Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | OCFC | |
Entity Registrant Name | OCEANFIRST FINANCIAL CORP | |
Entity Central Index Key | 1,004,702 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,280,057 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 50,576 | $ 36,117 |
Securities available-for-sale, at estimated fair value | 30,108 | 19,804 |
Securities held-to-maturity, net (estimated fair value of $400,852 at September 30, 2015 and $474,215 at December 31, 2014) | 392,932 | 469,417 |
Federal Home Loan Bank of New York stock, at cost | 15,970 | 19,170 |
Loans receivable, net | 1,938,972 | 1,688,846 |
Mortgage loans held for sale | 2,306 | 4,201 |
Interest and dividends receivable | 5,978 | 5,506 |
Other real estate owned | 3,262 | 4,664 |
Premises and equipment, net | 28,721 | 24,738 |
Servicing asset | 639 | 701 |
Bank Owned Life Insurance | 57,206 | 56,048 |
Deferred tax asset | 18,298 | 15,594 |
Other assets | 10,816 | 11,908 |
Core deposit intangible | 269 | |
Goodwill | 1,845 | |
Total assets | 2,557,898 | 2,356,714 |
Liabilities and Stockholders' Equity | ||
Deposits | 1,967,771 | 1,720,135 |
Securities sold under agreements to repurchase with retail customers | 77,993 | 67,812 |
Federal Home Loan Bank advances | 233,006 | 305,238 |
Other borrowings | 27,500 | 27,500 |
Advances by borrowers for taxes and insurance | 7,808 | 6,323 |
Other liabilities | 9,132 | 11,447 |
Total liabilities | $ 2,323,210 | $ 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 17,276,677 and 16,901,653 shares outstanding at September 30, 2015 and December 31, 2014, respectively | $ 336 | $ 336 |
Additional paid-in capital | 269,332 | 265,260 |
Retained earnings | 226,115 | 217,714 |
Accumulated other comprehensive loss | (6,326) | (7,109) |
Less: Unallocated common stock held by Employee Stock Ownership Plan | (3,116) | (3,330) |
Treasury stock, 16,290,095 and 16,665,119 shares at September 30, 2015 and December 31, 2014, respectively | (251,653) | (254,612) |
Common stock acquired by Deferred Compensation Plan | (311) | (304) |
Deferred Compensation Plan Liability | 311 | 304 |
Total stockholders' equity | 234,688 | 218,259 |
Total liabilities and stockholders' equity | $ 2,557,898 | $ 2,356,714 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, net estimated fair value | $ 400,852,000 | $ 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 | 17,276,677 | 16,901,653 |
Treasury stock, shares | 16,290,095 | 16,665,119 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Loans | $ 19,976,000 | $ 17,944,000 | $ 56,553,000 | $ 52,720,000 |
Mortgage-backed securities | 1,460,000 | 1,642,000 | 4,602,000 | 5,136,000 |
Investment securities and other | 534,000 | 556,000 | 1,560,000 | 1,929,000 |
Total interest income | 21,970,000 | 20,142,000 | 62,715,000 | 59,785,000 |
Interest expense: | ||||
Deposits | 1,162,000 | 1,010,000 | 3,084,000 | 3,092,000 |
Borrowed funds | 1,233,000 | 1,032,000 | 3,490,000 | 2,369,000 |
Total interest expense | 2,395,000 | 2,042,000 | 6,574,000 | 5,461,000 |
Net interest income | 19,575,000 | 18,100,000 | 56,141,000 | 54,324,000 |
Provision for loan losses | 300,000 | 1,000,000 | 975,000 | 1,805,000 |
Net interest income after provision for loan losses | 19,275,000 | 17,100,000 | 55,166,000 | 52,519,000 |
Other income: | ||||
Bankcard services revenue | 929,000 | 914,000 | 2,611,000 | 2,603,000 |
Wealth management revenue | 501,000 | 579,000 | 1,657,000 | 1,727,000 |
Fees and service charges | 2,091,000 | 2,379,000 | 6,042,000 | 6,484,000 |
Loan servicing income | 75,000 | 239,000 | 186,000 | 693,000 |
Net gain on sale of loan servicing | 111,000 | |||
Net gain on sales of loans available-for-sale | 260,000 | 226,000 | 637,000 | 577,000 |
Net gain on sale of investment securities available-for-sale | 0 | 591,000 | 0 | 938,000 |
Net loss from other real estate operations | (59,000) | (24,000) | (111,000) | (164,000) |
Income from Bank Owned Life Insurance | 348,000 | 382,000 | 1,158,000 | 1,097,000 |
Other | 7,000 | 18,000 | 2,000 | |
Total other income | 4,152,000 | 5,286,000 | 12,309,000 | 13,957,000 |
Operating expenses: | ||||
Compensation and employee benefits | 8,269,000 | 7,746,000 | 23,508,000 | 23,562,000 |
Occupancy | 1,508,000 | 1,327,000 | 4,204,000 | 4,154,000 |
Equipment | 951,000 | 879,000 | 2,562,000 | 2,403,000 |
Marketing | 398,000 | 294,000 | 1,087,000 | 1,436,000 |
Federal deposit insurance | 541,000 | 534,000 | 1,545,000 | 1,618,000 |
Data processing | 1,193,000 | 1,111,000 | 3,382,000 | 3,168,000 |
Check card processing | 490,000 | 518,000 | 1,388,000 | 1,458,000 |
Professional fees | 390,000 | 704,000 | 1,324,000 | 1,602,000 |
Other operating expense | 1,369,000 | 1,318,000 | 4,005,000 | 3,967,000 |
Amortization of core deposit intangible | 8,000 | 8,000 | ||
Merger related expenses | 1,030,000 | 1,264,000 | ||
Total operating expenses | 16,147,000 | 14,431,000 | 44,277,000 | 43,368,000 |
Income before provision for income taxes | 7,280,000 | 7,955,000 | 23,198,000 | 23,108,000 |
Provision for income taxes | 2,582,000 | 2,790,000 | 8,105,000 | 8,120,000 |
Net income | $ 4,698,000 | $ 5,165,000 | $ 15,093,000 | $ 14,988,000 |
Basic earnings per share | $ 0.28 | $ 0.31 | $ 0.91 | $ 0.89 |
Diluted earnings per share | $ 0.28 | $ 0.31 | $ 0.90 | $ 0.89 |
Average basic shares outstanding | 16,733 | 16,623 | 16,522 | 16,748 |
Average diluted shares outstanding | 16,953 | 16,704 | 16,746 | 16,865 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,698 | $ 5,165 | $ 15,093 | $ 14,988 |
Other comprehensive income: | ||||
Unrealized gain (loss) on securities (net of tax expense of $(27) and $(125) in 2015 and tax benefit of $100 and $386 in 2014) | 40 | (144) | 181 | (558) |
Accretion of unrealized loss on securities reclassified to held-to-maturity (net of tax expense of $152 and $415 in 2015 and $142 and $375 in 2014, respectively) | 221 | 206 | 602 | 542 |
Reclassification adjustment for gains included in net income (net of tax expense of $241 and $383 in 2014) | (349) | (554) | ||
Total comprehensive income | $ 4,959 | $ 4,878 | $ 15,876 | $ 14,418 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on securities, tax expense (benefit) | $ (27) | $ 100 | $ (125) | $ 386 |
Accretion of unrealized loss on securities reclassified to held-to-maturity, tax expense | $ 152 | 142 | $ 415 | 375 |
Reclassification adjustment for gains included in net income, tax expense | $ 241 | $ 383 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Employee Stock Ownership Plan [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Gain [Member] | Treasury Stock [Member] | Common Stock Acquired by Deferred Compensation Plan [Member] | Deferred Compensation Plan Liability [Member] |
Beginning Balance at Dec. 31, 2013 | $ 214,350 | $ (3,616) | $ 336 | $ 263,319 | $ 206,201 | $ (6,619) | $ (245,271) | $ (665) | $ 665 |
Net income | 14,988 | 14,988 | |||||||
Other comprehensive income (loss), net of tax | (570) | (570) | |||||||
Tax benefit of stock plans | 57 | 57 | |||||||
Stock awards | 678 | 678 | |||||||
Treasury stock allocated to restricted stock plan | 678 | (99) | (579) | ||||||
Purchased 334,630 and 373,594 shares of common stock in 2014 and 2015 respectively | (5,562) | (5,562) | |||||||
Allocation of ESOP stock | 431 | 215 | 216 | ||||||
Cash dividend $0.36 and $0.39 per share for 2014 and 2015 respectively | (6,071) | (6,071) | |||||||
Exercise of stock options | 349 | (67) | 416 | ||||||
Sale/Purchase of stock for the deferred compensation plan | 363 | (363) | |||||||
Ending Balance at Sep. 30, 2014 | 218,650 | (3,401) | 336 | 264,948 | 214,952 | (7,189) | (250,996) | (302) | 302 |
Beginning Balance at Dec. 31, 2014 | 218,259 | (3,330) | 336 | 265,260 | 217,714 | (7,109) | (254,612) | (304) | 304 |
Net income | 15,093 | 15,093 | |||||||
Other comprehensive income (loss), net of tax | 783 | 783 | |||||||
Tax benefit of stock plans | 13 | 13 | |||||||
Stock awards | 985 | 985 | |||||||
Treasury stock allocated to restricted stock plan | 1,215 | (142) | (1,073) | ||||||
Issued 660,998 treasury shares to finance acquisition | 11,818 | 1,633 | 10,185 | ||||||
Purchased 334,630 and 373,594 shares of common stock in 2014 and 2015 respectively | (6,457) | (6,457) | |||||||
Allocation of ESOP stock | 440 | 214 | 226 | ||||||
Cash dividend $0.36 and $0.39 per share for 2014 and 2015 respectively | (6,496) | (6,496) | |||||||
Exercise of stock options | 250 | (54) | 304 | ||||||
Sale/Purchase of stock for the deferred compensation plan | (7) | 7 | |||||||
Ending Balance at Sep. 30, 2015 | $ 234,688 | $ (3,116) | $ 336 | $ 269,332 | $ 226,115 | $ (6,326) | $ (251,653) | $ (311) | $ 311 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Retained Earnings [Member] | ||
Cash dividend per share | $ 0.39 | $ 0.36 |
Treasury Stock [Member] | ||
Issued treasury shares to finance acquisition | 660,998 | |
Purchase of common stock, shares | 373,594 | 334,630 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 15,093,000 | $ 14,988,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 2,370,000 | 2,161,000 |
Allocation of ESOP stock | 440,000 | 431,000 |
Stock awards | 985,000 | 678,000 |
Amortization of servicing asset | 276,000 | 874,000 |
Net premium amortization in excess of discount accretion on securities | 1,583,000 | 2,161,000 |
Net amortization of deferred costs and discounts on loans | 86,000 | 61,000 |
Amortization of core deposit intangible | 8,000 | |
Provision for loan losses | 975,000 | 1,805,000 |
Net gain on sale of other real estate owned | (84,000) | (151,000) |
Net gain on sales of investment securities available-for-sale | 0 | (938,000) |
Net gain on sales of loans | (637,000) | (577,000) |
Proceeds from sales of mortgage loans held for sale | 42,787,000 | 31,313,000 |
Mortgage loans originated for sale | (40,255,000) | (33,320,000) |
Increase in value of Bank Owned Life Insurance | (1,158,000) | (1,097,000) |
Increase in interest and dividends receivable | (50,000) | (199,000) |
Decrease in other assets | 1,858,000 | 136,000 |
Decrease in other liabilities | (2,624,000) | (3,368,000) |
Total adjustments | 6,560,000 | (30,000) |
Net cash provided by operating activities | 21,653,000 | 14,958,000 |
Cash flows from investing activities: | ||
Net increase in loans receivable | (107,916,000) | (76,194,000) |
Purchase of loans receivable | (22,054,000) | (20,574,000) |
Purchase of investment securities available-for-sale | (9,973,000) | (10,616,000) |
Purchase of mortgage-backed securities held-to-maturity | (35,203,000) | |
Purchase of investment securities held-to-maturity | (5,003,000) | |
Proceeds from maturities of investment securities available-for-sale | 5,706,000 | |
Proceeds from sale of investment securities available-for-sale | 7,713,000 | |
Proceeds from maturities of investment securities held-to-maturity | 35,861,000 | 25,001,000 |
Principal repayments on mortgage-backed securities held-to-maturity | 46,791,000 | 42,148,000 |
Decrease (increase) in Federal Home Loan Bank of New York stock | 3,514,000 | (267,000) |
Proceeds from sales of other real estate owned | 1,722,000 | 2,366,000 |
Purchases of premises and equipment | (3,076,000) | (3,167,000) |
Cash received, net of cash consideration paid for acquisition | 3,703,000 | |
Net cash used in investing activities | (51,428,000) | (68,090,000) |
Cash flows from financing activities: | ||
Increase in deposits | 124,290,000 | 34,464,000 |
Decrease in short-term borrowings | (107,619,000) | (91,651,000) |
Proceeds from Federal Home Loan Bank advances | 40,000,000 | 205,000,000 |
Repayments of Federal Home Loan Bank advances | (1,232,000) | (90,000,000) |
Increase in advances by borrowers for taxes and insurance | 1,485,000 | 245,000 |
Exercise of stock options | 250,000 | 349,000 |
Purchase of treasury stock | (6,457,000) | (5,562,000) |
Dividends paid | (6,496,000) | (6,071,000) |
Tax benefit of stock plans | 13,000 | 57,000 |
Net cash provided by financing activities | 44,234,000 | 46,831,000 |
Net increase (decrease) in cash and due from banks | 14,459,000 | (6,301,000) |
Cash and due from banks at beginning of period | 36,117,000 | 33,958,000 |
Cash and due from banks at end of period | 50,576,000 | 27,657,000 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 6,629,000 | 5,197,000 |
Income taxes | 7,862,000 | 9,001,000 |
Non-cash activities: | ||
Loans charged-off, net | 654,000 | 6,425,000 |
Transfer of loans receivable to other real estate owned | $ 4,336,000 | |
Non-cash assets acquired: | ||
Securities | 6,758,000 | |
Federal Home Loan Bank of New York stock | 314,000 | |
Loans | 121,196,000 | |
Other real estate owned | 257,000 | |
Deferred tax asset | 3,244,000 | |
Other assets | 8,509,000 | |
Goodwill and other intangible assets, net | 2,122,000 | |
Total non-cash assets acquired | 142,400,000 | |
Liabilities assumed: | ||
Deposits | 123,346,000 | |
Federal Home Loan Bank advances | 6,800,000 | |
Other liabilities | 309,000 | |
Total liabilities assumed | 130,455,000 | |
Total consideration for acquisition | $ 11,945,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2015 and 2014 (in thousands): Three months ended Nine months ended 2015 2014 2015 2014 Weighted average shares issued net of Treasury shares 17,146 17,132 16,954 17,261 Less: Unallocated ESOP shares (374 ) (407 ) (382 ) (416 ) Unallocated incentive award shares and shares held by deferred compensation plan (39 ) (102 ) (50 ) (97 ) Average basic shares outstanding 16,733 16,623 16,522 16,748 Add: Effect of dilutive securities: Stock options 200 61 204 93 Shares held by deferred compensation plan 20 20 20 24 Average diluted shares outstanding 16,953 16,704 16,746 16,865 For the three months ended September 30, 2015 and 2014, antidilutive stock options and warrants of 1,064,000 and 781,000, respectively, were excluded from earnings per share calculations. For the nine months ended September 30, 2015 and 2014, antidilutive stock options and warrants of 740,000 and 764,000, respectively, were excluded from earnings per share calculations. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination | Note 3. Business Combination On July 31, 2015, the Company completed its acquisition of Colonial American Bank (“Colonial”), which after purchase accounting adjustments added $142.4 million to assets, $121.2 million to loans, and $123.3 million to deposits. Total consideration paid for Colonial was $11.9 million, including cash consideration of $127,000 for outstanding warrants and for fractional shares. Colonial was merged with and into the Company’s subsidiary, OceanFirst Bank, as of the close of business on the date of acquisition. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the fair value of the net assets acquired has been recorded as goodwill. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Colonial, net of total consideration paid (in thousands): At July 31, 2015 Colonial Purchase Estimated Assets acquired: Securities $ 6,758 $ — $ 6,758 Loans 125,063 (3,867 )(1) 121,196 Allowance for loan losses (1,578 ) 1,578 — Other real estate owned 405 (148 ) 257 Deferred tax asset – recognition of net operating loss carryforward — 2,292 2,292 – relating to purchase accounting adjustments — 952 952 Other assets 8,823 — 8,823 Core deposit intangible — 277 277 Goodwill — 1,845 1,845 Total assets acquired 139,471 2,929 142,400 Liabilities assumed: Deposits 123,103 243 123,346 Federal Home Loan Bank advances 6,800 — 6,800 Other liabilities 309 — 309 Total liabilities assumed 130,212 243 130,455 Net assets acquired $ 9,259 $ 2,686 $ 11,945 (1) Includes a general credit fair value deduction of $1,722,000; a fair value deduction on credit-impaired loans of $1,475,000; an interest rate fair value benefit of $980,000; and further credited by the write-off of Colonial’s capitalized loan origination costs of $1,650,000. The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and liabilities, certain adjustments to the recorded carrying values may be required. Fair Value Measurement of Assets Assumed and Liabilities Assumed The methods used to determine the fair value of the assets acquired and liabilities assumed in the Colonial acquisition were as follow. Refer to Note 8, Fair Value Measurements, for a discussion of the fair value hierarchy. Securities The estimated fair values of the securities were calculated utilizing Level 2 inputs. The securities acquired are bought and sold in active markets. Prices for these instruments were obtained through security industry sources that actively participate in the buying and selling of securities. Loans The acquired loan portfolio was valued utilizing Level 3 inputs and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, the Company utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: 1) interest rate loan fair value analysis; 2) general credit fair value adjustment; and 3) specific credit fair value adjustment. To prepare the interest rate fair value analysis, loans were grouped by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. The general credit fair value adjustment was calculated using a two part general credit fair value analysis; 1) expected lifetime losses and 2) estimated fair value adjustment for qualitative factors. The expected lifetime losses were calculated using an average of historical losses of the Company, the acquired bank and peer banks. The adjustment related to qualitative factors was impacted by general economic conditions and the risk related to lack of experience with the originator’s underwriting process. To calculate the specific credit fair value adjustment the Company reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this criteria were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount which will be recognized over the life of the loans on a level yield basis as an adjustment to yield. Deposits and Core Deposit Premium Core deposit premium represents the value assigned to non-interest bearing demand deposits, interest-bearing checking, money market and saving accounts acquired as part of the acquisition. The core deposit premium value represents the future economic benefit, including the present value of future tax benefits, of the potential cost saving from acquiring the core deposits as part of an acquisition compared to the cost of alternative funding sources and is valued utilizing Level 2 inputs. Time deposits are not considered to be core deposits as they are assumed to have a low expected average life upon acquisition. The fair value of time deposits represents the present value of the expected contractual payments discounted by market rates for similar time deposits and is valued utilizing Level 2 inputs. Federal Home Loan Bank advances These borrowings were short term in nature and no fair value adjustments were necessary. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4. Securities The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at September 30, 2015 and December 31, 2014 are as follows (in thousands): At September 30, 2015 Amortized Gross Gross Estimated Available-for-sale: Investment securities: U.S. agency obligations $ 29,897 $ 211 $ — $ 30,108 Held-to-maturity: Investment securities: U.S. agency obligations $ 55,338 $ 172 $ (2 ) $ 55,508 State and municipal obligations 8,373 25 (3 ) 8,395 Corporate debt securities 55,000 — (6,928 ) 48,072 Total investment securities 118,711 197 (6,933 ) 111,975 Mortgage-backed securities: FHLMC 126,187 867 (658 ) 126,396 FNMA 158,417 3,913 (476 ) 161,854 GNMA 523 104 — 627 Total mortgage-backed securities 285,127 4,884 (1,134 ) 288,877 Total held-to-maturity $ 403,838 $ 5,081 $ (8,067 ) $ 400,852 Total securities $ 433,735 $ 5,292 $ (8,067 ) $ 430,960 At December 31, 2014 Amortized Gross Gross Estimated 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 September 30, 2015 and December 31, 2014 are as follows (in thousands): September 30, December 31, Amortized cost $ 403,838 $ 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 2,441 1,424 Carrying value $ 392,932 $ 469,417 There were no realized gains or losses on the sale of securities for the three and nine months ended September 30, 2015. Net realized gains on the sale of securities for the three and nine months ended September 30, 2014 were $591,000 and $938,000, respectively. The amortized cost and estimated fair value of investment securities at September 30, 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 September 30, 2015, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $48.1 million, respectively, were callable prior to the maturity date. September 30, 2015 Amortized Estimated Less than one year $ 45,234 $ 45,281 Due after one year through five years 48,034 48,388 Due after five years through ten years 340 342 Due after ten years 55,000 48,072 $ 148,608 $ 142,083 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 September 30, 2015 and December 31, 2014, segregated by the duration of the unrealized loss, are as follows (in thousands): At September 30, 2015 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Held-to-maturity: Investment securities: U.S. agency obligations $ — $ — $ 5,048 $ (2 ) $ 5,048 $ (2 ) State and municipal obligations 852 (2 ) 643 (1 ) 1,495 (3 ) Corporate debt securities — — 48,072 (6,928 ) 48,072 (6,928 ) Total investment securities 852 (2 ) 53,763 (6,931 ) 54,615 (6,933 ) Mortgage-backed securities: FHLMC 3,601 (10 ) 57,076 (648 ) 60,677 (658 ) FNMA — — 24,777 (476 ) 24,777 (476 ) Total mortgage-backed securities 3,601 (10 ) 81,853 (1,124 ) 85,454 (1,134 ) Total held-to-maturity $ 4,453 $ (12 ) $ 135,616 $ (8,055 ) $ 140,069 $ (8,067 ) Total securities $ 4,453 $ (12 ) $ 135,616 $ (8,055 ) $ 140,069 $ (8,067 ) At December 31, 2014 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized 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 September 30, 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 BankAmerica Capital $ 15,000 $ 13,875 Ba1/BB+ Chase Capital 10,000 8,525 Baa2/BBB- Wells Fargo Capital 5,000 4,282 A1/BBB+ Huntington Capital 5,000 4,188 Baa2/BB Keycorp Capital 5,000 4,177 Baa2/BB+ PNC Capital 5,000 4,425 Baa1/BBB- State Street Capital 5,000 4,350 A3/BBB SunTrust Capital 5,000 4,250 Baa3/BB+ $ 55,000 $ 48,072 At September 30, 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 A1 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 September 30, 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 September 30, 2015. |
Loans Receivable, Net
Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans Receivable, Net | Note 5. Loans Receivable, Net Loans receivable, net at September 30, 2015 and December 31, 2014 consisted of the following (in thousands): September 30, 2015 December 31, 2014 Real estate: One-to-four family $ 786,915 $ 737,889 Commercial real estate, multi family and land 803,340 649,951 Residential construction 51,580 47,552 Consumer 194,306 199,349 Commercial and industrial 129,379 83,946 Total loans 1,965,520 1,718,687 Purchased credit-impaired (“PCI”) loans 1,019 — Loans in process (14,145 ) (16,731 ) Deferred origination costs, net 3,216 3,207 Allowance for loan losses (16,638 ) (16,317 ) Loans receivable, net $ 1,938,972 $ 1,688,846 At September 30, 2015 and December 31, 2014, loans in the amount of $24,394,000 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 $2,852,000 at September 30, 2015. The amount of foreclosed residential real estate property held by the Company was $3,104,000 at September 30, 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 September 30, 2015, the impaired loan portfolio totaled $45,573,000 for which there was a specific allocation in the allowance for loan losses of $2,400,000. 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 and nine months ended September 30, 2015 was $46,211,000 and $40,909,000, respectively and $41,749,000 and $42,162,000, respectively, for the same prior year periods. An analysis of the allowance for loan losses for the three and nine months ended September 30, 2015 and 2014 is as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Balance at beginning of period $ 16,534 $ 20,936 $ 16,317 $ 20,930 Provision charged to operations 300 1,000 975 1,805 Charge-offs (211 ) (5,783 ) (900 ) (6,915 ) Recoveries 15 157 246 490 Balance at end of period $ 16,638 $ 16,310 $ 16,638 $ 16,310 The following table presents an analysis of the allowance for loan losses for the three and nine months ended September 30, 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 September 30, 2015 and December 31, 2014, excluding PCI loans (in thousands): Residential Commercial Consumer Commercial Unallocated Total For the three months ended September 30, 2015 Allowance for loan losses: Balance at beginning of period $ 3,610 $ 9,229 $ 952 $ 1,686 $ 1,057 $ 16,534 Provision (benefit) charged to operations 1,602 (892 ) 73 (101 ) (382 ) 300 Charge-offs (51 ) — (101 ) (59 ) — (211 ) Recoveries — 10 3 2 — 15 Balance at end of period $ 5,161 $ 8,347 $ 927 $ 1,528 $ 675 $ 16,638 For the three months ended September 30, 2014 Allowance for loan losses: Balance at beginning of period $ 4,397 $ 11,077 $ 1,284 $ 1,163 $ 3,015 $ 20,936 Provision (benefit) charged to operations 4,982 (2,510 ) 173 (123 ) (1,522 ) 1,000 Charge-offs (5,424 ) (323 ) (35 ) (1 ) — (5,783 ) Recoveries 152 — 4 1 — 157 Balance at end of period $ 4,107 $ 8,244 $ 1,426 $ 1,040 $ 1,493 $ 16,310 For the nine months ended September 30, 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 920 (504 ) 249 717 (407 ) 975 Charge-offs (174 ) (103 ) (564 ) (59 ) — (900 ) Recoveries 124 19 96 7 — 246 Balance at end of period $ 5,161 $ 8,347 $ 927 $ 1,528 $ 675 $ 16,638 For the nine months ended September 30, 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 5,007 (1,813 ) 368 (293 ) (1,464 ) 1,805 Charge-offs (6,193 ) (323 ) (348 ) (51 ) — (6,915 ) Recoveries 434 9 46 1 — 490 Balance at end of period $ 4,107 $ 8,244 $ 1,426 $ 1,040 $ 1,493 $ 16,310 September 30, 2015 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 67 $ 1,991 $ 22 $ 320 $ — $ 2,400 Collectively evaluated for impairment 5,094 6,356 905 1,208 675 14,238 Total ending allowance balance $ 5,161 $ 8,347 $ 927 $ 1,528 $ 675 $ 16,638 Loans: Loans individually evaluated for impairment $ 12,377 $ 29,573 $ 2,373 $ 1,250 $ — $ 45,573 Loans collectively evaluated for impairment 826,118 773,767 191,933 128,129 — 1,919,947 Total ending loan balance $ 838,495 $ 803,340 $ 194,306 $ 129,379 $ — $ 1,965,520 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 September 30, 2015 and December 31, 2014 is as follows, excluding PCI loans (in thousands): September 30, December 31, Impaired loans with no allocated allowance for loan losses $ 34,015 $ 26,487 Impaired loans with allocated allowance for loan losses 11,558 10,492 $ 45,573 $ 36,979 Amount of the allowance for loan losses allocated $ 2,400 $ 2,161 At September 30, 2015, impaired loans include troubled debt restructuring loans of $30,754,000 of which $26,935,000 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 September 30, 2015 and December 31, 2014 and for the three months ended September 30, 2015 and 2014 follows, excluding PCI loans (in thousands): Unpaid Recorded Allowance As of September 30, 2015 With no related allowance recorded: Residential real estate $ 12,536 $ 12,117 $ — Commercial real estate 19,095 18,992 — Consumer 2,601 2,203 — Commercial and industrial 703 703 — $ 34,935 $ 34,015 $ — With an allowance recorded: Residential real estate $ 294 $ 260 $ 67 Commercial real estate 10,578 10,581 1,991 Consumer 207 170 22 Commercial and industrial 547 547 320 $ 11,626 $ 11,558 $ 2,400 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 September 30, 2015 2014 Average Interest Average Interest With no related allowance recorded: Residential real estate $ 12,580 $ 141 $ 17,328 $ 159 Commercial real estate 17,931 84 11,186 69 Consumer 2,266 28 1,765 24 Commercial and industrial 703 3 276 3 $ 33,480 $ 256 $ 30,555 $ 255 With an allowance recorded: Residential real estate $ 260 $ 2 $ 1,462 $ 13 Commercial real estate 10,635 — 9,140 25 Consumer 85 — 592 10 Commercial and industrial 547 — — — $ 11,527 $ 2 $ 11,194 $ 48 Nine months ended September 30, 2015 2014 Average Interest Average Interest With no related allowance recorded: Residential real estate $ 12,634 $ 434 $ 17,493 $ 476 Commercial real estate 14,691 270 10,883 152 Consumer 2,222 87 2,043 65 Commercial and industrial 707 8 277 7 $ 30,254 $ 799 $ 30,696 $ 700 With an allowance recorded: Residential real estate $ 261 $ 8 $ 1,330 $ 44 Commercial real estate 10,153 11 9,502 77 Consumer 28 1 634 31 Commercial and industrial 304 2 — — $ 10,746 $ 22 $ 11,466 $ 152 The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of September 30, 2015 and December 31, 2014, excluding PCI loans (in thousands): September 30, 2015 December 31, 2014 Residential real estate $ 5,481 $ 3,115 Commercial real estate 17,057 12,758 Consumer 1,741 1,877 Commercial and industrial 115 557 $ 24,394 $ 18,307 The following table presents the aging of the recorded investment in past due loans as of September 30, 2015 and December 31, 2014 by loan portfolio segment, excluding PCI loans (in thousands): 30-59 60-89 Greater Total Loans Not Total September 30, 2015 Residential real estate $ 5,169 $ 1,793 $ 4,322 $ 11,284 $ 827,211 $ 838,495 Commercial real estate 816 — 17,057 17,873 785,467 803,340 Consumer 858 89 1,568 2,515 191,791 194,306 Commercial and industrial — — 115 115 129,264 129,379 $ 6,843 $ 1,882 $ 23,062 $ 31,787 $ 1,933,733 $ 1,965,520 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 Substandard Doubtfu Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of September 30, 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, excluding PCI loans (in thousands): Pass Special Substandard Doubtful Total September 30, 2015 Commercial real estate $ 760,756 $ 10,727 $ 31,857 $ — $ 803,340 Commercial and industrial 127,175 808 1,396 — 129,379 $ 887,931 $ 11,535 $ 33,253 $ — $ 932,719 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, consumer and small business 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 September 30, 2015 and December 31, 2014, excluding PCI loans (in thousands): Residential Real Estate Residential Consumer September 30, 2105 Performing $ 833,014 $ 192,565 Non-performing 5,481 1,741 $ 838,495 $ 194,306 December 31, 2014 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, the capitalization of past due amounts and/or the restructuring of scheduled principal payments. Included in the non-accrual loan total at September 30, 2015 and December 31, 2014 were $3,819,000 and $2,031,000, respectively, of troubled debt restructurings. At September 30, 2015 and December 31, 2014, the Company has allocated $587,000 and $419,000, respectively, of specific reserves to loans that 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 September 30, 2015 and December 31, 2014, which totaled $26,935,000 and $21,462,000, respectively. In the second quarter of 2015, the Bank restructured a commercial real estate loan with an outstanding balance of $3.9 million by extending the term and lowering the monthly repayment amount. The interest rate was unchanged. 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 and nine months ended September 30, 2015 and 2014, and troubled debt restructurings modified within the previous year and which defaulted during the three and nine months ended September 30, 2015 and 2014 (dollars in thousands): Number of Loans Pre-modification Post-modification Three months ended September 30, 2015 Troubled Debt Restructurings: Commercial real estate 1 $ 63 $ 63 Consumer 1 207 170 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Nine months ended September 30, 2015 Troubled Debt Restructurings: Residential real estate 4 $ 509 $ 472 Commercial real estate 4 6,095 5,944 Consumer 9 599 547 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Three months ended September 30, 2014 Troubled Debt Restructurings: Residential real estate 5 $ 1,041 $ 933 Consumer 4 51 9 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Nine months ended September 30, 2014 Troubled Debt Restructurings: Residential real estate 9 $ 1,921 $ 1,731 Consumer 9 221 178 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None As part of the Colonial acquisition PCI loans were acquired at a discount primarily due to deteriorated credit quality. PCI loans are accounted for at fair value, based upon the present value of expected future cash flows, with no related allowance for loan losses. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Colonial at July 31, 2015 (in thousands): July 31, 2015 Contractually required principal and interest $ 3,263 Contractual cash flows not expected to be collected (non-accretable discount) (2,012 ) Expected cash flows to be collected at acquisition 1,251 Interest component of expected cash flows (accretable yield) (220 ) Fair value of acquired loans $ 1,031 The following table summarizes the changes in accretable yield for PCI loans during the three and nine months ended September 30, 2015 (in thousands): Three and Nine months ended Beginning balance $ — Acquisition 220 Accretion (14 ) Reclassification from non-accretable difference — Ending balance $ 206 |
Reserve for Repurchased Loans a
Reserve for Repurchased Loans and Loss Sharing Obligations | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Reserve for Repurchased Loans and Loss Sharing Obligations | Note 6. Reserve for Repurchased Loans and Loss Sharing Obligations The reserve for repurchased loans and loss sharing obligations was $1.0 million at September 30, 2015, unchanged from December 31, 2014 and was $1.1 million at September 30, 2014 a decrease of $388,000 from December 31, 2013 due to realized losses. 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 September 30, 2015, and December 31, 2014, there were no outstanding loan repurchase requests. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Note 7. Deposits The major types of deposits at September 30, 2015 and December 31, 2014 were as follows (in thousands): Type of Account September 30, 2015 December 31, 2014 Non-interest-bearing $ 362,079 $ 279,944 Interest-bearing checking 883,940 836,120 Money market deposit 151,657 95,663 Savings 310,009 301,190 Time deposits 260,086 207,218 Total deposits $ 1,967,771 $ 1,720,135 Included in time deposits at September 30, 2015 and December 31, 2014, is $82,929,000 and $64,416,000, respectively, in deposits of $100,000 and over. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 8. 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. In September 2015, the FASB issued ASU 2015-16, “Business Combinations, Simplifying the Accounting for Measurement – Period Adjustments.” The amendments in this Update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The adoption of this Update is not expected to have a material impact on the Company’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9. 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 give 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 and nine months ended September 30, 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 2 inputs. In general, fair value is based upon quoted market prices, where available. Most of the Company’s available-for-sale 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. 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 September 30, 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: September 30, 2015 Total Fair Level 1 Level 2 Level 3 Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 30,108 $ — $ 30,108 $ — Items measured on a non-recurring basis: Other real estate owned 3,262 — — 3,262 Loans measured for impairment based on the fair value of the underlying collateral 12,844 — — 12,844 Fair Value Measurements at Reporting Date Using: December 31, 2014 Total Fair Level 1 Level 2 Level 3 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 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 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. 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. 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, 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, interest-bearing checking accounts, money market accounts and saving 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 September 30, 2015 and December 31, 2014 are presented in the following tables (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2015 Book Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 50,576 $ 50,576 $ — $ — Securities held-to-maturity 392,932 — 400,852 — Federal Home Loan Bank of New York stock 15,970 — — 15,970 Loans receivable and mortgage loans held for sale 1,941,278 — — 1,960,827 Financial Liabilities: Deposits other than time deposits 1,707,685 — 1,707,685 — Time deposits 260,086 — 261,888 — Securities sold under agreements to repurchase with retail customers 77,993 77,993 — — Federal Home Loan Bank advances and other borrowings 260,506 — 262,488 — Fair Value Measurements at Reporting Date Using: December 31, 2014 Book Level 1 Level 2 Level 3 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 Pronounceme19
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 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. In September 2015, the FASB issued ASU 2015-16, “Business Combinations, Simplifying the Accounting for Measurement – Period Adjustments.” The amendments in this Update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The adoption of this Update is not expected to have a material impact on the Company’s consolidated financial statements. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2015 and 2014 (in thousands): Three months ended Nine months ended 2015 2014 2015 2014 Weighted average shares issued net of Treasury shares 17,146 17,132 16,954 17,261 Less: Unallocated ESOP shares (374 ) (407 ) (382 ) (416 ) Unallocated incentive award shares and shares held by deferred compensation plan (39 ) (102 ) (50 ) (97 ) Average basic shares outstanding 16,733 16,623 16,522 16,748 Add: Effect of dilutive securities: Stock options 200 61 204 93 Shares held by deferred compensation plan 20 20 20 24 Average diluted shares outstanding 16,953 16,704 16,746 16,865 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Colonial, net of total consideration paid (in thousands): At July 31, 2015 Colonial Purchase Estimated Assets acquired: Securities $ 6,758 $ — $ 6,758 Loans 125,063 (3,867 )(1) 121,196 Allowance for loan losses (1,578 ) 1,578 — Other real estate owned 405 (148 ) 257 Deferred tax asset – recognition of net operating loss carryforward — 2,292 2,292 – relating to purchase accounting adjustments — 952 952 Other assets 8,823 — 8,823 Core deposit intangible — 277 277 Goodwill — 1,845 1,845 Total assets acquired 139,471 2,929 142,400 Liabilities assumed: Deposits 123,103 243 123,346 Federal Home Loan Bank advances 6,800 — 6,800 Other liabilities 309 — 309 Total liabilities assumed 130,212 243 130,455 Net assets acquired $ 9,259 $ 2,686 $ 11,945 (1) Includes a general credit fair value deduction of $1,722,000; a fair value deduction on credit-impaired loans of $1,475,000; an interest rate fair value benefit of $980,000; and further credited by the write-off of Colonial’s capitalized loan origination costs of $1,650,000. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 are as follows (in thousands): At September 30, 2015 Amortized Gross Gross Estimated Available-for-sale: Investment securities: U.S. agency obligations $ 29,897 $ 211 $ — $ 30,108 Held-to-maturity: Investment securities: U.S. agency obligations $ 55,338 $ 172 $ (2 ) $ 55,508 State and municipal obligations 8,373 25 (3 ) 8,395 Corporate debt securities 55,000 — (6,928 ) 48,072 Total investment securities 118,711 197 (6,933 ) 111,975 Mortgage-backed securities: FHLMC 126,187 867 (658 ) 126,396 FNMA 158,417 3,913 (476 ) 161,854 GNMA 523 104 — 627 Total mortgage-backed securities 285,127 4,884 (1,134 ) 288,877 Total held-to-maturity $ 403,838 $ 5,081 $ (8,067 ) $ 400,852 Total securities $ 433,735 $ 5,292 $ (8,067 ) $ 430,960 At December 31, 2014 Amortized Gross Gross Estimated 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 September 30, 2015 and December 31, 2014 are as follows (in thousands): September 30, December 31, Amortized cost $ 403,838 $ 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 2,441 1,424 Carrying value $ 392,932 $ 469,417 |
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of investment securities at September 30, 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 September 30, 2015, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $48.1 million, respectively, were callable prior to the maturity date. September 30, 2015 Amortized Estimated Less than one year $ 45,234 $ 45,281 Due after one year through five years 48,034 48,388 Due after five years through ten years 340 342 Due after ten years 55,000 48,072 $ 148,608 $ 142,083 |
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 September 30, 2015 and December 31, 2014, segregated by the duration of the unrealized loss, are as follows (in thousands): At September 30, 2015 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Held-to-maturity: Investment securities: U.S. agency obligations $ — $ — $ 5,048 $ (2 ) $ 5,048 $ (2 ) State and municipal obligations 852 (2 ) 643 (1 ) 1,495 (3 ) Corporate debt securities — — 48,072 (6,928 ) 48,072 (6,928 ) Total investment securities 852 (2 ) 53,763 (6,931 ) 54,615 (6,933 ) Mortgage-backed securities: FHLMC 3,601 (10 ) 57,076 (648 ) 60,677 (658 ) FNMA — — 24,777 (476 ) 24,777 (476 ) Total mortgage-backed securities 3,601 (10 ) 81,853 (1,124 ) 85,454 (1,134 ) Total held-to-maturity $ 4,453 $ (12 ) $ 135,616 $ (8,055 ) $ 140,069 $ (8,067 ) Total securities $ 4,453 $ (12 ) $ 135,616 $ (8,055 ) $ 140,069 $ (8,067 ) At December 31, 2014 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized 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 September 30, 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 BankAmerica Capital $ 15,000 $ 13,875 Ba1/BB+ Chase Capital 10,000 8,525 Baa2/BBB- Wells Fargo Capital 5,000 4,282 A1/BBB+ Huntington Capital 5,000 4,188 Baa2/BB Keycorp Capital 5,000 4,177 Baa2/BB+ PNC Capital 5,000 4,425 Baa1/BBB- State Street Capital 5,000 4,350 A3/BBB SunTrust Capital 5,000 4,250 Baa3/BB+ $ 55,000 $ 48,072 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Components of Loans Receivable, Net | Loans receivable, net at September 30, 2015 and December 31, 2014 consisted of the following (in thousands): September 30, 2015 December 31, 2014 Real estate: One-to-four family $ 786,915 $ 737,889 Commercial real estate, multi family and land 803,340 649,951 Residential construction 51,580 47,552 Consumer 194,306 199,349 Commercial and industrial 129,379 83,946 Total loans 1,965,520 1,718,687 Purchased credit-impaired (“PCI”) loans 1,019 — Loans in process (14,145 ) (16,731 ) Deferred origination costs, net 3,216 3,207 Allowance for loan losses (16,638 ) (16,317 ) Loans receivable, net $ 1,938,972 $ 1,688,846 |
Analysis of Allowance for Loan Losses | An analysis of the allowance for loan losses for the three and nine months ended September 30, 2015 and 2014 is as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Balance at beginning of period $ 16,534 $ 20,936 $ 16,317 $ 20,930 Provision charged to operations 300 1,000 975 1,805 Charge-offs (211 ) (5,783 ) (900 ) (6,915 ) Recoveries 15 157 246 490 Balance at end of period $ 16,638 $ 16,310 $ 16,638 $ 16,310 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans | The following table presents an analysis of the allowance for loan losses for the three and nine months ended September 30, 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 September 30, 2015 and December 31, 2014, excluding PCI loans (in thousands): Residential Commercial Consumer Commercial Unallocated Total For the three months ended September 30, 2015 Allowance for loan losses: Balance at beginning of period $ 3,610 $ 9,229 $ 952 $ 1,686 $ 1,057 $ 16,534 Provision (benefit) charged to operations 1,602 (892 ) 73 (101 ) (382 ) 300 Charge-offs (51 ) — (101 ) (59 ) — (211 ) Recoveries — 10 3 2 — 15 Balance at end of period $ 5,161 $ 8,347 $ 927 $ 1,528 $ 675 $ 16,638 For the three months ended September 30, 2014 Allowance for loan losses: Balance at beginning of period $ 4,397 $ 11,077 $ 1,284 $ 1,163 $ 3,015 $ 20,936 Provision (benefit) charged to operations 4,982 (2,510 ) 173 (123 ) (1,522 ) 1,000 Charge-offs (5,424 ) (323 ) (35 ) (1 ) — (5,783 ) Recoveries 152 — 4 1 — 157 Balance at end of period $ 4,107 $ 8,244 $ 1,426 $ 1,040 $ 1,493 $ 16,310 For the nine months ended September 30, 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 920 (504 ) 249 717 (407 ) 975 Charge-offs (174 ) (103 ) (564 ) (59 ) — (900 ) Recoveries 124 19 96 7 — 246 Balance at end of period $ 5,161 $ 8,347 $ 927 $ 1,528 $ 675 $ 16,638 For the nine months ended September 30, 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 5,007 (1,813 ) 368 (293 ) (1,464 ) 1,805 Charge-offs (6,193 ) (323 ) (348 ) (51 ) — (6,915 ) Recoveries 434 9 46 1 — 490 Balance at end of period $ 4,107 $ 8,244 $ 1,426 $ 1,040 $ 1,493 $ 16,310 September 30, 2015 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 67 $ 1,991 $ 22 $ 320 $ — $ 2,400 Collectively evaluated for impairment 5,094 6,356 905 1,208 675 14,238 Total ending allowance balance $ 5,161 $ 8,347 $ 927 $ 1,528 $ 675 $ 16,638 Loans: Loans individually evaluated for impairment $ 12,377 $ 29,573 $ 2,373 $ 1,250 $ — $ 45,573 Loans collectively evaluated for impairment 826,118 773,767 191,933 128,129 — 1,919,947 Total ending loan balance $ 838,495 $ 803,340 $ 194,306 $ 129,379 $ — $ 1,965,520 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 Excluding PCI Loans | A summary of impaired loans at September 30, 2015 and December 31, 2014 is as follows, excluding PCI loans (in thousands): September 30, December 31, Impaired loans with no allocated allowance for loan losses $ 34,015 $ 26,487 Impaired loans with allocated allowance for loan losses 11,558 10,492 $ 45,573 $ 36,979 Amount of the allowance for loan losses allocated $ 2,400 $ 2,161 |
Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans | The summary of loans individually evaluated for impairment by loan portfolio segment as of September 30, 2015 and December 31, 2014 and for the three months ended September 30, 2015 and 2014 follows, excluding PCI loans (in thousands): Unpaid Recorded Allowance As of September 30, 2015 With no related allowance recorded: Residential real estate $ 12,536 $ 12,117 $ — Commercial real estate 19,095 18,992 — Consumer 2,601 2,203 — Commercial and industrial 703 703 — $ 34,935 $ 34,015 $ — With an allowance recorded: Residential real estate $ 294 $ 260 $ 67 Commercial real estate 10,578 10,581 1,991 Consumer 207 170 22 Commercial and industrial 547 547 320 $ 11,626 $ 11,558 $ 2,400 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 September 30, 2015 2014 Average Interest Average Interest With no related allowance recorded: Residential real estate $ 12,580 $ 141 $ 17,328 $ 159 Commercial real estate 17,931 84 11,186 69 Consumer 2,266 28 1,765 24 Commercial and industrial 703 3 276 3 $ 33,480 $ 256 $ 30,555 $ 255 With an allowance recorded: Residential real estate $ 260 $ 2 $ 1,462 $ 13 Commercial real estate 10,635 — 9,140 25 Consumer 85 — 592 10 Commercial and industrial 547 — — — $ 11,527 $ 2 $ 11,194 $ 48 Nine months ended September 30, 2015 2014 Average Interest Average Interest With no related allowance recorded: Residential real estate $ 12,634 $ 434 $ 17,493 $ 476 Commercial real estate 14,691 270 10,883 152 Consumer 2,222 87 2,043 65 Commercial and industrial 707 8 277 7 $ 30,254 $ 799 $ 30,696 $ 700 With an allowance recorded: Residential real estate $ 261 $ 8 $ 1,330 $ 44 Commercial real estate 10,153 11 9,502 77 Consumer 28 1 634 31 Commercial and industrial 304 2 — — $ 10,746 $ 22 $ 11,466 $ 152 |
Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans | The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of September 30, 2015 and December 31, 2014, excluding PCI loans (in thousands): September 30, 2015 December 31, 2014 Residential real estate $ 5,481 $ 3,115 Commercial real estate 17,057 12,758 Consumer 1,741 1,877 Commercial and industrial 115 557 $ 24,394 $ 18,307 |
Aging of Recorded Investment in Past Due Loans Excluding PCI Loans | The following table presents the aging of the recorded investment in past due loans as of September 30, 2015 and December 31, 2014 by loan portfolio segment, excluding PCI loans (in thousands): 30-59 60-89 Greater Total Loans Not Total September 30, 2015 Residential real estate $ 5,169 $ 1,793 $ 4,322 $ 11,284 $ 827,211 $ 838,495 Commercial real estate 816 — 17,057 17,873 785,467 803,340 Consumer 858 89 1,568 2,515 191,791 194,306 Commercial and industrial — — 115 115 129,264 129,379 $ 6,843 $ 1,882 $ 23,062 $ 31,787 $ 1,933,733 $ 1,965,520 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 Excluding PCI Loans | As of September 30, 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, excluding PCI loans (in thousands): Pass Special Substandard Doubtful Total September 30, 2015 Commercial real estate $ 760,756 $ 10,727 $ 31,857 $ — $ 803,340 Commercial and industrial 127,175 808 1,396 — 129,379 $ 887,931 $ 11,535 $ 33,253 $ — $ 932,719 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 Excluding PCI Loans | The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2015 and December 31, 2014, excluding PCI loans (in thousands): Residential Real Estate Residential Consumer September 30, 2105 Performing $ 833,014 $ 192,565 Non-performing 5,481 1,741 $ 838,495 $ 194,306 December 31, 2014 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 and nine months ended September 30, 2015 and 2014, and troubled debt restructurings modified within the previous year and which defaulted during the three and nine months ended September 30, 2015 and 2014 (dollars in thousands): Number of Loans Pre-modification Post-modification Three months ended September 30, 2015 Troubled Debt Restructurings: Commercial real estate 1 $ 63 $ 63 Consumer 1 207 170 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Nine months ended September 30, 2015 Troubled Debt Restructurings: Residential real estate 4 $ 509 $ 472 Commercial real estate 4 6,095 5,944 Consumer 9 599 547 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Three months ended September 30, 2014 Troubled Debt Restructurings: Residential real estate 5 $ 1,041 $ 933 Consumer 4 51 9 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Nine months ended September 30, 2014 Troubled Debt Restructurings: Residential real estate 9 $ 1,921 $ 1,731 Consumer 9 221 178 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Colonial at July 31, 2015 (in thousands): July 31, 2015 Contractually required principal and interest $ 3,263 Contractual cash flows not expected to be collected (non-accretable discount) (2,012 ) Expected cash flows to be collected at acquisition 1,251 Interest component of expected cash flows (accretable yield) (220 ) Fair value of acquired loans $ 1,031 The following table summarizes the changes in accretable yield for PCI loans during the three and nine months ended September 30, 2015 (in thousands): Three and Nine months ended Beginning balance $ — Acquisition 220 Accretion (14 ) Reclassification from non-accretable difference — Ending balance $ 206 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Major Types of Deposits | The major types of deposits at September 30, 2015 and December 31, 2014 were as follows (in thousands): Type of Account September 30, 2015 December 31, 2014 Non-interest-bearing $ 362,079 $ 279,944 Interest-bearing checking 883,940 836,120 Money market deposit 151,657 95,663 Savings 310,009 301,190 Time deposits 260,086 207,218 Total deposits $ 1,967,771 $ 1,720,135 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 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: September 30, 2015 Total Fair Level 1 Level 2 Level 3 Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 30,108 $ — $ 30,108 $ — Items measured on a non-recurring basis: Other real estate owned 3,262 — — 3,262 Loans measured for impairment based on the fair value of the underlying collateral 12,844 — — 12,844 Fair Value Measurements at Reporting Date Using: December 31, 2014 Total Fair Level 1 Level 2 Level 3 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 September 30, 2015 and December 31, 2014 are presented in the following tables (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2015 Book Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 50,576 $ 50,576 $ — $ — Securities held-to-maturity 392,932 — 400,852 — Federal Home Loan Bank of New York stock 15,970 — — 15,970 Loans receivable and mortgage loans held for sale 1,941,278 — — 1,960,827 Financial Liabilities: Deposits other than time deposits 1,707,685 — 1,707,685 — Time deposits 260,086 — 261,888 — Securities sold under agreements to repurchase with retail customers 77,993 77,993 — — Federal Home Loan Bank advances and other borrowings 260,506 — 262,488 — Fair Value Measurements at Reporting Date Using: December 31, 2014 Book Level 1 Level 2 Level 3 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 - Reconcilia
Earnings per Share - Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares issued net of Treasury shares | 17,146 | 17,132 | 16,954 | 17,261 |
Less: Unallocated ESOP shares | (374) | (407) | (382) | (416) |
Unallocated incentive award shares and shares held by deferred compensation plan | (39) | (102) | (50) | (97) |
Average basic shares outstanding | 16,733 | 16,623 | 16,522 | 16,748 |
Average basic shares outstanding | 16,733 | 16,623 | 16,522 | 16,748 |
Add: Effect of dilutive securities: | ||||
Stock options | 200 | 61 | 204 | 93 |
Shares held by deferred compensation plan | 20 | 20 | 20 | 24 |
Average diluted shares outstanding | 16,953 | 16,704 | 16,746 | 16,865 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive stock options and warrants excluded from earnings per share calculations | 1,064,000 | 781,000 | 740,000 | 764,000 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - Colonial American Bank [Member] | Jul. 31, 2015USD ($) |
Business Acquisition [Line Items] | |
Purchase accounting adjustments, assets | $ 142,400,000 |
Purchase accounting adjustments, loans | 121,196,000 |
Purchase accounting adjustments, deposits | 123,346,000 |
Total consideration paid | 11,900,000 |
Cash consideration paid for outstanding warrants and fractional shares | $ 127,000 |
Business Combination - Summary
Business Combination - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jul. 31, 2015 |
Assets acquired: | ||
Goodwill | $ 1,845 | |
Colonial American Bank [Member] | ||
Assets acquired: | ||
Securities | $ 6,758 | |
Loans | 121,196 | |
Other real estate owned | 257 | |
Deferred tax asset - recognition of net operating loss carryforward | 2,292 | |
Deferred tax asset - relating to purchase accounting adjustments | 952 | |
Other assets | 8,823 | |
Core deposit intangible | 277 | |
Goodwill | 1,845 | |
Total assets acquired | 142,400 | |
Liabilities assumed: | ||
Deposits | 123,346 | |
Federal Home Loan Bank advances | 6,800 | |
Other liabilities | 309 | |
Total liabilities assumed | 130,455 | |
Net assets acquired | 11,945 | |
Colonial American Bank [Member] | Book Value [Member] | ||
Assets acquired: | ||
Securities | 6,758 | |
Loans | 125,063 | |
Allowance for loan losses | (1,578) | |
Other real estate owned | 405 | |
Other assets | 8,823 | |
Total assets acquired | 139,471 | |
Liabilities assumed: | ||
Deposits | 123,103 | |
Federal Home Loan Bank advances | 6,800 | |
Other liabilities | 309 | |
Total liabilities assumed | 130,212 | |
Net assets acquired | 9,259 | |
Colonial American Bank [Member] | Purchase Accounting Adjustments [Member] | ||
Assets acquired: | ||
Loans | (3,867) | |
Allowance for loan losses | 1,578 | |
Other real estate owned | (148) | |
Deferred tax asset - recognition of net operating loss carryforward | 2,292 | |
Deferred tax asset - relating to purchase accounting adjustments | 952 | |
Core deposit intangible | 277 | |
Goodwill | 1,845 | |
Total assets acquired | 2,929 | |
Liabilities assumed: | ||
Deposits | 243 | |
Total liabilities assumed | 243 | |
Net assets acquired | $ 2,686 |
Business Combination - Summar30
Business Combination - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition (Parenthetical) (Detail) - Colonial American Bank [Member] | Jul. 31, 2015USD ($) |
Business Acquisition [Line Items] | |
Fair value deduction on loans | $ 1,722,000 |
Fair value deduction on credit-impaired loans | 1,475,000 |
Interest rate fair value benefit on loans | 980,000 |
Write-off of capitalized loan origination costs | $ 1,650,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Estimated Fair Value | $ 30,108 | $ 19,804 |
Held-to-maturity, Amortized Cost | 403,838 | 481,340 |
Held-to-maturity, Estimated Fair Value | 400,852 | 474,215 |
Total, Amortized Cost | 433,735 | 501,240 |
Total, Gross Unrealized Gains | 5,292 | 5,524 |
Total, Gross Unrealized Losses | (8,067) | (12,745) |
Total, Estimated Fair Value | 430,960 | 494,019 |
Corporate Debt Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 55,000 | |
Held-to-maturity, Estimated Fair Value | 48,072 | |
Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 403,838 | 481,340 |
Held-to-maturity, Gross Unrealized Gains | 5,081 | 5,524 |
Held-to-maturity, Gross Unrealized Losses | (8,067) | (12,649) |
Held-to-maturity, Estimated Fair Value | 400,852 | 474,215 |
Investment Securities [Member] | U.S. Agency Obligations [Member] | ||
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Amortized Cost | 29,897 | 19,900 |
Available-for-sale, Gross Unrealized Gains | 211 | |
Available-for-sale, Gross Unrealized Losses | (96) | |
Available-for-sale, Estimated Fair Value | 30,108 | 19,804 |
Investment Securities [Member] | Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 118,711 | 155,223 |
Held-to-maturity, Gross Unrealized Gains | 197 | 122 |
Held-to-maturity, Gross Unrealized Losses | (6,933) | (9,808) |
Held-to-maturity, Estimated Fair Value | 111,975 | 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 | 55,338 | 86,394 |
Held-to-maturity, Gross Unrealized Gains | 172 | 97 |
Held-to-maturity, Gross Unrealized Losses | (2) | (50) |
Held-to-maturity, Estimated Fair Value | 55,508 | 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 | 8,373 | 13,829 |
Held-to-maturity, Gross Unrealized Gains | 25 | 25 |
Held-to-maturity, Gross Unrealized Losses | (3) | (8) |
Held-to-maturity, Estimated Fair Value | 8,395 | 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 | (6,928) | (9,750) |
Held-to-maturity, Estimated Fair Value | 48,072 | 45,250 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 285,127 | 326,117 |
Held-to-maturity, Gross Unrealized Gains | 4,884 | 5,402 |
Held-to-maturity, Gross Unrealized Losses | (1,134) | (2,841) |
Held-to-maturity, Estimated Fair Value | 288,877 | 328,678 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FHLMC [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 126,187 | 141,494 |
Held-to-maturity, Gross Unrealized Gains | 867 | 609 |
Held-to-maturity, Gross Unrealized Losses | (658) | (1,659) |
Held-to-maturity, Estimated Fair Value | 126,396 | 140,444 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FNMA [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 158,417 | 184,003 |
Held-to-maturity, Gross Unrealized Gains | 3,913 | 4,674 |
Held-to-maturity, Gross Unrealized Losses | (476) | (1,182) |
Held-to-maturity, Estimated Fair Value | 161,854 | 187,495 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | GNMA [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 523 | 620 |
Held-to-maturity, Gross Unrealized Gains | 104 | 119 |
Held-to-maturity, Estimated Fair Value | $ 627 | $ 739 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | |
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 | $ 591,000 | $ 0 | $ 938,000 | |
Corporate debt securities, callable, amortized cost | 55,000,000 | 55,000,000 | |||
Corporate debt securities, callable, estimated fair value | $ 48,100,000 | $ 48,100,000 | |||
Floating-rate securities, purchased period | 1,998 | ||||
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
Securities - Carrying Value of Held-to-Maturity Investment Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 403,838 | $ 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 | 2,441 | 1,424 |
Carrying value | $ 392,932 | $ 469,417 |
Securities - Amortized Cost a34
Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Less than one year, Amortized Cost | $ 45,234 |
Due after one year through five years, Amortized Cost | 48,034 |
Due after five years through ten years, Amortized Cost | 340 |
Due after ten years, Amortized Cost | 55,000 |
Total Amortized Cost | 148,608 |
Less than one year, Estimated Fair Value | 45,281 |
Due after one year through five years, Estimated Fair Value | 48,388 |
Due after five years through ten years, Estimated Fair Value | 342 |
Due after ten years, Estimated Fair Value | 48,072 |
Total Estimated Fair Value | $ 142,083 |
Securities - Estimated Fair Val
Securities - Estimated Fair Value and Unrealized Loss of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Total securities, Less than 12 months, Estimated Fair Value | $ 4,453 | $ 45,040 |
Total securities, Less than 12 months, Unrealized Losses | (12) | (140) |
Total securities, 12 months or longer, Estimated Fair Value | 135,616 | 234,393 |
Total securities, 12 months or longer, Unrealized Losses | (8,055) | (12,605) |
Total securities, Estimated Fair Value | 140,069 | 279,433 |
Total securities, Unrealized Losses | (8,067) | (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 | 19,804 | |
Available-for-sale, Less than 12 months, Unrealized Losses | (96) | |
Available-for-sale, 12 months or longer, Estimated Market Value | 0 | |
Available-for-sale, 12 months or longer, Unrealized Losses | 0 | |
Available-for-sale, Total, Estimated Market Value | 19,804 | |
Available-for-sale, Total, Unrealized Losses | (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 | 4,453 | 25,236 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (12) | (44) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 135,616 | 234,393 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (8,055) | (12,605) |
Held-to-maturity, Total, Estimated Fair Value | 140,069 | 259,629 |
Held-to-maturity, Total, Unrealized Losses | (8,067) | (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 | 852 | 16,081 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (2) | (10) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 53,763 | 72,486 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (6,931) | (9,798) |
Held-to-maturity, Total, Estimated Fair Value | 54,615 | 88,567 |
Held-to-maturity, Total, Unrealized Losses | (6,933) | (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 | 5,048 | 25,409 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (2) | (41) |
Held-to-maturity, Total, Estimated Fair Value | 5,048 | 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 | 852 | 947 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (2) | (1) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 643 | 1,827 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (1) | (7) |
Held-to-maturity, Total, Estimated Fair Value | 1,495 | 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 | 48,072 | 45,250 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (6,928) | (9,750) |
Held-to-maturity, Total, Estimated Fair Value | 48,072 | 45,250 |
Held-to-maturity, Total, Unrealized Losses | (6,928) | (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 | 3,601 | 9,155 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (10) | (34) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 81,853 | 161,907 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (1,124) | (2,807) |
Held-to-maturity, Total, Estimated Fair Value | 85,454 | 171,062 |
Held-to-maturity, Total, Unrealized Losses | (1,134) | (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 | 3,601 | 9,155 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (10) | (34) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 57,076 | 96,975 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (648) | (1,625) |
Held-to-maturity, Total, Estimated Fair Value | 60,677 | 106,130 |
Held-to-maturity, Total, Unrealized Losses | (658) | (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 | 24,777 | 64,932 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (476) | (1,182) |
Held-to-maturity, Total, Estimated Fair Value | 24,777 | 64,932 |
Held-to-maturity, Total, Unrealized Losses | $ (476) | $ (1,182) |
Securities - Amortized Cost, Es
Securities - Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 403,838 | $ 481,340 |
Estimated Fair Value | 400,852 | $ 474,215 |
BankAmerica Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,000 | |
Estimated Fair Value | $ 13,875 | |
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 | $ 8,525 | |
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 | $ 4,282 | |
Credit Rating Moody's/S&P | A1/BBB+ | |
Huntington Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,188 | |
Credit Rating Moody's/S&P | Baa2/BB | |
Keycorp Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,177 | |
Credit Rating Moody's/S&P | Baa2/BB+ | |
PNC Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,425 | |
Credit Rating Moody's/S&P | Baa1/BBB- | |
State Street Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,350 | |
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 | $ 4,250 | |
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 | $ 48,072 |
Loans Receivable, Net - Compone
Loans Receivable, Net - Components of Loans Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Consumer | $ 194,306 | $ 199,349 | ||||
Commercial and industrial | 129,379 | 83,946 | ||||
Total loans | 1,965,520 | 1,718,687 | ||||
Purchased credit-impaired ("PCI") loans | 1,019 | |||||
Loans in process | (14,145) | (16,731) | ||||
Deferred origination costs, net | 3,216 | 3,207 | ||||
Allowance for loan losses | (16,638) | $ (16,534) | (16,317) | $ (16,310) | $ (20,936) | $ (20,930) |
Loans receivable, net | 1,938,972 | 1,688,846 | ||||
One-to-Four Family [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Real estate | 786,915 | 737,889 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Real estate | 803,340 | 649,951 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Real estate | $ 51,580 | $ 47,552 |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) - USD ($) | Jul. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans with non-accrual of interest | $ 24,394,000 | $ 24,394,000 | $ 18,307,000 | |||
Financing receivables 90 days past due and still accruing | 0 | 0 | ||||
Impaired loans on non-accrual commercial real estate, multi-family, land, construction and commercial loans | 250,000 | |||||
Impaired loan portfolio total | 45,573,000 | 45,573,000 | 36,979,000 | |||
Allocation in allowance for loan losses | 2,400,000 | 2,400,000 | 2,161,000 | |||
Average balance of impaired loans | 46,211,000 | $ 41,749,000 | 40,909,000 | $ 42,162,000 | ||
Troubled debt restructuring loans | 30,754,000 | 30,754,000 | 23,493,000 | |||
Troubled debt restructuring loans with accrual interest | 26,935,000 | 26,935,000 | 21,462,000 | |||
Non-accrual loan total troubled debt restructurings | 3,819,000 | 2,031,000 | ||||
Specific reserves to loans accruing troubled debt restructurings | 587,000 | 587,000 | 419,000 | |||
Colonial American Bank [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 0 | |||||
Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans with non-accrual of interest | 5,481,000 | 5,481,000 | 3,115,000 | |||
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount | 2,852,000 | 2,852,000 | ||||
Foreclosed property held | 3,104,000 | 3,104,000 | ||||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans with non-accrual of interest | 17,057,000 | 17,057,000 | $ 12,758,000 | |||
Loans classified as troubled debt restructurings | $ 3,900,000 | $ 3,900,000 |
Loans Receivable, Net - Analysi
Loans Receivable, Net - Analysis of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 16,534 | $ 20,936 | $ 16,317 | $ 20,930 |
Provision charged to operations | 300 | 1,000 | 975 | 1,805 |
Charge-offs | (211) | (5,783) | (900) | (6,915) |
Recoveries | 15 | 157 | 246 | 490 |
Balance at end of period | $ 16,638 | $ 16,310 | $ 16,638 | $ 16,310 |
Loans Receivable, Net - Allowan
Loans Receivable, Net - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for loan losses: | |||||
Balance at beginning of period | $ 16,534 | $ 20,936 | $ 16,317 | $ 20,930 | |
Provision (benefit) charged to operations | 300 | 1,000 | 975 | 1,805 | |
Charge-offs | (211) | (5,783) | (900) | (6,915) | |
Recoveries | 15 | 157 | 246 | 490 | |
Balance at end of period | 16,638 | 16,310 | 16,638 | 16,310 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 2,400 | 2,400 | $ 2,161 | ||
Collectively evaluated for impairment | 14,238 | 14,238 | 14,156 | ||
Total ending allowance balance | 16,638 | 16,638 | 16,317 | ||
Loans: | |||||
Loans individually evaluated for impairment | 45,573 | 45,573 | 36,979 | ||
Loans collectively evaluated for impairment | 1,919,947 | 1,919,947 | 1,681,708 | ||
Total loans | 1,965,520 | 1,965,520 | 1,718,687 | ||
Residential Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 3,610 | 4,397 | 4,291 | 4,859 | |
Provision (benefit) charged to operations | 1,602 | 4,982 | 920 | 5,007 | |
Charge-offs | (51) | (5,424) | (174) | (6,193) | |
Recoveries | 152 | 124 | 434 | ||
Balance at end of period | 5,161 | 4,107 | 5,161 | 4,107 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 67 | 67 | 88 | ||
Collectively evaluated for impairment | 5,094 | 5,094 | 4,203 | ||
Total ending allowance balance | 5,161 | 5,161 | 4,291 | ||
Loans: | |||||
Loans individually evaluated for impairment | 12,377 | 12,377 | 12,879 | ||
Loans collectively evaluated for impairment | 826,118 | 826,118 | 772,562 | ||
Total loans | 838,495 | 838,495 | 785,441 | ||
Commercial Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 9,229 | 11,077 | 8,935 | 10,371 | |
Provision (benefit) charged to operations | (892) | (2,510) | (504) | (1,813) | |
Charge-offs | (323) | (103) | (323) | ||
Recoveries | 10 | 19 | 9 | ||
Balance at end of period | 8,347 | 8,244 | 8,347 | 8,244 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 1,991 | 1,991 | 1,741 | ||
Collectively evaluated for impairment | 6,356 | 6,356 | 7,194 | ||
Total ending allowance balance | 8,347 | 8,347 | 8,935 | ||
Loans: | |||||
Loans individually evaluated for impairment | 29,573 | 29,573 | 21,165 | ||
Loans collectively evaluated for impairment | 773,767 | 773,767 | 628,786 | ||
Total loans | 803,340 | 803,340 | 649,951 | ||
Consumer [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 952 | 1,284 | 1,146 | 1,360 | |
Provision (benefit) charged to operations | 73 | 173 | 249 | 368 | |
Charge-offs | (101) | (35) | (564) | (348) | |
Recoveries | 3 | 4 | 96 | 46 | |
Balance at end of period | 927 | 1,426 | 927 | 1,426 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 22 | 22 | 332 | ||
Collectively evaluated for impairment | 905 | 905 | 814 | ||
Total ending allowance balance | 927 | 927 | 1,146 | ||
Loans: | |||||
Loans individually evaluated for impairment | 2,373 | 2,373 | 2,221 | ||
Loans collectively evaluated for impairment | 191,933 | 191,933 | 197,128 | ||
Total loans | 194,306 | 194,306 | 199,349 | ||
Commercial and Industrial [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 1,686 | 1,163 | 863 | 1,383 | |
Provision (benefit) charged to operations | (101) | (123) | 717 | (293) | |
Charge-offs | (59) | (1) | (59) | (51) | |
Recoveries | 2 | 1 | 7 | 1 | |
Balance at end of period | 1,528 | 1,040 | 1,528 | 1,040 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 320 | 320 | |||
Collectively evaluated for impairment | 1,208 | 1,208 | 863 | ||
Total ending allowance balance | 1,528 | 1,528 | 863 | ||
Loans: | |||||
Loans individually evaluated for impairment | 1,250 | 1,250 | 714 | ||
Loans collectively evaluated for impairment | 128,129 | 128,129 | 83,232 | ||
Total loans | 129,379 | 129,379 | 83,946 | ||
Unallocated [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 1,057 | 3,015 | 1,082 | 2,957 | |
Provision (benefit) charged to operations | (382) | (1,522) | (407) | (1,464) | |
Balance at end of period | 675 | $ 1,493 | 675 | $ 1,493 | |
Ending allowance balance attributed to loans: | |||||
Collectively evaluated for impairment | 675 | 675 | 1,082 | ||
Total ending allowance balance | $ 675 | $ 675 | $ 1,082 |
Loans Receivable, Net - Summary
Loans Receivable, Net - Summary of Impaired Loans Excluding PCI Loans (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Impaired loans with no allocated allowance for loan losses | $ 34,015,000 | $ 26,487,000 |
Impaired loans with allocated allowance for loan losses | 11,558,000 | 10,492,000 |
Total | 45,573,000 | 36,979,000 |
Amount of the allowance for loan losses allocated | $ 2,400,000 | $ 2,161,000 |
Loans Receivable, Net - Summa42
Loans Receivable, Net - Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 45,573,000 | $ 45,573,000 | $ 36,979,000 | ||
Allowance for Loan Losses Allocated | 2,400,000 | 2,400,000 | 2,161,000 | ||
With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 34,935,000 | 34,935,000 | 27,482,000 | ||
Recorded Investment | 34,015,000 | 34,015,000 | 26,487,000 | ||
Average Recorded Investment | 33,480,000 | $ 30,555,000 | 30,254,000 | $ 30,696,000 | |
Interest Income Recognized | 256,000 | 255,000 | 799,000 | 700,000 | |
With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 11,626,000 | 11,626,000 | 10,492,000 | ||
Recorded Investment | 11,558,000 | 11,558,000 | 10,492,000 | ||
Allowance for Loan Losses Allocated | 2,400,000 | 2,400,000 | 2,161,000 | ||
Average Recorded Investment | 11,527,000 | 11,194,000 | 10,746,000 | 11,466,000 | |
Interest Income Recognized | 2,000 | 48,000 | 22,000 | 152,000 | |
Residential Real Estate [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 12,536,000 | 12,536,000 | 12,351,000 | ||
Recorded Investment | 12,117,000 | 12,117,000 | 11,931,000 | ||
Average Recorded Investment | 12,580,000 | 17,328,000 | 12,634,000 | 17,493,000 | |
Interest Income Recognized | 141,000 | 159,000 | 434,000 | 476,000 | |
Residential Real Estate [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 294,000 | 294,000 | 948,000 | ||
Recorded Investment | 260,000 | 260,000 | 948,000 | ||
Allowance for Loan Losses Allocated | 67,000 | 67,000 | 88,000 | ||
Average Recorded Investment | 260,000 | 1,462,000 | 261,000 | 1,330,000 | |
Interest Income Recognized | 2,000 | 13,000 | 8,000 | 44,000 | |
Commercial Real Estate [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 19,095,000 | 19,095,000 | 12,174,000 | ||
Recorded Investment | 18,992,000 | 18,992,000 | 12,142,000 | ||
Average Recorded Investment | 17,931,000 | 11,186,000 | 14,691,000 | 10,883,000 | |
Interest Income Recognized | 84,000 | 69,000 | 270,000 | 152,000 | |
Commercial Real Estate [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 10,578,000 | 10,578,000 | 9,023,000 | ||
Recorded Investment | 10,581,000 | 10,581,000 | 9,023,000 | ||
Allowance for Loan Losses Allocated | 1,991,000 | 1,991,000 | 1,741,000 | ||
Average Recorded Investment | 10,635,000 | 9,140,000 | 10,153,000 | 9,502,000 | |
Interest Income Recognized | 25,000 | 11,000 | 77,000 | ||
Consumer [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 2,601,000 | 2,601,000 | 2,243,000 | ||
Recorded Investment | 2,203,000 | 2,203,000 | 1,700,000 | ||
Average Recorded Investment | 2,266,000 | 1,765,000 | 2,222,000 | 2,043,000 | |
Interest Income Recognized | 28,000 | 24,000 | 87,000 | 65,000 | |
Consumer [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 207,000 | 207,000 | 521,000 | ||
Recorded Investment | 170,000 | 170,000 | 521,000 | ||
Allowance for Loan Losses Allocated | 22,000 | 22,000 | 332,000 | ||
Average Recorded Investment | 85,000 | 592,000 | 28,000 | 634,000 | |
Interest Income Recognized | 10,000 | 1,000 | 31,000 | ||
Commercial and Industrial [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 703,000 | 703,000 | 714,000 | ||
Recorded Investment | 703,000 | 703,000 | $ 714,000 | ||
Average Recorded Investment | 703,000 | 276,000 | 707,000 | 277,000 | |
Interest Income Recognized | 3,000 | $ 3,000 | 8,000 | $ 7,000 | |
Commercial and Industrial [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 547,000 | 547,000 | |||
Recorded Investment | 547,000 | 547,000 | |||
Allowance for Loan Losses Allocated | 320,000 | 320,000 | |||
Average Recorded Investment | $ 547,000 | 304,000 | |||
Interest Income Recognized | $ 2,000 |
Loans Receivable, Net - Recorde
Loans Receivable, Net - Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $ 24,394,000 | $ 18,307,000 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 1,741,000 | 1,877,000 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 115,000 | 557,000 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 5,481,000 | 3,115,000 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $ 17,057,000 | $ 12,758,000 |
Loans Receivable, Net - Aging o
Loans Receivable, Net - Aging of Recorded Investment in Past Due Loans Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | $ 23,062 | $ 16,767 |
Total Past Due | 31,787 | 27,023 |
Loans Not Past Due | 1,933,733 | 1,691,664 |
Total loans | 1,965,520 | 1,718,687 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,843 | 8,329 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,882 | 1,927 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 4,322 | 1,619 |
Total Past Due | 11,284 | 10,679 |
Loans Not Past Due | 827,211 | 774,762 |
Total loans | 838,495 | 785,441 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,169 | 7,365 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,793 | 1,695 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 17,057 | 12,758 |
Total Past Due | 17,873 | 12,877 |
Loans Not Past Due | 785,467 | 637,074 |
Total loans | 803,340 | 649,951 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 816 | 119 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 1,568 | 1,833 |
Total Past Due | 2,515 | 2,910 |
Loans Not Past Due | 191,791 | 196,439 |
Total loans | 194,306 | 199,349 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 858 | 845 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 89 | 232 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 115 | 557 |
Total Past Due | 115 | 557 |
Loans Not Past Due | 129,264 | 83,389 |
Total loans | $ 129,379 | $ 83,946 |
Loans Receivable, Net - Risk Ca
Loans Receivable, Net - Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $ 932,719 | $ 733,897 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 803,340 | 649,951 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 129,379 | 83,946 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 887,931 | 694,680 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 760,756 | 611,987 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 127,175 | 82,693 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 11,535 | 12,857 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 10,727 | 12,684 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 808 | 173 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 33,253 | 26,360 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 31,857 | 25,280 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $ 1,396 | $ 1,080 |
Loans Receivable, Net - Recor46
Loans Receivable, Net - Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | $ 24,394,000 | $ 18,307,000 |
Total loans | 1,965,520,000 | 1,718,687,000 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 5,481,000 | 3,115,000 |
Total loans | 838,495,000 | 785,441,000 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 1,741,000 | 1,877,000 |
Total loans | 194,306,000 | 199,349,000 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 833,014,000 | 782,326,000 |
Non-performing | 5,481,000 | 3,115,000 |
Total loans | 838,495,000 | 785,441,000 |
Residential Real Estate [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 192,565,000 | 197,472,000 |
Non-performing | 1,741,000 | 1,877,000 |
Total loans | $ 194,306,000 | $ 199,349,000 |
Loans Receivable, Net - Trouble
Loans Receivable, Net - Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2014USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2014USD ($)SecurityLoan | |
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 5 | 4 | 9 | |
Pre-modification Recorded Investment | $ 1,041 | $ 509 | $ 1,921 | |
Post-modification Recorded Investment | $ 933 | $ 472 | $ 1,731 | |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 4 | ||
Pre-modification Recorded Investment | $ 63 | $ 6,095 | ||
Post-modification Recorded Investment | $ 63 | $ 5,944 | ||
Subsequently Defaulted [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 4 | 9 | 9 |
Pre-modification Recorded Investment | $ 207 | $ 51 | $ 599 | $ 221 |
Post-modification Recorded Investment | $ 170 | $ 9 | $ 547 | $ 178 |
Loans Receivable, Net - PCI Loa
Loans Receivable, Net - PCI Loans Acquired (Detail) - Colonial American Bank [Member] $ in Thousands | Jul. 31, 2015USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest | $ 3,263 |
Contractual cash flows not expected to be collected (non-accretable discount) | (2,012) |
Expected cash flows to be collected at acquisition | 1,251 |
Interest component of expected cash flows (accretable yield) | (220) |
Fair value of acquired loans | $ 1,031 |
Loans Receivable, Net - Summa49
Loans Receivable, Net - Summary of Changes in Accretable Yield (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Receivables [Abstract] | ||
Acquisition | $ 220 | $ 220 |
Accretion | (14) | (14) |
Reclassification from non-accretable difference | 0 | 0 |
Ending balance | $ 206 | $ 206 |
Reserve for Repurchased Loans50
Reserve for Repurchased Loans and Loss Sharing Obligations - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)SecurityLoan | Dec. 31, 2014SecurityLoan | Sep. 30, 2014USD ($) | |
Receivables [Abstract] | |||
Reserve for repurchased loans and loss sharing obligations | $ 1,000,000 | $ 1,100,000 | |
Decrease in reserve for repurchased loans and loss sharing obligations | $ 388,000 | ||
Outstanding number of loan repurchase requests | SecurityLoan | 0 | 0 |
Deposits - Summary of Major Typ
Deposits - Summary of Major Types of Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Non-interest-bearing | $ 362,079 | $ 279,944 |
Interest-bearing checking | 883,940 | 836,120 |
Money market deposit | 151,657 | 95,663 |
Savings | 310,009 | 301,190 |
Time deposits | 260,086 | 207,218 |
Total deposits | $ 1,967,771 | $ 1,720,135 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Time deposits, $100,000 and over | $ 82,929,000 | $ 64,416,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 30,108 | $ 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 | 30,108 | 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 | 3,262 | 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 | 12,844 | 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 | 30,108 | 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 | 3,262 | 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 | $ 12,844 | $ 11,675 |
Fair Value Measurements - Book
Fair Value Measurements - Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets: | ||
Securities held-to-maturity | $ 400,852 | $ 474,215 |
Financial Liabilities: | ||
Time deposits | 260,086 | 207,218 |
Securities sold under agreements to repurchase with retail customers | 77,993 | 67,812 |
Book Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 50,576 | 36,117 |
Securities held-to-maturity | 392,932 | 469,417 |
Federal Home Loan Bank of New York stock | 15,970 | 19,170 |
Loans receivable and mortgage loans held for sale | 1,941,278 | 1,693,047 |
Financial Liabilities: | ||
Deposits other than time deposits | 1,707,685 | 1,512,917 |
Time deposits | 260,086 | 207,218 |
Securities sold under agreements to repurchase with retail customers | 77,993 | 67,812 |
Federal Home Loan Bank advances and other borrowings | 260,506 | 332,738 |
Level 1 Inputs [Member] | ||
Financial Assets: | ||
Cash and due from banks | 50,576 | 36,117 |
Financial Liabilities: | ||
Securities sold under agreements to repurchase with retail customers | 77,993 | 67,812 |
Level 2 Inputs [Member] | ||
Financial Assets: | ||
Securities held-to-maturity | 400,852 | 474,215 |
Financial Liabilities: | ||
Deposits other than time deposits | 1,707,685 | 1,512,917 |
Time deposits | 261,888 | 208,651 |
Federal Home Loan Bank advances and other borrowings | 262,488 | 332,432 |
Level 3 Inputs [Member] | ||
Financial Assets: | ||
Federal Home Loan Bank of New York stock | 15,970 | 19,170 |
Loans receivable and mortgage loans held for sale | $ 1,960,827 | $ 1,709,819 |