Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'OCFC | ' | ' |
Entity Registrant Name | 'OCEANFIRST FINANCIAL CORP | ' | ' |
Entity Central Index Key | '0001004702 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,406,883 | ' |
Entity Public Float | ' | ' | $258,947,000 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $33,958 | $62,544 |
Securities available-for-sale (encumbered $35,128 at December 31, 2013 and $457,031 at December 31, 2012) (notes 3, 9, 10 and 16) | 43,836 | 547,450 |
Securities held-to-maturity, net (estimated fair value of $495,082) (encumbered $390,622) (notes 3, 9, 10 and 16) | 495,599 | ' |
Federal Home Loan Bank of New York stock, at cost (note 9) | 14,518 | 17,061 |
Loans receivable, net (notes 4, 9 and 13) | 1,541,460 | 1,523,200 |
Mortgage loans held-for-sale | 785 | 6,746 |
Interest and dividends receivable (note 6) | 5,380 | 5,976 |
Other real estate owned | 4,345 | 3,210 |
Premises and equipment, net (note 7) | 23,684 | 22,233 |
Servicing asset (note 5) | 4,178 | 4,568 |
Bank Owned Life Insurance | 54,571 | 53,167 |
Deferred tax asset (note 10) | 15,239 | 8,999 |
Other assets (note 10) | 12,158 | 14,074 |
Total assets | 2,249,711 | 2,269,228 |
Liabilities and Stockholders' Equity | ' | ' |
Deposits (note 8) | 1,746,763 | 1,719,671 |
Securities sold under agreements to repurchase with retail customers (note 9) | 68,304 | 60,791 |
Federal Home Loan Bank advances (note 9) | 175,000 | 225,000 |
Other borrowings (note 9) | 27,500 | 27,500 |
Advances by borrowers for taxes and insurance | 6,471 | 7,386 |
Other liabilities (note 13) | 11,323 | 9,088 |
Total liabilities | 2,035,361 | 2,049,436 |
Commitments and contingencies (note 13) | ' | ' |
Stockholders' equity: (notes 2, 10, 11 and 12) | ' | ' |
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued | ' | ' |
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772 shares issued and 17,387,049 and 17,894,929 shares outstanding at December 31, 2013 and December 31, 2012, respectively | 336 | 336 |
Additional paid-in capital | 263,319 | 262,704 |
Retained earnings | 206,201 | 198,109 |
Accumulated other comprehensive (loss) gain | -6,619 | 49 |
Less: Unallocated common stock held by Employee Stock Ownership Plan | -3,616 | -3,904 |
Treasury stock, 16,179,723 and 15,671,843 shares at December 31, 2013 and December 31, 2012, respectively | -245,271 | -237,502 |
Common stock acquired by Deferred Compensation Plan | -665 | -647 |
Deferred Compensation Plan Liability | 665 | 647 |
Total stockholders' equity | 214,350 | 219,792 |
Total liabilities and stockholders' equity | $2,249,711 | $2,269,228 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Securities available-for-sale, encumbered | $35,128 | $457,031 |
Securities held-to-maturity, net estimated fair value | 495,082 | ' |
Securities held-to-maturity, net encumbered | $390,622 | ' |
Preferred stock par value | $0.01 | $0.01 |
Preferred stock liquidation preference | $1,000 | $1,000 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 55,000,000 | 55,000,000 |
Common stock, shares issued | 33,566,772 | 33,566,772 |
Common stock, shares outstanding | 17,387,049 | 17,894,929 |
Treasury stock, shares | 16,179,723 | 15,671,843 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Loans | $69,863 | $76,168 | $82,994 |
Mortgage-backed securities | 7,403 | 8,509 | 10,060 |
Investment securities and other | 2,891 | 2,938 | 2,333 |
Total interest income | 80,157 | 87,615 | 95,387 |
Interest expense: | ' | ' | ' |
Deposits (note 8) | 4,709 | 7,547 | 10,401 |
Borrowed funds (note 9) | 4,919 | 6,556 | 7,659 |
Total interest expense | 9,628 | 14,103 | 18,060 |
Net interest income | 70,529 | 73,512 | 77,327 |
Provision for loan losses (note 4) | 2,800 | 7,900 | 7,750 |
Net interest income after provision for loan losses | 67,729 | 65,612 | 69,577 |
Other income: | ' | ' | ' |
Bankcard services revenue | 3,584 | 3,100 | 2,665 |
Trust and asset management revenue | 2,174 | 1,512 | 1,166 |
Fees and services charges | 7,992 | 7,542 | 7,600 |
Loan servicing income (note 5) | 748 | 538 | 427 |
Net gain on sales of loans available-for-sale (note 14) | 1,163 | 3,968 | 3,002 |
Net gain on sales and other than temporary impairment loss on investment securities available-for-sale (note 3) | 46 | 226 | -148 |
Income from Bank Owned Life Insurance | 1,404 | 1,338 | 1,172 |
Net loss from other real estate operations | -161 | -10 | -623 |
Other | 49 | 12 | 40 |
Total other income | 16,999 | 18,226 | 15,301 |
Operating expenses: | ' | ' | ' |
Compensation and employee benefits (notes 11 and 12) | 28,762 | 27,610 | 28,077 |
Occupancy (note 13) | 5,562 | 5,074 | 5,066 |
Equipment | 2,724 | 2,632 | 2,436 |
Marketing | 1,632 | 1,633 | 1,766 |
Federal deposit insurance | 2,141 | 2,113 | 2,553 |
Data processing | 3,996 | 3,632 | 3,593 |
Professional fees | 1,768 | 2,546 | 1,931 |
Check card processing | 2,449 | 1,455 | 1,197 |
Other operating expense | 5,907 | 6,196 | 6,045 |
Federal Home Loan Bank advance prepayment fee (note 9) | 4,265 | ' | ' |
Branch consolidation expense | 579 | ' | ' |
Total operating expenses | 59,785 | 52,891 | 52,664 |
Income before provision for income taxes | 24,943 | 30,947 | 32,214 |
Provision for income taxes (note 10) | 8,613 | 10,927 | 11,473 |
Net income | $16,330 | $20,020 | $20,741 |
Basic earnings per share | $0.96 | $1.13 | $1.14 |
Diluted earnings per share | $0.95 | $1.12 | $1.14 |
Average basic shares outstanding (note 15) | 17,071 | 17,730 | 18,191 |
Average diluted shares outstanding (note 15) | 17,157 | 17,829 | 18,240 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $16,330 | $20,020 | $20,741 |
Other comprehensive income: | ' | ' | ' |
Unrealized (loss) gain on securities (net of tax benefit of $4,674 in 2013 and tax expense of $1,831 and $2,075 in 2012 and 2011) | -6,768 | 2,651 | 3,004 |
Reclassification adjustment for (gains) losses included in net income (net of tax expense of $19 and $92 in 2013 and 2012, and tax benefit of $60 in 2011) | -27 | -134 | 88 |
Accretion of loss on securities reclassified to held-to-maturity (net of tax expense of $88) | 127 | ' | ' |
Total comprehensive income | $9,662 | $22,537 | $23,833 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized (loss) gain on securities, tax expense (benefit) | $4,674 | $1,831 | $2,075 |
Tax expense (benefit) | 19 | 92 | -60 |
Accretion of loss on securities reclassified to held-to-maturity tax expense | $88 | ' | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Employee Stock Ownership Plan [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] | Treasury Stock [Member] | Common Stock Acquired by Deferred Compensation Plan [Member] | Deferred Compensation Plan Liability [Member] |
In Thousands | ||||||||||
Beginning Balance at Dec. 31, 2010 | $201,251 | ($4,484) | ' | $336 | $260,739 | $174,677 | ($5,560) | ($224,457) | ($946) | $946 |
Net income | 20,741 | ' | ' | ' | ' | 20,741 | ' | ' | ' | ' |
Unrealized gain (loss) on securities (net of tax expense of $2,315 and $1,739 in 2011 and 2012, and tax benefit of $4,605 in 2013) | 3,092 | ' | ' | ' | ' | ' | 3,092 | ' | ' | ' |
Stock awards | 904 | ' | ' | ' | 904 | ' | ' | ' | ' | ' |
Tax benefit (expense) of stock plans | 1,303 | ' | ' | ' | 1,303 | ' | ' | ' | ' | ' |
Treasury stock allocated to restricted stock plan | ' | ' | ' | ' | -293 | 38 | ' | 255 | ' | ' |
Allocation of ESOP stock | 450 | 291 | ' | ' | 159 | ' | ' | ' | ' | ' |
Cash dividend - $0.48, $0.48 and 0.48 per share for 2011, 2012 and 2013 respectively | -8,789 | ' | ' | ' | ' | -8,789 | ' | ' | ' | ' |
Exercise of stock options | 44 | ' | ' | ' | ' | -1 | ' | 45 | ' | ' |
Purchase of 165,154, 843,370, 533,018 shares of common stock in 2011, 2012 and 2013 respectively | -2,147 | ' | ' | ' | ' | ' | ' | -2,147 | ' | ' |
Sale of stock for the deferred compensation plan, net | ' | ' | ' | ' | ' | ' | ' | ' | 75 | -75 |
Ending Balance at Dec. 31, 2011 | 216,849 | -4,193 | ' | 336 | 262,812 | 186,666 | -2,468 | -226,304 | -871 | 871 |
Net income | 20,020 | ' | ' | ' | ' | 20,020 | ' | ' | ' | ' |
Unrealized gain (loss) on securities (net of tax expense of $2,315 and $1,739 in 2011 and 2012, and tax benefit of $4,605 in 2013) | 2,517 | ' | ' | ' | ' | ' | 2,517 | ' | ' | ' |
Stock awards | 591 | ' | ' | ' | 591 | ' | ' | ' | ' | ' |
Tax benefit (expense) of stock plans | -608 | ' | ' | ' | -608 | ' | ' | ' | ' | ' |
Treasury stock allocated to restricted stock plan | ' | ' | ' | ' | -282 | 42 | ' | 240 | ' | ' |
Allocation of ESOP stock | 480 | 289 | ' | ' | 191 | ' | ' | ' | ' | ' |
Cash dividend - $0.48, $0.48 and 0.48 per share for 2011, 2012 and 2013 respectively | -8,579 | ' | ' | ' | ' | -8,579 | ' | ' | ' | ' |
Exercise of stock options | 419 | ' | ' | ' | ' | -40 | ' | 459 | ' | ' |
Purchase of 165,154, 843,370, 533,018 shares of common stock in 2011, 2012 and 2013 respectively | -11,897 | ' | ' | ' | ' | ' | ' | -11,897 | ' | ' |
Sale of stock for the deferred compensation plan, net | ' | ' | ' | ' | ' | ' | ' | ' | 224 | -224 |
Ending Balance at Dec. 31, 2012 | 219,792 | -3,904 | ' | 336 | 262,704 | 198,109 | 49 | -237,502 | -647 | 647 |
Net income | 16,330 | ' | ' | ' | ' | 16,330 | ' | ' | ' | ' |
Unrealized gain (loss) on securities (net of tax expense of $2,315 and $1,739 in 2011 and 2012, and tax benefit of $4,605 in 2013) | -6,668 | ' | ' | ' | ' | ' | -6,668 | ' | ' | ' |
Stock awards | 671 | ' | ' | ' | 671 | ' | ' | ' | ' | ' |
Tax benefit (expense) of stock plans | -31 | ' | ' | ' | -31 | ' | ' | ' | ' | ' |
Treasury stock allocated to restricted stock plan | ' | ' | ' | ' | -275 | 6 | ' | 269 | ' | ' |
Allocation of ESOP stock | 538 | 288 | ' | ' | 250 | ' | ' | ' | ' | ' |
Cash dividend - $0.48, $0.48 and 0.48 per share for 2011, 2012 and 2013 respectively | -8,239 | ' | ' | ' | ' | -8,239 | ' | ' | ' | ' |
Exercise of stock options | 65 | ' | ' | ' | ' | -5 | ' | 70 | ' | ' |
Purchase of 165,154, 843,370, 533,018 shares of common stock in 2011, 2012 and 2013 respectively | -8,108 | ' | ' | ' | ' | ' | ' | -8,108 | ' | ' |
Purchase of stock for the deferred compensation plan, net | ' | ' | ' | ' | ' | ' | ' | 70 | -18 | 18 |
Ending Balance at Dec. 31, 2013 | $214,350 | ($3,616) | ' | $336 | $263,319 | $206,201 | ($6,619) | ($245,271) | ($665) | $665 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retained Earnings [Member] | ' | ' | ' |
Cash dividend per share | $0.48 | $0.48 | $0.48 |
Accumulated Other Comprehensive Gain (Loss) [Member] | ' | ' | ' |
Unrealized gain (loss) on securities, tax expense (benefit) | ($4,605) | $1,739 | $2,135 |
Treasury Stock [Member] | ' | ' | ' |
Purchase of common stock, shares | 533,018 | 843,370 | 165,154 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $16,330 | $20,020 | $20,741 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of premises and equipment | 2,832 | 2,626 | 2,454 |
Allocation of ESOP stock | 538 | 480 | 450 |
Stock awards | 671 | 591 | 904 |
Amortization of servicing asset | 1,385 | 1,633 | 1,853 |
Net premium amortization in excess of discount accretion on securities | 3,667 | 3,466 | 2,366 |
Net premium amortization of deferred fees and discounts on loans | 501 | 819 | 812 |
Provision for loan losses | 2,800 | 7,900 | 7,750 |
Provision for repurchased loans and loss sharing obligations | 975 | 750 | ' |
Deferred tax benefit | -1,635 | 649 | -699 |
Net gain from sale of premises and equipment | ' | ' | -16 |
Net loss (gain) on sales of other real estate owned | 105 | -295 | 278 |
Net gain on sales of loans | -2,138 | -4,718 | -3,002 |
Net (gain) on sales of and other than temporary impairment loss on investment securities available for sale | -46 | -226 | 148 |
Proceeds from sales of mortgage loans held-for-sale | 106,719 | 176,903 | 135,705 |
Mortgage loans originated for sale | -99,614 | -170,999 | -136,362 |
Purchase of Bank Owned Life Insurance | ' | -10,000 | ' |
Proceeds from Bank Owned Life Insurance | ' | 158 | ' |
Increase in value of Bank Owned Life Insurance | -1,404 | -1,338 | -1,172 |
Decrease in interest and dividends receivable | 596 | 456 | 14 |
Decrease (increase) in other assets | 1,916 | 937 | -3,138 |
Increase (decrease) in other liabilities | 1,260 | 1,076 | -11,536 |
Total adjustments | 19,128 | 10,868 | -3,191 |
Net cash provided by operating activities | 35,458 | 30,888 | 17,550 |
Cash flows from investing activities: | ' | ' | ' |
Net (increase) decrease in loans receivable | -24,917 | 27,050 | 86,290 |
Proceeds from sales of investment securities available-for-sale | 1,244 | 1,221 | ' |
Purchase of investment securities available-for-sale | -28,292 | -74,390 | -74,011 |
Purchase of mortgage-backed securities available-for-sale | -127,582 | -94,663 | -101,560 |
Purchase of investment securities held-to-maturity | -847 | ' | ' |
Proceeds from maturities of investment securities available-for-sale | 45,395 | 28,049 | 514 |
Proceeds from maturities of investment securities held-to-maturity | 3,725 | ' | ' |
Principal repayments on mortgage-backed securities available-for-sale | 75,460 | 118,372 | 85,839 |
Principal repayments on mortgage-backed securities held-to-maturity | 24,017 | ' | ' |
Decrease (increase) in Federal Home Loan Bank of New York stock | 2,543 | 1,099 | -1,232 |
Net proceeds from sale and acquisition of other real estate owned | 2,116 | 3,105 | 2,964 |
Proceeds from sale of premises and equipment | ' | ' | 16 |
Purchases of premises and equipment | -4,283 | -2,600 | -2,227 |
Net cash (used in) provided by investing activities | -31,421 | 7,243 | -3,407 |
Cash flows from financing activities: | ' | ' | ' |
Increase in deposits | 27,092 | 13,588 | 42,115 |
Increase (decrease) in short-term borrowings | 112,513 | -5,310 | -1,763 |
Proceeds from Federal Home Loan Bank advances | 70,000 | ' | 55,000 |
Repayments of Federal Home Loan Bank advances | -225,000 | -41,000 | -54,000 |
(Decrease) increase in advances by borrowers for taxes and insurance | -915 | 273 | 166 |
Exercise of stock options | 65 | 419 | 44 |
Purchase of treasury stock | -8,108 | -11,897 | -2,147 |
Dividends paid - common stock | -8,239 | -8,579 | -8,789 |
Tax (expense) benefit of stock plans | -31 | -608 | 1,303 |
Net cash (used in) provided by financing activities | -32,623 | -53,114 | 31,929 |
Net (decrease) increase in cash and due from banks | -28,586 | -14,983 | 46,072 |
Cash and due from banks at beginning of year | 62,544 | 77,527 | 31,455 |
Cash and due from banks at end of year | 33,958 | 62,544 | 77,527 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Interest | 9,969 | 14,151 | 18,464 |
Income taxes | 8,136 | 9,018 | 18,210 |
Non-cash investing activities: | ' | ' | ' |
Reclassification of securities available-for-sale to held-to-maturity | 536,010 | ' | ' |
Loans charged-off, net | 2,380 | 5,620 | 9,220 |
Transfer of loans receivable to other real estate owned | $3,356 | $4,050 | $2,917 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Significant Accounting Policies | ' | ||||
(1) 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 subsidiary, OceanFirst Bank (the “Bank”) and its wholly-owned subsidiaries, OceanFirst REIT Holdings, Inc, and its wholly-owned subsidiary OceanFirst Realty Corp., OceanFirst Services, LLC and its wholly-owned subsidiary OFB Reinsurance, Ltd., 975 Holdings, LLC and Columbia Home Loans, LLC (“Columbia”). Columbia is the Bank’s mortgage company which was shuttered in 2007 and is now in dissolution. 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 customers through a network of branches in Ocean, Monmouth and Middlesex counties in New Jersey. The Bank is subject to competition from other financial institutions; 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. 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 loan losses, the determination of the reserve for repurchased loans, the valuation of mortgage servicing rights and the evaluation of securities for other-than-temporary impairment. 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 economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. The economic downturn and lower real estate values have combined to increase the uncertainty inherent in such estimates and assumptions. 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 in the economic environment will be reflected in the financial statements in future periods. | |||||
Cash Equivalents | |||||
Cash equivalents consist of interest-bearing deposits in other financial institutions and loans of Federal funds. 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 securities held-to-maturity and securities available-for-sale. Management determines the appropriate classification at the time of purchase. If management has the positive intent not to sell and the Company would not be required to sell prior to maturity, the securities are classified as held-to-maturity securities. Such securities are stated at amortized cost. During 2013, the Company transferred $536.0 million of previously designated available-for-sale securities to held-to-maturity designation at fair value. The Company has the ability and intent to hold these securities as an investment until maturity or call. The securities transferred had an unrealized loss of $13.3 million at the time of transfer which continues to be reflected in accumulated other comprehensive income, net of subsequent amortization, which is being recognized over the life of the securities. Securities in the available-for-sale category are securities which the Company may sell prior to maturity as part of its asset/liability management strategy and all marketable equity securities. Such securities are carried at 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 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. | |||||
Other-Than-Temporary Impairments on Securities | |||||
One of the significant estimates related to securities is the evaluation for other-than-temporary impairments. If a determination is made that a debt security is other-than-temporarily 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 an other-than-temporary impairment charge in non-interest income as a component of gain (loss) on securities, net. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. If a determination is made that an equity security is other-than-temporarily impaired, the unrealized loss will be recognized as an other-than-temporary impairment charge in non-interest income as a component of gain (loss) on securities, net. | |||||
The evaluation of securities for impairments is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the 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 securities portfolio for other-than-temporary impairment. Securities that are in an unrealized loss position are reviewed to determine if an other-than-temporary impairment is present based on certain quantitative factors. The primary factors considered in evaluating whether a decline in value is other-than-temporary include: (a) the length of time and extent to which the fair value has been less than cost or amortized cost and the expected recovery period of the security, (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 allowance for loan 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, including impaired loans, 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. A loan is returned to accrual status when all amounts due have been received and the remaining principal balance is deemed collectible. | |||||
A loan is considered impaired when it is deemed probable that the Company will not collect all amounts due according to the contractual terms of the loan agreement. The Company has defined the population of impaired loans to be all non-accrual commercial real estate, multi-family, land, construction and commercial and industrial loans in excess of $250,000. Impaired loans are individually assessed to determine that the loan’s carrying value is not in excess of the fair value of the collateral or the present value of the loan’s expected future cash flows. Smaller balance homogeneous loans that are collectively evaluated for impairment, such as residential mortgage loans and consumer loans, are specifically excluded from the impaired loan portfolio, except when they are modified in a trouble debt restructuring. | |||||
Loan losses are charged-off in the period the loans, or portion, thereof are deemed uncollectible, generally after the loan becomes 120 days delinquent. The Company will record a loan charge-off (including a partial 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. During the fourth quarter of 2011, the Company modified its charge-off policy on problem loans secured by real estate. Historically, the Company established specific valuation reserves for estimated losses for problem real estate related loans when the loans were deemed uncollectible. The specific valuation reserves were based upon the estimated fair value of the underlying collateral, less costs to sell. The actual loan charge-off was not recorded until the foreclosure process was complete. Under the modified policy, losses on loans secured by real estate are charged-off in the period the loans, or portion thereof, are deemed uncollectible. The modification to the charge-off policy resulted in additional charge-offs in the fourth quarter of 2011 of $5.7 million. All of these charge-offs were timely identified in previous periods in the Company’s loss experience as part of the evaluation of the allowance for loan losses or net income for 2011 or previous records. | |||||
Mortgage Loans Held-for-sale | |||||
The Company regularly sells part of its mortgage loan originations in order to manage interest rate risk and liquidity. The Bank has generally sold fixed-rate mortgage loans with final maturities in excess of 15 years and, occasionally adjustable-rate loans. | |||||
In determining whether to retain mortgages, management considers the Company’s overall interest rate risk position, the volume of such loans, the loan yield and the types and amount of funding sources. The Company may also retain mortgage loan production in order to improve yields and increase balance sheet leverage. | |||||
Mortgage loans held-for-sale are carried at the lower of unpaid principal balance, net, or fair value on an aggregate basis. Estimated fair value is determined based on bid quotations from securities dealers. | |||||
Allowance for Loan Losses | |||||
The allowance for loan losses is a valuation account that reflects probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses is based on management’s evaluation of the Company’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 and current economic conditions. Additions to the allowance arise from charges to operations through the provision for loan losses or from the recovery of amounts previously charged-off. The allowance is reduced by loan charge-offs. | |||||
The allowance for loan losses is maintained at an amount management considers sufficient to provide for probable losses. The analysis considers known and inherent risks in the loan portfolio resulting from management’s continuing review of the factors underlying the quality of the loan portfolio. | |||||
The Bank’s allowance for loan losses includes specific allowances and a general allowance, each updated on a quarterly basis. A specific allowance is determined for all loans which meet the definition of an impaired loan where the value of the underlying collateral can reasonably be evaluated. For these loans, the specific allowance represents the difference between the Bank’s recorded investment in the loan, net of any interim charge-offs, and the fair value of the collateral, less estimated selling costs. | |||||
If a loan becomes 90 days delinquent, the Bank obtains an updated collateral appraisal. For residential real estate loans, the appraisal is updated annually if the loan remains delinquent for an extended period. For non-accrual commercial real estate loans, the Bank assesses whether there has been an adverse change in the collateral value supporting the loan. The Bank utilizes information based on its knowledge of changes in real estate conditions in its lending area to identify whether a possible deterioration of collateral value has occurred. Based on the severity of the changes in market conditions, management determines if an updated commercial real estate appraisal is warranted or if downward adjustments to the previous appraisal are warranted. If it is determined that the deterioration of the collateral value is significant enough to warrant ordering a new appraisal, an estimate of the downward adjustments to the existing appraised value is used in assessing if additional specific reserves are necessary until the updated appraisal is received. | |||||
A general allowance is determined for all loans that do not require a specific allowance. In determining the level of the general allowance, the Bank segments the loan portfolio into various loan segments and classes as follows: | |||||
Loan Portfolio Segment | Loan Class | ||||
Residential real estate: | – | Loans originated by Bank | |||
– | Loans originated by mortgage company | ||||
– | Loans originated by mortgage company – non-prime | ||||
– | Residential construction | ||||
Commercial real estate: | – | Commercial | |||
– | Construction and land | ||||
Consumer: | – | Consumer | |||
Commercial and industrial: | – | Commercial and industrial | |||
The loan portfolio is further segmented by delinquency status and risk rating (Special Mention, Substandard and Doubtful). An estimated loss factor is then applied to each Risk Tranche. To determine the loss factor, the Bank utilizes an average of loan losses as a percent of loan principal adjusted for the estimated probability of default. The historical loss rate is adjusted for certain qualitative factors including current economic conditions, regulatory environment, local competition, lending personnel, loan policies and underwriting standards, loan review system, delinquency trends, loss trends, nature and volume of the loan portfolio and concentrations of credit. The adjusted loss factor is then applied to each risk tranche. Existing economic conditions which the Bank considered to estimate the allowance for loan losses include local trends in economic growth, unemployment and real estate values. In evaluating the qualitative factors as of December 31, 2013, the Company considered the favorable impact of lower and more transparent risk from superstorm Sandy and the potential adverse impact of actual and proposed increases to flood insurance premiums which may stress borrowers’ ability to repay their loans or lower real estate values in certain flood prone areas; the recent recruitment of commercial lenders from competitor banks and the related accelerated growth in commercial real estate loans over the second half of 2013; and the Company’s recent emphasis on construction-to-permanent residential construction loans attributable to local rebuilding after the damage caused by superstorm Sandy. | |||||
The Bank also maintains an unallocated portion of the allowance for loan losses. The primary purpose of the unallocated component is to account for the inherent imprecision of the overall loss estimation process including the periodic updating of appraisals and commercial loan risk ratings, the geographic concentration of the loan portfolio and continued economic uncertainty. | |||||
Of the Bank’s loan portfolio, 96.1%, is secured by real estate, whether one-to-four family, consumer or commercial. Additionally, most of the Bank’s borrowers are located in Ocean and Monmouth Counties, New Jersey and the surrounding area. These concentrations may adversely affect the Bank’s loan loss experience should local real estate values decline further or should the markets served continue to experience difficult economic conditions including increased unemployment or should the area be affected by a natural disaster such as a hurricane or flooding. | |||||
Management believes the primary risk characteristics for each portfolio segment are a continued decline in the economy generally, including elevated levels of unemployment, a further decline in real estate market values and possible increases in interest rates. Additionally, superstorm Sandy and actual and proposed increases to flood insurance premiums may adversely affect real estate market values. Any one or a combination of these events may adversely affect the borrowers’ ability to repay the loans, resulting in increased delinquencies, loan charge-offs and future levels of provisions. Accordingly, the Bank has provided for loan losses at the current level to address the current risk in the loan portfolio. | |||||
Although management believes that the Bank has established and maintained the allowance for loan losses at adequate levels, additions may be necessary if future economic and other conditions differ substantially from the current operating environment. In addition, various regulatory agencies, as part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to make additional provisions for loan losses based upon information available to them at the time of their examination. Although management uses what it believes to be the best information available, future adjustments to the allowance may be necessary due to economic, operating, regulatory and other conditions beyond the Bank’s control. | |||||
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 and an estimate of the Bank’s obligation under a loss sharing arrangement for loans sold to the Federal Home Loan Bank (“FHLB”). 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 over the period of repurchase risk. The reserve for repurchased loans and loss sharing obligations is included in other liabilities on the Company’s consolidated statement of financial condition. | |||||
Mortgage Servicing Rights, or MSR | |||||
The Company recognizes as a separate asset the rights to service mortgage loans, whether those rights are acquired through purchase or loan origination activities. MSR are amortized in proportion to and over the estimated period of net servicing income. The estimated fair value of MSR is determined through a discounted analysis of future cash flows, incorporating numerous assumptions including servicing income, servicing costs, market discount rates, prepayment speeds and default rates. Impairment of the MSR is assessed on a quarterly basis on the fair value of those rights with any impairment recognized as a component of loan servicing fee income. Impairment is measured by risk strata based on the interest rate of the underlying mortgage loans. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. | |||||
Other Real Estate Owned | |||||
Other real estate owned is carried at the lower of cost or fair value, less estimated costs to sell. When a property is acquired, the excess of the loan balance over fair value is charged to the allowance for loan losses. Operating results from 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. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or leases. Depreciable lives are as follows: computer equipment: 3 years; furniture, fixtures and other electronic equipment: 5 years; building improvements: 10 years; and buildings: 30 years. Repair and maintenance items are expensed and improvements are capitalized. Gains and losses on dispositions are reflected in current operations. | |||||
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. | |||||
Impact of New Accounting Pronouncements | |||||
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amendments in ASU 2014-04 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. | |||||
ASU No. 2013-02, “Comprehensive Income – Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income” requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under Generally Accepted Accounting Principles (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The standard is effective prospectively for reporting periods, including interim periods, beginning after December 15, 2012. For the year ended December 31, 2013, the Company had a minor reclassification out of accumulated other comprehensive income and into net income which was not considered significant. | |||||
Comprehensive Income | |||||
Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded directly in equity, such as unrealized gains or losses on securities available-for-sale. | |||||
Bank Owned Life Insurance | |||||
Bank Owned Life Insurance (“BOLI”) is accounted for using the cash surrender value method and is recorded at its realizable value. 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. The change in the net asset value is included in other non-interest income. | |||||
Exit Activities | |||||
During 2007, the Bank exited the mortgage banking business operated by Columbia. All loan origination activity ceased, although the Bank retained Columbia’s loan servicing portfolio. The exit was due to the significant operating losses incurred by Columbia in the fourth quarter of 2006 and the first quarter of 2007 and was completed prior to the end of 2007. Occupancy expenses for the year ended December 31, 2011 include a benefit of $184,000 for lease termination costs related to the exit activities. | |||||
Segment Reporting | |||||
As a community-oriented financial institution, substantially all of the Bank’s operations involve the delivery of loan and deposit products to customers. The Bank makes operating decisions and assesses performance based on an ongoing review of these community banking operations, which constitute the only 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 plus potential common stock, utilizing the treasury stock method. All share amounts exclude unallocated shares of stock held by the Employee Stock Ownership Plan (“ESOP”) and the Incentive Plan. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
(2) Regulatory Matters | |||||||||||||||||||||||||
Applicable regulations require the Bank to maintain minimum levels of regulatory capital. Under the regulations in effect at December 31, 2013, the Bank was required to maintain a minimum ratio of tangible capital to total adjusted assets of 1.5%; a minimum ratio of Tier 1 capital to risk weighted assets of 4.0%; and, a minimum ratio of total (core and supplementary) capital to risk-weighted assets of 8.0%. | |||||||||||||||||||||||||
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 risk-based ratio of at least 6.0%; and a total risk-based capital ratio of at least 10.0%. At December 31, 2013 and 2012, the Bank was considered well-capitalized. | |||||||||||||||||||||||||
The following is a summary of the Bank’s actual capital amounts and ratios as of December 31, 2013 and 2012 compared to the regulatory minimum capital adequacy requirements and the regulatory requirements for classification as a well-capitalized institution (in thousands). | |||||||||||||||||||||||||
Actual | For capital adequacy | To be well capitalized | |||||||||||||||||||||||
purposes | under prompt | ||||||||||||||||||||||||
corrective action | |||||||||||||||||||||||||
As of December 31, 2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible capital | $ | 217,776 | 9.66 | % | $ | 33,830 | 1.5 | % | $ | — | — | % | |||||||||||||
Tier 1 leverage | 217,776 | 9.66 | 90,215 | 4 | 112,768 | 5 | |||||||||||||||||||
Tier 1 risk-based capital | 217,776 | 14.72 | 59,190 | 4 | 88,785 | 6 | |||||||||||||||||||
Total risk-based capital | 236,304 | 15.97 | 118,380 | 8 | 147,975 | 10 | |||||||||||||||||||
Actual | For capital adequacy | To be well capitalized | |||||||||||||||||||||||
purposes | under prompt | ||||||||||||||||||||||||
corrective action | |||||||||||||||||||||||||
As of December 31, 2012 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible capital | $ | 215,410 | 9.49 | % | $ | 34,034 | 1.5 | % | $ | — | — | % | |||||||||||||
Tier 1 leverage | 215,410 | 9.49 | 90,757 | 4 | 113,446 | 5 | |||||||||||||||||||
Tier 1 risk-based capital | 215,410 | 14.86 | 57,996 | 4 | 86,994 | 6 | |||||||||||||||||||
Total risk-based capital | 233,563 | 16.11 | 115,992 | 8 | 144,991 | 10 | |||||||||||||||||||
Applicable regulations impose limitations upon all capital distributions by the Bank, such as dividends and payments to repurchase or otherwise acquire shares. The Bank 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 maintenance requirements or if such declaration and payment would otherwise violate regulatory requirements. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
(3) Securities | |||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities available-for-sale at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 35,128 | $ | 161 | $ | — | $ | 35,289 | |||||||||||||||||
Equity investments | 6,757 | 1,790 | — | 8,547 | |||||||||||||||||||||
Total investment securities available-for-sale | $ | 41,885 | $ | 1,951 | $ | — | $ | 43,836 | |||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 82,406 | $ | 153 | $ | (144 | ) | $ | 82,415 | ||||||||||||||||
State and municipal obligations | 21,784 | 36 | (35 | ) | 21,785 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (10,750 | ) | 44,250 | ||||||||||||||||||||
Total investment securities | 159,190 | 189 | (10,929 | ) | 148,450 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 148,759 | 447 | (4,552 | ) | 144,654 | ||||||||||||||||||||
FNMA | 200,070 | 4,659 | (3,607 | ) | 201,122 | ||||||||||||||||||||
GNMA | 721 | 135 | — | 856 | |||||||||||||||||||||
Total mortgage-backed securities | 349,550 | 5,241 | (8,159 | ) | 346,632 | ||||||||||||||||||||
Total held-to-maturity | $ | 508,740 | $ | 5,430 | $ | (19,088 | ) | $ | 495,082 | ||||||||||||||||
Total securities | $ | 550,625 | $ | 7,381 | $ | (19,088 | ) | $ | 538,918 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 138,105 | $ | 945 | $ | — | $ | 139,050 | |||||||||||||||||
State and municipal obligations | 25,856 | 5 | (81 | ) | 25,780 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (11,530 | ) | 43,470 | ||||||||||||||||||||
Equity investments | 4,992 | 424 | (123 | ) | 5,293 | ||||||||||||||||||||
Total investment securities | 223,953 | 1,374 | (11,734 | ) | 213,593 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 118,294 | 1,284 | (53 | ) | 119,525 | ||||||||||||||||||||
FNMA | 204,296 | 9,017 | (11 | ) | 213,302 | ||||||||||||||||||||
GNMA | 824 | 206 | — | 1,030 | |||||||||||||||||||||
Total mortgage-backed securities | 323,414 | 10,507 | (64 | ) | 333,857 | ||||||||||||||||||||
Total available-for-sale | $ | 547,367 | $ | 11,881 | $ | (11,798 | ) | $ | 547,450 | ||||||||||||||||
The changes in held-to-maturity and available-for-sale securities for the year ended December 31, 2013 are primarily attributed to a $536.0 million transfer of previously-designated available-for-sale securities to a held-to-maturity designation at fair value. The reclassification for the year ended December 31, 2013 is permitted as the Company has appropriately determined the ability and intent to hold these securities as an investment until maturity or call. The securities transferred had an unrealized net loss of $13.3 million at the time of transfer which continues to be reflected in accumulated other comprehensive loss on the consolidated balance sheet, net of subsequent amortization, which is being recognized over the life of the securities. The carrying value of the held-to-maturity investment securities at December 31, 2013 is as follows (in thousands): | |||||||||||||||||||||||||
Amortized cost | $ | 508,740 | |||||||||||||||||||||||
Net loss on date of transfer from available-for-sale | (13,356 | ) | |||||||||||||||||||||||
Accretion of loss on securities reclassified to held-to-maturity | 215 | ||||||||||||||||||||||||
Carrying value | $ | 495,599 | |||||||||||||||||||||||
Realized gains on the sale of securities were $46,000 and $226,000, for the years ended December 31, 2013 and 2012, respectively, as compared to no realized gains in 2011. There were no realized losses during 2013, 2012 and 2011 on the sale of securities available-for-sale. During 2011, the Company recognized an other-than-temporary impairment loss on equity securities of $148,000, as compared to no other-than-temporary impairment loss during 2013 and 2012. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities, excluding equity investments, at December 31, 2013 by contractual maturity, are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2013, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $44.3 million, respectively, were callable prior to the maturity date. | |||||||||||||||||||||||||
December 31, 2013 | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Less than one year | $ | 42,898 | $ | 43,064 | |||||||||||||||||||||
Due after one year through five years | 95,189 | 95,223 | |||||||||||||||||||||||
Due after five years through ten years | 1,231 | 1,202 | |||||||||||||||||||||||
Due after ten years | 55,000 | 44,250 | |||||||||||||||||||||||
$ | 194,318 | $ | 183,739 | ||||||||||||||||||||||
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 $347,238,000 and $377,206,000 at December 31, 2013 and 2012, respectively. The estimated fair value of securities pledged as collateral for reverse repurchase agreements amounted to $78,512,000 and $79,825,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The estimated fair value and unrealized loss for securities available-for-sale and held-to-maturity at December 31, 2013 and December 31, 2012, segregated by the duration of the unrealized loss, are as follows (in thousands): | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 35,747 | $ | (144 | ) | $ | — | $ | — | $ | 35,747 | $ | (144 | ) | |||||||||||
State and municipal obligations | 3,526 | (31 | ) | 1,153 | (4 | ) | 4,679 | (35 | ) | ||||||||||||||||
Corporate debt securities | — | — | 44,250 | (10,750 | ) | 44,250 | (10,750 | ) | |||||||||||||||||
Total investment securities | 39,273 | (175 | ) | 45,403 | (10,754 | ) | 84,676 | (10,929 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 122,365 | (4,552 | ) | — | — | 122,365 | (4,552 | ) | |||||||||||||||||
FNMA | 84,467 | (3,607 | ) | — | — | 84,467 | (3,607 | ) | |||||||||||||||||
Total mortgage-backed securities | 206,832 | (8,159 | ) | — | — | 206,832 | (8,159 | ) | |||||||||||||||||
Total held-to-maturity | $ | 246,105 | $ | (8,334 | ) | $ | 45,403 | $ | (10,754 | ) | $ | 291,508 | $ | (19,088 | ) | ||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
State and municipal obligations | $ | 15,918 | $ | (81 | ) | $ | — | $ | — | $ | 15,918 | $ | (81 | ) | |||||||||||
Corporate debt securities | — | — | 43,470 | (11,530 | ) | 43,470 | (11,530 | ) | |||||||||||||||||
Equity investments | 1,264 | (123 | ) | — | — | 1,264 | (123 | ) | |||||||||||||||||
Total investment securities | 17,182 | (204 | ) | 43,470 | (11,530 | ) | 60,652 | (11,734 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 16,186 | (53 | ) | — | — | 16,186 | (53 | ) | |||||||||||||||||
FNMA | 4,871 | (11 | ) | — | — | 4,871 | (11 | ) | |||||||||||||||||
Total mortgage-backed securities | 21,057 | (64 | ) | — | — | 21,057 | (64 | ) | |||||||||||||||||
Total available-for-sale | $ | 38,239 | $ | (268 | ) | $ | 43,470 | $ | (11,530 | ) | $ | 81,709 | $ | (11,798 | ) | ||||||||||
At December 31, 2013, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands): | |||||||||||||||||||||||||
Security Description | Amortized Cost | Estimated | Credit | ||||||||||||||||||||||
Fair Value | Rating | ||||||||||||||||||||||||
Moody’s/ | |||||||||||||||||||||||||
S&P | |||||||||||||||||||||||||
BankAmerica Capital | $ | 15,000 | $ | 11,850 | Ba1/BB+ | ||||||||||||||||||||
Chase Capital | 10,000 | 8,150 | Baa2/BBB | ||||||||||||||||||||||
Wells Fargo Capital | 5,000 | 4,050 | A3/A- | ||||||||||||||||||||||
Huntington Capital | 5,000 | 4,050 | Baa3/BB+ | ||||||||||||||||||||||
Keycorp Capital | 5,000 | 4,000 | Baa3/BBB- | ||||||||||||||||||||||
PNC Capital | 5,000 | 4,150 | Baa2/BBB | ||||||||||||||||||||||
State Street Capital | 5,000 | 4,000 | A3/BBB+ | ||||||||||||||||||||||
SunTrust Capital | 5,000 | 4,000 | Baa3/BB+ | ||||||||||||||||||||||
$ | 55,000 | $ | 44,250 | ||||||||||||||||||||||
At December 31, 2013, the estimated fair value of each corporate debt security was below cost. However, the total estimated fair value of the corporate debt securities increased as compared to December 31, 2012. The corporate debt securities are issued by other financial institutions with credit ratings ranging from a high of A3 to a low of Ba1 as rated by one of the internationally-recognized credit rating services. These floating-rate securities were purchased in 1998 and have paid coupon interest continuously since issuance. Floating-rate debt securities such as these pay a fixed interest rate spread over 90-day LIBOR. Following the purchase of these securities, the required credit spread increased for these types of securities causing a decline in the market price. The Company concluded that unrealized losses on corporate debt securities were only temporarily impaired at December 31, 2013. In concluding that the impairments were only temporary, the Company considered several factors in its analysis. 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. All of the financial institutions were also considered well-capitalized. Recently, credit spreads have decreased for these types of securities and market prices have improved. 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 have the intent to sell these corporate debt securities and it is more likely than not that the Company will not be required to sell the securities. The Company has held the securities continuously since 1998 and expects to receive its full principal at maturity in 2028 or prior if called by the issuer. The Company has historically not actively sold investment securities and has not utilized the securities portfolio as a source of liquidity. The Company’s long range liquidity plans indicate adequate sources of liquidity outside the securities portfolio. | |||||||||||||||||||||||||
The mortgage-backed securities are issued and guaranteed by either the Federal Home Loan Mortgage Corporation (“FHLMC”) or Federal National Mortgage Association (“FNMA”), corporations which are chartered by the United States Government and whose debt obligations are typically rated AA+ by one of the internationally-recognized credit rating services. FHLMC and FNMA have been under the conservatorship of the Federal Housing Financial Agency since September 8, 2008. The conservatorships have no specified termination date. Also, FHLMC and FNMA have entered into Stock Purchase Agreements, which following the issuance of Senior Preferred Stock and Warrants to the United States Treasury, provide FHLMC and FNMA funding commitments from the United States Treasury. The Company considers the unrealized losses to be the result of changes in interest rates which over time can have both a positive and negative impact on the estimated fair value of the mortgage-backed securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost. As a result, the Company concluded that these securities were only temporarily impaired at December 31, 2013. |
Loans_Receivable_Net
Loans Receivable, Net | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans Receivable, Net | ' | ||||||||||||||||||||||||
(4) Loans Receivable, Net | |||||||||||||||||||||||||
A summary of loans receivable at December 31, 2013 and 2012 follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||||
One-to-four family | $ | 750,585 | $ | 802,959 | |||||||||||||||||||||
Commercial real estate, multi-family and land | 528,945 | 475,155 | |||||||||||||||||||||||
Residential construction | 30,821 | 9,013 | |||||||||||||||||||||||
1,310,351 | 1,287,127 | ||||||||||||||||||||||||
Consumer | 200,683 | 198,143 | |||||||||||||||||||||||
Commercial and industrial | 60,545 | 57,967 | |||||||||||||||||||||||
Total loans | 1,571,579 | 1,543,237 | |||||||||||||||||||||||
Loans in process | (12,715 | ) | (3,639 | ) | |||||||||||||||||||||
Deferred origination costs, net | 3,526 | 4,112 | |||||||||||||||||||||||
Allowance for loan losses | (20,930 | ) | (20,510 | ) | |||||||||||||||||||||
(30,119 | ) | (20,037 | ) | ||||||||||||||||||||||
$ | 1,541,460 | $ | 1,523,200 | ||||||||||||||||||||||
At December 31, 2013, 2012 and 2011 loans in the amount of $45,360,000, $43,374,000, and $44,008,000, respectively, were three or more months delinquent or in the process of foreclosure and the Company was not accruing interest income on these loans. There were no loans ninety days or greater past due and still accruing interest. Non-accrual loans include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. | |||||||||||||||||||||||||
The Company defines an impaired loan as all non-accrual commercial real estate, multi-family land, construction and commercial and industrial loans in excess of $250,000. Impaired loans also include all loans modified as troubled debt restructurings. At December 31, 2013, the impaired loan portfolio totaled $39,903,000 for which there was a specific allocation in the allowance for loan losses of $3,647,000. At December 31, 2012, the impaired loan portfolio totaled $37,546,000 for which there was a specific allocation in the allowance for loan losses of $2,554,000. The average balance of impaired loans for the years ended December 31, 2013, 2012 and 2011 was $38,587,000, $36,574,000 and $25,472,000, respectively. If interest income on non-accrual loans and impaired loans had been current in accordance with their original terms, approximately $2,040,000, $2,432,000, and $2,125,000 of interest income for the years ended December 31, 2013, 2012 and 2011, respectively, would have been recorded. At December 31, 2013, there were no commitments to lend additional funds to borrowers whose loans are in non-accrual status. | |||||||||||||||||||||||||
An analysis of the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 20,510 | $ | 18,230 | $ | 19,700 | |||||||||||||||||||
Provision charged to operations | 2,800 | 7,900 | 7,750 | ||||||||||||||||||||||
Charge-offs | (3,521 | ) | (7,084 | ) | (9,249 | ) | |||||||||||||||||||
Recoveries | 1,141 | 1,464 | 29 | ||||||||||||||||||||||
Balance at end of year | $ | 20,930 | $ | 20,510 | $ | 18,230 | |||||||||||||||||||
The following table presents an analysis of the allowance for loan losses for the year ended December 31, 2013, the balance in the allowance for loan loses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Residential | Commercial | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of year | $ | 5,241 | $ | 8,937 | $ | 2,264 | $ | 1,348 | $ | 2,720 | $ | 20,510 | |||||||||||||
Provision (benefit) charged to operations | 1,236 | 1,383 | (297 | ) | 241 | 237 | 2,800 | ||||||||||||||||||
Charge-offs | (2,444 | ) | — | (842 | ) | (235 | ) | — | (3,521 | ) | |||||||||||||||
Recoveries | 826 | 51 | 235 | 29 | — | 1,141 | |||||||||||||||||||
Balance at end of year | $ | 4,859 | $ | 10,371 | $ | 1,360 | $ | 1,383 | $ | 2,957 | $ | 20,930 | |||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of year | $ | 5,370 | $ | 8,474 | $ | 1,461 | $ | 900 | $ | 2,025 | $ | 18,230 | |||||||||||||
Provision (benefit) charged to operations | 4,038 | 293 | 2,972 | (98 | ) | 695 | 7,900 | ||||||||||||||||||
Charge-offs | (4,679 | ) | (47 | ) | (2,282 | ) | (76 | ) | — | (7,084 | ) | ||||||||||||||
Recoveries | 512 | 217 | 113 | 622 | — | 1,464 | |||||||||||||||||||
Balance at end of year | $ | 5,241 | $ | 8,937 | $ | 2,264 | $ | 1,348 | $ | 2,720 | $ | 20,510 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2 | $ | 3,612 | $ | 33 | $ | — | $ | — | $ | 3,647 | |||||||||||||
Collectively evaluated for impairment | 4,857 | 6,759 | 1,327 | 1,383 | 2,957 | 17,283 | |||||||||||||||||||
Total ending allowance balance | $ | 4,859 | $ | 10,371 | $ | 1,360 | $ | 1,383 | $ | 2,957 | $ | 20,930 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 18,192 | $ | 17,643 | $ | 2,961 | $ | 1,107 | $ | — | $ | 39,903 | |||||||||||||
Loans collectively evaluated for impairment | 763,214 | 511,302 | 197,722 | 59,438 | — | 1,531,676 | |||||||||||||||||||
Total ending loan balance | $ | 781,406 | $ | 528,945 | $ | 200,683 | $ | 60,545 | $ | — | $ | 1,571,579 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 179 | $ | 1,834 | $ | 541 | $ | — | $ | — | $ | 2,554 | |||||||||||||
Collectively evaluated for impairment | 5,062 | 7,103 | 1,723 | 1,348 | 2,720 | 17,956 | |||||||||||||||||||
Total ending allowance balance | $ | 5,241 | $ | 8,937 | $ | 2,264 | $ | 1,348 | $ | 2,720 | $ | 20,510 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,427 | $ | 12,116 | $ | 2,712 | $ | 291 | $ | — | $ | 37,546 | |||||||||||||
Loans collectively evaluated for impairment | 789,545 | 463,039 | 195,431 | 57,676 | — | 1,505,691 | |||||||||||||||||||
Total ending loan balance | $ | 811,972 | $ | 475,155 | $ | 198,143 | $ | 57,967 | $ | — | $ | 1,543,237 | |||||||||||||
A summary of impaired loans at December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Year-end impaired loans with no allocated allowance for loan losses | $ | 24,457 | $ | 25,513 | |||||||||||||||||||||
Year-end impaired loans with allocated allowance for loan losses | 15,446 | 12,033 | |||||||||||||||||||||||
$ | 39,903 | $ | 37,546 | ||||||||||||||||||||||
Amount of the allowance for loan losses allocated | $ | 3,647 | $ | 2,554 | |||||||||||||||||||||
At December 31, 2013, impaired loans include troubled debt restructuring loans of $31,119,000 of which $21,456,000 were performing in accordance with their restructured terms and were accruing interest. At December 31, 2012, impaired loans include troubled debt restructuring loans of $35,893,000 of which $17,733,000 were performing in accordance with their restructured terms and were accruing interest. | |||||||||||||||||||||||||
The summary of loans individually evaluated for impairment by class of loans as of December 31, 2013 and 2012 and for the years ended December 31, 2013 and 2012 follows (in thousands): | |||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | |||||||||||||||||||||||
Principal | Investment | Loan Losses | |||||||||||||||||||||||
Balance | Allocated | ||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 10,537 | $ | 9,885 | $ | — | |||||||||||||||||||
Originated by mortgage company | 7,762 | 7,387 | — | ||||||||||||||||||||||
Originated by mortgage company-non-prime | 1,260 | 858 | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,303 | 2,292 | — | ||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||
Consumer | 3,435 | 2,928 | — | ||||||||||||||||||||||
Commercial and industrial | 1,107 | 1,107 | — | ||||||||||||||||||||||
$ | 26,404 | $ | 24,457 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 62 | $ | 62 | $ | 2 | |||||||||||||||||||
Originated by mortgage company | — | — | — | ||||||||||||||||||||||
Originated by mortgage company-non-prime | — | — | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 15,128 | 15,042 | 3,389 | ||||||||||||||||||||||
Construction and land | 309 | 309 | 223 | ||||||||||||||||||||||
Consumer | 33 | 33 | 33 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 15,532 | $ | 15,446 | $ | 3,647 | ||||||||||||||||||||
Unpaid | Recorded | Allowance for | |||||||||||||||||||||||
Principal | Investment | Loan Losses | |||||||||||||||||||||||
Balance | Allocated | ||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 11,200 | $ | 10,956 | $ | — | |||||||||||||||||||
Originated by mortgage company | 7,210 | 7,061 | — | ||||||||||||||||||||||
Originated by mortgage company-non-prime | 2,335 | 2,251 | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,722 | 2,691 | — | ||||||||||||||||||||||
Construction and land | 482 | 482 | — | ||||||||||||||||||||||
Consumer | 1,956 | 1,781 | — | ||||||||||||||||||||||
Commercial and industrial | 291 | 291 | — | ||||||||||||||||||||||
$ | 26,196 | $ | 25,513 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 1,761 | $ | 1,755 | $ | 142 | |||||||||||||||||||
Originated by mortgage company | 404 | 404 | 37 | ||||||||||||||||||||||
Originated by mortgage company-non-prime | — | — | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 9,022 | 8,943 | 1,834 | ||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||
Consumer | 934 | 931 | 541 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 12,121 | $ | 12,033 | $ | 2,554 | ||||||||||||||||||||
For the years ended of December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 11,188 | $ | 383 | $ | 10,962 | $ | 468 | |||||||||||||||||
Originated by mortgage company | 7,508 | 292 | 6,936 | 261 | |||||||||||||||||||||
Originated by mortgage company – non-prime | 2,001 | 138 | 2,415 | 7 | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,704 | 110 | 2,555 | 142 | |||||||||||||||||||||
Construction and land | — | — | 121 | — | |||||||||||||||||||||
Consumer | 3,425 | 124 | 1,753 | 60 | |||||||||||||||||||||
Commercial and industrial | 606 | 8 | 294 | 11 | |||||||||||||||||||||
$ | 27,432 | $ | 1,055 | $ | 25,036 | $ | 949 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 36 | $ | 1 | $ | 1,759 | $ | 111 | |||||||||||||||||
Originated by mortgage company | — | — | 404 | 14 | |||||||||||||||||||||
Originated by mortgage company – non-prime | — | — | — | — | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 10,683 | 217 | 8,551 | 314 | |||||||||||||||||||||
Construction and land | 391 | — | — | — | |||||||||||||||||||||
Consumer | 45 | 2 | 824 | 52 | |||||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||||
$ | 11,155 | $ | 220 | $ | 11,538 | $ | 491 | ||||||||||||||||||
The following table presents the recorded investment in non-accrual loans by class of loans as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 16,145 | $ | 13,156 | |||||||||||||||||||||
Originated by mortgage company | 10,589 | 10,477 | |||||||||||||||||||||||
Originated by mortgage company – non-prime | 1,479 | 2,888 | |||||||||||||||||||||||
Residential construction | — | — | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 11,995 | 11,085 | |||||||||||||||||||||||
Construction and land | 309 | 482 | |||||||||||||||||||||||
Consumer | 4,328 | 4,540 | |||||||||||||||||||||||
Commercial and industrial | 515 | 746 | |||||||||||||||||||||||
$ | 45,360 | $ | 43,374 | ||||||||||||||||||||||
As used in these footnotes, loans “Originated by mortgage company” are mortgage loans originated under the Bank’s underwriting guidelines by the Bank’s shuttered mortgage company, and retained as part of the Bank’s mortgage portfolio. These loans have significantly higher delinquency rates than similar loans originated by the Bank. Loans “Originated by mortgage company – non-prime” are subprime or Alt-A loans which were originated for sale into the secondary market by the Bank’s shuttered mortgage company. | |||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 and 2012 by class of loans (in thousands): | |||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Loans Not | Total | ||||||||||||||||||||
Days | Days | than | Past Due | Past Due | |||||||||||||||||||||
Past Due | Past Due | 90 Days | |||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 6,102 | $ | 2,526 | $ | 13,800 | $ | 22,428 | $ | 632,653 | $ | 655,081 | |||||||||||||
Originated by mortgage company | 202 | 108 | 10,031 | 10,341 | 82,544 | 92,885 | |||||||||||||||||||
Originated by mortgage company -non-prime | — | — | 1,465 | 1,465 | 1,153 | 2,618 | |||||||||||||||||||
Residential construction | 195 | — | — | 195 | 30,626 | 30,821 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 985 | 849 | 9,217 | 11,051 | 491,817 | 502,868 | |||||||||||||||||||
Construction and land | — | — | 309 | 309 | 25,769 | 26,078 | |||||||||||||||||||
Consumer | 864 | 298 | 4,219 | 5,381 | 195,302 | 200,683 | |||||||||||||||||||
Commercial and industrial | — | — | 515 | 515 | 60,030 | 60,545 | |||||||||||||||||||
$ | 8,348 | $ | 3,781 | $ | 39,556 | $ | 51,685 | $ | 1,519,894 | $ | 1,571,579 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 5,863 | $ | 782 | $ | 10,624 | $ | 17,269 | $ | 666,833 | $ | 684,102 | |||||||||||||
Originated by mortgage company | 2,870 | 7 | 10,294 | 13,171 | 101,437 | 114,608 | |||||||||||||||||||
Originated by mortgage company -non-prime | 431 | 47 | 2,369 | 2,847 | 1,402 | 4,249 | |||||||||||||||||||
Residential construction | — | — | — | — | 9,013 | 9,013 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,422 | 608 | 2,863 | 5,893 | 457,394 | 463,287 | |||||||||||||||||||
Construction and land | — | — | 482 | 482 | 11,386 | 11,868 | |||||||||||||||||||
Consumer | 719 | 576 | 4,457 | 5,752 | 192,391 | 198,143 | |||||||||||||||||||
Commercial and industrial | — | — | 112 | 112 | 57,855 | 57,967 | |||||||||||||||||||
$ | 12,305 | $ | 2,020 | $ | 31,201 | $ | 45,526 | $ | 1,497,711 | $ | 1,543,237 | ||||||||||||||
The Company categorizes all commercial and industrial and commercial real estate loans, except for small business 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. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||
Special Mention. Loans classified as Special Mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’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. 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. | |||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass related loans. Loans not rated are included in groups of homogeneous loans. As of December 31, 2013 and 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): | |||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Mention | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | $ | 471,435 | $ | — | $ | 30,576 | $ | 857 | $ | 502,868 | |||||||||||||||
Construction and land | 25,018 | — | 1,059 | — | 26,077 | ||||||||||||||||||||
Commercial and industrial | 59,089 | 1,070 | 386 | — | 60,545 | ||||||||||||||||||||
$ | 555,542 | $ | 1,070 | $ | 32,021 | $ | 857 | $ | 589,490 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | $ | 429,393 | $ | 1,775 | $ | 31,275 | $ | 844 | $ | 463,287 | |||||||||||||||
Construction and land | 10,880 | 506 | 482 | — | 11,868 | ||||||||||||||||||||
Commercial and industrial | 57,341 | — | 391 | 235 | 57,967 | ||||||||||||||||||||
$ | 497,614 | $ | 2,281 | $ | 32,148 | $ | 1,079 | $ | 533,122 | ||||||||||||||||
For residential and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans based on payment activity as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||
Originated | Originated by | Originated by | Residential | Consumer | |||||||||||||||||||||
by Bank | mortgage | mortgage | construction | ||||||||||||||||||||||
company | company – | ||||||||||||||||||||||||
non-prime | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Performing | $ | 638,936 | $ | 82,296 | $ | 1,139 | $ | 30,821 | $ | 196,355 | |||||||||||||||
Non-performing | 16,145 | 10,589 | 1,479 | — | 4,328 | ||||||||||||||||||||
$ | 655,081 | $ | 92,885 | $ | 2,618 | $ | 30,821 | $ | 200,683 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Performing | $ | 670,946 | $ | 104,131 | $ | 1,361 | $ | 9,013 | $ | 193,603 | |||||||||||||||
Non-performing | 13,156 | 10,477 | 2,888 | — | 4,540 | ||||||||||||||||||||
$ | 684,102 | $ | 114,608 | $ | 4,249 | $ | 9,013 | $ | 198,143 | ||||||||||||||||
The Company classifies certain loans as troubled debt restructurings (“TDR”) when credit terms to a borrower in financial difficulty are modified. The modifications may include a reduction in rate, an extension in term and/or the capitalization of past due amounts. One-to-four family and consumer loans where the borrower’s debt is discharged in a bankruptcy filing are also considered troubled debt restructurings. For these loans, the Bank retains its security interest in the real estate collateral. Included in the non-accrual loan total at December 31, 2013, 2012 and 2011 were $9,663,000, $18,160,000 and $14,491,000, respectively, of troubled debt restructurings. At December 31, 2013, 2012 and 2011 the Company has allocated $1,816,000, $2,418,000 and $1,985,000, respectively, of specific reserves to loans which are classified as troubled debt restructurings. Non-accrual loans which become troubled debt restructurings are generally returned to accrual status after six months of performance. In addition to the troubled debt restructurings included in non-accrual loans, the Company also has loans classified as troubled debt restructuring which are accruing at December 31, 2013, 2012 and 2011 which totaled $21,456,000, $17,733,000 and $13,118,000, respectively. Troubled debt restructurings with six months of performance are considered in the allowance for loan losses similar to other performing loans. Troubled debt restructurings which are non-accrual or classified are considered in the allowance for loan losses similar to other non-accrual or classified loans. | |||||||||||||||||||||||||
The following table presents information about troubled debt restructurings which occurred during the years ended December 31, 2013 and 2012, and troubled debt restructurings modified within the previous year and which defaulted during the years ended December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
Number | Pre-modification | Post-modification | |||||||||||||||||||||||
of Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | 4 | $ | 926 | $ | 926 | ||||||||||||||||||||
Originated by mortgage company | 2 | 778 | 770 | ||||||||||||||||||||||
Consumer | 12 | 601 | 439 | ||||||||||||||||||||||
Number | Recorded Investment | ||||||||||||||||||||||||
of Loans | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | 1 | $ | 61 | ||||||||||||||||||||||
Originated by mortgage company | 1 | 239 | |||||||||||||||||||||||
Consumer | 1 | 12 | |||||||||||||||||||||||
Number | Pre-modification | Post-modification | |||||||||||||||||||||||
of Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | 11 | $ | 2,462 | $ | 2,392 | ||||||||||||||||||||
Originated by mortgage company | 3 | 1,051 | 1,051 | ||||||||||||||||||||||
Commercial real estate: | 1 | 360 | 255 | ||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Consumer | 2 | 1,305 | 1,275 | ||||||||||||||||||||||
Commercial and industrial | 13 | 1,152 | 998 | ||||||||||||||||||||||
Number | Recorded Investment | ||||||||||||||||||||||||
of Loans | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | None | None | |||||||||||||||||||||||
The Bank’s mortgage loans are pledged to secure FHLB advances. |
Servicing_Asset
Servicing Asset | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Transfers And Servicing [Abstract] | ' | ||||||||||||
Servicing Asset | ' | ||||||||||||
(5) Servicing Asset | |||||||||||||
An analysis of the servicing asset for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 4,568 | $ | 4,836 | $ | 5,653 | |||||||
Capitalized mortgage servicing rights | 995 | 1,365 | 1,036 | ||||||||||
Amortization | (1,385 | ) | (1,633 | ) | (1,853 | ) | |||||||
Balance at end of year | $ | 4,178 | $ | 4,568 | $ | 4,836 | |||||||
Loans serviced for others amounted to $806,810,000 and $840,900,000 at December 31, 2013 and 2012, respectively, all of which relate to residential loans. At December 31, 2013, the servicing asset had an estimated fair value of $7,458,000 and was valued based on expected future cash flows considering a weighted average discount rate of 9.5%, a weighted average constant prepayment rate on mortgages of 8.6% and a weighted average life of 9.5 years. At December 31, 2012, the servicing asset had an estimated fair value of $5,996,000 and was valued based on expected future cash flows, considering a weighted average discount rate of 9.5%, a weighted average constant prepayment rate on mortgages of 14.6% and a weighted average life of 6.2 years. As of December 31, 2013, estimated future servicing amortization through 2018 based on the prepayment assumptions utilized in the December 31, 2013 valuation, is as follows: $1,067,000 for 2014, $817,000 for 2015, $635,000 for 2016, $487,000 for 2017 and $401,000 for 2018. Actual results will vary depending upon the level of repayments on the loans currently serviced. |
Interest_and_Dividends_Receiva
Interest and Dividends Receivable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Interest and Dividends Receivable | ' | ||||||||
(6) Interest and Dividends Receivable | |||||||||
A summary of interest and dividends receivable at December 31, 2013 and 2012 follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Loans | $ | 3,960 | $ | 4,479 | |||||
Investment securities | 691 | 716 | |||||||
Mortgage-backed securities | 729 | 781 | |||||||
$ | 5,380 | $ | 5,976 | ||||||
Premises_and_Equipment_Net
Premises and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment, Net | ' | ||||||||
(7) Premises and Equipment, Net | |||||||||
Premises and equipment at December 31, 2013 and 2012 are summarized as follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 5,124 | $ | 4,254 | |||||
Buildings and improvements | 26,897 | 26,365 | |||||||
Leasehold improvements | 2,423 | 2,125 | |||||||
Furniture and equipment | 21,743 | 20,120 | |||||||
Automobiles | 281 | 211 | |||||||
Construction in progress | 779 | 328 | |||||||
Total | 57,247 | 53,403 | |||||||
Accumulated depreciation and amortization | (33,563 | ) | (31,170 | ) | |||||
$ | 23,684 | $ | 22,233 | ||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
(8) Deposits | |||||||||||||||||
Deposits, including accrued interest payable of $9,000 and $11,000 at December 31, 2013 and 2012, respectively, are summarized as follows (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Cost | Cost | ||||||||||||||||
Non-interest-bearing accounts | $ | 207,608 | — | % | $ | 179,074 | — | % | |||||||||
Interest-bearing checking accounts | 913,753 | 0.12 | 940,190 | 0.19 | |||||||||||||
Money market deposit accounts | 116,947 | 0.12 | 118,154 | 0.17 | |||||||||||||
Savings accounts | 290,512 | 0.05 | 256,035 | 0.1 | |||||||||||||
Time deposits | 217,943 | 1.37 | 226,218 | 1.45 | |||||||||||||
$ | 1,746,763 | 0.25 | % | $ | 1,719,671 | 0.32 | % | ||||||||||
Included in time deposits at December 31, 2013 and 2012, respectively, is $64,380,000 and $57,871,000 in deposits of $100,000 and over. | |||||||||||||||||
Time deposits at December 31, 2013 mature as follows (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | $ | 131,138 | |||||||||||||||
2015 | 19,836 | ||||||||||||||||
2016 | 28,920 | ||||||||||||||||
2017 | 17,571 | ||||||||||||||||
2018 | 15,397 | ||||||||||||||||
Thereafter | 5,081 | ||||||||||||||||
$ | 217,943 | ||||||||||||||||
Interest expense on deposits for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Interest-bearing checking accounts | $ | 1,408 | $ | 2,878 | $ | 4,624 | |||||||||||
Money market deposit accounts | 165 | 361 | 454 | ||||||||||||||
Savings accounts | 187 | 359 | 481 | ||||||||||||||
Time deposits | 2,949 | 3,949 | 4,842 | ||||||||||||||
$ | 4,709 | $ | 7,547 | $ | 10,401 | ||||||||||||
Borrowed_Funds
Borrowed Funds | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Borrowed Funds | ' | ||||||||||||||||
(9) Borrowed Funds | |||||||||||||||||
Borrowed funds are summarized as follows (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Rate | Rate | ||||||||||||||||
Federal Home Loan Bank advances | $ | 175,000 | 0.69 | % | $ | 225,000 | 2.35 | % | |||||||||
Securities sold under agreements to repurchase | 68,304 | 0.15 | 60,791 | 0.26 | |||||||||||||
Other borrowings | 27,500 | 2.76 | 27,500 | 2.8 | |||||||||||||
$ | 270,804 | 0.76 | % | $ | 313,291 | 1.94 | % | ||||||||||
Information concerning FHLB advances and securities sold under agreements to repurchase (“reverse repurchase agreements”) is summarized as follows (in thousands): | |||||||||||||||||
FHLB | Reverse | ||||||||||||||||
Advances | Repurchase | ||||||||||||||||
Agreements | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Average balance | $ | 219,102 | $ | 239,707 | $ | 69,621 | $ | 69,469 | |||||||||
Maximum amount outstanding at any month end | 282,500 | 274,500 | 73,067 | 73,488 | |||||||||||||
Average interest rate for the year | 1.82 | % | 2.29 | % | 0.18 | % | 0.29 | % | |||||||||
Amortized cost of collateral: | |||||||||||||||||
Mortgage-backed securities | — | — | $ | 78,474 | $ | 76,905 | |||||||||||
Estimated fair value of collateral: | |||||||||||||||||
Mortgage-backed securities | — | — | 78,512 | 79,825 | |||||||||||||
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. (See note 3.) | |||||||||||||||||
FHLB advances and reverse repurchase agreements have contractual maturities at December 31, 2013 as follows (in thousands): | |||||||||||||||||
FHLB | Reverse | ||||||||||||||||
Advances | Repurchase | ||||||||||||||||
Agreements | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | $ | 125,000 | $ | 68,304 | |||||||||||||
2015 | 5,000 | — | |||||||||||||||
2016 | 5,000 | — | |||||||||||||||
2017 | 5,000 | — | |||||||||||||||
2018 | 35,000 | — | |||||||||||||||
$ | 175,000 | $ | 68,304 | ||||||||||||||
On October 17, 2013, the Company prepaid $159.0 million of FHLB advances with a weighted average cost of 2.31% and a weighted average term to maturity of 16 months, incurring a prepayment fee of $4.3 million. The prepayment was initially funded by short-term advances, which the Company plans to replace over the next year with deposit growth and longer-term advances. | |||||||||||||||||
During 2007, the Company issued $10.0 million of trust preferred securities which carry a floating rate of 175 basis points over 3 month LIBOR adjusted quarterly. Accrued interest is due quarterly with principal due at the maturity date of September 1, 2037. During 2006, the Company issued $12.5 million of trust preferred securities. The trust preferred securities carry a floating rate of 166 basis points over 3 month LIBOR adjusted quarterly. Accrued interest is due quarterly with principal due at the maturity date in 2036. On August 4, 2005, the Company issued $5.0 million of subordinated debt at a fixed interest rate of 6.35%. Accrued interest is due quarterly with principal due at the maturity date of November 23, 2015. | |||||||||||||||||
Interest expense on borrowings for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Federal Home Loan Bank advances | $ | 3,986 | $ | 5,495 | $ | 6,572 | |||||||||||
Securities sold under agreements to repurchase | 124 | 201 | 283 | ||||||||||||||
Other borrowings | 809 | 860 | 804 | ||||||||||||||
$ | 4,919 | $ | 6,556 | $ | 7,659 | ||||||||||||
All FHLB advances are secured by the Bank’s mortgage loans, securities and FHLB stock. As a member of the FHLB of New York, the Bank is required to maintain a minimum investment in the capital stock of the FHLB, at cost, in an amount equal to 0.20% of the Bank’s mortgage-related assets, plus 4.5% of the specified value of certain transactions between the Bank and the FHLB. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
(10) Income Taxes | |||||||||||||
The provision (benefit) for income taxes for the years ended December 31, 2013, 2012 and 2011 consists of the following (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 8,935 | $ | 8,893 | $ | 10,358 | |||||||
State | 1,313 | 1,385 | 1,814 | ||||||||||
Total current | 10,248 | 10,278 | 12,172 | ||||||||||
Deferred: | |||||||||||||
Federal | (1,310 | ) | 664 | (961 | ) | ||||||||
State | (325 | ) | (15 | ) | 262 | ||||||||
Total deferred | (1,635 | ) | 649 | (699 | ) | ||||||||
$ | 8,613 | $ | 10,927 | $ | 11,473 | ||||||||
Included in other comprehensive income is income tax (benefit) expense attributable to net unrealized (losses) gains on securities available-for-sale arising during the year in the amount of $(4,605,000), $1,739,000 and $2,135,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Included in stockholders’ equity is income tax (expense) benefit attributable to stock plans in the amount of $(31,000), $(608,000) and $1,303,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
A reconciliation between the provision for income taxes and the expected amount computed by multiplying income before the provision for income taxes times the applicable statutory Federal income tax rate for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income before provision for income taxes | $ | 24,943 | $ | 30,947 | $ | 32,214 | |||||||
Applicable statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Computed “expected” Federal income tax expense | $ | 8,730 | $ | 10,831 | $ | 11,275 | |||||||
Increase (decrease) in Federal income tax expense resulting from: | |||||||||||||
ESOP | 87 | 66 | 56 | ||||||||||
ESOP dividends | (233 | ) | (233 | ) | (232 | ) | |||||||
Earnings on life insurance | (491 | ) | (468 | ) | (410 | ) | |||||||
State income taxes net of Federal benefit | 642 | 757 | 762 | ||||||||||
Other items, net | (122 | ) | (26 | ) | 22 | ||||||||
$ | 8,613 | $ | 10,927 | $ | 11,473 | ||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 are presented in the following table (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 8,894 | $ | 8,720 | |||||||||
Reserve for repurchased loans | 600 | 491 | |||||||||||
Valuation allowances for repurchased loans | 179 | 179 | |||||||||||
Reserve for uncollected interest | 393 | 179 | |||||||||||
Other-than-temporary impairment loss on investment securities | — | 52 | |||||||||||
FHLB advance prepayment fee | 385 | — | |||||||||||
Incentive compensation | 1,066 | 1,132 | |||||||||||
Deferred compensation | 754 | 743 | |||||||||||
Other reserves | 113 | 82 | |||||||||||
Stock plans | 1,255 | 1,058 | |||||||||||
ESOP | 125 | 81 | |||||||||||
Intangible assets | 60 | 109 | |||||||||||
Other real estate owned | 311 | 235 | |||||||||||
Unrealized loss on securities | 4,571 | — | |||||||||||
State alternative minimum tax | 1,160 | 1,160 | |||||||||||
Total gross deferred tax assets | 19,866 | 14,221 | |||||||||||
Less valuation allowance | — | — | |||||||||||
Deferred tax assets, net | 19,866 | 14,221 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Excess servicing on sale of mortgage loans | (1,122 | ) | (983 | ) | |||||||||
Investments, discount accretion | (553 | ) | (505 | ) | |||||||||
Deferred loan and commitment costs, net | (1,349 | ) | (1,619 | ) | |||||||||
Unrealized gain on securities available-for-sale | — | (34 | ) | ||||||||||
Premises and equipment, differences in depreciation | (356 | ) | (528 | ) | |||||||||
Undistributed REIT income | (1,247 | ) | (1,553 | ) | |||||||||
Total deferred tax liabilities | (4,627 | ) | (5,222 | ) | |||||||||
Net deferred tax assets | $ | 15,239 | $ | 8,999 | |||||||||
Included in other assets at December 31, 2013 and 2012 is a net deferred tax asset of $15,239,000 and $8,999,000, respectively. | |||||||||||||
At December 31, 2013, 2012 and 2011 the Company determined that it is not required to establish a valuation reserve for the remaining net deferred tax asset 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, 2013 includes approximately $10,750,000 for which no provision for income tax has been made. This amount represents 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 shareholders. At December 31, 2013, the Company had an unrecognized deferred tax liability of $4,391,000 with respect to this reserve. | |||||||||||||
There were no unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011. The tax years that remain subject to examination by the Federal government include the year ended December 31, 2010 and forward. The tax years that remain subject to examination by the States of New Jersey and New York include the years ended December 31, 2009 and forward. |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee Stock Ownership Plan | ' |
(11) Employee Stock Ownership Plan | |
As part of its mutual to stock conversion, the Bank established an Employee Stock Ownership Plan and in 2006 the Bank established a Matching Contribution Employee Stock Ownership Plan (collectively the “ESOP”) to provide retirement benefits for eligible employees. 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 1,000 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 $13,421,000 from the Company to purchase 2,013,137 shares of common stock issued in the conversion. On May 12, 1998, the initial loan agreement was amended to allow the ESOP to borrow an additional $8,200,000 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 twelve years to thirty years. As part of the establishment of the Matching Contribution Employee Stock Ownership Plan the term of the loan was reduced by one year and now expires in 2026. The amended loan is to be repaid from contributions by the Bank to the ESOP trust. The Bank is required to make contributions to the ESOP in amounts at least equal to the principal and interest requirement of the debt, assuming a fixed interest rate of 8.25%. | |
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, 2013 and 2012, contributions to the ESOP, which were used to fund principal and interest payments on the ESOP debt, totaled $515,000 and $517,000, respectively. During 2013 and 2012, $221,000 and $238,000, respectively, of dividends paid on unallocated ESOP shares were used for debt service. At December 31, 2013 and 2012, the loan had an outstanding balance of $3,897,000 and $4,076,000, respectively, and the ESOP had unallocated shares of 428,749 and 462,931, respectively. At December 31, 2013, the unallocated shares had a fair value of $7,422,000. 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, 2013, 2012 and 2011, the Bank recorded compensation expense related to the ESOP of $538,000, $480,000 and $450,000, respectively, including $249,000, $191,000 and $159,000, respectively, representing additional compensation expense to reflect the increase in the average fair value of committed to be released and allocated shares in excess of the Bank’s cost. As of December 31, 2013, 2,183,956 shares had been allocated to participants and 34,182 shares were committed to be released. |
Incentive_Plan
Incentive Plan | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Incentive Plan | ' | ||||||||||||||||||||||||
(12) Incentive Plan | |||||||||||||||||||||||||
The Company has established the Amended and Restated OceanFirst Financial Corp. 1997 Incentive Plan (the “Incentive Plan”) which authorizes the granting of stock options and awards of Common Stock and the OceanFirst Financial Corp. 2000 Stock Option Plan which authorizes the granting of stock options. On April 24, 2003 the Company’s shareholders ratified an amendment of the OceanFirst Financial Corp. 2000 Stock Option Plan which increased the number of shares available under option. On April 20, 2006 the OceanFirst Financial Corp. 2006 Stock Incentive Plan was approved which authorizes the granting of stock options or awards of common stock. On May 5, 2011, the OceanFirst Financial Corp. 2011 Stock Incentive Plan was approved which also authorizes the granting of stock options or awards of common stock. The purpose of these plans is to attract and retain qualified personnel in key positions, provide officers, employees and non-employee directors (“Outside 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 Outside Directors of the Company and its affiliates are eligible to receive awards under the plans. | |||||||||||||||||||||||||
Under the 2011 Stock Incentive Plan, the Company is authorized to issue up to an additional 2,400,000 shares subject to option or, in lieu of options, up to 960,000 shares in the form of stock awards. At December 31, 2013, 1,845,299 options or 738,120 awards remain to be issued. Under the 2006 Stock Incentive Plan, the Company is authorized to issue up to an additional 1,000,000 shares subject to options, or in lieu of options, up to 333,333 shares in the form of stock awards. At December 31, 2013, 32,310 options or 10,770 awards remain to be issued. All 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 date of grant. The Company typically issues Treasury 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 $502,000, $442,000 and $549,000, of expense for stock option grants for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013 the Company had $1.4 million in compensation cost related to non-vested awards not yet recognized. This cost will be recognized over the remaining vesting period of 2.7 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: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.47 | % | 1.4 | % | 3.08 | % | |||||||||||||||||||
Expected option life | 7 years | 7 years | 7 years | ||||||||||||||||||||||
Expected volatility | 29 | % | 29 | % | 29 | % | |||||||||||||||||||
Expected dividend yield | 3.27 | % | 3.47 | % | 3.46 | % | |||||||||||||||||||
Weighted average fair value of an option share granted during the year | $ | 3.01 | $ | 2.69 | $ | 3.14 | |||||||||||||||||||
Intrinsic value of options exercised during the year (in thousands) | 11 | 106 | 10 | ||||||||||||||||||||||
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, 2013, 2012 and 2011 follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | Of | Average | Of | Average | ||||||||||||||||||||
Shares | Exercise | Shares | Exercise | Shares | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding at beginning of year | 1,732,694 | $ | 17.62 | 2,043,933 | $ | 18.21 | 1,855,113 | $ | 18.75 | ||||||||||||||||
Granted | 277,625 | 14.68 | 270,250 | 13.83 | 245,575 | 13.86 | |||||||||||||||||||
Exercised | (5,147 | ) | 12.63 | (36,218 | ) | 11.55 | (3,766 | ) | 11.2 | ||||||||||||||||
Forfeited | (29,916 | ) | 13.89 | (202,928 | ) | 18.28 | (44,252 | ) | 17.87 | ||||||||||||||||
Expired | (234,676 | ) | 23.28 | (342,343 | ) | 17.92 | (8,737 | ) | 15.03 | ||||||||||||||||
Outstanding at end of year | 1,740,580 | $ | 16.47 | 1,732,694 | $ | 17.62 | 2,043,933 | $ | 18.21 | ||||||||||||||||
Options exercisable | 1,062,786 | 1,113,185 | 1,407,271 | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
of | Average | Average | Of | Average | Average | ||||||||||||||||||||
Options | Remaining | Exercise | Options | Remaining | Exercise | ||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
$10.00 to 13.13 | 316,526 | 5.9 years | $ | 10.63 | 204,932 | 5.8 years | $ | 10.76 | |||||||||||||||||
13.13 to 16.26 | 683,425 | 8.2 | 14.13 | 127,225 | 7.5 | 13.86 | |||||||||||||||||||
16.26 to 19.40 | 182,205 | 4.4 | 16.8 | 172,205 | 4.1 | 16.81 | |||||||||||||||||||
19.40 to 22.53 | 377,370 | 1.5 | 22.1 | 377,370 | 1.5 | 22.1 | |||||||||||||||||||
22.53 to 25.66 | 181,054 | 2.1 | 23.43 | 181,054 | 2.1 | 23.43 | |||||||||||||||||||
1,740,580 | 5.3 years | $ | 16.47 | 1,062,786 | 3.6 years | $ | 18.29 | ||||||||||||||||||
The aggregate intrinsic value for stock options outstanding and stock options exercisable at December 31, 2013 is $4,164,000 and $1,777,000, respectively. | |||||||||||||||||||||||||
A summary of the granted but unvested stock award activity for the years ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | Of | Average | of | Average | ||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Outstanding at beginning of year: | 48,733 | $ | 13.1 | 49,148 | $ | 13.25 | 81,592 | $ | 12.44 | ||||||||||||||||
Granted | 28,228 | 14.78 | 19,513 | 13.83 | 26,202 | 13.81 | |||||||||||||||||||
Vested | (14,296 | ) | 13.21 | (14,393 | ) | 14.52 | (58,646 | ) | 12.38 | ||||||||||||||||
Forfeited | (2,703 | ) | 13.85 | (5,535 | ) | 13.2 | — | — | |||||||||||||||||
Outstanding at end of year | 59,962 | $ | 13.84 | 48,733 | $ | 13.1 | 49,148 | $ | 13.25 | ||||||||||||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments, Contingencies and Concentrations of Credit Risk | ' | ||||
(13) Commitments, Contingencies and Concentrations of Credit Risk | |||||
The 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 and commitments to extend credit. | |||||
At December 31, 2013, the following commitments and contingent liabilities existed which are not reflected in the accompanying consolidated financial statements (in thousands): | |||||
December 31, 2013 | |||||
Unused consumer and construction loan lines of credit (primarily floating-rate) | $ | 115,421 | |||
Unused commercial loan lines of credit (primarily floating-rate) | 190,511 | ||||
Other commitments to extend credit: | |||||
Fixed-Rate | 53,032 | ||||
Adjustable-Rate | 9,118 | ||||
Floating-Rate | 18,201 | ||||
The Company’s fixed-rate loan commitments expire within 90 days of issuance and carried interest rates ranging from 2.92% to 5.50% at December 31, 2013. | |||||
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, 2013, the Company is obligated under noncancelable operating leases for premises and equipment. Rental expense under these leases aggregated approximately $2,378,000, $2,034,000 and $1,811,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
The projected minimum rental commitments as of December 31, 2013 are as follows (in thousands): | |||||
Year Ended December 31, | |||||
2014 | $ | 1,754 | |||
2015 | 1,640 | ||||
2016 | 1,517 | ||||
2017 | 1,532 | ||||
2018 | 1,461 | ||||
Thereafter | 12,240 | ||||
$ | 20,144 | ||||
The Company grants one-to-four family and commercial first mortgage real estate loans to borrowers primarily located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Company also originates interest-only one-to-four family mortgage loans on a limited basis, in which the borrower makes only interest payments for the first five, seven or ten years of the mortgage loan term. This feature will result in future increases in the borrower’s loan repayment when the contractually required repayments increase due to the required amortization of the principal amount. These payment increases could affect a borrower’s ability to repay the loan. The amount of interest-only one-to-four family mortgage loans at December 31, 2013 and 2012 was $28.8 million and $37.0 million, respectively. The amount of interest-only one-to-four family mortgage loans on non-accrual status at December 31, 2013 and 2012 was $2.2 million and $3.5 million, respectively. The Company previously originated stated income loans on a limited basis through November 2010. These loans were only offered to self-employed borrowers for purposes of financing primary residences and second home properties. The amount of stated income loans at December 31, 2013 and 2012 was $36.6 million and $47.3 million, respectively. The amount of stated income loans on non-accrual status at December 31, 2013 and 2012 was $6.4 million and $7.3 million, respectively. The ability of borrowers to repay their obligations is dependent upon various factors including the borrowers’ income and 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. In recent years, there has been a weakening in the local economy coupled with lower real estate values. A further decline in real estate values could cause some residential and commercial mortgage loans to become inadequately collateralized, which would expose the Bank to a greater risk of loss. | |||||
The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks. Collateral and/or guarantees are required for all 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. |
Reserve_for_Repurchased_Loans_
Reserve for Repurchased Loans and Loss Sharing Obligations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Reserve for Repurchased Loans and Loss Sharing Obligations | ' | ||||||||||||
(14) Reserve for Repurchased Loans and Loss Sharing Obligations | |||||||||||||
The reserve for repurchased loans and loss sharing obligations was established to provide for expected losses related to repurchase requests which may be received on residential mortgage loans previously sold to investors and other loss sharing obligations. The Company prepares a comprehensive analysis of the adequacy of the reserve for repurchased loans and loss sharing obligations at each quarter-end. The reserve includes a specific loss estimate on the outstanding loan repurchase requests based on the estimated fair value of the underlying collateral modified by the likelihood of loss which is estimated based on historical experience. The reserve also includes a general loss estimate based on an estimate of loans likely to be returned for repurchase and the estimated loss on those loans. Finally, the reserve also includes an estimate of the Bank’s obligation under a loss sharing arrangement with the FHLB relating to loans sold into their Mortgage Partnership Finance (“MPF”) program. Under this program, the Bank and the FHLB share credit risk for loans sold. The first loss position, equal to 1% of the aggregate amount of the loan pool, is absorbed by the FHLB through a reduction in credit enhancement fees paid to the Bank. The second loss position, generally covering the next 1.5% to 4.0% of the aggregate loan pool, is absorbed by the Bank. Loan losses above the combination of these two thresholds are fully absorbed by the FHLB. In establishing the reserve, the Company considered recent and historical experience, product type and volume of loan sales and the general economic environment. | |||||||||||||
An analysis of the reserve for repurchased loans and loss sharing obligations for the years ended December 31, 2013, 2012 and 2011 follows (in thousands). | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 1,203 | $ | 705 | $ | 809 | |||||||
Provision charged to operations | 975 | 750 | — | ||||||||||
Loss on loans repurchased, settlements or payments under loss sharing arrangements | (915 | ) | (252 | ) | (104 | ) | |||||||
Recoveries | 205 | — | — | ||||||||||
Balance at end of year | $ | 1,468 | $ | 1,203 | $ | 705 | |||||||
The reserve for repurchased loans and loss sharing obligations was $1.5 million at December 31, 2013, a $265,000 increase from December 31, 2012. The increase was due to mostly first quarter activity relating to a provision of $100,000 for repurchase requests, an additional provision of $875,000 relating to loans sold to the FHLB, incurred losses totaling $465,000 relating to the FHLB loan sales, a comprehensive settlement of $450,000 with one investor relating to existing and anticipated loan repurchase requests, and recoveries of $205,000 of previously charged-off amounts. In early 2013, the Bank recognized actual losses for the first time under the MPF program of $245,000 on two loans in a single pool. In light of these realized losses, the Bank performed an analysis of additional loss exposure and determined that additional covered losses within that loan pool were likely and recorded an additional provision of $875,000. The analysis also revealed the actual losses of $245,000 and the general provision of $875,000 related to asset quality deterioration in the loan pool should have been recognized in prior periods; however these amounts were not considered material to such periods. Subsequent to the first quarter, an additional loss under the MPF program of $220,000 was charged against the reserve. The Bank’s maximum remaining loss exposure on all loans sold to the FHLB is $2.4 million, although the Bank’s reserve includes an estimate of expected future losses. Therefore, additional losses will only be recognized if loan performance deteriorates beyond expectations. The reserve was reduced by a cash payment of $450,000 as part of a comprehensive settlement with a single investor which settled seven outstanding loan repurchase requests and terminated the right of the investor to make any future claims for repurchase. The anticipated loss on this comprehensive settlement was considered in establishing the reserve at December 31, 2012. The Bank also recognized $205,000 in recoveries relating to amounts previously charged-off. At December 31, 2013, there were five outstanding loan repurchase requests which the Company is disputing on loans with a total principal balance of $1.2 million, as compared to 12 outstanding loan repurchase requests with a principal balance of $3.6 million at December 31, 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
(15) Earnings Per Share | |||||||||||||
The following reconciles average shares outstanding for basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average shares outstanding | 17,614 | 18,303 | 18,828 | ||||||||||
Less: Unallocated ESOP shares | (446 | ) | (480 | ) | (514 | ) | |||||||
Unallocated Incentive award shares and shares held by deferred compensation plan | (97 | ) | (93 | ) | (123 | ) | |||||||
Average basic shares outstanding | 17,071 | 17,730 | 18,191 | ||||||||||
Add: Effect of dilutive securities: | |||||||||||||
Incentive awards and shares held by deferred compensation plan | 86 | 99 | 49 | ||||||||||
Average diluted shares outstanding | 17,157 | 17,829 | 18,240 | ||||||||||
For the years ended December 31, 2013, 2012 and 2011, 852,000, 1,253,000 and 2,047,000, respectively, antidilutive stock options were excluded from earnings per share calculations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
(16) 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 market 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 the 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 quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Movements within the fair value hierarchy are recognized at the end of the applicable reporting period. There were no transfers between the levels of the fair value hierarchy for the years ended December 31, 2013, 2012 and 2011. 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). | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Securities classified as available-for-sale are reported at fair value utilizing Level 1 and Level 2 inputs. In general, fair value is based upon quoted market prices, where available. Most of the Company’s investment and mortgage-backed securities, however, 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 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 securities without relying exclusively on quoted prices for the specific securities, but comparing the securities to benchmark or comparable securities. | |||||||||||||||||
Fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the security. Illiquid credit markets have resulted in inactive markets for certain of the Company’s securities. As a result, there is limited observable market data for these assets. Fair value estimates for securities for which limited observable market data is available are based on judgments regarding current economic conditions, liquidity discounts, credit and interest rate risks, and other factors. These estimates involve significant uncertainties and judgments and cannot be determined with precision. As a result, such calculated fair value estimates may not be realizable in a current sale or immediate settlement of the security. | |||||||||||||||||
The Company utilizes third-party pricing services to obtain market values for its corporate bonds. Management’s policy is to obtain and review all available documentation from the third-party pricing service relating to their market value determinations, including their methodology and summary of inputs. Management reviews this documentation, makes inquiries of the third-party pricing service and makes a determination 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. The significant observable inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, other market information and observations of equity and credit default swap curves related to the issuer. | |||||||||||||||||
Other Real Estate Owned and Impaired Loans | |||||||||||||||||
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 and other costs of 20% and 15%, respectively. Fair value is based on independent appraisals. | |||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value as of December 31, 2013 and 2012, 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 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 35,289 | $ | — | $ | 35,289 | $ | — | |||||||||
Equity investments | 8,547 | 8,547 | — | — | |||||||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 4,345 | — | — | 4,345 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 15,446 | — | — | 15,446 | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
December 31, 2012 | |||||||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 139,050 | $ | — | $ | 139,050 | $ | — | |||||||||
State and municipal obligations | 25,780 | — | 25,780 | — | |||||||||||||
Corporate debt securities | 43,470 | — | 43,470 | — | |||||||||||||
Equity investments | 5,293 | 5,293 | — | — | |||||||||||||
Mortgage-backed securities available-for-sale | 333,857 | — | 333,857 | — | |||||||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 3,210 | — | — | 3,210 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 12,033 | — | — | 12,033 | |||||||||||||
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. | |||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||
Securities classified as held-to-maturity are carried at amortized cost, as the Company has the positive intent and ability to hold these securities to maturity. The Company determines the fair value of the securities utilizing Level 1, Level 2 and, infrequently, Level 3 inputs. In general, fair value is based upon quoted market prices, where available. Most of the Company’s investment and mortgage-backed securities, however, 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 securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain securities without relying exclusively on quoted prices for the specific securities, but comparing the securities to benchmark or comparable securities. | |||||||||||||||||
Fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the security. Illiquid credit markets have resulted in inactive markets for certain of the Company’s securities. As a result, there is limited observable market data for these assets. Fair value estimates for securities for which limited observable market data is available are based on judgments regarding current economic conditions, liquidity discounts, credit and interest rate risks, and other factors. These estimates involve significant uncertainties and judgments and cannot be determined with precision. As a result, such calculated fair value estimates may not be realizable in a current sale or immediate settlement of the security. | |||||||||||||||||
The Company utilizes third-party pricing services to obtain fair values for most of its securities held-to-maturity. 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 makes a determination 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 (“BANs”) where management utilized Level 3 inputs. In the case of the Level 2 securities, the significant observable inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, other market information and observations of equity and credit default swap curves related to the issuer. Management based its fair value estimate of the BANs on the local nature of the issuing entities, the short-term life of the security and current economic conditions. | |||||||||||||||||
Federal Home Loan Bank of New York Stock | |||||||||||||||||
The fair value for Federal Home Loan Bank of New York stock 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 based upon the outstanding balance of mortgage related assets and outstanding borrowings. | |||||||||||||||||
Loans | |||||||||||||||||
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage, construction, 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. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. | |||||||||||||||||
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 are, 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 are 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 Bank’s significant financial instruments not recorded at fair value as of December 31, 2013 and December 31, 2012 are presented in the following tables (in thousands): | |||||||||||||||||
Book | Fair Value Measurements at Reporting | ||||||||||||||||
Value | Date Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Inputs | Inputs | Inputs | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 33,958 | $ | 33,958 | $ | — | $ | — | |||||||||
Securities held-to-maturity | 495,599 | — | 493,432 | 1,650 | |||||||||||||
Federal Home Loan Bank of New York stock | 14,518 | — | — | 14,518 | |||||||||||||
Loans receivable and mortgage loans held-for-sale | 1,542,245 | — | — | 1,561,208 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,528,820 | — | 1,528,820 | — | |||||||||||||
Time deposits | 217,943 | — | 220,409 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 68,304 | 68,304 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 202,500 | — | 201,393 | — | |||||||||||||
Book | Fair Value Measurements at Reporting | ||||||||||||||||
Value | Date Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Inputs | Inputs | Inputs | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 62,544 | $ | 62,544 | $ | — | $ | — | |||||||||
Federal Home Loan Bank of New York stock | 17,061 | — | — | 17,061 | |||||||||||||
Loans receivable and mortgage loans held-for-sale | 1,529,946 | — | — | 1,572,291 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,493,453 | — | 1,493,453 | — | |||||||||||||
Time deposits | 226,218 | — | 231,445 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 60,791 | 60,791 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 252,500 | — | 258,577 | — | |||||||||||||
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 deferred tax assets, and premises and equipment. 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. |
ParentOnly_Financial_Informati
Parent-Only Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent-Only Financial Information | ' | ||||||||||||
(17) Parent-Only Financial Information | |||||||||||||
The following condensed statements of financial condition at December 31, 2013 and 2012 and condensed statements of operations and cash flows for the years ended December 31, 2013, 2012 and 2011 for OceanFirst Financial Corp. (parent company only) reflects the Company’s investment in its wholly-owned subsidiary, the Bank, using the equity method of accounting. | |||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
(in thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 7 | $ | 7 | |||||||||
Advances to subsidiary Bank | 16,753 | 20,017 | |||||||||||
Investment securities | 8,547 | 5,293 | |||||||||||
ESOP loan receivable | 3,897 | 4,076 | |||||||||||
Investment in subsidiary Bank | 212,957 | 218,148 | |||||||||||
Other assets | 568 | — | |||||||||||
Total assets | $ | 242,729 | $ | 247,541 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Borrowings | $ | 27,500 | $ | 27,500 | |||||||||
Other liabilities | 879 | 249 | |||||||||||
Stockholders’ equity | 214,350 | 219,792 | |||||||||||
Total liabilities and stockholders’ equity | $ | 242,729 | $ | 247,541 | |||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend income – subsidiary Bank | $ | 16,000 | $ | 20,500 | $ | 13,800 | |||||||
Dividend income – investment securities | 287 | 227 | 23 | ||||||||||
Net gain on sales of and other-than-temporary impairment loss on investment securities available-for-sale. | 46 | 226 | (148 | ) | |||||||||
Interest income – advances to subsidiary Bank | 40 | 39 | 50 | ||||||||||
Interest income – ESOP loan receivable | 336 | 349 | 364 | ||||||||||
Total dividend and interest income | 16,709 | 21,341 | 14,089 | ||||||||||
Interest expense – borrowings | 766 | 818 | 750 | ||||||||||
Operating expenses | 1,358 | 1,323 | 1,353 | ||||||||||
Income before income taxes and undistributed earnings of subsidiary Bank | 14,585 | 19,200 | 11,986 | ||||||||||
Benefit for income taxes | 567 | 511 | 635 | ||||||||||
Income before undistributed earnings of subsidiary Bank | 15,152 | 19,711 | 12,621 | ||||||||||
Undistributed earnings of subsidiary Bank | 1,178 | 309 | 8,120 | ||||||||||
Net Income | $ | 16,330 | $ | 20,020 | $ | 20,741 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 16,330 | $ | 20,020 | $ | 20,741 | |||||||
Decrease (increase) in advances to subsidiary Bank | 3,264 | (1,921 | ) | 2,783 | |||||||||
Undistributed earnings of subsidiary Bank | (1,178 | ) | (309 | ) | (8,120 | ) | |||||||
Net (gain) on sales of and other than temporary impairment loss on investment securities available for sale | (46 | ) | (226 | ) | 148 | ||||||||
Change in other assets and other liabilities | (547 | ) | 2,799 | (745 | ) | ||||||||
Net cash provided by operating activities | 17,823 | 20,363 | 14,807 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Proceeds from sale of investment securities available-for-sale | 1,244 | 1,221 | — | ||||||||||
Purchase of investment securities | (2,964 | ) | (1,694 | ) | (4,072 | ) | |||||||
Repayments on ESOP loan receivable | 179 | 167 | 157 | ||||||||||
Net cash used in investing activities | (1,541 | ) | (306 | ) | (3,915 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Dividends paid – common stock | (8,239 | ) | (8,579 | ) | (8,789 | ) | |||||||
Purchase of treasury stock | (8,108 | ) | (11,897 | ) | (2,147 | ) | |||||||
Exercise of stock options | 65 | 419 | 44 | ||||||||||
Net cash used in financing activities | (16,282 | ) | (20,057 | ) | (10,892 | ) | |||||||
Net increase in cash and due from banks | — | — | — | ||||||||||
Cash and due from banks at beginning of year | 7 | 7 | 7 | ||||||||||
Cash and due from banks at end of year | $ | 7 | $ | 7 | $ | 7 | |||||||
SELECTED_CONSOLIDATED_QUARTERL
SELECTED CONSOLIDATED QUARTERLY FINANCIAL DATA | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
SELECTED CONSOLIDATED QUARTERLY FINANCIAL DATA | ' | ||||||||||||||||
SELECTED CONSOLIDATED QUARTERLY FINANCIAL DATA | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Quarter ended | |||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | March 31 | ||||||||||||||
2013 | |||||||||||||||||
Interest income | $ | 19,960 | $ | 19,984 | $ | 20,161 | $ | 20,052 | |||||||||
Interest expense | 1,709 | 2,440 | 2,617 | 2,862 | |||||||||||||
Net interest income | 18,251 | 17,544 | 17,544 | 17,190 | |||||||||||||
Provision for loan losses | 200 | 700 | 800 | 1,100 | |||||||||||||
Net interest income after provision for loan losses | 18,051 | 16,844 | 16,744 | 16,090 | |||||||||||||
Other income | 4,283 | 4,566 | 4,741 | 3,409 | |||||||||||||
Operating expenses | 19,611 | 13,784 | 13,724 | 12,666 | |||||||||||||
Income before provision for income taxes | 2,723 | 7,626 | 7,761 | 6,833 | |||||||||||||
Provision for income taxes | 784 | 2,658 | 2,774 | 2,397 | |||||||||||||
Net income | $ | 1,939 | $ | 4,968 | $ | 4,987 | $ | 4,436 | |||||||||
Basic earnings per share | $ | 0.12 | $ | 0.29 | $ | 0.29 | $ | 0.26 | |||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.29 | $ | 0.29 | $ | 0.26 | |||||||||
2012 | |||||||||||||||||
Interest income | $ | 21,189 | $ | 21,514 | $ | 22,049 | $ | 22,863 | |||||||||
Interest expense | 3,172 | 3,514 | 3,659 | 3,758 | |||||||||||||
Net interest income | 18,017 | 18,000 | 18,390 | 19,105 | |||||||||||||
Provision for loan losses | 3,100 | 1,400 | 1,700 | 1,700 | |||||||||||||
Net interest income after provision for loan losses | 14,917 | 16,600 | 16,690 | 17,405 | |||||||||||||
Other income | 4,492 | 4,878 | 4,545 | 4,311 | |||||||||||||
Operating expenses | 13,244 | 13,839 | 12,867 | 12,941 | |||||||||||||
Income before provision for income taxes | 6,165 | 7,639 | 8,368 | 8,775 | |||||||||||||
Provision for income taxes | 2,124 | 2,680 | 2,995 | 3,128 | |||||||||||||
Net income | $ | 4,041 | $ | 4,959 | $ | 5,373 | $ | 5,647 | |||||||||
Basic earnings per share | $ | 0.23 | $ | 0.28 | $ | 0.3 | $ | 0.32 | |||||||||
Diluted earnings per share | $ | 0.23 | $ | 0.28 | $ | 0.3 | $ | 0.31 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
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 subsidiary, OceanFirst Bank (the “Bank”) and its wholly-owned subsidiaries, OceanFirst REIT Holdings, Inc, and its wholly-owned subsidiary OceanFirst Realty Corp., OceanFirst Services, LLC and its wholly-owned subsidiary OFB Reinsurance, Ltd., 975 Holdings, LLC and Columbia Home Loans, LLC (“Columbia”). Columbia is the Bank’s mortgage company which was shuttered in 2007 and is now in dissolution. 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 | ' | ||||
Business | |||||
The Bank provides a range of community banking services to customers through a network of branches in Ocean, Monmouth and Middlesex counties in New Jersey. The Bank is subject to competition from other financial institutions; it is also subject to the regulations of certain regulatory agencies and undergoes periodic examinations by those regulatory authorities. | |||||
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. 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 loan losses, the determination of the reserve for repurchased loans, the valuation of mortgage servicing rights and the evaluation of securities for other-than-temporary impairment. 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 economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. The economic downturn and lower real estate values have combined to increase the uncertainty inherent in such estimates and assumptions. 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 in the economic environment will be reflected in the financial statements in future periods. | |||||
Cash Equivalents | ' | ||||
Cash Equivalents | |||||
Cash equivalents consist of interest-bearing deposits in other financial institutions and loans of Federal funds. 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 securities held-to-maturity and securities available-for-sale. Management determines the appropriate classification at the time of purchase. If management has the positive intent not to sell and the Company would not be required to sell prior to maturity, the securities are classified as held-to-maturity securities. Such securities are stated at amortized cost. During 2013, the Company transferred $536.0 million of previously designated available-for-sale securities to held-to-maturity designation at fair value. The Company has the ability and intent to hold these securities as an investment until maturity or call. The securities transferred had an unrealized loss of $13.3 million at the time of transfer which continues to be reflected in accumulated other comprehensive income, net of subsequent amortization, which is being recognized over the life of the securities. Securities in the available-for-sale category are securities which the Company may sell prior to maturity as part of its asset/liability management strategy and all marketable equity securities. Such securities are carried at 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 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. | |||||
Other-Than-Temporary Impairments on Securities | ' | ||||
Other-Than-Temporary Impairments on Securities | |||||
One of the significant estimates related to securities is the evaluation for other-than-temporary impairments. If a determination is made that a debt security is other-than-temporarily 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 an other-than-temporary impairment charge in non-interest income as a component of gain (loss) on securities, net. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. If a determination is made that an equity security is other-than-temporarily impaired, the unrealized loss will be recognized as an other-than-temporary impairment charge in non-interest income as a component of gain (loss) on securities, net. | |||||
The evaluation of securities for impairments is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the 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 securities portfolio for other-than-temporary impairment. Securities that are in an unrealized loss position are reviewed to determine if an other-than-temporary impairment is present based on certain quantitative factors. The primary factors considered in evaluating whether a decline in value is other-than-temporary include: (a) the length of time and extent to which the fair value has been less than cost or amortized cost and the expected recovery period of the security, (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 allowance for loan 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, including impaired loans, 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. A loan is returned to accrual status when all amounts due have been received and the remaining principal balance is deemed collectible. | |||||
A loan is considered impaired when it is deemed probable that the Company will not collect all amounts due according to the contractual terms of the loan agreement. The Company has defined the population of impaired loans to be all non-accrual commercial real estate, multi-family, land, construction and commercial and industrial loans in excess of $250,000. Impaired loans are individually assessed to determine that the loan’s carrying value is not in excess of the fair value of the collateral or the present value of the loan’s expected future cash flows. Smaller balance homogeneous loans that are collectively evaluated for impairment, such as residential mortgage loans and consumer loans, are specifically excluded from the impaired loan portfolio, except when they are modified in a trouble debt restructuring. | |||||
Loan losses are charged-off in the period the loans, or portion, thereof are deemed uncollectible, generally after the loan becomes 120 days delinquent. The Company will record a loan charge-off (including a partial 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. During the fourth quarter of 2011, the Company modified its charge-off policy on problem loans secured by real estate. Historically, the Company established specific valuation reserves for estimated losses for problem real estate related loans when the loans were deemed uncollectible. The specific valuation reserves were based upon the estimated fair value of the underlying collateral, less costs to sell. The actual loan charge-off was not recorded until the foreclosure process was complete. Under the modified policy, losses on loans secured by real estate are charged-off in the period the loans, or portion thereof, are deemed uncollectible. The modification to the charge-off policy resulted in additional charge-offs in the fourth quarter of 2011 of $5.7 million. All of these charge-offs were timely identified in previous periods in the Company’s loss experience as part of the evaluation of the allowance for loan losses or net income for 2011 or previous records. | |||||
Mortgage Loans Held-for-sale | ' | ||||
Mortgage Loans Held-for-sale | |||||
The Company regularly sells part of its mortgage loan originations in order to manage interest rate risk and liquidity. The Bank has generally sold fixed-rate mortgage loans with final maturities in excess of 15 years and, occasionally adjustable-rate loans. | |||||
In determining whether to retain mortgages, management considers the Company’s overall interest rate risk position, the volume of such loans, the loan yield and the types and amount of funding sources. The Company may also retain mortgage loan production in order to improve yields and increase balance sheet leverage. | |||||
Mortgage loans held-for-sale are carried at the lower of unpaid principal balance, net, or fair value on an aggregate basis. Estimated fair value is determined based on bid quotations from securities dealers. | |||||
Allowance for Loan Losses | ' | ||||
Allowance for Loan Losses | |||||
The allowance for loan losses is a valuation account that reflects probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses is based on management’s evaluation of the Company’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 and current economic conditions. Additions to the allowance arise from charges to operations through the provision for loan losses or from the recovery of amounts previously charged-off. The allowance is reduced by loan charge-offs. | |||||
The allowance for loan losses is maintained at an amount management considers sufficient to provide for probable losses. The analysis considers known and inherent risks in the loan portfolio resulting from management’s continuing review of the factors underlying the quality of the loan portfolio. | |||||
The Bank’s allowance for loan losses includes specific allowances and a general allowance, each updated on a quarterly basis. A specific allowance is determined for all loans which meet the definition of an impaired loan where the value of the underlying collateral can reasonably be evaluated. For these loans, the specific allowance represents the difference between the Bank’s recorded investment in the loan, net of any interim charge-offs, and the fair value of the collateral, less estimated selling costs. | |||||
If a loan becomes 90 days delinquent, the Bank obtains an updated collateral appraisal. For residential real estate loans, the appraisal is updated annually if the loan remains delinquent for an extended period. For non-accrual commercial real estate loans, the Bank assesses whether there has been an adverse change in the collateral value supporting the loan. The Bank utilizes information based on its knowledge of changes in real estate conditions in its lending area to identify whether a possible deterioration of collateral value has occurred. Based on the severity of the changes in market conditions, management determines if an updated commercial real estate appraisal is warranted or if downward adjustments to the previous appraisal are warranted. If it is determined that the deterioration of the collateral value is significant enough to warrant ordering a new appraisal, an estimate of the downward adjustments to the existing appraised value is used in assessing if additional specific reserves are necessary until the updated appraisal is received. | |||||
A general allowance is determined for all loans that do not require a specific allowance. In determining the level of the general allowance, the Bank segments the loan portfolio into various loan segments and classes as follows: | |||||
Loan Portfolio Segment | Loan Class | ||||
Residential real estate: | – | Loans originated by Bank | |||
– | Loans originated by mortgage company | ||||
– | Loans originated by mortgage company – non-prime | ||||
– | Residential construction | ||||
Commercial real estate: | – | Commercial | |||
– | Construction and land | ||||
Consumer: | – | Consumer | |||
Commercial and industrial: | – | Commercial and industrial | |||
The loan portfolio is further segmented by delinquency status and risk rating (Special Mention, Substandard and Doubtful). An estimated loss factor is then applied to each Risk Tranche. To determine the loss factor, the Bank utilizes an average of loan losses as a percent of loan principal adjusted for the estimated probability of default. The historical loss rate is adjusted for certain qualitative factors including current economic conditions, regulatory environment, local competition, lending personnel, loan policies and underwriting standards, loan review system, delinquency trends, loss trends, nature and volume of the loan portfolio and concentrations of credit. The adjusted loss factor is then applied to each risk tranche. Existing economic conditions which the Bank considered to estimate the allowance for loan losses include local trends in economic growth, unemployment and real estate values. In evaluating the qualitative factors as of December 31, 2013, the Company considered the favorable impact of lower and more transparent risk from superstorm Sandy and the potential adverse impact of actual and proposed increases to flood insurance premiums which may stress borrowers’ ability to repay their loans or lower real estate values in certain flood prone areas; the recent recruitment of commercial lenders from competitor banks and the related accelerated growth in commercial real estate loans over the second half of 2013; and the Company’s recent emphasis on construction-to-permanent residential construction loans attributable to local rebuilding after the damage caused by superstorm Sandy. | |||||
The Bank also maintains an unallocated portion of the allowance for loan losses. The primary purpose of the unallocated component is to account for the inherent imprecision of the overall loss estimation process including the periodic updating of appraisals and commercial loan risk ratings, the geographic concentration of the loan portfolio and continued economic uncertainty. | |||||
Of the Bank’s loan portfolio, 96.1%, is secured by real estate, whether one-to-four family, consumer or commercial. Additionally, most of the Bank’s borrowers are located in Ocean and Monmouth Counties, New Jersey and the surrounding area. These concentrations may adversely affect the Bank’s loan loss experience should local real estate values decline further or should the markets served continue to experience difficult economic conditions including increased unemployment or should the area be affected by a natural disaster such as a hurricane or flooding. | |||||
Management believes the primary risk characteristics for each portfolio segment are a continued decline in the economy generally, including elevated levels of unemployment, a further decline in real estate market values and possible increases in interest rates. Additionally, superstorm Sandy and actual and proposed increases to flood insurance premiums may adversely affect real estate market values. Any one or a combination of these events may adversely affect the borrowers’ ability to repay the loans, resulting in increased delinquencies, loan charge-offs and future levels of provisions. Accordingly, the Bank has provided for loan losses at the current level to address the current risk in the loan portfolio. | |||||
Although management believes that the Bank has established and maintained the allowance for loan losses at adequate levels, additions may be necessary if future economic and other conditions differ substantially from the current operating environment. In addition, various regulatory agencies, as part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to make additional provisions for loan losses based upon information available to them at the time of their examination. Although management uses what it believes to be the best information available, future adjustments to the allowance may be necessary due to economic, operating, regulatory and other conditions beyond the Bank’s control. | |||||
Reserve for Repurchased Loans and Loss Sharing Obligations | ' | ||||
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 and an estimate of the Bank’s obligation under a loss sharing arrangement for loans sold to the Federal Home Loan Bank (“FHLB”). 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 over the period of repurchase risk. The reserve for repurchased loans and loss sharing obligations is included in other liabilities on the Company’s consolidated statement of financial condition. | |||||
Mortgage Servicing Rights, or MSR | ' | ||||
Mortgage Servicing Rights, or MSR | |||||
The Company recognizes as a separate asset the rights to service mortgage loans, whether those rights are acquired through purchase or loan origination activities. MSR are amortized in proportion to and over the estimated period of net servicing income. The estimated fair value of MSR is determined through a discounted analysis of future cash flows, incorporating numerous assumptions including servicing income, servicing costs, market discount rates, prepayment speeds and default rates. Impairment of the MSR is assessed on a quarterly basis on the fair value of those rights with any impairment recognized as a component of loan servicing fee income. Impairment is measured by risk strata based on the interest rate of the underlying mortgage loans. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. | |||||
Other Real Estate Owned | ' | ||||
Other Real Estate Owned | |||||
Other real estate owned is carried at the lower of cost or fair value, less estimated costs to sell. When a property is acquired, the excess of the loan balance over fair value is charged to the allowance for loan losses. Operating results from 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. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or leases. Depreciable lives are as follows: computer equipment: 3 years; furniture, fixtures and other electronic equipment: 5 years; building improvements: 10 years; and buildings: 30 years. Repair and maintenance items are expensed and improvements are capitalized. Gains and losses on dispositions are reflected in current operations. | |||||
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. | |||||
Impact of New Accounting Pronouncements | ' | ||||
Impact of New Accounting Pronouncements | |||||
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amendments in ASU 2014-04 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. | |||||
ASU No. 2013-02, “Comprehensive Income – Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income” requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under Generally Accepted Accounting Principles (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The standard is effective prospectively for reporting periods, including interim periods, beginning after December 15, 2012. For the year ended December 31, 2013, the Company had a minor reclassification out of accumulated other comprehensive income and into net income which was not considered significant. | |||||
Comprehensive Income | ' | ||||
Comprehensive Income | |||||
Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded directly in equity, such as unrealized gains or losses on securities available-for-sale. | |||||
Bank Owned Life Insurance | ' | ||||
Bank Owned Life Insurance | |||||
Bank Owned Life Insurance (“BOLI”) is accounted for using the cash surrender value method and is recorded at its realizable value. 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. The change in the net asset value is included in other non-interest income. | |||||
Exit Activities | ' | ||||
Exit Activities | |||||
During 2007, the Bank exited the mortgage banking business operated by Columbia. All loan origination activity ceased, although the Bank retained Columbia’s loan servicing portfolio. The exit was due to the significant operating losses incurred by Columbia in the fourth quarter of 2006 and the first quarter of 2007 and was completed prior to the end of 2007. Occupancy expenses for the year ended December 31, 2011 include a benefit of $184,000 for lease termination costs related to the exit activities. | |||||
Segment Reporting | ' | ||||
Segment Reporting | |||||
As a community-oriented financial institution, substantially all of the Bank’s operations involve the delivery of loan and deposit products to customers. The Bank makes operating decisions and assesses performance based on an ongoing review of these community banking operations, which constitute the only operating segment for financial reporting purposes. | |||||
Earnings Per Share | ' | ||||
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 plus potential common stock, utilizing the treasury stock method. All share amounts exclude unallocated shares of stock held by the Employee Stock Ownership Plan (“ESOP”) and the Incentive Plan. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Summary of Bank's Actual Capital Amounts and Ratios | ' | ||||||||||||||||||||||||
The following is a summary of the Bank’s actual capital amounts and ratios as of December 31, 2013 and 2012 compared to the regulatory minimum capital adequacy requirements and the regulatory requirements for classification as a well-capitalized institution (in thousands). | |||||||||||||||||||||||||
Actual | For capital adequacy | To be well capitalized | |||||||||||||||||||||||
purposes | under prompt | ||||||||||||||||||||||||
corrective action | |||||||||||||||||||||||||
As of December 31, 2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible capital | $ | 217,776 | 9.66 | % | $ | 33,830 | 1.5 | % | $ | — | — | % | |||||||||||||
Tier 1 leverage | 217,776 | 9.66 | 90,215 | 4 | 112,768 | 5 | |||||||||||||||||||
Tier 1 risk-based capital | 217,776 | 14.72 | 59,190 | 4 | 88,785 | 6 | |||||||||||||||||||
Total risk-based capital | 236,304 | 15.97 | 118,380 | 8 | 147,975 | 10 | |||||||||||||||||||
Actual | For capital adequacy | To be well capitalized | |||||||||||||||||||||||
purposes | under prompt | ||||||||||||||||||||||||
corrective action | |||||||||||||||||||||||||
As of December 31, 2012 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Tangible capital | $ | 215,410 | 9.49 | % | $ | 34,034 | 1.5 | % | $ | — | — | % | |||||||||||||
Tier 1 leverage | 215,410 | 9.49 | 90,757 | 4 | 113,446 | 5 | |||||||||||||||||||
Tier 1 risk-based capital | 215,410 | 14.86 | 57,996 | 4 | 86,994 | 6 | |||||||||||||||||||
Total risk-based capital | 233,563 | 16.11 | 115,992 | 8 | 144,991 | 10 |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities available-for-sale at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 35,128 | $ | 161 | $ | — | $ | 35,289 | |||||||||||||||||
Equity investments | 6,757 | 1,790 | — | 8,547 | |||||||||||||||||||||
Total investment securities available-for-sale | $ | 41,885 | $ | 1,951 | $ | — | $ | 43,836 | |||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 82,406 | $ | 153 | $ | (144 | ) | $ | 82,415 | ||||||||||||||||
State and municipal obligations | 21,784 | 36 | (35 | ) | 21,785 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (10,750 | ) | 44,250 | ||||||||||||||||||||
Total investment securities | 159,190 | 189 | (10,929 | ) | 148,450 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 148,759 | 447 | (4,552 | ) | 144,654 | ||||||||||||||||||||
FNMA | 200,070 | 4,659 | (3,607 | ) | 201,122 | ||||||||||||||||||||
GNMA | 721 | 135 | — | 856 | |||||||||||||||||||||
Total mortgage-backed securities | 349,550 | 5,241 | (8,159 | ) | 346,632 | ||||||||||||||||||||
Total held-to-maturity | $ | 508,740 | $ | 5,430 | $ | (19,088 | ) | $ | 495,082 | ||||||||||||||||
Total securities | $ | 550,625 | $ | 7,381 | $ | (19,088 | ) | $ | 538,918 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 138,105 | $ | 945 | $ | — | $ | 139,050 | |||||||||||||||||
State and municipal obligations | 25,856 | 5 | (81 | ) | 25,780 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (11,530 | ) | 43,470 | ||||||||||||||||||||
Equity investments | 4,992 | 424 | (123 | ) | 5,293 | ||||||||||||||||||||
Total investment securities | 223,953 | 1,374 | (11,734 | ) | 213,593 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 118,294 | 1,284 | (53 | ) | 119,525 | ||||||||||||||||||||
FNMA | 204,296 | 9,017 | (11 | ) | 213,302 | ||||||||||||||||||||
GNMA | 824 | 206 | — | 1,030 | |||||||||||||||||||||
Total mortgage-backed securities | 323,414 | 10,507 | (64 | ) | 333,857 | ||||||||||||||||||||
Total available-for-sale | $ | 547,367 | $ | 11,881 | $ | (11,798 | ) | $ | 547,450 | ||||||||||||||||
Carrying Value of Held-to-Maturity Investment Securities | ' | ||||||||||||||||||||||||
The carrying value of the held-to-maturity investment securities at December 31, 2013 is as follows (in thousands): | |||||||||||||||||||||||||
Amortized cost | $ | 508,740 | |||||||||||||||||||||||
Net loss on date of transfer from available-for-sale | (13,356 | ) | |||||||||||||||||||||||
Accretion of loss on securities reclassified to held-to-maturity | 215 | ||||||||||||||||||||||||
Carrying value | $ | 495,599 | |||||||||||||||||||||||
Contractual Maturity of Investment Securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities, excluding equity investments, at December 31, 2013 by contractual maturity, are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2013, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $44.3 million, respectively, were callable prior to the maturity date. | |||||||||||||||||||||||||
December 31, 2013 | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Less than one year | $ | 42,898 | $ | 43,064 | |||||||||||||||||||||
Due after one year through five years | 95,189 | 95,223 | |||||||||||||||||||||||
Due after five years through ten years | 1,231 | 1,202 | |||||||||||||||||||||||
Due after ten years | 55,000 | 44,250 | |||||||||||||||||||||||
$ | 194,318 | $ | 183,739 | ||||||||||||||||||||||
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity | ' | ||||||||||||||||||||||||
The estimated fair value and unrealized loss for securities available-for-sale and held-to-maturity at December 31, 2013 and December 31, 2012, segregated by the duration of the unrealized loss, are as follows (in thousands): | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 35,747 | $ | (144 | ) | $ | — | $ | — | $ | 35,747 | $ | (144 | ) | |||||||||||
State and municipal obligations | 3,526 | (31 | ) | 1,153 | (4 | ) | 4,679 | (35 | ) | ||||||||||||||||
Corporate debt securities | — | — | 44,250 | (10,750 | ) | 44,250 | (10,750 | ) | |||||||||||||||||
Total investment securities | 39,273 | (175 | ) | 45,403 | (10,754 | ) | 84,676 | (10,929 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 122,365 | (4,552 | ) | — | — | 122,365 | (4,552 | ) | |||||||||||||||||
FNMA | 84,467 | (3,607 | ) | — | — | 84,467 | (3,607 | ) | |||||||||||||||||
Total mortgage-backed securities | 206,832 | (8,159 | ) | — | — | 206,832 | (8,159 | ) | |||||||||||||||||
Total held-to-maturity | $ | 246,105 | $ | (8,334 | ) | $ | 45,403 | $ | (10,754 | ) | $ | 291,508 | $ | (19,088 | ) | ||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
State and municipal obligations | $ | 15,918 | $ | (81 | ) | $ | — | $ | — | $ | 15,918 | $ | (81 | ) | |||||||||||
Corporate debt securities | — | — | 43,470 | (11,530 | ) | 43,470 | (11,530 | ) | |||||||||||||||||
Equity investments | 1,264 | (123 | ) | — | — | 1,264 | (123 | ) | |||||||||||||||||
Total investment securities | 17,182 | (204 | ) | 43,470 | (11,530 | ) | 60,652 | (11,734 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 16,186 | (53 | ) | — | — | 16,186 | (53 | ) | |||||||||||||||||
FNMA | 4,871 | (11 | ) | — | — | 4,871 | (11 | ) | |||||||||||||||||
Total mortgage-backed securities | 21,057 | (64 | ) | — | — | 21,057 | (64 | ) | |||||||||||||||||
Total available-for-sale | $ | 38,239 | $ | (268 | ) | $ | 43,470 | $ | (11,530 | ) | $ | 81,709 | $ | (11,798 | ) | ||||||||||
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities | ' | ||||||||||||||||||||||||
At December 31, 2013, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands): | |||||||||||||||||||||||||
Security Description | Amortized Cost | Estimated | Credit | ||||||||||||||||||||||
Fair Value | Rating | ||||||||||||||||||||||||
Moody’s/ | |||||||||||||||||||||||||
S&P | |||||||||||||||||||||||||
BankAmerica Capital | $ | 15,000 | $ | 11,850 | Ba1/BB+ | ||||||||||||||||||||
Chase Capital | 10,000 | 8,150 | Baa2/BBB | ||||||||||||||||||||||
Wells Fargo Capital | 5,000 | 4,050 | A3/A- | ||||||||||||||||||||||
Huntington Capital | 5,000 | 4,050 | Baa3/BB+ | ||||||||||||||||||||||
Keycorp Capital | 5,000 | 4,000 | Baa3/BBB- | ||||||||||||||||||||||
PNC Capital | 5,000 | 4,150 | Baa2/BBB | ||||||||||||||||||||||
State Street Capital | 5,000 | 4,000 | A3/BBB+ | ||||||||||||||||||||||
SunTrust Capital | 5,000 | 4,000 | Baa3/BB+ | ||||||||||||||||||||||
$ | 55,000 | $ | 44,250 | ||||||||||||||||||||||
Loans_Receivable_Net_Tables
Loans Receivable, Net (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Summary of Loans Receivable | ' | ||||||||||||||||||||||||
A summary of loans receivable at December 31, 2013 and 2012 follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||||
One-to-four family | $ | 750,585 | $ | 802,959 | |||||||||||||||||||||
Commercial real estate, multi-family and land | 528,945 | 475,155 | |||||||||||||||||||||||
Residential construction | 30,821 | 9,013 | |||||||||||||||||||||||
1,310,351 | 1,287,127 | ||||||||||||||||||||||||
Consumer | 200,683 | 198,143 | |||||||||||||||||||||||
Commercial and industrial | 60,545 | 57,967 | |||||||||||||||||||||||
Total loans | 1,571,579 | 1,543,237 | |||||||||||||||||||||||
Loans in process | (12,715 | ) | (3,639 | ) | |||||||||||||||||||||
Deferred origination costs, net | 3,526 | 4,112 | |||||||||||||||||||||||
Allowance for loan losses | (20,930 | ) | (20,510 | ) | |||||||||||||||||||||
(30,119 | ) | (20,037 | ) | ||||||||||||||||||||||
$ | 1,541,460 | $ | 1,523,200 | ||||||||||||||||||||||
Analysis of Allowance for Loan Losses | ' | ||||||||||||||||||||||||
An analysis of the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 20,510 | $ | 18,230 | $ | 19,700 | |||||||||||||||||||
Provision charged to operations | 2,800 | 7,900 | 7,750 | ||||||||||||||||||||||
Charge-offs | (3,521 | ) | (7,084 | ) | (9,249 | ) | |||||||||||||||||||
Recoveries | 1,141 | 1,464 | 29 | ||||||||||||||||||||||
Balance at end of year | $ | 20,930 | $ | 20,510 | $ | 18,230 | |||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | ' | ||||||||||||||||||||||||
The following table presents an analysis of the allowance for loan losses for the year ended December 31, 2013, the balance in the allowance for loan loses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Residential | Commercial | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of year | $ | 5,241 | $ | 8,937 | $ | 2,264 | $ | 1,348 | $ | 2,720 | $ | 20,510 | |||||||||||||
Provision (benefit) charged to operations | 1,236 | 1,383 | (297 | ) | 241 | 237 | 2,800 | ||||||||||||||||||
Charge-offs | (2,444 | ) | — | (842 | ) | (235 | ) | — | (3,521 | ) | |||||||||||||||
Recoveries | 826 | 51 | 235 | 29 | — | 1,141 | |||||||||||||||||||
Balance at end of year | $ | 4,859 | $ | 10,371 | $ | 1,360 | $ | 1,383 | $ | 2,957 | $ | 20,930 | |||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of year | $ | 5,370 | $ | 8,474 | $ | 1,461 | $ | 900 | $ | 2,025 | $ | 18,230 | |||||||||||||
Provision (benefit) charged to operations | 4,038 | 293 | 2,972 | (98 | ) | 695 | 7,900 | ||||||||||||||||||
Charge-offs | (4,679 | ) | (47 | ) | (2,282 | ) | (76 | ) | — | (7,084 | ) | ||||||||||||||
Recoveries | 512 | 217 | 113 | 622 | — | 1,464 | |||||||||||||||||||
Balance at end of year | $ | 5,241 | $ | 8,937 | $ | 2,264 | $ | 1,348 | $ | 2,720 | $ | 20,510 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2 | $ | 3,612 | $ | 33 | $ | — | $ | — | $ | 3,647 | |||||||||||||
Collectively evaluated for impairment | 4,857 | 6,759 | 1,327 | 1,383 | 2,957 | 17,283 | |||||||||||||||||||
Total ending allowance balance | $ | 4,859 | $ | 10,371 | $ | 1,360 | $ | 1,383 | $ | 2,957 | $ | 20,930 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 18,192 | $ | 17,643 | $ | 2,961 | $ | 1,107 | $ | — | $ | 39,903 | |||||||||||||
Loans collectively evaluated for impairment | 763,214 | 511,302 | 197,722 | 59,438 | — | 1,531,676 | |||||||||||||||||||
Total ending loan balance | $ | 781,406 | $ | 528,945 | $ | 200,683 | $ | 60,545 | $ | — | $ | 1,571,579 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 179 | $ | 1,834 | $ | 541 | $ | — | $ | — | $ | 2,554 | |||||||||||||
Collectively evaluated for impairment | 5,062 | 7,103 | 1,723 | 1,348 | 2,720 | 17,956 | |||||||||||||||||||
Total ending allowance balance | $ | 5,241 | $ | 8,937 | $ | 2,264 | $ | 1,348 | $ | 2,720 | $ | 20,510 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,427 | $ | 12,116 | $ | 2,712 | $ | 291 | $ | — | $ | 37,546 | |||||||||||||
Loans collectively evaluated for impairment | 789,545 | 463,039 | 195,431 | 57,676 | — | 1,505,691 | |||||||||||||||||||
Total ending loan balance | $ | 811,972 | $ | 475,155 | $ | 198,143 | $ | 57,967 | $ | — | $ | 1,543,237 | |||||||||||||
Summary of Impaired Loans | ' | ||||||||||||||||||||||||
A summary of impaired loans at December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Year-end impaired loans with no allocated allowance for loan losses | $ | 24,457 | $ | 25,513 | |||||||||||||||||||||
Year-end impaired loans with allocated allowance for loan losses | 15,446 | 12,033 | |||||||||||||||||||||||
$ | 39,903 | $ | 37,546 | ||||||||||||||||||||||
Amount of the allowance for loan losses allocated | $ | 3,647 | $ | 2,554 | |||||||||||||||||||||
Summary of Loans Individually Evaluated for Impairment by Class of Loans | ' | ||||||||||||||||||||||||
The summary of loans individually evaluated for impairment by class of loans as of December 31, 2013 and 2012 and for the years ended December 31, 2013 and 2012 follows (in thousands): | |||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | |||||||||||||||||||||||
Principal | Investment | Loan Losses | |||||||||||||||||||||||
Balance | Allocated | ||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 10,537 | $ | 9,885 | $ | — | |||||||||||||||||||
Originated by mortgage company | 7,762 | 7,387 | — | ||||||||||||||||||||||
Originated by mortgage company-non-prime | 1,260 | 858 | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,303 | 2,292 | — | ||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||
Consumer | 3,435 | 2,928 | — | ||||||||||||||||||||||
Commercial and industrial | 1,107 | 1,107 | — | ||||||||||||||||||||||
$ | 26,404 | $ | 24,457 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 62 | $ | 62 | $ | 2 | |||||||||||||||||||
Originated by mortgage company | — | — | — | ||||||||||||||||||||||
Originated by mortgage company-non-prime | — | — | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 15,128 | 15,042 | 3,389 | ||||||||||||||||||||||
Construction and land | 309 | 309 | 223 | ||||||||||||||||||||||
Consumer | 33 | 33 | 33 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 15,532 | $ | 15,446 | $ | 3,647 | ||||||||||||||||||||
Unpaid | Recorded | Allowance for | |||||||||||||||||||||||
Principal | Investment | Loan Losses | |||||||||||||||||||||||
Balance | Allocated | ||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 11,200 | $ | 10,956 | $ | — | |||||||||||||||||||
Originated by mortgage company | 7,210 | 7,061 | — | ||||||||||||||||||||||
Originated by mortgage company-non-prime | 2,335 | 2,251 | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,722 | 2,691 | — | ||||||||||||||||||||||
Construction and land | 482 | 482 | — | ||||||||||||||||||||||
Consumer | 1,956 | 1,781 | — | ||||||||||||||||||||||
Commercial and industrial | 291 | 291 | — | ||||||||||||||||||||||
$ | 26,196 | $ | 25,513 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 1,761 | $ | 1,755 | $ | 142 | |||||||||||||||||||
Originated by mortgage company | 404 | 404 | 37 | ||||||||||||||||||||||
Originated by mortgage company-non-prime | — | — | — | ||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 9,022 | 8,943 | 1,834 | ||||||||||||||||||||||
Construction and land | — | — | — | ||||||||||||||||||||||
Consumer | 934 | 931 | 541 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 12,121 | $ | 12,033 | $ | 2,554 | ||||||||||||||||||||
For the years ended of December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 11,188 | $ | 383 | $ | 10,962 | $ | 468 | |||||||||||||||||
Originated by mortgage company | 7,508 | 292 | 6,936 | 261 | |||||||||||||||||||||
Originated by mortgage company – non-prime | 2,001 | 138 | 2,415 | 7 | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,704 | 110 | 2,555 | 142 | |||||||||||||||||||||
Construction and land | — | — | 121 | — | |||||||||||||||||||||
Consumer | 3,425 | 124 | 1,753 | 60 | |||||||||||||||||||||
Commercial and industrial | 606 | 8 | 294 | 11 | |||||||||||||||||||||
$ | 27,432 | $ | 1,055 | $ | 25,036 | $ | 949 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 36 | $ | 1 | $ | 1,759 | $ | 111 | |||||||||||||||||
Originated by mortgage company | — | — | 404 | 14 | |||||||||||||||||||||
Originated by mortgage company – non-prime | — | — | — | — | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 10,683 | 217 | 8,551 | 314 | |||||||||||||||||||||
Construction and land | 391 | — | — | — | |||||||||||||||||||||
Consumer | 45 | 2 | 824 | 52 | |||||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||||
$ | 11,155 | $ | 220 | $ | 11,538 | $ | 491 | ||||||||||||||||||
Recorded Investment in Non-accrual Loans by Class of Loans | ' | ||||||||||||||||||||||||
The following table presents the recorded investment in non-accrual loans by class of loans as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 16,145 | $ | 13,156 | |||||||||||||||||||||
Originated by mortgage company | 10,589 | 10,477 | |||||||||||||||||||||||
Originated by mortgage company – non-prime | 1,479 | 2,888 | |||||||||||||||||||||||
Residential construction | — | — | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 11,995 | 11,085 | |||||||||||||||||||||||
Construction and land | 309 | 482 | |||||||||||||||||||||||
Consumer | 4,328 | 4,540 | |||||||||||||||||||||||
Commercial and industrial | 515 | 746 | |||||||||||||||||||||||
$ | 45,360 | $ | 43,374 | ||||||||||||||||||||||
Aging of Recorded Investment in Past Due Loans | ' | ||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 and 2012 by class of loans (in thousands): | |||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Loans Not | Total | ||||||||||||||||||||
Days | Days | than | Past Due | Past Due | |||||||||||||||||||||
Past Due | Past Due | 90 Days | |||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 6,102 | $ | 2,526 | $ | 13,800 | $ | 22,428 | $ | 632,653 | $ | 655,081 | |||||||||||||
Originated by mortgage company | 202 | 108 | 10,031 | 10,341 | 82,544 | 92,885 | |||||||||||||||||||
Originated by mortgage company -non-prime | — | — | 1,465 | 1,465 | 1,153 | 2,618 | |||||||||||||||||||
Residential construction | 195 | — | — | 195 | 30,626 | 30,821 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 985 | 849 | 9,217 | 11,051 | 491,817 | 502,868 | |||||||||||||||||||
Construction and land | — | — | 309 | 309 | 25,769 | 26,078 | |||||||||||||||||||
Consumer | 864 | 298 | 4,219 | 5,381 | 195,302 | 200,683 | |||||||||||||||||||
Commercial and industrial | — | — | 515 | 515 | 60,030 | 60,545 | |||||||||||||||||||
$ | 8,348 | $ | 3,781 | $ | 39,556 | $ | 51,685 | $ | 1,519,894 | $ | 1,571,579 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | $ | 5,863 | $ | 782 | $ | 10,624 | $ | 17,269 | $ | 666,833 | $ | 684,102 | |||||||||||||
Originated by mortgage company | 2,870 | 7 | 10,294 | 13,171 | 101,437 | 114,608 | |||||||||||||||||||
Originated by mortgage company -non-prime | 431 | 47 | 2,369 | 2,847 | 1,402 | 4,249 | |||||||||||||||||||
Residential construction | — | — | — | — | 9,013 | 9,013 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,422 | 608 | 2,863 | 5,893 | 457,394 | 463,287 | |||||||||||||||||||
Construction and land | — | — | 482 | 482 | 11,386 | 11,868 | |||||||||||||||||||
Consumer | 719 | 576 | 4,457 | 5,752 | 192,391 | 198,143 | |||||||||||||||||||
Commercial and industrial | — | — | 112 | 112 | 57,855 | 57,967 | |||||||||||||||||||
$ | 12,305 | $ | 2,020 | $ | 31,201 | $ | 45,526 | $ | 1,497,711 | $ | 1,543,237 | ||||||||||||||
Risk Category of Loans by Class of Loans | ' | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): | |||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Mention | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | $ | 471,435 | $ | — | $ | 30,576 | $ | 857 | $ | 502,868 | |||||||||||||||
Construction and land | 25,018 | — | 1,059 | — | 26,077 | ||||||||||||||||||||
Commercial and industrial | 59,089 | 1,070 | 386 | — | 60,545 | ||||||||||||||||||||
$ | 555,542 | $ | 1,070 | $ | 32,021 | $ | 857 | $ | 589,490 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | $ | 429,393 | $ | 1,775 | $ | 31,275 | $ | 844 | $ | 463,287 | |||||||||||||||
Construction and land | 10,880 | 506 | 482 | — | 11,868 | ||||||||||||||||||||
Commercial and industrial | 57,341 | — | 391 | 235 | 57,967 | ||||||||||||||||||||
$ | 497,614 | $ | 2,281 | $ | 32,148 | $ | 1,079 | $ | 533,122 | ||||||||||||||||
Recorded Investment in Residential and Consumer Loans Based on Payment Activity | ' | ||||||||||||||||||||||||
The following table presents the recorded investment in residential and consumer loans based on payment activity as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||
Originated | Originated by | Originated by | Residential | Consumer | |||||||||||||||||||||
by Bank | mortgage | mortgage | construction | ||||||||||||||||||||||
company | company – | ||||||||||||||||||||||||
non-prime | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Performing | $ | 638,936 | $ | 82,296 | $ | 1,139 | $ | 30,821 | $ | 196,355 | |||||||||||||||
Non-performing | 16,145 | 10,589 | 1,479 | — | 4,328 | ||||||||||||||||||||
$ | 655,081 | $ | 92,885 | $ | 2,618 | $ | 30,821 | $ | 200,683 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Performing | $ | 670,946 | $ | 104,131 | $ | 1,361 | $ | 9,013 | $ | 193,603 | |||||||||||||||
Non-performing | 13,156 | 10,477 | 2,888 | — | 4,540 | ||||||||||||||||||||
$ | 684,102 | $ | 114,608 | $ | 4,249 | $ | 9,013 | $ | 198,143 | ||||||||||||||||
Troubled Debt Restructurings | ' | ||||||||||||||||||||||||
The following table presents information about troubled debt restructurings which occurred during the years ended December 31, 2013 and 2012, and troubled debt restructurings modified within the previous year and which defaulted during the years ended December 31, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||||||||
Number | Pre-modification | Post-modification | |||||||||||||||||||||||
of Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | 4 | $ | 926 | $ | 926 | ||||||||||||||||||||
Originated by mortgage company | 2 | 778 | 770 | ||||||||||||||||||||||
Consumer | 12 | 601 | 439 | ||||||||||||||||||||||
Number | Recorded Investment | ||||||||||||||||||||||||
of Loans | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | 1 | $ | 61 | ||||||||||||||||||||||
Originated by mortgage company | 1 | 239 | |||||||||||||||||||||||
Consumer | 1 | 12 | |||||||||||||||||||||||
Number | Pre-modification | Post-modification | |||||||||||||||||||||||
of Loans | Recorded Investment | Recorded Investment | |||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Originated by Bank | 11 | $ | 2,462 | $ | 2,392 | ||||||||||||||||||||
Originated by mortgage company | 3 | 1,051 | 1,051 | ||||||||||||||||||||||
Commercial real estate: | 1 | 360 | 255 | ||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Consumer | 2 | 1,305 | 1,275 | ||||||||||||||||||||||
Commercial and industrial | 13 | 1,152 | 998 | ||||||||||||||||||||||
Number | Recorded Investment | ||||||||||||||||||||||||
of Loans | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | None | None |
Servicing_Asset_Tables
Servicing Asset (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Transfers And Servicing [Abstract] | ' | ||||||||||||
Analysis of Servicing Asset | ' | ||||||||||||
An analysis of the servicing asset for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 4,568 | $ | 4,836 | $ | 5,653 | |||||||
Capitalized mortgage servicing rights | 995 | 1,365 | 1,036 | ||||||||||
Amortization | (1,385 | ) | (1,633 | ) | (1,853 | ) | |||||||
Balance at end of year | $ | 4,178 | $ | 4,568 | $ | 4,836 | |||||||
Interest_and_Dividends_Receiva1
Interest and Dividends Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Interest and Dividends Receivable | ' | ||||||||
A summary of interest and dividends receivable at December 31, 2013 and 2012 follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Loans | $ | 3,960 | $ | 4,479 | |||||
Investment securities | 691 | 716 | |||||||
Mortgage-backed securities | 729 | 781 | |||||||
$ | 5,380 | $ | 5,976 | ||||||
Premises_and_Equipment_Net_Tab
Premises and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Premises and Equipment | ' | ||||||||
Premises and equipment at December 31, 2013 and 2012 are summarized as follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 5,124 | $ | 4,254 | |||||
Buildings and improvements | 26,897 | 26,365 | |||||||
Leasehold improvements | 2,423 | 2,125 | |||||||
Furniture and equipment | 21,743 | 20,120 | |||||||
Automobiles | 281 | 211 | |||||||
Construction in progress | 779 | 328 | |||||||
Total | 57,247 | 53,403 | |||||||
Accumulated depreciation and amortization | (33,563 | ) | (31,170 | ) | |||||
$ | 23,684 | $ | 22,233 | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Summary of Deposits Including Accrued Interest Payable | ' | ||||||||||||||||
Deposits, including accrued interest payable of $9,000 and $11,000 at December 31, 2013 and 2012, respectively, are summarized as follows (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Cost | Cost | ||||||||||||||||
Non-interest-bearing accounts | $ | 207,608 | — | % | $ | 179,074 | — | % | |||||||||
Interest-bearing checking accounts | 913,753 | 0.12 | 940,190 | 0.19 | |||||||||||||
Money market deposit accounts | 116,947 | 0.12 | 118,154 | 0.17 | |||||||||||||
Savings accounts | 290,512 | 0.05 | 256,035 | 0.1 | |||||||||||||
Time deposits | 217,943 | 1.37 | 226,218 | 1.45 | |||||||||||||
$ | 1,746,763 | 0.25 | % | $ | 1,719,671 | 0.32 | % | ||||||||||
Included in time deposits at December 31, 2013 and 2012, respectively, is $64,380,000 and $57,871,000 in deposits of $100,000 and over. | |||||||||||||||||
Summary of Time Deposits by Maturity | ' | ||||||||||||||||
Time deposits at December 31, 2013 mature as follows (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | $ | 131,138 | |||||||||||||||
2015 | 19,836 | ||||||||||||||||
2016 | 28,920 | ||||||||||||||||
2017 | 17,571 | ||||||||||||||||
2018 | 15,397 | ||||||||||||||||
Thereafter | 5,081 | ||||||||||||||||
$ | 217,943 | ||||||||||||||||
Summary of Interest Expense on Deposits | ' | ||||||||||||||||
Interest expense on deposits for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Interest-bearing checking accounts | $ | 1,408 | $ | 2,878 | $ | 4,624 | |||||||||||
Money market deposit accounts | 165 | 361 | 454 | ||||||||||||||
Savings accounts | 187 | 359 | 481 | ||||||||||||||
Time deposits | 2,949 | 3,949 | 4,842 | ||||||||||||||
$ | 4,709 | $ | 7,547 | $ | 10,401 | ||||||||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Borrowed Funds | ' | ||||||||||||||||
Borrowed funds are summarized as follows (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Rate | Rate | ||||||||||||||||
Federal Home Loan Bank advances | $ | 175,000 | 0.69 | % | $ | 225,000 | 2.35 | % | |||||||||
Securities sold under agreements to repurchase | 68,304 | 0.15 | 60,791 | 0.26 | |||||||||||||
Other borrowings | 27,500 | 2.76 | 27,500 | 2.8 | |||||||||||||
$ | 270,804 | 0.76 | % | $ | 313,291 | 1.94 | % | ||||||||||
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 (“reverse repurchase agreements”) is summarized as follows (in thousands): | |||||||||||||||||
FHLB | Reverse | ||||||||||||||||
Advances | Repurchase | ||||||||||||||||
Agreements | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Average balance | $ | 219,102 | $ | 239,707 | $ | 69,621 | $ | 69,469 | |||||||||
Maximum amount outstanding at any month end | 282,500 | 274,500 | 73,067 | 73,488 | |||||||||||||
Average interest rate for the year | 1.82 | % | 2.29 | % | 0.18 | % | 0.29 | % | |||||||||
Amortized cost of collateral: | |||||||||||||||||
Mortgage-backed securities | — | — | $ | 78,474 | $ | 76,905 | |||||||||||
Estimated fair value of collateral: | |||||||||||||||||
Mortgage-backed securities | — | — | 78,512 | 79,825 | |||||||||||||
Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements | ' | ||||||||||||||||
FHLB advances and reverse repurchase agreements have contractual maturities at December 31, 2013 as follows (in thousands): | |||||||||||||||||
FHLB | Reverse | ||||||||||||||||
Advances | Repurchase | ||||||||||||||||
Agreements | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | $ | 125,000 | $ | 68,304 | |||||||||||||
2015 | 5,000 | — | |||||||||||||||
2016 | 5,000 | — | |||||||||||||||
2017 | 5,000 | — | |||||||||||||||
2018 | 35,000 | — | |||||||||||||||
$ | 175,000 | $ | 68,304 | ||||||||||||||
Interest Expense on Borrowings | ' | ||||||||||||||||
Interest expense on borrowings for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Federal Home Loan Bank advances | $ | 3,986 | $ | 5,495 | $ | 6,572 | |||||||||||
Securities sold under agreements to repurchase | 124 | 201 | 283 | ||||||||||||||
Other borrowings | 809 | 860 | 804 | ||||||||||||||
$ | 4,919 | $ | 6,556 | $ | 7,659 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income Tax Expense Benefit | ' | ||||||||||||
The provision (benefit) for income taxes for the years ended December 31, 2013, 2012 and 2011 consists of the following (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 8,935 | $ | 8,893 | $ | 10,358 | |||||||
State | 1,313 | 1,385 | 1,814 | ||||||||||
Total current | 10,248 | 10,278 | 12,172 | ||||||||||
Deferred: | |||||||||||||
Federal | (1,310 | ) | 664 | (961 | ) | ||||||||
State | (325 | ) | (15 | ) | 262 | ||||||||
Total deferred | (1,635 | ) | 649 | (699 | ) | ||||||||
$ | 8,613 | $ | 10,927 | $ | 11,473 | ||||||||
Schedule of Income Tax Reconciliation | ' | ||||||||||||
A reconciliation between the provision for income taxes and the expected amount computed by multiplying income before the provision for income taxes times the applicable statutory Federal income tax rate for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income before provision for income taxes | $ | 24,943 | $ | 30,947 | $ | 32,214 | |||||||
Applicable statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Computed “expected” Federal income tax expense | $ | 8,730 | $ | 10,831 | $ | 11,275 | |||||||
Increase (decrease) in Federal income tax expense resulting from: | |||||||||||||
ESOP | 87 | 66 | 56 | ||||||||||
ESOP dividends | (233 | ) | (233 | ) | (232 | ) | |||||||
Earnings on life insurance | (491 | ) | (468 | ) | (410 | ) | |||||||
State income taxes net of Federal benefit | 642 | 757 | 762 | ||||||||||
Other items, net | (122 | ) | (26 | ) | 22 | ||||||||
$ | 8,613 | $ | 10,927 | $ | 11,473 | ||||||||
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, 2013 and 2012 are presented in the following table (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 8,894 | $ | 8,720 | |||||||||
Reserve for repurchased loans | 600 | 491 | |||||||||||
Valuation allowances for repurchased loans | 179 | 179 | |||||||||||
Reserve for uncollected interest | 393 | 179 | |||||||||||
Other-than-temporary impairment loss on investment securities | — | 52 | |||||||||||
FHLB advance prepayment fee | 385 | — | |||||||||||
Incentive compensation | 1,066 | 1,132 | |||||||||||
Deferred compensation | 754 | 743 | |||||||||||
Other reserves | 113 | 82 | |||||||||||
Stock plans | 1,255 | 1,058 | |||||||||||
ESOP | 125 | 81 | |||||||||||
Intangible assets | 60 | 109 | |||||||||||
Other real estate owned | 311 | 235 | |||||||||||
Unrealized loss on securities | 4,571 | — | |||||||||||
State alternative minimum tax | 1,160 | 1,160 | |||||||||||
Total gross deferred tax assets | 19,866 | 14,221 | |||||||||||
Less valuation allowance | — | — | |||||||||||
Deferred tax assets, net | 19,866 | 14,221 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Excess servicing on sale of mortgage loans | (1,122 | ) | (983 | ) | |||||||||
Investments, discount accretion | (553 | ) | (505 | ) | |||||||||
Deferred loan and commitment costs, net | (1,349 | ) | (1,619 | ) | |||||||||
Unrealized gain on securities available-for-sale | — | (34 | ) | ||||||||||
Premises and equipment, differences in depreciation | (356 | ) | (528 | ) | |||||||||
Undistributed REIT income | (1,247 | ) | (1,553 | ) | |||||||||
Total deferred tax liabilities | (4,627 | ) | (5,222 | ) | |||||||||
Net deferred tax assets | $ | 15,239 | $ | 8,999 | |||||||||
Incentive_Plan_Tables
Incentive Plan (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [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: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.47 | % | 1.4 | % | 3.08 | % | |||||||||||||||||||
Expected option life | 7 years | 7 years | 7 years | ||||||||||||||||||||||
Expected volatility | 29 | % | 29 | % | 29 | % | |||||||||||||||||||
Expected dividend yield | 3.27 | % | 3.47 | % | 3.46 | % | |||||||||||||||||||
Weighted average fair value of an option share granted during the year | $ | 3.01 | $ | 2.69 | $ | 3.14 | |||||||||||||||||||
Intrinsic value of options exercised during the year (in thousands) | 11 | 106 | 10 | ||||||||||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||||||||||
A summary of option activity for the years ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | Of | Average | Of | Average | ||||||||||||||||||||
Shares | Exercise | Shares | Exercise | Shares | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding at beginning of year | 1,732,694 | $ | 17.62 | 2,043,933 | $ | 18.21 | 1,855,113 | $ | 18.75 | ||||||||||||||||
Granted | 277,625 | 14.68 | 270,250 | 13.83 | 245,575 | 13.86 | |||||||||||||||||||
Exercised | (5,147 | ) | 12.63 | (36,218 | ) | 11.55 | (3,766 | ) | 11.2 | ||||||||||||||||
Forfeited | (29,916 | ) | 13.89 | (202,928 | ) | 18.28 | (44,252 | ) | 17.87 | ||||||||||||||||
Expired | (234,676 | ) | 23.28 | (342,343 | ) | 17.92 | (8,737 | ) | 15.03 | ||||||||||||||||
Outstanding at end of year | 1,740,580 | $ | 16.47 | 1,732,694 | $ | 17.62 | 2,043,933 | $ | 18.21 | ||||||||||||||||
Options exercisable | 1,062,786 | 1,113,185 | 1,407,271 | ||||||||||||||||||||||
Summary of Stock Options Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Exercise Prices | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
of | Average | Average | Of | Average | Average | ||||||||||||||||||||
Options | Remaining | Exercise | Options | Remaining | Exercise | ||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
$10.00 to 13.13 | 316,526 | 5.9 years | $ | 10.63 | 204,932 | 5.8 years | $ | 10.76 | |||||||||||||||||
13.13 to 16.26 | 683,425 | 8.2 | 14.13 | 127,225 | 7.5 | 13.86 | |||||||||||||||||||
16.26 to 19.40 | 182,205 | 4.4 | 16.8 | 172,205 | 4.1 | 16.81 | |||||||||||||||||||
19.40 to 22.53 | 377,370 | 1.5 | 22.1 | 377,370 | 1.5 | 22.1 | |||||||||||||||||||
22.53 to 25.66 | 181,054 | 2.1 | 23.43 | 181,054 | 2.1 | 23.43 | |||||||||||||||||||
1,740,580 | 5.3 years | $ | 16.47 | 1,062,786 | 3.6 years | $ | 18.29 | ||||||||||||||||||
Summary of Granted but Unvested Stock Award Activity | ' | ||||||||||||||||||||||||
A summary of the granted but unvested stock award activity for the years ended December 31, 2013, 2012 and 2011 follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||||
of | Average | Of | Average | of | Average | ||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Outstanding at beginning of year: | 48,733 | $ | 13.1 | 49,148 | $ | 13.25 | 81,592 | $ | 12.44 | ||||||||||||||||
Granted | 28,228 | 14.78 | 19,513 | 13.83 | 26,202 | 13.81 | |||||||||||||||||||
Vested | (14,296 | ) | 13.21 | (14,393 | ) | 14.52 | (58,646 | ) | 12.38 | ||||||||||||||||
Forfeited | (2,703 | ) | 13.85 | (5,535 | ) | 13.2 | — | — | |||||||||||||||||
Outstanding at end of year | 59,962 | $ | 13.84 | 48,733 | $ | 13.1 | 49,148 | $ | 13.25 | ||||||||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Concentrations of Credit Risk (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Summary of Commitments and Contingent Liabilities | ' | ||||
At December 31, 2013, the following commitments and contingent liabilities existed which are not reflected in the accompanying consolidated financial statements (in thousands): | |||||
December 31, 2013 | |||||
Unused consumer and construction loan lines of credit (primarily floating-rate) | $ | 115,421 | |||
Unused commercial loan lines of credit (primarily floating-rate) | 190,511 | ||||
Other commitments to extend credit: | |||||
Fixed-Rate | 53,032 | ||||
Adjustable-Rate | 9,118 | ||||
Floating-Rate | 18,201 | ||||
Summary of Projected Minimum Rental Commitments | ' | ||||
The projected minimum rental commitments as of December 31, 2013 are as follows (in thousands): | |||||
Year Ended December 31, | |||||
2014 | $ | 1,754 | |||
2015 | 1,640 | ||||
2016 | 1,517 | ||||
2017 | 1,532 | ||||
2018 | 1,461 | ||||
Thereafter | 12,240 | ||||
$ | 20,144 | ||||
Reserve_for_Repurchased_Loans_1
Reserve for Repurchased Loans and Loss Sharing Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Reserve for Repurchased Loans and Loss Sharing Obligations | ' | ||||||||||||
An analysis of the reserve for repurchased loans and loss sharing obligations for the years ended December 31, 2013, 2012 and 2011 follows (in thousands). | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 1,203 | $ | 705 | $ | 809 | |||||||
Provision charged to operations | 975 | 750 | — | ||||||||||
Loss on loans repurchased, settlements or payments under loss sharing arrangements | (915 | ) | (252 | ) | (104 | ) | |||||||
Recoveries | 205 | — | — | ||||||||||
Balance at end of year | $ | 1,468 | $ | 1,203 | $ | 705 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average shares outstanding | 17,614 | 18,303 | 18,828 | ||||||||||
Less: Unallocated ESOP shares | (446 | ) | (480 | ) | (514 | ) | |||||||
Unallocated Incentive award shares and shares held by deferred compensation plan | (97 | ) | (93 | ) | (123 | ) | |||||||
Average basic shares outstanding | 17,071 | 17,730 | 18,191 | ||||||||||
Add: Effect of dilutive securities: | |||||||||||||
Incentive awards and shares held by deferred compensation plan | 86 | 99 | 49 | ||||||||||
Average diluted shares outstanding | 17,157 | 17,829 | 18,240 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
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, 2013 and 2012, 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 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 35,289 | $ | — | $ | 35,289 | $ | — | |||||||||
Equity investments | 8,547 | 8,547 | — | — | |||||||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 4,345 | — | — | 4,345 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 15,446 | — | — | 15,446 | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
December 31, 2012 | |||||||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 139,050 | $ | — | $ | 139,050 | $ | — | |||||||||
State and municipal obligations | 25,780 | — | 25,780 | — | |||||||||||||
Corporate debt securities | 43,470 | — | 43,470 | — | |||||||||||||
Equity investments | 5,293 | 5,293 | — | — | |||||||||||||
Mortgage-backed securities available-for-sale | 333,857 | — | 333,857 | — | |||||||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 3,210 | — | — | 3,210 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 12,033 | — | — | 12,033 | |||||||||||||
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 Bank’s significant financial instruments not recorded at fair value as of December 31, 2013 and December 31, 2012 are presented in the following tables (in thousands): | |||||||||||||||||
Book | Fair Value Measurements at Reporting | ||||||||||||||||
Value | Date Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Inputs | Inputs | Inputs | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 33,958 | $ | 33,958 | $ | — | $ | — | |||||||||
Securities held-to-maturity | 495,599 | — | 493,432 | 1,650 | |||||||||||||
Federal Home Loan Bank of New York stock | 14,518 | — | — | 14,518 | |||||||||||||
Loans receivable and mortgage loans held-for-sale | 1,542,245 | — | — | 1,561,208 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,528,820 | — | 1,528,820 | — | |||||||||||||
Time deposits | 217,943 | — | 220,409 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 68,304 | 68,304 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 202,500 | — | 201,393 | — | |||||||||||||
Book | Fair Value Measurements at Reporting | ||||||||||||||||
Value | Date Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Inputs | Inputs | Inputs | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 62,544 | $ | 62,544 | $ | — | $ | — | |||||||||
Federal Home Loan Bank of New York stock | 17,061 | — | — | 17,061 | |||||||||||||
Loans receivable and mortgage loans held-for-sale | 1,529,946 | — | — | 1,572,291 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,493,453 | — | 1,493,453 | — | |||||||||||||
Time deposits | 226,218 | — | 231,445 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 60,791 | 60,791 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 252,500 | — | 258,577 | — |
ParentOnly_Financial_Informati1
Parent-Only Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Statements of Financial Condition | ' | ||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
(in thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 7 | $ | 7 | |||||||||
Advances to subsidiary Bank | 16,753 | 20,017 | |||||||||||
Investment securities | 8,547 | 5,293 | |||||||||||
ESOP loan receivable | 3,897 | 4,076 | |||||||||||
Investment in subsidiary Bank | 212,957 | 218,148 | |||||||||||
Other assets | 568 | — | |||||||||||
Total assets | $ | 242,729 | $ | 247,541 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Borrowings | $ | 27,500 | $ | 27,500 | |||||||||
Other liabilities | 879 | 249 | |||||||||||
Stockholders’ equity | 214,350 | 219,792 | |||||||||||
Total liabilities and stockholders’ equity | $ | 242,729 | $ | 247,541 | |||||||||
Condensed Statements of Operations | ' | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend income – subsidiary Bank | $ | 16,000 | $ | 20,500 | $ | 13,800 | |||||||
Dividend income – investment securities | 287 | 227 | 23 | ||||||||||
Net gain on sales of and other-than-temporary impairment loss on investment securities available-for-sale. | 46 | 226 | (148 | ) | |||||||||
Interest income – advances to subsidiary Bank | 40 | 39 | 50 | ||||||||||
Interest income – ESOP loan receivable | 336 | 349 | 364 | ||||||||||
Total dividend and interest income | 16,709 | 21,341 | 14,089 | ||||||||||
Interest expense – borrowings | 766 | 818 | 750 | ||||||||||
Operating expenses | 1,358 | 1,323 | 1,353 | ||||||||||
Income before income taxes and undistributed earnings of subsidiary Bank | 14,585 | 19,200 | 11,986 | ||||||||||
Benefit for income taxes | 567 | 511 | 635 | ||||||||||
Income before undistributed earnings of subsidiary Bank | 15,152 | 19,711 | 12,621 | ||||||||||
Undistributed earnings of subsidiary Bank | 1,178 | 309 | 8,120 | ||||||||||
Net Income | $ | 16,330 | $ | 20,020 | $ | 20,741 | |||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 16,330 | $ | 20,020 | $ | 20,741 | |||||||
Decrease (increase) in advances to subsidiary Bank | 3,264 | (1,921 | ) | 2,783 | |||||||||
Undistributed earnings of subsidiary Bank | (1,178 | ) | (309 | ) | (8,120 | ) | |||||||
Net (gain) on sales of and other than temporary impairment loss on investment securities available for sale | (46 | ) | (226 | ) | 148 | ||||||||
Change in other assets and other liabilities | (547 | ) | 2,799 | (745 | ) | ||||||||
Net cash provided by operating activities | 17,823 | 20,363 | 14,807 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Proceeds from sale of investment securities available-for-sale | 1,244 | 1,221 | — | ||||||||||
Purchase of investment securities | (2,964 | ) | (1,694 | ) | (4,072 | ) | |||||||
Repayments on ESOP loan receivable | 179 | 167 | 157 | ||||||||||
Net cash used in investing activities | (1,541 | ) | (306 | ) | (3,915 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Dividends paid – common stock | (8,239 | ) | (8,579 | ) | (8,789 | ) | |||||||
Purchase of treasury stock | (8,108 | ) | (11,897 | ) | (2,147 | ) | |||||||
Exercise of stock options | 65 | 419 | 44 | ||||||||||
Net cash used in financing activities | (16,282 | ) | (20,057 | ) | (10,892 | ) | |||||||
Net increase in cash and due from banks | — | — | — | ||||||||||
Cash and due from banks at beginning of year | 7 | 7 | 7 | ||||||||||
Cash and due from banks at end of year | $ | 7 | $ | 7 | $ | 7 | |||||||
SELECTED_CONSOLIDATED_QUARTERL1
SELECTED CONSOLIDATED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Consolidated Quarterly Financial Data | ' | ||||||||||||||||
Quarter ended | |||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | March 31 | ||||||||||||||
2013 | |||||||||||||||||
Interest income | $ | 19,960 | $ | 19,984 | $ | 20,161 | $ | 20,052 | |||||||||
Interest expense | 1,709 | 2,440 | 2,617 | 2,862 | |||||||||||||
Net interest income | 18,251 | 17,544 | 17,544 | 17,190 | |||||||||||||
Provision for loan losses | 200 | 700 | 800 | 1,100 | |||||||||||||
Net interest income after provision for loan losses | 18,051 | 16,844 | 16,744 | 16,090 | |||||||||||||
Other income | 4,283 | 4,566 | 4,741 | 3,409 | |||||||||||||
Operating expenses | 19,611 | 13,784 | 13,724 | 12,666 | |||||||||||||
Income before provision for income taxes | 2,723 | 7,626 | 7,761 | 6,833 | |||||||||||||
Provision for income taxes | 784 | 2,658 | 2,774 | 2,397 | |||||||||||||
Net income | $ | 1,939 | $ | 4,968 | $ | 4,987 | $ | 4,436 | |||||||||
Basic earnings per share | $ | 0.12 | $ | 0.29 | $ | 0.29 | $ | 0.26 | |||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.29 | $ | 0.29 | $ | 0.26 | |||||||||
2012 | |||||||||||||||||
Interest income | $ | 21,189 | $ | 21,514 | $ | 22,049 | $ | 22,863 | |||||||||
Interest expense | 3,172 | 3,514 | 3,659 | 3,758 | |||||||||||||
Net interest income | 18,017 | 18,000 | 18,390 | 19,105 | |||||||||||||
Provision for loan losses | 3,100 | 1,400 | 1,700 | 1,700 | |||||||||||||
Net interest income after provision for loan losses | 14,917 | 16,600 | 16,690 | 17,405 | |||||||||||||
Other income | 4,492 | 4,878 | 4,545 | 4,311 | |||||||||||||
Operating expenses | 13,244 | 13,839 | 12,867 | 12,941 | |||||||||||||
Income before provision for income taxes | 6,165 | 7,639 | 8,368 | 8,775 | |||||||||||||
Provision for income taxes | 2,124 | 2,680 | 2,995 | 3,128 | |||||||||||||
Net income | $ | 4,041 | $ | 4,959 | $ | 5,373 | $ | 5,647 | |||||||||
Basic earnings per share | $ | 0.23 | $ | 0.28 | $ | 0.3 | $ | 0.32 | |||||||||
Diluted earnings per share | $ | 0.23 | $ | 0.28 | $ | 0.3 | $ | 0.31 | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Maturity period of highly liquid debt instruments | ' | 'Three months or less | ' |
Available-for-sale securities transferred to held-to-maturity securities | ' | $536,010,000 | ' |
Unrealized net loss on securities reclassified from available-for-sale to held-to-maturity, Gross | ' | 13,300,000 | ' |
Loans past due, minimum period | ' | '90 days | ' |
Non-accrual business and commercial real estate loans | ' | 250,000 | ' |
Delinquency period of losses on mortgage loan to be deemed uncollectible | '120 days | ' | ' |
Additional charge offs resulting from change in policy | 5,700,000 | ' | ' |
Mortgage loans sold on real estate, final maturity period | ' | '15 years | ' |
Delinquency period of mortgage loans | ' | '90 days | ' |
Percentage of bank's loan portfolio secured by real estate | ' | 96.10% | ' |
Occupancy expense (benefit) from lease termination related to exit activities | ' | ' | ($184,000) |
Computer Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated depreciable life of assets | ' | '3 years | ' |
Furniture, Fixtures and Other Electronic Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated depreciable life of assets | ' | '5 years | ' |
Building Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated depreciable life of assets | ' | '10 years | ' |
Buildings [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated depreciable life of assets | ' | '30 years | ' |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
Minimum ratio of tangible capital to total adjusted assets | 1.50% | 1.50% |
Minimum ratio of tier 1 leverage ratio, For capital adequacy purposes | 4.00% | 4.00% |
Minimum ratio of total capital to risk-weighted assets | 8.00% | 8.00% |
Total risk-based capital, To be well capitalized under prompt corrective action Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital, To be well capitalized under prompt corrective action Ratio | 6.00% | 6.00% |
Regulatory_Matters_Summary_of_
Regulatory Matters - Summary of Bank's Actual Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Tangible capital, Actual Amount | $217,776 | $215,410 |
Tier 1 leverage, Actual Amount | 217,776 | 215,410 |
Tier 1 risk-based capital, Actual Amount | 217,776 | 215,410 |
Total risk-based capital, Actual Amount | 236,304 | 233,563 |
Tangible capital, Actual Ratio | 9.66% | 9.49% |
Tier 1 leverage, Actual Ratio | 9.66% | 9.49% |
Tier 1 risk-based capital, Actual Ratio | 14.72% | 14.86% |
Total risk-based capital, Actual Ratio | 15.97% | 16.11% |
Tangible capital, For capital adequacy purposes Amount | 33,830 | 34,034 |
Tier 1 leverage, For capital adequacy purposes Amount | 90,215 | 90,757 |
Tier 1 risk-based capital, For capital adequacy purposes Amount | 59,190 | 57,996 |
Total risk-based capital, For capital adequacy purposes Amount | 118,380 | 115,992 |
Tangible capital, For capital adequacy purposes Ratio | 1.50% | 1.50% |
Tier 1 leverage, For capital adequacy purposes Ratio | 4.00% | 4.00% |
Tier 1 risk-based capital, For capital adequacy purposes Ratio | 4.00% | 4.00% |
Total risk-based capital, For capital adequacy purposes Ratio | 8.00% | 8.00% |
Tangible capital, To be well capitalized under prompt corrective action Amount | ' | ' |
Tier 1 leverage, To be well capitalized under prompt corrective action Amount | 112,768 | 113,446 |
Tier 1 risk-based capital, To be well capitalized under prompt corrective action Amount | 88,785 | 86,994 |
Total risk-based capital, To be well capitalized under prompt corrective action Amount | $147,975 | $144,991 |
Tangible capital, To be well capitalized under prompt corrective action Ratio | ' | ' |
Tier 1 leverage, To be well capitalized under prompt corrective action Ratio | 5.00% | 5.00% |
Tier 1 risk-based capital, To be well capitalized under prompt corrective action Ratio | 6.00% | 6.00% |
Total risk-based capital, To be well capitalized under prompt corrective action Ratio | 10.00% | 10.00% |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | ' | $547,367 |
Available-for-sale, Gross Unrealized Gains | ' | 11,881 |
Available-for-sale, Gross Unrealized Losses | ' | -11,798 |
Available-for-sale, Estimated Fair Value | 43,836 | 547,450 |
Held-to-maturity, Amortized Cost | 508,740 | ' |
Held-to-maturity, Estimated Fair Value | 495,082 | ' |
Total, Amortized Cost | 550,625 | ' |
Total, Gross Unrealized Gains | 7,381 | ' |
Total, Gross Unrealized Losses | -19,088 | ' |
Total, Estimated Fair Value | 538,918 | ' |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 55,000 | ' |
Available-for-sale, Estimated Fair Value | 44,250 | ' |
Investment Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 41,885 | 223,953 |
Available-for-sale, Gross Unrealized Gains | 1,951 | 1,374 |
Available-for-sale, Gross Unrealized Losses | ' | -11,734 |
Available-for-sale, Estimated Fair Value | 43,836 | 213,593 |
Investment Securities [Member] | U.S. Agency Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 35,128 | 138,105 |
Available-for-sale, Gross Unrealized Gains | 161 | 945 |
Available-for-sale, Gross Unrealized Losses | ' | ' |
Available-for-sale, Estimated Fair Value | 35,289 | 139,050 |
Investment Securities [Member] | State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | ' | 25,856 |
Available-for-sale, Gross Unrealized Gains | ' | 5 |
Available-for-sale, Gross Unrealized Losses | ' | -81 |
Available-for-sale, Estimated Fair Value | ' | 25,780 |
Investment Securities [Member] | Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | ' | 55,000 |
Available-for-sale, Gross Unrealized Losses | ' | -11,530 |
Available-for-sale, Estimated Fair Value | ' | 43,470 |
Investment Securities [Member] | Equity Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | 6,757 | 4,992 |
Available-for-sale, Gross Unrealized Gains | 1,790 | 424 |
Available-for-sale, Gross Unrealized Losses | ' | -123 |
Available-for-sale, Estimated Fair Value | 8,547 | 5,293 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | ' | 323,414 |
Available-for-sale, Gross Unrealized Gains | ' | 10,507 |
Available-for-sale, Gross Unrealized Losses | ' | -64 |
Available-for-sale, Estimated Fair Value | ' | 333,857 |
Mortgage-Backed Securities [Member] | FHLMC [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | ' | 118,294 |
Available-for-sale, Gross Unrealized Gains | ' | 1,284 |
Available-for-sale, Gross Unrealized Losses | ' | -53 |
Available-for-sale, Estimated Fair Value | ' | 119,525 |
Mortgage-Backed Securities [Member] | FNMA [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | ' | 204,296 |
Available-for-sale, Gross Unrealized Gains | ' | 9,017 |
Available-for-sale, Gross Unrealized Losses | ' | -11 |
Available-for-sale, Estimated Fair Value | ' | 213,302 |
Mortgage-Backed Securities [Member] | GNMA [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale, Amortized Cost | ' | 824 |
Available-for-sale, Gross Unrealized Gains | ' | 206 |
Available-for-sale, Gross Unrealized Losses | ' | ' |
Available-for-sale, Estimated Fair Value | ' | 1,030 |
Held-to-Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 508,740 | ' |
Held-to-maturity, Gross Unrealized Gains | 5,430 | ' |
Held-to-maturity, Gross Unrealized Losses | -19,088 | ' |
Held-to-maturity, Estimated Fair Value | 495,082 | ' |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 159,190 | ' |
Held-to-maturity, Gross Unrealized Gains | 189 | ' |
Held-to-maturity, Gross Unrealized Losses | -10,929 | ' |
Held-to-maturity, Estimated Fair Value | 148,450 | ' |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | U.S. Agency Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 82,406 | ' |
Held-to-maturity, Gross Unrealized Gains | 153 | ' |
Held-to-maturity, Gross Unrealized Losses | -144 | ' |
Held-to-maturity, Estimated Fair Value | 82,415 | ' |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 21,784 | ' |
Held-to-maturity, Gross Unrealized Gains | 36 | ' |
Held-to-maturity, Gross Unrealized Losses | -35 | ' |
Held-to-maturity, Estimated Fair Value | 21,785 | ' |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 55,000 | ' |
Held-to-maturity, Gross Unrealized Losses | -10,750 | ' |
Held-to-maturity, Estimated Fair Value | 44,250 | ' |
Held-to-Maturity Securities [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 349,550 | ' |
Held-to-maturity, Gross Unrealized Gains | 5,241 | ' |
Held-to-maturity, Gross Unrealized Losses | -8,159 | ' |
Held-to-maturity, Estimated Fair Value | 346,632 | ' |
Held-to-Maturity Securities [Member] | Mortgage-Backed Securities [Member] | FHLMC [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 148,759 | ' |
Held-to-maturity, Gross Unrealized Gains | 447 | ' |
Held-to-maturity, Gross Unrealized Losses | -4,552 | ' |
Held-to-maturity, Estimated Fair Value | 144,654 | ' |
Held-to-Maturity Securities [Member] | Mortgage-Backed Securities [Member] | FNMA [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 200,070 | ' |
Held-to-maturity, Gross Unrealized Gains | 4,659 | ' |
Held-to-maturity, Gross Unrealized Losses | -3,607 | ' |
Held-to-maturity, Estimated Fair Value | 201,122 | ' |
Held-to-Maturity Securities [Member] | Mortgage-Backed Securities [Member] | GNMA [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity, Amortized Cost | 721 | ' |
Held-to-maturity, Gross Unrealized Gains | 135 | ' |
Held-to-maturity, Estimated Fair Value | $856 | ' |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment [Line Items] | ' | ' | ' |
Available-for-sale securities transferred to held-to-maturity securities | $536,010,000 | ' | ' |
Unrealized net loss on securities reclassified from available-for-sale to held-to-maturity, Gross | 13,300,000 | ' | ' |
Realized gains on the sale of securities | 46,000 | 226,000 | 0 |
Realized losses on sale of investment securities available for sale | 0 | 0 | 0 |
Other-than-temporary impairment loss on equity securities | 0 | 0 | 148,000 |
Corporate debt securities, callable, amortized cost | 55,000,000 | ' | ' |
Corporate debt securities, callable, estimated fair value | 44,300,000 | ' | ' |
Estimated fair value of securities | 347,238,000 | 377,206,000 | ' |
Floating-rate securities, purchased period | '1998 | ' | ' |
Floating-rate debt securities, fixed interest rate period | 'Over 90-day LIBOR | ' | ' |
Principal maturity year | '2028 or prior if called by the issuer | ' | ' |
Reverse Repurchase Agreements [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Estimated fair value of securities | $78,512,000 | $79,825,000 | ' |
Securities_Carrying_Value_of_H
Securities - Carrying Value of Held-to-Maturity Investment Securities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Investments Debt And Equity Securities [Abstract] | ' |
Amortized cost | $508,740 |
Net loss on date of transfer from available-for-sale | -13,356 |
Accretion of loss on securities reclassified to held-to-maturity | 215 |
Carrying value | $495,599 |
Securities_Contractual_Maturit
Securities - Contractual Maturity of Investment Securities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments Debt And Equity Securities [Abstract] | ' |
Less than one year, Amortized Cost | $42,898 |
Due after one year through five years, Amortized Cost | 95,189 |
Due after five years through ten years, Amortized Cost | 1,231 |
Due after ten years, Amortized Cost | 55,000 |
Total Amortized Cost | 194,318 |
Less than one year, Estimated Fair Value | 43,064 |
Due after one year through five years, Estimated Fair Value | 95,223 |
Due after five years through ten years, Estimated Fair Value | 1,202 |
Due after ten years, Estimated Fair Value | 44,250 |
Total Estimated Fair Value | $183,739 |
Securities_Estimated_Fair_Valu
Securities - Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Held-to-Maturity Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Mortgage-Backed Securities [Member] | Mortgage-Backed Securities [Member] | Mortgage-Backed Securities [Member] | Mortgage-Backed Securities [Member] | Mortgage-Backed Securities [Member] | Mortgage-Backed Securities [Member] | |
State and Municipal Obligations [Member] | Corporate Debt Securities [Member] | Equity Investments [Member] | Held-to-Maturity Securities [Member] | Held-to-Maturity Securities [Member] | Held-to-Maturity Securities [Member] | Held-to-Maturity Securities [Member] | FHLMC [Member] | FNMA [Member] | Held-to-Maturity Securities [Member] | Held-to-Maturity Securities [Member] | Held-to-Maturity Securities [Member] | |||||
State and Municipal Obligations [Member] | Corporate Debt Securities [Member] | U.S. Agency Obligations [Member] | FHLMC [Member] | FNMA [Member] | ||||||||||||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Held-to-maturity, Less than 12 months, Estimated Market Value | ' | $246,105 | ' | ' | ' | ' | $39,273 | $3,526 | ' | $35,747 | ' | ' | ' | $206,832 | $122,365 | $84,467 |
Held-to-maturity, Less than 12 months, Unrealized Losses | ' | -8,334 | ' | ' | ' | ' | -175 | -31 | ' | -144 | ' | ' | ' | -8,159 | -4,552 | -3,607 |
Held-to-maturity, 12 months or longer, Estimated Market Value | ' | 45,403 | ' | ' | ' | ' | 45,403 | 1,153 | 44,250 | ' | ' | ' | ' | ' | ' | ' |
Held-to-maturity, 12 months or longer, Unrealized Losses | ' | -10,754 | ' | ' | ' | ' | -10,754 | -4 | -10,750 | ' | ' | ' | ' | ' | ' | ' |
Held-to-maturity, Total, Estimated Market Value | ' | 291,508 | ' | ' | ' | ' | 84,676 | 4,679 | 44,250 | 35,747 | ' | ' | ' | 206,832 | 122,365 | 84,467 |
Held-to-maturity, Total, Unrealized Losses | ' | -19,088 | ' | ' | ' | ' | -10,929 | -35 | -10,750 | -144 | ' | ' | ' | -8,159 | -4,552 | -3,607 |
Available-for-sale, Less than 12 months, Estimated Market Value | 38,239 | ' | 17,182 | 15,918 | ' | 1,264 | ' | ' | ' | ' | 21,057 | 16,186 | 4,871 | ' | ' | ' |
Available-for-sale, Less than 12 months, Unrealized Losses | -268 | ' | -204 | -81 | ' | -123 | ' | ' | ' | ' | -64 | -53 | -11 | ' | ' | ' |
Available-for-sale, 12 months or longer, Estimated Market Value | 43,470 | ' | 43,470 | ' | 43,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale, 12 months or longer, Unrealized Losses | -11,530 | ' | -11,530 | ' | -11,530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale, Total, Estimated Market Value | 81,709 | ' | 60,652 | 15,918 | 43,470 | 1,264 | ' | ' | ' | ' | 21,057 | 16,186 | 4,871 | ' | ' | ' |
Available-for-sale, Total, Unrealized Losses | ($11,798) | ' | ($11,734) | ($81) | ($11,530) | ($123) | ' | ' | ' | ' | ($64) | ($53) | ($11) | ' | ' | ' |
Securities_Amortized_Cost_Esti
Securities - Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | BankAmerica Capital [Member] | Chase Capital [Member] | Wells Fargo Capital [Member] | Huntington Capital [Member] | Keycorp Capital [Member] | PNC Capital [Member] | State Street Capital [Member] | SunTrust Capital [Member] | Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost | ' | $547,367 | $15,000 | $10,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $55,000 |
Estimated Fair Value | $43,836 | $547,450 | $11,850 | $8,150 | $4,050 | $4,050 | $4,000 | $4,150 | $4,000 | $4,000 | $44,250 |
Credit Rating Moody's/S&P | ' | ' | 'Ba1/BB+ | 'Baa2/BBB | 'A3/A- | 'Baa3/BB+ | 'Baa3/BBB- | 'Baa2/BBB | 'A3/BBB+ | 'Baa3/BB+ | ' |
Loans_Receivable_Net_Summary_o
Loans Receivable, Net - Summary of Loans Receivable (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Real estate mortgage: | ' | ' | ' | ' |
Total real estate mortgage loans | $1,310,351 | $1,287,127 | ' | ' |
Consumer | 200,683 | 198,143 | ' | ' |
Commercial and industrial | 60,545 | 57,967 | ' | ' |
Total loans | 1,571,579 | 1,543,237 | ' | ' |
Loans in process | -12,715 | -3,639 | ' | ' |
Deferred origination costs, net | 3,526 | 4,112 | ' | ' |
Allowance for loan losses | -20,930 | -20,510 | -18,230 | -19,700 |
Loan adjustments | -30,119 | -20,037 | ' | ' |
Loans receivable, net | 1,541,460 | 1,523,200 | ' | ' |
One-to-Four Family Mortgage [Member] | ' | ' | ' | ' |
Real estate mortgage: | ' | ' | ' | ' |
One-to-four family | 750,585 | 802,959 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Real estate mortgage: | ' | ' | ' | ' |
Commercial real estate, multi-family and land | 528,945 | 475,155 | ' | ' |
Residential Construction [Member] | ' | ' | ' | ' |
Real estate mortgage: | ' | ' | ' | ' |
Residential construction | $30,821 | $9,013 | ' | ' |
Loans_Receivable_Net_Additiona
Loans Receivable, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Receivables [Abstract] | ' | ' | ' |
Loans in the amount | $45,360,000 | $43,374,000 | $44,008,000 |
Impaired loans on non-accrual commercial real estate, multi-family land, construction and commercial loans | 250,000 | ' | ' |
Impaired loan portfolio total | 39,903,000 | 37,546,000 | ' |
Allocation allowance for loan losses | 3,647,000 | 2,554,000 | ' |
Average balance of impaired loans | 38,587,000 | 36,574,000 | 25,472,000 |
Interest income on non-accrual loans | 2,040,000 | 2,432,000 | 2,125,000 |
Troubled debt restructuring loans | 31,119,000 | 35,893,000 | ' |
Troubled debt restructuring loans with accrual interest | 21,456,000 | 17,733,000 | ' |
Non-accrual loan total troubled debt restructurings | 9,663,000 | 18,160,000 | 14,491,000 |
Specific reserves to loans accruing troubled debt restructurings | 1,816,000 | 2,418,000 | 1,985,000 |
Accruing loan total, additional troubled debt restructurings | $21,456,000 | $17,733,000 | $13,118,000 |
Loans_Receivable_Net_Analysis_
Loans Receivable, Net - Analysis of Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Balance at beginning of year | $20,510 | $18,230 | $19,700 |
Provision charged to operations | 2,800 | 7,900 | 7,750 |
Charge-offs | -3,521 | -7,084 | -9,249 |
Recoveries | 1,141 | 1,464 | 29 |
Balance at end of year | $20,930 | $20,510 | $18,230 |
Loans_Receivable_Net_Allowance
Loans Receivable, Net - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for loan losses: | ' | ' | ' |
Balance at beginning of year | $20,510 | $18,230 | $19,700 |
Provision (benefit) charged to operations | 2,800 | 7,900 | 7,750 |
Charge-offs | -3,521 | -7,084 | -9,249 |
Recoveries | 1,141 | 1,464 | 29 |
Balance at end of year | 20,930 | 20,510 | 18,230 |
Ending allowance balance attributed to loans: | ' | ' | ' |
Individually evaluated for impairment | 3,647 | 2,554 | ' |
Collectively evaluated for impairment | 17,283 | 17,956 | ' |
Total ending allowance balance | 20,930 | 20,510 | ' |
Loans: | ' | ' | ' |
Loans individually evaluated for impairment | 39,903 | 37,546 | ' |
Loans collectively evaluated for impairment | 1,531,676 | 1,505,691 | ' |
Total loans | 1,571,579 | 1,543,237 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance at beginning of year | 5,241 | 5,370 | ' |
Provision (benefit) charged to operations | 1,236 | 4,038 | ' |
Charge-offs | -2,444 | -4,679 | ' |
Recoveries | 826 | 512 | ' |
Balance at end of year | 4,859 | 5,241 | ' |
Ending allowance balance attributed to loans: | ' | ' | ' |
Individually evaluated for impairment | 2 | 179 | ' |
Collectively evaluated for impairment | 4,857 | 5,062 | ' |
Total ending allowance balance | 4,859 | 5,241 | ' |
Loans: | ' | ' | ' |
Loans individually evaluated for impairment | 18,192 | 22,427 | ' |
Loans collectively evaluated for impairment | 763,214 | 789,545 | ' |
Total loans | 781,406 | 811,972 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance at beginning of year | 8,937 | 8,474 | ' |
Provision (benefit) charged to operations | 1,383 | 293 | ' |
Charge-offs | ' | -47 | ' |
Recoveries | 51 | 217 | ' |
Balance at end of year | 10,371 | 8,937 | ' |
Ending allowance balance attributed to loans: | ' | ' | ' |
Individually evaluated for impairment | 3,612 | 1,834 | ' |
Collectively evaluated for impairment | 6,759 | 7,103 | ' |
Total ending allowance balance | 10,371 | 8,937 | ' |
Loans: | ' | ' | ' |
Loans individually evaluated for impairment | 17,643 | 12,116 | ' |
Loans collectively evaluated for impairment | 511,302 | 463,039 | ' |
Total loans | 528,945 | 475,155 | ' |
Consumer [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance at beginning of year | 2,264 | 1,461 | ' |
Provision (benefit) charged to operations | -297 | 2,972 | ' |
Charge-offs | -842 | -2,282 | ' |
Recoveries | 235 | 113 | ' |
Balance at end of year | 1,360 | 2,264 | ' |
Ending allowance balance attributed to loans: | ' | ' | ' |
Individually evaluated for impairment | 33 | 541 | ' |
Collectively evaluated for impairment | 1,327 | 1,723 | ' |
Total ending allowance balance | 1,360 | 2,264 | ' |
Loans: | ' | ' | ' |
Loans individually evaluated for impairment | 2,961 | 2,712 | ' |
Loans collectively evaluated for impairment | 197,722 | 195,431 | ' |
Total loans | 200,683 | 198,143 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance at beginning of year | 1,348 | 900 | ' |
Provision (benefit) charged to operations | 241 | -98 | ' |
Charge-offs | -235 | -76 | ' |
Recoveries | 29 | 622 | ' |
Balance at end of year | 1,383 | 1,348 | ' |
Ending allowance balance attributed to loans: | ' | ' | ' |
Collectively evaluated for impairment | 1,383 | 1,348 | ' |
Total ending allowance balance | 1,383 | 1,348 | ' |
Loans: | ' | ' | ' |
Loans individually evaluated for impairment | 1,107 | 291 | ' |
Loans collectively evaluated for impairment | 59,438 | 57,676 | ' |
Total loans | 60,545 | 57,967 | ' |
Unallocated [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Balance at beginning of year | 2,720 | 2,025 | ' |
Provision (benefit) charged to operations | 237 | 695 | ' |
Balance at end of year | 2,957 | 2,720 | ' |
Ending allowance balance attributed to loans: | ' | ' | ' |
Collectively evaluated for impairment | 2,957 | 2,720 | ' |
Total ending allowance balance | $2,957 | $2,720 | ' |
Loans_Receivable_Net_Summary_o1
Loans Receivable, Net - Summary of Impaired Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Year-end impaired loans with no allocated allowance for loan losses | $24,457 | $25,513 |
Year-end impaired loans with allocated allowance for loan losses | 15,446 | 12,033 |
Total | 39,903 | 37,546 |
Amount of the allowance for loan losses allocated | $3,647 | $2,554 |
Loans_Receivable_Net_Summary_o2
Loans Receivable, Net - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | $39,903 | $37,546 |
Allowance for Loan Losses Allocated | 3,647 | 2,554 |
With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 26,404 | 26,196 |
Recorded Investment | 24,457 | 25,513 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | 27,432 | 25,036 |
Interest Income Recognized | 1,055 | 949 |
With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 15,532 | 12,121 |
Recorded Investment | 15,446 | 12,033 |
Allowance for Loan Losses Allocated | 3,647 | 2,554 |
Average Recorded Investment | 11,155 | 11,538 |
Interest Income Recognized | 220 | 491 |
Originated by Bank [Member] | Residential Real Estate [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 10,537 | 11,200 |
Recorded Investment | 9,885 | 10,956 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | 11,188 | 10,962 |
Interest Income Recognized | 383 | 468 |
Originated by Bank [Member] | Residential Real Estate [Member] | With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 62 | 1,761 |
Recorded Investment | 62 | 1,755 |
Allowance for Loan Losses Allocated | 2 | 142 |
Average Recorded Investment | 36 | 1,759 |
Interest Income Recognized | 1 | 111 |
Originated by Mortgage Company [Member] | Residential Real Estate [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 7,762 | 7,210 |
Recorded Investment | 7,387 | 7,061 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | 7,508 | 6,936 |
Interest Income Recognized | 292 | 261 |
Originated by Mortgage Company [Member] | Residential Real Estate [Member] | With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | ' | 404 |
Recorded Investment | ' | 404 |
Allowance for Loan Losses Allocated | ' | 37 |
Average Recorded Investment | ' | 404 |
Interest Income Recognized | ' | 14 |
Originated by Mortgage Company - Non-Prime [Member] | Residential Real Estate [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 1,260 | 2,335 |
Recorded Investment | 858 | 2,251 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | 2,001 | 2,415 |
Interest Income Recognized | 138 | 7 |
Originated by Mortgage Company - Non-Prime [Member] | Residential Real Estate [Member] | With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | ' | ' |
Recorded Investment | ' | ' |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Commercial [Member] | Commercial Real Estate [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 2,303 | 2,722 |
Recorded Investment | 2,292 | 2,691 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | 2,704 | 2,555 |
Interest Income Recognized | 110 | 142 |
Commercial [Member] | Commercial Real Estate [Member] | With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 15,128 | 9,022 |
Recorded Investment | 15,042 | 8,943 |
Allowance for Loan Losses Allocated | 3,389 | 1,834 |
Average Recorded Investment | 10,683 | 8,551 |
Interest Income Recognized | 217 | 314 |
Construction and Land [Member] | Commercial Real Estate [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | ' | 482 |
Recorded Investment | ' | 482 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | ' | 121 |
Interest Income Recognized | ' | ' |
Construction and Land [Member] | Commercial Real Estate [Member] | With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 309 | ' |
Recorded Investment | 309 | ' |
Allowance for Loan Losses Allocated | 223 | ' |
Average Recorded Investment | 391 | ' |
Interest Income Recognized | ' | ' |
Consumer [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 3,435 | 1,956 |
Recorded Investment | 2,928 | 1,781 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | 3,425 | 1,753 |
Interest Income Recognized | 124 | 60 |
Consumer [Member] | With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 33 | 934 |
Recorded Investment | 33 | 931 |
Allowance for Loan Losses Allocated | 33 | 541 |
Average Recorded Investment | 45 | 824 |
Interest Income Recognized | 2 | 52 |
Commercial and Industrial [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 1,107 | 291 |
Recorded Investment | 1,107 | 291 |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | 606 | 294 |
Interest Income Recognized | 8 | 11 |
Commercial and Industrial [Member] | With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | ' | ' |
Recorded Investment | ' | ' |
Allowance for Loan Losses Allocated | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Loans_Receivable_Net_Recorded_
Loans Receivable, Net - Recorded Investment in Non-Accrual Loans by Class of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | $45,360,000 | $43,374,000 | $44,008,000 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | 4,328,000 | 4,540,000 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | 515,000 | 746,000 | ' |
Residential Real Estate [Member] | Originated by Bank [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | 16,145,000 | 13,156,000 | ' |
Residential Real Estate [Member] | Originated by Mortgage Company [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | 10,589,000 | 10,477,000 | ' |
Residential Real Estate [Member] | Originated by Mortgage Company - Non-Prime [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | 1,479,000 | 2,888,000 | ' |
Commercial Real Estate [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | 11,995,000 | 11,085,000 | ' |
Commercial Real Estate [Member] | Construction and Land [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Recorded Investment in Non-accrual Loans | $309,000 | $482,000 | ' |
Loans_Receivable_Net_Aging_of_
Loans Receivable, Net - Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $8,348 | $12,305 |
60-89 Days Past Due | 3,781 | 2,020 |
Greater than 90 Days Past Due | 39,556 | 31,201 |
Total Past Due | 51,685 | 45,526 |
Loans Not Past Due | 1,519,894 | 1,497,711 |
Total loans | 1,571,579 | 1,543,237 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans | 781,406 | 811,972 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans | 528,945 | 475,155 |
Originated by Bank [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 6,102 | 5,863 |
60-89 Days Past Due | 2,526 | 782 |
Greater than 90 Days Past Due | 13,800 | 10,624 |
Total Past Due | 22,428 | 17,269 |
Loans Not Past Due | 632,653 | 666,833 |
Total loans | 655,081 | 684,102 |
Originated by Mortgage Company [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 202 | 2,870 |
60-89 Days Past Due | 108 | 7 |
Greater than 90 Days Past Due | 10,031 | 10,294 |
Total Past Due | 10,341 | 13,171 |
Loans Not Past Due | 82,544 | 101,437 |
Total loans | 92,885 | 114,608 |
Originated by Mortgage Company - Non-Prime [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 431 |
60-89 Days Past Due | ' | 47 |
Greater than 90 Days Past Due | 1,465 | 2,369 |
Total Past Due | 1,465 | 2,847 |
Loans Not Past Due | 1,153 | 1,402 |
Total loans | 2,618 | 4,249 |
Residential Construction [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 195 | ' |
60-89 Days Past Due | ' | ' |
Greater than 90 Days Past Due | ' | ' |
Total Past Due | 195 | ' |
Loans Not Past Due | 30,626 | 9,013 |
Total loans | 30,821 | 9,013 |
Commercial [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 985 | 2,422 |
60-89 Days Past Due | 849 | 608 |
Greater than 90 Days Past Due | 9,217 | 2,863 |
Total Past Due | 11,051 | 5,893 |
Loans Not Past Due | 491,817 | 457,394 |
Total loans | 502,868 | 463,287 |
Construction and Land [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Greater than 90 Days Past Due | 309 | 482 |
Total Past Due | 309 | 482 |
Loans Not Past Due | 25,769 | 11,386 |
Total loans | 26,078 | 11,868 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 864 | 719 |
60-89 Days Past Due | 298 | 576 |
Greater than 90 Days Past Due | 4,219 | 4,457 |
Total Past Due | 5,381 | 5,752 |
Loans Not Past Due | 195,302 | 192,391 |
Total loans | 200,683 | 198,143 |
Consumer [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans | 200,683 | 198,143 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Greater than 90 Days Past Due | 515 | 112 |
Total Past Due | 515 | 112 |
Loans Not Past Due | 60,030 | 57,855 |
Total loans | $60,545 | $57,967 |
Loans_Receivable_Net_Risk_Cate
Loans Receivable, Net - Risk Category of Loans by Class of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | $589,490 | $533,122 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 60,545 | 57,967 |
Commercial Real Estate [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 502,868 | 463,287 |
Commercial Real Estate [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 26,077 | 11,868 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 555,542 | 497,614 |
Pass [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 59,089 | 57,341 |
Pass [Member] | Commercial Real Estate [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 471,435 | 429,393 |
Pass [Member] | Commercial Real Estate [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 25,018 | 10,880 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 1,070 | 2,281 |
Special Mention [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 1,070 | ' |
Special Mention [Member] | Commercial Real Estate [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | ' | 1,775 |
Special Mention [Member] | Commercial Real Estate [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | ' | 506 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 32,021 | 32,148 |
Substandard [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 386 | 391 |
Substandard [Member] | Commercial Real Estate [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 30,576 | 31,275 |
Substandard [Member] | Commercial Real Estate [Member] | Construction and Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 1,059 | 482 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | 857 | 1,079 |
Doubtful [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | ' | 235 |
Doubtful [Member] | Commercial Real Estate [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan | $857 | $844 |
Loans_Receivable_Net_Recorded_1
Loans Receivable, Net - Recorded Investment in Residential and Consumer Loans Based on Payment Activity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $1,571,579 | $1,543,237 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 200,683 | 198,143 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 781,406 | 811,972 |
Residential Real Estate [Member] | Originated by Bank [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Performing | 638,936 | 670,946 |
Non-performing | 16,145 | 13,156 |
Total loans | 655,081 | 684,102 |
Residential Real Estate [Member] | Originated by Mortgage Company [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Performing | 82,296 | 104,131 |
Non-performing | 10,589 | 10,477 |
Total loans | 92,885 | 114,608 |
Residential Real Estate [Member] | Originated by Mortgage Company - Non-Prime [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Performing | 1,139 | 1,361 |
Non-performing | 1,479 | 2,888 |
Total loans | 2,618 | 4,249 |
Residential Real Estate [Member] | Residential Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Performing | 30,821 | 9,013 |
Total loans | 30,821 | 9,013 |
Residential Real Estate [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Performing | 196,355 | 193,603 |
Non-performing | 4,328 | 4,540 |
Total loans | $200,683 | $198,143 |
Loans_Receivable_Net_Troubled_
Loans Receivable, Net - Troubled Debt Restructurings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
SecurityLoan | SecurityLoan | |
Subsequently Defaulted [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Recorded Investment | ' | ' |
Originated by Bank [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 4 | 11 |
Pre-modification Recorded Investment | 926 | 2,462 |
Post-modification Recorded Investment | 926 | 2,392 |
Originated by Bank [Member] | Residential Real Estate [Member] | Subsequently Defaulted [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 61 | ' |
Originated by Mortgage Company [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 2 | 3 |
Pre-modification Recorded Investment | 778 | 1,051 |
Post-modification Recorded Investment | 770 | 1,051 |
Originated by Mortgage Company [Member] | Residential Real Estate [Member] | Subsequently Defaulted [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 239 | ' |
Consumer [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 12 | 2 |
Pre-modification Recorded Investment | 601 | 1,305 |
Post-modification Recorded Investment | 439 | 1,275 |
Consumer [Member] | Subsequently Defaulted [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Recorded Investment | 12 | ' |
Commercial [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Pre-modification Recorded Investment | ' | 360 |
Post-modification Recorded Investment | ' | 255 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 13 |
Pre-modification Recorded Investment | ' | 1,152 |
Post-modification Recorded Investment | ' | $998 |
Servicing_Asset_Analysis_of_Se
Servicing Asset - Analysis of Servicing Asset (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Transfers And Servicing [Abstract] | ' | ' | ' |
Balance at beginning of year | $4,568 | $4,836 | $5,653 |
Capitalized mortgage servicing rights | 995 | 1,365 | 1,036 |
Amortization | -1,385 | -1,633 | -1,853 |
Balance at end of year | $4,178 | $4,568 | $4,836 |
Servicing_Asset_Additional_Inf
Servicing Asset - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
Servicing Asset [Member] | Servicing Asset [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | ' | ' | ' | ' |
Loans serviced for others amount | $806,810,000 | $840,900,000 | ' | ' |
Fair value of servicing asset | 7,458,000 | 5,996,000 | ' | ' |
Servicing asset weighted average discount rate | 9.50% | ' | 9.50% | ' |
Servicing asset weighted average constant prepayment rate on mortgages | 8.60% | ' | 14.60% | ' |
Servicing asset weighted average life of years | '9 years 6 months | ' | '6 years 2 months 12 days | ' |
Estimated future servicing amortization for 1 year | ' | ' | ' | 1,067,000 |
Estimated future servicing amortization for 2 year | ' | ' | ' | 817,000 |
Estimated future servicing amortization for 3 year | ' | ' | ' | 635,000 |
Estimated future servicing amortization for 4 year | ' | ' | ' | 487,000 |
Estimated future servicing amortization for 5 year | ' | ' | ' | $401,000 |
Interest_and_Dividends_Receiva2
Interest and Dividends Receivable - Summary of Interest and Dividends Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Interest and dividends receivable, Loans | $3,960 | $4,479 |
Interest and dividends receivable, Investment securities | 691 | 716 |
Interest and dividends receivable, Mortgage-backed securities | 729 | 781 |
Interest and dividends receivable | $5,380 | $5,976 |
Premises_and_Equipment_Net_Sum
Premises and Equipment, Net - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Land | $5,124 | $4,254 |
Buildings and improvements | 26,897 | 26,365 |
Leasehold improvements | 2,423 | 2,125 |
Furniture and equipment | 21,743 | 20,120 |
Automobiles | 281 | 211 |
Construction in progress | 779 | 328 |
Total | 57,247 | 53,403 |
Accumulated depreciation and amortization | -33,563 | -31,170 |
Premises and equipment, net | $23,684 | $22,233 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
Accrued interest payable | $9,000 | $11,000 |
Time deposits, $100,000 or over | $64,380,000 | $57,871,000 |
Deposits_Summary_of_Deposits_I
Deposits - Summary of Deposits Including Accrued Interest Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Non-interest-bearing accounts | $207,608 | $179,074 |
Interest-bearing checking accounts | 913,753 | 940,190 |
Money market deposit accounts | 116,947 | 118,154 |
Savings accounts | 290,512 | 256,035 |
Time deposits | 217,943 | 226,218 |
Total deposits | $1,746,763 | $1,719,671 |
Non-interest-bearing accounts | ' | ' |
Interest-bearing checking accounts | 0.12% | 0.19% |
Money market deposit accounts | 0.12% | 0.17% |
Savings accounts | 0.05% | 0.10% |
Time deposits | 1.37% | 1.45% |
Weighted Average Cost | 0.25% | 0.32% |
Deposits_Summary_of_Time_Depos
Deposits - Summary of Time Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
2014 | $131,138 | ' |
2015 | 19,836 | ' |
2016 | 28,920 | ' |
2017 | 17,571 | ' |
2018 | 15,397 | ' |
Thereafter | 5,081 | ' |
Total time deposits | $217,943 | $226,218 |
Deposits_Summary_of_Interest_E
Deposits - Summary of Interest Expense on Deposits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking And Thrift [Abstract] | ' | ' | ' |
Interest-bearing checking accounts | $1,408 | $2,878 | $4,624 |
Money market deposit accounts | 165 | 361 | 454 |
Savings accounts | 187 | 359 | 481 |
Time deposits | 2,949 | 3,949 | 4,842 |
Interest expense on deposits | $4,709 | $7,547 | $10,401 |
Borrowed_Funds_Summary_of_Borr
Borrowed Funds - Summary of Borrowed Funds (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 17, 2013 |
Banking And Thrift [Abstract] | ' | ' | ' |
Federal Home Loan Bank advances, Amount | $175,000 | $225,000 | ' |
Securities sold under agreements to repurchase, Amount | 68,304 | 60,791 | ' |
Other borrowings, Amount | 27,500 | 27,500 | ' |
Borrowed funds, Amount | $270,804 | $313,291 | ' |
Federal Home Loan Bank advances, Weighted Average Rate | 0.69% | 2.35% | 2.31% |
Securities sold under agreements to repurchase, Weighted Average Rate | 0.15% | 0.26% | ' |
Other borrowings, Weighted Average Rate | 2.76% | 2.80% | ' |
Borrowed funds, Weighted Average Rate | 0.76% | 1.94% | ' |
Borrowed_Funds_Summary_of_Fede
Borrowed Funds - Summary of Federal Home Loan Bank Advances and Securities Sold Under Agreements to Repurchase (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
FHLB Advances [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Average balance | $219,102 | $239,707 |
Maximum amount outstanding at any month end | 282,500 | 274,500 |
Average interest rate for the year | 1.82% | 2.29% |
Amortized cost of collateral, Mortgage-backed securities | ' | ' |
Estimated fair value of collateral, Mortgage-backed securities | ' | ' |
Reverse Repurchase Agreements [Member] | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Average balance | 69,621 | 69,469 |
Maximum amount outstanding at any month end | 73,067 | 73,488 |
Average interest rate for the year | 0.18% | 0.29% |
Amortized cost of collateral, Mortgage-backed securities | 78,474 | 76,905 |
Estimated fair value of collateral, Mortgage-backed securities | $78,512 | $79,825 |
Borrowed_Funds_Contractual_Mat
Borrowed Funds - Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | FHLB Advances [Member] | Reverse Repurchase Agreements [Member] |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
2014 | $125,000 | $68,304 |
2015 | 5,000 | ' |
2016 | 5,000 | ' |
2017 | 5,000 | ' |
2018 | 35,000 | ' |
Contractual maturities, net | $175,000 | $68,304 |
Borrowed_Funds_Additional_Info
Borrowed Funds - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Oct. 17, 2013 | Aug. 04, 2005 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2012 | Dec. 31, 2006 | Dec. 31, 2007 | Dec. 31, 2006 |
Trust Preferred Securities [Member] | Trust Preferred Securities [Member] | |||||||
Deposits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid of FHLB advances | $159 | ' | ' | ' | ' | ' | ' | ' |
Weighted average cost, FHLB advances | 2.31% | ' | 0.69% | ' | 2.35% | ' | ' | ' |
Weighted average term to maturity, FHLB advances | '16 months | ' | ' | ' | ' | ' | ' | ' |
FHLB advances prepayment fee | 4.3 | ' | ' | ' | ' | ' | ' | ' |
Trust preferred securities issued | ' | ' | ' | 10 | ' | 12.5 | ' | ' |
Floating rate percentage | ' | ' | ' | ' | ' | ' | 1.75% | 1.66% |
Floating rate description | ' | ' | ' | ' | ' | ' | '3 month LIBOR | '3 month LIBOR |
Trust preferred securities, principal maturity date | ' | ' | ' | 1-Sep-37 | ' | ' | ' | ' |
Trust preferred securities, principal maturity date | ' | ' | ' | ' | ' | '2036 | ' | ' |
Subordinated debt issued | ' | $5 | ' | ' | ' | ' | ' | ' |
Subordinated debt at a fixed interest rate | ' | 6.35% | ' | ' | ' | ' | ' | ' |
Maturity date of subordinated debt | ' | 23-Nov-15 | ' | ' | ' | ' | ' | ' |
Minimum investment in the capital stock of the FHLB | ' | ' | 0.20% | ' | ' | ' | ' | ' |
Specified value of certain transactions between the Bank and the FHLB | ' | ' | 4.50% | ' | ' | ' | ' | ' |
Borrowed_Funds_Interest_Expens
Borrowed Funds - Interest Expense on Borrowings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking And Thrift [Abstract] | ' | ' | ' |
Federal Home Loan Bank advances | $3,986 | $5,495 | $6,572 |
Securities sold under agreements to repurchase | 124 | 201 | 283 |
Other borrowings | 809 | 860 | 804 |
Net interest expense on borrowed funds | $4,919 | $6,556 | $7,659 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense Benefit (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $8,935 | $8,893 | $10,358 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 1,313 | 1,385 | 1,814 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 10,248 | 10,278 | 12,172 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -1,310 | 664 | -961 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -325 | -15 | 262 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -1,635 | 649 | -699 |
Income tax expense (benefit) | $784 | $2,658 | $2,774 | $2,397 | $2,124 | $2,680 | $2,995 | $3,128 | $8,613 | $10,927 | $11,473 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrealized gains (loss) on securities, tax expense | ($4,605,000) | $1,739,000 | $2,135,000 |
Income tax (expense) benefit attributable to stock plans | -31,000 | -608,000 | 1,303,000 |
Net deferred tax asset included in other assets | 15,239,000 | 8,999,000 | ' |
Retained earnings not provided for provision for income tax | 10,750,000 | ' | ' |
Unrecognized deferred tax liability | $4,391,000 | ' | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Reconciliation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $24,943 | $30,947 | $32,214 |
Applicable statutory Federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
Computed "expected" Federal income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,730 | 10,831 | 11,275 |
Increase (decrease) in Federal income tax expense resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP | ' | ' | ' | ' | ' | ' | ' | ' | 87 | 66 | 56 |
ESOP dividends | ' | ' | ' | ' | ' | ' | ' | ' | -233 | -233 | -232 |
Earnings on life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -491 | -468 | -410 |
State income taxes net of Federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 642 | 757 | 762 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | -122 | -26 | 22 |
Income tax expense (benefit) | $784 | $2,658 | $2,774 | $2,397 | $2,124 | $2,680 | $2,995 | $3,128 | $8,613 | $10,927 | $11,473 |
Income_Taxes_Schedule_of_Signi
Income Taxes - Schedule of Significant Portions of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $8,894 | $8,720 |
Reserve for repurchased loans | 600 | 491 |
Valuation allowances for repurchased loans | 179 | 179 |
Reserve for uncollected interest | 393 | 179 |
Other-than-temporary impairment loss on investment securities | ' | 52 |
FHLB advance prepayment fee | 385 | ' |
Incentive compensation | 1,066 | 1,132 |
Deferred compensation | 754 | 743 |
Other reserves | 113 | 82 |
Stock plans | 1,255 | 1,058 |
ESOP | 125 | 81 |
Intangible assets | 60 | 109 |
Other real estate owned | 311 | 235 |
Unrealized loss on securities | 4,571 | ' |
State alternative minimum tax | 1,160 | 1,160 |
Total gross deferred tax assets | 19,866 | 14,221 |
Less valuation allowance | ' | ' |
Deferred tax assets, net | 19,866 | 14,221 |
Deferred tax liabilities: | ' | ' |
Excess servicing on sale of mortgage loans | -1,122 | -983 |
Investments, discount accretion | -553 | -505 |
Deferred loan and commitment costs, net | -1,349 | -1,619 |
Unrealized gain on securities available-for-sale | ' | -34 |
Premises and equipment, differences in depreciation | -356 | -528 |
Undistributed REIT income | -1,247 | -1,553 |
Total deferred tax liabilities | -4,627 | -5,222 |
Net deferred tax assets | $15,239 | $8,999 |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 12-May-98 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' |
Purchase of common stock shares | 2,013,137 | ' | ' | ' |
Fixed interest rate | 8.25% | ' | ' | ' |
Contributions to ESOP | $515,000 | $517,000 | ' | ' |
Dividends paid unallocated ESOP shares | 221,000 | 238,000 | ' | ' |
Outstanding loan | 3,897,000 | 4,076,000 | ' | ' |
Unallocated shares of ESOP | 428,749 | 462,931 | ' | ' |
Fair value of unallocated shares | 7,422,000 | ' | ' | ' |
Compensation expense related to ESOP | 538,000 | 480,000 | 450,000 | ' |
Shares allocated to participants | 2,183,956 | ' | ' | ' |
Shares committed to be released | 34,182 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' |
Extended loan term | '12 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' |
Extended loan term | '30 years | ' | ' | ' |
Employee Stock Ownership Plan [Member] | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' |
Minimum age limit for employees to participate in ESOP | '21 years | ' | ' | ' |
Minimum number of working hours | '1000 hours | ' | ' | ' |
ESOP original borrowings | 13,421,000 | ' | ' | ' |
Additional common stock shares | ' | ' | ' | 633,750 |
Additional borrowings | ' | ' | ' | 8,200,000 |
Expiration period | '2026 | ' | ' | ' |
Compensation expense related to ESOP | 538,000 | 480,000 | 450,000 | ' |
Increase in the average fair value | $249,000 | $191,000 | $159,000 | ' |
Incentive_Plan_Additional_Info
Incentive Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plan expiration period | '10 years | ' | ' |
Stock incentive plan vesting rate | 20.00% | ' | ' |
Expense for stock option grants | $502,000 | $442,000 | $549,000 |
Compensation cost related to non-vested awards not yet recognized | 1,400,000 | ' | ' |
Vesting period of compensation cost related to non-vested awards | '2 years 8 months 12 days | ' | ' |
Aggregate intrinsic value for stock options outstanding | 4,164,000 | ' | ' |
Aggregate intrinsic value for stock options exercisable | $1,777,000 | ' | ' |
2011 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plan, stock options authorized | 2,400,000 | ' | ' |
Stock incentive plan, stock awards authorized | 960,000 | ' | ' |
2011 Stock Incentive Plan [Member] | Equity Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plan remaining options or awards | 1,845,299 | ' | ' |
2011 Stock Incentive Plan [Member] | Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plan remaining options or awards | 738,120 | ' | ' |
2006 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plan, stock options authorized | 1,000,000 | ' | ' |
Stock incentive plan, stock awards authorized | 333,333 | ' | ' |
2006 Stock Incentive Plan [Member] | Equity Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plan remaining options or awards | 32,310 | ' | ' |
2006 Stock Incentive Plan [Member] | Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock incentive plan remaining options or awards | 10,770 | ' | ' |
Incentive_Plan_Summary_of_Fair
Incentive Plan - Summary of Fair Value of Stock Options Granted (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.47% | 1.40% | 3.08% |
Expected option life | '7 years | '7 years | '7 years |
Expected volatility | 29.00% | 29.00% | 29.00% |
Expected dividend yield | 3.27% | 3.47% | 3.46% |
Weighted average fair value of an option share granted during the year | $3.01 | $2.69 | $3.14 |
Intrinsic value of options exercised during the year | $11 | $106 | $10 |
Incentive_Plan_Summary_of_Opti
Incentive Plan - Summary of Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Shares, Outstanding at beginning of year | 1,732,694 | 2,043,933 | 1,855,113 |
Number of Shares, Granted | 277,625 | 270,250 | 245,575 |
Number of Shares, Exercised | -5,147 | -36,218 | -3,766 |
Number of Shares, Forfeited | -29,916 | -202,928 | -44,252 |
Number of Shares, Expired | -234,676 | -342,343 | -8,737 |
Number of Shares, Outstanding at end of year | 1,740,580 | 1,732,694 | 2,043,933 |
Number of Shares, Options exercisable at end of year | 1,062,786 | 1,113,185 | 1,407,271 |
Weighted Average Exercise Price, Outstanding at beginning of year | $17.62 | $18.21 | $18.75 |
Weighted Average Exercise Price, Granted | $14.68 | $13.83 | $13.86 |
Weighted Average Exercise Price, Exercised | $12.63 | $11.55 | $11.20 |
Weighted Average Exercise Price, Forfeited | $13.89 | $18.28 | $17.87 |
Weighted Average Exercise Price, Expired | $23.28 | $17.92 | $15.03 |
Weighted Average Exercise Price, Outstanding at end of year | $16.47 | $17.62 | $18.21 |
Incentive_Plan_Summary_of_Stoc
Incentive Plan - Summary of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Options Outstanding | 1,740,580 |
Weighted Average Remaining Contractual Life, Options Outstanding | '5 years 3 months 18 days |
Weighted Average Exercise Price, Options Outstanding | $16.47 |
Number Of Options Exercisable | 1,062,786 |
Weighted Average Remaining Contractual Life, Options Exercisable | '3 years 7 months 6 days |
Weighted Average Exercise Price, Options Exercisable | $18.29 |
Exercise Prices From 10.00 to 13.13 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices Lower Limit | $10 |
Exercise Prices Higher Limit | $13.13 |
Number of Options Outstanding | 316,526 |
Weighted Average Remaining Contractual Life, Options Outstanding | '5 years 10 months 24 days |
Weighted Average Exercise Price, Options Outstanding | $10.63 |
Number Of Options Exercisable | 204,932 |
Weighted Average Remaining Contractual Life, Options Exercisable | '5 years 9 months 18 days |
Weighted Average Exercise Price, Options Exercisable | $10.76 |
Exercise Prices From 13.13 to 16.26 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices Lower Limit | $13.13 |
Exercise Prices Higher Limit | $16.26 |
Number of Options Outstanding | 683,425 |
Weighted Average Remaining Contractual Life, Options Outstanding | '8 years 2 months 12 days |
Weighted Average Exercise Price, Options Outstanding | $14.13 |
Number Of Options Exercisable | 127,225 |
Weighted Average Remaining Contractual Life, Options Exercisable | '7 years 6 months |
Weighted Average Exercise Price, Options Exercisable | $13.86 |
Exercise Prices From 16.26 to 19.40 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices Lower Limit | $16.26 |
Exercise Prices Higher Limit | $19.40 |
Number of Options Outstanding | 182,205 |
Weighted Average Remaining Contractual Life, Options Outstanding | '4 years 4 months 24 days |
Weighted Average Exercise Price, Options Outstanding | $16.80 |
Number Of Options Exercisable | 172,205 |
Weighted Average Remaining Contractual Life, Options Exercisable | '4 years 1 month 6 days |
Weighted Average Exercise Price, Options Exercisable | $16.81 |
Exercise Prices From 19.40 to 22.53 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices Lower Limit | $19.40 |
Exercise Prices Higher Limit | $22.53 |
Number of Options Outstanding | 377,370 |
Weighted Average Remaining Contractual Life, Options Outstanding | '1 year 6 months |
Weighted Average Exercise Price, Options Outstanding | $22.10 |
Number Of Options Exercisable | 377,370 |
Weighted Average Remaining Contractual Life, Options Exercisable | '1 year 6 months |
Weighted Average Exercise Price, Options Exercisable | $22.10 |
Exercise Prices From 22.53 to 25.66 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices Lower Limit | $22.53 |
Exercise Prices Higher Limit | $25.66 |
Number of Options Outstanding | 181,054 |
Weighted Average Remaining Contractual Life, Options Outstanding | '2 years 1 month 6 days |
Weighted Average Exercise Price, Options Outstanding | $23.43 |
Number Of Options Exercisable | 181,054 |
Weighted Average Remaining Contractual Life, Options Exercisable | '2 years 1 month 6 days |
Weighted Average Exercise Price, Options Exercisable | $23.43 |
Incentive_Plan_Summary_of_Gran
Incentive Plan - Summary of Granted but Unvested Stock Award Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Shares, Outstanding at beginning of year | 48,733 | 49,148 | 81,592 |
Number of Shares, Granted | 28,228 | 19,513 | 26,202 |
Number of Shares, Vested | -14,296 | -14,393 | -58,646 |
Number of Shares, Forfeited | -2,703 | -5,535 | ' |
Number of Shares, Outstanding at end of year | 59,962 | 48,733 | 49,148 |
Weighted Average Grant Date Fair Value, Outstanding at beginning of year | $13.10 | $13.25 | $12.44 |
Weighted Average Grant Date Fair Value, Granted | $14.78 | $13.83 | $13.81 |
Weighted Average Grant Date Fair Value, Vested | $13.21 | $14.52 | $12.38 |
Weighted Average Grant Date Fair Value, Forfeited | $13.85 | $13.20 | ' |
Weighted Average Grant Date Fair Value, Outstanding at end of year | $13.84 | $13.10 | $13.25 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Concentrations of Credit Risk - Summary of Commitments and Contingent Liabilities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Fixed-Rate | $53,032 |
Adjustable-Rate | 9,118 |
Floating-Rate | 18,201 |
Unused Consumer and Construction Loan Lines of Credit (Primarily Floating-Rate) [Member] | ' |
Debt Instrument [Line Items] | ' |
Unused loan lines of credit (primarily floating-rate) | 115,421 |
Unused Commercial Loan Lines of Credit (Primarily Floating-Rate) [Member] | ' |
Debt Instrument [Line Items] | ' |
Unused loan lines of credit (primarily floating-rate) | $190,511 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Concentrations of Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Commitments [Line Items] | ' | ' | ' |
Fixed-rate loan commitments | '90 days | ' | ' |
Rental expense | $2,378,000 | $2,034,000 | $1,811,000 |
Interest payments period | '7 years | ' | ' |
Accrual Status [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Amount of interest-only one-to-four family mortgage loans | 28,800,000 | 37,000,000 | ' |
Amount of stated income loans | 36,600,000 | 47,300,000 | ' |
Non-Accrual Status [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Amount of interest-only one-to-four family mortgage loans | 2,200,000 | 3,500,000 | ' |
Amount of stated income loans | $6,400,000 | $7,300,000 | ' |
Minimum [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Interest rates | 2.92% | ' | ' |
Interest payments period | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Interest rates | 5.50% | ' | ' |
Interest payments period | '10 years | ' | ' |
Commitments_Contingencies_and_4
Commitments, Contingencies and Concentrations of Credit Risk - Summary of Projected Minimum Rental Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $1,754 |
2015 | 1,640 |
2016 | 1,517 |
2017 | 1,532 |
2018 | 1,461 |
Thereafter | 12,240 |
Total projected minimum rental commitments | $20,144 |
Reserve_for_Repurchased_Loans_2
Reserve for Repurchased Loans and Loss Sharing Obligations - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
SecurityLoan | SecurityLoan | Settlement of Loan [Member] | Repurchase Requests [Member] | MPF Program [Member] | MPF Program [Member] | |||
SecurityLoan | ||||||||
Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loans sold to FHLB under loss sharing arrangement first loss position | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Loans sold to FHLB under loss sharing arrangement minimum exposure | 1.50% | ' | ' | ' | ' | ' | ' | ' |
Loans sold to FHLB under loss sharing arrangement maximum loss position | 4.00% | ' | ' | ' | ' | ' | ' | ' |
Reserve for repurchased loans and loss sharing obligations | $1,468,000 | $1,203,000 | $705,000 | $809,000 | ' | ' | ' | ' |
Increase in reserve for repurchased loans and loss sharing obligations | 265,000 | ' | ' | ' | ' | ' | ' | ' |
General provision for repurchased loans | 975,000 | 750,000 | ' | ' | ' | 100,000 | ' | ' |
Additional provision on FHLB loan sales | 875,000 | ' | ' | ' | ' | ' | ' | ' |
Losses incurred on FHLB loan sales | 465,000 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive settlement | 450,000 | ' | ' | ' | ' | 450,000 | ' | ' |
Recoveries from previous charge-off | 205,000 | ' | ' | ' | ' | ' | ' | ' |
Recognized losses on loans | ' | ' | ' | ' | ' | ' | ' | 245,000 |
Additional loss charged against reserve for repurchase loans | ' | ' | ' | ' | ' | ' | 220,000 | ' |
Maximum remaining loss exposure on all loans sold to FHLB | 2,400,000 | ' | ' | ' | ' | ' | ' | ' |
Outstanding number of loan repurchase requests | 5 | 12 | ' | ' | 7 | ' | ' | ' |
Recognized recoveries | 205,000 | ' | ' | ' | ' | ' | ' | ' |
Principal balance on loans repurchase | $1,200,000 | $3,600,000 | ' | ' | ' | ' | ' | ' |
Reserve_for_Repurchased_Loans_3
Reserve for Repurchased Loans and Loss Sharing Obligations - Summary of Reserve for Repurchased Loans and Loss Sharing Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Reserve For Repurchased Loans Analysis Of Reserve For Repurchased Loans [Abstract] | ' | ' | ' |
Balance at beginning of year | $1,203 | $705 | $809 |
Provision charged to operations | 975 | 750 | ' |
Loss on loans repurchased, settlements or payments under loss sharing arrangements | -915 | -252 | -104 |
Recoveries | 205 | ' | ' |
Balance at end of year | $1,468 | $1,203 | $705 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Shares Outstanding for Basic and Diluted Earnings Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted average shares outstanding | 17,614 | 18,303 | 18,828 |
Less: Unallocated ESOP shares | -446 | -480 | -514 |
Unallocated Incentive award shares and shares held by deferred compensation plan | -97 | -93 | -123 |
Average basic shares outstanding | 17,071 | 17,730 | 18,191 |
Add: Effect of dilutive securities: | ' | ' | ' |
Incentive awards and shares held by deferred compensation plan | 86 | 99 | 49 |
Average diluted shares outstanding | 17,157 | 17,829 | 18,240 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive stock options | 852,000 | 1,253,000 | 2,047,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Estimated selling costs percentage of other real estate owned and loans | 20.00% |
Estimated selling costs percentage of loans measured for impairment | 15.00% |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | $43,836 | $547,450 |
Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 44,250 | ' |
Items Measured on a Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mortgage-backed securities available-for-sale | ' | 333,857 |
Items Measured on a Recurring Basis [Member] | Equity Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 8,547 | 5,293 |
Items Measured on a Recurring Basis [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | 43,470 |
Items Measured on a Recurring Basis [Member] | U.S. Agency Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 35,289 | 139,050 |
Items Measured on a Recurring Basis [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | 25,780 |
Items Measured on a Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 4,345 | 3,210 |
Items Measured on a Non-Recurring Basis [Member] | Loans Measured for Impairment Based on the Fair Value of Underlying Collateral [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 15,446 | 12,033 |
Level 1 Inputs [Member] | Items Measured on a Recurring Basis [Member] | Equity Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 8,547 | 5,293 |
Level 2 Inputs [Member] | Items Measured on a Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mortgage-backed securities available-for-sale | ' | 333,857 |
Level 2 Inputs [Member] | Items Measured on a Recurring Basis [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | 43,470 |
Level 2 Inputs [Member] | Items Measured on a Recurring Basis [Member] | U.S. Agency Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 35,289 | 139,050 |
Level 2 Inputs [Member] | Items Measured on a Recurring Basis [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | ' | 25,780 |
Level 3 Inputs [Member] | Items Measured on a Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 4,345 | 3,210 |
Level 3 Inputs [Member] | Items Measured on a Non-Recurring Basis [Member] | Loans Measured for Impairment Based on the Fair Value of Underlying Collateral [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | $15,446 | $12,033 |
Fair_Value_Measurements_Book_V
Fair Value Measurements - Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Securities held-to-maturity | $495,082 | ' |
Financial Liabilities: | ' | ' |
Securities sold under agreements to repurchase with retail customers | 68,304 | 60,791 |
Book Value [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | 33,958 | 62,544 |
Securities held-to-maturity | 495,599 | ' |
Federal Home Loan Bank of New York stock | 14,518 | 17,061 |
Loans receivable and mortgage loans held-for-sale | 1,542,245 | 1,529,946 |
Financial Liabilities: | ' | ' |
Deposits other than time deposits | 1,528,820 | 1,493,453 |
Time deposits | 217,943 | 226,218 |
Securities sold under agreements to repurchase with retail customers | 68,304 | 60,791 |
Federal Home Loan Bank advances and other borrowings | 202,500 | 252,500 |
Level 1 Inputs [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | 33,958 | 62,544 |
Securities held-to-maturity | ' | ' |
Federal Home Loan Bank of New York stock | ' | ' |
Loans receivable and mortgage loans held-for-sale | ' | ' |
Financial Liabilities: | ' | ' |
Deposits other than time deposits | ' | ' |
Time deposits | ' | ' |
Securities sold under agreements to repurchase with retail customers | 68,304 | 60,791 |
Federal Home Loan Bank advances and other borrowings | ' | ' |
Level 2 Inputs [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | ' | ' |
Securities held-to-maturity | 493,432 | ' |
Federal Home Loan Bank of New York stock | ' | ' |
Loans receivable and mortgage loans held-for-sale | ' | ' |
Financial Liabilities: | ' | ' |
Deposits other than time deposits | 1,528,820 | 1,493,453 |
Time deposits | 220,409 | 231,445 |
Securities sold under agreements to repurchase with retail customers | ' | ' |
Federal Home Loan Bank advances and other borrowings | 201,393 | 258,577 |
Level 3 Inputs [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | ' | ' |
Securities held-to-maturity | 1,650 | ' |
Federal Home Loan Bank of New York stock | 14,518 | 17,061 |
Loans receivable and mortgage loans held-for-sale | 1,561,208 | 1,572,291 |
Financial Liabilities: | ' | ' |
Deposits other than time deposits | ' | ' |
Time deposits | ' | ' |
Securities sold under agreements to repurchase with retail customers | ' | ' |
Federal Home Loan Bank advances and other borrowings | ' | ' |
ParentOnly_Financial_Informati2
Parent-Only Financial Information - Condensed Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and due from banks | $33,958 | $62,544 | $77,527 | $31,455 |
Investment securities | 43,836 | 547,450 | ' | ' |
Other assets | 12,158 | 14,074 | ' | ' |
Total assets | 2,249,711 | 2,269,228 | ' | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' |
Other liabilities | 11,323 | 9,088 | ' | ' |
Stockholders' equity | 214,350 | 219,792 | 216,849 | 201,251 |
Total liabilities and stockholders' equity | 2,249,711 | 2,269,228 | ' | ' |
OceanFirst Financial Corp. [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and due from banks | 7 | 7 | ' | ' |
Advances to subsidiary Bank | 16,753 | 20,017 | ' | ' |
Investment securities | 8,547 | 5,293 | ' | ' |
ESOP loan receivable | 3,897 | 4,076 | ' | ' |
Investment in subsidiary Bank | 212,957 | 218,148 | ' | ' |
Other assets | 568 | ' | ' | ' |
Total assets | 242,729 | 247,541 | ' | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' |
Borrowings | 27,500 | 27,500 | ' | ' |
Other liabilities | 879 | 249 | ' | ' |
Stockholders' equity | 214,350 | 219,792 | ' | ' |
Total liabilities and stockholders' equity | $242,729 | $247,541 | ' | ' |
ParentOnly_Financial_Informati3
Parent-Only Financial Information - Condensed Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain on sales of and other-than-temporary impairment loss on investment securities available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | $46 | $226 | ($148) |
Interest expense - borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 4,919 | 6,556 | 7,659 |
Operating expenses | 19,611 | 13,784 | 13,724 | 12,666 | 13,244 | 13,839 | 12,867 | 12,941 | 59,785 | 52,891 | 52,664 |
Benefit for income taxes | -784 | -2,658 | -2,774 | -2,397 | -2,124 | -2,680 | -2,995 | -3,128 | -8,613 | -10,927 | -11,473 |
Net income | 1,939 | 4,968 | 4,987 | 4,436 | 4,041 | 4,959 | 5,373 | 5,647 | 16,330 | 20,020 | 20,741 |
OceanFirst Financial Corp. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend income - subsidiary Bank | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | 20,500 | 13,800 |
Dividend income - investment securities | ' | ' | ' | ' | ' | ' | ' | ' | 287 | 227 | 23 |
Net gain on sales of and other-than-temporary impairment loss on investment securities available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 226 | -148 |
Interest income - advances to subsidiary Bank | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 39 | 50 |
Interest income - ESOP loan receivable | ' | ' | ' | ' | ' | ' | ' | ' | 336 | 349 | 364 |
Total dividend and interest income | ' | ' | ' | ' | ' | ' | ' | ' | 16,709 | 21,341 | 14,089 |
Interest expense - borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 766 | 818 | 750 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,358 | 1,323 | 1,353 |
Income before income taxes and undistributed earnings of subsidiary Bank | ' | ' | ' | ' | ' | ' | ' | ' | 14,585 | 19,200 | 11,986 |
Benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 567 | 511 | 635 |
Income before undistributed earnings of subsidiary Bank | ' | ' | ' | ' | ' | ' | ' | ' | 15,152 | 19,711 | 12,621 |
Undistributed earnings of subsidiary Bank | ' | ' | ' | ' | ' | ' | ' | ' | 1,178 | 309 | 8,120 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $16,330 | $20,020 | $20,741 |
ParentOnly_Financial_Informati4
Parent-Only Financial Information - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $16,330 | $20,020 | $20,741 |
Net (gain) on sales of and other than temporary impairment loss on investment securities available for sale | -46 | -226 | 148 |
Net cash provided by operating activities | 35,458 | 30,888 | 17,550 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of investment securities available-for-sale | 1,244 | 1,221 | ' |
Purchase of investment securities | -28,292 | -74,390 | -74,011 |
Net cash (used in) provided by investing activities | -31,421 | 7,243 | -3,407 |
Cash flows from financing activities: | ' | ' | ' |
Dividends paid - common stock | -8,239 | -8,579 | -8,789 |
Purchase of treasury stock | -8,108 | -11,897 | -2,147 |
Exercise of stock options | 65 | 419 | 44 |
Net cash (used in) provided by financing activities | -32,623 | -53,114 | 31,929 |
Net increase in cash and due from banks | -28,586 | -14,983 | 46,072 |
OceanFirst Financial Corp. [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 16,330 | 20,020 | 20,741 |
Decrease (increase) in advances to subsidiary Bank | 3,264 | -1,921 | 2,783 |
Undistributed earnings of subsidiary Bank | -1,178 | -309 | -8,120 |
Net (gain) on sales of and other than temporary impairment loss on investment securities available for sale | -46 | -226 | 148 |
Change in other assets and other liabilities | -547 | 2,799 | -745 |
Net cash provided by operating activities | 17,823 | 20,363 | 14,807 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of investment securities available-for-sale | 1,244 | 1,221 | ' |
Purchase of investment securities | -2,964 | -1,694 | -4,072 |
Repayments on ESOP loan receivable | 179 | 167 | 157 |
Net cash (used in) provided by investing activities | -1,541 | -306 | -3,915 |
Cash flows from financing activities: | ' | ' | ' |
Dividends paid - common stock | -8,239 | -8,579 | -8,789 |
Purchase of treasury stock | -8,108 | -11,897 | -2,147 |
Exercise of stock options | 65 | 419 | 44 |
Net cash (used in) provided by financing activities | -16,282 | -20,057 | -10,892 |
Net increase in cash and due from banks | ' | ' | ' |
Cash and due from banks at beginning of year | 7 | 7 | 7 |
Cash and due from banks at end of year | $7 | $7 | $7 |
Recovered_Sheet1
Selected Consolidated Quarterly Financial Data - Summary of Consolidated Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $19,960 | $19,984 | $20,161 | $20,052 | $21,189 | $21,514 | $22,049 | $22,863 | ' | ' | ' |
Interest expense | 1,709 | 2,440 | 2,617 | 2,862 | 3,172 | 3,514 | 3,659 | 3,758 | 9,628 | 14,103 | 18,060 |
Net interest income | 18,251 | 17,544 | 17,544 | 17,190 | 18,017 | 18,000 | 18,390 | 19,105 | 70,529 | 73,512 | 77,327 |
Provision for loan losses | 200 | 700 | 800 | 1,100 | 3,100 | 1,400 | 1,700 | 1,700 | ' | ' | ' |
Net interest income after provision for loan losses | 18,051 | 16,844 | 16,744 | 16,090 | 14,917 | 16,600 | 16,690 | 17,405 | 67,729 | 65,612 | 69,577 |
Other income | 4,283 | 4,566 | 4,741 | 3,409 | 4,492 | 4,878 | 4,545 | 4,311 | ' | ' | ' |
Operating expenses | 19,611 | 13,784 | 13,724 | 12,666 | 13,244 | 13,839 | 12,867 | 12,941 | 59,785 | 52,891 | 52,664 |
Income before provision for income taxes | 2,723 | 7,626 | 7,761 | 6,833 | 6,165 | 7,639 | 8,368 | 8,775 | ' | ' | ' |
Provision for income taxes | 784 | 2,658 | 2,774 | 2,397 | 2,124 | 2,680 | 2,995 | 3,128 | 8,613 | 10,927 | 11,473 |
Net income | $1,939 | $4,968 | $4,987 | $4,436 | $4,041 | $4,959 | $5,373 | $5,647 | $16,330 | $20,020 | $20,741 |
Basic earnings per share | $0.12 | $0.29 | $0.29 | $0.26 | $0.23 | $0.28 | $0.30 | $0.32 | $0.96 | $1.13 | $1.14 |
Diluted earnings per share | $0.11 | $0.29 | $0.29 | $0.26 | $0.23 | $0.28 | $0.30 | $0.31 | $0.95 | $1.12 | $1.14 |