Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | OCFC | |
Entity Registrant Name | OCEANFIRST FINANCIAL CORP | |
Entity Central Index Key | 1004702 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,872,429 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $34,792 | $36,117 |
Securities available-for-sale, at estimated fair value | 30,019 | 19,804 |
Securities held-to-maturity, net (estimated fair value of $449,955 at March 31, 2015 and $474,215 at December 31, 2014) | 442,829 | 469,417 |
Federal Home Loan Bank of New York stock, at cost | 16,728 | 19,170 |
Loans receivable, net | 1,736,825 | 1,688,846 |
Mortgage loans held for sale | 6,020 | 4,201 |
Interest and dividends receivable | 5,474 | 5,506 |
Other real estate owned | 3,835 | 4,664 |
Premises and equipment, net | 24,868 | 24,738 |
Servicing asset | 548 | 701 |
Bank Owned Life Insurance | 56,494 | 56,048 |
Deferred tax asset | 15,372 | 15,594 |
Other assets | 10,337 | 11,908 |
Total assets | 2,384,141 | 2,356,714 |
Liabilities and Stockholders' Equity | ||
Deposits | 1,800,926 | 1,720,135 |
Securities sold under agreements to repurchase with retail customers | 65,879 | 67,812 |
Federal Home Loan Bank advances | 251,778 | 305,238 |
Other borrowings | 27,500 | 27,500 |
Due to brokers | 1,124 | |
Advances by borrowers for taxes and insurance | 7,485 | 6,323 |
Other liabilities | 9,147 | 11,447 |
Total liabilities | 2,163,839 | 2,138,455 |
Stockholders' equity: | ||
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 16,863,429 and 16,901,653 shares outstanding at March 31, 2015 and December 31, 2014, respectively | 336 | 336 |
Additional paid-in capital | 266,824 | 265,260 |
Retained earnings | 220,677 | 217,714 |
Accumulated other comprehensive loss | -6,788 | -7,109 |
Less: Unallocated common stock held by Employee Stock Ownership Plan | -3,259 | -3,330 |
Treasury stock 16,703,343 and 16,665,119 shares at March 31, 2015 and December 31, 2014, respectively | -257,488 | -254,612 |
Common stock acquired by Deferred Compensation Plan | -307 | -304 |
Deferred Compensation Plan Liability | 307 | 304 |
Total stockholders' equity | 220,302 | 218,259 |
Total liabilities and stockholders' equity | $2,384,141 | $2,356,714 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, net estimated fair value | $449,955,000 | $474,215,000 |
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 | 0 | 0 |
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 | 16,863,429 | 16,901,653 |
Treasury stock, shares | 16,703,343 | 16,665,119 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Loans | $18,029 | $17,246 |
Mortgage-backed securities | 1,623 | 1,763 |
Investment securities and other | 517 | 736 |
Total interest income | 20,169 | 19,745 |
Interest expense: | ||
Deposits | 955 | 1,096 |
Borrowed funds | 1,081 | 584 |
Total interest expense | 2,036 | 1,680 |
Net interest income | 18,133 | 18,065 |
Provision for loan losses | 375 | 530 |
Net interest income after provision for loan losses | 17,758 | 17,535 |
Other income: | ||
Bankcard services revenue | 783 | 791 |
Wealth management revenue | 528 | 540 |
Fees and service charges | 1,889 | 1,844 |
Loan servicing income | 52 | 228 |
Net gain on sale of loan servicing | 81 | |
Net gain on sales of loans available-for-sale | 193 | 132 |
Net gain (loss) from other real estate operations | 21 | -32 |
Income from Bank Owned Life Insurance | 446 | 338 |
Other | -7 | 1 |
Total other income | 3,986 | 3,842 |
Operating expenses: | ||
Compensation and employee benefits | 7,539 | 7,685 |
Occupancy | 1,454 | 1,464 |
Equipment | 798 | 756 |
Marketing | 274 | 532 |
Federal deposit insurance | 498 | 546 |
Data processing | 1,088 | 1,070 |
Check card processing | 475 | 446 |
Professional fees | 395 | 375 |
Other operating expense | 1,217 | 1,233 |
Total operating expenses | 13,738 | 14,107 |
Income before provision for income taxes | 8,006 | 7,270 |
Provision for income taxes | 2,744 | 2,563 |
Net income | $5,262 | $4,707 |
Basic earnings per share | $0.32 | $0.28 |
Diluted earnings per share | $0.32 | $0.28 |
Average basic shares outstanding | 16,476 | 16,884 |
Average diluted shares outstanding | 16,637 | 17,050 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $5,262 | $4,707 |
Other comprehensive income: | ||
Unrealized gain (loss) on securities (net of tax expense of $96 in 2015 and tax benefit of $77 in 2014) | 139 | -111 |
Accretion of unrealized loss on securities reclassified to held-to-maturity (net of tax expense of $125 and $107 in 2015 and 2014 respectively) | 182 | 155 |
Total comprehensive income | $5,583 | $4,751 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on securities, tax expense (benefit) | $96 | ($77) |
Accretion of unrealized loss on securities reclassified to held-to-maturity, tax expense | $125 | $107 |
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, 2013 | $214,350 | ($3,616) | $336 | $263,319 | $206,201 | ($6,619) | ($245,271) | ($665) | $665 | |
Net income | 4,707 | 4,707 | ||||||||
Other comprehensive income, net of tax | 44 | 44 | ||||||||
Tax benefit of stock plans | 50 | 50 | ||||||||
Stock awards | 180 | 180 | ||||||||
Treasury stock allocated to restricted stock plan | 661 | -97 | -564 | |||||||
Purchased 88,000 and 110,143 shares of common stock in 2014 and 2015 respectively | -1,522 | -1,522 | ||||||||
Allocation of ESOP stock | 151 | 72 | 79 | |||||||
Cash dividend $0.12 and $0.13 per share for 2014 and 2015 respectively | -2,035 | -2,035 | ||||||||
Exercise of stock options | 265 | -44 | 309 | |||||||
Sale of stock for the deferred compensation plan | 341 | -341 | ||||||||
Ending Balance at Mar. 31, 2014 | 216,190 | -3,544 | 336 | 264,289 | 208,732 | -6,575 | -247,048 | -324 | 324 | |
Beginning Balance at Dec. 31, 2014 | 218,259 | -3,330 | 336 | 265,260 | 217,714 | -7,109 | -254,612 | -304 | 304 | |
Net income | 5,262 | 5,262 | ||||||||
Other comprehensive income, net of tax | 321 | 321 | ||||||||
Tax benefit of stock plans | 7 | 7 | ||||||||
Stock awards | 292 | 292 | ||||||||
Treasury stock allocated to restricted stock plan | 1,195 | -139 | -1,056 | |||||||
Purchased 88,000 and 110,143 shares of common stock in 2014 and 2015 respectively | -1,881 | -1,881 | ||||||||
Allocation of ESOP stock | 141 | 71 | 70 | |||||||
Cash dividend $0.12 and $0.13 per share for 2014 and 2015 respectively | -2,146 | -2,146 | ||||||||
Exercise of stock options | 47 | -14 | 61 | |||||||
Purchase of stock for the deferred compensation plan | -3 | 3 | ||||||||
Ending Balance at Mar. 31, 2015 | $220,302 | ($3,259) | $336 | $266,824 | $220,677 | ($6,788) | ($257,488) | ($307) | $307 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Retained Earnings [Member] | ||
Cash dividend per share | $0.13 | $0.12 |
Treasury Stock [Member] | ||
Purchase of common stock, shares | 110,143 | 88,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $5,262 | $4,707 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 744 | 695 |
Allocation of ESOP stock | 141 | 151 |
Stock awards | 292 | 180 |
Amortization of servicing asset | 153 | 302 |
Net premium amortization in excess of discount accretion on securities | 596 | 737 |
Net amortization of deferred costs and discounts on loans | 22 | 7 |
Provision for loan losses | 375 | 530 |
Net gain on sale of other real estate owned | -67 | -31 |
Net gain on sales of loans | -193 | -132 |
Proceeds from sales of mortgage loans held for sale | 11,173 | 10,312 |
Mortgage loans originated for sale | -12,799 | -10,637 |
Increase in value of Bank Owned Life Insurance | -446 | -338 |
Decrease in interest and dividends receivable | 32 | 19 |
Decrease (increase) in other assets | 1,570 | -438 |
Decrease in other liabilities | -2,300 | -373 |
Total adjustments | -707 | 984 |
Net cash provided by operating activities | 4,555 | 5,691 |
Cash flows from investing activities: | ||
Net increase in loans receivable | -41,169 | -30,652 |
Purchase of loans receivable | -7,186 | |
Purchase of investment securities available-for-sale | -9,973 | -651 |
Purchase of mortgage-backed securities held-to-maturity | -10,134 | |
Purchase of investment-backed securities held-to-maturity | -5,003 | |
Proceeds from maturities of investment securities available-for-sale | 5,000 | |
Proceeds from maturities of investment securities held-to-maturity | 11,415 | 899 |
Principal repayments on mortgage-backed securities held-to-maturity | 14,879 | 13,289 |
Decrease (increase) in Federal Home Loan Bank of New York stock | 2,442 | -2,493 |
Proceeds from sales of other real estate owned | 875 | 525 |
Purchases of premises and equipment | -874 | -974 |
Net cash used in investing activities | -29,591 | -30,194 |
Cash flows from financing activities: | ||
Increase (decrease) in deposits | 80,791 | -26,632 |
(Decrease) increase in short-term borrowings | -75,393 | 15,222 |
Proceeds from Federal Home Loan Bank advances | 20,000 | 60,000 |
Repayments of Federal Home Loan Bank advances | -20,000 | |
Increase in advances by borrowers for taxes and insurance | 1,162 | 421 |
Exercise of stock options | 47 | 265 |
Purchase of treasury stock | -757 | |
Dividends paid | -2,146 | -2,035 |
Tax benefit of stock plans | 7 | 50 |
Net cash provided by financing activities | 23,711 | 27,291 |
Net (decrease) increase in cash and due from banks | -1,325 | 2,788 |
Cash and due from banks at beginning of period | 36,117 | 33,958 |
Cash and due from banks at end of period | 34,792 | 36,746 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 2,015 | 1,599 |
Income taxes | 162 | 1,240 |
Non-cash activities: | ||
Loans charged-off, net | 273 | 526 |
Transfer of loans receivable to other real estate owned | $606 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation |
The accompanying unaudited 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., OceanFirst Services, LLC and 975 Holdings, LLC. | |
The interim consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results of operations that may be expected for all of 2015. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the period. Actual results could differ from these estimates. | |
Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). | |
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report to Stockholders on Form 10-K for the year ended December 31, 2014. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings per Share | Note 2. Earnings per Share | ||||||||
The following reconciles shares outstanding for basic and diluted earnings per share for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted average shares issued net of Treasury shares | 16,902 | 17,397 | |||||||
Less: Unallocated ESOP shares | (391 | ) | (425 | ) | |||||
Unallocated incentive award shares and shares held by deferred compensation plan | (35 | ) | (88 | ) | |||||
Average basic shares outstanding | 16,476 | 16,884 | |||||||
Add: Effect of dilutive securities: | |||||||||
Stock options | 141 | 136 | |||||||
Shares held by deferred compensation plan | 20 | 30 | |||||||
Average diluted shares outstanding | 16,637 | 17,050 | |||||||
For the three months ended March 31, 2015 and 2014, antidilutive stock options of 813,000 and 597,000, respectively, were excluded from earnings per share calculations. |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Securities | Note 3. Securities | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2015 and December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 29,878 | $ | 149 | $ | (8 | ) | $ | 30,019 | ||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 76,163 | $ | 181 | $ | (2 | ) | $ | 76,342 | ||||||||||||||||
State and municipal obligations | 12,371 | 29 | (3 | ) | 12,397 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (8,800 | ) | 46,200 | ||||||||||||||||||||
Total investment securities | 143,534 | 210 | (8,805 | ) | 134,939 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 135,545 | 869 | (811 | ) | 135,603 | ||||||||||||||||||||
FNMA | 174,791 | 4,458 | (514 | ) | 178,735 | ||||||||||||||||||||
GNMA | 575 | 103 | — | 678 | |||||||||||||||||||||
Total mortgage-backed securities | 310,911 | 5,430 | (1,325 | ) | 315,016 | ||||||||||||||||||||
Total held-to-maturity | $ | 454,445 | $ | 5,640 | $ | (10,130 | ) | $ | 449,955 | ||||||||||||||||
Total securities | $ | 484,323 | $ | 5,789 | $ | (10,138 | ) | $ | 479,974 | ||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 19,900 | $ | — | $ | (96 | ) | $ | 19,804 | ||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 86,394 | $ | 97 | $ | (50 | ) | $ | 86,441 | ||||||||||||||||
State and municipal obligations | 13,829 | 25 | (8 | ) | 13,846 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (9,750 | ) | 45,250 | ||||||||||||||||||||
Total investment securities | 155,223 | 122 | (9,808 | ) | 145,537 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 141,494 | 609 | (1,659 | ) | 140,444 | ||||||||||||||||||||
FNMA | 184,003 | 4,674 | (1,182 | ) | 187,495 | ||||||||||||||||||||
GNMA | 620 | 119 | — | 739 | |||||||||||||||||||||
Total mortgage-backed securities | 326,117 | 5,402 | (2,841 | ) | 328,678 | ||||||||||||||||||||
Total held-to-maturity | $ | 481,340 | $ | 5,524 | $ | (12,649 | ) | $ | 474,215 | ||||||||||||||||
Total securities | $ | 501,240 | $ | 5,524 | $ | (12,745 | ) | $ | 494,019 | ||||||||||||||||
During the third quarter 2013, the Bank transferred $536.0 million of previously-designated available-for-sale securities to a held-to-maturity designation at estimated fair value. 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 March 31, 2015 and December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Amortized cost | $ | 454,445 | $ | 481,340 | |||||||||||||||||||||
Net loss on date of transfer from available-for-sale | (13,347 | ) | (13,347 | ) | |||||||||||||||||||||
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 1,731 | 1,424 | |||||||||||||||||||||||
Carrying value | $ | 442,829 | $ | 469,417 | |||||||||||||||||||||
There were no realized gains or losses on the sale of securities for the three months ended March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities at March 31, 2015 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 March 31, 2015, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $46.2 million, respectively, were callable prior to the maturity date. | |||||||||||||||||||||||||
March 31, 2015 | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Less than one year | $ | 40,959 | $ | 41,016 | |||||||||||||||||||||
Due after one year through five years | 77,113 | 77,400 | |||||||||||||||||||||||
Due after five years through ten years | 340 | 342 | |||||||||||||||||||||||
Due after ten years | 55,000 | 46,200 | |||||||||||||||||||||||
$ | 173,412 | $ | 164,958 | ||||||||||||||||||||||
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 and unrealized loss of securities available-for-sale and held-to-maturity at March 31, 2015 and December 31, 2014, segregated by the duration of the unrealized loss, are as follows (in thousands): | |||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 4,942 | $ | (8 | ) | $ | — | $ | — | $ | 4,942 | $ | (8 | ) | |||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | — | $ | — | $ | 5,069 | $ | (2 | ) | $ | 5,069 | $ | (2 | ) | |||||||||||
State and municipal obligations | 696 | (1 | ) | 1,034 | (2 | ) | 1,730 | (3 | ) | ||||||||||||||||
Corporate debt securities | — | — | 46,200 | (8,800 | ) | 46,200 | (8,800 | ) | |||||||||||||||||
Total investment securities | 696 | (1 | ) | 52,303 | (8,804 | ) | 52,999 | (8,805 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | — | — | 80,883 | (811 | ) | 80,883 | (811 | ) | |||||||||||||||||
FNMA | — | — | 40,394 | (514 | ) | 40,394 | (514 | ) | |||||||||||||||||
Total mortgage-backed securities | — | — | 121,277 | (1,325 | ) | 121,277 | (1,325 | ) | |||||||||||||||||
Total held-to-maturity | $ | 696 | $ | (1 | ) | $ | 173,580 | $ | (10,129 | ) | $ | 174,276 | $ | (10,130 | ) | ||||||||||
Total securities | $ | 5,638 | $ | (9 | ) | $ | 173,580 | $ | (10,129 | ) | $ | 179,218 | $ | (10,138 | ) | ||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 19,804 | $ | (96 | ) | $ | — | $ | — | $ | 19,804 | $ | (96 | ) | |||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 15,134 | $ | (9 | ) | $ | 25,409 | $ | (41 | ) | $ | 40,543 | $ | (50 | ) | ||||||||||
State and municipal obligations | 947 | (1 | ) | 1,827 | (7 | ) | 2,774 | (8 | ) | ||||||||||||||||
Corporate debt securities | — | — | 45,250 | (9,750 | ) | 45,250 | (9,750 | ) | |||||||||||||||||
Total investment securities | 16,081 | (10 | ) | 72,486 | (9,798 | ) | 88,567 | (9,808 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 9,155 | (34 | ) | 96,975 | (1,625 | ) | 106,130 | (1,659 | ) | ||||||||||||||||
FNMA | — | — | 64,932 | (1,182 | ) | 64,932 | (1,182 | ) | |||||||||||||||||
Total mortgage-backed securities | 9,155 | (34 | ) | 161,907 | (2,807 | ) | 171,062 | (2,841 | ) | ||||||||||||||||
Total held-to-maturity | $ | 25,236 | $ | (44 | ) | $ | 234,393 | $ | (12,605 | ) | $ | 259,629 | $ | (12,649 | ) | ||||||||||
Total securities | $ | 45,040 | $ | (140 | ) | $ | 234,393 | $ | (12,605 | ) | $ | 279,433 | $ | (12,745 | ) | ||||||||||
At March 31, 2015, 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 Rating | ||||||||||||||||||||||
Fair Value | Moody’s/S&P | ||||||||||||||||||||||||
BankAmerica Capital | $ | 15,000 | $ | 12,375 | Ba1/BB | ||||||||||||||||||||
Chase Capital | 10,000 | 8,500 | Baa2/BBB- | ||||||||||||||||||||||
Wells Fargo Capital | 5,000 | 4,375 | A3/BBB+ | ||||||||||||||||||||||
Huntington Capital | 5,000 | 4,000 | Baa3/BB | ||||||||||||||||||||||
Keycorp Capital | 5,000 | 4,150 | Baa3/BB+ | ||||||||||||||||||||||
PNC Capital | 5,000 | 4,325 | Baa2/BBB- | ||||||||||||||||||||||
State Street Capital | 5,000 | 4,325 | A3/BBB | ||||||||||||||||||||||
SunTrust Capital | 5,000 | 4,150 | Baa3/BB+ | ||||||||||||||||||||||
$ | 55,000 | $ | 46,200 | ||||||||||||||||||||||
At March 31, 2015, the estimated fair value of each corporate debt security was below cost. However, the estimated fair value of the corporate debt securities increased as compared to December 31, 2014. The corporate debt securities are issued by other financial institutions with credit ratings ranging from a high of A3 to a low of BB 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 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 March 31, 2015. 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 are also considered well-capitalized. 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 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. 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 March 31, 2015. |
Loans_Receivable_Net
Loans Receivable, Net | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||
Loans Receivable, Net | Note 4. Loans Receivable, Net | ||||||||||||||||||||||||
Loans receivable, net at March 31, 2015 and December 31, 2014 consisted of the following (in thousands): | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
One-to-four family | $ | 746,309 | $ | 737,889 | |||||||||||||||||||||
Commercial real estate, multi family and land | 667,770 | 649,951 | |||||||||||||||||||||||
Residential construction | 48,891 | 47,552 | |||||||||||||||||||||||
Consumer | 196,377 | 199,349 | |||||||||||||||||||||||
Commercial and industrial | 107,476 | 83,946 | |||||||||||||||||||||||
Total loans | 1,766,823 | 1,718,687 | |||||||||||||||||||||||
Loans in process | (16,790 | ) | (16,731 | ) | |||||||||||||||||||||
Deferred origination costs, net | 3,211 | 3,207 | |||||||||||||||||||||||
Allowance for loan losses | (16,419 | ) | (16,317 | ) | |||||||||||||||||||||
Loans receivable, net | $ | 1,736,825 | $ | 1,688,846 | |||||||||||||||||||||
At March 31, 2015 and December 31, 2014, loans in the amount of $19,406,000 and $18,307,000, 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 recorded investment in mortgage and consumer loans collateralized by residential real estate which are in the process of foreclosure amounted to $2,301,000 at March 31, 2015. The amount of foreclosed residential real estate property held by the Company was $3,791,000 at March 31, 2015. | |||||||||||||||||||||||||
The Company defines an impaired loan as all non-accrual commercial real estate, multi-family, land, construction and commercial loans in excess of $250,000. Impaired loans also include all loans modified as troubled debt restructurings. At March 31, 2015, the impaired loan portfolio totaled $38,045,000 for which there was a specific allocation in the allowance for loan losses of $1,718,000. At December 31, 2014, the impaired loan portfolio totaled $36,979,000 for which there was a specific allocation in the allowance for loan losses of $2,161,000. The average balance of impaired loans for the three months ended March 31, 2015 and 2014 was $36,307,000 and $40,441,000, respectively. | |||||||||||||||||||||||||
An analysis of the allowance for loan losses for the three ended March 31, 2015 and 2014 is as follows (in thousands): | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 16,317 | $ | 20,930 | |||||||||||||||||||||
Provision charged to operations | 375 | 530 | |||||||||||||||||||||||
Charge-offs | (358 | ) | (740 | ) | |||||||||||||||||||||
Recoveries | 85 | 214 | |||||||||||||||||||||||
Balance at end of period | $ | 16,419 | $ | 20,934 | |||||||||||||||||||||
The following table presents an analysis of the allowance for loan losses for the three months ended March 31, 2015 and 2014 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
Residential | Commercial | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | and Industrial | |||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,291 | $ | 8,935 | $ | 1,146 | $ | 863 | $ | 1,082 | $ | 16,317 | |||||||||||||
Provision (benefit) charged to operations | (52 | ) | 453 | 72 | (99 | ) | 1 | 375 | |||||||||||||||||
Charge-offs | (55 | ) | (88 | ) | (215 | ) | — | — | (358 | ) | |||||||||||||||
Recoveries | 22 | — | 60 | 3 | — | 85 | |||||||||||||||||||
Balance at end of period | $ | 4,206 | $ | 9,300 | $ | 1,063 | $ | 767 | $ | 1,083 | $ | 16,419 | |||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,859 | $ | 10,371 | $ | 1,360 | $ | 1,383 | $ | 2,957 | $ | 20,930 | |||||||||||||
Provision (benefit) charged to operations | (182 | ) | 1,034 | 115 | (298 | ) | (139 | ) | 530 | ||||||||||||||||
Charge-offs | (590 | ) | — | (109 | ) | (41 | ) | — | (740 | ) | |||||||||||||||
Recoveries | 203 | 8 | 3 | — | — | 214 | |||||||||||||||||||
Balance at end of period | $ | 4,290 | $ | 11,413 | $ | 1,369 | $ | 1,044 | $ | 2,818 | $ | 20,934 | |||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 34 | $ | 1,647 | $ | 37 | $ | — | $ | — | $ | 1,718 | |||||||||||||
Collectively evaluated for impairment | 4,172 | 7,653 | 1,026 | 767 | 1,083 | 14,701 | |||||||||||||||||||
Total ending allowance balance | $ | 4,206 | $ | 9,300 | $ | 1,063 | $ | 767 | $ | 1,083 | $ | 16,419 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,270 | $ | 22,368 | $ | 2,133 | $ | 274 | $ | — | $ | 38,045 | |||||||||||||
Loans collectively evaluated for impairment | 781,930 | 645,402 | 194,244 | 107,202 | — | 1,728,778 | |||||||||||||||||||
Total ending loan balance | $ | 795,200 | $ | 667,770 | $ | 196,377 | $ | 107,476 | $ | — | $ | 1,766,823 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 88 | $ | 1,741 | $ | 332 | $ | — | $ | — | $ | 2,161 | |||||||||||||
Collectively evaluated for impairment | 4,203 | 7,194 | 814 | 863 | 1,082 | 14,156 | |||||||||||||||||||
Total ending allowance balance | $ | 4,291 | $ | 8,935 | $ | 1,146 | $ | 863 | $ | 1,082 | $ | 16,317 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,879 | $ | 21,165 | $ | 2,221 | $ | 714 | $ | — | $ | 36,979 | |||||||||||||
Loans collectively evaluated for impairment | 772,562 | 628,786 | 197,128 | 83,232 | — | 1,681,708 | |||||||||||||||||||
Total ending loan balance | $ | 785,441 | $ | 649,951 | $ | 199,349 | $ | 83,946 | $ | — | $ | 1,718,687 | |||||||||||||
A summary of impaired loans at March 31, 2015 and December 31, 2014 is as follows (in thousands): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Impaired loans with no allocated allowance for loan losses | $ | 28,625 | $ | 26,487 | |||||||||||||||||||||
Impaired loans with allocated allowance for loan losses | 9,420 | 10,492 | |||||||||||||||||||||||
$ | 38,045 | $ | 36,979 | ||||||||||||||||||||||
Amount of the allowance for loan losses allocated | $ | 1,718 | $ | 2,161 | |||||||||||||||||||||
At March 31, 2015, impaired loans include troubled debt restructuring loans of $25,827,000 of which $22,674,000 were performing in accordance with their restructured terms for a minimum of six months and were accruing interest. At December 31, 2014, impaired loans include troubled debt restructuring loans of $23,493,000 of which $21,462,000 were performing in accordance with their restructured terms and were accruing interest. | |||||||||||||||||||||||||
The summary of loans individually evaluated for impairment by loan portfolio segment as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 follows (in thousands): | |||||||||||||||||||||||||
Unpaid | Recorded | Allowance | |||||||||||||||||||||||
Principal | Investment | for Loan | |||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||
Allocated | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 13,543 | $ | 13,159 | $ | — | |||||||||||||||||||
Commercial real estate | 13,210 | 13,167 | — | ||||||||||||||||||||||
Consumer | 2,517 | 2,025 | — | ||||||||||||||||||||||
Commercial and industrial | 274 | 274 | — | ||||||||||||||||||||||
$ | 29,544 | $ | 28,625 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 111 | $ | 111 | $ | 34 | |||||||||||||||||||
Commercial real estate | 9,201 | 9,201 | 1,647 | ||||||||||||||||||||||
Consumer | 108 | 108 | 37 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 9,420 | $ | 9,420 | $ | 1,718 | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 12,351 | $ | 11,931 | $ | — | |||||||||||||||||||
Commercial real estate | 12,174 | 12,142 | — | ||||||||||||||||||||||
Consumer | 2,243 | 1,700 | — | ||||||||||||||||||||||
Commercial and industrial | 714 | 714 | — | ||||||||||||||||||||||
$ | 27,482 | $ | 26,487 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 948 | $ | 948 | $ | 88 | |||||||||||||||||||
Commercial real estate | 9,023 | 9,023 | 1,741 | ||||||||||||||||||||||
Consumer | 521 | 521 | 332 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 10,492 | $ | 10,492 | $ | 2,161 | ||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 12,726 | $ | 146 | $ | 17,509 | $ | 146 | |||||||||||||||||
Commercial real estate | 12,648 | 72 | 3,270 | 19 | |||||||||||||||||||||
Consumer | 2,040 | 28 | 2,181 | 22 | |||||||||||||||||||||
Commercial and industrial | 274 | — | 278 | 2 | |||||||||||||||||||||
$ | 27,688 | $ | 246 | $ | 23,238 | $ | 189 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 111 | $ | 1 | $ | 1,267 | $ | 16 | |||||||||||||||||
Commercial real estate | 8,399 | 24 | 15,265 | 44 | |||||||||||||||||||||
Consumer | 109 | 1 | 671 | 10 | |||||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||||
$ | 8,619 | $ | 26 | $ | 17,203 | $ | 70 | ||||||||||||||||||
The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Residential real estate | $ | 3,969 | $ | 3,115 | |||||||||||||||||||||
Commercial real estate | 13,180 | 12,758 | |||||||||||||||||||||||
Consumer | 2,140 | 1,877 | |||||||||||||||||||||||
Commercial and industrial | 117 | 557 | |||||||||||||||||||||||
$ | 19,406 | $ | 18,307 | ||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of March 31, 2015 and December 31, 2014 by loan portfolio segment (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 | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Residential real estate | $ | 6,492 | $ | 2,172 | $ | 3,491 | $ | 12,155 | $ | 783,045 | $ | 795,200 | |||||||||||||
Commercial real estate | 2,143 | 4,081 | 13,180 | 19,404 | 648,366 | 667,770 | |||||||||||||||||||
Consumer | 251 | 158 | 2,028 | 2,437 | 193,940 | 196,377 | |||||||||||||||||||
Commercial and industrial | — | — | 117 | 117 | 107,359 | 107,476 | |||||||||||||||||||
$ | 8,886 | $ | 6,411 | $ | 18,816 | $ | 34,113 | $ | 1,732,710 | $ | 1,766,823 | ||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Residential real estate | $ | 7,365 | $ | 1,695 | $ | 1,619 | $ | 10,679 | $ | 774,762 | $ | 785,441 | |||||||||||||
Commercial real estate | 119 | — | 12,758 | 12,877 | 637,074 | 649,951 | |||||||||||||||||||
Consumer | 845 | 232 | 1,833 | 2,910 | 196,439 | 199,349 | |||||||||||||||||||
Commercial and industrial | — | — | 557 | 557 | 83,389 | 83,946 | |||||||||||||||||||
$ | 8,329 | $ | 1,927 | $ | 16,767 | $ | 27,023 | $ | 1,691,664 | $ | 1,718,687 | ||||||||||||||
The Company categorizes all commercial 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 rated loans. Loans not rated are included in groups of homogeneous loans. As of March 31, 2015 and December 31, 2014, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment is as follows (in thousands): | |||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Mention | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial real estate | $ | 625,076 | $ | 17,675 | $ | 25,019 | $ | — | $ | 667,770 | |||||||||||||||
Commercial and industrial | 106,563 | 173 | 740 | — | 107,476 | ||||||||||||||||||||
$ | 731,639 | $ | 17,848 | $ | 25,759 | $ | — | $ | 775,246 | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Commercial real estate | $ | 611,987 | $ | 12,684 | $ | 25,280 | $ | — | $ | 649,951 | |||||||||||||||
Commercial and industrial | 82,693 | 173 | 1,080 | — | 83,946 | ||||||||||||||||||||
$ | 694,680 | $ | 12,857 | $ | 26,360 | $ | — | $ | 733,897 | ||||||||||||||||
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 March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||
31-Mar-05 | |||||||||||||||||||||||||
Performing | $ | 791,231 | $ | 194,237 | |||||||||||||||||||||
Non-performing | 3,969 | 2,140 | |||||||||||||||||||||||
$ | 795,200 | $ | 196,377 | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Performing | $ | 782,326 | $ | 197,472 | |||||||||||||||||||||
Non-performing | 3,115 | 1,877 | |||||||||||||||||||||||
$ | 785,441 | $ | 199,349 | ||||||||||||||||||||||
The Company classifies certain loans as troubled debt restructurings 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. Included in the non-accrual loan total at March 31, 2015 and December 31, 2014 were $3,153,000 and $2,031,000, respectively, of troubled debt restructurings. At March 31, 2015 and December 31, 2014, the Company has allocated $387,000 and $419,000, 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 restructurings which are accruing at March 31, 2015 and December 31, 2014, which totaled $22,674,000 and $21,462,000, respectively. Troubled debt restructurings are considered in the allowance for loan losses similar to other impaired loans. | |||||||||||||||||||||||||
The following table presents information about troubled debt restructurings which occurred during the three months ended March 31, 2015 and 2014, and troubled debt restructurings modified within the previous year and which defaulted during the three months ended March 31, 2015 and 2014 (dollars in thousands): | |||||||||||||||||||||||||
Number of Loans | Pre-modification | Post-modification | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate | 2 | $ | 249 | $ | 249 | ||||||||||||||||||||
Commercial real estate | 2 | 2,093 | 2,005 | ||||||||||||||||||||||
Consumer | 3 | 136 | 136 | ||||||||||||||||||||||
Number of Loans | Recorded Investment | ||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | None | None | |||||||||||||||||||||||
Number of Loans | Pre-modification | Post-modification | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate | 3 | $ | 519 | $ | 445 | ||||||||||||||||||||
Consumer | 2 | 77 | 77 | ||||||||||||||||||||||
Number of Loans | Recorded Investment | ||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | |||||||||||||||||||||||||
Consumer | 3 | 229 |
Reserve_for_Repurchased_Loans_
Reserve for Repurchased Loans and Loss Sharing Obligations | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Reserve for Repurchased Loans and Loss Sharing Obligations | Note 5. Reserve for Repurchased Loans and Loss Sharing Obligations |
The reserve for repurchased loans and loss sharing obligations was $1,032,000 at March 31, 2015, unchanged from December 31, 2014 and $1,468,000 at March 31, 2014, unchanged from December 31, 2013. 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 reserve is included in other liabilities in the accompanying statements of financial condition. | |
At March 31, 2015, there was one outstanding loan repurchase request which was resolved at no loss subsequent to the end of the quarter. There were no outstanding loan repurchase requests at December 31, 2014. |
Deposits
Deposits | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Deposits | Note 6. Deposits | ||||||||
The major types of deposits at March 31, 2015 and December 31, 2014 were as follows (in thousands): | |||||||||
Type of Account | March 31, 2015 | December 31, 2014 | |||||||
Non-interest-bearing | $ | 308,036 | $ | 279,944 | |||||
Interest-bearing checking | 864,398 | 836,120 | |||||||
Money market deposit | 107,937 | 95,663 | |||||||
Savings | 306,291 | 301,190 | |||||||
Time deposits | 214,264 | 207,218 | |||||||
Total deposits | $ | 1,800,926 | $ | 1,720,135 | |||||
Included in time deposits at March 31, 2015 and December 31, 2014, is $75,504,000 and $64,416,000, respectively, in deposits of $100,000 and over. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 7. Recent 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 in the first quarter of 2015 did not to have a material impact on the Company’s consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 8. 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 three months ended March 31, 2015. 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 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 its corporate bonds. 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. 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 costs. Fair value is based on independent appraisals. | |||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value as of March 31, 2015 and December 31, 2014, 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 | ||||||||||||||
March 31, 2015 | Value | Inputs | Inputs | Inputs | |||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 30,019 | $ | — | $ | 30,019 | $ | — | |||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 3,835 | — | — | 3,835 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 10,553 | — | — | 10,553 | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2014 | Value | Inputs | Inputs | Inputs | |||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 19,804 | $ | — | $ | 19,804 | $ | — | |||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 4,664 | — | — | 4,664 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 11,675 | — | — | 11,675 | |||||||||||||
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 its corporate debt securities. Management’s policy is to obtain and review all available documentation from the third party pricing service relating to their fair value determinations, including their methodology and summary of inputs. Management reviews this documentation, makes inquiries of the third party pricing service and 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 market 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 is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||
Securities Sold Under Agreements to Repurchase with Retail Customers | |||||||||||||||||
Fair value approximates the carrying amount as these borrowings are payable on demand and the interest rate adjusts monthly. | |||||||||||||||||
Borrowed Funds | |||||||||||||||||
Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. | |||||||||||||||||
The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of March 31, 2015 and December 31, 2014 are presented in the following tables (in thousands): | |||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
March 31, 2105 | Book | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 34,792 | $ | 34,792 | $ | — | $ | — | |||||||||
Securities held-to-maturity | 442,829 | — | 449,955 | — | |||||||||||||
Federal Home Loan Bank of New York stock | 16,728 | — | — | 16,728 | |||||||||||||
Loans receivable and mortgage loans held for sale | 1,742,845 | — | — | 1,762,277 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,586,662 | — | 1,586,662 | — | |||||||||||||
Time deposits | 214,264 | — | 216,169 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 65,879 | 65,879 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 279,278 | — | 280,655 | — | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
December 31, 2014 | Book | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 36,117 | $ | 36,117 | $ | — | $ | — | |||||||||
Securities held-to-maturity | 469,417 | — | 474,215 | — | |||||||||||||
Federal Home Loan Bank of New York stock | 19,170 | — | — | 19,170 | |||||||||||||
Loans receivable and mortgage loans held for sale | 1,693,047 | — | — | 1,709,819 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,512,917 | — | 1,512,917 | — | |||||||||||||
Time deposits | 207,218 | — | 208,651 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 67,812 | 67,812 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 332,738 | — | 332,432 | — | |||||||||||||
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. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent 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 in the first quarter of 2015 did not to have a material impact on the Company’s consolidated financial statements. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share | The following reconciles shares outstanding for basic and diluted earnings per share for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted average shares issued net of Treasury shares | 16,902 | 17,397 | |||||||
Less: Unallocated ESOP shares | (391 | ) | (425 | ) | |||||
Unallocated incentive award shares and shares held by deferred compensation plan | (35 | ) | (88 | ) | |||||
Average basic shares outstanding | 16,476 | 16,884 | |||||||
Add: Effect of dilutive securities: | |||||||||
Stock options | 141 | 136 | |||||||
Shares held by deferred compensation plan | 20 | 30 | |||||||
Average diluted shares outstanding | 16,637 | 17,050 | |||||||
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity | The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2015 and December 31, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 29,878 | $ | 149 | $ | (8 | ) | $ | 30,019 | ||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 76,163 | $ | 181 | $ | (2 | ) | $ | 76,342 | ||||||||||||||||
State and municipal obligations | 12,371 | 29 | (3 | ) | 12,397 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (8,800 | ) | 46,200 | ||||||||||||||||||||
Total investment securities | 143,534 | 210 | (8,805 | ) | 134,939 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 135,545 | 869 | (811 | ) | 135,603 | ||||||||||||||||||||
FNMA | 174,791 | 4,458 | (514 | ) | 178,735 | ||||||||||||||||||||
GNMA | 575 | 103 | — | 678 | |||||||||||||||||||||
Total mortgage-backed securities | 310,911 | 5,430 | (1,325 | ) | 315,016 | ||||||||||||||||||||
Total held-to-maturity | $ | 454,445 | $ | 5,640 | $ | (10,130 | ) | $ | 449,955 | ||||||||||||||||
Total securities | $ | 484,323 | $ | 5,789 | $ | (10,138 | ) | $ | 479,974 | ||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 19,900 | $ | — | $ | (96 | ) | $ | 19,804 | ||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 86,394 | $ | 97 | $ | (50 | ) | $ | 86,441 | ||||||||||||||||
State and municipal obligations | 13,829 | 25 | (8 | ) | 13,846 | ||||||||||||||||||||
Corporate debt securities | 55,000 | — | (9,750 | ) | 45,250 | ||||||||||||||||||||
Total investment securities | 155,223 | 122 | (9,808 | ) | 145,537 | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 141,494 | 609 | (1,659 | ) | 140,444 | ||||||||||||||||||||
FNMA | 184,003 | 4,674 | (1,182 | ) | 187,495 | ||||||||||||||||||||
GNMA | 620 | 119 | — | 739 | |||||||||||||||||||||
Total mortgage-backed securities | 326,117 | 5,402 | (2,841 | ) | 328,678 | ||||||||||||||||||||
Total held-to-maturity | $ | 481,340 | $ | 5,524 | $ | (12,649 | ) | $ | 474,215 | ||||||||||||||||
Total securities | $ | 501,240 | $ | 5,524 | $ | (12,745 | ) | $ | 494,019 | ||||||||||||||||
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the held-to-maturity investment securities at March 31, 2015 and December 31, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Amortized cost | $ | 454,445 | $ | 481,340 | |||||||||||||||||||||
Net loss on date of transfer from available-for-sale | (13,347 | ) | (13,347 | ) | |||||||||||||||||||||
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 1,731 | 1,424 | |||||||||||||||||||||||
Carrying value | $ | 442,829 | $ | 469,417 | |||||||||||||||||||||
Contractual Maturity of Investment Securities | The amortized cost and estimated fair value of investment securities at March 31, 2015 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 March 31, 2015, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $46.2 million, respectively, were callable prior to the maturity date. | ||||||||||||||||||||||||
March 31, 2015 | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
Less than one year | $ | 40,959 | $ | 41,016 | |||||||||||||||||||||
Due after one year through five years | 77,113 | 77,400 | |||||||||||||||||||||||
Due after five years through ten years | 340 | 342 | |||||||||||||||||||||||
Due after ten years | 55,000 | 46,200 | |||||||||||||||||||||||
$ | 173,412 | $ | 164,958 | ||||||||||||||||||||||
Estimated Fair Value and Unrealized Loss of Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized loss of securities available-for-sale and held-to-maturity at March 31, 2015 and December 31, 2014, segregated by the duration of the unrealized loss, are as follows (in thousands): | ||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 4,942 | $ | (8 | ) | $ | — | $ | — | $ | 4,942 | $ | (8 | ) | |||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | — | $ | — | $ | 5,069 | $ | (2 | ) | $ | 5,069 | $ | (2 | ) | |||||||||||
State and municipal obligations | 696 | (1 | ) | 1,034 | (2 | ) | 1,730 | (3 | ) | ||||||||||||||||
Corporate debt securities | — | — | 46,200 | (8,800 | ) | 46,200 | (8,800 | ) | |||||||||||||||||
Total investment securities | 696 | (1 | ) | 52,303 | (8,804 | ) | 52,999 | (8,805 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | — | — | 80,883 | (811 | ) | 80,883 | (811 | ) | |||||||||||||||||
FNMA | — | — | 40,394 | (514 | ) | 40,394 | (514 | ) | |||||||||||||||||
Total mortgage-backed securities | — | — | 121,277 | (1,325 | ) | 121,277 | (1,325 | ) | |||||||||||||||||
Total held-to-maturity | $ | 696 | $ | (1 | ) | $ | 173,580 | $ | (10,129 | ) | $ | 174,276 | $ | (10,130 | ) | ||||||||||
Total securities | $ | 5,638 | $ | (9 | ) | $ | 173,580 | $ | (10,129 | ) | $ | 179,218 | $ | (10,138 | ) | ||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 19,804 | $ | (96 | ) | $ | — | $ | — | $ | 19,804 | $ | (96 | ) | |||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||
U.S. agency obligations | $ | 15,134 | $ | (9 | ) | $ | 25,409 | $ | (41 | ) | $ | 40,543 | $ | (50 | ) | ||||||||||
State and municipal obligations | 947 | (1 | ) | 1,827 | (7 | ) | 2,774 | (8 | ) | ||||||||||||||||
Corporate debt securities | — | — | 45,250 | (9,750 | ) | 45,250 | (9,750 | ) | |||||||||||||||||
Total investment securities | 16,081 | (10 | ) | 72,486 | (9,798 | ) | 88,567 | (9,808 | ) | ||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FHLMC | 9,155 | (34 | ) | 96,975 | (1,625 | ) | 106,130 | (1,659 | ) | ||||||||||||||||
FNMA | — | — | 64,932 | (1,182 | ) | 64,932 | (1,182 | ) | |||||||||||||||||
Total mortgage-backed securities | 9,155 | (34 | ) | 161,907 | (2,807 | ) | 171,062 | (2,841 | ) | ||||||||||||||||
Total held-to-maturity | $ | 25,236 | $ | (44 | ) | $ | 234,393 | $ | (12,605 | ) | $ | 259,629 | $ | (12,649 | ) | ||||||||||
Total securities | $ | 45,040 | $ | (140 | ) | $ | 234,393 | $ | (12,605 | ) | $ | 279,433 | $ | (12,745 | ) | ||||||||||
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities | At March 31, 2015, 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 Rating | ||||||||||||||||||||||
Fair Value | Moody’s/S&P | ||||||||||||||||||||||||
BankAmerica Capital | $ | 15,000 | $ | 12,375 | Ba1/BB | ||||||||||||||||||||
Chase Capital | 10,000 | 8,500 | Baa2/BBB- | ||||||||||||||||||||||
Wells Fargo Capital | 5,000 | 4,375 | A3/BBB+ | ||||||||||||||||||||||
Huntington Capital | 5,000 | 4,000 | Baa3/BB | ||||||||||||||||||||||
Keycorp Capital | 5,000 | 4,150 | Baa3/BB+ | ||||||||||||||||||||||
PNC Capital | 5,000 | 4,325 | Baa2/BBB- | ||||||||||||||||||||||
State Street Capital | 5,000 | 4,325 | A3/BBB | ||||||||||||||||||||||
SunTrust Capital | 5,000 | 4,150 | Baa3/BB+ | ||||||||||||||||||||||
$ | 55,000 | $ | 46,200 | ||||||||||||||||||||||
Loans_Receivable_Net_Tables
Loans Receivable, Net (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||
Components of Loans Receivable, Net | Loans receivable, net at March 31, 2015 and December 31, 2014 consisted of the following (in thousands): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
One-to-four family | $ | 746,309 | $ | 737,889 | |||||||||||||||||||||
Commercial real estate, multi family and land | 667,770 | 649,951 | |||||||||||||||||||||||
Residential construction | 48,891 | 47,552 | |||||||||||||||||||||||
Consumer | 196,377 | 199,349 | |||||||||||||||||||||||
Commercial and industrial | 107,476 | 83,946 | |||||||||||||||||||||||
Total loans | 1,766,823 | 1,718,687 | |||||||||||||||||||||||
Loans in process | (16,790 | ) | (16,731 | ) | |||||||||||||||||||||
Deferred origination costs, net | 3,211 | 3,207 | |||||||||||||||||||||||
Allowance for loan losses | (16,419 | ) | (16,317 | ) | |||||||||||||||||||||
Loans receivable, net | $ | 1,736,825 | $ | 1,688,846 | |||||||||||||||||||||
Analysis of Allowance for Loan Losses | An analysis of the allowance for loan losses for the three ended March 31, 2015 and 2014 is as follows (in thousands): | ||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 16,317 | $ | 20,930 | |||||||||||||||||||||
Provision charged to operations | 375 | 530 | |||||||||||||||||||||||
Charge-offs | (358 | ) | (740 | ) | |||||||||||||||||||||
Recoveries | 85 | 214 | |||||||||||||||||||||||
Balance at end of period | $ | 16,419 | $ | 20,934 | |||||||||||||||||||||
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 three months ended March 31, 2015 and 2014 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Residential | Commercial | Consumer | Commercial | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | and Industrial | |||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,291 | $ | 8,935 | $ | 1,146 | $ | 863 | $ | 1,082 | $ | 16,317 | |||||||||||||
Provision (benefit) charged to operations | (52 | ) | 453 | 72 | (99 | ) | 1 | 375 | |||||||||||||||||
Charge-offs | (55 | ) | (88 | ) | (215 | ) | — | — | (358 | ) | |||||||||||||||
Recoveries | 22 | — | 60 | 3 | — | 85 | |||||||||||||||||||
Balance at end of period | $ | 4,206 | $ | 9,300 | $ | 1,063 | $ | 767 | $ | 1,083 | $ | 16,419 | |||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,859 | $ | 10,371 | $ | 1,360 | $ | 1,383 | $ | 2,957 | $ | 20,930 | |||||||||||||
Provision (benefit) charged to operations | (182 | ) | 1,034 | 115 | (298 | ) | (139 | ) | 530 | ||||||||||||||||
Charge-offs | (590 | ) | — | (109 | ) | (41 | ) | — | (740 | ) | |||||||||||||||
Recoveries | 203 | 8 | 3 | — | — | 214 | |||||||||||||||||||
Balance at end of period | $ | 4,290 | $ | 11,413 | $ | 1,369 | $ | 1,044 | $ | 2,818 | $ | 20,934 | |||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 34 | $ | 1,647 | $ | 37 | $ | — | $ | — | $ | 1,718 | |||||||||||||
Collectively evaluated for impairment | 4,172 | 7,653 | 1,026 | 767 | 1,083 | 14,701 | |||||||||||||||||||
Total ending allowance balance | $ | 4,206 | $ | 9,300 | $ | 1,063 | $ | 767 | $ | 1,083 | $ | 16,419 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,270 | $ | 22,368 | $ | 2,133 | $ | 274 | $ | — | $ | 38,045 | |||||||||||||
Loans collectively evaluated for impairment | 781,930 | 645,402 | 194,244 | 107,202 | — | 1,728,778 | |||||||||||||||||||
Total ending loan balance | $ | 795,200 | $ | 667,770 | $ | 196,377 | $ | 107,476 | $ | — | $ | 1,766,823 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 88 | $ | 1,741 | $ | 332 | $ | — | $ | — | $ | 2,161 | |||||||||||||
Collectively evaluated for impairment | 4,203 | 7,194 | 814 | 863 | 1,082 | 14,156 | |||||||||||||||||||
Total ending allowance balance | $ | 4,291 | $ | 8,935 | $ | 1,146 | $ | 863 | $ | 1,082 | $ | 16,317 | |||||||||||||
Loans: | |||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,879 | $ | 21,165 | $ | 2,221 | $ | 714 | $ | — | $ | 36,979 | |||||||||||||
Loans collectively evaluated for impairment | 772,562 | 628,786 | 197,128 | 83,232 | — | 1,681,708 | |||||||||||||||||||
Total ending loan balance | $ | 785,441 | $ | 649,951 | $ | 199,349 | $ | 83,946 | $ | — | $ | 1,718,687 | |||||||||||||
Summary of Impaired Loans | A summary of impaired loans at March 31, 2015 and December 31, 2014 is as follows (in thousands): | ||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Impaired loans with no allocated allowance for loan losses | $ | 28,625 | $ | 26,487 | |||||||||||||||||||||
Impaired loans with allocated allowance for loan losses | 9,420 | 10,492 | |||||||||||||||||||||||
$ | 38,045 | $ | 36,979 | ||||||||||||||||||||||
Amount of the allowance for loan losses allocated | $ | 1,718 | $ | 2,161 | |||||||||||||||||||||
Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment | The summary of loans individually evaluated for impairment by loan portfolio segment as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 follows (in thousands): | ||||||||||||||||||||||||
Unpaid | Recorded | Allowance | |||||||||||||||||||||||
Principal | Investment | for Loan | |||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||
Allocated | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 13,543 | $ | 13,159 | $ | — | |||||||||||||||||||
Commercial real estate | 13,210 | 13,167 | — | ||||||||||||||||||||||
Consumer | 2,517 | 2,025 | — | ||||||||||||||||||||||
Commercial and industrial | 274 | 274 | — | ||||||||||||||||||||||
$ | 29,544 | $ | 28,625 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 111 | $ | 111 | $ | 34 | |||||||||||||||||||
Commercial real estate | 9,201 | 9,201 | 1,647 | ||||||||||||||||||||||
Consumer | 108 | 108 | 37 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 9,420 | $ | 9,420 | $ | 1,718 | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 12,351 | $ | 11,931 | $ | — | |||||||||||||||||||
Commercial real estate | 12,174 | 12,142 | — | ||||||||||||||||||||||
Consumer | 2,243 | 1,700 | — | ||||||||||||||||||||||
Commercial and industrial | 714 | 714 | — | ||||||||||||||||||||||
$ | 27,482 | $ | 26,487 | $ | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 948 | $ | 948 | $ | 88 | |||||||||||||||||||
Commercial real estate | 9,023 | 9,023 | 1,741 | ||||||||||||||||||||||
Consumer | 521 | 521 | 332 | ||||||||||||||||||||||
Commercial and industrial | — | — | — | ||||||||||||||||||||||
$ | 10,492 | $ | 10,492 | $ | 2,161 | ||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 12,726 | $ | 146 | $ | 17,509 | $ | 146 | |||||||||||||||||
Commercial real estate | 12,648 | 72 | 3,270 | 19 | |||||||||||||||||||||
Consumer | 2,040 | 28 | 2,181 | 22 | |||||||||||||||||||||
Commercial and industrial | 274 | — | 278 | 2 | |||||||||||||||||||||
$ | 27,688 | $ | 246 | $ | 23,238 | $ | 189 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential real estate | $ | 111 | $ | 1 | $ | 1,267 | $ | 16 | |||||||||||||||||
Commercial real estate | 8,399 | 24 | 15,265 | 44 | |||||||||||||||||||||
Consumer | 109 | 1 | 671 | 10 | |||||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||||
$ | 8,619 | $ | 26 | $ | 17,203 | $ | 70 | ||||||||||||||||||
Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment | The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Residential real estate | $ | 3,969 | $ | 3,115 | |||||||||||||||||||||
Commercial real estate | 13,180 | 12,758 | |||||||||||||||||||||||
Consumer | 2,140 | 1,877 | |||||||||||||||||||||||
Commercial and industrial | 117 | 557 | |||||||||||||||||||||||
$ | 19,406 | $ | 18,307 | ||||||||||||||||||||||
Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of March 31, 2015 and December 31, 2014 by loan portfolio segment (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 | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Residential real estate | $ | 6,492 | $ | 2,172 | $ | 3,491 | $ | 12,155 | $ | 783,045 | $ | 795,200 | |||||||||||||
Commercial real estate | 2,143 | 4,081 | 13,180 | 19,404 | 648,366 | 667,770 | |||||||||||||||||||
Consumer | 251 | 158 | 2,028 | 2,437 | 193,940 | 196,377 | |||||||||||||||||||
Commercial and industrial | — | — | 117 | 117 | 107,359 | 107,476 | |||||||||||||||||||
$ | 8,886 | $ | 6,411 | $ | 18,816 | $ | 34,113 | $ | 1,732,710 | $ | 1,766,823 | ||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Residential real estate | $ | 7,365 | $ | 1,695 | $ | 1,619 | $ | 10,679 | $ | 774,762 | $ | 785,441 | |||||||||||||
Commercial real estate | 119 | — | 12,758 | 12,877 | 637,074 | 649,951 | |||||||||||||||||||
Consumer | 845 | 232 | 1,833 | 2,910 | 196,439 | 199,349 | |||||||||||||||||||
Commercial and industrial | — | — | 557 | 557 | 83,389 | 83,946 | |||||||||||||||||||
$ | 8,329 | $ | 1,927 | $ | 16,767 | $ | 27,023 | $ | 1,691,664 | $ | 1,718,687 | ||||||||||||||
Risk Category of Loans by Loan Portfolio Segment | As of March 31, 2015 and December 31, 2014, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment is as follows (in thousands): | ||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||
Mention | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Commercial real estate | $ | 625,076 | $ | 17,675 | $ | 25,019 | $ | — | $ | 667,770 | |||||||||||||||
Commercial and industrial | 106,563 | 173 | 740 | — | 107,476 | ||||||||||||||||||||
$ | 731,639 | $ | 17,848 | $ | 25,759 | $ | — | $ | 775,246 | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Commercial real estate | $ | 611,987 | $ | 12,684 | $ | 25,280 | $ | — | $ | 649,951 | |||||||||||||||
Commercial and industrial | 82,693 | 173 | 1,080 | — | 83,946 | ||||||||||||||||||||
$ | 694,680 | $ | 12,857 | $ | 26,360 | $ | — | $ | 733,897 | ||||||||||||||||
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 March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||
Residential | Consumer | ||||||||||||||||||||||||
31-Mar-05 | |||||||||||||||||||||||||
Performing | $ | 791,231 | $ | 194,237 | |||||||||||||||||||||
Non-performing | 3,969 | 2,140 | |||||||||||||||||||||||
$ | 795,200 | $ | 196,377 | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Performing | $ | 782,326 | $ | 197,472 | |||||||||||||||||||||
Non-performing | 3,115 | 1,877 | |||||||||||||||||||||||
$ | 785,441 | $ | 199,349 | ||||||||||||||||||||||
Troubled Debt Restructurings | The following table presents information about troubled debt restructurings which occurred during the three months ended March 31, 2015 and 2014, and troubled debt restructurings modified within the previous year and which defaulted during the three months ended March 31, 2015 and 2014 (dollars in thousands): | ||||||||||||||||||||||||
Number of Loans | Pre-modification | Post-modification | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate | 2 | $ | 249 | $ | 249 | ||||||||||||||||||||
Commercial real estate | 2 | 2,093 | 2,005 | ||||||||||||||||||||||
Consumer | 3 | 136 | 136 | ||||||||||||||||||||||
Number of Loans | Recorded Investment | ||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | None | None | |||||||||||||||||||||||
Number of Loans | Pre-modification | Post-modification | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Residential real estate | 3 | $ | 519 | $ | 445 | ||||||||||||||||||||
Consumer | 2 | 77 | 77 | ||||||||||||||||||||||
Number of Loans | Recorded Investment | ||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Which Subsequently Defaulted: | |||||||||||||||||||||||||
Consumer | 3 | 229 |
Deposits_Tables
Deposits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Summary of Major Types of Deposits | The major types of deposits at March 31, 2015 and December 31, 2014 were as follows (in thousands): | ||||||||
Type of Account | March 31, 2015 | December 31, 2014 | |||||||
Non-interest-bearing | $ | 308,036 | $ | 279,944 | |||||
Interest-bearing checking | 864,398 | 836,120 | |||||||
Money market deposit | 107,937 | 95,663 | |||||||
Savings | 306,291 | 301,190 | |||||||
Time deposits | 214,264 | 207,218 | |||||||
Total deposits | $ | 1,800,926 | $ | 1,720,135 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, 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 | ||||||||||||||
March 31, 2015 | Value | Inputs | Inputs | Inputs | |||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 30,019 | $ | — | $ | 30,019 | $ | — | |||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 3,835 | — | — | 3,835 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 10,553 | — | — | 10,553 | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2014 | Value | Inputs | Inputs | Inputs | |||||||||||||
Items measured on a recurring basis: | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||
U.S. agency obligations | $ | 19,804 | $ | — | $ | 19,804 | $ | — | |||||||||
Items measured on a non-recurring basis: | |||||||||||||||||
Other real estate owned | 4,664 | — | — | 4,664 | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 11,675 | — | — | 11,675 | |||||||||||||
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 March 31, 2015 and December 31, 2014 are presented in the following tables (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
March 31, 2105 | Book | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 34,792 | $ | 34,792 | $ | — | $ | — | |||||||||
Securities held-to-maturity | 442,829 | — | 449,955 | — | |||||||||||||
Federal Home Loan Bank of New York stock | 16,728 | — | — | 16,728 | |||||||||||||
Loans receivable and mortgage loans held for sale | 1,742,845 | — | — | 1,762,277 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,586,662 | — | 1,586,662 | — | |||||||||||||
Time deposits | 214,264 | — | 216,169 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 65,879 | 65,879 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 279,278 | — | 280,655 | — | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
December 31, 2014 | Book | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | Inputs | Inputs | Inputs | ||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 36,117 | $ | 36,117 | $ | — | $ | — | |||||||||
Securities held-to-maturity | 469,417 | — | 474,215 | — | |||||||||||||
Federal Home Loan Bank of New York stock | 19,170 | — | — | 19,170 | |||||||||||||
Loans receivable and mortgage loans held for sale | 1,693,047 | — | — | 1,709,819 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits other than time deposits | 1,512,917 | — | 1,512,917 | — | |||||||||||||
Time deposits | 207,218 | — | 208,651 | — | |||||||||||||
Securities sold under agreements to repurchase with retail customers | 67,812 | 67,812 | — | — | |||||||||||||
Federal Home Loan Bank advances and other borrowings | 332,738 | — | 332,432 | — |
Earnings_per_Share_Reconciliat
Earnings per Share - Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted average shares issued net of Treasury shares | 16,902 | 17,397 |
Less: Unallocated ESOP shares | -391 | -425 |
Unallocated incentive award shares and shares held by deferred compensation plan | -35 | -88 |
Average basic shares outstanding | 16,476 | 16,884 |
Average basic shares outstanding | 16,476 | 16,884 |
Add: Effect of dilutive securities: | ||
Stock options | 141 | 136 |
Shares held by deferred compensation plan | 20 | 30 |
Average diluted shares outstanding | 16,637 | 17,050 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive stock options excluded from earnings per share calculations | 813,000 | 597,000 |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Estimated Fair Value | $30,019 | $19,804 |
Held-to-maturity, Estimated Fair Value | 449,955 | 474,215 |
Total, Amortized Cost | 484,323 | 501,240 |
Total, Gross Unrealized Gains | 5,789 | 5,524 |
Total, Gross Unrealized Losses | -10,138 | -12,745 |
Total, Estimated Fair Value | 479,974 | 494,019 |
Corporate Debt Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 55,000 | |
Held-to-maturity, Estimated Fair Value | 46,200 | |
Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 454,445 | 481,340 |
Held-to-maturity, Gross Unrealized Gains | 5,640 | 5,524 |
Held-to-maturity, Gross Unrealized Losses | -10,130 | -12,649 |
Held-to-maturity, Estimated Fair Value | 449,955 | 474,215 |
Investment Securities [Member] | U.S. Agency Obligations [Member] | ||
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Amortized Cost | 29,878 | 19,900 |
Available-for-sale, Gross Unrealized Gains | 149 | |
Available-for-sale, Gross Unrealized Losses | -8 | -96 |
Available-for-sale, Estimated Fair Value | 30,019 | 19,804 |
Investment Securities [Member] | Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 143,534 | 155,223 |
Held-to-maturity, Gross Unrealized Gains | 210 | 122 |
Held-to-maturity, Gross Unrealized Losses | -8,805 | -9,808 |
Held-to-maturity, Estimated Fair Value | 134,939 | 145,537 |
Investment Securities [Member] | Held-to-Maturity Securities [Member] | U.S. Agency Obligations [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 76,163 | 86,394 |
Held-to-maturity, Gross Unrealized Gains | 181 | 97 |
Held-to-maturity, Gross Unrealized Losses | -2 | -50 |
Held-to-maturity, Estimated Fair Value | 76,342 | 86,441 |
Investment Securities [Member] | Held-to-Maturity Securities [Member] | State and Municipal Obligations [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 12,371 | 13,829 |
Held-to-maturity, Gross Unrealized Gains | 29 | 25 |
Held-to-maturity, Gross Unrealized Losses | -3 | -8 |
Held-to-maturity, Estimated Fair Value | 12,397 | 13,846 |
Investment Securities [Member] | Held-to-Maturity Securities [Member] | Corporate Debt Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 55,000 | 55,000 |
Held-to-maturity, Gross Unrealized Losses | -8,800 | -9,750 |
Held-to-maturity, Estimated Fair Value | 46,200 | 45,250 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 310,911 | 326,117 |
Held-to-maturity, Gross Unrealized Gains | 5,430 | 5,402 |
Held-to-maturity, Gross Unrealized Losses | -1,325 | -2,841 |
Held-to-maturity, Estimated Fair Value | 315,016 | 328,678 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FHLMC [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 135,545 | 141,494 |
Held-to-maturity, Gross Unrealized Gains | 869 | 609 |
Held-to-maturity, Gross Unrealized Losses | -811 | -1,659 |
Held-to-maturity, Estimated Fair Value | 135,603 | 140,444 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FNMA [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 174,791 | 184,003 |
Held-to-maturity, Gross Unrealized Gains | 4,458 | 4,674 |
Held-to-maturity, Gross Unrealized Losses | -514 | -1,182 |
Held-to-maturity, Estimated Fair Value | 178,735 | 187,495 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | GNMA [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 575 | 620 |
Held-to-maturity, Gross Unrealized Gains | 103 | 119 |
Held-to-maturity, Estimated Fair Value | $678 | $739 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale securities transferred to held-to-maturity securities | $536,000,000 | ||
Unrealized net loss on securities transferred from available-for-sale to held-to-maturity, Gross | 13,300,000 | ||
Realized gains or losses on the sale of securities | 0 | 0 | |
Corporate debt securities, callable, amortized cost | 55,000,000 | ||
Corporate debt securities, callable, estimated fair value | $46,200,000 | ||
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 |
Securities_Carrying_Value_of_H
Securities - Carrying Value of Held-to-Maturity Investment Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized cost | $454,445 | $481,340 |
Net loss on date of transfer from available-for-sale | -13,347 | -13,347 |
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 1,731 | 1,424 |
Carrying value | $442,829 | $469,417 |
Securities_Contractual_Maturit
Securities - Contractual Maturity of Investment Securities (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | |
Less than one year, Amortized Cost | $40,959 |
Due after one year through five years, Amortized Cost | 77,113 |
Due after five years through ten years, Amortized Cost | 340 |
Due after ten years, Amortized Cost | 55,000 |
Total Amortized Cost | 173,412 |
Less than one year, Estimated Fair Value | 41,016 |
Due after one year through five years, Estimated Fair Value | 77,400 |
Due after five years through ten years, Estimated Fair Value | 342 |
Due after ten years, Estimated Fair Value | 46,200 |
Total Estimated Fair Value | $164,958 |
Securities_Estimated_Fair_Valu
Securities - Estimated Fair Value and Unrealized Loss of Securities Available-for-Sale and Held-to-Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Total securities, Less than 12 months, Estimated Fair Value | $5,638 | $45,040 |
Total securities, Less than 12 months, Unrealized Losses | -9 | -140 |
Total securities, 12 months or longer, Estimated Fair Value | 173,580 | 234,393 |
Total securities, 12 months or longer, Unrealized Losses | -10,129 | -12,605 |
Total securities, Estimated Fair Value | 179,218 | 279,433 |
Total securities, Unrealized Losses | -10,138 | -12,745 |
Investment Securities [Member] | U.S. Agency Obligations [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Available-for-sale, Less than 12 months, Estimated Market Value | 4,942 | 19,804 |
Available-for-sale, Less than 12 months, Unrealized Losses | -8 | -96 |
Available-for-sale, 12 months or longer, Estimated Market Value | 0 | 0 |
Available-for-sale, 12 months or longer, Unrealized Losses | 0 | 0 |
Available-for-sale, Total, Estimated Market Value | 4,942 | 19,804 |
Available-for-sale, Total, Unrealized Losses | -8 | -96 |
Held-to-Maturity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 696 | 25,236 |
Held-to-maturity, Less than 12 months, Unrealized Losses | -1 | -44 |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 173,580 | 234,393 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -10,129 | -12,605 |
Held-to-maturity, Total, Estimated Fair Value | 174,276 | 259,629 |
Held-to-maturity, Total, Unrealized Losses | -10,130 | -12,649 |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 696 | 16,081 |
Held-to-maturity, Less than 12 months, Unrealized Losses | -1 | -10 |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 52,303 | 72,486 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -8,804 | -9,798 |
Held-to-maturity, Total, Estimated Fair Value | 52,999 | 88,567 |
Held-to-maturity, Total, Unrealized Losses | -8,805 | -9,808 |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | U.S. Agency Obligations [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 15,134 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | -9 | |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 5,069 | 25,409 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -2 | -41 |
Held-to-maturity, Total, Estimated Fair Value | 5,069 | 40,543 |
Held-to-maturity, Total, Unrealized Losses | -2 | -50 |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | State and Municipal Obligations [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 696 | 947 |
Held-to-maturity, Less than 12 months, Unrealized Losses | -1 | -1 |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 1,034 | 1,827 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -2 | -7 |
Held-to-maturity, Total, Estimated Fair Value | 1,730 | 2,774 |
Held-to-maturity, Total, Unrealized Losses | -3 | -8 |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, 12 months or longer, Estimated Fair Value | 46,200 | 45,250 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -8,800 | -9,750 |
Held-to-maturity, Total, Estimated Fair Value | 46,200 | 45,250 |
Held-to-maturity, Total, Unrealized Losses | -8,800 | -9,750 |
Held-to-Maturity Securities [Member] | Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 9,155 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | -34 | |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 121,277 | 161,907 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -1,325 | -2,807 |
Held-to-maturity, Total, Estimated Fair Value | 121,277 | 171,062 |
Held-to-maturity, Total, Unrealized Losses | -1,325 | -2,841 |
Held-to-Maturity Securities [Member] | Mortgage-Backed Securities [Member] | FHLMC [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 9,155 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | -34 | |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 80,883 | 96,975 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -811 | -1,625 |
Held-to-maturity, Total, Estimated Fair Value | 80,883 | 106,130 |
Held-to-maturity, Total, Unrealized Losses | -811 | -1,659 |
Held-to-Maturity Securities [Member] | Mortgage-Backed Securities [Member] | FNMA [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, 12 months or longer, Estimated Fair Value | 40,394 | 64,932 |
Held-to-maturity, 12 months or longer, Unrealized Losses | -514 | -1,182 |
Held-to-maturity, Total, Estimated Fair Value | 40,394 | 64,932 |
Held-to-maturity, Total, Unrealized Losses | ($514) | ($1,182) |
Securities_Amortized_Cost_Esti
Securities - Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Estimated Fair Value | $449,955 | $474,215 |
BankAmerica Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,000 | |
Estimated Fair Value | 12,375 | |
Credit Rating Moody's/S&P | Ba1/BB | |
Chase Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 10,000 | |
Estimated Fair Value | 8,500 | |
Credit Rating Moody's/S&P | Baa2/BBB- | |
Wells Fargo Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Estimated Fair Value | 4,375 | |
Credit Rating Moody's/S&P | A3/BBB+ | |
Huntington Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Estimated Fair Value | 4,000 | |
Credit Rating Moody's/S&P | Baa3/BB | |
Keycorp Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Estimated Fair Value | 4,150 | |
Credit Rating Moody's/S&P | Baa3/BB+ | |
PNC Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Estimated Fair Value | 4,325 | |
Credit Rating Moody's/S&P | Baa2/BBB- | |
State Street Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Estimated Fair Value | 4,325 | |
Credit Rating Moody's/S&P | A3/BBB | |
SunTrust Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,000 | |
Estimated Fair Value | 4,150 | |
Credit Rating Moody's/S&P | Baa3/BB+ | |
Corporate Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 55,000 | |
Estimated Fair Value | $46,200 |
Loans_Receivable_Net_Component
Loans Receivable, Net - Components of Loans Receivable, Net (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Consumer | $196,377 | $199,349 | ||
Commercial and industrial | 107,476 | 83,946 | ||
Total loans | 1,766,823 | 1,718,687 | ||
Loans in process | -16,790 | -16,731 | ||
Deferred origination costs, net | 3,211 | 3,207 | ||
Allowance for loan losses | -16,419 | -16,317 | -20,934 | -20,930 |
Loans receivable, net | 1,736,825 | 1,688,846 | ||
One-to-Four Family [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Real estate | 746,309 | 737,889 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Real estate | 667,770 | 649,951 | ||
Total loans | 667,770 | 649,951 | ||
Allowance for loan losses | -9,300 | -8,935 | -11,413 | -10,371 |
Residential Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Real estate | $48,891 | $47,552 |
Loans_Receivable_Net_Additiona
Loans Receivable, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans with non-accrual of interest | $19,406,000 | $18,307,000 | |
Financing receivables 90 days past due and still accruing | 0 | ||
Impaired loans on non-accrual commercial real estate, multi-family, land, construction and commercial loans | 250,000 | ||
Impaired loan portfolio total | 38,045,000 | 36,979,000 | |
Allocation in allowance for loan losses | 1,718,000 | 2,161,000 | |
Average balance of impaired loans | 36,307,000 | 40,441,000 | |
Troubled debt restructuring loans | 25,827,000 | 23,493,000 | |
Troubled debt restructuring loans with accrual interest | 22,674,000 | 21,462,000 | |
Non-accrual loan total troubled debt restructurings | 3,153,000 | 2,031,000 | |
Specific reserves to loans accruing troubled debt restructurings | 387,000 | 419,000 | |
Loans classified as troubled debt restructurings | 22,674,000 | 21,462,000 | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans with non-accrual of interest | 3,969,000 | 3,115,000 | |
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount | 2,301,000 | ||
Foreclosed property held | $3,791,000 |
Loans_Receivable_Net_Analysis_
Loans Receivable, Net - Analysis of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Receivables [Abstract] | ||
Balance at beginning of period | $16,317 | $20,930 |
Provision charged to operations | 375 | 530 |
Charge-offs | -358 | -740 |
Recoveries | 85 | 214 |
Balance at end of period | $16,419 | $20,934 |
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 $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Allowance for loan losses: | |||
Balance at beginning of period | $16,317 | $20,930 | |
Provision (benefit) charged to operations | 375 | 530 | |
Charge-offs | -358 | -740 | |
Recoveries | 85 | 214 | |
Balance at end of period | 16,419 | 20,934 | |
Ending allowance balance attributed to loans: | |||
Individually evaluated for impairment | 1,718 | 2,161 | |
Collectively evaluated for impairment | 14,701 | 14,156 | |
Total ending allowance balance | 16,419 | 16,317 | |
Loans: | |||
Loans individually evaluated for impairment | 38,045 | 36,979 | |
Loans collectively evaluated for impairment | 1,728,778 | 1,681,708 | |
Total loans | 1,766,823 | 1,718,687 | |
Residential Real Estate [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 4,291 | 4,859 | |
Provision (benefit) charged to operations | -52 | -182 | |
Charge-offs | -55 | -590 | |
Recoveries | 22 | 203 | |
Balance at end of period | 4,206 | 4,290 | |
Ending allowance balance attributed to loans: | |||
Individually evaluated for impairment | 34 | 88 | |
Collectively evaluated for impairment | 4,172 | 4,203 | |
Total ending allowance balance | 4,206 | 4,291 | |
Loans: | |||
Loans individually evaluated for impairment | 13,270 | 12,879 | |
Loans collectively evaluated for impairment | 781,930 | 772,562 | |
Total loans | 795,200 | 785,441 | |
Commercial Real Estate [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 8,935 | 10,371 | |
Provision (benefit) charged to operations | 453 | 1,034 | |
Charge-offs | -88 | ||
Recoveries | 8 | ||
Balance at end of period | 9,300 | 11,413 | |
Ending allowance balance attributed to loans: | |||
Individually evaluated for impairment | 1,647 | 1,741 | |
Collectively evaluated for impairment | 7,653 | 7,194 | |
Total ending allowance balance | 9,300 | 8,935 | |
Loans: | |||
Loans individually evaluated for impairment | 22,368 | 21,165 | |
Loans collectively evaluated for impairment | 645,402 | 628,786 | |
Total loans | 667,770 | 649,951 | |
Consumer [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 1,146 | 1,360 | |
Provision (benefit) charged to operations | 72 | 115 | |
Charge-offs | -215 | -109 | |
Recoveries | 60 | 3 | |
Balance at end of period | 1,063 | 1,369 | |
Ending allowance balance attributed to loans: | |||
Individually evaluated for impairment | 37 | 332 | |
Collectively evaluated for impairment | 1,026 | 814 | |
Total ending allowance balance | 1,063 | 1,146 | |
Loans: | |||
Loans individually evaluated for impairment | 2,133 | 2,221 | |
Loans collectively evaluated for impairment | 194,244 | 197,128 | |
Total loans | 196,377 | 199,349 | |
Commercial and Industrial [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 863 | 1,383 | |
Provision (benefit) charged to operations | -99 | -298 | |
Charge-offs | -41 | ||
Recoveries | 3 | ||
Balance at end of period | 767 | 1,044 | |
Ending allowance balance attributed to loans: | |||
Collectively evaluated for impairment | 767 | 863 | |
Total ending allowance balance | 767 | 863 | |
Loans: | |||
Loans individually evaluated for impairment | 274 | 714 | |
Loans collectively evaluated for impairment | 107,202 | 83,232 | |
Total loans | 107,476 | 83,946 | |
Unallocated [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 1,082 | 2,957 | |
Provision (benefit) charged to operations | 1 | -139 | |
Balance at end of period | 1,083 | 2,818 | |
Ending allowance balance attributed to loans: | |||
Collectively evaluated for impairment | 1,083 | 1,082 | |
Total ending allowance balance | $1,083 | $1,082 |
Loans_Receivable_Net_Summary_o
Loans Receivable, Net - Summary of Impaired Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Impaired loans with no allocated allowance for loan losses | $28,625 | $26,487 |
Impaired loans with allocated allowance for loan losses | 9,420 | 10,492 |
Total | 38,045 | 36,979 |
Amount of the allowance for loan losses allocated | $1,718 | $2,161 |
Loans_Receivable_Net_Summary_o1
Loans Receivable, Net - Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $38,045 | $36,979 | |
Allowance for Loan Losses Allocated | 1,718 | 2,161 | |
With No Related Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 29,544 | 27,482 | |
Recorded Investment | 28,625 | 26,487 | |
Average Recorded Investment | 27,688 | 23,238 | |
Interest Income Recognized | 246 | 189 | |
With an Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 9,420 | 10,492 | |
Recorded Investment | 9,420 | 10,492 | |
Allowance for Loan Losses Allocated | 1,718 | 2,161 | |
Average Recorded Investment | 8,619 | 17,203 | |
Interest Income Recognized | 26 | 70 | |
Residential Real Estate [Member] | With No Related Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 13,543 | 12,351 | |
Recorded Investment | 13,159 | 11,931 | |
Average Recorded Investment | 12,726 | 17,509 | |
Interest Income Recognized | 146 | 146 | |
Residential Real Estate [Member] | With an Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 111 | 948 | |
Recorded Investment | 111 | 948 | |
Allowance for Loan Losses Allocated | 34 | 88 | |
Average Recorded Investment | 111 | 1,267 | |
Interest Income Recognized | 1 | 16 | |
Commercial [Member] | With No Related Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 13,210 | 12,174 | |
Recorded Investment | 13,167 | 12,142 | |
Average Recorded Investment | 12,648 | 3,270 | |
Interest Income Recognized | 72 | 19 | |
Commercial [Member] | With an Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 9,201 | 9,023 | |
Recorded Investment | 9,201 | 9,023 | |
Allowance for Loan Losses Allocated | 1,647 | 1,741 | |
Average Recorded Investment | 8,399 | 15,265 | |
Interest Income Recognized | 24 | 44 | |
Consumer [Member] | With No Related Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,517 | 2,243 | |
Recorded Investment | 2,025 | 1,700 | |
Average Recorded Investment | 2,040 | 2,181 | |
Interest Income Recognized | 28 | 22 | |
Consumer [Member] | With an Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 108 | 521 | |
Recorded Investment | 108 | 521 | |
Allowance for Loan Losses Allocated | 37 | 332 | |
Average Recorded Investment | 109 | 671 | |
Interest Income Recognized | 1 | 10 | |
Commercial and Industrial [Member] | With No Related Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 274 | 714 | |
Recorded Investment | 274 | 714 | |
Average Recorded Investment | 274 | 278 | |
Interest Income Recognized | $2 |
Loans_Receivable_Net_Recorded_
Loans Receivable, Net - Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $19,406 | $18,307 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 2,140 | 1,877 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 117 | 557 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 3,969 | 3,115 |
Residential Real Estate [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 2,140 | 1,877 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $13,180 | $12,758 |
Loans_Receivable_Net_Aging_of_
Loans Receivable, Net - Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $8,886 | $8,329 |
60-89 Days Past Due | 6,411 | 1,927 |
Greater than 90 Days Past Due | 18,816 | 16,767 |
Total Past Due | 34,113 | 27,023 |
Loans Not Past Due | 1,732,710 | 1,691,664 |
Total loans | 1,766,823 | 1,718,687 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 6,492 | 7,365 |
60-89 Days Past Due | 2,172 | 1,695 |
Greater than 90 Days Past Due | 3,491 | 1,619 |
Total Past Due | 12,155 | 10,679 |
Loans Not Past Due | 783,045 | 774,762 |
Total loans | 795,200 | 785,441 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 2,143 | 119 |
60-89 Days Past Due | 4,081 | |
Greater than 90 Days Past Due | 13,180 | 12,758 |
Total Past Due | 19,404 | 12,877 |
Loans Not Past Due | 648,366 | 637,074 |
Total loans | 667,770 | 649,951 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 251 | 845 |
60-89 Days Past Due | 158 | 232 |
Greater than 90 Days Past Due | 2,028 | 1,833 |
Total Past Due | 2,437 | 2,910 |
Loans Not Past Due | 193,940 | 196,439 |
Total loans | 196,377 | 199,349 |
Consumer [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 196,377 | 199,349 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 117 | 557 |
Total Past Due | 117 | 557 |
Loans Not Past Due | 107,359 | 83,389 |
Total loans | $107,476 | $83,946 |
Loans_Receivable_Net_Risk_Cate
Loans Receivable, Net - Risk Category of Loans by Loan Portfolio Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $775,246 | $733,897 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 107,476 | 83,946 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 667,770 | 649,951 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 731,639 | 694,680 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 106,563 | 82,693 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 625,076 | 611,987 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 17,848 | 12,857 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 173 | 173 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 17,675 | 12,684 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 25,759 | 26,360 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 740 | 1,080 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $25,019 | $25,280 |
Loans_Receivable_Net_Recorded_1
Loans Receivable, Net - Recorded Investment in Residential and Consumer Loans Based on Payment Activity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | $19,406 | $18,307 |
Total loans | 1,766,823 | 1,718,687 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 2,140 | 1,877 |
Total loans | 196,377 | 199,349 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 3,969 | 3,115 |
Total loans | 795,200 | 785,441 |
Residential Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 791,231 | 782,326 |
Non-performing | 3,969 | 3,115 |
Total loans | 795,200 | 785,441 |
Residential Real Estate [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 194,237 | 197,472 |
Non-performing | 2,140 | 1,877 |
Total loans | $196,377 | $199,349 |
Loans_Receivable_Net_Troubled_
Loans Receivable, Net - Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 0 | |
Recorded Investment | $0 | |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | 3 |
Pre-modification Recorded Investment | 249 | 519 |
Post-modification Recorded Investment | 249 | 445 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 2 | |
Pre-modification Recorded Investment | 2,093 | |
Post-modification Recorded Investment | 2,005 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 3 | 2 |
Pre-modification Recorded Investment | 136 | 77 |
Post-modification Recorded Investment | 136 | 77 |
Consumer [Member] | Subsequently Defaulted [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 3 | |
Recorded Investment | $229 |
Reserve_for_Repurchased_Loans_1
Reserve for Repurchased Loans and Loss Sharing Obligations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
SecurityLoan | SecurityLoan | ||
Receivables [Abstract] | |||
Reserve for repurchased loans and loss sharing obligations | $1,032,000 | $1,468,000 | |
Outstanding number of loan repurchase requests | 1 | 0 |
Deposits_Summary_of_Major_Type
Deposits - Summary of Major Types of Deposits (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Non-interest-bearing | $308,036 | $279,944 |
Interest-bearing checking | 864,398 | 836,120 |
Money market deposit | 107,937 | 95,663 |
Savings | 306,291 | 301,190 |
Time deposits | 214,264 | 207,218 |
Total deposits | $1,800,926 | $1,720,135 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Time deposits, $100,000 and over | $75,504,000 | $64,416,000 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $30,019 | $19,804 |
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 | 30,019 | 19,804 |
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 | 3,835 | 4,664 |
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 | 10,553 | 11,675 |
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 | 30,019 | 19,804 |
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 | 3,835 | 4,664 |
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 | $10,553 | $11,675 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Securities held-to-maturity | $449,955 | $474,215 |
Financial Liabilities: | ||
Time deposits | 214,264 | 207,218 |
Securities sold under agreements to repurchase with retail customers | 65,879 | 67,812 |
Book Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 34,792 | 36,117 |
Securities held-to-maturity | 442,829 | 469,417 |
Federal Home Loan Bank of New York stock | 16,728 | 19,170 |
Loans receivable and mortgage loans held for sale | 1,742,845 | 1,693,047 |
Financial Liabilities: | ||
Deposits other than time deposits | 1,586,662 | 1,512,917 |
Time deposits | 214,264 | 207,218 |
Securities sold under agreements to repurchase with retail customers | 65,879 | 67,812 |
Federal Home Loan Bank advances and other borrowings | 279,278 | 332,738 |
Level 1 Inputs [Member] | ||
Financial Assets: | ||
Cash and due from banks | 34,792 | 36,117 |
Financial Liabilities: | ||
Securities sold under agreements to repurchase with retail customers | 65,879 | 67,812 |
Level 2 Inputs [Member] | ||
Financial Assets: | ||
Securities held-to-maturity | 449,955 | 474,215 |
Financial Liabilities: | ||
Deposits other than time deposits | 1,586,662 | 1,512,917 |
Time deposits | 216,169 | 208,651 |
Federal Home Loan Bank advances and other borrowings | 280,655 | 332,432 |
Level 3 Inputs [Member] | ||
Financial Assets: | ||
Federal Home Loan Bank of New York stock | 16,728 | 19,170 |
Loans receivable and mortgage loans held for sale | $1,762,277 | $1,709,819 |