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Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Tables)

9 Months Ended

Sep. 30, 2020

Credit Loss [Abstract]

Schedule of Impact of ASC 326

The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):

						January 1, 2020
						As reported under CECL						Prior to CECL						Impact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities						$	6					—						6
Allowance for credit losses on municipal securities						64						—						64
Allowance for credit losses on held to maturity debt securities						$	70					—						70

The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credits for the loan portfolio (in thousands):

						January 1, 2020
						As reported under CECL						Prior to CECL						Impact of CECL adoption
Loans
Residential						$	8,950					3,411						5,539
Commercial						17,118						12,885						4,233
Multi-family						9,519						3,370						6,149
Construction						4,152						5,885						(1,733)
Total mortgage loans						39,739						25,551						14,188
Commercial loans						18,254						28,228						(9,974)
Consumer loans						5,452						1,746						3,706
Allowance for credit losses on loans						$	63,445					55,525						7,920

The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:

						January 1, 2020
						As reported under CECL						Prior to CECL						Impact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure						$	3,206					—						3,206

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- References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

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