premises and Equipment Land is carried at cost and premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization or, in the case of acquired premises, the estimated fair value on the acquisition date. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or leases. Generally, depreciable lives are as follows: computer software and equipment: 3 years; furniture, fixtures and other electronic equipment: 5 years; building improvements: 10 years; and buildings: 30 years. Depreciable assets are placed in service when they are in a condition for use and available for their designated function. The Company has not developed any internal use software. Repair and maintenance items are expensed and improvements are capitalized. Gains and losses on dispositions are reflected in branch consolidation expenses and other income. Leases The Company recognizes operating lease agreements on the consolidated statements of financial condition as a right-of-use (“ROU”) asset and a corresponding lease liability. The ROU asset and lease liability are calculated as the present value of the minimum lease payments over the lease term, discounted for the rate implicit in the lease, provided the rate is readily determinable. Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Any interest and penalties on taxes payable are included as part of the provision for income taxes. Bank Owned Life Insurance (“BOLI”) Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. Part of the Company’s BOLI is invested in a separate account insurance product, which is invested in a fixed income portfolio. The separate account includes stable value protection which maintains realizable value at book value with investment gains and losses amortized over future periods. Increases in cash surrender value are included in other non-interest income, while proceeds from death benefits are generally recorded as a reduction to the carrying value. Intangible Assets Intangible assets resulting from acquisitions, under the acquisition method of accounting, consists of goodwill and core deposit intangibles. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. Goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. The Company prepares a qualitative assessment, and if necessary, a quantitative assessment, in determining whether goodwill may be impaired. The factors considered in the qualitative assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among other factors. Under a quantitative assessment, the Company will estimate the fair value of the Company by utilizing a weighted discounted cash flow method, guideline public company method, and transaction method. The Company completes its annual goodwill impairment test as of August 31 and evaluates triggering events during interim periods, as applicable. The Company completed its annual goodwill impairment test as of August 31, 2021. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. At December 31, 2021, management performed its qualitative assessment and concluded no events or circumstances occurred subsequent to August 31, 2021 that would trigger another impairment test. Segment Reporting The Company’s operations are solely in the financial services industry and includes providing traditional banking and other financial services to its customers. The Company operates throughout New Jersey and the major metropolitan markets of Philadelphia, New York, Baltimore, Washington D.C., and Boston. Management makes operating decisions and assesses performance based on an ongoing review of the Company’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding and potential common stock utilizing the treasury stock method. All share amounts exclude unallocated shares of stock held by the ESOP and by incentive plans. Accounting Pronouncements Adopted in 2021 In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and in January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)”. These ASUs provides guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The updates provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions, that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. In addition, the updates provide optional expedients for applying the requirements of certain Topics or Industry Subtopics in the Codification for contracts that are modified because of reference rate reform and contemporaneous modifications of other contract terms related to the replacement of the reference rate. These ASUs are effective for all companies as of March 31, 2020 through December 31, 2022. Once elected for a Topic or an Industry Subtopic, the amendments in these updates must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted the temporary relief and optional expedients provided under these ASUs as of December 31, 2021 and will be applied prospectively until December 31 2022, except where otherwise permitted by the standard. In January 2020, FASB issued Update 2020-01, an update to Topic 321, Investments, Topic 323, Joint Ventures and Topic 815, Derivatives and Hedging. The update clarifies the accounting for certain equity securities upon the application or discontinuation of the equity method of accounting in accordance with Topic 321. In addition, the update clarifies scope considerations for forward contracts and purchased options on certain securities. This update was effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2020. The adoption of this standard did not have an impact on the Company’s financial statements.

Regulatory Matters

12 Months Ended

Dec. 31, 2021

Banking and Thrift, Interest [Abstract]

Regulatory Matters

Regulatory MattersApplicable regulations require the Bank to maintain minimum levels of regulatory capital. Under the regulations in effect at December 31, 2021, the Bank was required to maintain a minimum ratio of Tier 1 capital to total average assets of 4.0%; a

minimum ratio of common equity Tier 1 capital to risk-weighted assets of 7.0%; a minimum ratio of Tier 1 capital to risk-weighted assets of 8.5%; and a minimum ratio of total (core and supplementary) capital to risk-weighted assets of 10.5%. These ratios include the impact of the required 2.50% capital conservation buffer. With its conversion to a bank holding company on January 31, 2018, the Company became subject to substantially similar consolidated capital requirements imposed by Federal Reserve Board (“FRB”) regulations.

Under the regulatory framework for prompt corrective action, federal regulators are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on the institution’s financial statements. The regulations establish a framework for the classification of banking institutions into five categories: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Generally, an institution is considered well-capitalized if it has a Tier 1 capital ratio of 5.0%; a common equity Tier 1 risk-based ratio of at least 6.5%; a Tier 1 risk-based ratio of at least 8.0%; and a total risk-based capital ratio of at least 10.0%. At December 31, 2021 and 2020, the Company and the Bank exceeded all regulatory capital requirements currently applicable.

The following is a summary of the Bank’s and the Company’s regulatory capital amounts and ratios as of December 31, 2021 and 2020 compared to the regulatory minimum capital adequacy requirements and the regulatory requirements for classification as a well-capitalized institution then in effect (dollars in thousands):


As of December 31, 2021	Actual				For capital adequacy purposes					To be well-capitalized under prompt corrective action
Bank:	Amount		Ratio		Amount		Ratio			Amount		Ratio
Tier 1 capital (to average assets)	$	1,027,660	9.08	%	$	452,669	4.00	%		$	565,836	5.00	%
Common equity Tier 1 (to risk-weighted assets)	1,027,660		11.62		619,178		7.00		(1)	574,951		6.50
Tier 1 capital (to risk-weighted assets)	1,027,660		11.62		751,860		8.50		(1)	707,633		8.00
Total capital (to risk-weighted assets)	1,079,766		12.21		928,768		10.50		(1)	884,541		10.00
Company:
Tier 1 capital (to average assets)	$	1,044,518	9.22	%	$	453,087	4.00	%		N/A		N/A
Common equity Tier 1 (to risk-weighted assets)	917,088		10.26		625,801		7.00		(1)	N/A		N/A
Tier 1 capital (to risk-weighted assets)	1,044,518		11.68		759,902		8.50		(1)	N/A		N/A
Total capital (to risk-weighted assets)	1,257,372		14.06		938,702		10.50		(1)	N/A		N/A


As of December 31, 2020	Actual				For capital adequacy purposes					To be well-capitalized under prompt corrective action
Bank:	Amount		Ratio		Amount		Ratio			Amount		Ratio
Tier 1 capital (to average assets)	$	942,122	8.48	%	$	444,648	4.00	%		$	555,810	5.00	%
Common equity Tier 1 (to risk-weighted assets)	942,122		12.11		544,625		7.00		(1)	505,724		6.50
Tier 1 capital (to risk-weighted assets)	942,122		12.11		661,331		8.50		(1)	622,429		8.00
Total capital (to risk-weighted assets)	1,004,480		12.91		816,938		10.50		(1)	778,036		10.00
Company:
Tier 1 capital (to average assets)	$	998,273	9.44	%	$	423,028	4.00	%		N/A		N/A
Common equity Tier 1 (to risk-weighted assets)	871,385		11.05		552,075		7.00		(1)	N/A		N/A
Tier 1 capital (to risk-weighted assets)	998,273		12.66		670,377		8.50		(1)	N/A		N/A
Total capital (to risk-weighted assets)	1,230,370		15.60		828,113		10.50		(1)	N/A		N/A

(1) Includes the Capital Conservation Buffer of 2.50%.

The Bank satisfies the criteria to be “well-capitalized” under the Prompt Corrective Action Regulations.

On January 1, 2019, the full capital conservation buffer requirement of 2.50% became effective. Capital distributions and certain discretionary bonus payments are limited if the capital conservation buffer is not maintained. Applicable regulations also impose limitations upon capital distributions by the Company, such as dividends and payments to repurchase or otherwise acquire shares. The Company may not declare or pay cash dividends on or repurchase any of its shares of common stock if the

effect thereof would cause stockholders’ equity to be reduced below applicable regulatory capital minimum requirements or if such declaration and payment would otherwise violate regulatory requirements.

- Definition

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

+ References + Details

Business Combinations

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

The Company incurred merger related expenses of $1.5 million, $15.9 million, and $10.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. The following table summarizes the merger related expenses for the years ended December 31, 2021, 2020 and 2019:


	For the Year Ended December 31,
	2021		2020		2019
	(in thousands)
Data processing fees	$	253	$	3,758	$	2,514
Professional fees	343		3,638		4,239
Employee severance payments	663		7,727		2,942
Other/miscellaneous fees	244		824		808
Merger related expenses	$	1,503	$	15,947	$	10,503

Two River Bancorp Acquisition

On January 1, 2020, the Company completed its acquisition of Two River Bancorp (“Two River”), which after purchase accounting adjustments added $1.11 billion of assets, $940.1 million of loans, and $941.8 million of deposits. Total consideration paid for Two River was $197.1 million, including cash consideration of $48.4 million. Two River was merged with and into the Company on the date of acquisition.

The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired has been recorded as goodwill.

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Two River, net of total consideration paid (in thousands):


	At January 1, 2020
		Estimated Fair Value
Total purchase price:		$	197,050
Assets acquired:
Cash and cash equivalents		$	51,102
Securities		64,381
Loans		940,072
Accrued interest receivable		2,382
Bank owned life insurance		22,440
Deferred tax assets, net		3,158
Other assets		15,956
Core deposit intangible		12,130
Total assets acquired		1,111,621
Liabilities assumed:
Deposits		(941,750)

Other liabilities		(59,026)
Total liabilities assumed		(1,000,776)
Net assets acquired		$	110,845
Goodwill recorded in the merger		$	86,205

The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the estimates and uncertainties used to determine fair value as of the closing date become available. As of January 1, 2021, the Company finalized its review of the acquired assets and liabilities and will not be recording any further adjustments to the carrying value.

Country Bank Holding Company, Inc. Acquisition

On January 1, 2020, the Company completed its acquisition of Country Bank Holding Company, Inc. (“Country Bank”), which after purchase accounting adjustments added $793.7 million of assets, $618.4 million of loans, and $652.7 million of deposits. Total consideration paid for Country Bank was $112.8 million. Country Bank was merged with and into the Company on the date of acquisition.

The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired has been recorded as goodwill.

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Country Bank, net of total consideration paid (in thousands):


	At January 1, 2020
		Estimated Fair Value
Total purchase price:		$	112,836
Assets acquired:
Cash and cash equivalents		$	20,799
Securities		144,499
Loans		618,408
Accrued interest receivable		1,779

Deferred tax assets, net		(3,117)
Other assets		9,195
Core deposit intangible		2,117
Total assets acquired		793,680
Liabilities assumed:
Deposits		(652,653)

Other liabilities		(67,240)
Total liabilities assumed		(719,893)
Net assets acquired		$	73,787
Goodwill recorded in the merger		$	39,049

The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the estimates and uncertainties used to determine fair value as of the closing date become available. As of January 1, 2021, the Company finalized its review of the acquired assets and liabilities and will not be recording any further adjustments to the carrying value.

Capital Bank of New Jersey Acquisition

On January 31, 2019, the Company completed its acquisition of Capital Bank of New Jersey (“Capital Bank”), which after purchase accounting adjustments added $494.4 million to assets, $307.3 million to loans, and $449.0 million to deposits. Total consideration paid for Capital Bank was $76.8 million, including cash consideration of $353,000. Capital Bank was merged with and into the Company on the date of acquisition.

The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired has been recorded as goodwill.

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Capital Bank, net of total consideration paid (in thousands):


	At January 31, 2019
		Estimated Fair Value
Total purchase price:		$	76,834
Assets acquired:
Cash and cash equivalents		$	59,748
Securities		103,775
Loans		307,300
Accrued interest receivable		1,390
Bank owned life insurance		10,460
Deferred tax assets, net		4,101
Other assets		4,980
Core deposit intangible		2,662
Total assets acquired		494,416
Liabilities assumed:
Deposits		(449,018)

Other liabilities		(5,210)
Total liabilities assumed		(454,228)
Net assets acquired		$	40,188
Goodwill recorded in the merger		$	36,646

The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the estimates and uncertainties used to determine fair value as of the closing date become available. On January 31, 2020, the Company finalized its review of the acquired assets and liabilities and will not be recording any further adjustments to the carrying value.

Supplemental Pro Forma Financial Information

The following table presents financial information regarding the former Capital Bank operations included in the Consolidated Statements of Income from the date of the acquisition (January 31, 2019) through December 31, 2019; and regarding Two River and Country Bank operations included in the Consolidated Statements of Income from the date of the acquisition (January 1, 2020) through December 31, 2020. In addition, the table provides condensed pro forma financial information assuming the Two River, Country Bank, and Capital Bank acquisitions had been completed as of January 1, 2019 for the year ended December 31, 2019. The table has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisitions occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings that may have occurred as a result of the integration and consolidation of Two River’s, Country Bank’s, and Capital Bank’s operations. The pro forma information reflects adjustments related to certain purchase accounting fair value adjustments, amortization of core deposit and other intangibles, and related income tax effects.


	Two River Actual from January 1, 2020 to December 31, 2020		Country Bank Actual from January 1, 2020 to December 31, 2020		Capital Bank Actual from January 31, 2019 to December 31, 2019		Pro forma Year ended December 31, 2019
(in thousands, except per share amounts)	(unaudited)
Net interest income	$	41,978	$	27,411	$	17,090	$	329,327
Credit loss expense	6,117		4,481		385		2,686
Non-interest income	2,688		45		1,456		47,484
Non-interest expense	27,431		17,993		12,482		240,913
Provision for income taxes	2,686		1,204		1,193		23,870
Net income	$	8,432	$	3,778	$	4,486	$	109,342
Fully diluted earnings per share							$	1.79

Core Deposit Intangible

The estimated future amortization expense for the core deposit intangible over the next five years and thereafter is as follows (in thousands):


For the Year Ending December 31,	Amortization Expense
2022	$	4,718
2023	3,984
2024	3,250
2025	2,516
2026	1,784
Thereafter	1,963
Total	$	18,215

Fair Value Measurement of Assets Assumed and Liabilities Assumed

The methods used to determine the fair value of the assets acquired and liabilities assumed in the Two River, Country Bank, and Capital Bank acquisitions were as follows. Refer to Note 15 Fair Value Measurements, for a discussion of the fair value hierarchy.

Securities

The estimated fair values of the securities were calculated utilizing Level 2 inputs. The securities acquired are bought and sold in active markets. Prices for these instruments were obtained through security industry sources that actively participate in the buying and selling of securities.

Loans

The acquired loan portfolio was valued utilizing Level 3 inputs and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, the Company utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: (1) interest rate loan fair value analysis; (2) general credit fair value adjustment; and (3) specific credit fair value adjustment.

To prepare the interest rate fair value analysis, loans were grouped by characteristics such as loan type, term, collateral, and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment.

The general credit fair value adjustment was calculated using a two part general credit fair value analysis: (1) expected lifetime losses and (2) estimated fair value adjustment for qualitative factors. The expected lifetime losses were calculated using an average of historical losses of the acquired bank or historical loss experiences of peer groups where deemed appropriate. The

adjustment related to qualitative factors was impacted by general economic conditions and the risk related to lack of experience with the originator’s underwriting process.

To calculate the specific credit fair value adjustment, subsequent to January 1, 2020, the Company identified loans that experienced more-than-insignificant deterioration in credit quality since origination. Loans meeting this criteria were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount which will be recognized over the life of the loans on a level yield basis as an adjustment to yield.

Premises and Equipment

Fair values are based upon appraisals from independent third parties. In addition to owned properties, Two River operated 14 properties, Country Bank operated five properties, and Capital Bank operated one property subject to lease agreements.

Deposits and Core Deposit Premium

Core deposit premium represents the value assigned to non-interest-bearing demand deposits, interest-bearing checking, money market, and savings accounts acquired as part of an acquisition. The core deposit premium value represents the future economic benefit, including the present value of future tax benefits, of the potential cost savings from acquiring the core deposits as part of an acquisition compared to the cost of alternative funding sources and is valued utilizing Level 2 inputs. The core deposit premium totaled $12.1 million, $2.1 million, and $2.7 million for the acquisitions of Two River, Country Bank, and Capital Bank, respectively, and is being amortized over its estimated useful life of approximately 10 years using an accelerated method.

Time deposits are not considered to be core deposits as they are assumed to have a low expected average life upon acquisition. The fair value of time deposits represents the present value of the expected contractual payments discounted by market rates for similar time deposits and is valued utilizing Level 2 inputs.

Borrowings

Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities.

Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Securities

The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Allowance for Securities Credit Losses
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations	$	164,756	$	1,135	$	(471)	$	165,420	$	—
Corporate debt securities	5,000		42		(11)		5,031		—
Asset-backed securities	298,976		41		(1,489)		297,528		—

Agency commercial MBS	101,142		57		(923)		100,276		—
Total debt securities available-for-sale	$	569,874	$	1,275	$	(2,894)	$	568,255	$	—
Debt securities held-to-maturity:

State, municipal, and sovereign debt obligations	$	281,389	$	10,185	$	(1,164)	$	290,410	$	(85)
Corporate debt securities	68,823		1,628		(1,279)		69,172		(1,343)
Mortgage-backed securities:
Agency residential	756,844		6,785		(7,180)		756,449		—



Agency commercial	4,385		7		(44)		4,348		—
Non-agency commercial	32,107		362		(104)		32,365		(39)
Total mortgage-backed securities	793,336		7,154		(7,328)		793,162		(39)
Total debt securities held-to-maturity	$	1,143,548	$	18,967	$	(9,771)	$	1,152,744	$	(1,467)
Total debt securities	$	1,713,422	$	20,242	$	(12,665)	$	1,720,999	$	(1,467)
At December 31, 2020
Debt securities available-for-sale:
U.S government and agency obligations	$	173,790	$	3,152	$	(2)	$	176,940	$	—
Asset-backed securities	6,174		—		(4)		6,170		—
Agency residential MBS	190		2		—		192		—
Total debt securities available-for-sale	$	180,154	$	3,154	$	(6)	$	183,302	$	—
Debt securities held-to-maturity:

State, municipal, and sovereign debt obligations	$	238,405	$	11,500	$	(231)	$	249,674	$	(48)
Corporate debt securities	72,305		1,615		(2,652)		71,268		(1,550)
Mortgage-backed securities:
Agency residential	593,891		15,037		(283)		608,645		—



Agency commercial	5,392		—		(60)		5,332		—
Non-agency commercial	32,321		1,226		—		33,547		(117)
Total mortgage-backed securities	631,604		16,263		(343)		647,524		(117)
Total debt securities held-to-maturity	$	942,314	$	29,378	$	(3,226)	$	968,466	$	(1,715)
Total debt securities	$	1,122,468	$	32,532	$	(3,232)	$	1,151,768	$	(1,715)

There was no allowance for securities credit losses on debt securities available-for-sale at December 31, 2021 or 2020.

The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the year ended December 31, 2021 (in thousands):


	For the Year Ended December 31,
	2021		2020
Allowance for credit losses
Beginning balance	$	(1,715)	$	—
Impact of CECL adoption	—		(1,268)
Benefit (Provision) for credit loss expense	248		(447)
Total ending allowance balance	$	(1,467)	$	(1,715)

During 2021 and 2013, the Bank transferred $12.7 million and $536.0 million, respectively, of previously designated available-for-sale debt securities to a held-to-maturity designation at estimated fair value. The securities transferred had an unrealized net loss of $209,000 and $13.3 million at the time of transfer in 2021 and 2013, respectively, which continues to be reflected in accumulated other comprehensive loss on the Consolidated Statements of Financial Condition, net of subsequent amortization, which is being recognized over the life of the securities. The carrying value of the debt securities held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):


	December 31,
	2021		2020
Amortized cost	$	1,143,548	$	942,314
Net loss on date of transfer from available-for-sale	(13,556)		(13,347)
Allowance for securities credit loss	(1,467)		(1,715)
Accretion of net unrealized loss on securities reclassified as held-to-maturity	10,668		10,001
Carrying value	$	1,139,193	$	937,253

During the year ended December 31, 2021 there were no realized gains on debt securities. There were $476,000 of realized gains on debt securities for the year ended December 31, 2020.

The amortized cost and estimated fair value of debt securities at December 31, 2021 by contractual maturity are as follows (in thousands):


At December 31, 2021	Amortized Cost		Estimated Fair Value
Less than one year	$	100,483	$	101,018
Due after one year through five years	148,332		150,222
Due after five years through ten years	275,734		274,360
Due after ten years	294,395		301,961
	$	818,944	$	827,561

Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2021, corporate debt securities, state and municipal obligations, and asset-backed securities with an amortized cost of $66.2 million, $90.2 million, and $299.0 million, respectively, and an estimated fair value of $66.4 million, $92.5 million, and $297.5 million, respectively, were callable prior to the maturity date. Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments.

The estimated fair value of securities pledged as required security for deposits and for other purposes required by law amounted to $1.14 billion and $435.9 million at December 31, 2021 and 2020, respectively, including $142.9 million and $152.7 million at December 31, 2021 and 2020, respectively, pledged as collateral for securities sold under agreements to repurchase.

The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at December 31, 2021 and December 31, 2020, segregated by the duration of the unrealized losses, are as follows (in thousands):


	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations	$	82,395	$	(471)	$	—	$	—	$	82,395	$	(471)
Corporate debt securities	1,989		(11)		—		—		1,989		(11)
Asset-backed securities	279,486		(1,489)		—		—		279,486		(1,489)
Agency commercial MBS	80,726		(923)		—		—		80,726		(923)


Total debt securities available-for-sale	444,596		(2,894)		—		—		444,596		(2,894)
Debt securities held-to-maturity:


State, municipal, and sovereign debt obligations	75,329		(1,063)		4,383		(101)		79,712		(1,164)
Corporate debt securities	38,304		(1,279)		—		—		38,304		(1,279)

Mortgage-backed securities:
Agency residential	445,399		(5,822)		50,133		(1,358)		495,532		(7,180)



Agency commercial	2,255		(41)		886		(3)		3,141		(44)
Non-agency commercial	10,722		(104)		—		—		10,722		(104)
Total mortgage-backed securities	458,376		(5,967)		51,019		(1,361)		509,395		(7,328)
Total debt securities held-to-maturity	572,009		(8,309)		55,402		(1,462)		627,411		(9,771)
Total debt securities	$	1,016,605	$	(11,203)	$	55,402	$	(1,462)	$	1,072,007	$	(12,665)
At December 31, 2020
Debt securities available-for-sale:

U.S government and agency obligations	$	17,029	$	(2)	$	—	$	—	$	17,029	$	(2)
Asset-backed securities	4,766		(4)		—		—		4,766		(4)


Total debt securities available-for-sale	21,795		(6)		—		—		21,795		(6)
Debt securities held-to-maturity:



State, municipal, and sovereign debt obligations	2,823		(23)		7,509		(208)		10,332		(231)
Corporate debt securities	10,192		(255)		35,935		(2,397)		46,127		(2,652)

Mortgage-backed securities:
Agency residential	69,882		(256)		1,815		(27)		71,697		(283)



Agency commercial	3,626		(12)		1,706		(48)		5,332		(60)
Total mortgage-backed securities	73,508		(268)		3,521		(75)		77,029		(343)
Total debt securities held-to-maturity	86,523		(546)		46,965		(2,680)		133,488		(3,226)
Total debt securities	$	108,318	$	(552)	$	46,965	$	(2,680)	$	155,283	$	(3,232)

The Company concluded that debt securities were not impaired at December 31, 2021 based on a consideration of several factors. The Company noted that each issuer made all the contractually due payments when required. There were no defaults on principal or interest payments, and no interest payments were deferred. Based on management’s analysis of each individual security, the issuers appear to have the ability to meet debt service requirements over the life of the security. Furthermore, the Company does not intend to sell these debt securities and it is more likely than not that the Company will not be required to sell the securities. Historically, the Company has not utilized securities sales as a source of liquidity and the Company’s long range liquidity plans indicate adequate sources of liquidity outside the securities portfolio.

The Company monitors the credit quality of debt securities held-to-maturity on a quarterly basis through the use of internal credit analyses supplemented by external credit ratings. Credit ratings of BBB- or Baa3 or higher are considered as investment grade. The amortized cost of debt securities held-to-maturity at December 31, 2021 aggregated by credit quality indicator are as follows (in thousands):


	Investment Grade		Non-Investment Grade/Non-rated		Total
At December 31, 2021


State, municipal, and sovereign debt obligations	$	281,389	$	—	$	281,389
Corporate debt securities	54,020		14,803		68,823


Non-agency commercial MBS	32,107		—		32,107

Total debt securities held-to-maturity	$	367,516	$	14,803	$	382,319

Equity Investments

At December 31, 2021 and 2020, the Company held equity investments of $101.2 million and $107.1 million, respectively. The equity investments primarily comprised of select financial services institutions’ common and preferred stocks paying attractive dividends.

The realized and unrealized gains on equity securities for the year ended December 31, 2021 and 2020 are as follows (in thousands):


	For the Year Ended December 31,
	2021		2020
Net gain on equity investments	$	7,145	$	21,214
Less: Net gains recognized on equity investments sold	8,123		5,401
Unrealized (loss) gain recognized on equity investments still held	$	(978)	$	15,813

Loans Receivable, Net

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loans Receivable, Net

Loans receivable, net at December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31,
	2021		2020
Commercial:
Commercial and industrial (1)	$	449,224	$	470,656
Commercial real estate - owner occupied	1,055,065		1,145,065
Commercial real estate - investor	4,378,061		3,491,464
Total commercial	5,882,350		5,107,185
Consumer:
Residential real estate	2,479,701		2,309,459

Home equity loans and lines and other consumer (“other consumer”)	260,819		339,462

Total consumer	2,740,520		2,648,921


Total loans receivable	8,622,870		7,756,106

Deferred origination costs, net of fees	9,332		9,486
Allowance for loan credit losses	(48,850)		(60,735)
Total loans receivable, net	$	8,583,352	$	7,704,857

(1)Commercial and industrial loans at December 31, 2021 and 2020 includes Paycheck Protection Program (“PPP”) loans of $22.9 million and $95.4 million, respectively.

The Company categorizes all loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. Generally, risk ratings for loans on forbearance pursuant to the CARES, extended by the Coronavirus Response and Relief Supplemental Appropriations (“CRRSA”) Act of 2021, were not re-evaluated until the initial 90-day forbearance period ended. At that time, risk ratings were updated with an emphasis on industries that were heavily impacted by the pandemic, as well as individual borrower liquidity, and other measures of resiliency as described below. The Company evaluates risk ratings on an ongoing basis and as such, adversely rated loans will be re-evaluated as government restrictions ease and businesses resume normal operations. The Company uses the following definitions for risk ratings:

Pass: Loans classified as Pass are well protected by the paying capacity and net worth of the borrower.

Special Mention: Loans classified as Special Mention have a potential weakness that deserves management’s close attention. This includes borrowers that have been negatively affected by the pandemic but demonstrate some degree of liquidity. This liquidity may or may not be adequate to resume operations. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard: Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. This includes borrowers whose operations were negatively affected by the pandemic and whom, in the assessment, do not have adequate liquidity available to resume operations at levels sufficient to service their current debt levels. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

The following tables summarize total loans by year of origination, internally assigned credit grades, and risk characteristics (in thousands):


	2021		2020		2019		2018		2017		2016 and Prior		Revolving Lines of Credit		Total
December 31, 2021
Commercial and industrial
Pass	$	42,955	$	22,573	$	22,878	$	16,404	$	8,671	$	50,887	$	271,818	$	436,186
Special Mention	—		—		231		350		85		172		3,645		4,483
Substandard	—		457		2,281		813		198		2,029		2,777		8,555
Total commercial and industrial	42,955		23,030		25,390		17,567		8,954		53,088		278,240		449,224
Commercial real estate - owner occupied
Pass	116,355		71,196		125,212		91,531		109,232		449,966		10,913		974,405
Special Mention	—		—		1,365		3,829		479		14,371		2		20,046
Substandard	—		—		14,166		8,549		5,606		31,576		717		60,614
Total commercial real estate - owner occupied	116,355		71,196		140,743		103,909		115,317		495,913		11,632		1,055,065
Commercial real estate - investor
Pass	1,387,753		609,916		535,551		274,662		375,646		800,089		255,613		4,239,230
Special Mention	—		—		23,794		9,400		2,731		28,663		582		65,170
Substandard	—		4,267		28,802		468		8,495		28,228		3,401		73,661
Total commercial real estate - investor	1,387,753		614,183		588,147		284,530		386,872		856,980		259,596		4,378,061


Residential real estate (1)
Pass	876,135		475,134		288,699		127,756		105,385		602,331		—		2,475,440
Special Mention	—		212		—		61		—		1,313		—		1,586
Substandard	—		—		—		—		351		2,324		—		2,675
Total residential real estate	876,135		475,346		288,699		127,817		105,736		605,968		—		2,479,701
Other consumer (1)
Pass	26,512		19,168		18,179		51,954		17,955		123,783		—		257,551
Special Mention	—		—		—		—		—		322		—		322
Substandard	—		—		—		18		—		2,928		—		2,946
Total other consumer	26,512		19,168		18,179		51,972		17,955		127,033		—		260,819

Total loans	$	2,449,710	$	1,202,923	$	1,061,158	$	585,795	$	634,834	$	2,138,982	$	549,468	$	8,622,870

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.


	2020		2019		2018		2017		2016		2015 and Prior		Revolving Lines of Credit		Total
December 31, 2020
Commercial and industrial
Pass	$	137,262	$	40,737	$	27,967	$	18,845	$	33,568	$	59,339	$	134,140	$	451,858
Special Mention	150		583		826		1,422		907		118		1,429		5,435
Substandard	581		1,284		1,243		809		439		1,706		7,301		13,363
Total commercial and industrial	137,993		42,604		30,036		21,076		34,914		61,163		142,870		470,656
Commercial real estate - owner occupied
Pass	96,888		114,506		122,962		124,050		104,264		428,423		18,932		1,010,025
Special Mention	—		3,512		8,240		1,023		17,115		17,811		439		48,140
Substandard	—		34,670		9,001		3,404		3,677		35,509		639		86,900
Total commercial real estate - owner occupied	96,888		152,688		140,203		128,477		125,056		481,743		20,010		1,145,065
Commercial real estate - investor
Pass	635,930		628,435		317,104		426,268		281,876		812,062		194,913		3,296,588
Special Mention	—		15,979		17,113		15,225		4,234		55,872		149		108,572
Substandard	4,311		9,217		1,931		17,222		11,474		36,326		5,823		86,304
Total commercial real estate - investor	640,241		653,631		336,148		458,715		297,584		904,260		200,885		3,491,464


Residential real estate (1)
Pass	595,982		437,593		226,435		166,773		146,237		729,037		—		2,302,057
Special Mention	—		532		—		—		446		2,186		—		3,164
Substandard	570		—		1,489		221		—		1,958		—		4,238
Total residential real estate	596,552		438,125		227,924		166,994		146,683		733,181		—		2,309,459
Other consumer (1)
Pass	24,954		26,659		83,296		25,469		16,565		156,276		2,145		335,364
Special Mention	—		—		—		—		150		382		—		532
Substandard	—		—		—		—		—		3,566		—		3,566
Total other consumer	24,954		26,659		83,296		25,469		16,715		160,224		2,145		339,462

Total loans	$	1,496,628	$	1,313,707	$	817,607	$	800,731	$	620,952	$	2,340,571	$	365,910	$	7,756,106

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

An analysis of the allowance for credit losses on loans for the years ended December 31, 2021 and 2020 is as follows (in thousands):


	Commercial and Industrial		Commercial Real Estate - Owner Occupied		Commercial Real Estate - Investor		Residential Real Estate		Other Consumer		Unallocated		Total
For the Year Ended December 31, 2021
Allowance for credit losses on loans
Balance at beginning of year	$	5,390	$	15,054	$	26,703	$	11,818	$	1,770	$	—	$	60,735
Credit loss benefit	(321)		(9,190)		(974)		(761)		(1,100)		—		(12,346)
Charge-offs	(154)		(65)		(345)		(254)		(213)		—		(1,031)
Recoveries	124		85		120		352		811		—		1,492
Balance at end of year	$	5,039	$	5,884	$	25,504	$	11,155	$	1,268	$	—	$	48,850
For the Year Ended December 31, 2020
Allowance for credit losses on loans
Balance at beginning of year	$	1,458	$	2,893	$	9,883	$	2,002	$	591	$	25	$	16,852
Impact of CECL adoption	2,416		(1,109)		(5,395)		3,833		2,981		(25)		2,701
Initial allowance for credit losses on PCD loans	1,221		26		260		109		1,023		—		2,639
Credit loss expense (benefit) (1)	1,039		15,007		34,935		8,191		(1,770)		—		57,402
Charge-offs (1)	(890)		(1,769)		(13,081)		(3,200)		(1,244)		—		(20,184)
Recoveries	146		6		101		883		189		—		1,325
Balance at end of year	$	5,390	$	15,054	$	26,703	$	11,818	$	1,770	$	—	$	60,735

(1) The year ended December 31, 2020 was impacted by the shift in current and forward-looking economic conditions, credit migration, and borrower vulnerability related to COVID-19. The Company recorded $14.6 million of charge-offs related to the sale of higher-risk commercial loans and $3.3 million of charge-offs related to the sale of under-performing residential and consumer loans.

A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. At December 31, 2021 and 2020, the Company had collateral dependent loans with an amortized cost balance as follows: commercial and industrial of $277,000 and $1.9 million, respectively, commercial real estate - owner occupied of $11.9 million and $13.8 million, respectively, and commercial real estate - investor of $3.6 million and $18.3 million, respectively. In addition, the Company had residential and consumer loans collateralized by residential real estate, which are in the process of foreclosure, with an amortized cost balance of $438,000 and $1.4 million at December 31, 2021 and 2020, respectively. At both December 31, 2021 and 2020, the amount of foreclosed residential real estate property held by the Company was $106,000.

The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of December 31, 2021 and 2020 (in thousands).


	December 31,
	2021		2020
Commercial and industrial	$	277	$	1,908
Commercial real estate – owner occupied	11,904		13,751
Commercial real estate – investor	3,614		18,287
Residential real estate	6,114		8,671
Other consumer	3,585		4,246
Total non-accrual loans	$	25,494	$	46,863

At December 31, 2021 and 2020, the non-accrual loans were included in the allowance for credit loss calculation and the Company did not recognize or accrue interest income on these loans. At December 31, 2021, there was one loan for $46,000 that was 90 days or greater past due and still accruing interest that was fully paid on January 14, 2022. At December 31, 2020, there were no loans that were 90 days or greater past due and still accruing interest.

The following table presents the aging of the recorded investment in past due loans as of December 31, 2021 and 2020 by loan portfolio segment (in thousands).


	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due		Total Past Due		Loans Not Past Due		Total
December 31, 2021
Commercial and industrial	$	25	$	151	$	277	$	453	$	448,771	$	449,224
Commercial real estate – owner occupied	599		—		575		1,174		1,053,891		1,055,065
Commercial real estate – investor	1,717		102		1,709		3,528		4,374,533		4,378,061
Residential real estate	9,705		1,586		2,675		13,966		2,465,735		2,479,701
Other consumer	339		322		2,946		3,607		257,212		260,819
Total loans receivable	$	12,385	$	2,161	$	8,182	$	22,728	$	8,600,142	$	8,622,870
December 31, 2020
Commercial and industrial	$	3,050	$	628	$	327	$	4,005	$	466,651	$	470,656
Commercial real estate – owner occupied	1,015		—		7,871		8,886		1,136,179		1,145,065
Commercial real estate – investor	8,897		3,233		11,122		23,252		3,468,212		3,491,464
Residential real estate	15,156		3,164		4,238		22,558		2,286,901		2,309,459
Other consumer	978		533		3,568		5,079		334,383		339,462
Total loans receivable	$	29,096	$	7,558	$	27,126	$	63,780	$	7,692,326	$	7,756,106

The Company classifies certain loans as TDR when credit terms to a borrower in financial difficulty are modified. The modifications may include a reduction in rate, an extension in term, the capitalization of past due amounts, and/or the restructuring of scheduled principal payments. Residential real estate and consumer loans where the borrower’s debt is discharged in a bankruptcy filing are also considered TDR loans. For these loans, the Company retains its security interest in the real estate collateral. At December 31, 2021 and 2020, TDR loans totaled $23.6 million and $17.5 million, respectively. At December 31, 2021 and 2020, there were $11.3 million and $5.5 million, respectively, of TDR loans included in the non-accrual loan totals. At December 31, 2021 and 2020, the Company had no specific reserves allocated to loans that are classified as TDRs. Non-accrual loans which become TDRs are generally returned to accrual status after six months of payment performance and the ultimate collectability of the restructured transaction is not in doubt. In addition to the TDR loans included in non-accrual loans, the Company also has TDR loans classified as accruing loans, which totaled $12.3 million and $12.0 million at December 31, 2021 and 2020, respectively.

The following table presents information about TDRs which occurred during the years ended December 31, 2021 and 2020 (dollars in thousands):


	Number of Loans	Pre-modification Recorded Investment		Post-modification Recorded Investment
For the Year Ended December 31, 2021
Troubled debt restructurings:
Commercial real estate – owner occupied	2	$	6,406	$	6,423
Commercial real estate – investor	1	4,903		4,903
Residential real estate	3	244		336
Other consumer	3	39		49
For the Year Ended December 31, 2020
Troubled debt restructurings:
Commercial real estate – owner occupied	1	$	1,112	$	1,143
Commercial real estate – investor	2	1,035		1,116
Residential real estate	6	1,018		1,065
Other consumer	6	1,035		668

There was one TDR consumer loan and one TDR commercial real estate - investor loan for $15,000 and $923,000, respectively, that defaulted during the year ended December 31, 2021 which were modified within the preceding year. The TDR commercial real estate - investor loan was current at December 31, 2021. There were no TDR loans that defaulted during the year ended December 31, 2020 which were modified within the preceding year.

In response to the COVID-19 pandemic and its economic impact on customers, short-term modification programs that comply with the CARES Act, extended by the CRRSA Act, were implemented to provide temporary payment relief to those borrowers directly impacted by COVID-19. The Commercial Borrower Relief Program allowed for the deferral of principal and interest or principal only. All payments received will first be applied to all accrued and unpaid interest and the balance, if any, on account of unpaid principal, then to fees, expenses and other amounts due to the Bank. Monthly payments will continue until the maturity date when all then unpaid principal, interest, fees, and all other charges are due and payable to the Bank. The Consumer Borrower Relief Program allowed for the deferral of principal and interest. The deferred payments along with interest accrued during the deferral period are due and payable on the maturity date. Provided these loans were current as of either December 31, 2019 or the date of the modification, these loans are not considered TDR loans at December 31, 2021 and will not be reported as past due during the deferral period.

Interest and Dividends Receivable

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Interest and Dividends Receivable

Interest and dividends receivable at December 31, 2021 and 2020 are summarized as follows (in thousands):


	December 31,
	2021		2020
Loans receivable	$	26,208	$	30,893
Debt securities	5,753		4,184
Equity investments and other	645		192
Total interest and dividends receivable	$	32,606	$	35,269

Premises and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Premises and Equipment, Net

Premises and equipment, net of accumulated depreciation and amortization expense at December 31, 2021 and 2020 are summarized as follows (in thousands):


	December 31,
	2021		2020
Land	$	18,774	$	23,109
Buildings and improvements	94,573		99,350
Leasehold improvements	8,460		8,640
Furniture and equipment	30,314		28,707
Capitalized software	6,989		2,932
Finance lease	2,386		1,845
Other (1)	38,057		10,270
Total	199,553		174,853
Accumulated depreciation and amortization	(73,725)		(67,759)
Total premises and equipment, net	$	125,828	$	107,094

(1) Includes assets under construction of $36.2 million related to the expansion of the Company’s headquarters in Toms River, New Jersey.

Depreciation and amortization expense for the years ended December 31, 2021, 2020, and 2019 amounted to $9.4 million, $8.5 million, and $8.2 million, respectively. Depreciation and amortization expense is presented within occupancy, equipment, and data processing expenses of the Consolidated Statement of Income.

Deposits

12 Months Ended

Dec. 31, 2021

Banking and Thrift, Other Disclosures [Abstract]

Deposits

The major types of deposits at December 31, 2021 and 2020 were as follows (dollars in thousands):


	December 31,
	2021				2020
	Amount		Weighted Average Cost		Amount		Weighted Average Cost
Non-interest-bearing	$	2,412,056	—	%	$	2,133,195	—	%
Interest-bearing checking	4,201,736		0.24		3,646,866		0.49
Money market deposit	736,090		0.06		783,521		0.19
Savings	1,607,933		0.03		1,491,251		0.05
Time deposits	775,001		0.95		1,372,783		1.51
Total deposits	$	9,732,816	0.19	%	$	9,427,616	0.43	%

Accrued interest payable related to deposits was $244,000 and $367,000 at December 31, 2021 and 2020, respectively. Time deposits included $145.4 million and $409.5 million in deposits of $250,000 or more at December 31, 2021 and 2020, respectively.

Time deposits at December 31, 2021 mature as follows (in thousands):


For the Year Ending December 31,	Time Deposit Maturities
2022	$	552,666
2023	110,956
2024	67,097
2025	16,417
2026	13,539
Thereafter	14,326
Total	$	775,001

Interest expense on deposits for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Interest-bearing checking	$	13,400	$	19,395	$	16,820
Money market deposit	1,105		2,902		4,919
Savings	631		2,505		1,195
Time deposits	10,074		23,488		15,498
Total interest expense on deposits	$	25,210	$	48,290	$	38,432

Borrowed Funds

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowed Funds

Borrowed FundsBorrowed funds are summarized as follows (dollars in thousands):


	December 31,
	2021				2020
	Amount		Weighted Average Rate		Amount		Weighted Average Rate

Securities sold under agreements to repurchase with retail customers	$	118,769	0.16	%	$	128,454	0.33	%
Other borrowings	229,141		4.47		235,471		4.58
Total borrowed funds	$	347,910	3.00	%	$	363,925	3.08	%

In addition to the advances that matured, the Company prepaid all of its FHLB advances in 2020. Information concerning FHLB advances and securities sold under agreements to repurchase with retail customers (“reverse repurchase agreements”) is summarized as follows (dollars in thousands):


	FHLB Advances			Reverse Repurchase Agreements
	2020			2021			2020
Average balance	$	413,290		$	134,939		$	125,500
Maximum amount outstanding at any month end	825,824			156,433			153,810
Average interest rate for the year	1.70		%	0.19		%	0.45		%
Amortized cost of collateral:
Debt and equity securities	$	—		$	141,423		$	147,445
Estimated fair value of collateral:
Debt and equity securities	—			142,924			152,679

The securities collateralizing the reverse repurchase agreements are delivered to the lender, with whom each transaction is executed, or to a third-party custodian. The lender, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agrees to resell to the Company substantially the same securities at the maturity of the reverse repurchase agreements. Refer to Note 4 Securities.

All reverse repurchase agreements have contractual maturities during 2022.

The other borrowings at December 31, 2021 include the following (in thousands):


Type of Debt	Stated Value		Carrying Value		Interest Rate			Maturity
Subordinated debt	$	35,000	$	35,000	4.138	%	(1)	September 30, 2026
Subordinated debt	125,000		122,989		5.250	%	(2)	May 15, 2030
Trust preferred	10,000		7,965		3 month LIBOR plus 225 basis points			December 15, 2034
Trust preferred	30,000		23,258		3 month LIBOR plus 135 basis points			March 15, 2036
Trust preferred	5,000		5,000		3 month LIBOR plus 165 basis points			August 1, 2036
Trust preferred	7,500		7,500		3 month LIBOR plus 166 basis points			November 1, 2036
Trust preferred	10,000		7,828		3 month LIBOR plus 153 basis points			June 30, 2037
Trust preferred	10,000		10,000		3 month LIBOR plus 175 basis points			September 1, 2037
Trust preferred	10,000		7,697		3 month LIBOR plus 139 basis points			October 1, 2037
Finance lease	1,904		1,904		5.625	%		June 30, 2029
Total	$	244,404	$	229,141

(1)Based on a floating rate of 392 basis points over 3 month London Inter-bank Offered Rate (“LIBOR”).

(2)Adjusts to a floating rate of 509.5 basis points over 3 month Secured Overnight Financing Rate on May 15, 2025.

All of the trust preferred debt is currently callable. Subsequent to year-end, the Company provided notice to its trustee that, as of March 30, 2022, it will redeem the $35.0 million of subordinated debt maturing September 30, 2026.

Interest expense on borrowings for the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
FHLB advances	$	—	$	7,018	$	8,441
Reverse repurchase agreements	253		562		276
Other borrowings	11,291		10,787		5,674
Total interest expense on borrowings	$	11,544	$	18,367	$	14,391

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Current
Federal	$	19,696	$	15,731	$	1,991
State	8,861		6,617		740
Total current	28,557		22,348		2,731
Deferred
Federal	3,228		(2,746)		18,846
State	380		(1,869)		(2,793)
Total deferred	3,608		(4,615)		16,053
Total provision for income taxes	$	32,165	$	17,733	$	18,784

Included in other comprehensive income was income tax impact attributable to the unrealized gain/loss on debt securities and accretion of unrealized losses on debt securities reclassified to held-to-maturity arising during the year in the amount of $870,000, $721,000, and $874,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate for the years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):


	For the Year Ended December 31,
	2021			2020			2019
Income before provision for income taxes	$	142,241		$	81,042		$	107,358
Federal income tax, at statutory rates	21.0		%	21.0		%	21.0		%
Computed “expected” federal income tax expense	$	29,871		$	17,019		$	22,545
Increase (decrease) in federal income tax expense resulting from
State income taxes, net of federal benefit	7,223			3,751			583
Earnings on BOLI	(1,435)			(1,349)			(1,138)
Tax exempt interest	(768)			(1,161)			(665)
Merger related expenses	24			138			297
Stock compensation	(110)			(136)			(386)
Revaluation of state deferred tax asset	—			—			(2,205)

Reclassification of certain tax effect from accumulated other comprehensive income	(173)			(204)			(221)
Research and development and other credits	(475)			—			—
Dividends received deduction	(510)			—			—
Other items, net	(1,482)			(325)			(26)
Total provision for income taxes	$	32,165		$	17,733		$	18,784

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented in the following table (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Allowance for credit losses on loans and debt securities HTM	$	12,915	$	16,168
Other reserves	3,115		2,485
Incentive compensation	3,546		2,919
Deferred compensation	471		533
Stock plans	2,565		2,214
Unrealized loss on assets held-for-sale	1,626		2,435
Unrealized loss on securities	1,332		272
Net operating loss carryforwards related to acquisition	28,057		33,014
Deferred fees on PPP loans	187		517
Other, net	1,680		195

Federal and state alternative minimum tax	2,295		3,705


Total gross deferred tax assets	57,789		64,457
Deferred tax liabilities:

Unrealized gain on equity securities	—		(4,154)
Premises and equipment	(5,704)		(5,871)
Deferred loan and commitment costs, net	(2,579)		(2,968)
Purchase accounting adjustments	(2,056)		(602)
Investments, discount accretion	(371)		(452)

Other, net	—		(783)
Total gross deferred tax liabilities	(10,710)		(14,830)
Net deferred tax assets	$	47,079	$	49,627

The 2020 deferred tax expense does not equal the change in net deferred tax assets as a result of net deferred liabilities recorded in connection with the Two River and Country Bank acquisitions of approximately $4.5 million.

The Company has federal net operating losses from the acquisitions of Colonial American Bank (“Colonial American”) and Sun Bancorp, Inc. (“Sun”). At December 31, 2021 and 2020, the net operating losses from Colonial American were $4.3 million and $4.6 million, respectively. These net operating losses are subject to annual limitation under Code Section 382 of approximately $330,000, and will expire between 2029 and 2034. At December 31, 2021 and 2020, the net operating losses from Sun were $129.4 million and $152.6 million, respectively. These net operating losses are subject to annual limitation under Code Section 382 of approximately $23.3 million, which will expire in 2022 and $9.3 million, which will expire between 2029 and 2036.

As of December 31, 2020, the Company had $1.8 million of New Jersey Alternative Minimum Assessment Tax (“AMT”) Credits of which $1.4 million was utilized in 2020 and the remainder was utilized in 2021. At both December 31, 2021 and 2020, the Company had $2.3 million of AMT Tax Credits that were part of the Sun acquisition. These credits are subject to the same Code Section 382 limitation as indicated above but do not expire.

At December 31, 2021, 2020 and 2019, the Company determined that it is not required to establish a valuation reserve for the remaining net deferred tax assets since it is “more likely than not” that the net deferred tax assets will be realized through future reversals of existing taxable temporary differences, future taxable income and tax planning strategies. The conclusion that it is “more likely than not” that the remaining net deferred tax assets will be realized is based on the history of earnings and the prospects for continued growth. Management will continue to review the tax criteria related to the recognition of deferred tax assets.

Retained earnings at December 31, 2021 included approximately $10.8 million for which no provision for income tax has been made. This amount represented an allocation of income to bad debt deductions for tax purposes only. Events that would result in taxation of these reserves include failure to qualify as a bank for tax purposes, distributions in complete or partial liquidation,

stock redemptions and excess distributions to stockholders. At December 31, 2021, the Company had an unrecognized deferred tax liability of $2.8 million with respect to this reserve.

There were no unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019. The tax years that remain subject to examination by the federal government and the state of New York include the years ended December 31, 2018 and forward. The tax years that remain subject to examination by the state of New Jersey include the years ended December 31, 2017 and forward.

On July 1, 2018, New Jersey enacted changes to the corporate business tax laws. This legislation required a combined group to file combined returns for tax years beginning in 2019. However, due to technical issues and inconsistencies with existing tax law, it was initially determined that the tax law change did not have an impact on deferred taxes. In December 2019, the State of New Jersey issued a clarifying technical bulletin related to the impact of the new tax legislation. This technical bulletin provided clarification to the combined income tax reporting for certain members of a unitary business group. Accordingly, this required a revaluation of some of the Company’s deferred tax assets. As a result of the revaluation of the state deferred tax assets, the Company recognized an additional income tax benefit of $2.2 million for the year ended December 31, 2019.

With the enactment of the Tax Reform on December 22, 2017, the federal corporate income tax rate was reduced from 35% to 21% effective January 1, 2018. Accounting guidance required that the effect of income tax law changes on deferred taxes be recognized as a component of income tax expense related to continuing operations, but also to items initially recognized in other comprehensive income. As a result of the reduction in the U.S. federal statutory income tax rate, the Company recognized an additional income tax benefit of $1.9 million for the year ended December 31, 2018 and additional income tax expense of $3.6 million for the year ended December 31, 2017. Because accounting guidance requires the effect of income tax law changes on deferred taxes to be recognized as a component of income tax expense related to continuing operations, this additional income tax expense included $1.8 million related to items recognized in other comprehensive income. These amounts will continue to be reported as separate components of accumulated other comprehensive income until such time as the underlying transactions from which such amounts arose are settled through continuing operations. At such time, the reclassification from accumulated other comprehensive income will be recognized as a net tax benefit. The amount included in accumulated other comprehensive income at December 31, 2021, subject to reclassification, was $612,000.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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+ Details

Employee Stock Ownership Plan	12 Months Ended
Employee Stock Ownership Plan	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Stock Ownership Plan	Employee Stock Ownership Plan The Bank maintains an Employee Stock Ownership Plan (“ESOP”). All full-time employees are eligible to participate in the ESOP after they attain age 21 and complete one year of service during which they work at least 1000 hours. ESOP shares are allocated among participants on the basis of compensation earned during the year. Employees are fully vested in their ESOP account after the completion of five years of credited service or completely, if service was terminated due to death, retirement, disability or change in control of the Company. ESOP participants are entitled to receive distributions from the ESOP account only upon termination of service, which includes retirement and death, except that a participant may elect to have dividends distributed as a cash payment on a quarterly basis. The ESOP originally borrowed $13.4 million from the Company to purchase 2,013,137 shares of common stock. In 1998, the initial loan agreement was amended to allow the ESOP to borrow an additional $8.2 million in order to fund the purchase of 633,750 shares of common stock. At the same time, the term of the loan was extended from the initial 12 years to 30 years. In 2018, the loan agreement was amended (“amended loan”) to allow the ESOP to borrow an additional $8.4 million in order to fund the purchase of 292,592 shares of common stock. At the same time, the fixed interest rate of the loan was reduced from 8.25% to 3.25%. On November 9, 2021, the ESOP borrowed an additional $3.2 million from the Company to fund the purchase of 145,693 shares of common stock (“2021 loan”), and the loan had a fixed interest rate of 0.22% that matures on December 31, 2023. Both the amended loan and 2021 loan are to be repaid from contributions by the Bank to the ESOP trustee. The Bank is required to make contributions to the ESOP in amounts at least equal to the principal and interest requirement of both debts. The Bank’s obligation to make such contributions is reduced to the extent of any dividends paid by the Company on unallocated shares and any investment earnings realized on such dividends. As of December 31, 2021 and 2020, contributions to the ESOP, which were used to fund principal and interest payments on the ESOP loans, totaled $2.3 million and $1.5 million, respectively. During 2021 and 2020, $268,000 and $313,000, respectively, of dividends paid on unallocated ESOP shares were used for debt service. At December 31, 2021 and 2020, the loan had an outstanding balance of $9.2 million and $8.1 million, respectively, and the ESOP had unallocated shares of 437,725 and 394,080, respectively. At December 31, 2021, the unallocated shares had a fair value of $9.7 million. The unamortized balance of the ESOP is shown as unallocated common stock held by the ESOP and is reflected as a reduction of stockholders’ equity. For the years ended December 31, 2021, and 2019, the Bank recorded compensation expense related to the ESOP of $2.2 million and $1.6 million, respectively, which included $179,000 and $366,000, respectively, of additional compensation expense to reflect the increase in the average fair value of shares committed to be released and allocated shares in access of the Bank’s cost. For the year ended December 31, 2020, the Bank recorded compensation expense related to the ESOP of $1.1 million including $80,000 related to a decrease in compensation expense to reflect the decrease in the average fair value of shares committed to be released and allocated shares below the Bank’s cost. As of December 31, 2021, 2,543,294 shares had been allocated to participants and 102,048 shares were committed to be released.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Incentive Plan

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Incentive Plan

The OceanFirst Financial Corp. 2011 Stock Incentive Plan, which authorizes the granting of stock options or awards of common stock, was approved by stockholders in 2011. This plan was subsequently amended in 2017 to increase the number of authorized shares available for grant and to update the performance goals under which performance-based awards may be granted. In 2018, the Company implemented a performance-based stock plan for select senior management executives. On May 20, 2020, the OceanFirst Financial Corp. 2020 Stock Incentive Plan, which also authorizes the granting of stock options or awards of common stock, was approved by stockholders. On March 24, 2021, the 2020 Stock Incentive Plan was amended to increase the number of shares authorized for issuance through equity awards. The purpose of these plans is to attract and retain qualified personnel in key positions, provide officers, employees, and non-employee directors with a proprietary interest in the Company as an incentive to contribute to the success of the Company, align the interests of management with those of other stockholders and reward employees for outstanding performance. All officers, other employees, and non-employee directors of the Company and its affiliates are eligible to receive awards under the plans.

Under the amended 2020 Stock Incentive Plan, the Company is authorized to issue up to 6,950,000 shares subject to option or, in lieu of options, up to 2,780,000 shares in the form of stock awards. At December 31, 2021, 5,000,294 options or 2,000,118 awards remain available for issuance. Under the amended 2011 Stock Incentive Plan, the Company is authorized to issue up to an additional 4,000,000 shares subject to option or, in lieu of options, up to 1,600,000 shares in the form of stock awards. At December 31, 2021, 149,343 options or 59,737 awards remain available for issuance.

Stock awards vest ratably over the vesting period. The Company granted to senior executives performance-based awards in 2021, 2020 and 2019, which vest in equal amounts over a three- to five-year period when a specific performance metric has been attained or exceeded. Tiered performance goals for each metric are aligned with corresponding tiered vesting values and have been set using financial data from the applicable strategic plan as approved by the Board. The Company accrues expenses for the performance-based awards based on the estimated probability of achievement of the defined performance goals.

Options expire 10 years from the date of grant and generally vest at the rate of 20% per year. The exercise price of each option equals the closing market price of the Company’s stock on the grant date. The Company typically issues treasury shares or authorized but unissued shares to satisfy stock option exercises.

The Company recognizes the grant-date fair value of stock options and other stock-based compensation issued to employees in the income statement. The modified prospective transition method was adopted and, as a result, the income statement includes $1.2 million, $1.5 million, and $973,000, of expenses for stock option grants and $4.2 million, $2.8 million, and $2.9 million, of expense for stock award grants, for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, the Company had $14.7 million in compensation costs related to non-vested options and stock awards not yet recognized. This cost will be recognized over the remaining vesting period of 2.79 years.

The fair value of stock options granted by the Company was estimated through the use of the Black-Scholes option pricing model applying the following assumptions:


	2020			2019
Risk-free interest rate	1.03		%	2.63		%
Expected option life	7 years			7 years
Expected volatility	23		%	21		%
Expected dividend yield	3.33		%	2.70		%

Weighted average fair value of an option share granted during the year	$	2.93		$	4.47
Intrinsic value of options exercised during the year (in thousands)	2,499			2,994

For the year ended December 31, 2021, there were no stock options granted by the Company.

The risk-free interest rate is based on the U.S. Treasury rate with a term equal to the expected option life. The expected option life conforms to the Company’s actual experience. Expected volatility is based on actual historical results. Compensation cost is recognized on a straight line basis over the vesting period.

A summary of option activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	2021			2020			2019
	Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Exercise Price
Outstanding at beginning of year	2,838,867	$	20.67	2,424,032	$	19.80	2,340,842	$	18.25
Granted	—	—		699,651	20.44		461,407	25.20

Exercised	(264,717)	14.80		(213,506)	9.50		(227,189)	11.24
Forfeited	(1,828)	23.78		(6,357)	21.26		(149,158)	24.71
Expired	(114,067)	26.62		(64,953)	22.51		(1,870)	29.59
Outstanding at end of year	2,458,255	$	21.02	2,838,867	$	20.67	2,424,032	$	19.80
Options exercisable	1,583,521			1,596,927			1,612,946

The following table summarizes information about stock options outstanding at December 31, 2021:


	Options Outstanding				Options Exercisable
Exercise Prices	Number of Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number of Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
$10.84 to $15.38	395,089	0.8 years	$	13.92	395,089	0.8 years	$	13.92
15.39 to 19.92	490,055	3.3	17.45		490,055	3.3	17.45
19.93 to 24.46	733,895	7.9	20.55		184,413	7.2	20.87
24.47 to 29.01	839,216	6.2	26.87		513,964	5.9	27.38


	2,458,255	5.3 years	$	21.02	1,583,521	4.0 years	$	20.19

The aggregate intrinsic value for stock options outstanding and stock options exercisable at December 31, 2021 was $6.8 million and $5.9 million, respectively.

A summary of the granted but unvested stock award activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	2021			2020			2019
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of year:	575,996	$	23.42	451,443	$	25.61	330,598	$	25.92
Granted	388,392	21.53		256,649	20.38		249,651	24.80
Vested	(126,292)	24.04		(96,564)	24.41		(105,307)	24.49
Forfeited	(59,125)	24.39		(35,532)	26.56		(23,499)	26.38
Outstanding at end of year	778,971	$	22.30	575,996	$	23.42	451,443	$	25.61

Commitments, Contingencies and Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Concentrations of Credit Risk

Commitments, Contingencies, and Concentrations of Credit RiskThe Company, in the normal course of business, is party to financial instruments and commitments which involve, to varying degrees, elements of risk in excess of the amounts recognized in the consolidated financial statements. These financial instruments and commitments include unused consumer lines of credit, construction loan lines of credit, commercial lines of credit, and commitments to extend credit.

At December 31, 2021, the following commitments and contingent liabilities existed which are not reflected in the accompanying consolidated financial statements (in thousands):


	December 31, 2021
Unused consumer and residential construction loan lines of credit (primarily floating-rate)	$	358,586
Unused commercial and commercial construction loan lines of credit (primarily floating-rate)	1,011,233
Other commitments to extend credit:
Fixed-rate	350,114
Adjustable-rate	1,770
Floating-rate	319,134

The Company’s fixed-rate loan commitments expire within 90 days of issuance and carried interest rates ranging from 1.43% to 9.00% at December 31, 2021.

At December 31, 2021, the Company had $9.1 million of unfunded capital commitments related to investment funds.

The Company’s maximum exposure to credit losses in the event of nonperformance by the other party to these financial instruments and commitments is represented by the contractual amounts. The Company uses the same credit policies in granting commitments and conditional obligations as it does for financial instruments recorded in the consolidated statements of financial condition.

These commitments and obligations do not necessarily represent future cash flow requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s assessment of risk. Substantially all of the unused consumer and construction loan lines of credit are collateralized by mortgages on real estate.

At December 31, 2021, the Company is obligated under noncancelable operating leases for premises and equipment. Rental and lease expense under these leases aggregated approximately $7.2 million, $7.9 million, and $5.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Refer to Note 17 Leases for the projected minimum lease commitments as of December 31, 2021.

The Company grants residential real estate and first mortgage commercial real estate loans to borrowers primarily located throughout New Jersey and the major metropolitan markets of Philadelphia, New York, Baltimore, Washington D.C., and Boston. The ability of borrowers to repay their obligations is dependent upon various factors including the borrowers’ income, net worth, cash flows generated by the underlying collateral, value of the underlying collateral, and priority of the Company’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Company’s control. The Company is, therefore, subject to risk of loss. A decline in real estate values could cause some residential and commercial real estate loans to become inadequately collateralized, which would expose the Company to a greater risk of loss.

The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and collateral and/or guarantees are required for most loans.

The Company is a defendant in certain claims and legal actions arising in the ordinary course of business. Management and its legal counsel are of the opinion that the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

The following reconciles average shares outstanding for basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	December 31,
	2021	2020	2019
Weighted average shares outstanding	59,873	60,358	50,701
Less: Unallocated ESOP shares	(360)	(426)	(493)
Unallocated incentive award shares	(107)	(13)	(42)
Average basic shares outstanding	59,406	59,919	50,166
Add: Effect of dilutive securities:
Incentive awards	243	153	580
Average diluted shares outstanding	59,649	60,072	50,746

For the years ended December 31, 2021, 2020 and 2019, antidilutive stock options of 1,566,000, 2,242,000, and 993,000, respectively, were excluded from the earnings per share calculations.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact.

The Company uses valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability and developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and developed based on the best information available in the circumstances. In that regard, a fair value hierarchy has been established for valuation inputs that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.

Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities.

Assets and Liabilities Measured at Fair Value

A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Debt Securities Available-for-Sale

Debt securities classified as available-for-sale are reported at fair value. Fair value for these debt securities is determined using inputs other than quoted prices that are based on market observable information (Level 2) and Level 3 inputs which were utilized for certain state and municipal obligations known as bond anticipation notes (“BANs”). Level 2 debt securities are priced through third-party pricing services or security industry sources that actively participate in the buying and selling of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain debt securities without relying exclusively on quoted prices for the specific securities, but comparing the debt securities to benchmark or comparable debt securities.

Equity Investments

Equity investments with readily determinable fair value are reported at fair value. Fair value for these investments is primarily determined using a quoted price in an active market or exchange (Level 1) or using inputs other than quoted prices that are based on market observable information (Level 2). Fair value for certain securities, including convertible preferred stock, was determined using broker or dealer quotes with limited levels of activity and price transparency (Level 3). Equity investments without readily determinable fair values are carried at cost less impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

Interest Rate Derivatives

The Company’s interest rate swaps and cap contracts are reported at fair value utilizing discounted cash flow models provided by an independent, third-party and observable market data (Level 2). When entering into an interest rate swap or cap contract, the Company is exposed to fair value changes due to interest rate movements, and also the potential nonperformance of the contract counterparty.

Other Real Estate Owned and Loans Individually Measured for Impairment

Other real estate owned and loans measured for impairment based on the fair value of the underlying collateral are recorded at estimated fair value, less estimated selling costs. Fair value is based on independent appraisals (Level 3).

The following table summarizes financial assets and financial liabilities measured at fair value as of December 31, 2021 and 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):


			Fair Value Measurements at Reporting Date Using
	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
December 31, 2021
Items measured on a recurring basis:
Debt securities available-for-sale	$	568,255	$	—	$	568,255	$	—
Equity investments	90,726		14,608		73,400		2,718
Interest rate derivative assets	22,787		—		22,787		—
Interest rate derivative liabilities	(22,855)		—		(22,855)		—
Items measured on a non-recurring basis:
Equity investments	10,429		—		—		10,429
Other real estate owned	106		—		—		106
Loans measured for impairment based on the fair value of the underlying collateral	16,233		—		—		16,233

December 31, 2020
Items measured on a recurring basis:
Debt securities available-for-sale	$	183,302	$	—	$	183,302	$	—
Equity investments	107,079		104,539		—		2,540
Interest rate derivative assets	45,289		—		45,289		—
Interest rate derivative liabilities	(45,429)		—		(45,429)		—
Items measured on a non-recurring basis:
Other real estate owned	106		—		—		106
Loans measured for impairment based on the fair value of the underlying collateral	35,366		—		—		35,366

The following table reconciles, for the year ended December 31, 2021 and 2020, the beginning and ending balances for equity investments and debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs (in thousands):


	For the Year Ended December 31,
	2021		2020
	Equity Investments		Equity Investments		Debt Securities
Beginning balance	$	2,540	$	—	$	25
Purchases	—		2,000		2,377
Total gains included in earnings	178		540		—


Maturities	—		—		(2,402)
Ending balance	$	2,718	$	2,540	$	—

There were no debt securities in Level 3 for the year ended December 31, 2021. The Company recognizes transfers between levels of the valuation hierarchy at the end of the applicable reporting periods. There were no transfers into or out of Level 3 assets or liabilities in the fair value hierarchy for the years ended December 31, 2021 and 2020.

Assets and Liabilities Disclosed at Fair Value

A description of the valuation methodologies used for assets and liabilities disclosed at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

Cash and Due from Banks

For cash and due from banks, the carrying amount approximates fair value.

Debt Securities Held-to-Maturity

Debt securities classified as held-to-maturity are carried at amortized cost, as the Company has the positive intent and ability to hold these debt securities to maturity. The Company determines the fair value of the debt securities utilizing Level 2 and, infrequently, Level 3 inputs. Most of the Company’s debt securities are fixed income instruments that are not quoted on an exchange, but are bought and sold in active markets. Prices for these instruments are obtained through third-party pricing vendors or security industry sources that actively participate in the buying and selling of debt securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain debt securities without relying exclusively on quoted prices for the specific debt securities, but comparing the debt securities to benchmark or comparable debt securities.

Management’s policy is to obtain and review all available documentation from the third-party pricing service relating to their fair value determinations, including their methodology and summary of inputs. Management reviews this documentation, makes inquiries of the third-party pricing service and decides as to the level of the valuation inputs. Based on the Company’s review of the available documentation from the third-party pricing service, management concluded that Level 2 inputs were utilized for all securities except for certain state and municipal obligations, known as bond anticipation notes, as well as certain debt securities where management utilized Level 3 inputs, such as broker or dealer quotes with limited levels of activity and price transparency.

Restricted Equity Investments

The fair value for Federal Home Loan Bank of New York, Federal Reserve Bank stock, and Atlantic Community Bankers Bank is its carrying value since this is the amount for which it could be redeemed. There is no active market for this stock and the Company is required to maintain a minimum investment as stipulated by the respective entities.

Loans Receivable and Loans Held-for-Sale

Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential real estate, consumer and commercial. Each loan category is further segmented into fixed and adjustable rate interest terms.

Fair value of performing and non-performing loans was estimated by discounting the future cash flows, net of estimated prepayments, at a rate for which similar loans would be originated to new borrowers with similar terms.

The fair value of loans was measured using the exit price notion.

Deposits Other than Time Deposits

The fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, savings, and interest-bearing checking accounts and money market accounts is, by definition, equal to the amount payable on demand. The related insensitivity of the majority of these deposits to interest rate changes creates a significant inherent value which is not reflected in the fair value reported.

Time Deposits

The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.

Securities Sold Under Agreements to Repurchase with Retail Customers

Fair value approximates the carrying amount as these borrowings are payable on demand and the interest rate adjusts monthly.

Borrowed Funds

Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities.

The book value and estimated fair value of the Company’s significant financial instruments not recorded at fair value as of December 31, 2021 and 2020 are presented in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
December 31, 2021
Financial assets:
Cash and due from banks	$	204,949	$	204,949	$	—	$	—
Debt securities held-to-maturity	1,139,193		—		1,138,529		14,215
Restricted equity investments	53,195		—		—		53,195
Loans receivable, net and loans held-for-sale	8,583,352		—		—		8,533,506
Financial liabilities:
Deposits other than time deposits	8,957,815		—		8,957,815		—
Time deposits	775,001		—		773,766		—
Other borrowings	229,141		—		251,491		—
Securities sold under agreements to repurchase with retail customers	118,769		118,769		—		—
December 31, 2020
Financial assets:
Cash and due from banks	$	1,272,134	$	1,272,134	$	—	$	—
Debt securities held-to-maturity	937,253		—		952,365		16,101
Restricted equity investments	51,705		—		—		51,705
Loans receivable, net and loans held-for-sale	7,750,381		—		—		7,806,743
Financial liabilities:
Deposits other than time deposits	8,054,833		—		8,054,833		—
Time deposits	1,372,783		—		1,383,173		—
Other borrowings	235,471		—		251,798		—
Securities sold under agreements to repurchase with retail customers	128,454		128,454		—		—

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because a limited market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience,

current economic conditions, risk characteristics of various financial instruments and other significant unobservable inputs. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include premises and equipment, bank owned life insurance, deferred tax assets and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Derivatives, Hedging Activities and Other Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Hedging Activities and Other Financial Instruments

The Company enters into derivative financial instruments which involve, to varying degrees, interest rate, market and credit risk. The Company manages these risks as part of its asset and liability management process and through credit policies and procedures, seeking to minimize counterparty credit risk by establishing credit limits and collateral agreements. The Company utilizes certain derivative financial instruments to enhance its ability to manage interest rate risk that exists as part of its ongoing business operations. The derivative financial instruments entered into by the Company are an economic hedge of a derivative offering to Bank customers. The Company does not use derivative financial instruments for trading purposes.

Customer Derivatives – Interest Rate Swaps and Cap Contracts

The Company enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to an interest rate swap agreement, which serves to effectively swap the customer’s variable-rate loan into a fixed-rate loan. The Company then enters into a corresponding swap agreement with a third party in order to economically hedge its exposure through the customer agreement. The Company also enters into interest rate cap contracts that enable commercial loan customers to lock in a cap on a variable-rate commercial loan agreement. This feature prevents the loan from repricing to a level that exceeds the cap contract’s specified interest rate, which serves to hedge the risk from rising interest rates. The Company then enters into an offsetting interest rate cap contract with a third party in order to economically hedge its exposure through the customer agreement.

The interest rate swaps and cap contracts with both the customers and third parties are not designated as hedges under FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, and are marked to market through earnings. As the interest rate swaps and cap contracts are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC Topic 820, Fair Value Measurements. The Company recognized gains of $72,000 and $428,000, and a loss of $478,000 in other income resulting from fair value adjustments for the period ended December 31, 2021, 2020 and 2019, respectively. The notional amount of derivatives not designated as hedging instruments was $938.7 million and $725.9 million at December 31, 2021 and 2020, respectively.

The table below presents the fair value of derivatives not designated as hedging instruments as well as their location on the consolidated statements of financial condition (in thousands):


	Fair Value
	December 31,
Balance Sheet Location	2021		2020
Other assets	$	22,787	$	45,289
Other liabilities	22,855		45,429

Credit Risk-Related Contingent Features

The Company is a party to International Swaps and Derivatives Association agreements with third party broker-dealers that require a minimum dollar transfer amount upon a margin call. This requirement is dependent on certain specified credit measures. The amount of collateral posted with third parties was $19.8 million and $46.5 million at December 31, 2021 and 2020, respectively. The amount of collateral posted with third parties is deemed to be sufficient to collateralize both the fair market value change as well as any additional amounts that may be required as a result of a change in the specified credit measures. The aggregate fair value of all derivative financial instruments in a liability position with credit measure contingencies and entered into with third parties was $22.9 million and $45.4 million at December 31, 2021 and 2020, respectively.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company’s leases are comprised of real estate property for branches, automated teller machine locations and office space with terms extending through 2050. The Company has one existing finance lease, which has a lease term through 2029.

The following table represents the classification of the Company’s right-of-use (“ROU”) assets and lease liabilities on the consolidated statements of financial condition (in thousands):


		For the Year Ended
		December 31, 2021		December 31, 2020
Lease ROU Assets	Classification
Operating lease ROU assets	Other assets	$	17,442	$	22,555
Finance lease ROU asset	Premises and equipment, net	1,495		1,694
Total lease ROU assets		$	18,937	$	24,249

Lease Liabilities
Operating lease liabilities (1)	Other liabilities	$	17,982	$	22,990
Finance lease liability	Other borrowings	1,904		2,100
Total lease liabilities		$	19,886	$	25,090

(1) Operating lease liabilities excludes liabilities for future rent and lease termination payments related to closed branches of $8.2 million and $7.4 million as of December 31, 2021 and 2020, respectively.

The calculated amount of the ROU assets and lease liabilities are impacted by the lease term and the discount rate used to calculate the present value of the minimum lease payments. Lease agreements often include one or more options to renew the lease at the Company’s discretion. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the ROU asset and lease liability. For the discount rate, Leases (Topic 842) requires the Company to use the rate implicit in the lease, provided the rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate, at lease inception, over a similar term. For operating leases existing prior to January 1, 2019, the Company used the incremental borrowing rate for the remaining lease term as of January 1, 2019. For the finance lease, the Company utilized its incremental borrowing rate at lease inception.


	December 31, 2021		December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	8.22 years		7.77 years
Finance lease	7.59 years		8.59 years
Weighted-Average Discount Rate
Operating leases	2.97	%	3.01	%
Finance lease	5.63	%	5.63	%

The following table represents lease expenses and other lease information (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Lease Expense
Operating lease expense	$	5,935	$	6,438	$	3,904
Finance lease expense:
Amortization of ROU assets	199		174		274
Interest on lease liabilities (1)	112		110		174
Total	$	6,246	$	6,722	$	4,352

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,263	$	6,298	$	3,625
Operating cash flows from finance leases	112		110		174
Financing cash flows from finance leases	195		187		263

(1)Included in borrowed funds interest expense on the Consolidated Statements of Income. All other costs are included in occupancy expense.

During the year ended December 31, 2021, the Company sold two branches, including owned premises and equipment, all deposits associated with the branches, and selected performing loans. The Company recognized $2.0 million of gains related to the sale, which is presented in branch consolidation expense on the Consolidated Statements of Income. The Company also consolidated 4 branches in early 2021, 9 branches in late 2021, and expects to consolidate 10 branches and 1 deposit gathering location in early 2022. These plans have resulted in a shortened estimated useful life for premises and equipment and accelerated recognition of lease expenses associated with these locations, which the effect on income totaled $13.0 million and is presented in branch consolidation expense and is excluded from the table above. Other operating expenses related to these closures totaled $1.3 million and are presented in branch consolidation expense.

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of December 31, 2021 were as follows (in thousands):


	Finance Lease		Operating Leases
For the Year Ending December 31,
2022	$	307	$	4,404
2023	307		3,033
2024	307		2,737
2025	307		2,307
2026	307		1,650
Thereafter	798		6,681
Total	2,333		20,812
Less: Imputed interest	(429)		(2,830)
Total lease liabilities	$	1,904	$	17,982

Leases

A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company’s leases are comprised of real estate property for branches, automated teller machine locations and office space with terms extending through 2050. The Company has one existing finance lease, which has a lease term through 2029.

The following table represents the classification of the Company’s right-of-use (“ROU”) assets and lease liabilities on the consolidated statements of financial condition (in thousands):


		For the Year Ended
		December 31, 2021		December 31, 2020
Lease ROU Assets	Classification
Operating lease ROU assets	Other assets	$	17,442	$	22,555
Finance lease ROU asset	Premises and equipment, net	1,495		1,694
Total lease ROU assets		$	18,937	$	24,249

Lease Liabilities
Operating lease liabilities (1)	Other liabilities	$	17,982	$	22,990
Finance lease liability	Other borrowings	1,904		2,100
Total lease liabilities		$	19,886	$	25,090

(1) Operating lease liabilities excludes liabilities for future rent and lease termination payments related to closed branches of $8.2 million and $7.4 million as of December 31, 2021 and 2020, respectively.

The calculated amount of the ROU assets and lease liabilities are impacted by the lease term and the discount rate used to calculate the present value of the minimum lease payments. Lease agreements often include one or more options to renew the lease at the Company’s discretion. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the ROU asset and lease liability. For the discount rate, Leases (Topic 842) requires the Company to use the rate implicit in the lease, provided the rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate, at lease inception, over a similar term. For operating leases existing prior to January 1, 2019, the Company used the incremental borrowing rate for the remaining lease term as of January 1, 2019. For the finance lease, the Company utilized its incremental borrowing rate at lease inception.


	December 31, 2021		December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	8.22 years		7.77 years
Finance lease	7.59 years		8.59 years
Weighted-Average Discount Rate
Operating leases	2.97	%	3.01	%
Finance lease	5.63	%	5.63	%

The following table represents lease expenses and other lease information (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Lease Expense
Operating lease expense	$	5,935	$	6,438	$	3,904
Finance lease expense:
Amortization of ROU assets	199		174		274
Interest on lease liabilities (1)	112		110		174
Total	$	6,246	$	6,722	$	4,352

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,263	$	6,298	$	3,625
Operating cash flows from finance leases	112		110		174
Financing cash flows from finance leases	195		187		263

(1)Included in borrowed funds interest expense on the Consolidated Statements of Income. All other costs are included in occupancy expense.

During the year ended December 31, 2021, the Company sold two branches, including owned premises and equipment, all deposits associated with the branches, and selected performing loans. The Company recognized $2.0 million of gains related to the sale, which is presented in branch consolidation expense on the Consolidated Statements of Income. The Company also consolidated 4 branches in early 2021, 9 branches in late 2021, and expects to consolidate 10 branches and 1 deposit gathering location in early 2022. These plans have resulted in a shortened estimated useful life for premises and equipment and accelerated recognition of lease expenses associated with these locations, which the effect on income totaled $13.0 million and is presented in branch consolidation expense and is excluded from the table above. Other operating expenses related to these closures totaled $1.3 million and are presented in branch consolidation expense.

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of December 31, 2021 were as follows (in thousands):


	Finance Lease		Operating Leases
For the Year Ending December 31,
2022	$	307	$	4,404
2023	307		3,033
2024	307		2,737
2025	307		2,307
2026	307		1,650
Thereafter	798		6,681
Total	2,333		20,812
Less: Imputed interest	(429)		(2,830)
Total lease liabilities	$	1,904	$	17,982

Parent-Only Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent-Only Financial Information

The following condensed statements of financial condition at December 31, 2021 and 2020 and condensed statements of operations and cash flows for the years ended December 31, 2021, 2020 and 2019 for OceanFirst Financial Corp. (parent company only) reflect the Company’s investment in its wholly-owned subsidiaries, the Bank, and OceanFirst Risk Management, Inc., using the equity method of accounting.

Condensed Statement of Financial Condition

(in thousands)


	December 31,
	2021		2020
Assets:
Cash and due from banks	$	8,803	$	7,187
Advances to Bank	63,480		101,304
Equity securities	87,622		93,207
ESOP loan receivable	9,231		8,071
Investment in subsidiaries	1,575,549		1,502,867
Other assets	2,781		10,180
Total assets	$	1,747,466	$	1,722,816
Liabilities and Stockholders’ Equity:
Borrowings	$	227,237	$	233,371
Other liabilities	3,676		5,315
Stockholders’ equity	1,516,553		1,484,130
Total liabilities and stockholders’ equity	$	1,747,466	$	1,722,816

Condensed Statements of Operations

(in thousands)


	For the Year Ended December 31,
	2021		2020		2019
Dividend income – subsidiary Bank	$	40,000	$	54,000	$	79,000
Interest and dividend income – debt and equity securities	2,070		949		63

Interest income – advances to subsidiary Bank	298		403		426
Interest income – ESOP loan receivable	289		301		321

Net gain on equity investments	7,499		20,460		—

Total income	50,156		76,113		79,810
Interest expense – borrowings	11,102		10,592		5,402

Operating expenses	3,307		3,382		2,686
Income before income taxes and undistributed earnings of subsidiary Bank	35,747		62,139		71,722
Benefit (Provision) for income taxes	1,018		(2,901)		924
Income before undistributed earnings of subsidiary Bank	36,765		59,238		72,646
Undistributed earnings of subsidiary Bank	73,311		4,071		15,928
Net income	$	110,076	$	63,309	$	88,574

Condensed Statements of Cash Flows

(in thousands)


	For the Year Ended December 31,
	2021		2020		2019
Cash flows from operating activities:
Net income	$	110,076	$	63,309	$	88,574
Decrease (increase) in advances to subsidiary Bank	37,824		(73,426)		(13,852)
Undistributed earnings of subsidiary Bank	(73,311)		(4,071)		(15,928)
Net gain on equity investments	(7,499)		(20,460)		—
Net premium amortization in excess of discount accretion on securities	755		—		—
Amortization of deferred costs on borrowings	824		576		261
Net amortization of purchase accounting adjustments	542		638		453
Change in other assets and other liabilities	7,359		648		(184)
Net cash provided by (used in) operating activities	76,570		(32,786)		59,324
Cash flows from investing activities:
Proceeds from sales of equity investments	98,791		15,339		—
Purchase of equity investments	(86,462)		(95,228)		—
Increase in ESOP loan receivable	(3,200)		—		—
Repayments on ESOP loan receivable	2,040		1,200		1,160

Net cash provided by (used in) investing activities	11,169		(78,689)		1,160
Cash flows from financing activities:
Net proceeds from issuance of subordinated notes	—		122,180		—
Repayments of other borrowings	(7,500)		(7,999)		—
Dividends paid	(44,510)		(42,917)		(34,241)
Purchase of treasury stock	(36,059)		(14,814)		(26,066)
Net proceeds from the issuance of preferred stock	—		55,529		—
Exercise of stock options	1,946		1,241		1,335
Net cash provided by (used in) financing activities	(86,123)		113,220		(58,972)
Net increase in cash and due from banks	1,616		1,745		1,512
Cash and due from banks at beginning of year	7,187		5,442		3,930
Cash and due from banks at end of year	$	8,803	$	7,187	$	5,442

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn February 2022, the Company signed an agreement to acquire a majority interest in Trident Abstract Title Agency, LLC with the right to acquire 100%. This transaction will provide an additional source of non-interest income to benefit the Company.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of OceanFirst Financial Corp. (the “Company”) and its wholly-owned subsidiaries, OceanFirst Bank N.A. (the “Bank”) and OceanFirst Risk Management, Inc., and the Bank’s direct and indirect wholly-owned subsidiaries, OceanFirst REIT Holdings, Inc., OceanFirst Management Corp., OceanFirst Realty Corp., Casaba Real Estate Holdings Corporation, CBNJ Investments Corp., Country Property Holdings, Inc., and TRCB Investment Corp. Certain other subsidiaries were dissolved in 2020 and are included in the consolidated financial statements for prior periods. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts previously reported have been reclassified to conform to the current year’s presentation.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of the accompanying consolidated financial statements, in conformity with these accounting principles, requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current and forecasted economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes, including in the economic environment, will be reflected in the financial statements in future periods.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash items in the process of collection, and interest-bearing deposits in other financial institutions. For purposes of the Consolidated Statements of Cash Flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents.
Securities	Securities Securities include debt securities held-to-maturity (“HTM”), and debt securities available-for-sale (“AFS”). Debt securities include U.S. government and agency obligations, state and municipal obligations, corporate debt securities, asset-backed securities, and mortgage-backed securities (“MBS”). Mortgage-backed securities include: agency residential mortgage-backed securities which are issued and guaranteed by either the Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”), and Government National Mortgage Association (“GNMA”); agency commercial mortgage-backed securities which are issued and guaranteed by Small Business Administration (“SBA”), or agency commercial mortgage-backed securities (“ACMBS”); and non-agency commercial mortgage-backed securities which are issued and guaranteed by commercial mortgage-backed securities (“CMBS”), and collateralized mortgage obligations (“CMOs”). Management determines the appropriate classification at the time of purchase. If management has the positive intent not to sell a security and the Company would not be required to sell such a security prior to maturity, the securities can be classified as HTM debt securities. Such securities are stated at amortized cost. Securities in the AFS category are securities which the Company may sell prior to maturity as part of its asset/liability management strategy. Such securities are carried at estimated fair value and unrealized gains and losses, net of related tax effect, are excluded from earnings, but are included as a separate component of stockholders’ equity and as part of other comprehensive income. Discounts and premiums on securities are accreted or amortized using the level-yield method over the estimated lives of the securities, including the effect of prepayments. Gains or losses on the sale of such securities are included in other income using the specific identification method. During 2021 and 2013, the Company transferred securities from AFS to HTM. Unrealized gains or losses at the time of transfer will continue to be reflected in accumulated other comprehensive income, net of subsequent amortization, which is being recognized over the remaining life of the securities. Equity investments with readily determinable fair value are reported at fair value, with changes in fair value reported in net income. Equity investments without readily determinable fair values are carried at cost less impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Credit Losses for Available-for-Sale Debt Securities As of January 1, 2020, the Company adopted ASC 326-30, Available-for-Sale Debt Securities. The adoption retained the fundamental nature of other-than-temporary impairment (“OTTI”) – that entities recognize securities credit losses only once securities become impaired. An AFS debt security is considered impaired when amounts are deemed uncollectible or when the Company intends, or more likely than not will be required to sell, the AFS debt security before recovery of the amortized cost basis. If a determination is made that an AFS debt security is impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as a securities credit loss expense through an allowance for securities credit losses. The securities credit loss expense will be limited to the difference between the security’s amortized cost basis and fair value and any future changes may be reversed, limited to the amount previously expensed, in the period they occur. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. The evaluation of securities for impairment is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the estimated fair value of investments should be recognized in current period earnings. The risks and uncertainties include changes in general economic conditions, the issuer’s financial condition and/or future prospects, the effects of changes in interest rates or credit spreads, and the expected recovery period. On a quarterly basis the Company evaluates the AFS debt securities for impairment. Securities that are in an unrealized loss position are reviewed to determine if a securities credit loss exists based on certain quantitative and qualitative factors. The primary factors considered in evaluating whether an impairment exists include: (a) the extent to which the fair value is less than the amortized cost basis, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, and (d) whether the Company intends to sell the security and whether it is more likely than not that the Company will not be required to sell the security.
Loans Receivable	Loans Receivable Loans receivable, other than loans held-for-sale, are stated at unpaid principal balance, plus unamortized premiums less unearned discounts, net of deferred loan origination and commitment fees and costs, and the associated allowance for loan credit losses. Loan origination and commitment fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income using the level-yield method over the contractual life of the specifically identified loans, adjusted for actual prepayments. For each loan class, a loan is considered past due when a payment has not been received in accordance with the contractual terms. Loans which are more than 90 days past due, and other loans in the process of foreclosure, are placed on non-accrual status. Interest income previously accrued on these loans, but not yet received, is reversed in the current period. Any interest subsequently collected is credited to income in the period of recovery only after the full principal balance has been brought current and has returned to accrual status. A loan is returned to accrual status when all amounts due have been received, payments remain current for a period of six months, and the remaining principal and interest are deemed collectible. Loans are charged-off in the period the loans, or portion thereof, are deemed uncollectible. The Company will record a loan charge-off to reduce a loan to the estimated fair value of the underlying collateral, less cost to sell, if it is determined that it is probable that recovery will come primarily from the sale of the collateral.
Loans Held-for-sale	Loans Held for SaleLoans held for sale are carried at the lower of unpaid principal balance, net, or estimated fair value on an aggregate basis. Estimated fair value is generally determined based on bid quotations from securities dealers.
Allowance for Credit Losses (“ACL”)	Allowance for Credit Losses (“ACL”) Under the current expected credit loss (“CECL”) model, the allowance for credit losses on financial assets is a valuation allowance estimated at each balance sheet date in accordance with GAAP that is deducted from the financial assets’ amortized cost basis to present the net amount expected to be collected on the financial assets. The CECL model also applies to certain off-balance sheet credit exposures. The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the ACL. For loans under forbearance as a result of Coronavirus Disease 2019 (“COVID-19”), the Company made a policy election to include the accrued interest receivable related to such loans in the amortized cost basis and therefore includes it in the measurement of the ACL. Accrued interest receivable related to loans at December 31, 2021 was $26.2 million, of which $4.4 million related to forbearance loans. Expected credit losses are reflected in the ACL through a charge to credit loss expense. The Company’s estimate of the ACL reflects credit losses currently expected over the remaining contractual life of the assets. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible. When available information confirms that specific financial assets, or portions thereof, are uncollectible, these amounts are charged off against the ACL. Subsequent recoveries, if any, are credited to the ACL when received. The Company measures the ACL of financial assets on a collective portfolio segment basis when the financial assets share similar risk characteristics. The Company has identified the following portfolio segments of financial assets with similar risk characteristics for measuring expected credit losses: commercial and industrial, commercial real estate - owner occupied, commercial real estate - investor (including commercial real estate - construction and land), residential real estate, consumer (including student loans) and HTM debt securities. The Company further segments the commercial loan portfolios by risk rating, and the residential and consumer loan portfolios by delinquency. The total ACL on loans measured on a collective portfolio segment basis was $48.6 million as of December 31, 2021. The HTM portfolio is segmented by rating category. The Company’s methodology to measure the ACL incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio segment level. The quantitative component includes the calculation of loss rates using an open pool method. Under this method, the Company calculates a loss rate based on historical loan level loss experience for portfolio segments with similar risk characteristics. The historical loss rate is adjusted for select macroeconomic variables that consider both historical trends as well as forecasted trends for a single economic scenario. The adjusted loss rate is calculated for an eight quarter forecast period then reverts to the historical loss rate on a straight-line basis over four quarters. The Company differentiates its loss-rate method for HTM debt securities by looking to publicly available historical default and recovery statistics based on the attributes of issuer type, rating category and time to maturity. The Company measures expected credit losses of these financial assets by applying loss rates to the amortized cost basis of each asset taking into consideration amortization, prepayment and default assumptions. The Company considers qualitative adjustments to expected credit loss estimates for information not already captured in the loss estimation process. Qualitative factor adjustments may increase or decrease management’s estimate of expected credit losses. Adjustments will not be made for information that has already been considered and included in the quantitative allowance. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data, changes in loan composition, performance trends, regulatory changes, uncertainty of macroeconomic forecasts, and other asset specific risk characteristics. Collateral Dependent Financial Assets For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is generally calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell. Due to conditions caused by COVID-19, appraisals ordered in the current environment may not be indicative of the underlying loan collateral value. As such, the Company may require multiple valuation approaches (sales comparison approach, income approach, and/or cost approach), as applicable. The Company will assess the individual facts and circumstances of COVID-19-related loan downgrades and, if a new appraisal is not necessary, an additional discount may be applied to an existing appraisal. Troubled Debt Restructured (“TDR”) Loans A loan that has been modified or renewed is considered a TDR when two conditions are met: (1) the borrower is experiencing financial difficulty and (2) concessions are made for the borrower's benefit that would not otherwise be considered for a borrower or transaction with similar credit risk characteristics. So long as they share similar risk characteristics, TDRs may be collectively evaluated and included in the Company’s existing portfolio segments to measure the ACL, unless the TDR is collateral dependent. Loans modified in accordance with the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act are not considered TDRs. Loan Commitments and Allowance for Loan Credit Losses on Off-Balance Sheet Credit Exposures Financial assets include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to loan credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for loan credit losses on off-balance sheet credit exposures through a charge to loan credit loss expense for off-balance sheet credit exposures. The ACL on off-balance sheet credit exposures is estimated by portfolio segment at each balance sheet date under the CECL model using the same methodologies as portfolio loans, taking into consideration management’s assumption of the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Acquired Loans Acquired loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Certain acquired loans are grouped together according to similar risk characteristics and are aggregated when applying various valuation techniques. These cash flow evaluations are subjective as they require material estimates, all of which may be susceptible to significant change. Beginning on January 1, 2020, loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased with credit deterioration (“PCD”) loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that were current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses was made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Allowance for Loan Losses (Prior to January 1, 2020) The allowance for loan losses (currently referred to as ACL on loans) represented a valuation account that reflected probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses was based on management’s evaluation of the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, current economic and regulatory conditions, as well as organizational changes. The allowance for loan losses was maintained at an amount management considered sufficient to provide for probable losses.
Reserve for Repurchased Loans and Loss Sharing Obligations	Reserve for Repurchased Loans and Loss Sharing ObligationsThe reserve for repurchased loans and loss sharing obligations relates to potential losses on loans sold which may have to be repurchased due to a violation of representations and warranties, an estimate of the Bank’s obligation under a loss sharing arrangement for loans sold to the FHLB as well as the potential repair requests for guaranteed loans sold to the SBA. Provisions for losses are charged to gain on sale of loans and credited to the reserve while actual losses are charged to the reserve. The reserve represents the Company’s estimate of the total losses expected to occur and is considered to be adequate by management based upon the Company’s evaluation of the potential exposure related to the loan sale agreements and loss sharing obligations over the period of repurchase risk. The reserve for repurchased loans and loss sharing obligations, as well as SBA repair requests, is included in other liabilities on the Company’s consolidated statement of financial condition.
Other Real Estate Owned (“OREO”)	Other Real Estate Owned (“OREO”) Other real estate owned is carried at the lower of cost or estimated fair value, less estimated costs to sell. When a property is acquired, the excess of the loan balance over estimated fair value is charged to the allowance for credit losses for loans. Operating results from other real estate owned, including rental income, operating expenses, gains and losses realized from the sales of other real estate owned, and subsequent write-downs are recorded as incurred.
Premises and Equipment	Premises and Equipment Land is carried at cost and premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization or, in the case of acquired premises, the estimated fair value on the acquisition date. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or leases. Generally, depreciable lives are as follows: computer software and equipment: 3 years; furniture, fixtures and other electronic equipment: 5 years; building improvements: 10 years; and buildings: 30 years. Depreciable assets are placed in service when they are in a condition for use and available for their designated function. The Company has not developed any internal use software. Repair and maintenance items are expensed and improvements are capitalized. Gains and losses on dispositions are reflected in branch consolidation expenses and other income.
Leases	LeasesThe Company recognizes operating lease agreements on the consolidated statements of financial condition as a right-of-use (“ROU”) asset and a corresponding lease liability. The ROU asset and lease liability are calculated as the present value of the minimum lease payments over the lease term, discounted for the rate implicit in the lease, provided the rate is readily determinable.
Income Taxes	Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Any interest and penalties on taxes payable are included as part of the provision for income taxes.
Bank Owned Life Insurance (“BOLI”)	Bank Owned Life Insurance (“BOLI”) Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. Part of the Company’s BOLI is invested in a separate account insurance product, which is invested in a fixed income portfolio. The separate account includes stable value protection which maintains realizable value at book value with investment gains and losses amortized over future periods. Increases in cash surrender value are included in other non-interest income, while proceeds from death benefits are generally recorded as a reduction to the carrying value.
Intangible Assets	Intangible AssetsIntangible assets resulting from acquisitions, under the acquisition method of accounting, consists of goodwill and core deposit intangibles. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. Goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. The Company prepares a qualitative assessment, and if necessary, a quantitative assessment, in determining whether goodwill may be impaired. The factors considered in the qualitative assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among other factors. Under a quantitative assessment, the Company will estimate the fair value of the Company by utilizing a weighted discounted cash flow method, guideline public company method, and transaction method. The Company completes its annual goodwill impairment test as of August 31 and evaluates triggering events during interim periods, as applicable. The Company completed its annual goodwill impairment test as of August 31, 2021. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. At December 31, 2021, management performed its qualitative assessment and concluded no events or circumstances occurred subsequent to August 31, 2021 that would trigger another impairment test.
Segment Reporting	Segment Reporting The Company’s operations are solely in the financial services industry and includes providing traditional banking and other financial services to its customers. The Company operates throughout New Jersey and the major metropolitan markets of Philadelphia, New York, Baltimore, Washington D.C., and Boston. Management makes operating decisions and assesses performance based on an ongoing review of the Company’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes.
Earnings Per Share	Earnings Per ShareBasic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding and potential common stock utilizing the treasury stock method. All share amounts exclude unallocated shares of stock held by the ESOP and by incentive plans.
Accounting Pronouncements Adopted in 2021	Accounting Pronouncements Adopted in 2021 In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and in January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)”. These ASUs provides guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The updates provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions, that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. In addition, the updates provide optional expedients for applying the requirements of certain Topics or Industry Subtopics in the Codification for contracts that are modified because of reference rate reform and contemporaneous modifications of other contract terms related to the replacement of the reference rate. These ASUs are effective for all companies as of March 31, 2020 through December 31, 2022. Once elected for a Topic or an Industry Subtopic, the amendments in these updates must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted the temporary relief and optional expedients provided under these ASUs as of December 31, 2021 and will be applied prospectively until December 31 2022, except where otherwise permitted by the standard. In January 2020, FASB issued Update 2020-01, an update to Topic 321, Investments, Topic 323, Joint Ventures and Topic 815, Derivatives and Hedging. The update clarifies the accounting for certain equity securities upon the application or discontinuation of the equity method of accounting in accordance with Topic 321. In addition, the update clarifies scope considerations for forward contracts and purchased options on certain securities. This update was effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2020. The adoption of this standard did not have an impact on the Company’s financial statements.

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2021

Banking and Thrift, Interest [Abstract]

Summary of Regulatory Capital Amounts and Ratios

The following is a summary of the Bank’s and the Company’s regulatory capital amounts and ratios as of December 31, 2021 and 2020 compared to the regulatory minimum capital adequacy requirements and the regulatory requirements for classification as a well-capitalized institution then in effect (dollars in thousands):


As of December 31, 2021	Actual				For capital adequacy purposes					To be well-capitalized under prompt corrective action
Bank:	Amount		Ratio		Amount		Ratio			Amount		Ratio
Tier 1 capital (to average assets)	$	1,027,660	9.08	%	$	452,669	4.00	%		$	565,836	5.00	%
Common equity Tier 1 (to risk-weighted assets)	1,027,660		11.62		619,178		7.00		(1)	574,951		6.50
Tier 1 capital (to risk-weighted assets)	1,027,660		11.62		751,860		8.50		(1)	707,633		8.00
Total capital (to risk-weighted assets)	1,079,766		12.21		928,768		10.50		(1)	884,541		10.00
Company:
Tier 1 capital (to average assets)	$	1,044,518	9.22	%	$	453,087	4.00	%		N/A		N/A
Common equity Tier 1 (to risk-weighted assets)	917,088		10.26		625,801		7.00		(1)	N/A		N/A
Tier 1 capital (to risk-weighted assets)	1,044,518		11.68		759,902		8.50		(1)	N/A		N/A
Total capital (to risk-weighted assets)	1,257,372		14.06		938,702		10.50		(1)	N/A		N/A


As of December 31, 2020	Actual				For capital adequacy purposes					To be well-capitalized under prompt corrective action
Bank:	Amount		Ratio		Amount		Ratio			Amount		Ratio
Tier 1 capital (to average assets)	$	942,122	8.48	%	$	444,648	4.00	%		$	555,810	5.00	%
Common equity Tier 1 (to risk-weighted assets)	942,122		12.11		544,625		7.00		(1)	505,724		6.50
Tier 1 capital (to risk-weighted assets)	942,122		12.11		661,331		8.50		(1)	622,429		8.00
Total capital (to risk-weighted assets)	1,004,480		12.91		816,938		10.50		(1)	778,036		10.00
Company:
Tier 1 capital (to average assets)	$	998,273	9.44	%	$	423,028	4.00	%		N/A		N/A
Common equity Tier 1 (to risk-weighted assets)	871,385		11.05		552,075		7.00		(1)	N/A		N/A
Tier 1 capital (to risk-weighted assets)	998,273		12.66		670,377		8.50		(1)	N/A		N/A
Total capital (to risk-weighted assets)	1,230,370		15.60		828,113		10.50		(1)	N/A		N/A

(1) Includes the Capital Conservation Buffer of 2.50%.

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Merger Related Expenses

The following table summarizes the merger related expenses for the years ended December 31, 2021, 2020 and 2019:


	For the Year Ended December 31,
	2021		2020		2019
	(in thousands)
Data processing fees	$	253	$	3,758	$	2,514
Professional fees	343		3,638		4,239
Employee severance payments	663		7,727		2,942
Other/miscellaneous fees	244		824		808
Merger related expenses	$	1,503	$	15,947	$	10,503

Schedule of Estimated Fair Value of the Assets Acquired and the Liabilities Assumed as Date of Acquisition

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Two River, net of total consideration paid (in thousands):


	At January 1, 2020
		Estimated Fair Value
Total purchase price:		$	197,050
Assets acquired:
Cash and cash equivalents		$	51,102
Securities		64,381
Loans		940,072
Accrued interest receivable		2,382
Bank owned life insurance		22,440
Deferred tax assets, net		3,158
Other assets		15,956
Core deposit intangible		12,130
Total assets acquired		1,111,621
Liabilities assumed:
Deposits		(941,750)

Other liabilities		(59,026)
Total liabilities assumed		(1,000,776)
Net assets acquired		$	110,845
Goodwill recorded in the merger		$	86,205

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Country Bank, net of total consideration paid (in thousands):


	At January 1, 2020
		Estimated Fair Value
Total purchase price:		$	112,836
Assets acquired:
Cash and cash equivalents		$	20,799
Securities		144,499
Loans		618,408
Accrued interest receivable		1,779

Deferred tax assets, net		(3,117)
Other assets		9,195
Core deposit intangible		2,117
Total assets acquired		793,680
Liabilities assumed:
Deposits		(652,653)

Other liabilities		(67,240)
Total liabilities assumed		(719,893)
Net assets acquired		$	73,787
Goodwill recorded in the merger		$	39,049

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Capital Bank, net of total consideration paid (in thousands):


	At January 31, 2019
		Estimated Fair Value
Total purchase price:		$	76,834
Assets acquired:
Cash and cash equivalents		$	59,748
Securities		103,775
Loans		307,300
Accrued interest receivable		1,390
Bank owned life insurance		10,460
Deferred tax assets, net		4,101
Other assets		4,980
Core deposit intangible		2,662
Total assets acquired		494,416
Liabilities assumed:
Deposits		(449,018)

Other liabilities		(5,210)
Total liabilities assumed		(454,228)
Net assets acquired		$	40,188
Goodwill recorded in the merger		$	36,646

Business Acquisition, Pro Forma Information


	Two River Actual from January 1, 2020 to December 31, 2020		Country Bank Actual from January 1, 2020 to December 31, 2020		Capital Bank Actual from January 31, 2019 to December 31, 2019		Pro forma Year ended December 31, 2019
(in thousands, except per share amounts)	(unaudited)
Net interest income	$	41,978	$	27,411	$	17,090	$	329,327
Credit loss expense	6,117		4,481		385		2,686
Non-interest income	2,688		45		1,456		47,484
Non-interest expense	27,431		17,993		12,482		240,913
Provision for income taxes	2,686		1,204		1,193		23,870
Net income	$	8,432	$	3,778	$	4,486	$	109,342
Fully diluted earnings per share							$	1.79

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expense for the core deposit intangible over the next five years and thereafter is as follows (in thousands):


For the Year Ending December 31,	Amortization Expense
2022	$	4,718
2023	3,984
2024	3,250
2025	2,516
2026	1,784
Thereafter	1,963
Total	$	18,215

Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Allowance for Securities Credit Losses
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations	$	164,756	$	1,135	$	(471)	$	165,420	$	—
Corporate debt securities	5,000		42		(11)		5,031		—
Asset-backed securities	298,976		41		(1,489)		297,528		—

Agency commercial MBS	101,142		57		(923)		100,276		—
Total debt securities available-for-sale	$	569,874	$	1,275	$	(2,894)	$	568,255	$	—
Debt securities held-to-maturity:

State, municipal, and sovereign debt obligations	$	281,389	$	10,185	$	(1,164)	$	290,410	$	(85)
Corporate debt securities	68,823		1,628		(1,279)		69,172		(1,343)
Mortgage-backed securities:
Agency residential	756,844		6,785		(7,180)		756,449		—



Agency commercial	4,385		7		(44)		4,348		—
Non-agency commercial	32,107		362		(104)		32,365		(39)
Total mortgage-backed securities	793,336		7,154		(7,328)		793,162		(39)
Total debt securities held-to-maturity	$	1,143,548	$	18,967	$	(9,771)	$	1,152,744	$	(1,467)
Total debt securities	$	1,713,422	$	20,242	$	(12,665)	$	1,720,999	$	(1,467)
At December 31, 2020
Debt securities available-for-sale:
U.S government and agency obligations	$	173,790	$	3,152	$	(2)	$	176,940	$	—
Asset-backed securities	6,174		—		(4)		6,170		—
Agency residential MBS	190		2		—		192		—
Total debt securities available-for-sale	$	180,154	$	3,154	$	(6)	$	183,302	$	—
Debt securities held-to-maturity:

State, municipal, and sovereign debt obligations	$	238,405	$	11,500	$	(231)	$	249,674	$	(48)
Corporate debt securities	72,305		1,615		(2,652)		71,268		(1,550)
Mortgage-backed securities:
Agency residential	593,891		15,037		(283)		608,645		—



Agency commercial	5,392		—		(60)		5,332		—
Non-agency commercial	32,321		1,226		—		33,547		(117)
Total mortgage-backed securities	631,604		16,263		(343)		647,524		(117)
Total debt securities held-to-maturity	$	942,314	$	29,378	$	(3,226)	$	968,466	$	(1,715)
Total debt securities	$	1,122,468	$	32,532	$	(3,232)	$	1,151,768	$	(1,715)

Debt Securities, Held-to-maturity, Allowance for Credit Loss

The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the year ended December 31, 2021 (in thousands):


	For the Year Ended December 31,
	2021		2020
Allowance for credit losses
Beginning balance	$	(1,715)	$	—
Impact of CECL adoption	—		(1,268)
Benefit (Provision) for credit loss expense	248		(447)
Total ending allowance balance	$	(1,467)	$	(1,715)

Carrying Value of Held-to-Maturity Investment Securities

The carrying value of the debt securities held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):


	December 31,
	2021		2020
Amortized cost	$	1,143,548	$	942,314
Net loss on date of transfer from available-for-sale	(13,556)		(13,347)
Allowance for securities credit loss	(1,467)		(1,715)
Accretion of net unrealized loss on securities reclassified as held-to-maturity	10,668		10,001
Carrying value	$	1,139,193	$	937,253

The realized and unrealized gains on equity securities for the year ended December 31, 2021 and 2020 are as follows (in thousands):


	For the Year Ended December 31,
	2021		2020
Net gain on equity investments	$	7,145	$	21,214
Less: Net gains recognized on equity investments sold	8,123		5,401
Unrealized (loss) gain recognized on equity investments still held	$	(978)	$	15,813

Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity

The amortized cost and estimated fair value of debt securities at December 31, 2021 by contractual maturity are as follows (in thousands):


At December 31, 2021	Amortized Cost		Estimated Fair Value
Less than one year	$	100,483	$	101,018
Due after one year through five years	148,332		150,222
Due after five years through ten years	275,734		274,360
Due after ten years	294,395		301,961
	$	818,944	$	827,561

Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity

The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at December 31, 2021 and December 31, 2020, segregated by the duration of the unrealized losses, are as follows (in thousands):


	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations	$	82,395	$	(471)	$	—	$	—	$	82,395	$	(471)
Corporate debt securities	1,989		(11)		—		—		1,989		(11)
Asset-backed securities	279,486		(1,489)		—		—		279,486		(1,489)
Agency commercial MBS	80,726		(923)		—		—		80,726		(923)


Total debt securities available-for-sale	444,596		(2,894)		—		—		444,596		(2,894)
Debt securities held-to-maturity:


State, municipal, and sovereign debt obligations	75,329		(1,063)		4,383		(101)		79,712		(1,164)
Corporate debt securities	38,304		(1,279)		—		—		38,304		(1,279)

Mortgage-backed securities:
Agency residential	445,399		(5,822)		50,133		(1,358)		495,532		(7,180)



Agency commercial	2,255		(41)		886		(3)		3,141		(44)
Non-agency commercial	10,722		(104)		—		—		10,722		(104)
Total mortgage-backed securities	458,376		(5,967)		51,019		(1,361)		509,395		(7,328)
Total debt securities held-to-maturity	572,009		(8,309)		55,402		(1,462)		627,411		(9,771)
Total debt securities	$	1,016,605	$	(11,203)	$	55,402	$	(1,462)	$	1,072,007	$	(12,665)
At December 31, 2020
Debt securities available-for-sale:

U.S government and agency obligations	$	17,029	$	(2)	$	—	$	—	$	17,029	$	(2)
Asset-backed securities	4,766		(4)		—		—		4,766		(4)


Total debt securities available-for-sale	21,795		(6)		—		—		21,795		(6)
Debt securities held-to-maturity:



State, municipal, and sovereign debt obligations	2,823		(23)		7,509		(208)		10,332		(231)
Corporate debt securities	10,192		(255)		35,935		(2,397)		46,127		(2,652)

Mortgage-backed securities:
Agency residential	69,882		(256)		1,815		(27)		71,697		(283)



Agency commercial	3,626		(12)		1,706		(48)		5,332		(60)
Total mortgage-backed securities	73,508		(268)		3,521		(75)		77,029		(343)
Total debt securities held-to-maturity	86,523		(546)		46,965		(2,680)		133,488		(3,226)
Total debt securities	$	108,318	$	(552)	$	46,965	$	(2,680)	$	155,283	$	(3,232)

Debt Securities, Held-to-maturity, Credit Quality Indicator

The amortized cost of debt securities held-to-maturity at December 31, 2021 aggregated by credit quality indicator are as follows (in thousands):


	Investment Grade		Non-Investment Grade/Non-rated		Total
At December 31, 2021


State, municipal, and sovereign debt obligations	$	281,389	$	—	$	281,389
Corporate debt securities	54,020		14,803		68,823


Non-agency commercial MBS	32,107		—		32,107

Total debt securities held-to-maturity	$	367,516	$	14,803	$	382,319

Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Loans Receivable

Loans receivable, net at December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31,
	2021		2020
Commercial:
Commercial and industrial (1)	$	449,224	$	470,656
Commercial real estate - owner occupied	1,055,065		1,145,065
Commercial real estate - investor	4,378,061		3,491,464
Total commercial	5,882,350		5,107,185
Consumer:
Residential real estate	2,479,701		2,309,459

Home equity loans and lines and other consumer (“other consumer”)	260,819		339,462

Total consumer	2,740,520		2,648,921


Total loans receivable	8,622,870		7,756,106

Deferred origination costs, net of fees	9,332		9,486
Allowance for loan credit losses	(48,850)		(60,735)
Total loans receivable, net	$	8,583,352	$	7,704,857

(1)Commercial and industrial loans at December 31, 2021 and 2020 includes Paycheck Protection Program (“PPP”) loans of $22.9 million and $95.4 million, respectively.

Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans

The following tables summarize total loans by year of origination, internally assigned credit grades, and risk characteristics (in thousands):


	2021		2020		2019		2018		2017		2016 and Prior		Revolving Lines of Credit		Total
December 31, 2021
Commercial and industrial
Pass	$	42,955	$	22,573	$	22,878	$	16,404	$	8,671	$	50,887	$	271,818	$	436,186
Special Mention	—		—		231		350		85		172		3,645		4,483
Substandard	—		457		2,281		813		198		2,029		2,777		8,555
Total commercial and industrial	42,955		23,030		25,390		17,567		8,954		53,088		278,240		449,224
Commercial real estate - owner occupied
Pass	116,355		71,196		125,212		91,531		109,232		449,966		10,913		974,405
Special Mention	—		—		1,365		3,829		479		14,371		2		20,046
Substandard	—		—		14,166		8,549		5,606		31,576		717		60,614
Total commercial real estate - owner occupied	116,355		71,196		140,743		103,909		115,317		495,913		11,632		1,055,065
Commercial real estate - investor
Pass	1,387,753		609,916		535,551		274,662		375,646		800,089		255,613		4,239,230
Special Mention	—		—		23,794		9,400		2,731		28,663		582		65,170
Substandard	—		4,267		28,802		468		8,495		28,228		3,401		73,661
Total commercial real estate - investor	1,387,753		614,183		588,147		284,530		386,872		856,980		259,596		4,378,061


Residential real estate (1)
Pass	876,135		475,134		288,699		127,756		105,385		602,331		—		2,475,440
Special Mention	—		212		—		61		—		1,313		—		1,586
Substandard	—		—		—		—		351		2,324		—		2,675
Total residential real estate	876,135		475,346		288,699		127,817		105,736		605,968		—		2,479,701
Other consumer (1)
Pass	26,512		19,168		18,179		51,954		17,955		123,783		—		257,551
Special Mention	—		—		—		—		—		322		—		322
Substandard	—		—		—		18		—		2,928		—		2,946
Total other consumer	26,512		19,168		18,179		51,972		17,955		127,033		—		260,819

Total loans	$	2,449,710	$	1,202,923	$	1,061,158	$	585,795	$	634,834	$	2,138,982	$	549,468	$	8,622,870

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.


	2020		2019		2018		2017		2016		2015 and Prior		Revolving Lines of Credit		Total
December 31, 2020
Commercial and industrial
Pass	$	137,262	$	40,737	$	27,967	$	18,845	$	33,568	$	59,339	$	134,140	$	451,858
Special Mention	150		583		826		1,422		907		118		1,429		5,435
Substandard	581		1,284		1,243		809		439		1,706		7,301		13,363
Total commercial and industrial	137,993		42,604		30,036		21,076		34,914		61,163		142,870		470,656
Commercial real estate - owner occupied
Pass	96,888		114,506		122,962		124,050		104,264		428,423		18,932		1,010,025
Special Mention	—		3,512		8,240		1,023		17,115		17,811		439		48,140
Substandard	—		34,670		9,001		3,404		3,677		35,509		639		86,900
Total commercial real estate - owner occupied	96,888		152,688		140,203		128,477		125,056		481,743		20,010		1,145,065
Commercial real estate - investor
Pass	635,930		628,435		317,104		426,268		281,876		812,062		194,913		3,296,588
Special Mention	—		15,979		17,113		15,225		4,234		55,872		149		108,572
Substandard	4,311		9,217		1,931		17,222		11,474		36,326		5,823		86,304
Total commercial real estate - investor	640,241		653,631		336,148		458,715		297,584		904,260		200,885		3,491,464


Residential real estate (1)
Pass	595,982		437,593		226,435		166,773		146,237		729,037		—		2,302,057
Special Mention	—		532		—		—		446		2,186		—		3,164
Substandard	570		—		1,489		221		—		1,958		—		4,238
Total residential real estate	596,552		438,125		227,924		166,994		146,683		733,181		—		2,309,459
Other consumer (1)
Pass	24,954		26,659		83,296		25,469		16,565		156,276		2,145		335,364
Special Mention	—		—		—		—		150		382		—		532
Substandard	—		—		—		—		—		3,566		—		3,566
Total other consumer	24,954		26,659		83,296		25,469		16,715		160,224		2,145		339,462

Total loans	$	1,496,628	$	1,313,707	$	817,607	$	800,731	$	620,952	$	2,340,571	$	365,910	$	7,756,106

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.

Analysis of Allowance for Loan Losses

An analysis of the allowance for credit losses on loans for the years ended December 31, 2021 and 2020 is as follows (in thousands):


	Commercial and Industrial		Commercial Real Estate - Owner Occupied		Commercial Real Estate - Investor		Residential Real Estate		Other Consumer		Unallocated		Total
For the Year Ended December 31, 2021
Allowance for credit losses on loans
Balance at beginning of year	$	5,390	$	15,054	$	26,703	$	11,818	$	1,770	$	—	$	60,735
Credit loss benefit	(321)		(9,190)		(974)		(761)		(1,100)		—		(12,346)
Charge-offs	(154)		(65)		(345)		(254)		(213)		—		(1,031)
Recoveries	124		85		120		352		811		—		1,492
Balance at end of year	$	5,039	$	5,884	$	25,504	$	11,155	$	1,268	$	—	$	48,850
For the Year Ended December 31, 2020
Allowance for credit losses on loans
Balance at beginning of year	$	1,458	$	2,893	$	9,883	$	2,002	$	591	$	25	$	16,852
Impact of CECL adoption	2,416		(1,109)		(5,395)		3,833		2,981		(25)		2,701
Initial allowance for credit losses on PCD loans	1,221		26		260		109		1,023		—		2,639
Credit loss expense (benefit) (1)	1,039		15,007		34,935		8,191		(1,770)		—		57,402
Charge-offs (1)	(890)		(1,769)		(13,081)		(3,200)		(1,244)		—		(20,184)
Recoveries	146		6		101		883		189		—		1,325
Balance at end of year	$	5,390	$	15,054	$	26,703	$	11,818	$	1,770	$	—	$	60,735

(1) The year ended December 31, 2020 was impacted by the shift in current and forward-looking economic conditions, credit migration, and borrower vulnerability related to COVID-19. The Company recorded $14.6 million of charge-offs related to the sale of higher-risk commercial loans and $3.3 million of charge-offs related to the sale of under-performing residential and consumer loans.

Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans

The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of December 31, 2021 and 2020 (in thousands).


	December 31,
	2021		2020
Commercial and industrial	$	277	$	1,908
Commercial real estate – owner occupied	11,904		13,751
Commercial real estate – investor	3,614		18,287
Residential real estate	6,114		8,671
Other consumer	3,585		4,246
Total non-accrual loans	$	25,494	$	46,863

Aging of Recorded Investment in Past Due Loans Excluding PCI Loans

The following table presents the aging of the recorded investment in past due loans as of December 31, 2021 and 2020 by loan portfolio segment (in thousands).


	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due		Total Past Due		Loans Not Past Due		Total
December 31, 2021
Commercial and industrial	$	25	$	151	$	277	$	453	$	448,771	$	449,224
Commercial real estate – owner occupied	599		—		575		1,174		1,053,891		1,055,065
Commercial real estate – investor	1,717		102		1,709		3,528		4,374,533		4,378,061
Residential real estate	9,705		1,586		2,675		13,966		2,465,735		2,479,701
Other consumer	339		322		2,946		3,607		257,212		260,819
Total loans receivable	$	12,385	$	2,161	$	8,182	$	22,728	$	8,600,142	$	8,622,870
December 31, 2020
Commercial and industrial	$	3,050	$	628	$	327	$	4,005	$	466,651	$	470,656
Commercial real estate – owner occupied	1,015		—		7,871		8,886		1,136,179		1,145,065
Commercial real estate – investor	8,897		3,233		11,122		23,252		3,468,212		3,491,464
Residential real estate	15,156		3,164		4,238		22,558		2,286,901		2,309,459
Other consumer	978		533		3,568		5,079		334,383		339,462
Total loans receivable	$	29,096	$	7,558	$	27,126	$	63,780	$	7,692,326	$	7,756,106

Troubled Debt Restructurings

The following table presents information about TDRs which occurred during the years ended December 31, 2021 and 2020 (dollars in thousands):


	Number of Loans	Pre-modification Recorded Investment		Post-modification Recorded Investment
For the Year Ended December 31, 2021
Troubled debt restructurings:
Commercial real estate – owner occupied	2	$	6,406	$	6,423
Commercial real estate – investor	1	4,903		4,903
Residential real estate	3	244		336
Other consumer	3	39		49
For the Year Ended December 31, 2020
Troubled debt restructurings:
Commercial real estate – owner occupied	1	$	1,112	$	1,143
Commercial real estate – investor	2	1,035		1,116
Residential real estate	6	1,018		1,065
Other consumer	6	1,035		668

Interest and Dividends Receivable (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Interest and Dividends Receivable

Interest and dividends receivable at December 31, 2021 and 2020 are summarized as follows (in thousands):


	December 31,
	2021		2020
Loans receivable	$	26,208	$	30,893
Debt securities	5,753		4,184
Equity investments and other	645		192
Total interest and dividends receivable	$	32,606	$	35,269

Premises and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Premises and Equipment

Premises and equipment, net of accumulated depreciation and amortization expense at December 31, 2021 and 2020 are summarized as follows (in thousands):


	December 31,
	2021		2020
Land	$	18,774	$	23,109
Buildings and improvements	94,573		99,350
Leasehold improvements	8,460		8,640
Furniture and equipment	30,314		28,707
Capitalized software	6,989		2,932
Finance lease	2,386		1,845
Other (1)	38,057		10,270
Total	199,553		174,853
Accumulated depreciation and amortization	(73,725)		(67,759)
Total premises and equipment, net	$	125,828	$	107,094

(1) Includes assets under construction of $36.2 million related to the expansion of the Company’s headquarters in Toms River, New Jersey.

Deposits (Tables)

12 Months Ended

Dec. 31, 2021

Banking and Thrift, Other Disclosures [Abstract]

Summary of Deposits Including Accrued Interest Payable

The major types of deposits at December 31, 2021 and 2020 were as follows (dollars in thousands):


	December 31,
	2021				2020
	Amount		Weighted Average Cost		Amount		Weighted Average Cost
Non-interest-bearing	$	2,412,056	—	%	$	2,133,195	—	%
Interest-bearing checking	4,201,736		0.24		3,646,866		0.49
Money market deposit	736,090		0.06		783,521		0.19
Savings	1,607,933		0.03		1,491,251		0.05
Time deposits	775,001		0.95		1,372,783		1.51
Total deposits	$	9,732,816	0.19	%	$	9,427,616	0.43	%

Summary of Time Deposits by Maturity

Time deposits at December 31, 2021 mature as follows (in thousands):


For the Year Ending December 31,	Time Deposit Maturities
2022	$	552,666
2023	110,956
2024	67,097
2025	16,417
2026	13,539
Thereafter	14,326
Total	$	775,001

Summary of Interest Expense on Deposits

Interest expense on deposits for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Interest-bearing checking	$	13,400	$	19,395	$	16,820
Money market deposit	1,105		2,902		4,919
Savings	631		2,505		1,195
Time deposits	10,074		23,488		15,498
Total interest expense on deposits	$	25,210	$	48,290	$	38,432

Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Borrowed Funds

Borrowed funds are summarized as follows (dollars in thousands):


	December 31,
	2021				2020
	Amount		Weighted Average Rate		Amount		Weighted Average Rate

Securities sold under agreements to repurchase with retail customers	$	118,769	0.16	%	$	128,454	0.33	%
Other borrowings	229,141		4.47		235,471		4.58
Total borrowed funds	$	347,910	3.00	%	$	363,925	3.08	%

Summary of Federal Home Loan Bank Advances and Securities Sold Under Agreements to Repurchase

Information concerning FHLB advances and securities sold under agreements to repurchase with retail customers (“reverse repurchase agreements”) is summarized as follows (dollars in thousands):


	FHLB Advances			Reverse Repurchase Agreements
	2020			2021			2020
Average balance	$	413,290		$	134,939		$	125,500
Maximum amount outstanding at any month end	825,824			156,433			153,810
Average interest rate for the year	1.70		%	0.19		%	0.45		%
Amortized cost of collateral:
Debt and equity securities	$	—		$	141,423		$	147,445
Estimated fair value of collateral:
Debt and equity securities	—			142,924			152,679

Schedule of Other Borrowings

The other borrowings at December 31, 2021 include the following (in thousands):


Type of Debt	Stated Value		Carrying Value		Interest Rate			Maturity
Subordinated debt	$	35,000	$	35,000	4.138	%	(1)	September 30, 2026
Subordinated debt	125,000		122,989		5.250	%	(2)	May 15, 2030
Trust preferred	10,000		7,965		3 month LIBOR plus 225 basis points			December 15, 2034
Trust preferred	30,000		23,258		3 month LIBOR plus 135 basis points			March 15, 2036
Trust preferred	5,000		5,000		3 month LIBOR plus 165 basis points			August 1, 2036
Trust preferred	7,500		7,500		3 month LIBOR plus 166 basis points			November 1, 2036
Trust preferred	10,000		7,828		3 month LIBOR plus 153 basis points			June 30, 2037
Trust preferred	10,000		10,000		3 month LIBOR plus 175 basis points			September 1, 2037
Trust preferred	10,000		7,697		3 month LIBOR plus 139 basis points			October 1, 2037
Finance lease	1,904		1,904		5.625	%		June 30, 2029
Total	$	244,404	$	229,141

(1)Based on a floating rate of 392 basis points over 3 month London Inter-bank Offered Rate (“LIBOR”).

(2)Adjusts to a floating rate of 509.5 basis points over 3 month Secured Overnight Financing Rate on May 15, 2025.

Interest Expense on Borrowings

Interest expense on borrowings for the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
FHLB advances	$	—	$	7,018	$	8,441
Reverse repurchase agreements	253		562		276
Other borrowings	11,291		10,787		5,674
Total interest expense on borrowings	$	11,544	$	18,367	$	14,391

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Benefit

The provision for income taxes for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Current
Federal	$	19,696	$	15,731	$	1,991
State	8,861		6,617		740
Total current	28,557		22,348		2,731
Deferred
Federal	3,228		(2,746)		18,846
State	380		(1,869)		(2,793)
Total deferred	3,608		(4,615)		16,053
Total provision for income taxes	$	32,165	$	17,733	$	18,784

Schedule of Income Tax Reconciliation

The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate for the years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):


	For the Year Ended December 31,
	2021			2020			2019
Income before provision for income taxes	$	142,241		$	81,042		$	107,358
Federal income tax, at statutory rates	21.0		%	21.0		%	21.0		%
Computed “expected” federal income tax expense	$	29,871		$	17,019		$	22,545
Increase (decrease) in federal income tax expense resulting from
State income taxes, net of federal benefit	7,223			3,751			583
Earnings on BOLI	(1,435)			(1,349)			(1,138)
Tax exempt interest	(768)			(1,161)			(665)
Merger related expenses	24			138			297
Stock compensation	(110)			(136)			(386)
Revaluation of state deferred tax asset	—			—			(2,205)

Reclassification of certain tax effect from accumulated other comprehensive income	(173)			(204)			(221)
Research and development and other credits	(475)			—			—
Dividends received deduction	(510)			—			—
Other items, net	(1,482)			(325)			(26)
Total provision for income taxes	$	32,165		$	17,733		$	18,784

Schedule of Significant Portions of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented in the following table (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Allowance for credit losses on loans and debt securities HTM	$	12,915	$	16,168
Other reserves	3,115		2,485
Incentive compensation	3,546		2,919
Deferred compensation	471		533
Stock plans	2,565		2,214
Unrealized loss on assets held-for-sale	1,626		2,435
Unrealized loss on securities	1,332		272
Net operating loss carryforwards related to acquisition	28,057		33,014
Deferred fees on PPP loans	187		517
Other, net	1,680		195

Federal and state alternative minimum tax	2,295		3,705


Total gross deferred tax assets	57,789		64,457
Deferred tax liabilities:

Unrealized gain on equity securities	—		(4,154)
Premises and equipment	(5,704)		(5,871)
Deferred loan and commitment costs, net	(2,579)		(2,968)
Purchase accounting adjustments	(2,056)		(602)
Investments, discount accretion	(371)		(452)

Other, net	—		(783)
Total gross deferred tax liabilities	(10,710)		(14,830)
Net deferred tax assets	$	47,079	$	49,627

Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Fair Value of Stock Options Granted

The fair value of stock options granted by the Company was estimated through the use of the Black-Scholes option pricing model applying the following assumptions:


	2020			2019
Risk-free interest rate	1.03		%	2.63		%
Expected option life	7 years			7 years
Expected volatility	23		%	21		%
Expected dividend yield	3.33		%	2.70		%

Weighted average fair value of an option share granted during the year	$	2.93		$	4.47
Intrinsic value of options exercised during the year (in thousands)	2,499			2,994

Summary of Option Activity

A summary of option activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	2021			2020			2019
	Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Exercise Price
Outstanding at beginning of year	2,838,867	$	20.67	2,424,032	$	19.80	2,340,842	$	18.25
Granted	—	—		699,651	20.44		461,407	25.20

Exercised	(264,717)	14.80		(213,506)	9.50		(227,189)	11.24
Forfeited	(1,828)	23.78		(6,357)	21.26		(149,158)	24.71
Expired	(114,067)	26.62		(64,953)	22.51		(1,870)	29.59
Outstanding at end of year	2,458,255	$	21.02	2,838,867	$	20.67	2,424,032	$	19.80
Options exercisable	1,583,521			1,596,927			1,612,946

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2021:


	Options Outstanding				Options Exercisable
Exercise Prices	Number of Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Number of Options	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
$10.84 to $15.38	395,089	0.8 years	$	13.92	395,089	0.8 years	$	13.92
15.39 to 19.92	490,055	3.3	17.45		490,055	3.3	17.45
19.93 to 24.46	733,895	7.9	20.55		184,413	7.2	20.87
24.47 to 29.01	839,216	6.2	26.87		513,964	5.9	27.38


	2,458,255	5.3 years	$	21.02	1,583,521	4.0 years	$	20.19

Summary of Granted but Unvested Stock Award Activity

A summary of the granted but unvested stock award activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	2021			2020			2019
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of year:	575,996	$	23.42	451,443	$	25.61	330,598	$	25.92
Granted	388,392	21.53		256,649	20.38		249,651	24.80
Vested	(126,292)	24.04		(96,564)	24.41		(105,307)	24.49
Forfeited	(59,125)	24.39		(35,532)	26.56		(23,499)	26.38
Outstanding at end of year	778,971	$	22.30	575,996	$	23.42	451,443	$	25.61

Commitments, Contingencies and Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Commitments and Contingent Liabilities

At December 31, 2021, the following commitments and contingent liabilities existed which are not reflected in the accompanying consolidated financial statements (in thousands):


	December 31, 2021
Unused consumer and residential construction loan lines of credit (primarily floating-rate)	$	358,586
Unused commercial and commercial construction loan lines of credit (primarily floating-rate)	1,011,233
Other commitments to extend credit:
Fixed-rate	350,114
Adjustable-rate	1,770
Floating-rate	319,134

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share

The following reconciles average shares outstanding for basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	December 31,
	2021	2020	2019
Weighted average shares outstanding	59,873	60,358	50,701
Less: Unallocated ESOP shares	(360)	(426)	(493)
Unallocated incentive award shares	(107)	(13)	(42)
Average basic shares outstanding	59,406	59,919	50,166
Add: Effect of dilutive securities:
Incentive awards	243	153	580
Average diluted shares outstanding	59,649	60,072	50,746

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value as of December 31, 2021 and 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):


			Fair Value Measurements at Reporting Date Using
	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
December 31, 2021
Items measured on a recurring basis:
Debt securities available-for-sale	$	568,255	$	—	$	568,255	$	—
Equity investments	90,726		14,608		73,400		2,718
Interest rate derivative assets	22,787		—		22,787		—
Interest rate derivative liabilities	(22,855)		—		(22,855)		—
Items measured on a non-recurring basis:
Equity investments	10,429		—		—		10,429
Other real estate owned	106		—		—		106
Loans measured for impairment based on the fair value of the underlying collateral	16,233		—		—		16,233

December 31, 2020
Items measured on a recurring basis:
Debt securities available-for-sale	$	183,302	$	—	$	183,302	$	—
Equity investments	107,079		104,539		—		2,540
Interest rate derivative assets	45,289		—		45,289		—
Interest rate derivative liabilities	(45,429)		—		(45,429)		—
Items measured on a non-recurring basis:
Other real estate owned	106		—		—		106
Loans measured for impairment based on the fair value of the underlying collateral	35,366		—		—		35,366

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles, for the year ended December 31, 2021 and 2020, the beginning and ending balances for equity investments and debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs (in thousands):


	For the Year Ended December 31,
	2021		2020
	Equity Investments		Equity Investments		Debt Securities
Beginning balance	$	2,540	$	—	$	25
Purchases	—		2,000		2,377
Total gains included in earnings	178		540		—


Maturities	—		—		(2,402)
Ending balance	$	2,718	$	2,540	$	—

Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value

The book value and estimated fair value of the Company’s significant financial instruments not recorded at fair value as of December 31, 2021 and 2020 are presented in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
December 31, 2021
Financial assets:
Cash and due from banks	$	204,949	$	204,949	$	—	$	—
Debt securities held-to-maturity	1,139,193		—		1,138,529		14,215
Restricted equity investments	53,195		—		—		53,195
Loans receivable, net and loans held-for-sale	8,583,352		—		—		8,533,506
Financial liabilities:
Deposits other than time deposits	8,957,815		—		8,957,815		—
Time deposits	775,001		—		773,766		—
Other borrowings	229,141		—		251,491		—
Securities sold under agreements to repurchase with retail customers	118,769		118,769		—		—
December 31, 2020
Financial assets:
Cash and due from banks	$	1,272,134	$	1,272,134	$	—	$	—
Debt securities held-to-maturity	937,253		—		952,365		16,101
Restricted equity investments	51,705		—		—		51,705
Loans receivable, net and loans held-for-sale	7,750,381		—		—		7,806,743
Financial liabilities:
Deposits other than time deposits	8,054,833		—		8,054,833		—
Time deposits	1,372,783		—		1,383,173		—
Other borrowings	235,471		—		251,798		—
Securities sold under agreements to repurchase with retail customers	128,454		128,454		—		—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Derivatives, Hedging Activities and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The table below presents the fair value of derivatives not designated as hedging instruments as well as their location on the consolidated statements of financial condition (in thousands):


	Fair Value
	December 31,
Balance Sheet Location	2021		2020
Other assets	$	22,787	$	45,289
Other liabilities	22,855		45,429

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Right-of-Use Assets and Lease Liabilities

The following table represents the classification of the Company’s right-of-use (“ROU”) assets and lease liabilities on the consolidated statements of financial condition (in thousands):


		For the Year Ended
		December 31, 2021		December 31, 2020
Lease ROU Assets	Classification
Operating lease ROU assets	Other assets	$	17,442	$	22,555
Finance lease ROU asset	Premises and equipment, net	1,495		1,694
Total lease ROU assets		$	18,937	$	24,249

Lease Liabilities
Operating lease liabilities (1)	Other liabilities	$	17,982	$	22,990
Finance lease liability	Other borrowings	1,904		2,100
Total lease liabilities		$	19,886	$	25,090

(1) Operating lease liabilities excludes liabilities for future rent and lease termination payments related to closed branches of $8.2 million and $7.4 million as of December 31, 2021 and 2020, respectively.

Schedule of Weighted Average Remaining Lease Term and Discount Rate


	December 31, 2021		December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	8.22 years		7.77 years
Finance lease	7.59 years		8.59 years
Weighted-Average Discount Rate
Operating leases	2.97	%	3.01	%
Finance lease	5.63	%	5.63	%

Schedule of Lease Costs and Other Lease Information

The following table represents lease expenses and other lease information (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Lease Expense
Operating lease expense	$	5,935	$	6,438	$	3,904
Finance lease expense:
Amortization of ROU assets	199		174		274
Interest on lease liabilities (1)	112		110		174
Total	$	6,246	$	6,722	$	4,352

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,263	$	6,298	$	3,625
Operating cash flows from finance leases	112		110		174
Financing cash flows from finance leases	195		187		263

(1)Included in borrowed funds interest expense on the Consolidated Statements of Income. All other costs are included in occupancy expense.

Future Minimum Payments for Finance Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of December 31, 2021 were as follows (in thousands):


	Finance Lease		Operating Leases
For the Year Ending December 31,
2022	$	307	$	4,404
2023	307		3,033
2024	307		2,737
2025	307		2,307
2026	307		1,650
Thereafter	798		6,681
Total	2,333		20,812
Less: Imputed interest	(429)		(2,830)
Total lease liabilities	$	1,904	$	17,982

Future Minimum Payments for Operating Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of December 31, 2021 were as follows (in thousands):


	Finance Lease		Operating Leases
For the Year Ending December 31,
2022	$	307	$	4,404
2023	307		3,033
2024	307		2,737
2025	307		2,307
2026	307		1,650
Thereafter	798		6,681
Total	2,333		20,812
Less: Imputed interest	(429)		(2,830)
Total lease liabilities	$	1,904	$	17,982

Parent-Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Condensed Statement of Financial Condition

(in thousands)


	December 31,
	2021		2020
Assets:
Cash and due from banks	$	8,803	$	7,187
Advances to Bank	63,480		101,304
Equity securities	87,622		93,207
ESOP loan receivable	9,231		8,071
Investment in subsidiaries	1,575,549		1,502,867
Other assets	2,781		10,180
Total assets	$	1,747,466	$	1,722,816
Liabilities and Stockholders’ Equity:
Borrowings	$	227,237	$	233,371
Other liabilities	3,676		5,315
Stockholders’ equity	1,516,553		1,484,130
Total liabilities and stockholders’ equity	$	1,747,466	$	1,722,816

Condensed Statements of Operations

(in thousands)


	For the Year Ended December 31,
	2021		2020		2019
Dividend income – subsidiary Bank	$	40,000	$	54,000	$	79,000
Interest and dividend income – debt and equity securities	2,070		949		63

Interest income – advances to subsidiary Bank	298		403		426
Interest income – ESOP loan receivable	289		301		321

Net gain on equity investments	7,499		20,460		—

Total income	50,156		76,113		79,810
Interest expense – borrowings	11,102		10,592		5,402

Operating expenses	3,307		3,382		2,686
Income before income taxes and undistributed earnings of subsidiary Bank	35,747		62,139		71,722
Benefit (Provision) for income taxes	1,018		(2,901)		924
Income before undistributed earnings of subsidiary Bank	36,765		59,238		72,646
Undistributed earnings of subsidiary Bank	73,311		4,071		15,928
Net income	$	110,076	$	63,309	$	88,574

Condensed Statements of Cash Flows

(in thousands)


	For the Year Ended December 31,
	2021		2020		2019
Cash flows from operating activities:
Net income	$	110,076	$	63,309	$	88,574
Decrease (increase) in advances to subsidiary Bank	37,824		(73,426)		(13,852)
Undistributed earnings of subsidiary Bank	(73,311)		(4,071)		(15,928)
Net gain on equity investments	(7,499)		(20,460)		—
Net premium amortization in excess of discount accretion on securities	755		—		—
Amortization of deferred costs on borrowings	824		576		261
Net amortization of purchase accounting adjustments	542		638		453
Change in other assets and other liabilities	7,359		648		(184)
Net cash provided by (used in) operating activities	76,570		(32,786)		59,324
Cash flows from investing activities:
Proceeds from sales of equity investments	98,791		15,339		—
Purchase of equity investments	(86,462)		(95,228)		—
Increase in ESOP loan receivable	(3,200)		—		—
Repayments on ESOP loan receivable	2,040		1,200		1,160

Net cash provided by (used in) investing activities	11,169		(78,689)		1,160
Cash flows from financing activities:
Net proceeds from issuance of subordinated notes	—		122,180		—
Repayments of other borrowings	(7,500)		(7,999)		—
Dividends paid	(44,510)		(42,917)		(34,241)
Purchase of treasury stock	(36,059)		(14,814)		(26,066)
Net proceeds from the issuance of preferred stock	—		55,529		—
Exercise of stock options	1,946		1,241		1,335
Net cash provided by (used in) financing activities	(86,123)		113,220		(58,972)
Net increase in cash and due from banks	1,616		1,745		1,512
Cash and due from banks at beginning of year	7,187		5,442		3,930
Cash and due from banks at end of year	$	8,803	$	7,187	$	5,442

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Maturity period of highly liquid debt instruments	3 months
Loans past due, minimum period	90 days
Loans receivable	$ 26,208	$ 30,893
Accrued interest, before allowance for credit loss	4,400
Allowance for credit loss	$ 48,600
Computer Software And Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated depreciable life of assets (years)	3 years
Furniture, Fixtures and Other Electronic Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated depreciable life of assets (years)	5 years
Building Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated depreciable life of assets (years)	10 years
Buildings
Summary Of Significant Accounting Policies [Line Items]
Estimated depreciable life of assets (years)	30 years

Regulatory Matters - Additional Information (Details)	12 Months Ended
Regulatory Matters - Additional Information (Details)	Dec. 31, 2021	Dec. 31, 2020
Banking and Thrift, Interest [Abstract]
Minimum ratio of tier 1 capital to total adjusted assets	0.040
Minimum ratio of common equity tier 1 to risk-weighted assets	7.00%
Minimum ratio of tier 1 leverage ratio, For capital adequacy purposes	0.085	0.0400
Minimum ratio of total capital to risk-weighted assets	0.105
Capital conversation buffer	0.0250
Tier 1 capital ratio, To be well capitalized	0.050
Common equity tier 1 risk-based ratio, To be well capitalized	6.50%
Tier 1 risk-based capital, To be well capitalized under prompt corrective action ratio	0.080
Total risk-based capital, To be well capitalized under prompt corrective action ratio	0.100
Capital conservation buffer (as a percent)	2.50%

Regulatory Matters - Summary of Regulatory Capital Amounts and Ratios (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital (to average assets), Actual Ratio	0.040
Common equity Tier 1 (to risk-weighted assets), Actual Ratio	7.00%
Tier 1 capital (to risk-weighted assets), Actual Ratio	0.050
Tier 1 capital (to average assets), For capital adequacy purposes Ratio	0.085	0.0400
Total capital (to risk-weighted assets) For capital adequacy purposes Ratio	0.105
Tier 1 capital (to average assets), To be well capitalized under prompt corrective action Ratio		0.0500
Common equity Tier 1 (to risk-weighted asset), To be well capitalized under prompt corrective action Ratio	6.50%
Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action Ratio	0.080
Total capital (to risk-weighted assets), To be well capitalized under prompt corrective action Ratio	0.100
Capital conservation buffer (as a percent)	2.50%
OceanFirst Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital (to average assets), Actual Amount	$ 1,027,660	$ 942,122
Common equity Tier 1 (to risk-weighted asset), Actual Amount	1,027,660	942,122
Tier 1 capital (to risk-weighted assets), Actual Amount	1,027,660	942,122
Total capital (to risk-weighted assets), Actual Amount	$ 1,079,766	$ 1,004,480
Tier 1 capital (to average assets), Actual Ratio	0.0908	0.0848
Common equity Tier 1 (to risk-weighted assets), Actual Ratio	11.62%	12.11%
Tier 1 capital (to risk-weighted assets), Actual Ratio	0.1162	0.1211
Total capital (to risk-weighted assets), Actual Ratio	0.1221	0.1291
Tier 1 capital (to average assets), For capital adequacy purposes Amount	$ 452,669	$ 444,648
Common equity Tier 1 (to risk-weighted asset), For capital adequacy purposes Amount	619,178	544,625
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount	751,860	661,331
Total capital (to risk-weighted assets), For capital adequacy purposes Amount	$ 928,768	$ 816,938
Tier 1 capital (to average assets), For capital adequacy purposes Ratio	0.0400
Common equity Tier 1 (to risk-weighted assets), For capital adequacy purposes Ratio	7.00%	7.00%
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio	0.0850	0.0850
Total capital (to risk-weighted assets) For capital adequacy purposes Ratio	0.1050	0.1050
Tier 1 capital (to average assets), To be well capitalized under prompt corrective action Amount	$ 565,836	$ 555,810
Common equity Tier 1 (to risk-weighted asset), To be well capitalized under prompt corrective action Amount	574,951	505,724
Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action Amount	707,633	622,429
Total capital (to risk-weighted assets), To be well capitalized under prompt corrective action Amount	$ 884,541	$ 778,036
Tier 1 capital (to average assets), To be well capitalized under prompt corrective action Ratio	0.0500
Common equity Tier 1 (to risk-weighted asset), To be well capitalized under prompt corrective action Ratio	6.50%	6.50%
Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action Ratio	0.0800	0.0800
Total capital (to risk-weighted assets), To be well capitalized under prompt corrective action Ratio	0.1000	0.1000
OceanFirst Financial Corp.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital (to average assets), Actual Amount	$ 1,044,518	$ 998,273
Common equity Tier 1 (to risk-weighted asset), Actual Amount	917,088	871,385
Tier 1 capital (to risk-weighted assets), Actual Amount	1,044,518	998,273
Total capital (to risk-weighted assets), Actual Amount	$ 1,257,372	$ 1,230,370
Tier 1 capital (to average assets), Actual Ratio	0.0922	0.0944
Common equity Tier 1 (to risk-weighted assets), Actual Ratio	10.26%	11.05%
Tier 1 capital (to risk-weighted assets), Actual Ratio	0.1168	0.1266
Total capital (to risk-weighted assets), Actual Ratio	0.1406	0.1560
Tier 1 capital (to average assets), For capital adequacy purposes Amount	$ 453,087	$ 423,028
Common equity Tier 1 (to risk-weighted asset), For capital adequacy purposes Amount	625,801	552,075
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount	759,902	670,377
Total capital (to risk-weighted assets), For capital adequacy purposes Amount	$ 938,702	$ 828,113
Tier 1 capital (to average assets), For capital adequacy purposes Ratio	0.0400	0.0400
Common equity Tier 1 (to risk-weighted assets), For capital adequacy purposes Ratio	7.00%	7.00%
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio	0.0850	0.0850
Total capital (to risk-weighted assets) For capital adequacy purposes Ratio	0.1050	0.1050

Business Combinations - Additional Information (Details) $ in Thousands			12 Months Ended
	Jan. 01, 2020 USD ($)	Jan. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Merger related expenses			$ 1,503	$ 15,947	$ 10,503
Weighted average useful life (years)			10 years
Two River Bancorp Acquisition
Business Acquisition [Line Items]
Purchase accounting adjustments, assets	$ 1,111,621
Purchase accounting adjustments, loans	940,072
Liabilities assumed, deposits	941,750
Consideration paid	197,050
Cash consideration paid for outstanding warrants and fractional shares	48,400
Number of properties in lease agreements \| property			14
Core deposit intangible	12,130
Country Bank Holding Company, Inc. Acquisition
Business Acquisition [Line Items]
Purchase accounting adjustments, assets	793,680
Purchase accounting adjustments, loans	618,408
Liabilities assumed, deposits	652,653
Consideration paid	112,836
Number of properties in lease agreements \| property			5
Core deposit intangible	2,117
Capital Bank
Business Acquisition [Line Items]
Purchase accounting adjustments, assets		$ 494,416
Purchase accounting adjustments, loans		307,300
Liabilities assumed, deposits		449,018
Consideration paid		76,834
Cash consideration paid for outstanding warrants and fractional shares		353
Number of properties in lease agreements \| property			1
Core deposit intangible	$ 2,700	$ 2,662

Business Combinations - Schedule of Merger Related Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination and Asset Acquisition [Abstract]
Data processing fees	$ 253	$ 3,758	$ 2,514
Professional fees	343	3,638	4,239
Employee severance payments	663	7,727	2,942
Other/miscellaneous fees	244	824	808
Merger related expenses	$ 1,503	$ 15,947	$ 10,503

Business Combinations- Summary of Estimated Fair Values of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jan. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Assets acquired:
Bank owned life insurance			$ 259,207	$ 265,253
Liabilities assumed:
Goodwill recorded in the merger			$ 500,319	$ 500,319
Two River Bancorp Acquisition
Business Acquisition [Line Items]
Total purchase price:	$ 197,050
Assets acquired:
Cash and cash equivalents	51,102
Securities	64,381
Loans	940,072
Accrued interest receivable	2,382
Bank owned life insurance	22,440
Deferred tax assets, net	3,158
Other assets	15,956
Core deposit intangible	12,130
Total assets acquired	1,111,621
Liabilities assumed:
Deposits	(941,750)
Other liabilities	(59,026)
Total liabilities assumed	(1,000,776)
Net assets acquired	110,845
Goodwill recorded in the merger	86,205
Country Bank Holding Company, Inc. Acquisition
Business Acquisition [Line Items]
Total purchase price:	112,836
Assets acquired:
Cash and cash equivalents	20,799
Securities	144,499
Loans	618,408
Accrued interest receivable	1,779
Deferred tax assets, net	(3,117)
Other assets	9,195
Core deposit intangible	2,117
Total assets acquired	793,680
Liabilities assumed:
Deposits	(652,653)
Other liabilities	(67,240)
Total liabilities assumed	(719,893)
Net assets acquired	73,787
Goodwill recorded in the merger	39,049
Capital Bank
Business Acquisition [Line Items]
Total purchase price:		$ 76,834
Assets acquired:
Cash and cash equivalents		59,748
Securities		103,775
Loans		307,300
Accrued interest receivable		1,390
Bank owned life insurance		10,460
Deferred tax assets, net		4,101
Other assets		4,980
Core deposit intangible	$ 2,700	2,662
Total assets acquired		494,416
Liabilities assumed:
Deposits		(449,018)
Other liabilities		(5,210)
Total liabilities assumed		(454,228)
Net assets acquired		40,188
Goodwill recorded in the merger		$ 36,646

Business Combinations - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Two River Bancorp Acquisition
Business Acquisition [Line Items]
Net interest income, Actual		$ 41,978
Credit loss expense, Actual		6,117
Non-interest income, Actual		2,688
Non-interest expense, Actual		27,431
Provision for income taxes, Actual		2,686
Net income, Actual		8,432
Country Bank Holding Company, Inc. Acquisition
Business Acquisition [Line Items]
Net interest income, Actual		27,411
Credit loss expense, Actual		4,481
Non-interest income, Actual		45
Non-interest expense, Actual		17,993
Provision for income taxes, Actual		1,204
Net income, Actual		$ 3,778
Capital Bank
Business Acquisition [Line Items]
Net interest income, Actual	$ 17,090
Credit loss expense, Actual	385
Non-interest income, Actual	1,456
Non-interest expense, Actual	12,482
Provision for income taxes, Actual	1,193
Net income, Actual	$ 4,486
Ocean Shore Holdings Co.
Business Acquisition [Line Items]
Net interest income, Pro forma			$ 329,327
Provision for credit loss expense, Pro forma			2,686
Non-interest income, Pro forma			47,484
Non-interest expense, Pro forma			240,913
Provision for income taxes, Pro forma			23,870
Net income, Pro forma			$ 109,342
Fully diluted earnings per share, Pro forma			$ 1.79

Business Combinations - Schedule of Future Amortization Expense (Details) - Core Deposit $ in Thousands	Dec. 31, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
2022	$ 4,718
2023	3,984
2024	3,250
2025	2,516
2026	1,784
Thereafter	1,963
Total	$ 18,215

Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost	$ 569,874	$ 180,154
Available-for-sale, gross unrealized gains	1,275	3,154
Available-for-sale, gross unrealized losses	(2,894)	(6)
Available-for-sale, fair value	568,255	183,302
Allowance for securities credit losses	0	0
Amortized Cost	1,143,548	942,314
Held-to-maturity, gross unrealized losses	18,967	29,378
Held-to-maturity, gross unrealized losses	(9,771)	(3,226)
Debt securities held-to-maturity	1,152,744	968,466
Allowance for securities credit losses	(1,467)	(1,715)	$ 0
Total, amortized cost	1,713,422	1,122,468
Total, gross unrealized gains	20,242	32,532
Total, gross unrealized losses	(12,665)	(3,232)
Total, estimated fair value	1,720,999	1,151,768
U.S. government and agency obligations \| Investment securities
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost	164,756	173,790
Available-for-sale, gross unrealized gains	1,135	3,152
Available-for-sale, gross unrealized losses	(471)	(2)
Available-for-sale, fair value	165,420	176,940
Allowance for securities credit losses	0	0
Corporate debt securities
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost	66,200
Available-for-sale, fair value	66,400
Corporate debt securities \| Investment securities
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost	5,000
Available-for-sale, gross unrealized gains	42
Available-for-sale, gross unrealized losses	(11)
Available-for-sale, fair value	5,031
Allowance for securities credit losses	0
Amortized Cost	68,823	72,305
Held-to-maturity, gross unrealized losses	1,628	1,615
Held-to-maturity, gross unrealized losses	(1,279)	(2,652)
Debt securities held-to-maturity	69,172	71,268
Allowance for securities credit losses	(1,343)	(1,550)
Asset-backed securities \| Investment securities
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost	298,976	6,174
Available-for-sale, gross unrealized gains	41	0
Available-for-sale, gross unrealized losses	(1,489)	(4)
Available-for-sale, fair value	297,528	6,170
Allowance for securities credit losses	0	0
State, municipal, and sovereign debt obligations
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost	90,200
Available-for-sale, fair value	92,500
State, municipal, and sovereign debt obligations \| Investment securities
Securities Financing Transaction [Line Items]
Amortized Cost	281,389	238,405
Held-to-maturity, gross unrealized losses	10,185	11,500
Held-to-maturity, gross unrealized losses	(1,164)	(231)
Debt securities held-to-maturity	290,410	249,674
Allowance for securities credit losses	(85)	(48)
Mortgage-backed securities:
Securities Financing Transaction [Line Items]
Amortized Cost	793,336	631,604
Held-to-maturity, gross unrealized losses	7,154	16,263
Held-to-maturity, gross unrealized losses	(7,328)	(343)
Debt securities held-to-maturity	793,162	647,524
Allowance for securities credit losses	(39)	(117)
Mortgage-backed securities: \| Agency residential
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost		190
Available-for-sale, gross unrealized gains		2
Available-for-sale, gross unrealized losses		0
Available-for-sale, fair value		192
Allowance for securities credit losses		0
Amortized Cost	756,844	593,891
Held-to-maturity, gross unrealized losses	6,785	15,037
Held-to-maturity, gross unrealized losses	(7,180)	(283)
Debt securities held-to-maturity	756,449	608,645
Allowance for securities credit losses	0	0
Mortgage-backed securities: \| Agency commercial
Securities Financing Transaction [Line Items]
Available-for-sale, amortized cost	101,142
Available-for-sale, gross unrealized gains	57
Available-for-sale, gross unrealized losses	(923)
Available-for-sale, fair value	100,276
Allowance for securities credit losses	0
Amortized Cost	4,385	5,392
Held-to-maturity, gross unrealized losses	7	0
Held-to-maturity, gross unrealized losses	(44)	(60)
Debt securities held-to-maturity	4,348	5,332
Allowance for securities credit losses	0	0
Mortgage-backed securities: \| Non-agency commercial
Securities Financing Transaction [Line Items]
Amortized Cost	32,107	32,321
Held-to-maturity, gross unrealized losses	362	1,226
Held-to-maturity, gross unrealized losses	(104)	0
Debt securities held-to-maturity	32,365	33,547
Allowance for securities credit losses	$ (39)	$ (117)

Securities - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses
Beginning balance	$ (1,715)	$ 0
Benefit (Provision) for credit loss expense	248	(447)
Total ending allowance balance	(1,467)	(1,715)
Cumulative Effect, Period of Adoption, Adjustment
Allowance for credit losses
Beginning balance	$ 0	(1,268)
Total ending allowance balance		$ 0

Securities - Additional Information (Details) - USD ($)	12 Months Ended
Securities - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2013
Investment [Line Items]
Available-for-sale securities transferred to held-to-maturity securities	$ 12,700,000		$ 536,000,000
Unrealized net loss on securities reclassified from available-for-sale to held-to-maturity, Gross	209,000		$ 13,300,000
Debt securities, available-for-sale, realized gain (loss)	0	$ 476,000
Available-for-sale, amortized cost	569,874,000	180,154,000
Available-for-sale, fair value	568,255,000	183,302,000
Estimated fair value of securities pledged for deposits and other purposes	1,140,000,000	435,900,000
Equity investments	101,155,000	107,079,000
Corporate debt securities
Investment [Line Items]
Available-for-sale, amortized cost	66,200,000
Available-for-sale, fair value	66,400,000
Corporate debt securities \| Investment securities
Investment [Line Items]
Available-for-sale, amortized cost	5,000,000
Available-for-sale, fair value	5,031,000
State, municipal, and sovereign debt obligations
Investment [Line Items]
Available-for-sale, amortized cost	90,200,000
Available-for-sale, fair value	92,500,000
Asset-backed securities \| Investment securities
Investment [Line Items]
Available-for-sale, amortized cost	298,976,000	6,174,000
Available-for-sale, fair value	297,528,000	6,170,000
Reverse Repurchase Agreements
Investment [Line Items]
Estimated fair value of securities pledged for reverse repurchase agreements	$ 142,900,000	$ 152,700,000

Securities - Carrying Value of Held-to-Maturity Investment Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Amortized cost	$ 1,143,548	$ 942,314
Net loss on date of transfer from available-for-sale	(13,556)	(13,347)
Allowance for securities credit loss	(1,467)	(1,715)	$ 0
Accretion of net unrealized loss on securities reclassified as held-to-maturity	10,668	10,001
Carrying value	$ 1,139,193	$ 937,253

Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Amortized Cost
Less than one year	$ 100,483
Due after one year through five years	148,332
Due after five years through ten years	275,734
Due after ten years	294,395
Amortized Cost, Total investment securities	818,944
Estimated Fair Value
Less than one year	101,018
Due after one year through five years	150,222
Due after five years through ten years	274,360
Due after ten years	301,961
Estimated Fair Value, Total investment securities	$ 827,561

Securities - Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Available-for-sale, Less than 12 months, Estimated Fair Value	$ 444,596	$ 21,795
Available-for-sale, Less than 12 months, Unrealized Losses	(2,894)	(6)
Available-for-sale, 12 months or Longer, Estimated Fair Value	0	0
Available-for-sale, 12 months or longer, Unrealized Losses	0	0
Available-for-sale, Total, Estimated Fair Value	444,596	21,795
Available-for-sale, Total, Unrealized Losses	(2,894)	(6)
Held-to-maturity, Less than 12 months, Estimated Fair Value	572,009	86,523
Held-to-maturity, Less than 12 months, Unrealized Losses	(8,309)	(546)
Held-to-maturity, 12 months or longer, Estimated Fair Value	55,402	46,965
Held-to-maturity, 12 months or longer, Unrealized Losses	(1,462)	(2,680)
Held-to-maturity, Total, Estimated Fair Value	627,411	133,488
Held-to-maturity, total, unrealized losses	(9,771)	(3,226)
Total securities, Less than 12 months, Estimated Fair Value	1,016,605	108,318
Total securities, Less than 12 months, Unrealized Losses	(11,203)	(552)
Total securities, 12 months or longer, Estimated Fair Value	55,402	46,965
Total securities, 12 months or longer, Unrealized Losses	(1,462)	(2,680)
Total securities, Estimated Fair Value	1,072,007	155,283
Total securities, Unrealized Losses	(12,665)	(3,232)
U.S. government and agency obligations \| Investment securities
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Available-for-sale, Less than 12 months, Estimated Fair Value	82,395	17,029
Available-for-sale, Less than 12 months, Unrealized Losses	(471)	(2)
Available-for-sale, 12 months or Longer, Estimated Fair Value	0	0
Available-for-sale, 12 months or longer, Unrealized Losses	0	0
Available-for-sale, Total, Estimated Fair Value	82,395	17,029
Available-for-sale, Total, Unrealized Losses	(471)	(2)
State, municipal, and sovereign debt obligations \| Investment securities
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Held-to-maturity, Less than 12 months, Estimated Fair Value	75,329	2,823
Held-to-maturity, Less than 12 months, Unrealized Losses	(1,063)	(23)
Held-to-maturity, 12 months or longer, Estimated Fair Value	4,383	7,509
Held-to-maturity, 12 months or longer, Unrealized Losses	(101)	(208)
Held-to-maturity, Total, Estimated Fair Value	79,712	10,332
Held-to-maturity, total, unrealized losses	(1,164)	(231)
Corporate debt securities \| Investment securities
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Available-for-sale, Less than 12 months, Estimated Fair Value	1,989
Available-for-sale, Less than 12 months, Unrealized Losses	(11)
Available-for-sale, 12 months or Longer, Estimated Fair Value	0
Available-for-sale, 12 months or longer, Unrealized Losses	0
Available-for-sale, Total, Estimated Fair Value	1,989
Available-for-sale, Total, Unrealized Losses	(11)
Held-to-maturity, Less than 12 months, Estimated Fair Value	38,304	10,192
Held-to-maturity, Less than 12 months, Unrealized Losses	(1,279)	(255)
Held-to-maturity, 12 months or longer, Estimated Fair Value	0	35,935
Held-to-maturity, 12 months or longer, Unrealized Losses	0	(2,397)
Held-to-maturity, Total, Estimated Fair Value	38,304	46,127
Held-to-maturity, total, unrealized losses	(1,279)	(2,652)
Asset-backed securities
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Available-for-sale, Less than 12 months, Estimated Fair Value	279,486	4,766
Available-for-sale, Less than 12 months, Unrealized Losses	(1,489)	(4)
Available-for-sale, 12 months or Longer, Estimated Fair Value	0	0
Available-for-sale, 12 months or longer, Unrealized Losses	0	0
Available-for-sale, Total, Estimated Fair Value	279,486	4,766
Available-for-sale, Total, Unrealized Losses	(1,489)	(4)
Mortgage-backed securities:
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Held-to-maturity, Less than 12 months, Estimated Fair Value	458,376	73,508
Held-to-maturity, Less than 12 months, Unrealized Losses	(5,967)	(268)
Held-to-maturity, 12 months or longer, Estimated Fair Value	51,019	3,521
Held-to-maturity, 12 months or longer, Unrealized Losses	(1,361)	(75)
Held-to-maturity, Total, Estimated Fair Value	509,395	77,029
Held-to-maturity, total, unrealized losses	(7,328)	(343)
Mortgage-backed securities: \| Investment securities
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Available-for-sale, Less than 12 months, Estimated Fair Value	80,726
Available-for-sale, Less than 12 months, Unrealized Losses	(923)
Available-for-sale, 12 months or Longer, Estimated Fair Value	0
Available-for-sale, 12 months or longer, Unrealized Losses	0
Available-for-sale, Total, Estimated Fair Value	80,726
Available-for-sale, Total, Unrealized Losses	(923)
Mortgage-backed securities: \| Agency residential
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Held-to-maturity, Less than 12 months, Estimated Fair Value	445,399	69,882
Held-to-maturity, Less than 12 months, Unrealized Losses	(5,822)	(256)
Held-to-maturity, 12 months or longer, Estimated Fair Value	50,133	1,815
Held-to-maturity, 12 months or longer, Unrealized Losses	(1,358)	(27)
Held-to-maturity, Total, Estimated Fair Value	495,532	71,697
Held-to-maturity, total, unrealized losses	(7,180)	(283)
Mortgage-backed securities: \| Agency commercial
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Held-to-maturity, Less than 12 months, Estimated Fair Value	2,255	3,626
Held-to-maturity, Less than 12 months, Unrealized Losses	(41)	(12)
Held-to-maturity, 12 months or longer, Estimated Fair Value	886	1,706
Held-to-maturity, 12 months or longer, Unrealized Losses	(3)	(48)
Held-to-maturity, Total, Estimated Fair Value	3,141	5,332
Held-to-maturity, total, unrealized losses	(44)	(60)
Mortgage-backed securities: \| Non-agency commercial
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Held-to-maturity, Less than 12 months, Estimated Fair Value	10,722
Held-to-maturity, Less than 12 months, Unrealized Losses	(104)
Held-to-maturity, 12 months or longer, Estimated Fair Value	0
Held-to-maturity, 12 months or longer, Unrealized Losses	0
Held-to-maturity, Total, Estimated Fair Value	10,722
Held-to-maturity, total, unrealized losses	$ (104)	$ 0

Securities - Debt Securities, Held-to-maturity, Credit Quality Indicator (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Investment And Mortgage Backed Securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	$ 382,319
Investment Grade \| Investment And Mortgage Backed Securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	367,516
Non-Investment Grade/Non-rated \| Investment And Mortgage Backed Securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	14,803
State, municipal, and sovereign debt obligations \| Investment securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	281,389
State, municipal, and sovereign debt obligations \| Investment Grade \| Investment securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	281,389
State, municipal, and sovereign debt obligations \| Non-Investment Grade/Non-rated \| Investment securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	0
Corporate debt securities \| Investment securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	68,823
Corporate debt securities \| Investment Grade \| Investment securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	54,020
Corporate debt securities \| Non-Investment Grade/Non-rated \| Investment securities
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	14,803
Mortgage-backed securities: \| Non-agency commercial
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	32,107
Mortgage-backed securities: \| Investment Grade \| Non-agency commercial
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	32,107
Mortgage-backed securities: \| Non-Investment Grade/Non-rated \| Non-agency commercial
Securities Financing Transaction [Line Items]
Debt securities held to maturity net of allowance for credit losses	$ 0

Securities - Equity Securities Realized Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net gain on equity investments	$ 7,145	$ 21,214
Less: Net gains recognized on equity investments sold	8,123	5,401
Unrealized (loss) gain recognized on equity investments still held	$ (978)	$ 15,813

Loans Receivable, Net - Components of Loans Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	$ 8,622,870	$ 7,756,106
Deferred origination costs, net of fees	9,332	9,486
Allowance for loan credit losses	(48,850)	(60,735)	$ (16,852)
Total loans receivable, net	8,583,352	7,704,857
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	5,882,350	5,107,185
Commercial \| Commercial real estate – owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	449,224	470,656
Commercial \| Commercial real estate – owner occupied \| Paycheck Protection Program
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	22,900	95,400
Commercial \| Commercial real estate – owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	1,055,065	1,145,065
Commercial \| Commercial real estate - investor
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	4,378,061	3,491,464
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	2,740,520	2,648,921
Allowance for loan credit losses	(1,268)	(1,770)	$ (591)
Consumer \| Residential real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	2,479,701	2,309,459
Consumer \| Home equity loans and lines and other consumer (“other consumer”)
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans receivable	$ 260,819	$ 339,462

Loans Receivable, Net - Credit Grades and Risk Characteristics (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 2,449,710	$ 1,496,628
Year two	1,202,923	1,313,707
Year three	1,061,158	817,607
Year four	585,795	800,731
Year five	634,834	620,952
Year six and prior	2,138,982	2,340,571
Revolving Lines of Credit	549,468	365,910
Total	8,622,870	7,756,106
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	42,955	137,993
Year two	23,030	42,604
Year three	25,390	30,036
Year four	17,567	21,076
Year five	8,954	34,914
Year six and prior	53,088	61,163
Revolving Lines of Credit	278,240	142,870
Total	449,224	470,656
Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	42,955	137,262
Year two	22,573	40,737
Year three	22,878	27,967
Year four	16,404	18,845
Year five	8,671	33,568
Year six and prior	50,887	59,339
Revolving Lines of Credit	271,818	134,140
Total	436,186	451,858
Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	150
Year two	0	583
Year three	231	826
Year four	350	1,422
Year five	85	907
Year six and prior	172	118
Revolving Lines of Credit	3,645	1,429
Total	4,483	5,435
Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	581
Year two	457	1,284
Year three	2,281	1,243
Year four	813	809
Year five	198	439
Year six and prior	2,029	1,706
Revolving Lines of Credit	2,777	7,301
Total	8,555	13,363
Commercial real estate – owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	116,355	96,888
Year two	71,196	152,688
Year three	140,743	140,203
Year four	103,909	128,477
Year five	115,317	125,056
Year six and prior	495,913	481,743
Revolving Lines of Credit	11,632	20,010
Total	1,055,065	1,145,065
Commercial real estate – owner occupied \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	116,355	96,888
Year two	71,196	114,506
Year three	125,212	122,962
Year four	91,531	124,050
Year five	109,232	104,264
Year six and prior	449,966	428,423
Revolving Lines of Credit	10,913	18,932
Total	974,405	1,010,025
Commercial real estate – owner occupied \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	3,512
Year three	1,365	8,240
Year four	3,829	1,023
Year five	479	17,115
Year six and prior	14,371	17,811
Revolving Lines of Credit	2	439
Total	20,046	48,140
Commercial real estate – owner occupied \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	34,670
Year three	14,166	9,001
Year four	8,549	3,404
Year five	5,606	3,677
Year six and prior	31,576	35,509
Revolving Lines of Credit	717	639
Total	60,614	86,900
Commercial real estate - investor
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	1,387,753	640,241
Year two	614,183	653,631
Year three	588,147	336,148
Year four	284,530	458,715
Year five	386,872	297,584
Year six and prior	856,980	904,260
Revolving Lines of Credit	259,596	200,885
Total	4,378,061	3,491,464
Commercial real estate - investor \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	1,387,753	635,930
Year two	609,916	628,435
Year three	535,551	317,104
Year four	274,662	426,268
Year five	375,646	281,876
Year six and prior	800,089	812,062
Revolving Lines of Credit	255,613	194,913
Total	4,239,230	3,296,588
Commercial real estate - investor \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	15,979
Year three	23,794	17,113
Year four	9,400	15,225
Year five	2,731	4,234
Year six and prior	28,663	55,872
Revolving Lines of Credit	582	149
Total	65,170	108,572
Commercial real estate - investor \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	4,311
Year two	4,267	9,217
Year three	28,802	1,931
Year four	468	17,222
Year five	8,495	11,474
Year six and prior	28,228	36,326
Revolving Lines of Credit	3,401	5,823
Total	73,661	86,304
Home equity loans and lines and other consumer (“other consumer”)
Financing Receivable, Credit Quality Indicator [Line Items]
Total	260,819	339,462
Home equity loans and lines and other consumer (“other consumer”) \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	876,135	596,552
Year two	475,346	438,125
Year three	288,699	227,924
Year four	127,817	166,994
Year five	105,736	146,683
Year six and prior	605,968	733,181
Revolving Lines of Credit	0	0
Total	2,479,701	2,309,459
Home equity loans and lines and other consumer (“other consumer”) \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	26,512	24,954
Year two	19,168	26,659
Year three	18,179	83,296
Year four	51,972	25,469
Year five	17,955	16,715
Year six and prior	127,033	160,224
Revolving Lines of Credit	0	2,145
Total	260,819	339,462
Home equity loans and lines and other consumer (“other consumer”) \| Pass \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	876,135	595,982
Year two	475,134	437,593
Year three	288,699	226,435
Year four	127,756	166,773
Year five	105,385	146,237
Year six and prior	602,331	729,037
Revolving Lines of Credit	0	0
Total	2,475,440	2,302,057
Home equity loans and lines and other consumer (“other consumer”) \| Pass \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	26,512	24,954
Year two	19,168	26,659
Year three	18,179	83,296
Year four	51,954	25,469
Year five	17,955	16,565
Year six and prior	123,783	156,276
Revolving Lines of Credit	0	2,145
Total	257,551	335,364
Home equity loans and lines and other consumer (“other consumer”) \| Special Mention \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	212	532
Year three	0	0
Year four	61	0
Year five	0	446
Year six and prior	1,313	2,186
Revolving Lines of Credit	0	0
Total	1,586	3,164
Home equity loans and lines and other consumer (“other consumer”) \| Special Mention \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	150
Year six and prior	322	382
Revolving Lines of Credit	0	0
Total	322	532
Home equity loans and lines and other consumer (“other consumer”) \| Substandard \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	570
Year two	0	0
Year three	0	1,489
Year four	0	221
Year five	351	0
Year six and prior	2,324	1,958
Revolving Lines of Credit	0	0
Total	2,675	4,238
Home equity loans and lines and other consumer (“other consumer”) \| Substandard \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	18	0
Year five	0	0
Year six and prior	2,928	3,566
Revolving Lines of Credit	0	0
Total	$ 2,946	$ 3,566

Loans Receivable, Net - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start	$ 60,735	$ 16,852
Initial allowance for credit losses on PCD loans		2,639
Credit loss benefit	(12,346)	57,402
Charge-offs	(1,031)	(20,184)
Recoveries	1,492	1,325
Balance at period end	48,850	60,735
Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start		2,701
Commercial and industrial
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start	5,390	1,458
Initial allowance for credit losses on PCD loans		1,221
Credit loss benefit	(321)	1,039
Charge-offs	(154)	(890)
Recoveries	124	146
Balance at period end	5,039	5,390
Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start		2,416
Commercial real estate – owner occupied
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start	15,054	2,893
Initial allowance for credit losses on PCD loans		26
Credit loss benefit	(9,190)	15,007
Charge-offs	(65)	(1,769)
Recoveries	85	6
Balance at period end	5,884	15,054
Commercial real estate – owner occupied \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start		(1,109)
Commercial Real Estate - Investor
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start	26,703	9,883
Initial allowance for credit losses on PCD loans		260
Credit loss benefit	(974)	34,935
Charge-offs	(345)	(13,081)
Recoveries	120	101
Balance at period end	25,504	26,703
Commercial Real Estate - Investor \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start		(5,395)
Residential real estate
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start	11,818	2,002
Initial allowance for credit losses on PCD loans		109
Credit loss benefit	(761)	8,191
Charge-offs	(254)	(3,200)
Recoveries	352	883
Balance at period end	11,155	11,818
Residential real estate \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start		3,833
Other consumer
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start	1,770	591
Initial allowance for credit losses on PCD loans		1,023
Credit loss benefit	(1,100)	(1,770)
Charge-offs	(213)	(1,244)
Recoveries	811	189
Balance at period end	1,268	1,770
Other consumer \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start		2,981
Unallocated
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start	0	25
Initial allowance for credit losses on PCD loans		0
Credit loss benefit	0	0
Charge-offs	0	0
Recoveries	0	0
Balance at period end	$ 0	0
Unallocated \| Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Balance at period start		$ (25)

Loans Receivable, Net - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff	$ 1,031	$ 20,184
Financing receivable commitments to lend additional funds on non accrual loans	46	0
Troubled debt restructuring loans	23,600	17,500
Non-accrual loan total troubled debt restructurings	11,300	5,500
Specific reserves to loans accruing troubled debt restructurings	0	0
Financing receivable impaired troubled debt restructuring performing loan amount	12,300	12,000
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff		14,600
Residential and Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff		3,300
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff	154	890
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount	277	1,900
Commercial real estate – owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff	65	1,769
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount	11,900	13,800
Commercial real estate - investor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff	345	13,081
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount	3,600	18,300
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff	254	3,200
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount	438	1,400
Foreclosed property held	106	106
Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, writeoff	$ 213	$ 1,244
TDR, Subsequent default, number of contracts \| loan	1
Troubled debt restructuring	$ 15
Commercial real estate – investor
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR, Subsequent default, number of contracts \| loan	1
Troubled debt restructuring	$ 923

Loans Receivable, Net - Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans with non-accrual of interest	$ 25,494	$ 46,863
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans with non-accrual of interest	277	1,908
Commercial real estate – owner occupied
Financing Receivable, Past Due [Line Items]
Loans with non-accrual of interest	11,904	13,751
Commercial real estate - investor
Financing Receivable, Past Due [Line Items]
Loans with non-accrual of interest	3,614	18,287
Residential real estate
Financing Receivable, Past Due [Line Items]
Loans with non-accrual of interest	6,114	8,671
Other consumer
Financing Receivable, Past Due [Line Items]
Loans with non-accrual of interest	$ 3,585	$ 4,246

Loans Receivable, Net - Aging of Recorded Investment in Past Due Loans Excluding PCI Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 8,622,870	$ 7,756,106
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	22,728	63,780
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	12,385	29,096
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	2,161	7,558
90 Days or Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	8,182	27,126
Loans Not Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	8,600,142	7,692,326
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Past Due	449,224	470,656
Commercial and industrial \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	453	4,005
Commercial and industrial \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	25	3,050
Commercial and industrial \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	151	628
Commercial and industrial \| 90 Days or Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	277	327
Commercial and industrial \| Loans Not Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	448,771	466,651
Commercial real estate – owner occupied
Financing Receivable, Past Due [Line Items]
Total Past Due	1,055,065	1,145,065
Commercial real estate – owner occupied \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1,174	8,886
Commercial real estate – owner occupied \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	599	1,015
Commercial real estate – owner occupied \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	0	0
Commercial real estate – owner occupied \| 90 Days or Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	575	7,871
Commercial real estate – owner occupied \| Loans Not Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1,053,891	1,136,179
Commercial real estate - investor
Financing Receivable, Past Due [Line Items]
Total Past Due	4,378,061	3,491,464
Commercial real estate - investor \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	3,528	23,252
Commercial real estate - investor \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1,717	8,897
Commercial real estate - investor \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	102	3,233
Commercial real estate - investor \| 90 Days or Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1,709	11,122
Commercial real estate - investor \| Loans Not Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	4,374,533	3,468,212
Residential real estate
Financing Receivable, Past Due [Line Items]
Total Past Due	2,479,701	2,309,459
Residential real estate \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	13,966	22,558
Residential real estate \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	9,705	15,156
Residential real estate \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1,586	3,164
Residential real estate \| 90 Days or Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	2,675	4,238
Residential real estate \| Loans Not Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	2,465,735	2,286,901
Other consumer
Financing Receivable, Past Due [Line Items]
Total Past Due	260,819	339,462
Other consumer \| Total Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	3,607	5,079
Other consumer \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	339	978
Other consumer \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	322	533
Other consumer \| 90 Days or Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	2,946	3,568
Other consumer \| Loans Not Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 257,212	$ 334,383

Loans Receivable, Net - Troubled Debt Restructurings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan
Commercial real estate – owner occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	2	1
Pre-modification Recorded Investment	$ 6,406	$ 1,112
Post-modification Recorded Investment	$ 6,423	$ 1,143
Commercial real estate – investor
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	1	2
Pre-modification Recorded Investment	$ 4,903	$ 1,035
Post-modification Recorded Investment	$ 4,903	$ 1,116
Residential real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	3	6
Pre-modification Recorded Investment	$ 244	$ 1,018
Post-modification Recorded Investment	$ 336	$ 1,065
Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	3	6
Pre-modification Recorded Investment	$ 39	$ 1,035
Post-modification Recorded Investment	$ 49	$ 668

Interest and Dividends Receivable - Summary of Interest and Dividends Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Loans receivable	$ 26,208	$ 30,893
Debt securities	5,753	4,184
Equity investments and other	645	192
Total interest and dividends receivable	$ 32,606	$ 35,269

Premises and Equipment, Net - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Finance lease	$ 2,386	$ 1,845
Total	199,553	174,853
Accumulated depreciation and amortization	(73,725)	(67,759)
Total premises and equipment, net	125,828	107,094
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18,774	23,109
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	94,573	99,350
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,460	8,640
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	30,314	28,707
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,989	2,932
Other (1)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	38,057	$ 10,270
Asset under construction
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 36,200

Premises and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 9.4	$ 8.5	$ 8.2

Deposits - Summary of Deposits Including Accrued Interest Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amount
Non-interest-bearing	$ 2,412,056	$ 2,133,195
Interest-bearing checking	4,201,736	3,646,866
Money market deposit	736,090	783,521
Savings	1,607,933	1,491,251
Time deposits	775,001	1,372,783
Total deposits	$ 9,732,816	$ 9,427,616
Weighted Average Cost
Non-interest-bearing	0.00%	0.00%
Interest-bearing checking	0.24%	0.49%
Money market deposit	0.06%	0.19%
Savings	0.03%	0.05%
Time deposits	0.95%	1.51%
Total deposits	0.19%	0.43%

Deposits - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Banking and Thrift, Other Disclosures [Abstract]
Accrued interest payable	$ 244	$ 367
Time deposits, $250,000 and over	$ 145,400	$ 409,500

Deposits - Summary of Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Banking and Thrift, Other Disclosures [Abstract]
2022	$ 552,666
2023	110,956
2024	67,097
2025	16,417
2026	13,539
Thereafter	14,326
Total	$ 775,001	$ 1,372,783

Deposits - Summary of Interest Expense on Deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Banking and Thrift, Other Disclosures [Abstract]
Interest-bearing checking	$ 13,400	$ 19,395	$ 16,820
Money market deposit	1,105	2,902	4,919
Savings	631	2,505	1,195
Time deposits	10,074	23,488	15,498
Total interest expense on deposits	$ 25,210	$ 48,290	$ 38,432

Borrowed Funds - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities sold under agreements to repurchase with retail customers, amount	$ 118,769	$ 128,454
Other borrowings, amount	229,141	235,471
Total Borrowed funds, Amount	$ 347,910	$ 363,925
Weighted Average
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities sold under agreements to repurchase with retail customer, weighted average rate	0.16%	0.33%
Other borrowings, weighted average rate	4.47%	4.58%
Total Borrowed funds, weighted average rate	3.00%	3.08%

Borrowed Funds - Summary of Federal Home Loan Bank Advances and Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Average balance		$ 413,290
Maximum amount outstanding at any month end		$ 825,824
Average interest rate for the year		1.70%
Reverse Repurchase Agreements
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Average balance	$ 134,939	$ 125,500
Maximum amount outstanding at any month end	$ 156,433	$ 153,810
Average interest rate for the year	0.19%	0.45%
Debt and equity securities	$ 141,423	$ 147,445
Estimated fair value of collateral, Debt and equity securities	$ 142,924	$ 152,679

Borrowed Funds - Schedule of Other Borrowings (Details)	12 Months Ended
Borrowed Funds - Schedule of Other Borrowings (Details)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Stated Value	$ 244,404,000
Carrying Value	229,141,000
Maturing September 30, 2026 \| Subordinated debt
Debt Instrument [Line Items]
Stated Value	35,000,000
Carrying Value	$ 35,000,000
Debt instrument, interest rate, stated percentage	4.138%
Maturing May 15, 2030 \| Subordinated debt
Debt Instrument [Line Items]
Stated Value	$ 125,000,000
Carrying Value	$ 122,989,000
Debt instrument, interest rate, stated percentage	5.25%
Maturing December 15, 2034 \| Trust preferred
Debt Instrument [Line Items]
Stated Value	$ 10,000,000
Carrying Value	$ 7,965,000
Maturing December 15, 2034 \| Trust preferred \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.25%
Maturing March 15, 2036 \| Trust preferred
Debt Instrument [Line Items]
Stated Value	$ 30,000,000
Carrying Value	$ 23,258,000
Maturing March 15, 2036 \| Trust preferred \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.35%
Maturing August 1, 2036 \| Trust preferred
Debt Instrument [Line Items]
Stated Value	$ 5,000,000
Carrying Value	$ 5,000,000
Maturing August 1, 2036 \| Trust preferred \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.65%
Maturing November 1, 2036 \| Trust preferred
Debt Instrument [Line Items]
Stated Value	$ 7,500,000
Carrying Value	$ 7,500,000
Maturing November 1, 2036 \| Trust preferred \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.66%
Maturing April 19, 2037 \| Trust preferred
Debt Instrument [Line Items]
Stated Value	$ 10,000,000
Carrying Value	$ 7,828,000
Maturing April 19, 2037 \| Trust preferred \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.53%
Maturing September 1, 2037 \| Trust preferred
Debt Instrument [Line Items]
Stated Value	$ 10,000,000
Carrying Value	$ 10,000,000
Maturing September 1, 2037 \| Trust preferred \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.75%
Maturing October 1, 2037 \| Trust preferred
Debt Instrument [Line Items]
Stated Value	$ 10,000,000
Carrying Value	$ 7,697,000
Maturing October 1, 2037 \| Trust preferred \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.39%
Maturing June 30, 2029
Debt Instrument [Line Items]
Stated Value	$ 1,904,000
Carrying Value	$ 1,904,000
Debt instrument, interest rate, stated percentage	5.625%
May 15, 2025 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Floating rate percentage	3.92%
May 15, 2025 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Floating rate percentage	5.095%

Borrowed Funds - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net proceeds from issuance of subordinated notes		$ 0	$ 122,180	$ 0
Forecast
Debt Instrument [Line Items]
Net proceeds from issuance of subordinated notes	$ 35,000

Borrowed Funds - Interest Expense on Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
FHLB advances	$ 0	$ 7,018	$ 8,441
Reverse repurchase agreements	253	562	276
Other borrowings	11,291	10,787	5,674
Total interest expense on borrowings	$ 11,544	$ 18,367	$ 14,391

Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 19,696	$ 15,731	$ 1,991
State	8,861	6,617	740
Total current	28,557	22,348	2,731
Deferred
Federal	3,228	(2,746)	18,846
State	380	(1,869)	(2,793)
Total deferred	3,608	(4,615)	16,053
Total provision for income taxes	$ 32,165	$ 17,733	$ 18,784

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Unrealized loss on securities, tax expense	$ 870,000	$ 721,000	$ 874,000
Retained earnings not provided for provision for income tax	10,800,000
Unrecognized deferred tax liability	2,800,000
Unrecognized tax benefits	0	0	0
Income tax benefit from revaluation of state deferred tax assets			$ 2,200,000
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefit)				$ 1,900,000	$ 3,600,000
Colonial American Bank
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	4,300,000	4,600,000
Operating loss carryforwards, subject to expiration	330,000
Sun Bancorp, Inc.
Operating Loss Carryforwards [Line Items]
Purchase accounting adjustments		4,500,000
Operating loss carryforwards	129,400,000	152,600,000
Operating loss carryforwards, subject to expiration	23,300,000	9,300,000
Tax credit	2,300,000	2,300,000
New Jersey
Operating Loss Carryforwards [Line Items]
Tax credit		1,800,000
Tax credit utilization		$ 1,400,000
Other Comprehensive Income
Operating Loss Carryforwards [Line Items]
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefit)	1,800,000
Accumulated Other Comprehensive (Loss) Gain
Operating Loss Carryforwards [Line Items]
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefit)	$ 612,000

Income Taxes - Schedule of Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 142,241	$ 81,042	$ 107,358
Federal income tax, at statutory rates	21.00%	21.00%	21.00%
Computed “expected” federal income tax expense	$ 29,871	$ 17,019	$ 22,545
Increase (decrease) in federal income tax expense resulting from
State income taxes, net of federal benefit	7,223	3,751	583
Earnings on BOLI	(1,435)	(1,349)	(1,138)
Tax exempt interest	(768)	(1,161)	(665)
Merger related expenses	24	138	297
Stock compensation	(110)	(136)	(386)
Revaluation of state deferred tax asset	0	0	(2,205)
Reclassification of certain tax effect from accumulated other comprehensive income	(173)	(204)	(221)
Research and development and other credits	(475)	0	0
Dividends received deduction	(510)	0	0
Other items, net	(1,482)	(325)	(26)
Total provision for income taxes	$ 32,165	$ 17,733	$ 18,784

Income Taxes - Schedule of Significant Portions of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for credit losses on loans and debt securities HTM	$ 12,915	$ 16,168
Other reserves	3,115	2,485
Incentive compensation	3,546	2,919
Deferred compensation	471	533
Stock plans	2,565	2,214
Unrealized loss on assets held-for-sale	1,626	2,435
Unrealized loss on securities	1,332	272
Net operating loss carryforwards related to acquisition	28,057	33,014
Deferred fees on PPP loans	187	517
Other, net	1,680	195
Federal and state alternative minimum tax	2,295	3,705
Total gross deferred tax assets	57,789	64,457
Deferred tax liabilities:
Unrealized gain on equity securities	0	(4,154)
Premises and equipment	(5,704)	(5,871)
Deferred loan and commitment costs, net	(2,579)	(2,968)
Purchase accounting adjustments	(2,056)	(602)
Investments, discount accretion	(371)	(452)
Other, net	0	(783)
Total gross deferred tax liabilities	(10,710)	(14,830)
Net deferred tax assets	$ 47,079	$ 49,627

Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 1998	Nov. 09, 2021	Dec. 31, 2018
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Contributions to ESOP	$ 2,300	$ 1,500
Dividends paid unallocated ESOP shares	268	313
Outstanding loan	$ 9,200	$ 8,100
Unallocated shares of ESOP (in shares)	437,725	394,080
Fair value of unallocated shares	$ 9,700
Shares allocated to participants (in shares)	2,543,294
Shares committed to be released (in shares)	102,048
Employee Stock Ownership Plan
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Minimum age limit for employees to participate in ESOP (years)	21 years
Employee stock ownership plan ESOP minimum service period	1 year
Minimum number of working hours (hours)	1000 hours
Employee stock ownership plan ESOP, vesting period	5 years
ESOP original borrowings	$ 13,400
Purchase of common stock shares (in shares)	2,013,137
Additional borrowings				$ 8,200	$ 3,200	$ 8,400
Additional common stock shares (in shares)				633,750	145,693	292,592
Fixed interest rate (percent)				8.25%	0.22%	3.25%
Compensation expense related to ESOP	$ 2,200	$ 1,100	$ 1,600
Increase (decrease) in the average fair value	$ 179	$ (80)	$ 366
Employee Stock Ownership Plan \| Minimum
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Extended loan term (years)				12 years
Employee Stock Ownership Plan \| Maximum
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Extended loan term (years)				30 years

Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to non-vested awards not yet recognized	$ 14,700
Number of shares, granted (in shares)	0	699,651	461,407
Aggregate intrinsic value for stock options outstanding	$ 6,800
Aggregate intrinsic value for stock options exercisable	$ 5,900
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan expiration period (years)	10 years
Expense for stock option grants	$ 1,200	$ 1,500	$ 973
Vesting period of compensation cost related to non-vested awards	2 years 9 months 14 days
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense for stock option grants	$ 4,200	$ 2,800	$ 2,900
Employee Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Employee Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	5 years
2020 Stock Incentive Plan \| Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan, number of additional shares authorized (in shares)	6,950,000
Stock incentive plan remaining options or awards (in shares)	5,000,294
2020 Stock Incentive Plan \| Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan, number of additional shares authorized (in shares)	2,780,000
Stock incentive plan remaining options or awards (in shares)	2,000,118
2011 Stock Incentive Plan \| Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan, number of additional shares authorized (in shares)	4,000,000
Stock incentive plan remaining options or awards (in shares)	149,343
2011 Stock Incentive Plan \| Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan, number of additional shares authorized (in shares)	1,600,000
Stock incentive plan remaining options or awards (in shares)	59,737
Tranche One \| Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan vesting rate (percent)	20.00%

Incentive Plan - Summary of Fair Value of Stock Options Granted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.03%	2.63%
Expected option life	7 years	7 years
Expected volatility	23.00%	21.00%
Expected dividend yield	3.33%	2.70%
Weighted average fair value of an option share granted during the year (in dollars per share)	$ 2.93	$ 4.47
Intrinsic value of options exercised during the year (in shares)	$ 2,499	$ 2,994

Incentive Plan - Summary of Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Number of shares, outstanding at beginning of year (in shares)	2,838,867	2,424,032	2,340,842
Number of shares, granted (in shares)	0	699,651	461,407
Number of shares, exercised (in shares)	(264,717)	(213,506)	(227,189)
Number of shares, forfeited (in shares)	(1,828)	(6,357)	(149,158)
Number of shares, expired (in shares)	(114,067)	(64,953)	(1,870)
Number of shares, outstanding at end of year (in shares)	2,458,255	2,838,867	2,424,032
Number of shares, options exercisable at end of year (in shares)	1,583,521	1,596,927	1,612,946
Weighted Average Exercise Price
Weighted average exercise price, outstanding at beginning of year (in dollars per share)	$ 20.67	$ 19.80	$ 18.25
Weighted average exercise price, granted (in dollars per share)	0	20.44	25.20
Weighted average exercise price, exercised (in dollars per share)	14.80	9.50	11.24
Weighted average exercise price, forfeited (in dollars per share)	23.78	21.26	24.71
Weighted average exercise price, expired (in dollars per share)	26.62	22.51	29.59
Weighted average exercise price, outstanding at end of year (in dollars per share)	$ 21.02	$ 20.67	$ 19.80

Incentive Plan - Summary of Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options outstanding (in shares) \| shares	2,458,255
Weighted average remaining contractual life, options outstanding (years)	5 years 3 months 18 days
Weighted average exercise price, options outstanding (in dollars per share)	$ 21.02
Number of options exercisable (in shares) \| shares	1,583,521
Weighted average remaining contractual life, options exercisable (years)	4 years
Weighted average exercise price, options exercisable (in dollars per share)	$ 20.19
15.38
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise prices lower limit (usd per share)	10.84
Exercise prices higher limit (in dollars per share)	$ 15.38
Number of options outstanding (in shares) \| shares	395,089
Weighted average remaining contractual life, options outstanding (years)	9 months 18 days
Weighted average exercise price, options outstanding (in dollars per share)	$ 13.92
Number of options exercisable (in shares) \| shares	395,089
Weighted average remaining contractual life, options exercisable (years)	9 months 18 days
Weighted average exercise price, options exercisable (in dollars per share)	$ 13.92
19.92
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise prices lower limit (usd per share)	15.39
Exercise prices higher limit (in dollars per share)	$ 19.92
Number of options outstanding (in shares) \| shares	490,055
Weighted average remaining contractual life, options outstanding (years)	3 years 3 months 18 days
Weighted average exercise price, options outstanding (in dollars per share)	$ 17.45
Number of options exercisable (in shares) \| shares	490,055
Weighted average remaining contractual life, options exercisable (years)	3 years 3 months 18 days
Weighted average exercise price, options exercisable (in dollars per share)	$ 17.45
24.46
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise prices lower limit (usd per share)	19.93
Exercise prices higher limit (in dollars per share)	$ 24.46
Number of options outstanding (in shares) \| shares	733,895
Weighted average remaining contractual life, options outstanding (years)	7 years 10 months 24 days
Weighted average exercise price, options outstanding (in dollars per share)	$ 20.55
Number of options exercisable (in shares) \| shares	184,413
Weighted average remaining contractual life, options exercisable (years)	7 years 2 months 12 days
Weighted average exercise price, options exercisable (in dollars per share)	$ 20.87
29.01
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise prices lower limit (usd per share)	24.47
Exercise prices higher limit (in dollars per share)	$ 29.01
Number of options outstanding (in shares) \| shares	839,216
Weighted average remaining contractual life, options outstanding (years)	6 years 2 months 12 days
Weighted average exercise price, options outstanding (in dollars per share)	$ 26.87
Number of options exercisable (in shares) \| shares	513,964
Weighted average remaining contractual life, options exercisable (years)	5 years 10 months 24 days
Weighted average exercise price, options exercisable (in dollars per share)	$ 27.38

Incentive Plan - Summary of Granted but Unvested Stock Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Number of Shares, Outstanding at beginning of year (in shares)	575,996	451,443	330,598
Number of Shares, Granted (in shares)	388,392	256,649	249,651
Number of Shares, Vested (in shares)	(126,292)	(96,564)	(105,307)
Number of Shares, Forfeited (in shares)	(59,125)	(35,532)	(23,499)
Number of Shares, Outstanding at end of year (in shares)	778,971	575,996	451,443
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Outstanding at beginning of year (in dollars per share)	$ 23.42	$ 25.61	$ 25.92
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	21.53	20.38	24.80
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	24.04	24.41	24.49
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	24.39	26.56	26.38
Weighted Average Grant Date Fair Value, Outstanding at end of year (in dollars per share)	$ 22.30	$ 23.42	$ 25.61

Commitments, Contingencies and Concentrations of Credit Risk - Summary of Commitments and Contingent Liabilities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Fixed-rate	$ 350,114
Adjustable-rate	1,770
Floating-rate	319,134
Unused consumer and residential construction loan lines of credit (primarily floating-rate)
Debt Instrument [Line Items]
Unused loan lines of credit (primarily floating-rate)	358,586
Unused commercial and commercial construction loan lines of credit (primarily floating-rate)
Debt Instrument [Line Items]
Unused loan lines of credit (primarily floating-rate)	$ 1,011,233

Commitments, Contingencies and Concentrations of Credit Risk - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Fixed-rate loan commitments	90 days
Unfunded capital commitments related to investment funds	$ 9,100
Operating lease expense	5,935	$ 6,438	$ 3,904
Premises and Equipment
Other Commitments [Line Items]
Operating lease expense	$ 7,200	$ 7,900	$ 5,000
Minimum
Other Commitments [Line Items]
Interest rates	1.43%
Maximum
Other Commitments [Line Items]
Interest rates	9.00%

Earnings per Share - Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted average shares outstanding (in shares)	59,873	60,358	50,701
Less: Unallocated ESOP shares (in shares)	(360)	(426)	(493)
Unallocated incentive award shares (in shares)	(107)	(13)	(42)
Average basic shares outstanding (in shares)	59,406	59,919	50,166
Add: Effect of dilutive securities:
Incentive awards (in shares)	243	153	580
Average diluted shares outstanding (in shares)	59,649	60,072	50,746

Earnings per Share - Additional Information (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive stock options excluded from earnings per share calculations (in shares)	1,566	2,242	993

Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned	$ 106	$ 106
Items measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for sale, at fair value	568,255	183,302
Equity investments	90,726	107,079
Interest rate derivative assets	22,787	45,289
Interest rate derivative liabilities	(22,855)	(45,429)
Items measured on a non-recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	10,429
Other real estate owned	106	106
Items measured on a non-recurring basis \| Loans measured for impairment based on the fair value of the underlying collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans measured for impairment based on the fair value of the underlying collateral	16,233	35,366
Level 1 Inputs \| Items measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for sale, at fair value	0	0
Equity investments	14,608	104,539
Interest rate derivative assets	0	0
Interest rate derivative liabilities	0	0
Level 1 Inputs \| Items measured on a non-recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0
Other real estate owned	0	0
Level 1 Inputs \| Items measured on a non-recurring basis \| Loans measured for impairment based on the fair value of the underlying collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans measured for impairment based on the fair value of the underlying collateral	0	0
Level 2 Inputs \| Items measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for sale, at fair value	568,255	183,302
Equity investments	73,400	0
Interest rate derivative assets	22,787	45,289
Interest rate derivative liabilities	(22,855)	(45,429)
Level 2 Inputs \| Items measured on a non-recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0
Other real estate owned	0	0
Level 2 Inputs \| Items measured on a non-recurring basis \| Loans measured for impairment based on the fair value of the underlying collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans measured for impairment based on the fair value of the underlying collateral	0	0
Level 3 Inputs \| Items measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for sale, at fair value	0	0
Equity investments	2,718	2,540
Interest rate derivative assets	0	0
Interest rate derivative liabilities	0	0
Level 3 Inputs \| Items measured on a non-recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	10,429
Other real estate owned	106	106
Level 3 Inputs \| Items measured on a non-recurring basis \| Loans measured for impairment based on the fair value of the underlying collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans measured for impairment based on the fair value of the underlying collateral	$ 16,233	$ 35,366

Fair Value Measurements - Debt Securities Available -for-sale (Details) - Items measured on a recurring basis - Level 3 Inputs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,540	$ 0
Purchases	0	2,000
Total gains included in earnings	178	540
Maturities	0	0
Ending balance	2,718	2,540
Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	25
Purchases		2,377
Total gains included in earnings		0
Maturities		(2,402)
Ending balance		$ 0

Fair Value Measurements - Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Debt securities held-to-maturity	$ 1,152,744	$ 968,466
Restricted equity investments	53,195	51,705
Financial liabilities:
Time deposits	775,001	1,372,783
Securities sold under agreements to repurchase with retail customers	118,769	128,454
Book Value
Financial assets:
Cash and due from banks	204,949	1,272,134
Debt securities held-to-maturity	1,139,193	937,253
Restricted equity investments	53,195	51,705
Loans receivable, net and loans held-for-sale	8,583,352	7,750,381
Financial liabilities:
Deposits other than time deposits	8,957,815	8,054,833
Time deposits	775,001	1,372,783
Other borrowings	229,141	235,471
Securities sold under agreements to repurchase with retail customers	118,769	128,454
Level 1 Inputs
Financial assets:
Cash and due from banks	204,949	1,272,134
Debt securities held-to-maturity	0	0
Restricted equity investments	0	0
Loans receivable, net and loans held-for-sale	0	0
Financial liabilities:
Deposits other than time deposits	0	0
Time deposits	0	0
Other borrowings	0	0
Securities sold under agreements to repurchase with retail customers	118,769	128,454
Level 2 Inputs
Financial assets:
Cash and due from banks	0	0
Debt securities held-to-maturity	1,138,529	952,365
Restricted equity investments	0	0
Loans receivable, net and loans held-for-sale	0	0
Financial liabilities:
Deposits other than time deposits	8,957,815	8,054,833
Time deposits	773,766	1,383,173
Other borrowings	251,491	251,798
Securities sold under agreements to repurchase with retail customers	0	0
Level 3 Inputs
Financial assets:
Cash and due from banks	0	0
Debt securities held-to-maturity	14,215	16,101
Restricted equity investments	53,195	51,705
Loans receivable, net and loans held-for-sale	8,533,506	7,806,743
Financial liabilities:
Deposits other than time deposits	0	0
Time deposits	0	0
Other borrowings	0	0
Securities sold under agreements to repurchase with retail customers	$ 0	$ 0

Derivatives, Hedging Activities and Other Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Collateral already posted, fair value	$ 19,800	$ 46,500
Other liabilities
Derivative [Line Items]
Credit risk derivative liability, fair value	22,855	45,429
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	938,700	725,900
Interest Rate Swap
Derivative [Line Items]
Income (expense) in fair value adjustments	$ 72	$ 428	$ (478)

Derivatives, Hedging Activities and Other Financial Instruments - Notional and Fair Value of Derivatives Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other assets
Derivative [Line Items]
Credit risk derivative asset, fair value	$ 22,787	$ 45,289
Other liabilities
Derivative [Line Items]
Credit risk derivative liability, fair value	$ 22,855	$ 45,429

Leases - Additional Information (Details) $ in Thousands	6 Months Ended			12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jun. 30, 2022 branch	Dec. 31, 2021 branch	Jun. 30, 2021 branch	Dec. 31, 2021 USD ($) lease renewal_term branch	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Number of finance leases \| lease				1
Number of option to renew \| renewal_term				1
Number of store branches sold \| branch				2
Gain (loss) on disposition of store branch				$ 0	$ 6	$ 27
Number of branch locations \| branch		9	4
Accelerated lease expense				13,000
Other operating expense				15,510	$ 16,552	$ 14,968
Branch Consolidation Expenses
Lessee, Lease, Description [Line Items]
Gain (loss) on disposition of store branch				2,000
Other operating expense				$ 1,300
Forecast
Lessee, Lease, Description [Line Items]
Number of branch locations \| branch	10
Number of deposit gathering locations consolidated \| branch	1

Leases - Schedule of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Operating lease ROU assets	$ 17,442	$ 22,555
Finance lease ROU asset	1,495	1,694
Total lease ROU assets	$ 18,937	$ 24,249
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Premises and equipment, net	Premises and equipment, net
Lease Liabilities
Operating lease liabilities	$ 17,982	$ 22,990
Finance lease liability	1,904	2,100
Total lease liabilities	$ 19,886	$ 25,090
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other borrowings	Other borrowings
Future rent and lease termination liability excluded from operating lease liability	$ 8,200	$ 7,400

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, weighted average remaining lease term (years)	8 years 2 months 19 days	7 years 9 months 7 days
Finance lease, weighted average remaining lease term (years)	7 years 7 months 2 days	8 years 7 months 2 days
Operating lease, weighted average discount rate (percent)	2.97%	3.01%
Finance lease, weighted average discount rate (percent)	5.63%	5.63%

Leases - Schedule of Lease Costs and Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease Expense
Operating lease expense	$ 5,935	$ 6,438	$ 3,904
Finance lease expense:
Amortization of ROU assets	199	174	274
Interest on lease liabilities	112	110	174
Total	6,246	6,722	4,352
Operating cash flows from operating leases	5,263	6,298	3,625
Operating cash flows from finance leases	112	110	174
Financing cash flows from finance leases	$ 195	$ 187	$ 263

Leases - Future Minimum Payments for Operating and Financing Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance Lease
2022	$ 307
2023	307
2024	307
2025	307
2026	307
Thereafter	798
Total	2,333
Less: Imputed interest	(429)
Total lease liabilities	1,904	$ 2,100
Operating Leases
2022	4,404
2023	3,033
2024	2,737
2025	2,307
2026	1,650
Thereafter	6,681
Total	20,812
Less: Imputed interest	(2,830)
Total lease liabilities	$ 17,982	$ 22,990

Parent-Only Financial Information - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and due from banks	$ 204,949	$ 1,272,134	$ 120,544	$ 120,792
Other assets	147,007	208,968
Total assets	11,739,616	11,448,313
Liabilities and Stockholders’ Equity
Borrowings	347,910	363,925
Other liabilities	122,032	155,346
Stockholders’ equity	1,516,553	1,484,130	$ 1,153,119	$ 1,039,358
Total liabilities and stockholders’ equity	11,739,616	11,448,313
OceanFirst Financial Corp.
Assets
Cash and due from banks	8,803	7,187
Advances to Bank	63,480	101,304
Equity securities	87,622	93,207
ESOP loan receivable	9,231	8,071
Investment in subsidiaries	1,575,549	1,502,867
Other assets	2,781	10,180
Total assets	1,747,466	1,722,816
Liabilities and Stockholders’ Equity
Borrowings	227,237	233,371
Other liabilities	3,676	5,315
Stockholders’ equity	1,516,553	1,484,130
Total liabilities and stockholders’ equity	$ 1,747,466	$ 1,722,816

Parent-Only Financial Information - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Net gain on equity investments	$ 7,145	$ 21,214	$ 267
Interest expense – borrowings	11,544	18,367	14,391
Operating expenses	226,860	246,431	189,142
Benefit (Provision) for income taxes	(32,165)	(17,733)	(18,784)
Net income	110,076	63,309	88,574
OceanFirst Financial Corp.
Condensed Financial Statements, Captions [Line Items]
Dividend income – subsidiary Bank	40,000	54,000	79,000
Interest and dividend income – debt and equity securities	2,070	949	63
Interest income – advances to subsidiary Bank	298	403	426
Interest income – ESOP loan receivable	289	301	321
Net gain on equity investments	7,499	20,460	0
Total income	50,156	76,113	79,810
Interest expense – borrowings	11,102	10,592	5,402
Operating expenses	3,307	3,382	2,686
Income before income taxes and undistributed earnings of subsidiary Bank	35,747	62,139	71,722
Benefit (Provision) for income taxes	1,018	(2,901)	924
Income before undistributed earnings of subsidiary Bank	36,765	59,238	72,646
Undistributed earnings of subsidiary Bank	73,311	4,071	15,928
Net income	$ 110,076	$ 63,309	$ 88,574

Parent-Only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 110,076,000	$ 63,309,000	$ 88,574,000
Net gain on equity investments	(3,186,000)	(8,278,000)	(16,000)
Net premium amortization in excess of discount accretion on securities	8,466,000	2,997,000	3,232,000
Amortization of deferred costs on borrowings	0	(476,000)
Net amortization of purchase accounting adjustments	(14,484,000)	(21,557,000)	(14,094,000)
Net cash provided by operating activities	159,972,000	132,656,000	100,247,000
Cash flows from investing activities:
Proceeds from sales of equity investments	98,777,000	16,978,000	0
Purchase of equity investments	(86,462,000)	(96,519,000)	(214,000)
Net cash used in investing activities	(1,477,842,000)	(22,169,000)	(172,122,000)
Cash flows from financing activities:
Net proceeds from issuance of subordinated notes	0	122,180,000	0
Repayments of other borrowings	(7,612,000)	(8,109,000)	(263,000)
Dividends paid	(44,510,000)	(42,917,000)	(34,241,000)
Purchase of treasury stock	(36,059,000)	(14,814,000)	(26,066,000)
Net proceeds from the issuance of preferred stock	0	55,529,000	0
Exercise of stock options	1,946,000	1,241,000	1,335,000
Net cash provided by financing activities	223,993,000	1,074,948,000	82,773,000
OceanFirst Financial Corp.
Cash flows from operating activities:
Net income	110,076,000	63,309,000	88,574,000
Decrease (increase) in advances to subsidiary Bank	37,824,000	(73,426,000)	(13,852,000)
Undistributed earnings of subsidiary Bank	(73,311,000)	(4,071,000)	(15,928,000)
Net gain on equity investments	(7,499,000)	(20,460,000)	0
Net premium amortization in excess of discount accretion on securities	755,000	0	0
Amortization of deferred costs on borrowings	824,000	576,000	261,000
Net amortization of purchase accounting adjustments	542,000	638,000	453,000
Change in other assets and other liabilities	7,359,000	648,000	(184,000)
Net cash provided by operating activities	76,570,000	(32,786,000)	59,324,000
Cash flows from investing activities:
Proceeds from sales of equity investments	98,791,000	15,339,000	0
Purchase of equity investments	(86,462,000)	(95,228,000)	0
Increase in ESOP loan receivable	(3,200,000)	0	0
Repayments on ESOP loan receivable	2,040,000	1,200,000	1,160,000
Net cash used in investing activities	11,169,000	(78,689,000)	1,160,000
Cash flows from financing activities:
Net proceeds from issuance of subordinated notes	0	122,180,000	0
Repayments of other borrowings	(7,500,000)	(7,999,000)	0
Dividends paid	(44,510,000)	(42,917,000)	(34,241,000)
Purchase of treasury stock	(36,059,000)	(14,814,000)	(26,066,000)
Net proceeds from the issuance of preferred stock	0	55,529,000	0
Exercise of stock options	1,946,000	1,241,000	1,335,000
Net cash provided by financing activities	(86,123,000)	113,220,000	(58,972,000)
Net increase in cash and due from banks	1,616,000	1,745,000	1,512,000
Cash and due from banks at beginning of year	7,187,000	5,442,000	3,930,000
Cash and due from banks at end of year	$ 8,803,000	$ 7,187,000	$ 5,442,000

Subsequent Event - Additional Information (Details)	Feb. 28, 2022
Trident Abstract Title Agency, LLC \| Subsequent Event
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%