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

12 Months Ended

Dec. 31, 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 tables represent the Company's disclosure on

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

						January 1, 2020
						As reported under CECL						Prior to CECL						Impact of CECL adoption
Loans
Residential						$	8,950					3,414						5,536
Commercial						17,118						12,831						4,287
Multi-family						9,519						3,374						6,145
Construction						4,152						5,892						(1,740)
Total mortgage loans						39,739						25,511						14,228
Commercial loans						18,254						28,263						(10,009)
Consumer loans						5,452						1,751						3,701
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 (dollars in thousands):

						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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