Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 05, 2013 | Mar. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Entity Registrant Name | 'STERLING BANCORP | ' | ' |
Entity Central Index Key | '0001070154 | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 83,867,873 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $294,182,103 |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $113,090 | $437,982 |
Securities | ' | ' |
Available-for-sale Securities | 954,393 | 1,010,872 |
Held to maturity, at amortized cost (fair value of $250,896 and $146,324 in 2013 and 2012, respectively) | 253,999 | 142,376 |
Total securities | 1,208,392 | 1,153,248 |
Assets held for sale | 0 | 4,550 |
Loans held for sale | 1,011 | 7,505 |
Gross loans | 2,412,898 | 2,119,472 |
Allowance for loan losses | -28,877 | -28,282 |
Total loans, net | 2,384,021 | 2,091,190 |
Federal Home Loan Bank (“FHLBâ€) stock, at cost | 24,312 | 19,249 |
Premises and equipment, net | 36,520 | 38,483 |
Goodwill | 163,117 | 163,247 |
Core deposit and other intangible assets | 5,891 | 7,164 |
Bank owned life insurance | 60,914 | 59,017 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 6,022 | 6,403 |
Other assets | 45,882 | 34,944 |
Total assets | 4,049,172 | 4,022,982 |
LIABILITIES: | ' | ' |
Deposits | 2,962,294 | 3,111,151 |
FHLB and other borrowings | 462,953 | 345,176 |
Senior notes | 98,033 | 0 |
Mortgage escrow funds | 12,646 | 11,919 |
Other liabilities | 30,380 | 63,614 |
Total liabilities | 3,566,306 | 3,531,860 |
Commitments and Contingent liabilities | ' | ' |
STOCKHOLDERS’ EQUITY: | ' | ' |
Preferred stock, (par value $0.01 per share; 10,000,000 shares authorized; none issued or outstanding) | 0 | 0 |
Common stock (par value $0.01 per share; 75,000,000 shares authorized; 52,188,056 and 45,929,552 issued for 2013 and 2012, respectively; 44,351,046 and 44,173,470 shares outstanding in 2013 and 2012 respectively) | 522 | 522 |
Additional paid-in capital | 403,816 | 403,541 |
Unallocated common stock held by employee stock ownership plan (“ESOPâ€); 549,262 and 599,194 unallocated shares outstanding in 2013 and 2012, respectively | -5,493 | -5,638 |
Treasury stock, at cost (7,837,010 shares in 2013 and 8,014,586 shares in 2012) | -88,538 | -90,173 |
Retained earnings | 187,889 | 175,971 |
Accumulated other comprehensive (loss) income, net of tax (benefit) expense of ($10,482) in 2013 and $4,688 in 2012 | -15,330 | 6,899 |
Total stockholders’ equity | 482,866 | 491,122 |
Total liabilities and stockholders’ equity | $4,049,172 | $4,022,982 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Securities held-to-maturity at fair value | $250,896 | $146,324 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 52,188,056 | 45,929,552 |
Common stock, shares outstanding | 44,351,046 | 44,173,470 |
Treasury stock, shares | 7,837,010 | 8,014,586 |
Unallocated ESOP Shares outstanding | 549,262 | 599,194 |
Accumulated other comprehensive income, tax | ($10,482) | $4,688 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Interest and dividend income: | ' | ' | ' |
Loans, including fees | $107,810 | $91,010 | $89,500 |
Taxable securities | 17,509 | 16,538 | 14,493 |
Non-taxable securities | 5,682 | 6,497 | 7,441 |
Other earning assets | 1,060 | 992 | 1,180 |
Total interest and dividend income | 132,061 | 115,037 | 112,614 |
Interest expense: | ' | ' | ' |
Deposits | 5,923 | 5,581 | 6,104 |
Borrowings | 13,971 | 12,992 | 15,220 |
Total interest expense | 19,894 | 18,573 | 21,324 |
Net interest income | 112,167 | 96,464 | 91,290 |
Provisions for loan losses | 12,150 | 10,612 | 16,584 |
Net interest income after provision for loan losses | 100,017 | 85,852 | 74,706 |
Non-interest income: | ' | ' | ' |
Deposit fees and service charges | 10,964 | 11,377 | 10,811 |
Net gain on sale of securities | 7,391 | 10,452 | 10,011 |
Total impairment loss | -73 | -90 | -787 |
Loss recognized in other comprehensive income | -41 | -43 | -509 |
Net impairment loss recognized in earnings | -32 | -47 | -278 |
Title insurance fees | 395 | 1,106 | 1,224 |
Bank owned life insurance | 1,998 | 2,050 | 2,049 |
Net gain on sales of loans | 1,979 | 1,897 | 1,027 |
Investment management fees | 2,413 | 3,143 | 3,080 |
Other | 2,584 | 2,174 | 2,027 |
Total non-interest income | 27,692 | 32,152 | 29,951 |
Non-interest expense: | ' | ' | ' |
Compensation and employee benefits | 47,833 | 46,038 | 43,662 |
Stock-based compensation plans | 2,239 | 1,187 | 1,162 |
Merger related expense | 2,772 | 5,925 | 255 |
Occupancy and office operations | 14,953 | 14,457 | 14,508 |
Amortization of intangible assets | 1,296 | 1,245 | 1,426 |
Other real estate owned expense | 1,562 | 1,618 | 1,171 |
FDIC insurance and regulatory assessments | 3,010 | 3,096 | 2,910 |
Other | 17,376 | 18,391 | 25,017 |
Total non-interest expense | 91,041 | 91,957 | 90,111 |
Income before income tax expense | 36,668 | 26,047 | 14,546 |
Income tax expense | 11,414 | 6,159 | 2,807 |
Net income | $25,254 | $19,888 | $11,739 |
Weighted average common shares: | ' | ' | ' |
Basic | 43,734,425 | 38,227,653 | 37,452,596 |
Diluted | 43,783,053 | 38,248,046 | 37,453,542 |
Earnings per common share | ' | ' | ' |
Basic | $0.58 | $0.52 | $0.31 |
Diluted | $0.58 | $0.52 | $0.31 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Net income | $25,254 | $19,888 | $11,739 |
Other comprehensive income: | ' | ' | ' |
Net unrealized holding (losses) gains on securities available for sale net of related tax (benefit) expense of ($15,154), $5,220 and $4,624 | 22,167 | -7,641 | -6,762 |
Less: | ' | ' | ' |
Reclassification adjustment for net realized gains included in net income, net of related income tax expense of $3,001, $4,246 and $4,065 | -4,390 | -6,206 | -5,946 |
Reclassification adjustment for other than temporary losses included in net income, net of related income tax benefit of ($13), ($19) and ($113) | -19 | -28 | -165 |
Other comprehensive income (loss) | -26,538 | 1,463 | 981 |
Change in funded status of defined benefit plans, net of related income tax expense (benefit) of $2,929, $205 and ($665) | 4,309 | 300 | -969 |
Other comprehensive income | -22,229 | 1,763 | 12 |
Total comprehensive income | $3,025 | $21,651 | $11,751 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Unrealized holding gains on securities available for sale, related tax expense (benefit) | ($15,154) | $5,220 | $4,624 |
Reclassification adjustment for net unrealized gains included in net income, related tax expense | 3,001 | 4,246 | 4,065 |
Reclassification adjustment for other than temporary impaired losses included in net income, related income tax benefit | -13 | 19 | -113 |
Change in funded status of defined benefit plans, related tax expense | ($2,929) | ($205) | $665 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes In Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Unalllocated ESOP shares [Member] | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Sep. 30, 2010 | ($430,955) | ($459) | ($356,912) | ($6,637) | ($87,336) | ($162,433) | ($5,124) |
Balance, shares at Sep. 30, 2010 | 38,262,288 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 11,739 | ' | ' | ' | ' | 11,739 | ' |
Other comprehensive income | 12 | ' | ' | ' | ' | ' | 12 |
Deferred compensation transactions | -45 | 0 | -45 | 0 | 0 | 0 | 0 |
Stock option transactions, net | 558 | 0 | 558 | 0 | ' | 0 | 0 |
Stock option transactions, net, shares | 0 | ' | ' | ' | ' | ' | ' |
ESOP shares allocated or committed to be released for allocation (49,932 shares) | -440 | 0 | -59 | -499 | 0 | 0 | 0 |
Other RRP transactions | -138 | 0 | -393 | 0 | -531 | 0 | 0 |
Other RRP transactions, shares | -59,174 | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | -3,780 | 0 | 0 | 0 | -3,780 | 0 | 0 |
Purchase of treasury stock, shares | -457,454 | ' | ' | ' | ' | ' | ' |
Cash dividends declared ($0.30 per common share) | -8,973 | 0 | 0 | 0 | 0 | -8,973 | 0 |
Balance at Sep. 30, 2011 | -431,134 | -459 | -357,063 | -6,138 | -90,585 | -165,199 | -5,136 |
Balance, shares at Sep. 30, 2011 | 37,864,008 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 19,888 | ' | ' | ' | ' | 19,888 | ' |
Other comprehensive income | 1,763 | ' | ' | ' | ' | ' | 1,763 |
Deferred compensation transactions | -164 | 0 | -164 | 0 | 0 | 0 | 0 |
Stock option transactions, net | 521 | 0 | 521 | 0 | 0 | 0 | 0 |
Stock option transactions, net, shares | 0 | ' | ' | ' | ' | ' | ' |
ESOP shares allocated or committed to be released for allocation (49,932 shares) | -543 | 0 | -43 | -500 | 0 | 0 | 0 |
Other RRP transactions | -225 | 0 | -187 | 0 | -412 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 6,258,504 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 46,000 | 63 | 45,937 | 0 | 0 | 0 | 0 |
Other RRP transactions, shares | -50,958 | ' | ' | ' | ' | ' | ' |
Cash dividends declared ($0.30 per common share) | -9,100 | 0 | 0 | 0 | 0 | -9,100 | ' |
Stockholders' Equity, Other | -16 | ' | ' | ' | ' | -16 | ' |
Balance at Sep. 30, 2012 | -491,122 | -522 | -403,541 | -5,638 | -90,173 | -175,971 | -6,899 |
Balance, shares at Sep. 30, 2012 | 44,173,470 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 25,254 | ' | ' | ' | ' | 25,254 | 0 |
Other comprehensive income | -22,229 | ' | ' | ' | ' | ' | -22,229 |
Deferred compensation transactions | -35 | 0 | -35 | 0 | 0 | 0 | 0 |
Stock option transactions, net | 757 | 0 | 695 | 0 | 95 | -33 | 0 |
Stock option transactions, net, shares | 8,250 | ' | ' | ' | ' | ' | ' |
ESOP shares allocated or committed to be released for allocation (49,932 shares) | -264 | 0 | -119 | -145 | 0 | 0 | 0 |
Vesting of RRP shares | ' | ' | -574 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 169,326 | ' | ' | ' | ' | ' | ' |
Other RRP transactions | -966 | 0 | ' | 0 | -1,540 | 0 | 0 |
Cash dividends declared ($0.30 per common share) | -13,303 | 0 | 0 | 0 | 0 | -13,303 | 0 |
Balance at Sep. 30, 2013 | ($482,866) | ($522) | ($403,816) | ($5,493) | ($88,538) | ($187,889) | ($15,330) |
Balance, shares at Sep. 30, 2013 | 44,351,046 | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes In Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
ESOP shares allocated or committed to be released for allocation, shares | 49,932 | 49,932 | 49,932 |
Cash dividends paid, per common share | $0.30 | $0.24 | $0.24 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $25,254 | $19,888 | $11,739 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Provisions for loan losses | 12,150 | 10,612 | 16,584 |
(Gain) loss on other real estate owned | 1,285 | 694 | 869 |
Depreciation of premises and equipment | 4,243 | 4,746 | 6,177 |
Amortization of intangibles | 1,296 | 1,245 | 1,426 |
Net gain on sale of securities | -7,391 | -10,452 | -10,011 |
Net gains on loans held for sale | -1,979 | -1,897 | -1,027 |
(Gain) loss on sale of premises and equipment | 75 | -75 | 0 |
Accretion of premiums on borrowings (includes calls on borrowings) | 2,068 | -1,006 | 3,181 |
Increase (Decrease) in Unearned Premiums | 1,050 | 0 | 0 |
Amortization of payment fees on restructured borrowings | 0 | 0 | 3,201 |
Accretion of premiums on borrowings (includes calls on borrowings) | 87 | -67 | -30 |
Amortization of payment fees on restructured borrowings | 1,466 | 1,459 | 1,033 |
ESOP and RRP expense | 1,544 | 667 | 607 |
Stock option compensation expense | 695 | 521 | 558 |
Originations of loans held for sale | -85,657 | -80,579 | -49,807 |
Proceeds from sales of loans held for sale | 94,130 | 79,147 | 52,548 |
Increase in cash surrender value of bank owned life insurance | -1,998 | -2,050 | -2,049 |
Deferred income tax (benefit) expense | 719 | -64 | 118 |
Other adjustments (principally net changes in other assets and other liabilities) | -26,413 | 2,237 | -8,639 |
Net cash provided by operating activities | 22,624 | 25,026 | 26,478 |
Cash flows from investing activities: | ' | ' | ' |
Available for sale | -490,160 | -679,553 | -622,551 |
Held to maturity | -169,320 | -95,157 | -93,764 |
Proceeds from maturities, calls and other principal payments on securities | ' | ' | ' |
Available for sale | 168,771 | 174,497 | 251,774 |
Held to maturity | 55,866 | 63,037 | 17,220 |
Proceeds from sales of securities available for sale | 339,123 | 344,431 | 540,145 |
Proceeds from Sale of Held-to-maturity Securities | 1,187 | 0 | 357 |
Loan originations | -1,124,310 | -735,676 | -578,631 |
Loan principal payments | 813,695 | 509,060 | 553,235 |
Proceeds from sale of FHLB stock, net | -5,063 | -620 | 1,988 |
Proceeds from sales of other real estate owned | -4,730 | -3,468 | -301 |
Purchases of premises and equipment | -2,355 | -1,853 | -3,465 |
Proceeds from Divestiture of Businesses | 4,738 | 0 | 0 |
Proceeds from the sale of fixed assets | 0 | 75 | 0 |
Purchases of bank owned life insurance | 0 | 0 | -3,980 |
Cash received from Gotham acquisition | 0 | 126,818 | 0 |
Net cash provided by (used in) investing activities | -403,098 | -291,473 | 62,629 |
Cash flows from financing activities | ' | ' | ' |
Net increase in transaction, savings and money market deposits | -29,503 | 499,340 | 227,907 |
Net decrease in time deposits | -119,354 | -53,786 | -73,914 |
Net decrease in short-term borrowings | 91,528 | -5,000 | -34,840 |
Gross repayments of long-term borrowings | -217 | -5,244 | -1,238 |
Repayment of senior unsecured note | 0 | -51,499 | 0 |
Proceeds from Issuance of Senior Long-term Debt | 97,946 | 0 | 0 |
Increase in long-term borrowings | 25,000 | 0 | 0 |
Payments of pre-payment fees on FHLBNY advances | 0 | -278 | -5,151 |
Net (decrease) increase in mortgage escrow funds | 727 | 2,218 | 1,503 |
Treasury shares purchased | 0 | 0 | -3,810 |
Proceeds from Stock Options Exercised | 62 | 102 | 4 |
Other stock-based compensation transactions | 35 | 164 | 45 |
Capital raise | 0 | 46,000 | 0 |
Cash dividends paid | -10,642 | -9,100 | -8,973 |
Net cash provided by (used in) financing activities | 55,582 | 422,917 | 101,533 |
Net increase (decrease) in cash and cash equivalents | -324,892 | 156,470 | 190,640 |
Cash and cash equivalents at beginning of year | 437,982 | 281,512 | 90,872 |
Cash and cash equivalents at end of year | 113,090 | 437,982 | 281,512 |
Supplemental cash flow information: | ' | ' | ' |
Interest payments | 18,831 | 18,447 | 21,815 |
Income tax payments | 4,475 | 1,873 | 9,070 |
Loans transferred to other real estate owned | 5,634 | 6,148 | 1,932 |
Securities purchases settled in subsequent periods | 0 | 41,758 | 0 |
Dividends Payable | 2,661 | 0 | 0 |
Non-cash assets acquired: | ' | ' | ' |
Investments available for sale | 0 | 54,994 | 0 |
Total loans, net | 0 | 205,453 | 0 |
Loans FHLB Stock | 0 | 1,045 | 0 |
Accrued interest receivable | 0 | 417 | 0 |
Goodwill | 0 | 5,665 | 0 |
Core deposit intangibles | 0 | 4,818 | 0 |
Premises and equipment, net | 0 | 490 | 0 |
Other assets | 0 | 1,663 | 0 |
Total non-cash assets acquired | 0 | 274,545 | 0 |
Liabilities assumed: | ' | ' | ' |
Deposits | 0 | 368,902 | 0 |
FHLB and other borrowings | 0 | 30,784 | 0 |
Other liabilities | 0 | 1,677 | 0 |
Total liabilities assumed | 0 | 401,363 | 0 |
Net non-cash assets (liabilities) acquired | 0 | -126,818 | 0 |
Cash and cash equivalents acquired (paid) in acquisitions | $0 | $126,818 | $0 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | ||
Merger with Sterling Bancorp | ||
On October 31, 2013, Provident New York Bancorp completed its acquisition of Sterling Bancorp (“Legacy Sterling”). In connection with the merger, Provident New York Bancorp completed the following corporate actions: | ||
• | Legacy Sterling merged with and into Provident New York Bancorp. Provident New York Bancorp was the accounting acquirer and the surviving entity. | |
• | Provident New York Bancorp changed its legal entity name to Sterling Bancorp and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended. | |
• | Provident Bank converted to a national bank charter. | |
• | Sterling National Bank merged into Provident Bank. | |
• | Provident Bank changed its legal entity name to Sterling National Bank. | |
• | Provident Municipal Bank merged into Sterling National Bank. | |
We refer to the transactions detailed above collectively as the “Merger”. | ||
The consolidated financial statements include the accounts of Sterling Bancorp (“Sterling” or the “Company”), PBNY Holdings, Inc. which has an investment in PB Madison Title Agency L.P., a company that provides title searches and title insurance for residential and commercial real estate, LandSave Development, LLC an inactive subsidiary, Provident Risk Management (a captive insurance company), Sterling National Bank (the “Bank”) and the Bank’s wholly owned subsidiaries. These subsidiaries included at September 30, 2013 (i) Provident Municipal Bank (“PMB”) which was a limited-purpose, New York State-chartered commercial bank formed to accept deposits from municipalities in the Company’s market area and was merged into the Bank at the time of the Merger, (ii) Provident REIT, Inc. and WSB Funding, Inc. which are real estate investment trusts that hold a portion of the Company’s real estate loans, (iii) Provest Services Corp. I, which has invested in a low-income housing partnership, and (iv) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers and (v) Limited Liability Companies, which hold other real estate owned held by the Bank. Intercompany transactions and balances are eliminated in consolidation. | ||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. Certain amounts from prior years have been reclassified to conform to the current fiscal year presentation. Reclassifications had no affect on prior year net income or stockholders’ equity. | ||
(a) Nature of Business | ||
Since October 31, 2013, Sterling Bancorp (“Sterling” or the “Company”) is a bank holding company and financial holding company under the Bank Holding Company Act of 1956. Sterling is a Delaware corporation that owns all of the outstanding shares of Sterling National Bank (the “Bank”) and was formed in connection with the second step offering on January 14, 2004. Sterling is listed on the New York Stock Exchange (NYSE) under the symbol STL. | ||
Sterling National Bank, an independent, full-service bank founded in 1888, is headquartered in Montebello, New York and is the principal bank subsidiary of Sterling. The Bank accounts for substantially all of Sterling’s consolidated assets and net income. We operate through commercial banking teams and financial centers which serve the greater New York metropolitan region. The Bank targets specific geographic markets - the New York Metro Market, which includes Manhattan and Long Island; and our New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester counties in New York and Bergen County in New Jersey. | ||
The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. In connection with the Merger, the Bank became a national bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (FDIC). The Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve Board are the primary regulators for the Bank and the Company, respectively. | ||
At September 30, 2012, the Company had $4.5 million of assets held for sale that represented the assets of Hudson Valley Investment Advisors (“HVIA”). The Company entered into an agreement to sell HVIA subsequent to September 30, 2012. The transaction settled on November 16, 2012. | ||
(b) Use of estimates | ||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expense. Actual results could differ significantly from these estimates. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. Also subject to change are estimates involving goodwill impairment evaluations, mortgage servicing rights, benefit plans, deferred income taxes and fair values of financial instruments. | ||
(c) Cash Flows | ||
For purposes of reporting cash flows, cash equivalents include highly liquid, short-term investments such as overnight federal funds, as well as cash and deposits with other financial institutions. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with an original maturity of 90 days or less. | ||
(d) Restrictions on Cash | ||
A portion of the Company's cash on hand and on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. | ||
(e) Long Term Assets | ||
Premises and equipment, core deposit and other intangible assets are reviewed annually for impairment or when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | ||
(f) Fair Values of Financial Instruments | ||
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. (See Note 17.) | ||
(g) Adoption of New Accounting Standards | ||
Accounting Standards Update (ASU) 2013-02, Comprehensive Income (Topic 220): Reporting Amounts Reclassified out of Accumulated Other Comprehensive Income. The amendments in this Update supersede and replace the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05 (issued in June 2011) and 2011-12 (issued in December 2011) for all public and private organizations. The amendments require an entity to provide additional information about reclassifications out of accumulated other comprehensive income. For public entities, the amendments were effective for reporting periods beginning after December 15, 2012. See Note 19. Accumulated Other Comprehensive (Loss) Income for the impact of this standard. | ||
(h) Securities | ||
Securities include U.S. Treasury, U.S. Government Agency and Government Sponsored Agencies, municipal and corporate bonds, mortgage-backed securities, collateralized mortgage obligations and marketable equity securities. | ||
The Company can classify its securities among three categories: held to maturity, trading, and available for sale. We determine the appropriate classification of the Company’s securities at the time of purchase. | ||
Held to maturity securities are limited to debt securities for which we have the intent and the ability to hold to maturity. These securities are reported at amortized cost. | ||
Trading securities are debt and equity securities held principally for the purpose of selling them in the near term. These securities are reported at fair value, with unrealized gains and losses included in earnings. The Company does not engage in securities trading activities. | ||
All other debt and marketable equity securities are classified as available for sale. These securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that we intend to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates, changes in prepayment risks, the need to increase capital, or similar factors. | ||
Premiums and discounts on debt securities are recognized in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. The cost of securities sold is determined using the specific identification method. | ||
Securities are evaluated for impairment at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, we consider the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If the Company does not expect to recover the entire amortized cost basis of the security, the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other than temporary impairment is separated into a) the amount representing the credit loss and b) the amount related to all other factors. The amount of other than temporary impairment related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. As of September 30, 2013 the Company does not intend to sell nor is it more likely than not that it would be required to sell any of its debt securities with unrealized losses prior to recovery of its amortized cost basis less any current period credit loss. | ||
(i) Loans Held For Sale | ||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. In the absence of commitments from investors, fair value is based on current investor yield requirements. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. | ||
Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing right which is its fair value. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. | ||
(j) Servicing Rights | ||
When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | ||
Under the amortization measurement method, the Company subsequently measures servicing rights at fair value at each reporting date and records any impairment in value of servicing assets in earnings in the period in which the impairment occurs. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. | ||
Servicing fee income, which is reported on the income statement as other income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. Servicing fees totaled $778, $695 and $623 for the years ended September 30, 2013, 2012 and 2011, respectively. Late fees and ancillary fees related to loan servicing are not material. Note effective October 1, 2013 the Bank transferred servicing of residential mortgage loans to a nationally recognized mortgage loan servicing company. | ||
(k) Loans | ||
Loans where we have the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at amortized cost less the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. | ||
A loan is placed on non-accrual status when we have determined that the borrower may likely be unable to meet contractual principal or interest obligations, or when payments are 90 days or more past due, unless well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are not recognized as income unless warranted based on the borrower’s financial condition and payment record. Furthermore, negative tax escrow will be included in the unpaid principal for loans individually evaluated for impairment, as this is part of the customer’s legal obligation to the Company. | ||
The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan. If a loan is prepaid or sold, the net deferred amount is recognized in the statement of income at that time. Interest and fees on loans include prepayment fees and late charges collected. | ||
(l) Allowance for Loan Losses | ||
The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The allowance for loan losses, is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses includes allowance allocations calculated in accordance with ASC Subtopic 450-20, “Loss Contingencies” and ASC Subtopic 310-35-2, “Loan Impairment.” The level of the allowance reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios, as well as trends in the foregoing. The Company analyzes loans by two broad segments or classes: real estate secured loans and loans that are either unsecured or secured by other collateral. | ||
The segments or classes considered real estate secured are: residential mortgage loans; commercial real estate (“CRE”) loans; business banking CRE; acquisition, development and construction (“ADC”) loans; homeowner loans, and home equity lines of credit. The segments or classes considered unsecured or secured by other than real estate collateral are: commercial & industrial (“C&I”) loans, business banking C&I loans and consumer loans. In all segments or classes, significant loans are reviewed for impairment once they are past due 90 days or more, or are classified substandard or doubtful. Generally the Company considers a homogeneous residential mortgage or home equity line of credit to be significant if the Company’s investment in the loan is greater than $500. If a loan is deemed to be impaired in one of the real estate secured segments, it is generally considered collateral dependent. If the value of the collateral securing a collateral dependent impaired loan is less than the loan’s carrying value, a charge-off is recognized equal to the difference between the appraised value and the book value of the loan. Additionally impairment reserves are recognized for estimated costs to hold and to liquidate and a 10% discount of the appraisal value. The ranges for the costs to hold and liquidate are 12-22% for the following segments: CRE, business banking CRE and ADC loans and 7-13% for homeowner loans, home equity lines of credit, and residential mortgage loans. Impaired loans in the real estate secured segments are re-appraised using a summary or drive-by appraisal report every six to nine months. | ||
For loans in the business banking C&I segment we charge off the full amount of the loan when it becomes 90 days or more past due, or earlier in the case of bankruptcy, after giving effect to any cash or marketable securities pledged as collateral for the loan. For loans in the C&I loan segment, we conduct a cash flow projection, and charge off the difference between the net present value of the cash flows discounted at the effective note rate and the carrying value of the loan, and generally recognize a 10% impairment reserve to account for the imprecision of our estimates. However, for most of these cases receipt of future cash flows is too unreliable to be considered probable, resulting in the charge off of the entire balance of the loan. For unsecured consumer loans, charge offs are recognized once the loan is 90 to 120 days or more past due or the borrower files for bankruptcy protection. | ||
Subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of amounts specifically allocated to non-performing loans and other criticized or classified loans (if any), as well as allowances determined for the pass rated loans in each major loan category. After we establish an allowance for loan losses that are known to be non-performing, criticized or classified, we calculate a percentage to apply to the remaining loan portfolio to estimate the probable incurred losses inherent in that portion of the portfolio. These percentages are determined by management, based on historical loss experience for the applicable loan category, and are adjusted to reflect our evaluation of: | ||
•levels of, and trends in, delinquencies and non-accruals; | ||
•trends in volume and terms of loans; | ||
•effects of any changes in lending policies and procedures; | ||
•experience, ability, and depth of lending management and staff; | ||
•national and local economic trends and conditions; | ||
• | concentrations of credit by such factors as location, industry, inter-relationships, and borrower; and for commercial loans, trends in risk ratings. | |
Land acquisition, development and construction lending is considered higher risk and exposes us to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. In the event we make an acquisition loan on property that is not yet approved for the planned development, there is the risk that approvals will not be granted or will be delayed. These events may adversely affect the borrower and the collateral value of the property. Development and construction loans also expose us to the risk that improvements will not be completed on time in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. All of these factors are considered as part of the underwriting, structuring and pricing of the loan. We have deemphasized this type of loan. | ||
Commercial real estate loans subject us to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, the foreclosure process, if necessary may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. | ||
Commercial business lending is also higher risk because repayment depends on the successful operation of the business which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because we must gain control of assets used in the borrower’s business before foreclosing which we cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is subject to downward pressure. | ||
When we evaluate residential mortgage loans and equity loans we weigh both the credit capacity of the borrower and the collateral value of the home. As unemployment and underemployment increases, and liquidity reserves if any, diminish, the credit capacity of the borrower decreases, which increases our risk. Also, after a period of years of stable or increasing home values in our market, home prices have declined from a high in 2005 and 2006. We are exposed to risk in both our first mortgage and equity lending programs due to declines in values in recent years. We are also exposed to risk because the time to foreclose is significant and has become longer under current conditions. | ||
The carrying value of loans is periodically evaluated and the allowance is adjusted accordingly. While management uses the best information available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. In addition, as an integral part of their examination process, our regulatory agencies periodically review the allowance for loan losses. Such agencies may require us to recognize additions to the allowance based on their judgments of information available to them at the time of their examination. | ||
(m) Troubled Debt Restructuring | ||
Troubled debt restructuring (“TDR”) is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. Not all loans that are restructured as a TDR are classified as non accrual before the restructuring occurs. Restructured loans can convert from non accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of payment performance in accordance with the restructured terms, or by the presence of other significant items. | ||
(n) Federal Home Loan Bank Stock | ||
As a member of the Federal Home Loan Bank (FHLB) of New York, the Bank is required to hold a certain amount of FHLB common stock. This stock is a non-marketable equity security and, accordingly, is reported at cost. | ||
(o) Premises and Equipment | ||
Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. | ||
(p) Goodwill and Other Intangible Assets | ||
Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. Goodwill is the only intangible asset with an indefinite life on our balance sheet. | ||
The Company accounts for goodwill and other intangible assets in accordance with GAAP, which, in general, requires that goodwill not be amortized, but rather that it be tested for impairment at least annually at the reporting unit level. The Company has the option to first perform a qualitative assessment to test goodwill for impairment on a reporting-unit-by-reporting-unit basis. If after performing the qualitative assessment, the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will perform the two-step process described below: | ||
1 | Identify potential impairments by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Goodwill is not considered impaired as long as the fair value of the reporting unit is greater than its carrying value. The second step is only required if a potential impairment to goodwill is identified in step one. | |
2 | Compare the implied fair value of goodwill to its carrying amount, where the implied fair value of goodwill is computed on a residual basis, that is, by subtracting the sum of the fair values of the individual asset categories (tangible and intangible) from the indicated fair value of the reporting unit as determined under step one. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair value, and it must be presented as a separate line item on financial statements. | |
At September 30, 2013 the Company assessed goodwill for impairment using qualitative factors and concluded the two-step process was unnecessary. Changes in the local and national economy, the federal and state legislative and regulatory environments for financial institutions, the stock market, interest rates and other external factors (such as natural disasters or significant world events) may occur from time to time, often with great unpredictability, and may materially impact the fair value of publicly traded financial institutions and could result in an impairment charge at a future date. | ||
Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of approximately eight years. Intangibles related to the naming rights on Provident Bank Ball Park are amortized over 10 years on a straight-line basis. Impairment losses on intangible assets are charged to expense, if and when they occur. | ||
(q) Other Real Estate Owned | ||
Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. Subsequent valuations are performed by management, and the carrying amount of a property is adjusted by a charge to expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of real estate owned properties are recognized upon disposition. Other real estate owned totaled $6.0 million and $6.4 million at September 30, 2013 and 2012, respectively. | ||
(r) Securities Repurchase Agreements | ||
In securities repurchase agreements, the Company transfers securities to counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. | ||
(s) Income Taxes | ||
Net deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. | ||
A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, we determine that it is more likely than not that some portion, or all of the deferred tax asset will not be realized. | ||
The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | ||
The Company evaluates uncertain tax positions in a two step process. The first step is recognition, which requires a determination of whether it is more likely than not that a tax position will be sustained upon examination. The second step is measurement. Under the measurement step, a tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely than not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax position that no longer meet the more likely than not recognition threshold should be derecognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company did not have any such position as of September 30, 2013. See Note 10 “Income Taxes”. | ||
(t) Bank Owned Life Insurance (BOLI) | ||
The Company has purchased life insurance policies on certain officers and key executives. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized). | ||
(u) Stock-Based Compensation Plans | ||
Compensation expense is recognized for the Employee stock ownership plan (“ESOP”) equal to the fair value of shares that have been allocated or committed to be released for allocation to participants. Any difference between the fair value at that time and the ESOP’s original acquisition cost is charged or credited to stockholders’ equity (additional paid-in capital). The cost of ESOP shares that have not yet been allocated or committed to be released for allocation is deducted from stockholders’ equity. | ||
Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. Compensation cost is recognized over the required service period, generally defined as the vesting period. | ||
During the fiscal years ended September 30, 2013, 2012 and 2011 the Company issued 360,500, 515,000 and 119,526 new stock option awards and recognized total non-cash stock-based compensation cost of $634, $521 and $558, respectively. As of September 30, 2013, the total remaining unrecognized compensation cost related to non-vested stock options was $1,360. Options granted in 2013 have 3 year vesting periods. | ||
The Company also has a restricted stock plan in which shares awarded are transferred from treasury stock at cost with the difference between the fair market value on the grant date and the cost basis of the shares recorded as a reduction to retained earnings or an increase to additional paid-in capital, as applicable. The expense is amortized over the vesting period of the awards. The Company issued 186,900 shares during 2013 and 58,000 during 2012 and 63,870 shares were issued in 2011. The total restricted stock compensation cost recognized during 2013, 2012 and 2011 was $1,108, $276, and $168, respectively. As of September 30, 2013, the total remaining unrecognized compensation cost related to restricted stock was $1,239. | ||
The Company’s stock-based compensation plans allow for accelerated vesting when employees retire under circumstances in accordance with the terms of the plans. Grants which are subject to such accelerated vesting, are expensed over the shorter of the time to retirement age or the vesting schedule in accordance with the grant. Thus the vesting period can be less than the vesting period expressed in the stock based compensation agreement, depending upon the age of the grantee. As of September 30, 2013, 11,533 restricted shares and 48,121 stock options were potentially subject to accelerated vesting, and have been fully expensed. The Company recognized expense associated with the acceleration of restricted shares of $5 for fiscal 2013,and no expense in fiscal 2012 and 2011. The Company recognized expense associated with the acceleration of 2,000 shares in 2013, and no stock option shares in 2012 and 2011, respectively. | ||
(v) Earnings Per Share | ||
Basic earnings per share (“EPS”) is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding during the period. | ||
Diluted EPS is computed in a similar manner, except that the weighted average number of common shares is increased to include incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options were exercised and unvested restricted stock shares became vested during the periods. For purposes of computing both basic and diluted EPS, outstanding shares include earned ESOP shares. | ||
(w) Segment Information | ||
Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes. | ||
(x) Loss Contingencies | ||
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company does not believe there are such matters that will have a material effect on the financial statements. | ||
(y) Derivatives | ||
At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. | ||
The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. | ||
When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. | ||
(z) Loan Commitments and Related Financial Instruments | ||
Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Sep. 30, 2012 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions | ' | |||||||
Acquisitions | ||||||||
On August 10, 2012, the Company acquired 100% of the outstanding shares of Gotham Bank of New York (“Gotham”) in exchange for $40,510 in cash. Under the terms of the acquisition, common shareholders received cash equal to 125% of adjusted tangible net worth. The acquisition of Gotham allowed the Company to expand in the New York City market. Gotham delivered a long-term client base with core loan and deposit relationships, an attractive location in midtown Manhattan and our initial commercial banking team in New York City. Gotham’s results of operations were included in the Company’s results beginning on August 10, 2012. Acquisition-related costs of $5,925 are included in non-interest expense in the Company’s income statement for the year ended September 30, 2012. | ||||||||
The following table summarizes the consideration paid for Gotham and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date: | ||||||||
August 10, | ||||||||
2012 | ||||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 167,328 | ||||||
Securities, available for sale | 54,994 | |||||||
Total loans, net | 205,453 | |||||||
Federal Home Loan Bank (“FHLB”) stock | 1,045 | |||||||
Accrued interest receivable | 417 | |||||||
Premises and equipment, net | 490 | |||||||
Other assets | 1,793 | |||||||
Total assets acquired | $ | 431,520 | ||||||
LIABILITIES: | ||||||||
Deposits | $ | 368,902 | ||||||
FHLB and other borrowings | 30,784 | |||||||
Other liabilities | 1,677 | |||||||
Total liabilities assumed | $ | 401,363 | ||||||
Total identifiable net assets | $ | 30,157 | ||||||
Core deposit intangible | 4,818 | |||||||
Goodwill | 5,535 | |||||||
Cash paid | $ | 40,510 | ||||||
The following table presents pro forma information as if the acquisition had occurred at October 1, 2010. The pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits acquired and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. | ||||||||
September 30, | ||||||||
2012 | 2011 | |||||||
Net interest income | $ | 103,999 | $ | 102,447 | ||||
Net income | 22,914 | 16,068 | ||||||
Basic earnings per share | 0.6 | 0.37 | ||||||
Diluted earnings per share | 0.6 | 0.37 | ||||||
Future Amortization of Core Deposit and Other Intangible Assets. The following table sets forth the future amortization of core deposit and other intangible assets, including naming rights of $1,870 at September 30, 2013: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Less than one year | $ | 925 | $ | 853 | ||||
One to two years | 771 | 960 | ||||||
Two to three years | 726 | 814 | ||||||
Three to four years | 695 | 751 | ||||||
Four to five years | 669 | 714 | ||||||
Beyond five years | 2,105 | 3,072 | ||||||
Total | $ | 5,891 | $ | 7,164 | ||||
Securities
Securities | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||
A summary of amortized cost and estimated fair value of our securities is presented below: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
cost | unrealized | unrealized | value | cost | unrealized | unrealized | value | |||||||||||||||||||||||||
gains | losses | gains | losses | |||||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Fannie Mae | $ | 214,191 | $ | 1,168 | $ | (3,921 | ) | $ | 211,438 | $ | 155,601 | $ | 5,806 | $ | — | $ | 161,407 | |||||||||||||||
Freddie Mac | 67,272 | 593 | (236 | ) | 67,629 | 81,509 | 3,751 | — | 85,260 | |||||||||||||||||||||||
Ginnie Mae | 3,374 | 88 | — | 3,462 | 4,488 | 290 | — | 4,778 | ||||||||||||||||||||||||
CMO/Other MBS | 169,336 | 356 | (3,038 | ) | 166,654 | 191,867 | 1,787 | (590 | ) | 193,064 | ||||||||||||||||||||||
Total residential mortgage-backed securities: | 454,173 | 2,205 | (7,195 | ) | 449,183 | 433,465 | 11,634 | (590 | ) | 444,509 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 273,637 | — | (12,090 | ) | 261,547 | 404,820 | 4,013 | (10 | ) | 408,823 | ||||||||||||||||||||||
Corporate bonds | 118,575 | 153 | (3,795 | ) | 114,933 | — | — | — | — | |||||||||||||||||||||||
State and municipal | 127,324 | 3,447 | (2,041 | ) | 128,730 | 146,136 | 10,349 | (4 | ) | 156,481 | ||||||||||||||||||||||
Equities | — | — | — | — | 1,087 | — | (28 | ) | 1,059 | |||||||||||||||||||||||
Total other securities | 519,536 | 3,600 | (17,926 | ) | 505,210 | 552,043 | 14,362 | (42 | ) | 566,363 | ||||||||||||||||||||||
Total available for sale | $ | 973,709 | $ | 5,805 | $ | (25,121 | ) | $ | 954,393 | $ | 985,508 | $ | 25,996 | $ | (632 | ) | $ | 1,010,872 | ||||||||||||||
September 30, 2013 | 30-Sep-12 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
cost | unrealized gains | unrealized losses | value | cost | unrealized gains | unrealized losses | value | |||||||||||||||||||||||||
Held to maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Fannie Mae | $ | 70,502 | $ | 399 | $ | (86 | ) | $ | 70,815 | $ | 28,637 | $ | 1,212 | $ | — | $ | 29,849 | |||||||||||||||
Freddie Mac | 59,869 | 317 | (22 | ) | 60,164 | 42,706 | 1,347 | — | 44,053 | |||||||||||||||||||||||
CMO/Other MBS | 25,776 | 33 | (315 | ) | 25,494 | 27,921 | 226 | (28 | ) | 28,119 | ||||||||||||||||||||||
Total residential mortgage-backed securities | 156,147 | 749 | (423 | ) | 156,473 | 99,264 | 2,785 | (28 | ) | 102,021 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 77,341 | — | (3,458 | ) | 73,883 | 22,236 | 106 | — | 22,342 | |||||||||||||||||||||||
State and municipal | 19,011 | 556 | (546 | ) | 19,021 | 19,376 | 1,059 | — | 20,435 | |||||||||||||||||||||||
Other | 1,500 | 19 | — | 1,519 | 1,500 | 26 | — | 1,526 | ||||||||||||||||||||||||
Total other securities | 97,852 | 575 | (4,004 | ) | 94,423 | 43,112 | 1,191 | — | 44,303 | |||||||||||||||||||||||
Total held to maturity | $ | 253,999 | $ | 1,324 | $ | (4,427 | ) | $ | 250,896 | $ | 142,376 | $ | 3,976 | $ | (28 | ) | $ | 146,324 | ||||||||||||||
The amortized cost and estimated fair value of securities at September 30, 2013 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities are shown separately since they are not due at a single maturity date. | ||||||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||
cost | value | cost | value | |||||||||||||||||||||||||||||
Other securities remaining period to contractual maturity: | ||||||||||||||||||||||||||||||||
One year or less | $ | 2,242 | $ | 2,259 | $ | 3,800 | $ | 3,841 | ||||||||||||||||||||||||
One to five years | 81,057 | 81,596 | 14,756 | 14,578 | ||||||||||||||||||||||||||||
Five to ten years | 417,655 | 403,270 | 73,152 | 69,970 | ||||||||||||||||||||||||||||
Greater than ten years | 18,582 | 18,085 | 6,144 | 6,034 | ||||||||||||||||||||||||||||
Total other securities | 519,536 | 505,210 | 97,852 | 94,423 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 454,173 | 449,183 | 156,147 | 156,473 | ||||||||||||||||||||||||||||
Total securities | $ | 973,709 | $ | 954,393 | $ | 253,999 | $ | 250,896 | ||||||||||||||||||||||||
Sales of securities were as follows: | ||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 339,123 | $ | 344,431 | $ | 540,145 | ||||||||||||||||||||||||||
Gross realized gains | 7,709 | 10,468 | 10,000 | |||||||||||||||||||||||||||||
Gross realized losses | (377 | ) | — | — | ||||||||||||||||||||||||||||
Income tax expense on realized net gains | 2,282 | 2,475 | 1,930 | |||||||||||||||||||||||||||||
Held to maturity: (1) | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 1,187 | — | $ | 357 | |||||||||||||||||||||||||||
Gross realized gains | 59 | — | 18 | |||||||||||||||||||||||||||||
Income tax expense on realized gains | 18 | — | 3 | |||||||||||||||||||||||||||||
(1) During the fiscal year ended September 30, 2013 and 2011 the Company sold held to maturity securities after the Company had already collected at least 85% of the principal balance outstanding at acquisition. | ||||||||||||||||||||||||||||||||
The following table summarizes those securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position: | ||||||||||||||||||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 137,265 | $ | (4,157 | ) | $ | — | $ | — | $ | 137,265 | $ | (4,157 | ) | ||||||||||||||||||
CMO/other MBS | 122,324 | (2,742 | ) | 7,820 | (296 | ) | 130,144 | (3,038 | ) | |||||||||||||||||||||||
Total residential mortgage-backed securities | 259,589 | (6,899 | ) | 7,820 | (296 | ) | 267,409 | (7,195 | ) | |||||||||||||||||||||||
Federal agencies | 261,547 | (12,090 | ) | — | — | 261,547 | (12,090 | ) | ||||||||||||||||||||||||
Corporate | 95,013 | (3,795 | ) | — | — | 95,013 | (3,795 | ) | ||||||||||||||||||||||||
State and municipal | 43,585 | (2,033 | ) | 112 | (8 | ) | 43,697 | (2,041 | ) | |||||||||||||||||||||||
Total | $ | 659,734 | $ | (24,817 | ) | $ | 7,932 | $ | (304 | ) | $ | 667,666 | $ | (25,121 | ) | |||||||||||||||||
As of September 30, 2012 | ||||||||||||||||||||||||||||||||
CMO/other MBS | $ | 64,065 | $ | (590 | ) | $ | — | $ | — | $ | 64,065 | $ | (590 | ) | ||||||||||||||||||
Federal agencies | 4,993 | (10 | ) | — | — | 4,993 | (10 | ) | ||||||||||||||||||||||||
State and municipal | 716 | (4 | ) | — | — | 716 | (4 | ) | ||||||||||||||||||||||||
Equities | — | — | 809 | (28 | ) | 809 | (28 | ) | ||||||||||||||||||||||||
Total | $ | 69,774 | $ | (604 | ) | $ | 809 | $ | (28 | ) | $ | 70,583 | $ | (632 | ) | |||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Held to maturity | ||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Fannie Mae | $ | 10,963 | $ | (86 | ) | $ | — | $ | — | $ | 10,963 | $ | (86 | ) | ||||||||||||||||||
CMO other MBS | 31,412 | (337 | ) | — | — | 31,412 | (337 | ) | ||||||||||||||||||||||||
Federal agencies | 73,883 | (3,458 | ) | — | — | 73,883 | (3,458 | ) | ||||||||||||||||||||||||
Municipal bonds | 9,530 | (546 | ) | — | — | 9,530 | (546 | ) | ||||||||||||||||||||||||
Total | $ | 125,788 | $ | (4,427 | ) | $ | — | $ | — | $ | 125,788 | $ | (4,427 | ) | ||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||
Total | $ | 13,189 | $ | (28 | ) | $ | — | $ | — | $ | 13,189 | $ | (28 | ) | ||||||||||||||||||
Substantially all of the unrealized losses at September 30, 2013 relate to investment grade debt securities and are attributable to changes in market interest rates subsequent to purchase. At September 30, 2013, a total of 323 available for sale securities were in a continuous unrealized loss position for less than 12 months and two securities were in an unrealized loss position for 12 months or longer. For securities with fixed maturities, there are no securities past due or securities for which the Company currently believes it is not probable that it will collect all amounts due according to the contractual terms of the investment. | ||||||||||||||||||||||||||||||||
Declines in the fair value of available for sale and held to maturity securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses (“OTTI”), management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for an anticipated recovery in cost. | ||||||||||||||||||||||||||||||||
Within the CMO category of the available for sale portfolio there are four private label CMOs that had an amortized cost of $3,636 and a fair value (carrying value) of $3,613 as of September 30, 2013. Two of the four securities are considered to be OTTI and are below investment grade. The impaired private label CMOs had an amortized cost of $3,288 and a fair value of $3,263 at September 30, 2013. Impairment charges on these securities were $14 and $47 for the fiscal years ended September 30, 2013 and September 30, 2012, respectively. At September 30, 2013 total cumulative impairment charges on these two private label CMOs were $61. The remaining two securities are rated investment grade and were performing as of September 30, 2013 and are expected to continue to perform based on current information. In determining whether OTTI existed on these debt securities the Company evaluated the present value of cash flows expected to be collected based on collateral specific assumptions, including credit risk and liquidity risk, and determined that no additional credit losses were expected. The Company will continue to evaluate its investment securities portfolio for OTTI on at least a quarterly basis. | ||||||||||||||||||||||||||||||||
Excluding FHLB and New York Business Development Corporation stock, the Company owned one equity security with a balance of $809 at September 30, 2012, which was sold during the fiscal year ended September 30, 2013. For the twelve months ended September 30, 2013 and 2012, the Company incurred OTTI on this security of $18 and $0, respectively. | ||||||||||||||||||||||||||||||||
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: | ||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Available for sale securities pledged for borrowings, at fair value | $ | 199,642 | $ | 192,482 | ||||||||||||||||||||||||||||
Available for sale securities pledged for municipal deposits, at fair value | 580,756 | 703,261 | ||||||||||||||||||||||||||||||
Available for sale securities pledged for customer back-to-back swaps, at fair value | 4,645 | 4,174 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for borrowings, at amortized cost | 55,497 | 53,507 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for municipal deposits, at amortized cost | 167,926 | 138,855 | ||||||||||||||||||||||||||||||
Total securities pledged | $ | 1,008,466 | $ | 1,092,279 | ||||||||||||||||||||||||||||
Loans
Loans | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Loans [Abstract] | ' | |||||||||||||||||||||||
Loans | ' | |||||||||||||||||||||||
Loans | ||||||||||||||||||||||||
The components of the loan portfolio, excluding loans held for sale, were as follows: | ||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Residential mortgage | $ | 400,009 | $ | 350,022 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | 1,277,037 | 1,072,504 | ||||||||||||||||||||||
Commercial & industrial | 439,787 | 343,307 | ||||||||||||||||||||||
Acquisition, development & construction | 102,494 | 144,061 | ||||||||||||||||||||||
Total commercial | 1,819,318 | 1,559,872 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 156,995 | 165,200 | ||||||||||||||||||||||
Other consumer loans | 36,576 | 44,378 | ||||||||||||||||||||||
Total consumer | 193,571 | 209,578 | ||||||||||||||||||||||
Total loans | 2,412,898 | 2,119,472 | ||||||||||||||||||||||
Allowance for loan losses | (28,877 | ) | (28,282 | ) | ||||||||||||||||||||
Total loans, net | $ | 2,384,021 | $ | 2,091,190 | ||||||||||||||||||||
Total loans include net deferred loan origination costs (fees) of $1,201 and $(310) at September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Included in the Company’s loan portfolio are loans acquired from Gotham Bank. These loans were recorded at fair value at acquisition and carried a balance of $133,493 and $205,764 at September 30, 2013 and September 30, 2012, respectively. The discount associated with these loans which includes adjustments associated with market interest rates and expected credit losses, was $1,879 and $3,924 at September 30, 2013 and September 30, 2012, respectively. We evaluate these loans for impairment collectively. None of the Gotham Bank acquired loans were identified as purchase credit impaired at acquisition. | ||||||||||||||||||||||||
At September 30, 2013, the Company has pledged loans totaling $784.4 million to the FHLB as collateral for certain borrowing arrangements. See Note 8. Borrowings. | ||||||||||||||||||||||||
The following tables set forth the amounts and status of the Company’s loans and troubled debt restructurings (“TDRs”) at September 30, 2013 and September 30, 2012: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | days | days | days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 390,072 | $ | 354 | $ | 267 | $ | 1,832 | $ | 7,484 | $ | 400,009 | ||||||||||||
Commercial real estate | 1,263,933 | 1,978 | 2,357 | 1,574 | 7,195 | 1,277,037 | ||||||||||||||||||
Commercial & industrial | 438,818 | 178 | 2 | 289 | 500 | 439,787 | ||||||||||||||||||
Acquisition, development & construction | 96,306 | 768 | — | — | 5,420 | 102,494 | ||||||||||||||||||
Consumer | 190,393 | 566 | — | 404 | 2,208 | 193,571 | ||||||||||||||||||
Total loans | $ | 2,379,522 | $ | 3,844 | $ | 2,626 | $ | 4,099 | $ | 22,807 | $ | 2,412,898 | ||||||||||||
Total TDRs included above | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||
Non-performing loans: | ||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | 4,099 | ||||||||||||||||||||||
Non-accrual loans | 22,807 | |||||||||||||||||||||||
Total non-performing loans | $ | 26,906 | ||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | Days | Days | Days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 337,356 | $ | 855 | $ | 497 | $ | 2,263 | $ | 9,051 | $ | 350,022 | ||||||||||||
Commercial real estate | 1,060,176 | 902 | 973 | 1,638 | 8,815 | 1,072,504 | ||||||||||||||||||
Commercial & industrial | 342,726 | 96 | 141 | — | 344 | 343,307 | ||||||||||||||||||
Acquisition, development & construction | 121,590 | 7,067 | — | — | 15,404 | 144,061 | ||||||||||||||||||
Consumer | 205,463 | 1,551 | 265 | 469 | 1,830 | 209,578 | ||||||||||||||||||
Total loans | $ | 2,067,311 | $ | 10,471 | $ | 1,876 | $ | 4,370 | $ | 35,444 | $ | 2,119,472 | ||||||||||||
Total TDRs included above | $ | 13,543 | $ | 270 | $ | 264 | $ | — | $ | 10,870 | $ | 24,947 | ||||||||||||
Non-performing loans: | ||||||||||||||||||||||||
Loans 90+ days past due and accruing | $ | 4,370 | ||||||||||||||||||||||
Non-accrual loans | 35,444 | |||||||||||||||||||||||
Total non-performing loans | $ | 39,814 | ||||||||||||||||||||||
Activity in the allowance for loan losses for the year ended September 30, 2013, 2012 and 2011 is summarized below: | ||||||||||||||||||||||||
For the year ended September 30, 2013 | ||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||
Residential mortgage | $ | 4,359 | $ | (2,547 | ) | $ | 101 | $ | (2,446 | ) | $ | 2,561 | $ | 4,474 | ||||||||||
Commercial real estate | 7,230 | (3,725 | ) | 577 | (3,148 | ) | 5,885 | 9,967 | ||||||||||||||||
Commercial & industrial | 4,603 | (1,354 | ) | 410 | (944 | ) | 1,643 | 5,302 | ||||||||||||||||
Acquisition, development & construction | 8,526 | (3,422 | ) | 182 | (3,240 | ) | 520 | 5,806 | ||||||||||||||||
Consumer | 3,564 | (2,009 | ) | 232 | (1,777 | ) | 1,541 | 3,328 | ||||||||||||||||
Total loans | $ | 28,282 | $ | (13,057 | ) | $ | 1,502 | $ | (11,555 | ) | $ | 12,150 | $ | 28,877 | ||||||||||
Net charge-offs to average loans outstanding | 0.52 | % | ||||||||||||||||||||||
For the year ended September 30, 2012 | ||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending | |||||||||||||||||||
balance | charge-offs | balance | ||||||||||||||||||||||
Residential mortgage | $ | 3,498 | $ | (2,551 | ) | $ | 356 | $ | (2,195 | ) | $ | 3,056 | $ | 4,359 | ||||||||||
Commercial real estate | 5,568 | (2,707 | ) | 528 | (2,179 | ) | 3,841 | 7,230 | ||||||||||||||||
Commercial & industrial | 5,945 | (1,526 | ) | 1,116 | (410 | ) | (932 | ) | 4,603 | |||||||||||||||
Acquisition, development & construction | 9,895 | (4,124 | ) | 299 | (3,825 | ) | 2,456 | 8,526 | ||||||||||||||||
Consumer | 3,011 | (1,901 | ) | 263 | (1,638 | ) | 2,191 | 3,564 | ||||||||||||||||
Total loans | $ | 27,917 | $ | (12,809 | ) | $ | 2,562 | $ | (10,247 | ) | $ | 10,612 | $ | 28,282 | ||||||||||
Net charge-offs to average loans outstanding | 0.56 | % | ||||||||||||||||||||||
For the year ended September 30, 2011 | ||||||||||||||||||||||||
Beginning balance | Charge-offs | Recoveries | Net | Provision | Ending | |||||||||||||||||||
charge-offs | balance | |||||||||||||||||||||||
Residential mortgage | $ | 2,641 | $ | (2,140 | ) | $ | 15 | $ | (2,125 | ) | $ | 2,982 | $ | 3,498 | ||||||||||
Commercial real estate | 5,915 | (1,802 | ) | 2 | (1,800 | ) | 1,453 | 5,568 | ||||||||||||||||
Commercial & industrial | 8,970 | (5,400 | ) | 605 | (4,795 | ) | 1,770 | 5,945 | ||||||||||||||||
Acquisition, development & construction | 9,752 | (8,939 | ) | 10 | (8,929 | ) | 9,072 | 9,895 | ||||||||||||||||
Consumer | 3,565 | (1,989 | ) | 128 | (1,861 | ) | 1,307 | 3,011 | ||||||||||||||||
Total loans | $ | 30,843 | $ | (20,270 | ) | $ | 760 | $ | (19,510 | ) | $ | 16,584 | $ | 27,917 | ||||||||||
Net charge-offs to average loans outstanding | 1.17 | % | ||||||||||||||||||||||
Management considers a loan to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of impairment is treated the same across all classes of loans on a loan-by-loan basis. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole remaining source of repayment of the loan is the operation or liquidation of the collateral. In these cases management uses the current fair value of the collateral, less selling costs when foreclosure is probable, instead of discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance for loan losses. | ||||||||||||||||||||||||
When the ultimate collectibility of the total principal of an impaired loan is in doubt and the loan is on non-accrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectibility of the total principal of an impaired loan is not in doubt and the loan is on non-accrual status, contractual interest is credited to interest income when received, under the cash basis method. Impaired loans, or portions thereof, are charged-off when deemed uncollectible. | ||||||||||||||||||||||||
During the third quarter of fiscal 2013, we modified the methodology we use to determine the allowance for loan losses required for residential mortgage loans and home equity lines of credit. In prior periods, we evaluated these loans for impairment on an individual basis. Effective the third quarter of fiscal 2013, we evaluate residential mortgage loans and home equity lines of credit with an outstanding balance of $500 or less on a homogeneous pool basis. This modified approach to our methodology did not have a material impact on the allowance for loan losses. | ||||||||||||||||||||||||
The following table sets forth the loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2013: | ||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||
Individually | Collectively | Total loans | Individually | Collectively evaluated for | Total | |||||||||||||||||||
evaluated for | evaluated for | evaluated for | impairment | allowance | ||||||||||||||||||||
impairment | impairment | impairment | for loan losses | |||||||||||||||||||||
Residential mortgage | $ | 515 | $ | 399,494 | $ | 400,009 | $ | — | $ | 4,474 | $ | 4,474 | ||||||||||||
Commercial real estate | 14,091 | 1,262,946 | 1,277,037 | 803 | 9,164 | 9,967 | ||||||||||||||||||
Commercial & industrial | 2,631 | 437,156 | 439,787 | 249 | 5,053 | 5,302 | ||||||||||||||||||
Acquisition, development & construction | 19,582 | 82,912 | 102,494 | 540 | 5,266 | 5,806 | ||||||||||||||||||
Consumer | 2 | 193,569 | 193,571 | 1 | 3,327 | 3,328 | ||||||||||||||||||
Total loans | $ | 36,821 | $ | 2,376,077 | $ | 2,412,898 | $ | 1,593 | $ | 27,284 | $ | 28,877 | ||||||||||||
The following table sets forth the loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2012: | ||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||
Individually | Collectively | Total loans | Individually | Collectively evaluated for | Total | |||||||||||||||||||
evaluated for | evaluated for | evaluated for | impairment | allowance | ||||||||||||||||||||
impairment | impairment | impairment | for loan losses | |||||||||||||||||||||
Residential mortgage | $ | 12,739 | $ | 337,283 | $ | 350,022 | $ | 871 | $ | 3,488 | $ | 4,359 | ||||||||||||
Commercial real estate | 13,017 | 1,059,487 | 1,072,504 | 1,036 | 6,194 | 7,230 | ||||||||||||||||||
Commercial & industrial | 357 | 342,950 | 343,307 | 48 | 4,555 | 4,603 | ||||||||||||||||||
Acquisition, development & construction | 24,880 | 119,181 | 144,061 | 996 | 7,530 | 8,526 | ||||||||||||||||||
Consumer | 2,299 | 207,279 | 209,578 | 263 | 3,301 | 3,564 | ||||||||||||||||||
Total loans | $ | 53,292 | $ | 2,066,180 | $ | 2,119,472 | $ | 3,214 | $ | 25,068 | $ | 28,282 | ||||||||||||
The following table presents loans individually evaluated for impairment by segment at September 30, 2013 and 2012: | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
Unpaid | Recorded | Related allowance | Unpaid | Recorded | Related allowance | |||||||||||||||||||
principal | investment | principal | investment | |||||||||||||||||||||
balance | balance | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | $ | 515 | $ | 515 | $ | — | $ | 6,193 | $ | 5,413 | $ | — | ||||||||||||
Commercial real estate | 12,451 | 11,820 | — | 9,296 | 7,837 | — | ||||||||||||||||||
Commercial & industrial | 2,175 | 2,131 | — | 262 | 262 | — | ||||||||||||||||||
Acquisition, development and construction | 17,971 | 17,945 | — | 24,144 | 20,597 | — | ||||||||||||||||||
Consumer | — | — | — | 1,146 | 1,122 | — | ||||||||||||||||||
Subtotal | 33,112 | 32,411 | — | 41,041 | 35,231 | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | — | — | — | 8,485 | 7,326 | 871 | ||||||||||||||||||
Commercial real estate | 3,150 | 2,271 | 803 | 5,942 | 5,180 | 1,036 | ||||||||||||||||||
Commercial & industrial | 500 | 500 | 249 | 95 | 95 | 48 | ||||||||||||||||||
Acquisition, development & construction | 2,753 | 1,637 | 540 | 7,159 | 4,283 | 996 | ||||||||||||||||||
Consumer | 2 | 2 | 1 | 1,400 | 1,177 | 263 | ||||||||||||||||||
Subtotal | 6,405 | 4,410 | 1,593 | 23,081 | 18,061 | 3,214 | ||||||||||||||||||
Total | $ | 39,517 | $ | 36,821 | $ | 1,593 | $ | 64,122 | $ | 53,292 | $ | 3,214 | ||||||||||||
The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the year ended September 30, 2013, 2012 and 2011: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
YTD | Interest | Cash-basis | YTD | Interest | Cash-basis | |||||||||||||||||||
average | income | interest | average | income | interest | |||||||||||||||||||
recorded | recognized | income | recorded | recognized | income | |||||||||||||||||||
investment | recognized | investment | recognized | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | $ | 309 | $ | — | $ | — | $ | 5,493 | $ | 310 | $ | 137 | ||||||||||||
Commercial real estate | 17,325 | 286 | 275 | 7,869 | 520 | 291 | ||||||||||||||||||
Commercial & industrial | 1,821 | 91 | 86 | 467 | 26 | 26 | ||||||||||||||||||
Acquisition, development and construction | 12,827 | 631 | 587 | 22,043 | 636 | 367 | ||||||||||||||||||
Consumer | 61 | — | — | 1,113 | 28 | 8 | ||||||||||||||||||
Subtotal | 32,343 | 1,008 | 948 | 36,985 | 1,520 | 829 | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | 1,602 | 14 | 10 | 7,770 | 180 | 141 | ||||||||||||||||||
Commercial real estate | 6,646 | 7 | 7 | 5,970 | 84 | 84 | ||||||||||||||||||
Commercial & industrial | 705 | — | — | 99 | 76 | 76 | ||||||||||||||||||
Acquisition, development & construction | 1,104 | — | — | 5,868 | 18 | 6 | ||||||||||||||||||
Consumer | 228 | — | — | 1,503 | — | — | ||||||||||||||||||
Subtotal | 10,285 | 21 | 17 | 21,210 | 358 | 307 | ||||||||||||||||||
Total | $ | 42,628 | $ | 1,029 | $ | 965 | $ | 58,195 | $ | 1,878 | $ | 1,136 | ||||||||||||
2011 | ||||||||||||||||||||||||
YTD | Interest | Cash-basis | ||||||||||||||||||||||
average | income | interest | ||||||||||||||||||||||
recorded | recognized | income | ||||||||||||||||||||||
investment | recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | $ | 2,702 | $ | 92 | $ | 51 | ||||||||||||||||||
Commercial real estate | 8,917 | 497 | 248 | |||||||||||||||||||||
Commercial & industrial | 862 | 42 | 42 | |||||||||||||||||||||
Acquisition, development and construction | 26,111 | 1,892 | 1,454 | |||||||||||||||||||||
Consumer | 1,860 | 61 | 13 | |||||||||||||||||||||
Subtotal | 40,452 | 2,584 | 1,808 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | 6,319 | 159 | 159 | |||||||||||||||||||||
Commercial real estate | 6,505 | 199 | 144 | |||||||||||||||||||||
Acquisition, development & construction | 6,963 | 114 | 96 | |||||||||||||||||||||
Consumer | 642 | 33 | 22 | |||||||||||||||||||||
Subtotal | 20,429 | 505 | 421 | |||||||||||||||||||||
Total | $ | 60,881 | $ | 3,089 | $ | 2,229 | ||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||
A TDR is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. The restructuring of a loan may include, but is not limited to: (1) the transfer from the borrower to the Bank of real estate, receivables from third parties, other assets, or an equity interest in the borrower to the Bank in full or partial satisfaction of the loan, (2) a modification of the loan terms, such as a reduction of the stated interest rate, principal, or accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risk, or (3) a combination of the above. | ||||||||||||||||||||||||
In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. This evaluation is performed under the Bank’s internal underwriting policy. Modifications have involved a reduction of the stated interest rate of the loan for period ranging from three months to 30 years. Modifications involving an extension of the maturity date were for periods ranging from three months to 30 years. Restructured loans are recorded in accrual status when the loans have demonstrated performance, generally evidenced by six months of payment performance in accordance with the restructured terms, or by the presence of other significant characteristics. | ||||||||||||||||||||||||
All loans whose terms have been modified in a TDR, including both commercial and consumer loans, must be evaluated for impairment. Not all loans that are restructured as a TDR are classified as non-accrual before the restructuring occurs. If the subsequent TDR designation of these accruing loans has been assigned because of a below market interest rate or an extension of time, the new restructured loan may remain on accrual when management determines it is probable that all contractual principal and interest due under the restructured terms will be collected. TDRs that were on non-accrual before or while the loan was designated a TDR require a minimum of six months of performance in accordance with regulatory guidelines to return the loan to accrual status. | ||||||||||||||||||||||||
TDRs at September 30, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | days | days | days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 2,416 | $ | — | $ | — | $ | — | $ | 1,792 | $ | 4,208 | ||||||||||||
Commercial real estate | 5,305 | — | — | — | — | 5,305 | ||||||||||||||||||
Commercial & industrial | 1,843 | — | — | 141 | — | 1,984 | ||||||||||||||||||
Acquisition, development & construction | 14,190 | — | — | — | 151 | 14,341 | ||||||||||||||||||
Consumer | — | — | — | — | 256 | 256 | ||||||||||||||||||
Total | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||
Allowance for loan losses | $ | 438 | $ | — | $ | — | $ | — | $ | 439 | $ | 877 | ||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | days | days | days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 1,226 | $ | — | $ | 264 | $ | — | $ | 2,178 | $ | 3,668 | ||||||||||||
Commercial real estate | 2,640 | 270 | — | — | — | 2,910 | ||||||||||||||||||
Acquisition, development & construction | 9,677 | — | — | — | 8,692 | 18,369 | ||||||||||||||||||
Total | $ | 13,543 | $ | 270 | $ | 264 | $ | — | $ | 10,870 | $ | 24,947 | ||||||||||||
Allowance for loan losses | $ | — | $ | — | $ | 41 | $ | — | $ | 955 | $ | 996 | ||||||||||||
The Company has outstanding commitments to lend additional amounts of $4,101 and $4,225 to customers with loans that are classified as TDRs as of September 30, 2013 and September 30, 2012, respectively. | ||||||||||||||||||||||||
The following table presents loans by segment modified as TDRs in the fiscal year ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||
Recorded investment | Recorded investment | |||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||
modification | modification | modification | modification | |||||||||||||||||||||
Residential mortgage | 6 | $ | 1,436 | $ | 1,372 | 5 | $ | 1,525 | $ | 1,295 | ||||||||||||||
Commercial real estate | 2 | 2,682 | 2,682 | 3 | 2,336 | 2,351 | ||||||||||||||||||
Commercial & industrial | 5 | 2,001 | 2,001 | — | — | — | ||||||||||||||||||
Acquisition, development & construction | 7 | 5,772 | 5,772 | 4 | 5,299 | 5,299 | ||||||||||||||||||
Consumer | 1 | 302 | 302 | — | — | — | ||||||||||||||||||
Total restructured loans | 21 | $ | 12,193 | $ | 12,129 | 12 | $ | 9,160 | $ | 8,945 | ||||||||||||||
The TDRs described above increased the allowance for loan losses by $300 and $134 and resulted in charge-offs of $110 and $0 for the years ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
There was one consumer loan totaling $256 that was modified as TDRs during the last twelve months that had subsequently defaulted during the twelve months ended September 30, 2013. | ||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||
As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk grade of commercial loans, (ii) the level of classified commercial loans, (iii) the delinquency status of consumer loans (residential mortgage and HELOC) (iv) net charge-offs, (v) non-performing loans (see details above) and (vi) the general economic conditions in the greater New York metropolitan region. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on at least a quarterly basis on all criticized/classified loans. The Bank uses the following definitions of risk ratings: | ||||||||||||||||||||||||
1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies. | ||||||||||||||||||||||||
3 - This grade includes loans to borrowers with strong earnings and cash flow and that have the ability to service debt. The borrower’s assets and liabilities are generally well matched and are above average quality. The borrower has ready access to multiple sources of funding including alternatives such as term loans, private equity placements or trade credit. | ||||||||||||||||||||||||
4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates. | ||||||||||||||||||||||||
5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt coverage ratios. Overall leverage is acceptable and there is average reliance upon trade debt. Management has a reasonable amount of experience and modest debt owners are willing to invest available, outside capital as necessary. | ||||||||||||||||||||||||
6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon funding for working capital support. | ||||||||||||||||||||||||
7 - Special Mention (OCC definition) - Other Assets Especially Mentioned (OAEM) are loans that are currently protected but are potentially weak. Loans with special mention ratings have potential weaknesses which may, if not reviewed or corrected, weaken the asset or inadequately protect the bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset. | ||||||||||||||||||||||||
8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. | ||||||||||||||||||||||||
9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as substandard with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidating procedures, capital injection, perfecting liens or additional collateral and refinancing plans. | ||||||||||||||||||||||||
10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not reflect that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. | ||||||||||||||||||||||||
Loans risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of September 30, 2013 and September 30, 2012, the risk category of gross loans by segment was as follows: | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
Special | Substandard | Doubtful | Special | Substandard | Doubtful | |||||||||||||||||||
Mention | Mention | |||||||||||||||||||||||
Residential mortgage | $ | 824 | $ | 9,786 | $ | — | $ | 830 | $ | 11,314 | $ | — | ||||||||||||
Commercial real estate | 7,279 | 24,561 | 227 | 20,729 | 27,674 | — | ||||||||||||||||||
Commercial & industrial | 3,545 | 3,855 | 365 | 14,920 | 3,995 | 338 | ||||||||||||||||||
Acquisition, development & construction | 1,867 | 19,410 | — | 5,669 | 42,871 | — | ||||||||||||||||||
Consumer | 15 | 2,891 | — | 274 | 2,482 | — | ||||||||||||||||||
Total | $ | 13,530 | $ | 60,503 | $ | 592 | $ | 42,422 | $ | 88,336 | $ | 338 | ||||||||||||
Premises_And_Equipment_Net
Premises And Equipment, Net | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment, Net | ' | |||||||
Premises and Equipment, Net | ||||||||
Premises and equipment are summarized as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 7,282 | $ | 7,331 | ||||
Buildings | 30,558 | 31,903 | ||||||
Leasehold improvements | 8,136 | 7,931 | ||||||
Furniture, fixtures and equipment | 40,164 | 38,292 | ||||||
Total premises and equipment, gross | 86,140 | 85,457 | ||||||
Accumulated depreciation and amortization | (49,620 | ) | (46,974 | ) | ||||
Total premises and equipment, net | $ | 36,520 | $ | 38,483 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
Goodwill | ||||||||||||
The change in goodwill during the year is as follows: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning of year balance | $ | 163,247 | $ | 160,861 | $ | 160,861 | ||||||
Acquisitions | (130 | ) | 5,665 | — | ||||||||
Disposals | — | (3,279 | ) | — | ||||||||
End of year balance | $ | 163,117 | $ | 163,247 | $ | 160,861 | ||||||
During the fiscal year ended September 30, 2013, the Company decreased the identifiable assets acquired in connection with the Gotham Bank acquisition by $130 based on the completion of the analysis of fair value of the net assets acquired. | ||||||||||||
Included in core deposit and other intangible assets is an intangible asset associated with the naming rights to Provident bank ball park stadium which is located in Rockland County, New York. The Company has determined that in connection with the Merger it will write-off the intangible asset and incur an impairment charge of approximately $965 in the first fiscal quarter of 2014. |
Deposits
Deposits | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
Deposits | ' | |||||||
Deposits | ||||||||
Deposit balances at September 30, 2013 and 2012 are summarized as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Non-interest bearing | $ | 943,934 | $ | 947,304 | ||||
Interest bearing | 434,398 | 448,123 | ||||||
Savings | 580,125 | 506,538 | ||||||
Money market | 735,709 | 821,704 | ||||||
Certificates of deposit | 268,128 | 387,482 | ||||||
Total deposits | $ | 2,962,294 | $ | 3,111,151 | ||||
Municipal deposits totaled $757,066 and $901,739 at September 30, 2013 and September 30, 2012, respectively. See Note 3. Securities for the amount of securities that were pledged as collateral for municipal deposits and other purposes. Municipal deposits received for tax receipts were approximately $374,348 and $424,610 at September 30, 2013 and 2012, respectively. | ||||||||
Certificates of deposit had remaining periods to contractual maturity as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Remaining period to contractual maturity: | ||||||||
Less than one year | $ | 239,104 | $ | 344,033 | ||||
One to two years | 17,248 | 26,407 | ||||||
Two to three years | 5,185 | 10,601 | ||||||
Three to four years | 3,062 | 3,261 | ||||||
Four to five years | 3,529 | 3,180 | ||||||
Total certificates of deposit | $ | 268,128 | $ | 387,482 | ||||
Certificates of deposit accounts with a denomination of $100 or more totaled $104,225 and $203,516 at September 30, 2013 and 2012, respectively. Listed below are the Company’s brokered deposits: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Savings | $ | — | $ | 13,344 | ||||
Money market | 34,571 | 46,566 | ||||||
Reciprocal CDAR’s 1 | 1,343 | 1,354 | ||||||
CDAR’s one way | 768 | 764 | ||||||
Total brokered deposits | $ | 36,682 | $ | 62,028 | ||||
1 Certificate of deposit account registry service |
Borrowings
Borrowings | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||||
FHLB and Other Borrowings | ' | |||||||||||||
Borrowings | ||||||||||||||
The Company’s borrowings and weighted average interest rates are summarized as follows: | ||||||||||||||
September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
By type of borrowing: | ||||||||||||||
FHLB advances and overnight | $ | 442,602 | 2.77 | % | $ | 324,529 | 3.71 | % | ||||||
Repurchase agreements | 20,351 | 0.88 | 20,647 | 0.88 | ||||||||||
Senior notes | 98,033 | 5.98 | — | — | ||||||||||
Total borrowings | $ | 560,986 | 3.26 | % | $ | 345,176 | 3.54 | % | ||||||
By remaining period to maturity: | ||||||||||||||
Less than one year | $ | 158,897 | 0.95 | % | $ | 10,136 | 1.88 | % | ||||||
One to two years | 78,717 | 1.97 | 56,819 | 2 | ||||||||||
Two to three years | 191 | 5.32 | 52,693 | 2.89 | ||||||||||
Three to four years | 202,414 | 4.21 | 201 | 5.32 | ||||||||||
Four to five years | 118,033 | 5.57 | 202,386 | 4.21 | ||||||||||
Greater than five years | 2,734 | 4.92 | 22,941 | 3.74 | ||||||||||
Total borrowings | $ | 560,986 | 3.26 | % | $ | 345,176 | 3.54 | % | ||||||
As a member of the FHLB, the Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of September 30, 2013 and 2012, the Bank had pledged residential mortgage and commercial real estate loans totaling $784,422 and $613,554, respectively. The Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. Securities. As of September 30, 2013, the Bank may increase its borrowing capacity by pledging securities and mortgage loans not required to be pledged for other purposes with a collateral value of $531,209. | ||||||||||||||
FHLB borrowings which are putable quarterly at the discretion of the FHLB were $200,000 at September 30, 2013 and 2012. These borrowings have a weighted average remaining term to the contractual maturity dates of approximately 3.56 years and 4.56 years and weighted average interest rates of 4.23% at September 30, 2013 and 2012, respectively. | ||||||||||||||
The Bank had two $10,000 repurchase agreements with a financial institution. The Bank has pledged a portion of the securities disclosed in Note 3. Securities as collateral for these borrowings. | ||||||||||||||
On July 2, 2013 the Company issued $100,000 principal amount of 5.50% fixed rate Senior Notes through a private placement at a discount of 1.75%. The cost of issuance was $303, and at September 30, 2013 the unamortized discount was $1,967, which will be accreted to interest expense over the life of the Senior Notes, resulting in an all-in cost of 5.98%. Interest is due semi-annually in arrears on January 2 and July 2 of each year beginning January 2, 2014 until maturity on July 2, 2018. The Senior Notes were issued under an indenture (the “Indenture”) between the Company and U.S. Bank National Association, as trustee. | ||||||||||||||
The senior notes are unsecured obligations of the Company and rank equally with all other unsecured unsubordinated indebtedness, and will be effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the existing and future indebtedness of the Company’s subsidiaries. | ||||||||||||||
The indenture includes provisions that, among other things, restrict the Company’s ability to dispose of or issue shares of voting stock of a principal subsidiary bank (as defined in the Indenture) or transfer the entirety of or a substantial amount of the Company’s assets or merge or consolidate with or into other entities, without satisfying certain conditions. | ||||||||||||||
The Senior Notes will not be registered under the Securities Act and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||||
Derivatives | ' | ||||||||||||||
Derivatives | |||||||||||||||
The Company purchased two interest rate caps in the first quarter of fiscal 2010 to offset a portion of interest rate exposure should short-term rate increases lead to rapid increases in general levels of market interest rates on deposits. These caps are linked to LIBOR and have strike prices of 3.5% and 4.0%. These caps are stand alone derivatives and therefore changes in fair value are reported in current period earnings. Losses recognized in earnings were $2 and $63 in fiscal 2013 and 2012, respectively. The fair value of the interest rate caps at September 30, 2013, is reflected in other assets with a corresponding credit (charge) to income recorded as a gain (loss) to non-interest income. | |||||||||||||||
The Company has entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Corporation agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations. | |||||||||||||||
The Company pledged collateral to another financial institution in the form of investment securities with an amortized cost of $5,040 and a fair value of $4,645 as of September 30, 2013. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back swaps. However, certain language is written into the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Company is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions. | |||||||||||||||
Summary information regarding these derivatives is presented below: | |||||||||||||||
Notional | Average | Weighted | Weighted | Fair value | |||||||||||
amount | maturity (in years) | average | average | ||||||||||||
fixed rate | variable rate | ||||||||||||||
30-Sep-13 | |||||||||||||||
Interest rate caps | $ | 50,000 | 1.18 | 3.75 | % | NA | $ | — | |||||||
3rd party interest rate swap | 54,180 | 5.76 | 4.22 | 1 m Libor + 2.45 | 997 | ||||||||||
Customer interest rate swap | (54,180 | ) | 5.76 | 4.22 | 1 m Libor + 2.45 | (997 | ) | ||||||||
30-Sep-12 | |||||||||||||||
Interest rate caps | $ | 50,000 | 2.18 | 3.75 | % | NA | $ | 2 | |||||||
3rd party interest rate swap | 42,332 | 7.3 | 4.29 | 1 m Libor + 2.28 | 2,485 | ||||||||||
Customer interest rate swap | (42,332 | ) | 7.3 | 4.29 | 1 m Libor + 2.28 | (2,485 | ) | ||||||||
The Company enters into various commitments to sell real estate loans into the secondary market. Such commitments are considered to be derivative financial instruments; however, the fair value of these commitments is not material. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income tax expense consists of the following: | ||||||||||||
For the year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense: | ||||||||||||
Federal | $ | 9,146 | $ | 5,538 | $ | 1,912 | ||||||
State | 1,549 | 685 | 777 | |||||||||
Total current tax expense | 10,695 | 6,223 | 2,689 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 522 | (261 | ) | 282 | ||||||||
State | 197 | 197 | (164 | ) | ||||||||
Total deferred tax expense (benefit) | 719 | (64 | ) | 118 | ||||||||
Total income tax expense | $ | 11,414 | $ | 6,159 | $ | 2,807 | ||||||
Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: | ||||||||||||
For the year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at Federal statutory rate of 35% | $ | 12,833 | $ | 9,116 | $ | 5,090 | ||||||
State and local income taxes, net of Federal tax benefit | 1,135 | 573 | 430 | |||||||||
Tax-exempt interest, net of disallowed interest | (2,192 | ) | (2,448 | ) | (2,551 | ) | ||||||
BOLI income | (699 | ) | (718 | ) | (714 | ) | ||||||
Non-deductible compensation expense | — | — | 594 | |||||||||
Non-deductible acquisition related costs | 416 | 418 | — | |||||||||
Other, net | (79 | ) | (782 | ) | (42 | ) | ||||||
Actual income tax expense | $ | 11,414 | $ | 6,159 | $ | 2,807 | ||||||
Effective income tax rate | 31.1 | % | 23.6 | % | 19.3 | % | ||||||
The following table presents the Company’s deferred tax position at September 30, 2013 and 2012: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 11,809 | $ | 11,566 | ||||||||
Deferred compensation | 798 | 1,429 | ||||||||||
Other accrued compensation and benefits | 1,497 | 1,722 | ||||||||||
Accrued post retirement expense | 1,441 | 1,512 | ||||||||||
Deferred rent | 1,059 | 873 | ||||||||||
Intangibles amortization | — | 109 | ||||||||||
Other comprehensive loss (securities) | 7,844 | — | ||||||||||
Other comprehensive loss (defined benefit plans) | 2,638 | 5,612 | ||||||||||
Other | 2,172 | 2,971 | ||||||||||
Total deferred tax assets | 29,258 | 25,794 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Undistributed earnings of subsidiary not consolidated for tax return purposes (income from REITs) | 4,483 | 5,195 | ||||||||||
Prepaid pension costs | 3,758 | 4,189 | ||||||||||
Purchase accounting adjustments | 1,057 | 597 | ||||||||||
Depreciation of premises and equipment | 2,686 | 2,822 | ||||||||||
Other comprehensive income (securities) | — | 10,300 | ||||||||||
Intangibles amortization | 112 | — | ||||||||||
Other | 2,207 | 2,187 | ||||||||||
Total deferred tax liabilities | 14,303 | 25,290 | ||||||||||
Net deferred tax asset | $ | 14,955 | $ | 504 | ||||||||
Based on the Company’s consideration of historical and anticipated future pre-tax income, as well as the reversal period for the items giving rise to the deferred tax assets and liabilities, a valuation allowance for deferred tax assets was not considered necessary at September 30, 2013 and 2012. | ||||||||||||
Retained earnings at September 30, 2013 and 2012 include approximately $9,313 for which no provision for federal income taxes has been made. This amount represents the tax bad debt reserve at December 31, 1987, which is the end of the Bank’s base year for purposes of calculating the bad debt deduction for tax purposes. If this portion of retained earnings is used in the future for any purposes other than to absorb bad debts, the amount used will be added to future taxable income. The unrecorded deferred tax liability on the above amount at September 30, 2013 and 2012 was approximately $3,260. | ||||||||||||
As of September 30, 2013 and 2012, the Company had no unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company records interest and penalties as a component of income tax expense. | ||||||||||||
Sterling Bancorp and its subsidiaries are subject to U.S. federal income tax as well as income tax of the state of New York and various other states. The Company is no longer subject to examination by Federal and New York taxing authorities for tax years prior to 2010 |
Employee_Benefit_Plans_And_Sto
Employee Benefit Plans And Stock-Based Compensation Plans | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
Employee Benefit Plans And Stock-Based Compensation Plans | ' | |||||||||||||||||
Employee Benefit Plans and Stock-Based Compensation Plans | ||||||||||||||||||
(a) Pension Plans | ||||||||||||||||||
The Company has a noncontributory defined benefit pension plan covering employees that were eligible as of September 30, 2006. In July, 2006, the Board of Directors approved a curtailment to the Provident Bank Defined Benefit Pension Plan (the “Plan”) effective September 30, 2006. At that time, all benefit accruals for future service ceased and no new participants were allowed to enter the plan. The purpose of the Plan curtailment was to afford flexibility in the retirement benefits the Company provides, while preserving all retirement plan participants’ earned and vested benefits, and to manage the increasing costs associated with the defined benefit pension plan. The Company’s funding policy is to contribute annually an amount sufficient to meet statutory minimum funding requirements, but not in excess of the maximum amount deductible for Federal income tax purposes. Contributions are intended to provide not only for benefits attributed to service to date, but also for benefits expected to be earned in the future. | ||||||||||||||||||
The following is a summary of changes in the projected benefit obligation and fair value of plan assets. The Company uses a September 30 measurement date for its pension plans. | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Changes in projected benefit obligation: | ||||||||||||||||||
Beginning of year balance | $ | 35,471 | $ | 30,612 | ||||||||||||||
Service cost | — | — | ||||||||||||||||
Interest cost | 1,452 | 1,501 | ||||||||||||||||
Actuarial (gain) loss | (3,672 | ) | 4,961 | |||||||||||||||
Benefits and distributions paid | (1,546 | ) | (1,603 | ) | ||||||||||||||
End of year balance | 31,705 | 35,471 | ||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||
Beginning of year balance | 32,657 | 28,312 | ||||||||||||||||
Actual gain on plan assets | 4,306 | 5,948 | ||||||||||||||||
Employer contributions | — | — | ||||||||||||||||
Benefits and distributions paid | (1,546 | ) | (1,603 | ) | ||||||||||||||
End of year balance | 35,417 | 32,657 | ||||||||||||||||
Funded status at end of year | $ | 3,712 | $ | (2,814 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive (loss) at September 30, 2013 and 2012 consisted of: | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Unrecognized actuarial loss | $ | (5,479 | ) | $ | (13,056 | ) | ||||||||||||
Deferred tax asset | 2,225 | 5,612 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive (loss) | $ | (3,254 | ) | $ | (7,444 | ) | ||||||||||||
The discount rates used to determine the actuarial present value of the projected benefit obligation and the net periodic pension expense were 5.2%, 4.1% and 5.0% at September 30, 2013, 2012 and 2011, respectively. No compensation increases were used as the Plan is frozen. The expected weighted average long-term rate of return on plan assets was 7.8% for the fiscal years ended 2013 and 2012. | ||||||||||||||||||
Estimated future benefit payments are the following for the years ending September 30: | ||||||||||||||||||
2014 | $ | 1,570 | ||||||||||||||||
2015 | 1,670 | |||||||||||||||||
2016 | 1,790 | |||||||||||||||||
2017 | 1,716 | |||||||||||||||||
2018 | 1,937 | |||||||||||||||||
2019 - 2023 | 10,326 | |||||||||||||||||
The components of the net periodic pension expense were as follows: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 1,452 | 1,501 | 1,498 | |||||||||||||||
Expected return on plan assets | (2,462 | ) | (2,125 | ) | (2,343 | ) | ||||||||||||
Amortization of unrecognized actuarial loss | 2,062 | 2,316 | 1,667 | |||||||||||||||
Settlement charge | — | — | 490 | |||||||||||||||
Net periodic pension expense | $ | 1,052 | $ | 1,692 | $ | 1,312 | ||||||||||||
The amount of unrecognized actuarial loss and prior service cost that is expected to be amortized to pension expense during the fiscal year ending September 30, 2014 is $400. | ||||||||||||||||||
The following is a description of the valuation methodologies used for assets measured at fair value. There were no changes in the methodologies used at September 30, 2013 and 2012. See Note 17. Fair Value Measurements for a detailed discussion of the three levels of inputs that may be used to measure fair values. | ||||||||||||||||||
The fair value of the Plan assets is based on the lowest level of any input that is significant to the fair value measurement within the fair value hierarchy. Plan assets consisted of pooled separate accounts at September 30, 2013. The fair value of shares of units of participation in pooled separate accounts are based on the net asset values of the funds reported by the fund managers as of September 30, 2013 and recent transaction prices (Level 2 inputs). Assets allocated to these pooled separate accounts can include, but are not limited to stocks (both domestic and foreign), bonds and mutual funds. While some pooled separate accounts may have publicly quoted prices (Level 1 inputs), the units of separate accounts are not publicly quoted and are therefore classified as Level 2. The fair value of Plan assets by asset category as of September 30, 2013 and 2012, was the following: | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||||
Asset category: | ||||||||||||||||||
Large cap U.S. equity | $ | 16,378 | $ | — | $ | 16,378 | $ | — | ||||||||||
Small and mid cap U.S. equity | 4,443 | — | 4,443 | — | ||||||||||||||
International equity | 3,654 | — | 3,654 | — | ||||||||||||||
Total equity | 24,475 | — | 24,475 | — | ||||||||||||||
Total balanced asset allocation | 1,691 | — | 1,691 | — | ||||||||||||||
High yield bond | 1,018 | — | 1,018 | — | ||||||||||||||
Intermediate term bond | 8,233 | — | 8,233 | — | ||||||||||||||
Total fixed income | 9,251 | — | 9,251 | — | ||||||||||||||
Total assets | $ | 35,417 | $ | — | $ | 35,417 | $ | — | ||||||||||
30-Sep-12 | ||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||||
Asset category: | ||||||||||||||||||
Large cap U.S. equity | $ | 14,358 | $ | — | $ | 14,358 | $ | — | ||||||||||
Small and mid cap U.S. equity | 3,672 | — | 3,672 | — | ||||||||||||||
International equity | 3,284 | — | 3,284 | — | ||||||||||||||
Total equity | 21,314 | — | 21,314 | — | ||||||||||||||
Total balanced asset allocation | 1,646 | — | 1,646 | — | ||||||||||||||
High yield bond | 981 | — | 981 | — | ||||||||||||||
Intermediate term bond | 8,716 | — | 8,716 | — | ||||||||||||||
Total fixed income | 9,697 | — | 9,697 | — | ||||||||||||||
Total assets | $ | 32,657 | $ | — | $ | 32,657 | $ | — | ||||||||||
The Company’s policy is to invest the Plan assets in a prudent manner for the purpose of providing benefit payments to participants and offseting reasonable expenses of administration. The Company’s investment strategy is designed to provide a total return that, over the long-term, places a strong emphasis on the preservation of capital. The strategy attempts to maximize investment returns on assets at a level of risk deemed appropriate by the Company while complying with applicable regulations and laws. | ||||||||||||||||||
The Plan’s investment policy prohibits the direct investment in real estate but allows the Plan’s mutual funds to include a small percentage of real estate related investments. The investment strategy utilizes asset allocation as a principal determinant for establishing an appropriate risk profile. Weighted-average pension plan asset allocations based on the fair value of such assets at September 30, 2013, and September 30, 2012 and target allocations for 2013, by asset category, are as follows: | ||||||||||||||||||
2013 | 2012 | Target allocation | Weighted | |||||||||||||||
range 2013 | average expected | |||||||||||||||||
rate of return | ||||||||||||||||||
Large cap U.S. equity | 44 | % | 46 | % | 10 | % | ||||||||||||
Small and mid cap U.S. equity | 11 | 13 | 15.5 | |||||||||||||||
International equity | 10 | 10 | 12 | |||||||||||||||
Total equity | 65 | 69 | 45% - 70% | 11.3 | ||||||||||||||
Total balanced asset allocation | 5 | 5 | 6 | |||||||||||||||
High yield bond | 3 | 3 | 8 | |||||||||||||||
Intermediate term bond | 27 | 23 | 6 | |||||||||||||||
Total fixed income | 30 | 26 | 20% - 40% | 6.2 | ||||||||||||||
Total assets | 100 | % | 100 | % | 9.7 | |||||||||||||
Cash | — | — | 0% - 20% | — | ||||||||||||||
The expected long-term rate of return assumption as of each measurement date was determined by taking into consideration asset allocations as of each such date, historical returns on the types of assets held, and current economic factors. Under this method, historical investment returns for each major asset category are applied to the expected future investment allocation in that category as a percentage of total plan assets, and a weighted average is determined. The Company’s investment policy for determining the asset allocation targets was developed based on the desire to optimize total return while placing a strong emphasis on preservation of capital. In general, it is hoped that, in the aggregate, changes in the fair value of plan assets will be less volatile than similar changes in appropriate market indices. Returns on invested assets are periodically compared with target market indices for each asset type to aid us in evaluating such returns. | ||||||||||||||||||
There were no pension plan assets consisting of Sterling Bancorp equity securities (common stock) at September 30, 2013 or at September 30, 2012. | ||||||||||||||||||
The Company makes contributions to its funded qualified pension plans as required by government regulation or as deemed appropriate by management after considering the fair value of plan assets, expected returns on such assets, and the present value of benefit obligations of the plans. At this time, the Company has not determined whether contributions in fiscal 2014 will be made. | ||||||||||||||||||
The Company has also established a non-qualified Supplemental Executive Retirement Plan (“SERP”) to provide certain executives with supplemental retirement benefits in addition to the benefits provided by the pension plan due to amounts limited by the Internal Revenue Code of 1986, as amended (“IRS Code”). The periodic pension expense for the supplemental plan amounted to $49, $41 and $44 for the years ended September 30, 2013, 2012 and 2011, respectively. Additionally, a settlement charge of $278 in 2011 was recorded reflecting the partial settlement of the defined benefit portion of the SERP relating to the benefit obligation of a former employee. The actuarial present value of the projected benefit obligation and the vested benefit obligation was $1,194 and $1,016 at September 30, 2013 and 2012, respectively, and the vested benefit obligation was $1,180 and $1,016 for the same periods, respectively, all of which is unfunded. Discount rates of 3.0% and 3.8% were used in determining the actuarial projected benefit at September 30, 2013 and 2.5% and 3.25% for September 30, 2012. | ||||||||||||||||||
(b) Other Post retirement Benefit Plans | ||||||||||||||||||
The Company’s other post retirement benefit plans, which are unfunded, provide optional medical, dental and life insurance benefits to retirees or death benefit payments to beneficiaries of employees covered by the Company and Bank Owned Life Insurance policies. The Company elected to amortize the transition obligation for accumulated benefits to retirees as an expense over a 20 year period. | ||||||||||||||||||
Data relating to the post retirement benefit plan is the following: | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Changes in accumulated post retirement benefit obligation: | ||||||||||||||||||
Beginning of year | $ | 3,103 | $ | 2,509 | ||||||||||||||
Service cost | 48 | 46 | ||||||||||||||||
Interest cost | 134 | 125 | ||||||||||||||||
Actuarial loss | 177 | 548 | ||||||||||||||||
Plan participants’ contributions | — | — | ||||||||||||||||
Amendments | — | — | ||||||||||||||||
Benefits paid | (160 | ) | (125 | ) | ||||||||||||||
End of year | 3,302 | 3,103 | ||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||
Beginning of year | $ | — | $ | — | ||||||||||||||
Employer contributions | 160 | 125 | ||||||||||||||||
Plan participants’ contributions | — | — | ||||||||||||||||
Benefits paid | (160 | ) | (125 | ) | ||||||||||||||
End of year | — | — | ||||||||||||||||
Funded status | $ | (3,302 | ) | $ | (3,103 | ) | ||||||||||||
Components of net periodic benefit expense: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 48 | $ | 46 | $ | 38 | ||||||||||||
Interest cost | 134 | 125 | 107 | |||||||||||||||
Amortization of transition obligation | 24 | 24 | 24 | |||||||||||||||
Amortization of prior service cost | 47 | 47 | 48 | |||||||||||||||
Amortization of net actuarial loss (gain) | 2 | (25 | ) | (60 | ) | |||||||||||||
Total | $ | 255 | $ | 217 | $ | 157 | ||||||||||||
Total unrecognized actuarial gain and prior service cost expected to be amortized from accumulated other comprehensive income in fiscal year 2014 is $20. | ||||||||||||||||||
Estimated future benefit payments are the following for the years ending September 30: | ||||||||||||||||||
2014 | $ | 208 | ||||||||||||||||
2015 | 209 | |||||||||||||||||
2016 | 211 | |||||||||||||||||
2017 | 212 | |||||||||||||||||
2018 | 215 | |||||||||||||||||
2019 - 2023 | 1,107 | |||||||||||||||||
Plan assumptions include the following: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Medical trend rate next year | 4.5 | % | 4.5 | % | ||||||||||||||
Ultimate trend rate | 4.5 | 4.5 | ||||||||||||||||
Discount rate | 4.2 | 4.1 | ||||||||||||||||
Discount rate used to value periodic cost | 4.1 | 4.3 | ||||||||||||||||
There is no impact of a 1% increase or decrease in health care trend rate due to the Company’s cap on cost. | ||||||||||||||||||
Amounts recognized in accumulated other comprehensive (loss) at September 30, 2013 and 2012 consisted of the following: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Post retirement plan unrecognized actuarial (gain) loss | $ | (20 | ) | $ | 175 | |||||||||||||
Post retirement plan unrecognized service cost | (270 | ) | (317 | ) | ||||||||||||||
Post retirement unrecognized transition obligation | (20 | ) | (30 | ) | ||||||||||||||
Post retirement SERP | (307 | ) | (400 | ) | ||||||||||||||
Post employment BOLI | (399 | ) | (122 | ) | ||||||||||||||
Subtotal | (1,016 | ) | (694 | ) | ||||||||||||||
Deferred tax asset | 413 | 282 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive (loss) | $ | (603 | ) | $ | (412 | ) | ||||||||||||
(c) Employee Savings Plan | ||||||||||||||||||
The Company also sponsors a defined contribution plan established under Section 401(k) of the IRS Code. Eligible employees may elect to contribute up to 50.0% of their compensation to the plan. The Company currently makes matching contributions equal to 50.0% of a participant’s contributions up to a maximum matching contribution of 3.0% of eligible compensation. The plan also provides for a discretionary profit sharing component, in addition to the matching contributions. Fiscal year 2013 did not include a profit sharing component. Voluntary matching and profit sharing contributions are invested in accordance with the participant’s direction in one or a number of investment options. Savings plan expense was $935, $1,029 and $1,875 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||||||
(d) Employee Stock Ownership Plan (“ESOP”) | ||||||||||||||||||
In connection with the Second-Step Stock Conversion and Offering in January 2004, the Company established an ESOP for substantially all eligible employees who meet certain age and service requirements. The ESOP borrowed $9,987 from Sterling Bancorp and used the funds to purchase 998,650 shares of common stock in the offering. The term of this ESOP loan is twenty years. | ||||||||||||||||||
ESOP shares are held by the plan trustee in a suspense account until allocated to participant accounts. Shares released from the suspense account are allocated to participants on the basis of their relative compensation in the year of allocation. Participants become vested in the allocated shares over a period not to exceed five years. | ||||||||||||||||||
ESOP expense was $497, $390, and $436 for the years ended September 30, 2013, 2012 and 2011, respectively. Of the 998,650 shares of common stock acquired by the ESOP through September 30, 2013 and 2012, a total of 439,388 and 389,456 common shares, respectively, have been allocated to participants or committed to be released for allocation. The cost of ESOP shares that have not yet been allocated to participants or committed to be released for allocation is deducted from stockholders’ equity; this was 549,262 shares with a cost of $5,493 and a fair value of approximately $5,981 at September 30, 2013 and 599,194 shares with a cost of $5,992 and a fair value of approximately $5,638 at September 30, 2012. | ||||||||||||||||||
Effective October 30, 2013, the Company terminated the ESOP plan. In accordance with the provisions of the plan, all participants will receive contributions the calendar year 2013 and will become 100% vested in their accounts. Unallocated shares will be liquidated and used to retire the outstanding loan obligation. The Company estimates plan termination costs of approximately $150 which will be incurred in fiscal 2014. | ||||||||||||||||||
The Company established a supplemental savings plan for certain senior officers to compensate executives for benefits provided under the Bank’s tax qualified plans (employee’s savings plan and ESOP) that are limited by the IRS Code. Expense recognized for this plan including the defined benefit component was $79, $0, and $340, for the years ended September 30, 2013, 2012 and 2011, respectively. Amounts accrued and recorded in other liabilities at September 30, 2013 and 2012, including the defined benefit component were $1.2 million. | ||||||||||||||||||
(e) Stock Compensation Plans | ||||||||||||||||||
The Company has two active stock compensation plans, the 2004 Stock Incentive Plan (the “2004 Plan”) and the 2012 Stock Incentive Plan (the “2012 Plan”). Both the 2004 Plan and the 2012 Plan were established to help the Company promote growth and profitability by providing certain directors, key officers and employees with an incentive to achieve corporate objectives through a participation interest in the performance of the common stock of the Company. | ||||||||||||||||||
Under the 2004 Plan, the Company may grant among other things, nonqualified stock options, incentive stock options, restricted stock awards, stock appreciation rights, or any combination thereof to certain employees and directors. The Company’s stockholders authorized the issuance of up to 798,920 shares of common stock as restricted stock awards, and 1,997,300 shares available for stock options and stock appreciation rights. The awards are subject to accelerated vesting for death, retirement and change in control. As of September 30, 2013, 11,533 restricted shares were potentially subject to accelerated vesting as the employees were eligible for retirement. A total of 191,724 options and 7,120 restricted stock awards remain available for future grant at September 30, 2013. | ||||||||||||||||||
Under the 2012 Plan the Company may grant, in addition to the types of grants available under the 2004 Plan, performance based awards, restricted stock unit awards, other stock-based awards, or any combination thereof to certain employees and directors. | ||||||||||||||||||
The Company’s stockholders authorized the issuance of up to 2,900,000 shares of common stock. Stock options or stock appreciation rights awards are accounted as one share for every share granted. Other awards permitted under the 2012 Plan are accounted as 3.6 shares for every share granted. As of September 30, 2013, 48,121 restricted shares were potentially subject to accelerated vesting as the employees were eligible for retirement. A total of 1,867,340 shares of common stock remain available for future grant as of September 30, 2013. | ||||||||||||||||||
In addition to the above plans, the Company provided awards under its 2011 Employment Inducement Stock Program which included options to purchase 107,256 shares of common stock and restricted stock awards covering 29,550 shares of common stock, both of which vest in four equal installments through July 2015, and performance-based restricted stock awards covering 11,820 shares which vest upon attainment of designated performance conditions in combination with continued service through December 31, 2014. These awards are governed by the terms of an award notice and the terms of the 2004 Plan. | ||||||||||||||||||
Under the Company’s stock based compensation plans, forfeited shares are available for re-issuance. The Company generally funds restricted stock awards with treasury stock. On grant date, restricted shares awarded under the 2004 Plan and the 2012 Plan were transferred from treasury stock at cost with the difference between the fair market value on the grant date and the cost basis of the shares recorded as a reduction to retained earnings or an increase to additional paid-in capital, as applicable. | ||||||||||||||||||
The fair market value of the restricted shares awarded under the plans is being amortized to expense on a straight-line basis over the vesting period of the underlying shares. Compensation expense related to restricted stock awards was $1,108, $276, and $168 for the years ended September 30, 2013, 2012 and 2011, respectively. The remaining unearned compensation cost of $1,239 as of September 30, 2013 is recorded as a reduction of additional paid-in capital and will be expensed over three years. The total fair value of restricted stock vested for the fiscal years ended September 30, 2013, 2012 and 2011 was $716, $157, and $73, respectively. | ||||||||||||||||||
Under both plans, options vest over periods ranging from two to five years and have a ten-year contractual term and may be either non-qualified stock options or incentive stock options. The Company uses shares held as treasury stock to satisfy share option exercises. Currently, the Company has a sufficient number of treasury shares to satisfy expected share option exercises. Each option entitles the holder to purchase one share of common stock at an exercise price equal to the fair market value of the stock on the grant date. Employees who retire under circumstances in accordance with the terms of the Plan, may be entitled to accelerated vesting of individual awards. | ||||||||||||||||||
As of September 30, 2013, 48,121 shares were potentially subject to accelerated vesting. Substantially all stock options outstanding are expected to vest. Compensation expense related to stock option awards was $634, $521 and $558 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||||||
The following table summarizes the activity in the Company’s active stock-based compensation plans for | ||||||||||||||||||
September 30, 2013: | ||||||||||||||||||
Non-vested stock awards/stock units outstanding | Stock options outstanding | |||||||||||||||||
Shares available for grant | Number of shares | Weighted average grant date fair value | Number of shares | Weighted average exercise price | ||||||||||||||
Balance at October 1, 2012 | 2,875,877 | 97,817 | $ | 8.31 | 1,972,480 | $ | 11.04 | |||||||||||
Granted (1) | (1,028,140 | ) | 186,900 | 9.04 | 360,500 | 9.04 | ||||||||||||
Stock awards vested | — | (65,720 | ) | 8.94 | — | — | ||||||||||||
Exercised | — | — | — | (8,250 | ) | 7.51 | ||||||||||||
Forfeited | 225,501 | (9,300 | ) | 7.28 | (203,167 | ) | 11.06 | |||||||||||
Canceled/expired | (7,054 | ) | — | — | (7,054 | ) | 13.97 | |||||||||||
Balance at September 30, 2013 | 2,066,184 | 209,697 | $ | 8.73 | 2,114,509 | $ | 10.71 | |||||||||||
Exercisable at September 30, 2013 | 1,386,619 | $ | 11.9 | |||||||||||||||
(1) Reflects certain non-vested stock awards that count as 3.6 shares for each share granted. | ||||||||||||||||||
The total intrinsic value of stock options vested (exercisable) for the fiscal years ended September 30, 2013, 2012 and 2011 was $651, $33 and $0 respectively. The unrecognized compensation expense associated with stock options was $1,360 as of September 30, 2013 and is expected to be recognized over a period of 3 years. | ||||||||||||||||||
The aggregate intrinsic value of options outstanding as of September 30, 2013 was $2,428. The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the year ended September 30, 2013 and the exercise price, multiplied by the number of in-the-money options). The cash received from option exercises was $62 and $0 for fiscal 2013 and 2012, respectively. There was no tax benefit recorded from the exercise of options for fiscal 2013 or fiscal 2012. | ||||||||||||||||||
A summary of stock options at September 30, 2013 follows: | ||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||
Weighted-average | Weighted-average | |||||||||||||||||
Number of | Exercise | Life | Number of | Exercise | Life | |||||||||||||
stock options | price | (in years) | stock options | price | (in years) | |||||||||||||
Range of exercise price: | ||||||||||||||||||
$6.71 to $9.00 | 875,309 | $ | 8.34 | 8.55 | 187,419 | $ | 8.12 | 8.55 | ||||||||||
$9.28 to $12.64 | 263,000 | 10.41 | 5.64 | 223,000 | 10.6 | 5.64 | ||||||||||||
$12.84 to $13.92 | 976,200 | 12.92 | 1.79 | 976,200 | 12.92 | 1.79 | ||||||||||||
2,114,509 | $ | 10.71 | 5.06 | 1,386,619 | $ | 11.9 | 5.06 | |||||||||||
The Company uses an option pricing model to estimate the grant date fair value of stock options granted. The weighted-average estimated value per option granted was $2.74 in 2013, $2.31 in 2012, and $2.27 in 2011. | ||||||||||||||||||
The fair value of options granted was determined using the following weighted-average assumptions as of the grant date: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Risk-free interest rate | 1 | % | 1.4 | % | 2.2 | % | ||||||||||||
Expected stock price volatility | 40.8 | 40 | 34.5 | |||||||||||||||
Dividend yield (1) | 2.6 | 3 | 2.8 | |||||||||||||||
Expected term in years | 5.75 | 5.82 | 5.9 | |||||||||||||||
(1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. |
Other_Noninterest_expense_Note
Other Non-interest expense (Notes) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Other non-interest expense [Text Block] | ' | ||||||||||||
Other Non-interest Expense | |||||||||||||
Other non-interest expense items are presented in the following table. Components exceeding 1% of the aggregate of total net interest income and total non-interest income are presented separately. | |||||||||||||
For the year ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Other non-interest expense: | |||||||||||||
Defined benefit settlement charge / CEO transition | $ | — | $ | — | $ | 1,772 | |||||||
Restructuring charge (severance / branch consolidation) | — | — | 3,201 | ||||||||||
Advertising and promotion | 1,502 | 1,849 | 3,328 | ||||||||||
Professional fees | 3,393 | 4,247 | 4,389 | ||||||||||
Data and check processing | 2,520 | 2,802 | 2,763 | ||||||||||
ATM/debt card expense | 1,722 | 1,711 | 1,584 | ||||||||||
Other | 8,239 | 7,782 | 7,980 | ||||||||||
Total other non-interest expense | $ | 17,376 | $ | 18,391 | $ | 25,017 | |||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Common Share | ' | |||||||||||
Earnings Per Common Share | ||||||||||||
The following is a summary of the calculation of earnings per share (“EPS”): | ||||||||||||
For the year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 25,254 | $ | 19,888 | $ | 11,739 | ||||||
Weighted-average common shares outstanding for computation of basic EPS (1) | 43,734,425 | 38,227,653 | 37,452,596 | |||||||||
Common-equivalent shares due to the dilutive effect of stock options (2) | 48,628 | 20,393 | 946 | |||||||||
Weighted average common shares for computation of diluted EPS | 43,783,053 | 38,248,046 | 37,453,542 | |||||||||
Earnings per common share: | ||||||||||||
Basic | $ | 0.58 | $ | 0.52 | $ | 0.31 | ||||||
Diluted | $ | 0.58 | $ | 0.52 | $ | 0.31 | ||||||
-1 | Includes earned ESOP shares. | |||||||||||
-2 | Represents incremental shares computed using the treasury stock method. | |||||||||||
As of September 30, 2013, 2012 and 2011 there were 1,786,608, 1,771,132 and 1,871,299 stock options, respectively, that were considered anti-dilutive and were not included in common-equivalent shares. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||
(a) Regulatory Capital | ||||||||||||||||||||||
OCC regulations require banks to maintain a minimum ratio of tangible capital to total adjusted assets of 1.5%, a minimum ratio of Tier 1 (core) capital to total adjusted assets of 4.0%, and a minimum ratio of total (core and supplementary) capital to risk-weighted assets of 8.0%. The Bank met these capital requirements as of September 30, 2013. | ||||||||||||||||||||||
In connection with the Merger, the Company became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended. Effective the quarter ending December 31, 2013, Sterling Bancorp is subject to capital ratio requirements including: Tier 1 leverage capital to average assets, tier 1 leverage capital to risk-weighted assets, and total capital to risk-weighted assets. | ||||||||||||||||||||||
Under its prompt corrective action regulations, the OCC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on the institution’s financial statements. | ||||||||||||||||||||||
The regulations establish a framework for the classification of banks into five categories: well-capitalized; adequately capitalized; undercapitalized; significantly undercapitalized; and critically undercapitalized. Generally, an institution is considered well-capitalized if it has a Tier 1 (core) capital to total adjusted assets ratio of at least 5.0%, a Tier 1 risk-based capital ratio of at least 6.0%, and a total risk-based capital ratio of at least 10.0%. | ||||||||||||||||||||||
The foregoing capital ratios are based, in part, on specific quantitative measures of assets, liabilities and certain off-balance-sheet items, as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the OCC about capital components, risk weightings and other factors. These capital requirements apply only to the Bank, and do not consider additional capital retained by Sterling Bancorp. | ||||||||||||||||||||||
We believe that, as of September 30, 2013 and 2012 the Bank met all capital adequacy requirements to which it was subject. Further, the most recent OCC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that we believe have changed the Bank’s capital classification. | ||||||||||||||||||||||
The following is a summary of the Bank’s actual regulatory capital amounts and ratios at September 30, 2013 and 2012, compared to the OCC requirements for minimum capital adequacy and for classification as a well-capitalized institution. | ||||||||||||||||||||||
OCC requirements | ||||||||||||||||||||||
Bank actual | Minimum capital | Classification as well- | ||||||||||||||||||||
adequacy | capitalized | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||
Tier 1 leverage | $ | 363,274 | 9.3 | % | $ | 155,670 | 4 | % | $ | 194,587 | 5 | % | ||||||||||
Risk-based capital: | ||||||||||||||||||||||
Tier 1 | 363,274 | 13.2 | — | — | 165,352 | 6 | ||||||||||||||||
Total | 392,376 | 14.2 | 220,469 | 8 | 275,587 | 10 | ||||||||||||||||
September 30, 2012: | ||||||||||||||||||||||
Tier 1 leverage | $ | 289,441 | 7.5 | % | $ | 153,469 | 4 | % | $ | 191,836 | 5 | % | ||||||||||
Risk-based capital: | ||||||||||||||||||||||
Tier 1 | 289,441 | 12.1 | — | — | 143,085 | 6 | ||||||||||||||||
Total | 317,929 | 13.3 | 190,780 | 8 | 238,475 | 10 | ||||||||||||||||
Tangible and Tier 1 capital amounts represent the stockholder’s equity of the Bank, less intangible assets and after-tax net unrealized gains (losses) on securities available for sale and any other disallowed assets, such as deferred income taxes. Total capital represents Tier 1 capital plus the allowance for loan losses up to a maximum amount equal to 1.3% of risk-weighted assets. | ||||||||||||||||||||||
The following is a reconciliation of the Bank’s total stockholder’s equity under accounting principles generally accepted in the United States of America (“GAAP”) and its regulatory capital: | ||||||||||||||||||||||
September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Total GAAP stockholder’s equity (Sterling National Bank) | $ | 516,281 | $ | 466,037 | ||||||||||||||||||
Goodwill and certain intangible assets | (168,122 | ) | (169,525 | ) | ||||||||||||||||||
Unrealized losses (gains) on securities available for sale included in other accumulated comprehensive income (loss) | 11,455 | (15,077 | ) | |||||||||||||||||||
Disallowed servicing asset | (198 | ) | (162 | ) | ||||||||||||||||||
Other comprehensive loss | 3,858 | 8,168 | ||||||||||||||||||||
Tier 1 risk-based capital | 363,274 | 289,441 | ||||||||||||||||||||
Allowance for loan losses and off-balance sheet commitments | 29,102 | 28,488 | ||||||||||||||||||||
Total risk-based capital | $ | 392,376 | $ | 317,929 | ||||||||||||||||||
(b) Dividend Payments | ||||||||||||||||||||||
OCC regulations limit the amount of cash dividends that can be made by the Bank to the Company. Furthermore, because the Bank is a subsidiary of a holding company, it must file a notice with the Federal Reserve at least 30 days before the Bank’s Board of Directors declares a dividend. This notice may be disapproved if the Federal Reserve finds that: | ||||||||||||||||||||||
• | the Bank would be undercapitalized or worse following the dividend; | |||||||||||||||||||||
• | the proposed dividend raises safety and soundness concerns; or | |||||||||||||||||||||
• | the dividend would violate a prohibition contained in any statute, regulation, enforcement action, or agreement with or condition imposed by an appropriate federal banking agency. | |||||||||||||||||||||
Under OCC regulations, the Bank generally may declare annual cash dividends up to an amount equal to the sum of net income for the current calendar year and net income retained for the two preceding calendar years. Dividend payments in excess of this amount require OCC approval. After September 30, 2013 the amount that can be paid to Sterling Bancorp by Sterling National Bank is $35.8 million plus earnings for the remainder of calendar year 2013. The Bank did not pay dividends to Sterling Bancorp during the fiscal year ended September 30, 2013. The Bank paid dividends to Sterling Bancorp of $6.0 million during the fiscal year ended 2012 and $10.0 million during the fiscal year ended September 30, 2011. | ||||||||||||||||||||||
The Company has 776,713 shares that are available to be purchased under an announced stock repurchase program. There were no shares repurchased under the repurchase programs during the fiscal year ended September 30, 2013 and 2012 . The total number of shares repurchased under repurchase programs during fiscal2011 was 457,454 at a total cost of $3.8 million. | ||||||||||||||||||||||
(c) Liquidation Rights | ||||||||||||||||||||||
Upon completion of the second-step conversion in January 2004, the Bank established a special “liquidation account” in accordance with OCC regulations. The account was established for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders (as defined in the plan of conversion) in an amount equal to the greater of (i) the Mutual Holding Company’s ownership interest in the retained earnings of the Bank as of the date of its latest balance sheet contained in the prospectus, or (ii) the retained earnings of the Bank at the time that the Bank reorganized into the Mutual Holding Company in 1999. Each Eligible Account Holder and Supplemental Eligible Account Holder that continues to maintain his or her deposit account at the Bank would be entitled, in the event of a complete liquidation of the Bank, to a pro rata interest in the liquidation account prior to any payment to the stockholders of the Holding Company. The liquidation account is reduced annually on September 30 to the extent that Eligible Account Holders and Supplemental Eligible Account Holders have reduced their qualifying deposits as of each anniversary date. At September 30, 2013 the liquidation account had a balance of $13.3 million. Subsequent increases in deposits do not restore such account holder’s interest in the liquidation account. The Bank may not pay cash dividends or make other capital distributions if the effect thereof would be to reduce its stockholder’s equity below the amount of the liquidation account. |
OffBalanceSheet_Financial_Inst
Off-Balance-Sheet Financial Instruments | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Off-Balance-Sheet Financial Instruments [Abstract] | ' | |||||||
Off-Balance-Sheet Financial Instruments | ' | |||||||
Off-Balance-Sheet Financial Instruments | ||||||||
In the normal course of business, the Company enters into various transactions, which in accordance with generally accepted accounting principles are not included in its consolidated balance sheet. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. | ||||||||
The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. Based on the Company’s credit-risk exposure assessment of standby letter of credit arrangements, the arrangements contain security and debt covenants similar to those contained in loan agreements. As of September 30, 2013, the Company had $35,052 in outstanding letters of credit, of which $17,159 were secured by collateral. | ||||||||
The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Loan origination commitments | $ | 171,032 | $ | 125,729 | ||||
Unused lines of credit | 207,201 | 265,940 | ||||||
Letters of credit | 35,052 | 26,441 | ||||||
Commitment_and_Contingencies
Commitment and Contingencies | 12 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Certain premises and equipment are leased under operating leases with terms expiring through 2033. The Company has the option to renew certain of these leases for additional terms. Future minimum rental payments due under non-cancelable operating leases with initial or remaining terms of more than one year at September 30, 2013 were as follows: | ||||
2014 | $ | 3,458 | ||
2015 | 3,220 | |||
2016 | 3,131 | |||
2017 | 3,152 | |||
2018 | 3,118 | |||
2019 and thereafter | 16,083 | |||
$ | 32,162 | |||
Occupancy and office operations expense includes net rent expense of $3,340, $2,952 and $2,845 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||
Litigation | ||||
The Company and the Bank are involved in a number of judicial proceedings concerning matters arising from conducting their business activities. These include routine legal proceedings arising in the ordinary course of business. These proceedings also include actions brought against the Company and the Bank with respect to corporate matters and transactions in which the Company and the Bank were involved. In addition, the Company and the Bank may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. | ||||
There can be no assurance as to the ultimate outcome of a legal proceeding; however, the Company and the Bank have generally denied, or believe they have meritorious defenses and will deny, liability in all significant litigation pending against us, including the matters described below, and we intend to defend vigorously each case, other than matters we describe as having settled. We accrue a liability for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. | ||||
Between April 9, 2013 and June 5, 2013, eight actions were filed on behalf of a putative class of Legacy Sterling shareholders against Legacy Sterling, its current directors, and Provident New York Bancorp in connection with the Merger described in Note 22. Subsequent Events. The first seven of the actions were filed in the Supreme Court of the State of New York, New York County; the eighth action was filed in the United States District Court for the Southern District of New York. On May 17, 2013, the seven state court actions were consolidated under the caption In re Sterling Shareholders Litigation, Index No. 651263/2013 (Sup. Ct., N.Y. Cnty.). On June 21, 2013, the lead plaintiffs in the consolidated state court action filed an amended class action complaint alleging that Legacy Sterling’s board of directors breached its fiduciary duties by agreeing to the proposed merger transaction and by failing to disclose all material information to shareholders. The consolidated and amended complaint also alleges that Provident New York Bancorp has aided and abetted those alleged fiduciary breaches. The consolidated state court action seeks, among other things, an order enjoining the defendants from proceeding with or consummating the merger, as well as other equitable relief and/or money damages in the event that the transaction is consummated. The federal action, captioned Miller v. Sterling Bancorp, et al., No. 13 CV 3845 (S.D.N.Y.), alleges the same breach of fiduciary duty and aiding and abetting claims against defendants, and also alleges defendants’ preliminary proxy statement was inaccurate or incomplete in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. The plaintiff in the federal action agreed to coordinate his case with the earlier-filed consolidated state court action. | ||||
On September 12, 2013, following certain coordinated discovery and negotiations among counsel, the parties to these actions entered into a memorandum of understanding regarding a settlement in principle of this litigation. Although Legacy Sterling and Provident New York Bancorp believed that the disclosures concerning the proposed merger were accurate and complete in all material respects, to avoid the risk that the lawsuits could delay or otherwise adversely affect the consummation of the proposed merger and to minimize the expense and burden of defending such actions, the defendants agreed to make certain supplemental disclosures, which were set forth in a Form 8-K Current Report filed by Legacy Sterling with the U.S. Securities and Exchange Commission on September 12, 2013. The proposed settlement is subject to, among other things, certain confirmatory discovery and approval of the New York State Supreme Court. Under the terms of the proposed settlement, following final approval by the court, each of the state and federal actions will be dismissed with prejudice. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurements | ' | |||||||||||||||
Fair value measurements | ||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values. | ||||||||||||||||
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets and 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 might 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 (such as interest rates, volatilities, prepayment speeds, credit risk etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | ||||||||||||||||
Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||||
In general, fair value is based on quoted market prices, when available. If quoted market prices in active markets are not available, fair value is based on internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. | ||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||
The majority of the Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. | ||||||||||||||||
The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment securities that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, the Company validates, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. | ||||||||||||||||
The Company reports the fair value of private label collateralized mortgage obligations or “CMOs” with a rating from a national recognized bond rating agency of below investment grade using Level 3 inputs. As of September 30, 2013, these securities have an amortized cost of $3,636 and a fair value of $3,613. In determining the fair value of these securities the Company utilized unobservable inputs which reflect assumptions regarding the inputs that management believes market participants would use in pricing these securities in an orderly market. Significant increases (decreases) in any of the unobservable inputs would result in a significantly lower (higher) fair value measurement of the securities. Present value estimated cash flow models were used to discount expected cash flows at the interest rate reflective of similarly structured securities in an orderly market. These securities have a weighted average coupon rate of 3.12%, a weighted average life of 3.49 years, and a weighted average twelve month constant prepayment rate history of 20.39 years.The two private label CMOs with sub-investment grade ratings have a weighted average twelve month constant default rate of 4.30%. There was $14 of OTTI recognized on these securities during the year ended September 30, 2013. | ||||||||||||||||
The credit ratings of these securities were as follows at September 30, 2013: | ||||||||||||||||
Amortized | Fair | |||||||||||||||
cost | value | |||||||||||||||
Baa1 | $ | 246 | $ | 248 | ||||||||||||
Ba1 | 102 | 101 | ||||||||||||||
B1 | 1,931 | 1,919 | ||||||||||||||
B3 | 1,357 | 1,345 | ||||||||||||||
Total private label CMOs | $ | 3,636 | $ | 3,613 | ||||||||||||
Derivatives | ||||||||||||||||
The fair values of derivatives are based on valuation models using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counter-party as of the measurement date (Level 2). The Company’s derivatives consist of two interest rate caps and twelve interest rate swaps. See Note 9. Derivatives. | ||||||||||||||||
Commitments to Sell Real Estate Loans | ||||||||||||||||
The Company enters into various commitments to sell real estate loans in the secondary market. Such commitments are considered to be derivative financial instruments and therefore are carried at estimated fair value on the consolidated balance sheets. The estimated fair values of these commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell to certain government sponsored agencies. The fair values of these commitments generally result in a Level 2 classification. The fair value of these commitments is not material. | ||||||||||||||||
A summary of assets and liabilities at September 30, 2013 measured at estimated fair value on a recurring basis is as follows: | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Available for sale securities: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Fannie Mae | $ | 211,438 | $ | — | $ | 211,438 | $ | — | ||||||||
Freddie Mac | 67,629 | — | 67,629 | — | ||||||||||||
Ginnie Mae | 3,462 | — | 3,462 | — | ||||||||||||
CMO/Other MBS | 163,041 | — | 163,041 | — | ||||||||||||
Privately issued CMOs | 3,613 | — | — | 3,613 | ||||||||||||
Total residential mortgage-backed securities | 449,183 | — | 445,570 | 3,613 | ||||||||||||
Federal agencies | 261,547 | — | 261,547 | — | ||||||||||||
Corporate bonds | 114,933 | — | 114,933 | — | ||||||||||||
State and municipal | 128,730 | — | 128,730 | — | ||||||||||||
Total available for sale securities | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Total assets | $ | 955,390 | $ | — | $ | 951,777 | $ | 3,613 | ||||||||
Swaps | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
Total liabilities | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
A summary of assets and liabilities at September 30, 2012 measured at estimated fair value on a recurring basis is the follows: | ||||||||||||||||
30-Sep-12 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Available for sale securities: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Fannie Mae | $ | 161,407 | $ | — | $ | 161,407 | $ | — | ||||||||
Freddie Mac | 85,260 | — | 85,260 | — | ||||||||||||
Ginnie Mae | 4,778 | — | 4,778 | — | ||||||||||||
CMO/Other MBS | 188,434 | — | 188,434 | — | ||||||||||||
Privately issued CMOs | 4,630 | — | — | 4,630 | ||||||||||||
Total residential mortgage-backed securities | 444,509 | — | 439,879 | 4,630 | ||||||||||||
Federal agencies | 408,823 | — | 408,823 | — | ||||||||||||
State and municipal | 156,481 | — | 156,481 | — | ||||||||||||
Equities | 1,059 | — | 1,059 | — | ||||||||||||
Total available for sale securities | 1,010,872 | — | 1,006,242 | 4,630 | ||||||||||||
Interest rate caps and swaps | 2,487 | — | 2,487 | — | ||||||||||||
Total assets | $ | 1,013,359 | $ | — | $ | 1,008,729 | $ | 4,630 | ||||||||
Swaps | $ | 2,485 | $ | — | $ | 2,485 | $ | — | ||||||||
Total liabilities | $ | 2,485 | $ | — | $ | 2,485 | $ | — | ||||||||
The changes in Level 3 assets measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
Change in Level 3 assets | ||||||||||||||||
Balance at September 30, 2010 | $ | 5,996 | ||||||||||||||
Paydowns | (908 | ) | ||||||||||||||
Accretion, net | 1 | |||||||||||||||
OTTI | (75 | ) | ||||||||||||||
Change in fair value | (163 | ) | ||||||||||||||
Balance at September 30, 2011 | 4,851 | |||||||||||||||
Paydowns | (675 | ) | ||||||||||||||
Accretion, net | 15 | |||||||||||||||
OTTI | (47 | ) | ||||||||||||||
Change in fair value | 486 | |||||||||||||||
Balance at September 30, 2012 | 4,630 | |||||||||||||||
Paydowns | (1,018 | ) | ||||||||||||||
Accretion, net | 3 | |||||||||||||||
OTTI | (14 | ) | ||||||||||||||
Change in fair value | 12 | |||||||||||||||
Balance at September 30, 2013 | $ | 3,613 | ||||||||||||||
Changes in fair value are included as part of net unrealized holding gains (losses) on securities available for sale net of related tax expense on the Consolidated Statements of Comprehensive Income (Loss). | ||||||||||||||||
The following categories of financial assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances: | ||||||||||||||||
Loans Held for Sale and Impaired Loans | ||||||||||||||||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value as determined by outstanding commitments from investors. Fair value of loans held for sale is determined using quoted prices for similar assets (Level 2 inputs). | ||||||||||||||||
When mortgage loans held for sale are sold with servicing rights retained, the carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing rights which is equal to its fair value. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. | ||||||||||||||||
The Company may record adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of these loans. These adjustments also include certain impairment amounts for collateral dependent loans calculated in accordance with FASB ASC Topic 310 – Receivables, when establishing the allowance for loan losses. Impairment amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated impairment amount applicable to that loan does not necessarily represent the fair value of the loan. Real estate collateral is valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable by market participants. However, due to the substantial judgment applied and limited volume of activity as compared to other assets, fair value is based on Level 3 inputs. Estimates of fair value used for collateral supporting commercial loans generally are based on assumptions not observable in the market place and are also based on Level 3 inputs. Impaired loans are evaluated on at least a quarterly basis for additional impairment and their carrying values are adjusted as needed. Loans subject to non-recurring fair value measurements were $35,230 and $50,078 which equals the carrying value less the allowance for loan losses allocated to these loans at September 30, 2013 and 2012, respectively. Changes in fair value recognized in provisions on loans held by the Company were $2,726 and $5,088 for the twelve months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
When valuing impaired loans that are collateral dependent, the Company charges-off the difference between the recorded investment in the loan and the appraised value, which is generally less than 12 months old. A discount for estimated costs to dispose of the asset is used when evaluating the impaired loans. Nearly all of our impaired loans are considered collateral dependent. | ||||||||||||||||
A summary of impaired loans at September 30, 2013 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Commercial real estate | $ | 3,672 | $ | — | $ | — | $ | 3,672 | ||||||||
Commercial & industrial | 500 | — | — | 500 | ||||||||||||
Acquisition, development and construction | 1,839 | — | — | 1,839 | ||||||||||||
Consumer | 2 | — | — | 2 | ||||||||||||
Total impaired loans measured at fair value | $ | 6,013 | $ | — | $ | — | $ | 6,013 | ||||||||
A summary of impaired loans at September 30, 2012 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
30-Sep-12 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Residential mortgage | $ | 8,628 | $ | — | $ | — | $ | 8,628 | ||||||||
Commercial real estate | 6,537 | — | — | 6,537 | ||||||||||||
Commercial & industrial | 95 | — | — | 95 | ||||||||||||
Acquisition, development and construction | 8,232 | — | — | 8,232 | ||||||||||||
Consumer | 1,215 | — | — | 1,215 | ||||||||||||
Total impaired loans measured at fair value | $ | 24,707 | $ | — | $ | — | $ | 24,707 | ||||||||
Mortgage Servicing Rights | ||||||||||||||||
When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in net gain on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. | ||||||||||||||||
The Company utilizes the amortization method to subsequently measure the carrying value of its servicing rights. In accordance with FASB ASC Topic 860 - Transfers and Servicing, the Company must record impairment charges on a non-recurring basis, when the carrying value exceeds the estimated fair value. To estimate the fair value of servicing rights the Company utilizes a third-party, which on a quarterly basis, considers the market prices for similar assets and the present value of expected future cash flows associated with the servicing rights. Assumptions utilized include estimates of the cost of servicing, loan default rates, an appropriate discount rate and prepayment speeds. The determination of fair value of servicing rights relies upon Level 3 inputs. The fair value of mortgage servicing rights at September 30, 2013 and 2012 were $1,978 and $1,624, respectively. | ||||||||||||||||
Assets Taken in Foreclosure of Defaulted Loans | ||||||||||||||||
Assets taken in foreclosure of defaulted loans are initially recorded at fair value less costs to sell when acquired, which establishes a new cost basis. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell and are primarily comprised of commercial and residential real estate property and upon initial recognition, were re-measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the foreclosed asset. The fair value is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the market place. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between comparable sales and income data available. The fair value is derived using Level 3 inputs. Appraisals are reviewed by our credit department, our external loan review consultant and verified by officers in our credit administration area. Assets taken in foreclosure of defaulted loans subject to non-recurring fair value measurement were $6,022 and $6,403 at September 30, 2013 and 2012. There were write-downs of $1,083 and $1,098 related to changes in fair value recognized through income for those foreclosed assets held by the Company during the twelve months ending September 30, 2013 and 2012, respectively. | ||||||||||||||||
Significant Unobservable Inputs to Level 3 Measurements | ||||||||||||||||
The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at September 30, 2013: | ||||||||||||||||
Non-recurring fair value measurements | Fair value | Valuation technique | Unobservable input / assumptions | Range (1) (weighted average) | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate | $ | 3,672 | Appraisal | Adjustments for comparable properties | 15.0% - 36.0% (22.0%) | |||||||||||
Commercial & industrial | 500 | Appraisal | Adjustments for comparable properties | 10.0% -19.0% (14.4%) | ||||||||||||
Acquisition, development & construction | 1,839 | Appraisal | Adjustments for comparable properties | 10.0% - 30.0% (13.5%) | ||||||||||||
Consumer | 2 | Appraisal | Adjustments for comparable properties | 0 | ||||||||||||
Assets taken in foreclosure: | ||||||||||||||||
Residential mortgage | 998 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 16.0% - 59.0% (21.6%) | ||||||||||||
Commercial real estate | 3,320 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 20.0% - 37.0% (24.8%) | ||||||||||||
Acquisition, development & construction | 1,704 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 25.0% - 70.0% (30.2%) | ||||||||||||
Mortgage servicing rights | 1,978 | Third-party | Discount rates | 9.3% - 12.8% | ||||||||||||
Third-party | Prepayment speeds | 100 - 968 (224) | ||||||||||||||
FASB Codification Topic 825: Financial Instruments, requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The estimated fair value approximates carrying value for cash and cash equivalents and accrued interest receivable. | ||||||||||||||||
The following paragraphs summarize the principal methods and assumptions used by the Company to estimate the fair value of the Company’s financial instruments. | ||||||||||||||||
Loans | ||||||||||||||||
The estimated fair value approximates carrying value for variable-rate loans that reprice frequently and with no significant change in credit risk. The fair value of fixed-rate loans and variable-rate loans which reprice on an infrequent basis is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. An overall valuation adjustment is made for specific credit risks as well as general portfolio credit risk. | ||||||||||||||||
FHLB of New York Stock | ||||||||||||||||
The redeemable carrying amount of these securities with limited marketability approximates their fair value. | ||||||||||||||||
Deposits and Mortgage Escrow Funds | ||||||||||||||||
In accordance with FASB Codification Topic 825, deposits with no stated maturity (such as savings, demand and money market deposits) are assigned fair values equal to the carrying amounts payable on demand. Certificates of deposit and mortgage escrow funds are segregated by account type and original term, and fair values are estimated by discounting the contractual cash flows. The discount rate for each account grouping is equivalent to the current market rates for deposits of similar type and maturity. | ||||||||||||||||
These fair values do not include the value of core deposit relationships that comprise a significant portion of the Company’s deposits. We believe that the Company’s core deposit relationships provide a relatively stable, low-cost funding source that has a substantial value separate from the deposit balances. | ||||||||||||||||
Borrowings and Senior notes | ||||||||||||||||
The estimated fair value approximates carrying value for short-term borrowings. The fair value of long-term fixed-rate borrowings is estimated using quoted market prices, if available, or by discounting future cash flows using current interest rates for similar financial instruments. | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Other financial assets and liabilities listed in the table below have estimated fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. | ||||||||||||||||
The fair values of the Company’s off-balance-sheet financial instruments described in Note 15. Off Balance Sheet Financial Instruments were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the credit worthiness of the counterparties. At September 30, 2013 and September 30, 2012, the estimated fair value of these instruments approximated the related carrying amounts, which were not material. | ||||||||||||||||
The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of September 30, 2013: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 113,090 | $ | 113,090 | $ | — | $ | — | ||||||||
Securities available for sale | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Securities held to maturity | 253,999 | — | 250,896 | — | ||||||||||||
Loans, net | 2,384,021 | — | — | 2,422,824 | ||||||||||||
Loans held for sale | 1,011 | — | 1,011 | |||||||||||||
Accrued interest receivable on securities | 4,892 | — | 4,892 | — | ||||||||||||
Accrued interest receivable on loans | 6,805 | — | — | 6,805 | ||||||||||||
FHLB stock | 24,312 | — | — | — | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | (2,694,166 | ) | (2,694,166 | ) | — | — | ||||||||||
Certificates of deposit | (268,128 | ) | — | (268,088 | ) | — | ||||||||||
FHLB and other borrowings | (462,953 | ) | — | (488,369 | ) | — | ||||||||||
Senior notes | (98,033 | ) | — | (98,142 | ) | — | ||||||||||
Mortgage escrow funds | (12,646 | ) | — | (12,644 | ) | — | ||||||||||
Accrued interest payable on deposits | (1,480 | ) | — | (1,480 | ) | — | ||||||||||
Accrued interest payable on borrowings | (1,525 | ) | (1,525 | ) | ||||||||||||
Interest rate caps and swaps | (997 | ) | — | (997 | ) | — | ||||||||||
The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of September 30, 2012: | ||||||||||||||||
September 30, 2012 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 437,982 | $ | 437,982 | $ | — | $ | — | ||||||||
Securities available for sale | 1,010,872 | — | 1,006,242 | 4,630 | ||||||||||||
Securities held to maturity | 142,376 | — | 146,324 | — | ||||||||||||
Loans, net | 2,091,190 | — | — | 2,157,133 | ||||||||||||
Loans held for sale | 7,505 | — | 7,505 | — | ||||||||||||
Accrued interest receivable on securities | 4,011 | — | 4,011 | — | ||||||||||||
Accrued interest receivable on loans | 6,502 | — | — | 6,502 | ||||||||||||
FHLB stock | 19,249 | — | — | — | ||||||||||||
Interest rate caps and swaps | 2,487 | — | 2,487 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | (2,723,669 | ) | (2,723,669 | ) | — | — | ||||||||||
Certificates of deposit | (387,482 | ) | — | (389,031 | ) | — | ||||||||||
FHLB and other borrowings | (345,176 | ) | — | (377,906 | ) | — | ||||||||||
Mortgage escrow funds | (11,919 | ) | — | (11,917 | ) | — | ||||||||||
Accrued interest payable on deposits | (500 | ) | — | (500 | ) | — | ||||||||||
Accrued interest payable on borrowings | (1,442 | ) | (1,442 | ) | ||||||||||||
Interest rate caps and swaps | (2,485 | ) | — | (2,485 | ) | — | ||||||||||
Recent_Accounting_Standards_No
Recent Accounting Standards, Not Yet Adopted | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recently Issued Accounting Standards Not Yet Adopted | ' |
Recently Issued Accounting Standards Not Yet Adopted | |
Accounting Standards Update (“ASU”) 2013-11 - Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists was issued. This standard provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, as similar tax loss, or a tax credit carryforward, except to the extent that a net operation loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. This standard is effective for the Company October 1, 2014 and is not expected to have a material effect on the Company’s consolidated financial statements. | |
ASU 2013-10 - Derivatives and Hedging (Topic 815) - Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes was issued. This standard permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury and LIBOR. The standard also removes the restriction on using different benchmark rates for similar hedges. This standard was effective for the Company July 17, 2013 and did not have a material effect on the Company’s consolidated financial statements. | |
ASU 2013-03 - Liabilities (Topic 405) - Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date was issued. This standard provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance (e.g. debt arrangements, other contractual obligations and settled litigation and judicial rulings) is fixed at the reporting date. This standard is effective for the Company October 1, 2014 and is not expected to have a material effect on the Company’s consolidated financial statements. | |
See Note 1. Basis of Financial Statement Presentation and Summary of Significant Accounting Policy for a discussion of the adoption of new accounting standards. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (loss) income (Notes) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Other Comprehensive income [Abstract] | ' | |||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||
Activity in accumulated other comprehensive (loss) income (“AOCI”), net of tax, for the periods ended September 30, 2013, 2012 and 2011, was as follows: | ||||||||||||
Unrealized gains(losses) on securities | Unrealized gains (losses) for pension and other post-retirement obligations | Total | ||||||||||
Balance at September 30, 2010 | $ | 12,622 | $ | (7,498 | ) | $ | 5,124 | |||||
Period change | 981 | (969 | ) | 12 | ||||||||
Balance at September 30, 2011 | $ | 13,603 | $ | (8,467 | ) | $ | 5,136 | |||||
Balance at September 30, 2011 | $ | 13,603 | $ | (8,467 | ) | $ | 5,136 | |||||
Period change | 1,463 | 300 | 1,763 | |||||||||
Balance at September 30, 2012 | $ | 15,066 | $ | (8,167 | ) | $ | 6,899 | |||||
Balance at September 30, 2012 | $ | 15,066 | $ | (8,167 | ) | $ | 6,899 | |||||
Other comprehensive loss before reclassifications | (22,167 | ) | 3,041 | (19,126 | ) | |||||||
Amounts reclassified from AOCI | (4,371 | ) | 1,268 | (3,103 | ) | |||||||
Period change | (26,538 | ) | 4,309 | (22,229 | ) | |||||||
Balance at September 30, 2013 | $ | (11,472 | ) | $ | (3,858 | ) | $ | (15,330 | ) | |||
The following table presents the reclassification adjustments from AOCI included in net income and the impacted line items on the income statement for the period ended September 30, 2013: | ||||||||||||
Components of AOCI | Amount reclassified from AOCI and impact on net income (1) | Affected income statement line item | ||||||||||
Unrealized gains (losses) on available for sale securities | ||||||||||||
$ | 7,391 | Non-interest income - net gain on sale of securities | ||||||||||
(32 | ) | Non-interest income - net impairment loss in earnings | ||||||||||
7,359 | Net change before tax | |||||||||||
(2,988 | ) | Tax expense | ||||||||||
$ | 4,371 | Net change after tax | ||||||||||
Amortization of defined benefit pension items | ||||||||||||
Actuarial loss | $ | (2,135 | ) | Non-interest expense - compensation and employee benefits (2) | ||||||||
867 | Tax benefit | |||||||||||
$ | (1,268 | ) | Net change after tax | |||||||||
(1) Amounts in parentheses indicate a reduction from income. | ||||||||||||
(2) These accumulated other comprehensive (loss) income components are included in the computation of net periodic pension expense see Note 11. Pensions and Other Post Retirement Employee Benefit Plans and Stock-based Compensation Plans. |
Condensed_Parent_Company_Finan
Condensed Parent Company Financial Statements | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Parent Company Financial Statements | ' | |||||||||||
Condensed Parent Company Financial Statements | ||||||||||||
Set forth below are the condensed balance sheets of Sterling Bancorp and the related condensed statements of income and cash flows: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Cash | $ | 56,230 | $ | 6,716 | ||||||||
Loan receivable from ESOP | 6,437 | 6,896 | ||||||||||
Securities available for sale at fair value | — | 809 | ||||||||||
Investment in Sterling National Bank | 517,907 | 467,295 | ||||||||||
Investment in non-bank subsidiaries | 3,271 | 5,482 | ||||||||||
Other assets | 1,184 | 5,371 | ||||||||||
Total assets | $ | 585,029 | $ | 492,569 | ||||||||
Liabilities: | ||||||||||||
Senior notes | $ | 98,033 | $ | — | ||||||||
Other liabilities | 4,130 | 1,447 | ||||||||||
Total liabilities | 102,163 | 1,447 | ||||||||||
Stockholders’ equity | 482,866 | 491,122 | ||||||||||
Total liabilities & stockholders’ equity | $ | 585,029 | $ | 492,569 | ||||||||
The table below presents the condensed statement of income: | ||||||||||||
Year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 262 | $ | 282 | $ | 304 | ||||||
Dividend income on equity securities | 22 | 30 | 31 | |||||||||
Dividends from Sterling National Bank | — | 6,000 | 10,000 | |||||||||
Dividends from non-bank subsidiaries | 1,600 | 500 | 500 | |||||||||
Bank owned life insurance income | — | 10 | 91 | |||||||||
Interest expense | (1,431 | ) | — | — | ||||||||
Non-interest expense | (2,700 | ) | (1,838 | ) | (1,819 | ) | ||||||
Income tax benefit | 898 | 87 | 157 | |||||||||
(Loss) income before equity in undistributed earnings of subsidiaries | (1,349 | ) | 5,071 | 9,264 | ||||||||
Equity in undistributed (excess distributed) earnings of: | ||||||||||||
Sterling National Bank | 27,174 | 13,739 | 1,498 | |||||||||
Non-bank subsidiaries | (571 | ) | 1,078 | 977 | ||||||||
Net income | $ | 25,254 | $ | 19,888 | $ | 11,739 | ||||||
The table below presents the condensed statement of cash flows: | ||||||||||||
Year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 25,254 | $ | 19,888 | $ | 11,739 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in (undistributed) excess distributed earnings of: | ||||||||||||
Sterling National Bank | (27,174 | ) | (13,739 | ) | (1,498 | ) | ||||||
Non-bank subsidiaries | 571 | (1,078 | ) | (977 | ) | |||||||
Other adjustments, net | 5,259 | 380 | (1,444 | ) | ||||||||
Net cash provided by operating activities | 3,910 | 5,451 | 7,820 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of equity securities, available for sale | — | (105 | ) | — | ||||||||
Sales of securities | 818 | 103 | — | |||||||||
Investment in subsidiaries | (45,000 | ) | (44,203 | ) | — | |||||||
ESOP loan principal repayments | 459 | 441 | 424 | |||||||||
Net cash (used for) provided by investing activities | (43,723 | ) | (43,764 | ) | 424 | |||||||
Cash flows from financing activities: | ||||||||||||
Treasury shares purchased | — | — | (3,810 | ) | ||||||||
Senior notes offering | 97,946 | — | — | |||||||||
Equity capital raise | — | 46,000 | — | |||||||||
Cash dividends paid | (10,642 | ) | (9,100 | ) | (8,973 | ) | ||||||
Stock option transactions including RRP | 1,758 | 910 | 770 | |||||||||
Other equity transactions | 265 | 527 | 441 | |||||||||
Net cash provided by (used for) financing activities | 89,327 | 38,337 | (11,572 | ) | ||||||||
Net increase (decrease) in cash | 49,514 | 24 | (3,328 | ) | ||||||||
Cash at beginning of year | 6,716 | 6,692 | 10,020 | |||||||||
Cash at end of year | $ | 56,230 | $ | 6,716 | $ | 6,692 | ||||||
Quarterly_Results_Of_Operation
Quarterly Results Of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results Of Operations (Unaudited) | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The following is a condensed summary of quarterly results of operations for the fiscal years ended September 30, 2013 and 2012: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
quarter | quarter | quarter | quarter | |||||||||||||
Year Ended September 30, 2013: | ||||||||||||||||
Interest and dividend income | $ | 33,145 | $ | 32,420 | $ | 32,593 | $ | 33,903 | ||||||||
Interest expense | 5,222 | 4,601 | 4,276 | 5,795 | ||||||||||||
Net interest income | 27,923 | 27,819 | 28,317 | 28,108 | ||||||||||||
Provision for loan losses | 2,950 | 2,600 | 3,900 | 2,700 | ||||||||||||
Non-interest income | 7,659 | 6,852 | 6,581 | 6,600 | ||||||||||||
Non-interest expense | 22,546 | 23,339 | 21,789 | 23,367 | ||||||||||||
Income before income tax | 10,086 | 8,732 | 9,209 | 8,641 | ||||||||||||
Income tax expense | 3,066 | 2,203 | 2,833 | 3,312 | ||||||||||||
Net income | $ | 7,020 | $ | 6,529 | $ | 6,376 | $ | 5,329 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.16 | $ | 0.15 | $ | 0.15 | $ | 0.12 | ||||||||
Diluted | 0.16 | 0.15 | 0.15 | 0.12 | ||||||||||||
Year Ended September 30, 2012: | ||||||||||||||||
Interest and dividend income | $ | 28,168 | $ | 28,411 | $ | 28,345 | $ | 30,113 | ||||||||
Interest expense | 4,930 | 4,506 | 4,263 | 4,874 | ||||||||||||
Net interest income | 23,238 | 23,905 | 24,082 | 25,239 | ||||||||||||
Provision for loan losses | 1,950 | 2,850 | 2,312 | 3,500 | ||||||||||||
Non-interest income | 7,176 | 7,971 | 7,979 | 9,026 | ||||||||||||
Non-interest expense | 20,721 | 21,290 | 21,162 | 28,784 | ||||||||||||
Income before income tax | 7,743 | 7,736 | 8,587 | 1,981 | ||||||||||||
Income tax expense (benefit) | 2,026 | 2,035 | 2,378 | (280 | ) | |||||||||||
Net income | $ | 5,717 | $ | 5,701 | $ | 6,209 | $ | 2,261 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.15 | $ | 0.15 | $ | 0.17 | $ | 0.06 | ||||||||
Diluted | 0.15 | 0.15 | 0.17 | 0.06 | ||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events (Unaudited) | |
On October 31, 2013, Provident New York Bancorp completed its acquisition of Sterling Bancorp (“Legacy Sterling”) through the merger of Legacy Sterling into Provident New York Bancorp. Provident New York Bancorp was the accounting acquirer and the surviving entity. Provident New York Bancorp changed its legal entity name to Sterling Bancorp and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended. Sterling National Bank merged into Provident Bank and Provident Bank changed its legal entity name to Sterling National Bank and converted to a national bank charter. Consistent with our strategy of expanding in the greater New York metropolitan region, we believe the Merger creates a larger, more diversified company that will accelerate the build-out of our differentiated strategy targeting small-to-middle market commercial and consumer clients. | |
The Merger was a stock-for-stock transaction valued at $457.8 million based on the closing price of Provident New York Bancorp common stock on October 31, 2013. Legacy Sterling shareholders received a fixed ratio of 1.2625 shares of Provident New York Bancorp stock for each of the 30,937,004 shares of Legacy Sterling common stock that were outstanding. The Company’s stockholders authorized an increase in the number of common shares from 75 million to 200 million. The Company issued 39,057,968 shares of common stock in the Merger; post-Merger, total shares outstanding were 83,868,972. Legacy Provident shareholders own approximately 53% of stock in the combined company and Legacy Sterling shareholders own approximately 47%. | |
On a pro forma combined basis, for the twelve months ended September 30, 2012, the companies had revenue of $253 million and $33 million in net income. The combined company is expected to have approximately $6.7 billion in total assets. | |
The Company has engaged an independent third-party to assist management in estimating the fair value of the majority of the assets acquired and liabilities assumed. The Company will file a Current Report on Form 8-K (or an amendment to a prior report) no later than January 15, 2014 that will include historical and pro forma information regarding Legacy Sterling and Sterling required in connection with the Merger |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 12 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' | |
The Company’s policy is to invest the Plan assets in a prudent manner for the purpose of providing benefit payments to participants and offseting reasonable expenses of administration. The Company’s investment strategy is designed to provide a total return that, over the long-term, places a strong emphasis on the preservation of capital. The strategy attempts to maximize investment returns on assets at a level of risk deemed appropriate by the Company while complying with applicable regulations and laws. | ||
The Plan’s investment policy prohibits the direct investment in real estate but allows the Plan’s mutual funds to include a small percentage of real estate related investments. The investment strategy utilizes asset allocation as a principal determinant for establishing an appropriate risk profile. | ||
Consolidation | ' | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | ||
Merger with Sterling Bancorp | ||
On October 31, 2013, Provident New York Bancorp completed its acquisition of Sterling Bancorp (“Legacy Sterling”). In connection with the merger, Provident New York Bancorp completed the following corporate actions: | ||
• | Legacy Sterling merged with and into Provident New York Bancorp. Provident New York Bancorp was the accounting acquirer and the surviving entity. | |
• | Provident New York Bancorp changed its legal entity name to Sterling Bancorp and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended. | |
• | Provident Bank converted to a national bank charter. | |
• | Sterling National Bank merged into Provident Bank. | |
• | Provident Bank changed its legal entity name to Sterling National Bank. | |
• | Provident Municipal Bank merged into Sterling National Bank. | |
We refer to the transactions detailed above collectively as the “Merger”. | ||
The consolidated financial statements include the accounts of Sterling Bancorp (“Sterling” or the “Company”), PBNY Holdings, Inc. which has an investment in PB Madison Title Agency L.P., a company that provides title searches and title insurance for residential and commercial real estate, LandSave Development, LLC an inactive subsidiary, Provident Risk Management (a captive insurance company), Sterling National Bank (the “Bank”) and the Bank’s wholly owned subsidiaries. These subsidiaries included at September 30, 2013 (i) Provident Municipal Bank (“PMB”) which was a limited-purpose, New York State-chartered commercial bank formed to accept deposits from municipalities in the Company’s market area and was merged into the Bank at the time of the Merger, (ii) Provident REIT, Inc. and WSB Funding, Inc. which are real estate investment trusts that hold a portion of the Company’s real estate loans, (iii) Provest Services Corp. I, which has invested in a low-income housing partnership, and (iv) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers and (v) Limited Liability Companies, which hold other real estate owned held by the Bank. Intercompany transactions and balances are eliminated in consolidation. | ||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. Certain amounts from prior years have been reclassified to conform to the current fiscal year presentation. Reclassifications had no affect on prior year net income or stockholders’ equity. | ||
Use of estimates | ' | |
Use of estimates | ||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expense. Actual results could differ significantly from these estimates. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. Also subject to change are estimates involving goodwill impairment evaluations, mortgage servicing rights, benefit plans, deferred income taxes and fair values of financial instruments. | ||
Cash Flows | ' | |
Cash Flows | ||
For purposes of reporting cash flows, cash equivalents include highly liquid, short-term investments such as overnight federal funds, as well as cash and deposits with other financial institutions. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with an original maturity of 90 days or less. | ||
Long Term Assets | ' | |
Long Term Assets | ||
Premises and equipment, core deposit and other intangible assets are reviewed annually for impairment or when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | ||
Fair Values of Financial Instruments | ' | |
Fair Values of Financial Instruments | ||
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. (See Note 17.) | ||
Securities | ' | |
Securities | ||
Securities include U.S. Treasury, U.S. Government Agency and Government Sponsored Agencies, municipal and corporate bonds, mortgage-backed securities, collateralized mortgage obligations and marketable equity securities. | ||
The Company can classify its securities among three categories: held to maturity, trading, and available for sale. We determine the appropriate classification of the Company’s securities at the time of purchase. | ||
Held to maturity securities are limited to debt securities for which we have the intent and the ability to hold to maturity. These securities are reported at amortized cost. | ||
Trading securities are debt and equity securities held principally for the purpose of selling them in the near term. These securities are reported at fair value, with unrealized gains and losses included in earnings. The Company does not engage in securities trading activities. | ||
All other debt and marketable equity securities are classified as available for sale. These securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that we intend to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates, changes in prepayment risks, the need to increase capital, or similar factors. | ||
Premiums and discounts on debt securities are recognized in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. The cost of securities sold is determined using the specific identification method. | ||
Securities are evaluated for impairment at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, we consider the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If the Company does not expect to recover the entire amortized cost basis of the security, the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other than temporary impairment is separated into a) the amount representing the credit loss and b) the amount related to all other factors. The amount of other than temporary impairment related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. | ||
Loans Held For Sale | ' | |
Loans Held For Sale | ||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. In the absence of commitments from investors, fair value is based on current investor yield requirements. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. | ||
Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing right which is its fair value. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. | ||
Servicing Rights | ' | |
Servicing Rights | ||
When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | ||
Under the amortization measurement method, the Company subsequently measures servicing rights at fair value at each reporting date and records any impairment in value of servicing assets in earnings in the period in which the impairment occurs. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. | ||
Servicing fee income, which is reported on the income statement as other income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. | ||
Loans | ' | |
Loans | ||
Loans where we have the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at amortized cost less the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. | ||
A loan is placed on non-accrual status when we have determined that the borrower may likely be unable to meet contractual principal or interest obligations, or when payments are 90 days or more past due, unless well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are not recognized as income unless warranted based on the borrower’s financial condition and payment record. Furthermore, negative tax escrow will be included in the unpaid principal for loans individually evaluated for impairment, as this is part of the customer’s legal obligation to the Company. | ||
The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan. If a loan is prepaid or sold, the net deferred amount is recognized in the statement of income at that time. Interest and fees on loans include prepayment fees and late charges collected. | ||
Allowance for Loan Losses | ' | |
Allowance for Loan Losses | ||
The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The allowance for loan losses, is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses includes allowance allocations calculated in accordance with ASC Subtopic 450-20, “Loss Contingencies” and ASC Subtopic 310-35-2, “Loan Impairment.” The level of the allowance reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios, as well as trends in the foregoing. The Company analyzes loans by two broad segments or classes: real estate secured loans and loans that are either unsecured or secured by other collateral. | ||
The segments or classes considered real estate secured are: residential mortgage loans; commercial real estate (“CRE”) loans; business banking CRE; acquisition, development and construction (“ADC”) loans; homeowner loans, and home equity lines of credit. The segments or classes considered unsecured or secured by other than real estate collateral are: commercial & industrial (“C&I”) loans, business banking C&I loans and consumer loans. In all segments or classes, significant loans are reviewed for impairment once they are past due 90 days or more, or are classified substandard or doubtful. Generally the Company considers a homogeneous residential mortgage or home equity line of credit to be significant if the Company’s investment in the loan is greater than $500. If a loan is deemed to be impaired in one of the real estate secured segments, it is generally considered collateral dependent. If the value of the collateral securing a collateral dependent impaired loan is less than the loan’s carrying value, a charge-off is recognized equal to the difference between the appraised value and the book value of the loan. Additionally impairment reserves are recognized for estimated costs to hold and to liquidate and a 10% discount of the appraisal value. The ranges for the costs to hold and liquidate are 12-22% for the following segments: CRE, business banking CRE and ADC loans and 7-13% for homeowner loans, home equity lines of credit, and residential mortgage loans. Impaired loans in the real estate secured segments are re-appraised using a summary or drive-by appraisal report every six to nine months. | ||
For loans in the business banking C&I segment we charge off the full amount of the loan when it becomes 90 days or more past due, or earlier in the case of bankruptcy, after giving effect to any cash or marketable securities pledged as collateral for the loan. For loans in the C&I loan segment, we conduct a cash flow projection, and charge off the difference between the net present value of the cash flows discounted at the effective note rate and the carrying value of the loan, and generally recognize a 10% impairment reserve to account for the imprecision of our estimates. However, for most of these cases receipt of future cash flows is too unreliable to be considered probable, resulting in the charge off of the entire balance of the loan. For unsecured consumer loans, charge offs are recognized once the loan is 90 to 120 days or more past due or the borrower files for bankruptcy protection. | ||
Subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of amounts specifically allocated to non-performing loans and other criticized or classified loans (if any), as well as allowances determined for the pass rated loans in each major loan category. After we establish an allowance for loan losses that are known to be non-performing, criticized or classified, we calculate a percentage to apply to the remaining loan portfolio to estimate the probable incurred losses inherent in that portion of the portfolio. These percentages are determined by management, based on historical loss experience for the applicable loan category, and are adjusted to reflect our evaluation of: | ||
•levels of, and trends in, delinquencies and non-accruals; | ||
•trends in volume and terms of loans; | ||
•effects of any changes in lending policies and procedures; | ||
•experience, ability, and depth of lending management and staff; | ||
•national and local economic trends and conditions; | ||
• | concentrations of credit by such factors as location, industry, inter-relationships, and borrower; and for commercial loans, trends in risk ratings. | |
Land acquisition, development and construction lending is considered higher risk and exposes us to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. In the event we make an acquisition loan on property that is not yet approved for the planned development, there is the risk that approvals will not be granted or will be delayed. These events may adversely affect the borrower and the collateral value of the property. Development and construction loans also expose us to the risk that improvements will not be completed on time in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. All of these factors are considered as part of the underwriting, structuring and pricing of the loan. We have deemphasized this type of loan. | ||
Commercial real estate loans subject us to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, the foreclosure process, if necessary may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. | ||
Commercial business lending is also higher risk because repayment depends on the successful operation of the business which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because we must gain control of assets used in the borrower’s business before foreclosing which we cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is subject to downward pressure. | ||
When we evaluate residential mortgage loans and equity loans we weigh both the credit capacity of the borrower and the collateral value of the home. As unemployment and underemployment increases, and liquidity reserves if any, diminish, the credit capacity of the borrower decreases, which increases our risk. Also, after a period of years of stable or increasing home values in our market, home prices have declined from a high in 2005 and 2006. We are exposed to risk in both our first mortgage and equity lending programs due to declines in values in recent years. We are also exposed to risk because the time to foreclose is significant and has become longer under current conditions. | ||
The carrying value of loans is periodically evaluated and the allowance is adjusted accordingly. While management uses the best information available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. In addition, as an integral part of their examination process, our regulatory agencies periodically review the allowance for loan losses. Such agencies may require us to recognize additions to the allowance based on their judgments of information available to them at the time of their examination. | ||
Troubled Debt Restructuring | ' | |
Troubled Debt Restructuring | ||
Troubled debt restructuring (“TDR”) is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. Not all loans that are restructured as a TDR are classified as non accrual before the restructuring occurs. Restructured loans can convert from non accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of payment performance in accordance with the restructured terms, or by the presence of other significant items. | ||
Premises and Equipment | ' | |
Premises and Equipment | ||
Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. | ||
Goodwill and Other Intangible Assets | ' | |
Goodwill and Other Intangible Assets | ||
Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. Goodwill is the only intangible asset with an indefinite life on our balance sheet. | ||
The Company accounts for goodwill and other intangible assets in accordance with GAAP, which, in general, requires that goodwill not be amortized, but rather that it be tested for impairment at least annually at the reporting unit level. The Company has the option to first perform a qualitative assessment to test goodwill for impairment on a reporting-unit-by-reporting-unit basis. If after performing the qualitative assessment, the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will perform the two-step process described below: | ||
1 | Identify potential impairments by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Goodwill is not considered impaired as long as the fair value of the reporting unit is greater than its carrying value. The second step is only required if a potential impairment to goodwill is identified in step one. | |
2 | Compare the implied fair value of goodwill to its carrying amount, where the implied fair value of goodwill is computed on a residual basis, that is, by subtracting the sum of the fair values of the individual asset categories (tangible and intangible) from the indicated fair value of the reporting unit as determined under step one. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair value, and it must be presented as a separate line item on financial statements. | |
At September 30, 2013 the Company assessed goodwill for impairment using qualitative factors and concluded the two-step process was unnecessary. Changes in the local and national economy, the federal and state legislative and regulatory environments for financial institutions, the stock market, interest rates and other external factors (such as natural disasters or significant world events) may occur from time to time, often with great unpredictability, and may materially impact the fair value of publicly traded financial institutions and could result in an impairment charge at a future date. | ||
Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of approximately eight years. Intangibles related to the naming rights on Provident Bank Ball Park are amortized over 10 years on a straight-line basis. Impairment losses on intangible assets are charged to expense, if and when they occur. | ||
Real Estate Owned | ' | |
Real Estate Owned | ||
Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. Subsequent valuations are performed by management, and the carrying amount of a property is adjusted by a charge to expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of real estate owned properties are recognized upon disposition. | ||
Securities Repurchase Agreements | ' | |
Securities Repurchase Agreements | ||
In securities repurchase agreements, the Company transfers securities to counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. | ||
Income Taxes | ' | |
Income Taxes | ||
Net deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. | ||
A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, we determine that it is more likely than not that some portion, or all of the deferred tax asset will not be realized. | ||
The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | ||
The Company evaluates uncertain tax positions in a two step process. The first step is recognition, which requires a determination of whether it is more likely than not that a tax position will be sustained upon examination. The second step is measurement. Under the measurement step, a tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely than not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax position that no longer meet the more likely than not recognition threshold should be derecognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company did not have any such position as of September 30, 2013. See Note 10 “Income Taxes”. | ||
Stock-Based Compensation Plans | ' | |
Stock-Based Compensation Plans | ||
Compensation expense is recognized for the Employee stock ownership plan (“ESOP”) equal to the fair value of shares that have been allocated or committed to be released for allocation to participants. Any difference between the fair value at that time and the ESOP’s original acquisition cost is charged or credited to stockholders’ equity (additional paid-in capital). The cost of ESOP shares that have not yet been allocated or committed to be released for allocation is deducted from stockholders’ equity. | ||
Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. Compensation cost is recognized over the required service period, generally defined as the vesting period. | ||
During the fiscal years ended September 30, 2013, 2012 and 2011 the Company issued 360,500, 515,000 and 119,526 new stock option awards and recognized total non-cash stock-based compensation cost of $634, $521 and $558, respectively. As of September 30, 2013, the total remaining unrecognized compensation cost related to non-vested stock options was $1,360. Options granted in 2013 have 3 year vesting periods. | ||
The Company also has a restricted stock plan in which shares awarded are transferred from treasury stock at cost with the difference between the fair market value on the grant date and the cost basis of the shares recorded as a reduction to retained earnings or an increase to additional paid-in capital, as applicable. The expense is amortized over the vesting period of the awards. The Company issued 186,900 shares during 2013 and 58,000 during 2012 and 63,870 shares were issued in 2011. The total restricted stock compensation cost recognized during 2013, 2012 and 2011 was $1,108, $276, and $168, respectively. As of September 30, 2013, the total remaining unrecognized compensation cost related to restricted stock was $1,239. | ||
The Company’s stock-based compensation plans allow for accelerated vesting when employees retire under circumstances in accordance with the terms of the plans. Grants which are subject to such accelerated vesting, are expensed over the shorter of the time to retirement age or the vesting schedule in accordance with the grant. Thus the vesting period can be less than the vesting period expressed in the stock based compensation agreement, depending upon the age of the grantee. As of September 30, 2013, 11,533 restricted shares and 48,121 stock options were potentially subject to accelerated vesting, and have been fully expensed. The Company recognized expense associated with the acceleration of restricted shares of $5 for fiscal 2013,and no expense in fiscal 2012 and 2011. The Company recognized expense associated with the acceleration of 2,000 shares in 2013, and no stock option shares in 2012 and 2011, respectively. | ||
Earnings Per Share | ' | |
Earnings Per Share | ||
Basic earnings per share (“EPS”) is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding during the period. | ||
Diluted EPS is computed in a similar manner, except that the weighted average number of common shares is increased to include incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options were exercised and unvested restricted stock shares became vested during the periods. For purposes of computing both basic and diluted EPS, outstanding shares include earned ESOP shares. | ||
Segment Information | ' | |
Segment Information | ||
Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Sep. 30, 2012 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of recognized amounts of identifiable assets acquired and liabilities assumed | ' | |||||||
August 10, | ||||||||
2012 | ||||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 167,328 | ||||||
Securities, available for sale | 54,994 | |||||||
Total loans, net | 205,453 | |||||||
Federal Home Loan Bank (“FHLB”) stock | 1,045 | |||||||
Accrued interest receivable | 417 | |||||||
Premises and equipment, net | 490 | |||||||
Other assets | 1,793 | |||||||
Total assets acquired | $ | 431,520 | ||||||
LIABILITIES: | ||||||||
Deposits | $ | 368,902 | ||||||
FHLB and other borrowings | 30,784 | |||||||
Other liabilities | 1,677 | |||||||
Total liabilities assumed | $ | 401,363 | ||||||
Total identifiable net assets | $ | 30,157 | ||||||
Core deposit intangible | 4,818 | |||||||
Goodwill | 5,535 | |||||||
Cash paid | $ | 40,510 | ||||||
Schedule of proforma information | ' | |||||||
September 30, | ||||||||
2012 | 2011 | |||||||
Net interest income | $ | 103,999 | $ | 102,447 | ||||
Net income | 22,914 | 16,068 | ||||||
Basic earnings per share | 0.6 | 0.37 | ||||||
Diluted earnings per share | 0.6 | 0.37 | ||||||
Schedule of future amortization of core deposit and other intangible assets | ' | |||||||
The following table sets forth the future amortization of core deposit and other intangible assets, including naming rights of $1,870 at September 30, 2013: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Less than one year | $ | 925 | $ | 853 | ||||
One to two years | 771 | 960 | ||||||
Two to three years | 726 | 814 | ||||||
Three to four years | 695 | 751 | ||||||
Four to five years | 669 | 714 | ||||||
Beyond five years | 2,105 | 3,072 | ||||||
Total | $ | 5,891 | $ | 7,164 | ||||
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of securities available for sale | ' | |||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
cost | unrealized | unrealized | value | cost | unrealized | unrealized | value | |||||||||||||||||||||||||
gains | losses | gains | losses | |||||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Fannie Mae | $ | 214,191 | $ | 1,168 | $ | (3,921 | ) | $ | 211,438 | $ | 155,601 | $ | 5,806 | $ | — | $ | 161,407 | |||||||||||||||
Freddie Mac | 67,272 | 593 | (236 | ) | 67,629 | 81,509 | 3,751 | — | 85,260 | |||||||||||||||||||||||
Ginnie Mae | 3,374 | 88 | — | 3,462 | 4,488 | 290 | — | 4,778 | ||||||||||||||||||||||||
CMO/Other MBS | 169,336 | 356 | (3,038 | ) | 166,654 | 191,867 | 1,787 | (590 | ) | 193,064 | ||||||||||||||||||||||
Total residential mortgage-backed securities: | 454,173 | 2,205 | (7,195 | ) | 449,183 | 433,465 | 11,634 | (590 | ) | 444,509 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 273,637 | — | (12,090 | ) | 261,547 | 404,820 | 4,013 | (10 | ) | 408,823 | ||||||||||||||||||||||
Corporate bonds | 118,575 | 153 | (3,795 | ) | 114,933 | — | — | — | — | |||||||||||||||||||||||
State and municipal | 127,324 | 3,447 | (2,041 | ) | 128,730 | 146,136 | 10,349 | (4 | ) | 156,481 | ||||||||||||||||||||||
Equities | — | — | — | — | 1,087 | — | (28 | ) | 1,059 | |||||||||||||||||||||||
Total other securities | 519,536 | 3,600 | (17,926 | ) | 505,210 | 552,043 | 14,362 | (42 | ) | 566,363 | ||||||||||||||||||||||
Total available for sale | $ | 973,709 | $ | 5,805 | $ | (25,121 | ) | $ | 954,393 | $ | 985,508 | $ | 25,996 | $ | (632 | ) | $ | 1,010,872 | ||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | |||||||||||||||||||||||||||||||
September 30, 2013 | 30-Sep-12 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
cost | unrealized gains | unrealized losses | value | cost | unrealized gains | unrealized losses | value | |||||||||||||||||||||||||
Held to maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Fannie Mae | $ | 70,502 | $ | 399 | $ | (86 | ) | $ | 70,815 | $ | 28,637 | $ | 1,212 | $ | — | $ | 29,849 | |||||||||||||||
Freddie Mac | 59,869 | 317 | (22 | ) | 60,164 | 42,706 | 1,347 | — | 44,053 | |||||||||||||||||||||||
CMO/Other MBS | 25,776 | 33 | (315 | ) | 25,494 | 27,921 | 226 | (28 | ) | 28,119 | ||||||||||||||||||||||
Total residential mortgage-backed securities | 156,147 | 749 | (423 | ) | 156,473 | 99,264 | 2,785 | (28 | ) | 102,021 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 77,341 | — | (3,458 | ) | 73,883 | 22,236 | 106 | — | 22,342 | |||||||||||||||||||||||
State and municipal | 19,011 | 556 | (546 | ) | 19,021 | 19,376 | 1,059 | — | 20,435 | |||||||||||||||||||||||
Other | 1,500 | 19 | — | 1,519 | 1,500 | 26 | — | 1,526 | ||||||||||||||||||||||||
Total other securities | 97,852 | 575 | (4,004 | ) | 94,423 | 43,112 | 1,191 | — | 44,303 | |||||||||||||||||||||||
Total held to maturity | $ | 253,999 | $ | 1,324 | $ | (4,427 | ) | $ | 250,896 | $ | 142,376 | $ | 3,976 | $ | (28 | ) | $ | 146,324 | ||||||||||||||
Summary of amortized cost and fair value of investment securities available for sale by remaining period to contractual maturity | ' | |||||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||
cost | value | cost | value | |||||||||||||||||||||||||||||
Other securities remaining period to contractual maturity: | ||||||||||||||||||||||||||||||||
One year or less | $ | 2,242 | $ | 2,259 | $ | 3,800 | $ | 3,841 | ||||||||||||||||||||||||
One to five years | 81,057 | 81,596 | 14,756 | 14,578 | ||||||||||||||||||||||||||||
Five to ten years | 417,655 | 403,270 | 73,152 | 69,970 | ||||||||||||||||||||||||||||
Greater than ten years | 18,582 | 18,085 | 6,144 | 6,034 | ||||||||||||||||||||||||||||
Total other securities | 519,536 | 505,210 | 97,852 | 94,423 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 454,173 | 449,183 | 156,147 | 156,473 | ||||||||||||||||||||||||||||
Total securities | $ | 973,709 | $ | 954,393 | $ | 253,999 | $ | 250,896 | ||||||||||||||||||||||||
Sale of Securities [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Sales of securities were as follows: | ||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 339,123 | $ | 344,431 | $ | 540,145 | ||||||||||||||||||||||||||
Gross realized gains | 7,709 | 10,468 | 10,000 | |||||||||||||||||||||||||||||
Gross realized losses | (377 | ) | — | — | ||||||||||||||||||||||||||||
Income tax expense on realized net gains | 2,282 | 2,475 | 1,930 | |||||||||||||||||||||||||||||
Held to maturity: (1) | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 1,187 | — | $ | 357 | |||||||||||||||||||||||||||
Gross realized gains | 59 | — | 18 | |||||||||||||||||||||||||||||
Income tax expense on realized gains | 18 | — | 3 | |||||||||||||||||||||||||||||
Securities available for sale with unrealized losses, by length of time in continuous unrealized loss position | ' | |||||||||||||||||||||||||||||||
The following table summarizes those securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position: | ||||||||||||||||||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 137,265 | $ | (4,157 | ) | $ | — | $ | — | $ | 137,265 | $ | (4,157 | ) | ||||||||||||||||||
CMO/other MBS | 122,324 | (2,742 | ) | 7,820 | (296 | ) | 130,144 | (3,038 | ) | |||||||||||||||||||||||
Total residential mortgage-backed securities | 259,589 | (6,899 | ) | 7,820 | (296 | ) | 267,409 | (7,195 | ) | |||||||||||||||||||||||
Federal agencies | 261,547 | (12,090 | ) | — | — | 261,547 | (12,090 | ) | ||||||||||||||||||||||||
Corporate | 95,013 | (3,795 | ) | — | — | 95,013 | (3,795 | ) | ||||||||||||||||||||||||
State and municipal | 43,585 | (2,033 | ) | 112 | (8 | ) | 43,697 | (2,041 | ) | |||||||||||||||||||||||
Total | $ | 659,734 | $ | (24,817 | ) | $ | 7,932 | $ | (304 | ) | $ | 667,666 | $ | (25,121 | ) | |||||||||||||||||
As of September 30, 2012 | ||||||||||||||||||||||||||||||||
CMO/other MBS | $ | 64,065 | $ | (590 | ) | $ | — | $ | — | $ | 64,065 | $ | (590 | ) | ||||||||||||||||||
Federal agencies | 4,993 | (10 | ) | — | — | 4,993 | (10 | ) | ||||||||||||||||||||||||
State and municipal | 716 | (4 | ) | — | — | 716 | (4 | ) | ||||||||||||||||||||||||
Equities | — | — | 809 | (28 | ) | 809 | (28 | ) | ||||||||||||||||||||||||
Total | $ | 69,774 | $ | (604 | ) | $ | 809 | $ | (28 | ) | $ | 70,583 | $ | (632 | ) | |||||||||||||||||
Held To Maturity Securities Continuous Unrealized Loss Position [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Held to maturity | ||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||
Fannie Mae | $ | 10,963 | $ | (86 | ) | $ | — | $ | — | $ | 10,963 | $ | (86 | ) | ||||||||||||||||||
CMO other MBS | 31,412 | (337 | ) | — | — | 31,412 | (337 | ) | ||||||||||||||||||||||||
Federal agencies | 73,883 | (3,458 | ) | — | — | 73,883 | (3,458 | ) | ||||||||||||||||||||||||
Municipal bonds | 9,530 | (546 | ) | — | — | 9,530 | (546 | ) | ||||||||||||||||||||||||
Total | $ | 125,788 | $ | (4,427 | ) | $ | — | $ | — | $ | 125,788 | $ | (4,427 | ) | ||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||||
Total | $ | 13,189 | $ | (28 | ) | $ | — | $ | — | $ | 13,189 | $ | (28 | ) | ||||||||||||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: | ||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Available for sale securities pledged for borrowings, at fair value | $ | 199,642 | $ | 192,482 | ||||||||||||||||||||||||||||
Available for sale securities pledged for municipal deposits, at fair value | 580,756 | 703,261 | ||||||||||||||||||||||||||||||
Available for sale securities pledged for customer back-to-back swaps, at fair value | 4,645 | 4,174 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for borrowings, at amortized cost | 55,497 | 53,507 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for municipal deposits, at amortized cost | 167,926 | 138,855 | ||||||||||||||||||||||||||||||
Total securities pledged | $ | 1,008,466 | $ | 1,092,279 | ||||||||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Loans [Abstract] | ' | |||||||||||||||||||||||
Components of loan portfolio excluding loans held for sale | ' | |||||||||||||||||||||||
Loans | ||||||||||||||||||||||||
The components of the loan portfolio, excluding loans held for sale, were as follows: | ||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Residential mortgage | $ | 400,009 | $ | 350,022 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | 1,277,037 | 1,072,504 | ||||||||||||||||||||||
Commercial & industrial | 439,787 | 343,307 | ||||||||||||||||||||||
Acquisition, development & construction | 102,494 | 144,061 | ||||||||||||||||||||||
Total commercial | 1,819,318 | 1,559,872 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 156,995 | 165,200 | ||||||||||||||||||||||
Other consumer loans | 36,576 | 44,378 | ||||||||||||||||||||||
Total consumer | 193,571 | 209,578 | ||||||||||||||||||||||
Total loans | 2,412,898 | 2,119,472 | ||||||||||||||||||||||
Allowance for loan losses | (28,877 | ) | (28,282 | ) | ||||||||||||||||||||
Total loans, net | $ | 2,384,021 | $ | 2,091,190 | ||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
Activity in the allowance for loan losses for the year ended September 30, 2013, 2012 and 2011 is summarized below: | ||||||||||||||||||||||||
For the year ended September 30, 2013 | ||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||
Residential mortgage | $ | 4,359 | $ | (2,547 | ) | $ | 101 | $ | (2,446 | ) | $ | 2,561 | $ | 4,474 | ||||||||||
Commercial real estate | 7,230 | (3,725 | ) | 577 | (3,148 | ) | 5,885 | 9,967 | ||||||||||||||||
Commercial & industrial | 4,603 | (1,354 | ) | 410 | (944 | ) | 1,643 | 5,302 | ||||||||||||||||
Acquisition, development & construction | 8,526 | (3,422 | ) | 182 | (3,240 | ) | 520 | 5,806 | ||||||||||||||||
Consumer | 3,564 | (2,009 | ) | 232 | (1,777 | ) | 1,541 | 3,328 | ||||||||||||||||
Total loans | $ | 28,282 | $ | (13,057 | ) | $ | 1,502 | $ | (11,555 | ) | $ | 12,150 | $ | 28,877 | ||||||||||
Net charge-offs to average loans outstanding | 0.52 | % | ||||||||||||||||||||||
For the year ended September 30, 2012 | ||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending | |||||||||||||||||||
balance | charge-offs | balance | ||||||||||||||||||||||
Residential mortgage | $ | 3,498 | $ | (2,551 | ) | $ | 356 | $ | (2,195 | ) | $ | 3,056 | $ | 4,359 | ||||||||||
Commercial real estate | 5,568 | (2,707 | ) | 528 | (2,179 | ) | 3,841 | 7,230 | ||||||||||||||||
Commercial & industrial | 5,945 | (1,526 | ) | 1,116 | (410 | ) | (932 | ) | 4,603 | |||||||||||||||
Acquisition, development & construction | 9,895 | (4,124 | ) | 299 | (3,825 | ) | 2,456 | 8,526 | ||||||||||||||||
Consumer | 3,011 | (1,901 | ) | 263 | (1,638 | ) | 2,191 | 3,564 | ||||||||||||||||
Total loans | $ | 27,917 | $ | (12,809 | ) | $ | 2,562 | $ | (10,247 | ) | $ | 10,612 | $ | 28,282 | ||||||||||
Net charge-offs to average loans outstanding | 0.56 | % | ||||||||||||||||||||||
For the year ended September 30, 2011 | ||||||||||||||||||||||||
Beginning balance | Charge-offs | Recoveries | Net | Provision | Ending | |||||||||||||||||||
charge-offs | balance | |||||||||||||||||||||||
Residential mortgage | $ | 2,641 | $ | (2,140 | ) | $ | 15 | $ | (2,125 | ) | $ | 2,982 | $ | 3,498 | ||||||||||
Commercial real estate | 5,915 | (1,802 | ) | 2 | (1,800 | ) | 1,453 | 5,568 | ||||||||||||||||
Commercial & industrial | 8,970 | (5,400 | ) | 605 | (4,795 | ) | 1,770 | 5,945 | ||||||||||||||||
Acquisition, development & construction | 9,752 | (8,939 | ) | 10 | (8,929 | ) | 9,072 | 9,895 | ||||||||||||||||
Consumer | 3,565 | (1,989 | ) | 128 | (1,861 | ) | 1,307 | 3,011 | ||||||||||||||||
Total loans | $ | 30,843 | $ | (20,270 | ) | $ | 760 | $ | (19,510 | ) | $ | 16,584 | $ | 27,917 | ||||||||||
Net charge-offs to average loans outstanding | 1.17 | % | ||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The following table sets forth the loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2013: | ||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||
Individually | Collectively | Total loans | Individually | Collectively evaluated for | Total | |||||||||||||||||||
evaluated for | evaluated for | evaluated for | impairment | allowance | ||||||||||||||||||||
impairment | impairment | impairment | for loan losses | |||||||||||||||||||||
Residential mortgage | $ | 515 | $ | 399,494 | $ | 400,009 | $ | — | $ | 4,474 | $ | 4,474 | ||||||||||||
Commercial real estate | 14,091 | 1,262,946 | 1,277,037 | 803 | 9,164 | 9,967 | ||||||||||||||||||
Commercial & industrial | 2,631 | 437,156 | 439,787 | 249 | 5,053 | 5,302 | ||||||||||||||||||
Acquisition, development & construction | 19,582 | 82,912 | 102,494 | 540 | 5,266 | 5,806 | ||||||||||||||||||
Consumer | 2 | 193,569 | 193,571 | 1 | 3,327 | 3,328 | ||||||||||||||||||
Total loans | $ | 36,821 | $ | 2,376,077 | $ | 2,412,898 | $ | 1,593 | $ | 27,284 | $ | 28,877 | ||||||||||||
The following table sets forth the loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2012: | ||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||
Individually | Collectively | Total loans | Individually | Collectively evaluated for | Total | |||||||||||||||||||
evaluated for | evaluated for | evaluated for | impairment | allowance | ||||||||||||||||||||
impairment | impairment | impairment | for loan losses | |||||||||||||||||||||
Residential mortgage | $ | 12,739 | $ | 337,283 | $ | 350,022 | $ | 871 | $ | 3,488 | $ | 4,359 | ||||||||||||
Commercial real estate | 13,017 | 1,059,487 | 1,072,504 | 1,036 | 6,194 | 7,230 | ||||||||||||||||||
Commercial & industrial | 357 | 342,950 | 343,307 | 48 | 4,555 | 4,603 | ||||||||||||||||||
Acquisition, development & construction | 24,880 | 119,181 | 144,061 | 996 | 7,530 | 8,526 | ||||||||||||||||||
Consumer | 2,299 | 207,279 | 209,578 | 263 | 3,301 | 3,564 | ||||||||||||||||||
Total loans | $ | 53,292 | $ | 2,066,180 | $ | 2,119,472 | $ | 3,214 | $ | 25,068 | $ | 28,282 | ||||||||||||
The following table presents loans individually evaluated for impairment by segment at September 30, 2013 and 2012: | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
Unpaid | Recorded | Related allowance | Unpaid | Recorded | Related allowance | |||||||||||||||||||
principal | investment | principal | investment | |||||||||||||||||||||
balance | balance | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | $ | 515 | $ | 515 | $ | — | $ | 6,193 | $ | 5,413 | $ | — | ||||||||||||
Commercial real estate | 12,451 | 11,820 | — | 9,296 | 7,837 | — | ||||||||||||||||||
Commercial & industrial | 2,175 | 2,131 | — | 262 | 262 | — | ||||||||||||||||||
Acquisition, development and construction | 17,971 | 17,945 | — | 24,144 | 20,597 | — | ||||||||||||||||||
Consumer | — | — | — | 1,146 | 1,122 | — | ||||||||||||||||||
Subtotal | 33,112 | 32,411 | — | 41,041 | 35,231 | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | — | — | — | 8,485 | 7,326 | 871 | ||||||||||||||||||
Commercial real estate | 3,150 | 2,271 | 803 | 5,942 | 5,180 | 1,036 | ||||||||||||||||||
Commercial & industrial | 500 | 500 | 249 | 95 | 95 | 48 | ||||||||||||||||||
Acquisition, development & construction | 2,753 | 1,637 | 540 | 7,159 | 4,283 | 996 | ||||||||||||||||||
Consumer | 2 | 2 | 1 | 1,400 | 1,177 | 263 | ||||||||||||||||||
Subtotal | 6,405 | 4,410 | 1,593 | 23,081 | 18,061 | 3,214 | ||||||||||||||||||
Total | $ | 39,517 | $ | 36,821 | $ | 1,593 | $ | 64,122 | $ | 53,292 | $ | 3,214 | ||||||||||||
The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the year ended September 30, 2013, 2012 and 2011: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
YTD | Interest | Cash-basis | YTD | Interest | Cash-basis | |||||||||||||||||||
average | income | interest | average | income | interest | |||||||||||||||||||
recorded | recognized | income | recorded | recognized | income | |||||||||||||||||||
investment | recognized | investment | recognized | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | $ | 309 | $ | — | $ | — | $ | 5,493 | $ | 310 | $ | 137 | ||||||||||||
Commercial real estate | 17,325 | 286 | 275 | 7,869 | 520 | 291 | ||||||||||||||||||
Commercial & industrial | 1,821 | 91 | 86 | 467 | 26 | 26 | ||||||||||||||||||
Acquisition, development and construction | 12,827 | 631 | 587 | 22,043 | 636 | 367 | ||||||||||||||||||
Consumer | 61 | — | — | 1,113 | 28 | 8 | ||||||||||||||||||
Subtotal | 32,343 | 1,008 | 948 | 36,985 | 1,520 | 829 | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | 1,602 | 14 | 10 | 7,770 | 180 | 141 | ||||||||||||||||||
Commercial real estate | 6,646 | 7 | 7 | 5,970 | 84 | 84 | ||||||||||||||||||
Commercial & industrial | 705 | — | — | 99 | 76 | 76 | ||||||||||||||||||
Acquisition, development & construction | 1,104 | — | — | 5,868 | 18 | 6 | ||||||||||||||||||
Consumer | 228 | — | — | 1,503 | — | — | ||||||||||||||||||
Subtotal | 10,285 | 21 | 17 | 21,210 | 358 | 307 | ||||||||||||||||||
Total | $ | 42,628 | $ | 1,029 | $ | 965 | $ | 58,195 | $ | 1,878 | $ | 1,136 | ||||||||||||
2011 | ||||||||||||||||||||||||
YTD | Interest | Cash-basis | ||||||||||||||||||||||
average | income | interest | ||||||||||||||||||||||
recorded | recognized | income | ||||||||||||||||||||||
investment | recognized | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | $ | 2,702 | $ | 92 | $ | 51 | ||||||||||||||||||
Commercial real estate | 8,917 | 497 | 248 | |||||||||||||||||||||
Commercial & industrial | 862 | 42 | 42 | |||||||||||||||||||||
Acquisition, development and construction | 26,111 | 1,892 | 1,454 | |||||||||||||||||||||
Consumer | 1,860 | 61 | 13 | |||||||||||||||||||||
Subtotal | 40,452 | 2,584 | 1,808 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgage | 6,319 | 159 | 159 | |||||||||||||||||||||
Commercial real estate | 6,505 | 199 | 144 | |||||||||||||||||||||
Acquisition, development & construction | 6,963 | 114 | 96 | |||||||||||||||||||||
Consumer | 642 | 33 | 22 | |||||||||||||||||||||
Subtotal | 20,429 | 505 | 421 | |||||||||||||||||||||
Total | $ | 60,881 | $ | 3,089 | $ | 2,229 | ||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
TDRs at September 30, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | days | days | days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 2,416 | $ | — | $ | — | $ | — | $ | 1,792 | $ | 4,208 | ||||||||||||
Commercial real estate | 5,305 | — | — | — | — | 5,305 | ||||||||||||||||||
Commercial & industrial | 1,843 | — | — | 141 | — | 1,984 | ||||||||||||||||||
Acquisition, development & construction | 14,190 | — | — | — | 151 | 14,341 | ||||||||||||||||||
Consumer | — | — | — | — | 256 | 256 | ||||||||||||||||||
Total | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||
Allowance for loan losses | $ | 438 | $ | — | $ | — | $ | — | $ | 439 | $ | 877 | ||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | days | days | days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 1,226 | $ | — | $ | 264 | $ | — | $ | 2,178 | $ | 3,668 | ||||||||||||
Commercial real estate | 2,640 | 270 | — | — | — | 2,910 | ||||||||||||||||||
Acquisition, development & construction | 9,677 | — | — | — | 8,692 | 18,369 | ||||||||||||||||||
Total | $ | 13,543 | $ | 270 | $ | 264 | $ | — | $ | 10,870 | $ | 24,947 | ||||||||||||
Allowance for loan losses | $ | — | $ | — | $ | 41 | $ | — | $ | 955 | $ | 996 | ||||||||||||
The following table presents loans by segment modified as TDRs in the fiscal year ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||
Recorded investment | Recorded investment | |||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||
modification | modification | modification | modification | |||||||||||||||||||||
Residential mortgage | 6 | $ | 1,436 | $ | 1,372 | 5 | $ | 1,525 | $ | 1,295 | ||||||||||||||
Commercial real estate | 2 | 2,682 | 2,682 | 3 | 2,336 | 2,351 | ||||||||||||||||||
Commercial & industrial | 5 | 2,001 | 2,001 | — | — | — | ||||||||||||||||||
Acquisition, development & construction | 7 | 5,772 | 5,772 | 4 | 5,299 | 5,299 | ||||||||||||||||||
Consumer | 1 | 302 | 302 | — | — | — | ||||||||||||||||||
Total restructured loans | 21 | $ | 12,193 | $ | 12,129 | 12 | $ | 9,160 | $ | 8,945 | ||||||||||||||
The following tables set forth the amounts and status of the Company’s loans and troubled debt restructurings (“TDRs”) at September 30, 2013 and September 30, 2012: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | days | days | days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 390,072 | $ | 354 | $ | 267 | $ | 1,832 | $ | 7,484 | $ | 400,009 | ||||||||||||
Commercial real estate | 1,263,933 | 1,978 | 2,357 | 1,574 | 7,195 | 1,277,037 | ||||||||||||||||||
Commercial & industrial | 438,818 | 178 | 2 | 289 | 500 | 439,787 | ||||||||||||||||||
Acquisition, development & construction | 96,306 | 768 | — | — | 5,420 | 102,494 | ||||||||||||||||||
Consumer | 190,393 | 566 | — | 404 | 2,208 | 193,571 | ||||||||||||||||||
Total loans | $ | 2,379,522 | $ | 3,844 | $ | 2,626 | $ | 4,099 | $ | 22,807 | $ | 2,412,898 | ||||||||||||
Total TDRs included above | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||
Non-performing loans: | ||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | 4,099 | ||||||||||||||||||||||
Non-accrual loans | 22,807 | |||||||||||||||||||||||
Total non-performing loans | $ | 26,906 | ||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||
loans | Days | Days | Days | accrual | ||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||
Residential mortgage | $ | 337,356 | $ | 855 | $ | 497 | $ | 2,263 | $ | 9,051 | $ | 350,022 | ||||||||||||
Commercial real estate | 1,060,176 | 902 | 973 | 1,638 | 8,815 | 1,072,504 | ||||||||||||||||||
Commercial & industrial | 342,726 | 96 | 141 | — | 344 | 343,307 | ||||||||||||||||||
Acquisition, development & construction | 121,590 | 7,067 | — | — | 15,404 | 144,061 | ||||||||||||||||||
Consumer | 205,463 | 1,551 | 265 | 469 | 1,830 | 209,578 | ||||||||||||||||||
Total loans | $ | 2,067,311 | $ | 10,471 | $ | 1,876 | $ | 4,370 | $ | 35,444 | $ | 2,119,472 | ||||||||||||
Total TDRs included above | $ | 13,543 | $ | 270 | $ | 264 | $ | — | $ | 10,870 | $ | 24,947 | ||||||||||||
Non-performing loans: | ||||||||||||||||||||||||
Loans 90+ days past due and accruing | $ | 4,370 | ||||||||||||||||||||||
Non-accrual loans | 35,444 | |||||||||||||||||||||||
Total non-performing loans | $ | 39,814 | ||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | |||||||||||||||||||||||
As of September 30, 2013 and September 30, 2012, the risk category of gross loans by segment was as follows: | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
Special | Substandard | Doubtful | Special | Substandard | Doubtful | |||||||||||||||||||
Mention | Mention | |||||||||||||||||||||||
Residential mortgage | $ | 824 | $ | 9,786 | $ | — | $ | 830 | $ | 11,314 | $ | — | ||||||||||||
Commercial real estate | 7,279 | 24,561 | 227 | 20,729 | 27,674 | — | ||||||||||||||||||
Commercial & industrial | 3,545 | 3,855 | 365 | 14,920 | 3,995 | 338 | ||||||||||||||||||
Acquisition, development & construction | 1,867 | 19,410 | — | 5,669 | 42,871 | — | ||||||||||||||||||
Consumer | 15 | 2,891 | — | 274 | 2,482 | — | ||||||||||||||||||
Total | $ | 13,530 | $ | 60,503 | $ | 592 | $ | 42,422 | $ | 88,336 | $ | 338 | ||||||||||||
Premises_And_Equipment_Net_Tab
Premises And Equipment, Net (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment, Net | ' | |||||||
Premises and equipment are summarized as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 7,282 | $ | 7,331 | ||||
Buildings | 30,558 | 31,903 | ||||||
Leasehold improvements | 8,136 | 7,931 | ||||||
Furniture, fixtures and equipment | 40,164 | 38,292 | ||||||
Total premises and equipment, gross | 86,140 | 85,457 | ||||||
Accumulated depreciation and amortization | (49,620 | ) | (46,974 | ) | ||||
Total premises and equipment, net | $ | 36,520 | $ | 38,483 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Change in goodwill | ' | |||||||||||
The change in goodwill during the year is as follows: | ||||||||||||
September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning of year balance | $ | 163,247 | $ | 160,861 | $ | 160,861 | ||||||
Acquisitions | (130 | ) | 5,665 | — | ||||||||
Disposals | — | (3,279 | ) | — | ||||||||
End of year balance | $ | 163,117 | $ | 163,247 | $ | 160,861 | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
Summary of major classification of deposits | ' | |||||||
Deposit balances at September 30, 2013 and 2012 are summarized as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Non-interest bearing | $ | 943,934 | $ | 947,304 | ||||
Interest bearing | 434,398 | 448,123 | ||||||
Savings | 580,125 | 506,538 | ||||||
Money market | 735,709 | 821,704 | ||||||
Certificates of deposit | 268,128 | 387,482 | ||||||
Total deposits | $ | 2,962,294 | $ | 3,111,151 | ||||
Schedule of maturities of deposits | ' | |||||||
Certificates of deposit had remaining periods to contractual maturity as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Remaining period to contractual maturity: | ||||||||
Less than one year | $ | 239,104 | $ | 344,033 | ||||
One to two years | 17,248 | 26,407 | ||||||
Two to three years | 5,185 | 10,601 | ||||||
Three to four years | 3,062 | 3,261 | ||||||
Four to five years | 3,529 | 3,180 | ||||||
Total certificates of deposit | $ | 268,128 | $ | 387,482 | ||||
List of Company's Brokered deposits | ' | |||||||
Listed below are the Company’s brokered deposits: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Savings | $ | — | $ | 13,344 | ||||
Money market | 34,571 | 46,566 | ||||||
Reciprocal CDAR’s 1 | 1,343 | 1,354 | ||||||
CDAR’s one way | 768 | 764 | ||||||
Total brokered deposits | $ | 36,682 | $ | 62,028 | ||||
1 Certificate of deposit account registry service |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||||
Schedule of debt | ' | |||||||||||||
The Company’s borrowings and weighted average interest rates are summarized as follows: | ||||||||||||||
September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
By type of borrowing: | ||||||||||||||
FHLB advances and overnight | $ | 442,602 | 2.77 | % | $ | 324,529 | 3.71 | % | ||||||
Repurchase agreements | 20,351 | 0.88 | 20,647 | 0.88 | ||||||||||
Senior notes | 98,033 | 5.98 | — | — | ||||||||||
Total borrowings | $ | 560,986 | 3.26 | % | $ | 345,176 | 3.54 | % | ||||||
By remaining period to maturity: | ||||||||||||||
Less than one year | $ | 158,897 | 0.95 | % | $ | 10,136 | 1.88 | % | ||||||
One to two years | 78,717 | 1.97 | 56,819 | 2 | ||||||||||
Two to three years | 191 | 5.32 | 52,693 | 2.89 | ||||||||||
Three to four years | 202,414 | 4.21 | 201 | 5.32 | ||||||||||
Four to five years | 118,033 | 5.57 | 202,386 | 4.21 | ||||||||||
Greater than five years | 2,734 | 4.92 | 22,941 | 3.74 | ||||||||||
Total borrowings | $ | 560,986 | 3.26 | % | $ | 345,176 | 3.54 | % | ||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||||
Summary of derivatives | ' | ||||||||||||||
The Company pledged collateral to another financial institution in the form of investment securities with an amortized cost of $5,040 and a fair value of $4,645 as of September 30, 2013. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back swaps. However, certain language is written into the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Company is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions. | |||||||||||||||
Summary information regarding these derivatives is presented below: | |||||||||||||||
Notional | Average | Weighted | Weighted | Fair value | |||||||||||
amount | maturity (in years) | average | average | ||||||||||||
fixed rate | variable rate | ||||||||||||||
30-Sep-13 | |||||||||||||||
Interest rate caps | $ | 50,000 | 1.18 | 3.75 | % | NA | $ | — | |||||||
3rd party interest rate swap | 54,180 | 5.76 | 4.22 | 1 m Libor + 2.45 | 997 | ||||||||||
Customer interest rate swap | (54,180 | ) | 5.76 | 4.22 | 1 m Libor + 2.45 | (997 | ) | ||||||||
30-Sep-12 | |||||||||||||||
Interest rate caps | $ | 50,000 | 2.18 | 3.75 | % | NA | $ | 2 | |||||||
3rd party interest rate swap | 42,332 | 7.3 | 4.29 | 1 m Libor + 2.28 | 2,485 | ||||||||||
Customer interest rate swap | (42,332 | ) | 7.3 | 4.29 | 1 m Libor + 2.28 | (2,485 | ) | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Income tax expense consists of the following: | ||||||||||||
For the year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense: | ||||||||||||
Federal | $ | 9,146 | $ | 5,538 | $ | 1,912 | ||||||
State | 1,549 | 685 | 777 | |||||||||
Total current tax expense | 10,695 | 6,223 | 2,689 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 522 | (261 | ) | 282 | ||||||||
State | 197 | 197 | (164 | ) | ||||||||
Total deferred tax expense (benefit) | 719 | (64 | ) | 118 | ||||||||
Total income tax expense | $ | 11,414 | $ | 6,159 | $ | 2,807 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: | ||||||||||||
For the year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at Federal statutory rate of 35% | $ | 12,833 | $ | 9,116 | $ | 5,090 | ||||||
State and local income taxes, net of Federal tax benefit | 1,135 | 573 | 430 | |||||||||
Tax-exempt interest, net of disallowed interest | (2,192 | ) | (2,448 | ) | (2,551 | ) | ||||||
BOLI income | (699 | ) | (718 | ) | (714 | ) | ||||||
Non-deductible compensation expense | — | — | 594 | |||||||||
Non-deductible acquisition related costs | 416 | 418 | — | |||||||||
Other, net | (79 | ) | (782 | ) | (42 | ) | ||||||
Actual income tax expense | $ | 11,414 | $ | 6,159 | $ | 2,807 | ||||||
Effective income tax rate | 31.1 | % | 23.6 | % | 19.3 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 11,809 | $ | 11,566 | ||||||||
Deferred compensation | 798 | 1,429 | ||||||||||
Other accrued compensation and benefits | 1,497 | 1,722 | ||||||||||
Accrued post retirement expense | 1,441 | 1,512 | ||||||||||
Deferred rent | 1,059 | 873 | ||||||||||
Intangibles amortization | — | 109 | ||||||||||
Other comprehensive loss (securities) | 7,844 | — | ||||||||||
Other comprehensive loss (defined benefit plans) | 2,638 | 5,612 | ||||||||||
Other | 2,172 | 2,971 | ||||||||||
Total deferred tax assets | 29,258 | 25,794 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Undistributed earnings of subsidiary not consolidated for tax return purposes (income from REITs) | 4,483 | 5,195 | ||||||||||
Prepaid pension costs | 3,758 | 4,189 | ||||||||||
Purchase accounting adjustments | 1,057 | 597 | ||||||||||
Depreciation of premises and equipment | 2,686 | 2,822 | ||||||||||
Other comprehensive income (securities) | — | 10,300 | ||||||||||
Intangibles amortization | 112 | — | ||||||||||
Other | 2,207 | 2,187 | ||||||||||
Total deferred tax liabilities | 14,303 | 25,290 | ||||||||||
Net deferred tax asset | $ | 14,955 | $ | 504 | ||||||||
Employee_Benefit_Plans_And_Sto1
Employee Benefit Plans And Stock-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Schedule of Employee Benefit Plans And Stock-Based Compensation Plans [Line Items] | ' | |||||||||||||||||
Schedule of fair value of plan assets and allocation | ' | |||||||||||||||||
The fair value of the Plan assets is based on the lowest level of any input that is significant to the fair value measurement within the fair value hierarchy. Plan assets consisted of pooled separate accounts at September 30, 2013. The fair value of shares of units of participation in pooled separate accounts are based on the net asset values of the funds reported by the fund managers as of September 30, 2013 and recent transaction prices (Level 2 inputs). Assets allocated to these pooled separate accounts can include, but are not limited to stocks (both domestic and foreign), bonds and mutual funds. While some pooled separate accounts may have publicly quoted prices (Level 1 inputs), the units of separate accounts are not publicly quoted and are therefore classified as Level 2. The fair value of Plan assets by asset category as of September 30, 2013 and 2012, was the following: | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||||
Asset category: | ||||||||||||||||||
Large cap U.S. equity | $ | 16,378 | $ | — | $ | 16,378 | $ | — | ||||||||||
Small and mid cap U.S. equity | 4,443 | — | 4,443 | — | ||||||||||||||
International equity | 3,654 | — | 3,654 | — | ||||||||||||||
Total equity | 24,475 | — | 24,475 | — | ||||||||||||||
Total balanced asset allocation | 1,691 | — | 1,691 | — | ||||||||||||||
High yield bond | 1,018 | — | 1,018 | — | ||||||||||||||
Intermediate term bond | 8,233 | — | 8,233 | — | ||||||||||||||
Total fixed income | 9,251 | — | 9,251 | — | ||||||||||||||
Total assets | $ | 35,417 | $ | — | $ | 35,417 | $ | — | ||||||||||
30-Sep-12 | ||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||||
Asset category: | ||||||||||||||||||
Large cap U.S. equity | $ | 14,358 | $ | — | $ | 14,358 | $ | — | ||||||||||
Small and mid cap U.S. equity | 3,672 | — | 3,672 | — | ||||||||||||||
International equity | 3,284 | — | 3,284 | — | ||||||||||||||
Total equity | 21,314 | — | 21,314 | — | ||||||||||||||
Total balanced asset allocation | 1,646 | — | 1,646 | — | ||||||||||||||
High yield bond | 981 | — | 981 | — | ||||||||||||||
Intermediate term bond | 8,716 | — | 8,716 | — | ||||||||||||||
Total fixed income | 9,697 | — | 9,697 | — | ||||||||||||||
Total assets | $ | 32,657 | $ | — | $ | 32,657 | $ | — | ||||||||||
Weighted-average pension plan asset allocations based on the fair value of such assets at September 30, 2013, and September 30, 2012 and target allocations for 2013, by asset category, are as follows: | ||||||||||||||||||
2013 | 2012 | Target allocation | Weighted | |||||||||||||||
range 2013 | average expected | |||||||||||||||||
rate of return | ||||||||||||||||||
Large cap U.S. equity | 44 | % | 46 | % | 10 | % | ||||||||||||
Small and mid cap U.S. equity | 11 | 13 | 15.5 | |||||||||||||||
International equity | 10 | 10 | 12 | |||||||||||||||
Total equity | 65 | 69 | 45% - 70% | 11.3 | ||||||||||||||
Total balanced asset allocation | 5 | 5 | 6 | |||||||||||||||
High yield bond | 3 | 3 | 8 | |||||||||||||||
Intermediate term bond | 27 | 23 | 6 | |||||||||||||||
Total fixed income | 30 | 26 | 20% - 40% | 6.2 | ||||||||||||||
Total assets | 100 | % | 100 | % | 9.7 | |||||||||||||
Cash | — | — | 0% - 20% | — | ||||||||||||||
Schedule of assumptions used for plan | ' | |||||||||||||||||
Plan assumptions include the following: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Medical trend rate next year | 4.5 | % | 4.5 | % | ||||||||||||||
Ultimate trend rate | 4.5 | 4.5 | ||||||||||||||||
Discount rate | 4.2 | 4.1 | ||||||||||||||||
Discount rate used to value periodic cost | 4.1 | 4.3 | ||||||||||||||||
Summary of Company's stock option activity | ' | |||||||||||||||||
The following table summarizes the activity in the Company’s active stock-based compensation plans for | ||||||||||||||||||
September 30, 2013: | ||||||||||||||||||
Non-vested stock awards/stock units outstanding | Stock options outstanding | |||||||||||||||||
Shares available for grant | Number of shares | Weighted average grant date fair value | Number of shares | Weighted average exercise price | ||||||||||||||
Balance at October 1, 2012 | 2,875,877 | 97,817 | $ | 8.31 | 1,972,480 | $ | 11.04 | |||||||||||
Granted (1) | (1,028,140 | ) | 186,900 | 9.04 | 360,500 | 9.04 | ||||||||||||
Stock awards vested | — | (65,720 | ) | 8.94 | — | — | ||||||||||||
Exercised | — | — | — | (8,250 | ) | 7.51 | ||||||||||||
Forfeited | 225,501 | (9,300 | ) | 7.28 | (203,167 | ) | 11.06 | |||||||||||
Canceled/expired | (7,054 | ) | — | — | (7,054 | ) | 13.97 | |||||||||||
Balance at September 30, 2013 | 2,066,184 | 209,697 | $ | 8.73 | 2,114,509 | $ | 10.71 | |||||||||||
Exercisable at September 30, 2013 | 1,386,619 | $ | 11.9 | |||||||||||||||
(1) Reflects certain non-vested stock awards that count as 3.6 shares for each share granted. | ||||||||||||||||||
Schedule of weighted-average assumptions as of grant date for options | ' | |||||||||||||||||
A summary of stock options at September 30, 2013 follows: | ||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||
Weighted-average | Weighted-average | |||||||||||||||||
Number of | Exercise | Life | Number of | Exercise | Life | |||||||||||||
stock options | price | (in years) | stock options | price | (in years) | |||||||||||||
Range of exercise price: | ||||||||||||||||||
$6.71 to $9.00 | 875,309 | $ | 8.34 | 8.55 | 187,419 | $ | 8.12 | 8.55 | ||||||||||
$9.28 to $12.64 | 263,000 | 10.41 | 5.64 | 223,000 | 10.6 | 5.64 | ||||||||||||
$12.84 to $13.92 | 976,200 | 12.92 | 1.79 | 976,200 | 12.92 | 1.79 | ||||||||||||
2,114,509 | $ | 10.71 | 5.06 | 1,386,619 | $ | 11.9 | 5.06 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||
The fair value of options granted was determined using the following weighted-average assumptions as of the grant date: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Risk-free interest rate | 1 | % | 1.4 | % | 2.2 | % | ||||||||||||
Expected stock price volatility | 40.8 | 40 | 34.5 | |||||||||||||||
Dividend yield (1) | 2.6 | 3 | 2.8 | |||||||||||||||
Expected term in years | 5.75 | 5.82 | 5.9 | |||||||||||||||
(1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. | ||||||||||||||||||
Pension Plans [Member] | ' | |||||||||||||||||
Schedule of Employee Benefit Plans And Stock-Based Compensation Plans [Line Items] | ' | |||||||||||||||||
Summary of changes in the projected benefit obligation and fair value of plan assets | ' | |||||||||||||||||
The following is a summary of changes in the projected benefit obligation and fair value of plan assets. The Company uses a September 30 measurement date for its pension plans. | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Changes in projected benefit obligation: | ||||||||||||||||||
Beginning of year balance | $ | 35,471 | $ | 30,612 | ||||||||||||||
Service cost | — | — | ||||||||||||||||
Interest cost | 1,452 | 1,501 | ||||||||||||||||
Actuarial (gain) loss | (3,672 | ) | 4,961 | |||||||||||||||
Benefits and distributions paid | (1,546 | ) | (1,603 | ) | ||||||||||||||
End of year balance | 31,705 | 35,471 | ||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||
Beginning of year balance | 32,657 | 28,312 | ||||||||||||||||
Actual gain on plan assets | 4,306 | 5,948 | ||||||||||||||||
Employer contributions | — | — | ||||||||||||||||
Benefits and distributions paid | (1,546 | ) | (1,603 | ) | ||||||||||||||
End of year balance | 35,417 | 32,657 | ||||||||||||||||
Funded status at end of year | $ | 3,712 | $ | (2,814 | ) | |||||||||||||
Schedule of amounts recognized in accumulated other comprehensive income (loss) | ' | |||||||||||||||||
Amounts recognized in accumulated other comprehensive (loss) at September 30, 2013 and 2012 consisted of: | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Unrecognized actuarial loss | $ | (5,479 | ) | $ | (13,056 | ) | ||||||||||||
Deferred tax asset | 2,225 | 5,612 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive (loss) | $ | (3,254 | ) | $ | (7,444 | ) | ||||||||||||
Schedule of expected benefit payments | ' | |||||||||||||||||
Estimated future benefit payments are the following for the years ending September 30: | ||||||||||||||||||
2014 | $ | 1,570 | ||||||||||||||||
2015 | 1,670 | |||||||||||||||||
2016 | 1,790 | |||||||||||||||||
2017 | 1,716 | |||||||||||||||||
2018 | 1,937 | |||||||||||||||||
2019 - 2023 | 10,326 | |||||||||||||||||
Components of the net periodic pension expense (benefit) | ' | |||||||||||||||||
The components of the net periodic pension expense were as follows: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 1,452 | 1,501 | 1,498 | |||||||||||||||
Expected return on plan assets | (2,462 | ) | (2,125 | ) | (2,343 | ) | ||||||||||||
Amortization of unrecognized actuarial loss | 2,062 | 2,316 | 1,667 | |||||||||||||||
Settlement charge | — | — | 490 | |||||||||||||||
Net periodic pension expense | $ | 1,052 | $ | 1,692 | $ | 1,312 | ||||||||||||
Other Post retirement Benefit Plans [Member] | ' | |||||||||||||||||
Schedule of Employee Benefit Plans And Stock-Based Compensation Plans [Line Items] | ' | |||||||||||||||||
Summary of changes in the projected benefit obligation and fair value of plan assets | ' | |||||||||||||||||
Data relating to the post retirement benefit plan is the following: | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Changes in accumulated post retirement benefit obligation: | ||||||||||||||||||
Beginning of year | $ | 3,103 | $ | 2,509 | ||||||||||||||
Service cost | 48 | 46 | ||||||||||||||||
Interest cost | 134 | 125 | ||||||||||||||||
Actuarial loss | 177 | 548 | ||||||||||||||||
Plan participants’ contributions | — | — | ||||||||||||||||
Amendments | — | — | ||||||||||||||||
Benefits paid | (160 | ) | (125 | ) | ||||||||||||||
End of year | 3,302 | 3,103 | ||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||
Beginning of year | $ | — | $ | — | ||||||||||||||
Employer contributions | 160 | 125 | ||||||||||||||||
Plan participants’ contributions | — | — | ||||||||||||||||
Benefits paid | (160 | ) | (125 | ) | ||||||||||||||
End of year | — | — | ||||||||||||||||
Funded status | $ | (3,302 | ) | $ | (3,103 | ) | ||||||||||||
Schedule of amounts recognized in accumulated other comprehensive income (loss) | ' | |||||||||||||||||
Amounts recognized in accumulated other comprehensive (loss) at September 30, 2013 and 2012 consisted of the following: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Post retirement plan unrecognized actuarial (gain) loss | $ | (20 | ) | $ | 175 | |||||||||||||
Post retirement plan unrecognized service cost | (270 | ) | (317 | ) | ||||||||||||||
Post retirement unrecognized transition obligation | (20 | ) | (30 | ) | ||||||||||||||
Post retirement SERP | (307 | ) | (400 | ) | ||||||||||||||
Post employment BOLI | (399 | ) | (122 | ) | ||||||||||||||
Subtotal | (1,016 | ) | (694 | ) | ||||||||||||||
Deferred tax asset | 413 | 282 | ||||||||||||||||
Net amount recognized in accumulated other comprehensive (loss) | $ | (603 | ) | $ | (412 | ) | ||||||||||||
Schedule of expected benefit payments | ' | |||||||||||||||||
Estimated future benefit payments are the following for the years ending September 30: | ||||||||||||||||||
2014 | $ | 208 | ||||||||||||||||
2015 | 209 | |||||||||||||||||
2016 | 211 | |||||||||||||||||
2017 | 212 | |||||||||||||||||
2018 | 215 | |||||||||||||||||
2019 - 2023 | 1,107 | |||||||||||||||||
Components of the net periodic pension expense (benefit) | ' | |||||||||||||||||
Components of net periodic benefit expense: | ||||||||||||||||||
For the year ended September 30, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 48 | $ | 46 | $ | 38 | ||||||||||||
Interest cost | 134 | 125 | 107 | |||||||||||||||
Amortization of transition obligation | 24 | 24 | 24 | |||||||||||||||
Amortization of prior service cost | 47 | 47 | 48 | |||||||||||||||
Amortization of net actuarial loss (gain) | 2 | (25 | ) | (60 | ) | |||||||||||||
Total | $ | 255 | $ | 217 | $ | 157 | ||||||||||||
Other_Noninterest_expense_Tabl
Other Non-interest expense (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | ||||||||||||
Other non-interest expense items are presented in the following table. Components exceeding 1% of the aggregate of total net interest income and total non-interest income are presented separately. | |||||||||||||
For the year ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Other non-interest expense: | |||||||||||||
Defined benefit settlement charge / CEO transition | $ | — | $ | — | $ | 1,772 | |||||||
Restructuring charge (severance / branch consolidation) | — | — | 3,201 | ||||||||||
Advertising and promotion | 1,502 | 1,849 | 3,328 | ||||||||||
Professional fees | 3,393 | 4,247 | 4,389 | ||||||||||
Data and check processing | 2,520 | 2,802 | 2,763 | ||||||||||
ATM/debt card expense | 1,722 | 1,711 | 1,584 | ||||||||||
Other | 8,239 | 7,782 | 7,980 | ||||||||||
Total other non-interest expense | $ | 17,376 | $ | 18,391 | $ | 25,017 | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation of basic and diluted earnings per share | ' | |||||||||||
The following is a summary of the calculation of earnings per share (“EPS”): | ||||||||||||
For the year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income | $ | 25,254 | $ | 19,888 | $ | 11,739 | ||||||
Weighted-average common shares outstanding for computation of basic EPS (1) | 43,734,425 | 38,227,653 | 37,452,596 | |||||||||
Common-equivalent shares due to the dilutive effect of stock options (2) | 48,628 | 20,393 | 946 | |||||||||
Weighted average common shares for computation of diluted EPS | 43,783,053 | 38,248,046 | 37,453,542 | |||||||||
Earnings per common share: | ||||||||||||
Basic | $ | 0.58 | $ | 0.52 | $ | 0.31 | ||||||
Diluted | $ | 0.58 | $ | 0.52 | $ | 0.31 | ||||||
-1 | Includes earned ESOP shares. | |||||||||||
-2 | Represents incremental shares computed using the treasury stock method. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | |||||||||||||||||||||
The following is a summary of the Bank’s actual regulatory capital amounts and ratios at September 30, 2013 and 2012, compared to the OCC requirements for minimum capital adequacy and for classification as a well-capitalized institution. | ||||||||||||||||||||||
OCC requirements | ||||||||||||||||||||||
Bank actual | Minimum capital | Classification as well- | ||||||||||||||||||||
adequacy | capitalized | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||
Tier 1 leverage | $ | 363,274 | 9.3 | % | $ | 155,670 | 4 | % | $ | 194,587 | 5 | % | ||||||||||
Risk-based capital: | ||||||||||||||||||||||
Tier 1 | 363,274 | 13.2 | — | — | 165,352 | 6 | ||||||||||||||||
Total | 392,376 | 14.2 | 220,469 | 8 | 275,587 | 10 | ||||||||||||||||
September 30, 2012: | ||||||||||||||||||||||
Tier 1 leverage | $ | 289,441 | 7.5 | % | $ | 153,469 | 4 | % | $ | 191,836 | 5 | % | ||||||||||
Risk-based capital: | ||||||||||||||||||||||
Tier 1 | 289,441 | 12.1 | — | — | 143,085 | 6 | ||||||||||||||||
Total | 317,929 | 13.3 | 190,780 | 8 | 238,475 | 10 | ||||||||||||||||
Reconciliation of Stockholders' Equity to Bank Regulatory Capital | ' | |||||||||||||||||||||
The following is a reconciliation of the Bank’s total stockholder’s equity under accounting principles generally accepted in the United States of America (“GAAP”) and its regulatory capital: | ||||||||||||||||||||||
September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Total GAAP stockholder’s equity (Sterling National Bank) | $ | 516,281 | $ | 466,037 | ||||||||||||||||||
Goodwill and certain intangible assets | (168,122 | ) | (169,525 | ) | ||||||||||||||||||
Unrealized losses (gains) on securities available for sale included in other accumulated comprehensive income (loss) | 11,455 | (15,077 | ) | |||||||||||||||||||
Disallowed servicing asset | (198 | ) | (162 | ) | ||||||||||||||||||
Other comprehensive loss | 3,858 | 8,168 | ||||||||||||||||||||
Tier 1 risk-based capital | 363,274 | 289,441 | ||||||||||||||||||||
Allowance for loan losses and off-balance sheet commitments | 29,102 | 28,488 | ||||||||||||||||||||
Total risk-based capital | $ | 392,376 | $ | 317,929 | ||||||||||||||||||
OffBalanceSheet_Financial_Inst1
Off-Balance-Sheet Financial Instruments (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Off-Balance-Sheet Financial Instruments [Abstract] | ' | |||||||
Schedule of off-balance-sheet financial instruments | ' | |||||||
The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Loan origination commitments | $ | 171,032 | $ | 125,729 | ||||
Unused lines of credit | 207,201 | 265,940 | ||||||
Letters of credit | 35,052 | 26,441 | ||||||
Commitment_and_Contingencies_T
Commitment and Contingencies (Tables) | 12 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Certain premises and equipment are leased under operating leases with terms expiring through 2033. The Company has the option to renew certain of these leases for additional terms. Future minimum rental payments due under non-cancelable operating leases with initial or remaining terms of more than one year at September 30, 2013 were as follows: | ||||
2014 | $ | 3,458 | ||
2015 | 3,220 | |||
2016 | 3,131 | |||
2017 | 3,152 | |||
2018 | 3,118 | |||
2019 and thereafter | 16,083 | |||
$ | 32,162 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Investment grades of securities | ' | |||||||||||||||
The credit ratings of these securities were as follows at September 30, 2013: | ||||||||||||||||
Amortized | Fair | |||||||||||||||
cost | value | |||||||||||||||
Baa1 | $ | 246 | $ | 248 | ||||||||||||
Ba1 | 102 | 101 | ||||||||||||||
B1 | 1,931 | 1,919 | ||||||||||||||
B3 | 1,357 | 1,345 | ||||||||||||||
Total private label CMOs | $ | 3,636 | $ | 3,613 | ||||||||||||
Estimated fair value on a recurring basis | ' | |||||||||||||||
A summary of assets and liabilities at September 30, 2013 measured at estimated fair value on a recurring basis is as follows: | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Available for sale securities: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Fannie Mae | $ | 211,438 | $ | — | $ | 211,438 | $ | — | ||||||||
Freddie Mac | 67,629 | — | 67,629 | — | ||||||||||||
Ginnie Mae | 3,462 | — | 3,462 | — | ||||||||||||
CMO/Other MBS | 163,041 | — | 163,041 | — | ||||||||||||
Privately issued CMOs | 3,613 | — | — | 3,613 | ||||||||||||
Total residential mortgage-backed securities | 449,183 | — | 445,570 | 3,613 | ||||||||||||
Federal agencies | 261,547 | — | 261,547 | — | ||||||||||||
Corporate bonds | 114,933 | — | 114,933 | — | ||||||||||||
State and municipal | 128,730 | — | 128,730 | — | ||||||||||||
Total available for sale securities | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Total assets | $ | 955,390 | $ | — | $ | 951,777 | $ | 3,613 | ||||||||
Swaps | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
Total liabilities | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
A summary of assets and liabilities at September 30, 2012 measured at estimated fair value on a recurring basis is the follows: | ||||||||||||||||
30-Sep-12 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Available for sale securities: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Fannie Mae | $ | 161,407 | $ | — | $ | 161,407 | $ | — | ||||||||
Freddie Mac | 85,260 | — | 85,260 | — | ||||||||||||
Ginnie Mae | 4,778 | — | 4,778 | — | ||||||||||||
CMO/Other MBS | 188,434 | — | 188,434 | — | ||||||||||||
Privately issued CMOs | 4,630 | — | — | 4,630 | ||||||||||||
Total residential mortgage-backed securities | 444,509 | — | 439,879 | 4,630 | ||||||||||||
Federal agencies | 408,823 | — | 408,823 | — | ||||||||||||
State and municipal | 156,481 | — | 156,481 | — | ||||||||||||
Equities | 1,059 | — | 1,059 | — | ||||||||||||
Total available for sale securities | 1,010,872 | — | 1,006,242 | 4,630 | ||||||||||||
Interest rate caps and swaps | 2,487 | — | 2,487 | — | ||||||||||||
Total assets | $ | 1,013,359 | $ | — | $ | 1,008,729 | $ | 4,630 | ||||||||
Swaps | $ | 2,485 | $ | — | $ | 2,485 | $ | — | ||||||||
Total liabilities | $ | 2,485 | $ | — | $ | 2,485 | $ | — | ||||||||
Changes in Level 3 assets measured at fair value on a recurring basis | ' | |||||||||||||||
he changes in Level 3 assets measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
Change in Level 3 assets | ||||||||||||||||
Balance at September 30, 2010 | $ | 5,996 | ||||||||||||||
Paydowns | (908 | ) | ||||||||||||||
Accretion, net | 1 | |||||||||||||||
OTTI | (75 | ) | ||||||||||||||
Change in fair value | (163 | ) | ||||||||||||||
Balance at September 30, 2011 | 4,851 | |||||||||||||||
Paydowns | (675 | ) | ||||||||||||||
Accretion, net | 15 | |||||||||||||||
OTTI | (47 | ) | ||||||||||||||
Change in fair value | 486 | |||||||||||||||
Balance at September 30, 2012 | 4,630 | |||||||||||||||
Paydowns | (1,018 | ) | ||||||||||||||
Accretion, net | 3 | |||||||||||||||
OTTI | (14 | ) | ||||||||||||||
Change in fair value | 12 | |||||||||||||||
Balance at September 30, 2013 | $ | 3,613 | ||||||||||||||
Impaired loans measured at estimated fair value on nonrecurring basis | ' | |||||||||||||||
summary of impaired loans at September 30, 2013 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Commercial real estate | $ | 3,672 | $ | — | $ | — | $ | 3,672 | ||||||||
Commercial & industrial | 500 | — | — | 500 | ||||||||||||
Acquisition, development and construction | 1,839 | — | — | 1,839 | ||||||||||||
Consumer | 2 | — | — | 2 | ||||||||||||
Total impaired loans measured at fair value | $ | 6,013 | $ | — | $ | — | $ | 6,013 | ||||||||
A summary of impaired loans at September 30, 2012 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
30-Sep-12 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Residential mortgage | $ | 8,628 | $ | — | $ | — | $ | 8,628 | ||||||||
Commercial real estate | 6,537 | — | — | 6,537 | ||||||||||||
Commercial & industrial | 95 | — | — | 95 | ||||||||||||
Acquisition, development and construction | 8,232 | — | — | 8,232 | ||||||||||||
Consumer | 1,215 | — | — | 1,215 | ||||||||||||
Total impaired loans measured at fair value | $ | 24,707 | $ | — | $ | — | $ | 24,707 | ||||||||
Quantitative information of Level 3 assets | ' | |||||||||||||||
The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at September 30, 2013: | ||||||||||||||||
Non-recurring fair value measurements | Fair value | Valuation technique | Unobservable input / assumptions | Range (1) (weighted average) | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate | $ | 3,672 | Appraisal | Adjustments for comparable properties | 15.0% - 36.0% (22.0%) | |||||||||||
Commercial & industrial | 500 | Appraisal | Adjustments for comparable properties | 10.0% -19.0% (14.4%) | ||||||||||||
Acquisition, development & construction | 1,839 | Appraisal | Adjustments for comparable properties | 10.0% - 30.0% (13.5%) | ||||||||||||
Consumer | 2 | Appraisal | Adjustments for comparable properties | 0 | ||||||||||||
Assets taken in foreclosure: | ||||||||||||||||
Residential mortgage | 998 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 16.0% - 59.0% (21.6%) | ||||||||||||
Commercial real estate | 3,320 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 20.0% - 37.0% (24.8%) | ||||||||||||
Acquisition, development & construction | 1,704 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 25.0% - 70.0% (30.2%) | ||||||||||||
Mortgage servicing rights | 1,978 | Third-party | Discount rates | 9.3% - 12.8% | ||||||||||||
Third-party | Prepayment speeds | 100 - 968 (224) | ||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of September 30, 2013: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 113,090 | $ | 113,090 | $ | — | $ | — | ||||||||
Securities available for sale | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Securities held to maturity | 253,999 | — | 250,896 | — | ||||||||||||
Loans, net | 2,384,021 | — | — | 2,422,824 | ||||||||||||
Loans held for sale | 1,011 | — | 1,011 | |||||||||||||
Accrued interest receivable on securities | 4,892 | — | 4,892 | — | ||||||||||||
Accrued interest receivable on loans | 6,805 | — | — | 6,805 | ||||||||||||
FHLB stock | 24,312 | — | — | — | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | (2,694,166 | ) | (2,694,166 | ) | — | — | ||||||||||
Certificates of deposit | (268,128 | ) | — | (268,088 | ) | — | ||||||||||
FHLB and other borrowings | (462,953 | ) | — | (488,369 | ) | — | ||||||||||
Senior notes | (98,033 | ) | — | (98,142 | ) | — | ||||||||||
Mortgage escrow funds | (12,646 | ) | — | (12,644 | ) | — | ||||||||||
Accrued interest payable on deposits | (1,480 | ) | — | (1,480 | ) | — | ||||||||||
Accrued interest payable on borrowings | (1,525 | ) | (1,525 | ) | ||||||||||||
Interest rate caps and swaps | (997 | ) | — | (997 | ) | — | ||||||||||
The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of September 30, 2012: | ||||||||||||||||
September 30, 2012 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 437,982 | $ | 437,982 | $ | — | $ | — | ||||||||
Securities available for sale | 1,010,872 | — | 1,006,242 | 4,630 | ||||||||||||
Securities held to maturity | 142,376 | — | 146,324 | — | ||||||||||||
Loans, net | 2,091,190 | — | — | 2,157,133 | ||||||||||||
Loans held for sale | 7,505 | — | 7,505 | — | ||||||||||||
Accrued interest receivable on securities | 4,011 | — | 4,011 | — | ||||||||||||
Accrued interest receivable on loans | 6,502 | — | — | 6,502 | ||||||||||||
FHLB stock | 19,249 | — | — | — | ||||||||||||
Interest rate caps and swaps | 2,487 | — | 2,487 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | (2,723,669 | ) | (2,723,669 | ) | — | — | ||||||||||
Certificates of deposit | (387,482 | ) | — | (389,031 | ) | — | ||||||||||
FHLB and other borrowings | (345,176 | ) | — | (377,906 | ) | — | ||||||||||
Mortgage escrow funds | (11,919 | ) | — | (11,917 | ) | — | ||||||||||
Accrued interest payable on deposits | (500 | ) | — | (500 | ) | — | ||||||||||
Accrued interest payable on borrowings | (1,442 | ) | (1,442 | ) | ||||||||||||
Interest rate caps and swaps | (2,485 | ) | — | (2,485 | ) | — | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (loss) income (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Accumulated other comprehensive income(loss) [Abstract] | ' | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||
The following table presents the reclassification adjustments from AOCI included in net income and the impacted line items on the income statement for the period ended September 30, 2013: | ||||||||||||
Components of AOCI | Amount reclassified from AOCI and impact on net income (1) | Affected income statement line item | ||||||||||
Unrealized gains (losses) on available for sale securities | ||||||||||||
$ | 7,391 | Non-interest income - net gain on sale of securities | ||||||||||
(32 | ) | Non-interest income - net impairment loss in earnings | ||||||||||
7,359 | Net change before tax | |||||||||||
(2,988 | ) | Tax expense | ||||||||||
$ | 4,371 | Net change after tax | ||||||||||
Amortization of defined benefit pension items | ||||||||||||
Actuarial loss | $ | (2,135 | ) | Non-interest expense - compensation and employee benefits (2) | ||||||||
867 | Tax benefit | |||||||||||
$ | (1,268 | ) | Net change after tax | |||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
Activity in accumulated other comprehensive (loss) income (“AOCI”), net of tax, for the periods ended September 30, 2013, 2012 and 2011, was as follows: | ||||||||||||
Unrealized gains(losses) on securities | Unrealized gains (losses) for pension and other post-retirement obligations | Total | ||||||||||
Balance at September 30, 2010 | $ | 12,622 | $ | (7,498 | ) | $ | 5,124 | |||||
Period change | 981 | (969 | ) | 12 | ||||||||
Balance at September 30, 2011 | $ | 13,603 | $ | (8,467 | ) | $ | 5,136 | |||||
Balance at September 30, 2011 | $ | 13,603 | $ | (8,467 | ) | $ | 5,136 | |||||
Period change | 1,463 | 300 | 1,763 | |||||||||
Balance at September 30, 2012 | $ | 15,066 | $ | (8,167 | ) | $ | 6,899 | |||||
Balance at September 30, 2012 | $ | 15,066 | $ | (8,167 | ) | $ | 6,899 | |||||
Other comprehensive loss before reclassifications | (22,167 | ) | 3,041 | (19,126 | ) | |||||||
Amounts reclassified from AOCI | (4,371 | ) | 1,268 | (3,103 | ) | |||||||
Period change | (26,538 | ) | 4,309 | (22,229 | ) | |||||||
Balance at September 30, 2013 | $ | (11,472 | ) | $ | (3,858 | ) | $ | (15,330 | ) |
Condensed_Parent_Company_Finan1
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Statements of Financial Condition | ' | |||||||||||
September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Cash | $ | 56,230 | $ | 6,716 | ||||||||
Loan receivable from ESOP | 6,437 | 6,896 | ||||||||||
Securities available for sale at fair value | — | 809 | ||||||||||
Investment in Sterling National Bank | 517,907 | 467,295 | ||||||||||
Investment in non-bank subsidiaries | 3,271 | 5,482 | ||||||||||
Other assets | 1,184 | 5,371 | ||||||||||
Total assets | $ | 585,029 | $ | 492,569 | ||||||||
Liabilities: | ||||||||||||
Senior notes | $ | 98,033 | $ | — | ||||||||
Other liabilities | 4,130 | 1,447 | ||||||||||
Total liabilities | 102,163 | 1,447 | ||||||||||
Stockholders’ equity | 482,866 | 491,122 | ||||||||||
Total liabilities & stockholders’ equity | $ | 585,029 | $ | 492,569 | ||||||||
Condensed Income Statement [Table Text Block] | ' | |||||||||||
Year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 262 | $ | 282 | $ | 304 | ||||||
Dividend income on equity securities | 22 | 30 | 31 | |||||||||
Dividends from Sterling National Bank | — | 6,000 | 10,000 | |||||||||
Dividends from non-bank subsidiaries | 1,600 | 500 | 500 | |||||||||
Bank owned life insurance income | — | 10 | 91 | |||||||||
Interest expense | (1,431 | ) | — | — | ||||||||
Non-interest expense | (2,700 | ) | (1,838 | ) | (1,819 | ) | ||||||
Income tax benefit | 898 | 87 | 157 | |||||||||
(Loss) income before equity in undistributed earnings of subsidiaries | (1,349 | ) | 5,071 | 9,264 | ||||||||
Equity in undistributed (excess distributed) earnings of: | ||||||||||||
Sterling National Bank | 27,174 | 13,739 | 1,498 | |||||||||
Non-bank subsidiaries | (571 | ) | 1,078 | 977 | ||||||||
Net income | $ | 25,254 | $ | 19,888 | $ | 11,739 | ||||||
Condensed Statements of Cash Flows | ' | |||||||||||
Year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 25,254 | $ | 19,888 | $ | 11,739 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in (undistributed) excess distributed earnings of: | ||||||||||||
Sterling National Bank | (27,174 | ) | (13,739 | ) | (1,498 | ) | ||||||
Non-bank subsidiaries | 571 | (1,078 | ) | (977 | ) | |||||||
Other adjustments, net | 5,259 | 380 | (1,444 | ) | ||||||||
Net cash provided by operating activities | 3,910 | 5,451 | 7,820 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of equity securities, available for sale | — | (105 | ) | — | ||||||||
Sales of securities | 818 | 103 | — | |||||||||
Investment in subsidiaries | (45,000 | ) | (44,203 | ) | — | |||||||
ESOP loan principal repayments | 459 | 441 | 424 | |||||||||
Net cash (used for) provided by investing activities | (43,723 | ) | (43,764 | ) | 424 | |||||||
Cash flows from financing activities: | ||||||||||||
Treasury shares purchased | — | — | (3,810 | ) | ||||||||
Senior notes offering | 97,946 | — | — | |||||||||
Equity capital raise | — | 46,000 | — | |||||||||
Cash dividends paid | (10,642 | ) | (9,100 | ) | (8,973 | ) | ||||||
Stock option transactions including RRP | 1,758 | 910 | 770 | |||||||||
Other equity transactions | 265 | 527 | 441 | |||||||||
Net cash provided by (used for) financing activities | 89,327 | 38,337 | (11,572 | ) | ||||||||
Net increase (decrease) in cash | 49,514 | 24 | (3,328 | ) | ||||||||
Cash at beginning of year | 6,716 | 6,692 | 10,020 | |||||||||
Cash at end of year | $ | 56,230 | $ | 6,716 | $ | 6,692 | ||||||
Quarterly_Results_Of_Operation1
Quarterly Results Of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
The following is a condensed summary of quarterly results of operations for the fiscal years ended September 30, 2013 and 2012: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
quarter | quarter | quarter | quarter | |||||||||||||
Year Ended September 30, 2013: | ||||||||||||||||
Interest and dividend income | $ | 33,145 | $ | 32,420 | $ | 32,593 | $ | 33,903 | ||||||||
Interest expense | 5,222 | 4,601 | 4,276 | 5,795 | ||||||||||||
Net interest income | 27,923 | 27,819 | 28,317 | 28,108 | ||||||||||||
Provision for loan losses | 2,950 | 2,600 | 3,900 | 2,700 | ||||||||||||
Non-interest income | 7,659 | 6,852 | 6,581 | 6,600 | ||||||||||||
Non-interest expense | 22,546 | 23,339 | 21,789 | 23,367 | ||||||||||||
Income before income tax | 10,086 | 8,732 | 9,209 | 8,641 | ||||||||||||
Income tax expense | 3,066 | 2,203 | 2,833 | 3,312 | ||||||||||||
Net income | $ | 7,020 | $ | 6,529 | $ | 6,376 | $ | 5,329 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.16 | $ | 0.15 | $ | 0.15 | $ | 0.12 | ||||||||
Diluted | 0.16 | 0.15 | 0.15 | 0.12 | ||||||||||||
Year Ended September 30, 2012: | ||||||||||||||||
Interest and dividend income | $ | 28,168 | $ | 28,411 | $ | 28,345 | $ | 30,113 | ||||||||
Interest expense | 4,930 | 4,506 | 4,263 | 4,874 | ||||||||||||
Net interest income | 23,238 | 23,905 | 24,082 | 25,239 | ||||||||||||
Provision for loan losses | 1,950 | 2,850 | 2,312 | 3,500 | ||||||||||||
Non-interest income | 7,176 | 7,971 | 7,979 | 9,026 | ||||||||||||
Non-interest expense | 20,721 | 21,290 | 21,162 | 28,784 | ||||||||||||
Income before income tax | 7,743 | 7,736 | 8,587 | 1,981 | ||||||||||||
Income tax expense (benefit) | 2,026 | 2,035 | 2,378 | (280 | ) | |||||||||||
Net income | $ | 5,717 | $ | 5,701 | $ | 6,209 | $ | 2,261 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.15 | $ | 0.15 | $ | 0.17 | $ | 0.06 | ||||||||
Diluted | 0.15 | 0.15 | 0.17 | 0.06 | ||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Servicing fees | $778,000 | $695,000 | $623,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 6,022,000 | 6,403,000 | ' |
HVIA [Member] | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Assets held for sale | ' | $4,500,000 | ' |
Naming Rights [Member] | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' |
Basis_of_Presentation_Allowanc
Basis of Presentation Allowance for Loan Losses (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | |
Minimum [Member] | Maximum [Member] | Real estate - commercial mortgage [Member] | Real estate - commercial mortgage [Member] | Commercial business loans [Member] | Homeowner loans [Member] | Homeowner loans [Member] | Consumer loans, including home equity [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum duration past due for impairment review | '90 days | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage discount of appraised value for costs to hold and liquidate | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of costs to hold and liquidate | ' | ' | ' | 12.00% | 22.00% | ' | 7.00% | 13.00% | ' |
Duration until re-appraisal | ' | '6 months | '9 months | ' | ' | ' | ' | ' | ' |
Minimum duration past due until chargeoff | ' | ' | ' | ' | ' | '90 days | ' | ' | '90 days |
Percentage of loan carrying value used for impairment review | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_Premises
Basis of Presentation Premises and Equipment (Details) | 12 Months Ended |
Sep. 30, 2013 | |
Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, useful life | '3 years |
Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, useful life | '40 years |
Basis_of_Presentation_Other_In
Basis of Presentation Other Intangible Assets (Details) | 12 Months Ended |
Sep. 30, 2013 | |
Core Deposits [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired intangible assets, weighted average useful life | '8 years |
Naming Rights [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived intangible assets, useful life | '10 years |
Basis_of_Presentation_Stock_Ba
Basis of Presentation Stock Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grants in period, options, (in shares) | 360,500 | 515,000 | 119,526 |
Stock option compensation expense | $695 | $521 | $558 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period for awards | ' | '3 years | ' |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option compensation expense | 634 | 521 | 558 |
Unearned compensation cost | ' | 1,360 | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option compensation expense | 1,108 | 276 | 168 |
Unearned compensation cost | 1,239 | ' | ' |
Grants in period, other than options (in shares) | 186,900 | 58,000 | 63,870 |
Recognition and Retention Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares subject to accelerated vesting | 11,533 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, expense recognized Accelerated Vesting | 5 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, shares accelerated | 2,000 | 0 | 0 |
Recognition and Retention Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unearned compensation cost | $1,239 | ' | ' |
Grants in period, other than options (in shares) | 186,900 | ' | ' |
Number of shares subject to accelerated vesting | 48,121 | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Aug. 10, 2012 |
Gotham Bank of New York [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | ' | ' | $167,328,000 |
Securities, available for sale | ' | ' | ' | ' | 54,994,000 |
Total loans, net | ' | ' | ' | ' | 205,453,000 |
Federal Home Loan Bank (FHLB) stock, at cost | ' | ' | ' | ' | 1,045,000 |
Accrued interest receivable | ' | ' | ' | ' | 417,000 |
Premises and equipment, net | ' | ' | ' | ' | 490,000 |
Other assets | ' | ' | ' | ' | 1,793,000 |
Total Assets acquired | ' | ' | ' | ' | 431,520,000 |
Deposits | ' | ' | ' | ' | 368,902,000 |
FHLB and other borrowings | ' | ' | ' | ' | 30,784,000 |
Other liabilities | ' | ' | ' | ' | 1,677,000 |
Total liabilities acquired | ' | ' | ' | ' | 401,363,000 |
Total identifiable net assets | 130 | ' | ' | ' | 30,157,000 |
Core deposit intangible | ' | ' | ' | ' | 4,818,000 |
Goodwill | 163,117,000 | 163,247,000 | 160,861,000 | 160,861,000 | 5,535,000 |
Cash paid | ' | ' | ' | ' | $40,510,000 |
Acquisitions_Details_1
Acquisitions (Details 1) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2011 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Net income | $33,000 | ' |
Gotham Bank of New York [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Net interest income | 103,999 | 102,447 |
Net income | $22,914 | $16,068 |
Basic earnings per share (in dollars per share) | $0.60 | $0.37 |
Diluted earnings per share (in dollars per share) | $0.60 | $0.37 |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Less than one year | $925 | $853 |
One to two years | 771 | 960 |
Two to three years | 726 | 814 |
Three to four years | 695 | 751 |
Four to five years | 669 | 714 |
Beyond five years | 2,105 | 3,072 |
Total | $5,891 | $7,164 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2013 | Aug. 10, 2012 |
In Thousands, unless otherwise specified | Naming Rights [Member] | Gotham Bank of New York [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | 100.00% |
Cash paid | ' | ' | ' | ' | ' | $40,510 |
Percentage of tangible net worth used for calculating cash payment | ' | ' | ' | ' | ' | 125.00% |
Acquisition-related costs | ' | ' | ' | ' | ' | 5,925 |
Goodwill | 163,117 | 163,247 | 160,861 | 160,861 | ' | 5,535 |
Intangible assets | ' | ' | ' | ' | $1,870 | ' |
Securities_Details
Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $973,709 | $985,508 |
Gross Unrealized Gains | 5,805 | 25,996 |
Gross Unrealized Losses | -25,121 | -632 |
Available-for-sale Securities | 954,393 | 1,010,872 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 454,173 | 433,465 |
Gross Unrealized Gains | 2,205 | 11,634 |
Gross Unrealized Losses | -7,195 | -590 |
Available-for-sale Securities | 449,183 | 444,509 |
Investment securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 519,536 | 552,043 |
Gross Unrealized Gains | 3,600 | 14,362 |
Gross Unrealized Losses | -17,926 | -42 |
Available-for-sale Securities | 505,210 | 566,363 |
Fannie Mae [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 214,191 | 155,601 |
Gross Unrealized Gains | 1,168 | 5,806 |
Gross Unrealized Losses | -3,921 | 0 |
Available-for-sale Securities | 211,438 | 161,407 |
Freddie Mac [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 67,272 | 81,509 |
Gross Unrealized Gains | 593 | 3,751 |
Gross Unrealized Losses | -236 | 0 |
Available-for-sale Securities | 67,629 | 85,260 |
Ginnie Mae [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,374 | 4,488 |
Gross Unrealized Gains | 88 | 290 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | 3,462 | 4,778 |
CMO/Other MBS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities | 3,613 | ' |
CMO/Other MBS [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 169,336 | 191,867 |
Gross Unrealized Gains | 356 | 1,787 |
Gross Unrealized Losses | -3,038 | -590 |
Available-for-sale Securities | 166,654 | 193,064 |
Federal agencies [Member] | Investment securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 273,637 | 404,820 |
Gross Unrealized Gains | 0 | 4,013 |
Gross Unrealized Losses | -12,090 | -10 |
Available-for-sale Securities | 261,547 | 408,823 |
Corporate bonds [Member] | Investment securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 118,575 | 0 |
Gross Unrealized Gains | 153 | 0 |
Gross Unrealized Losses | -3,795 | 0 |
Available-for-sale Securities | 114,933 | 0 |
Obligations of states and political subdivisions [Member] | Investment securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 127,324 | 146,136 |
Gross Unrealized Gains | 3,447 | 10,349 |
Gross Unrealized Losses | -2,041 | -4 |
Available-for-sale Securities | 128,730 | 156,481 |
Equities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities | 809 | ' |
Equities [Member] | Investment securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 0 | 1,087 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | -28 |
Available-for-sale Securities | $0 | $1,059 |
Securities_Details_1
Securities (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $253,999 | $142,376 |
Held-to-maturity Securities, Unrecognized Holding Gain | 1,324 | 3,976 |
Held-to-maturity Securities, Unrecognized Holding Loss | 4,427 | 28 |
Held-to-maturity Securities, Fair Value | 250,896 | 146,324 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 156,147 | 99,264 |
Held-to-maturity Securities, Unrecognized Holding Gain | 749 | 2,785 |
Held-to-maturity Securities, Unrecognized Holding Loss | 423 | 28 |
Held-to-maturity Securities, Fair Value | 156,473 | 102,021 |
Residential Mortgage Backed Securities [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 70,502 | 28,637 |
Held-to-maturity Securities, Unrecognized Holding Gain | 399 | 1,212 |
Held-to-maturity Securities, Unrecognized Holding Loss | 86 | 0 |
Held-to-maturity Securities, Fair Value | 70,815 | 29,849 |
Residential Mortgage Backed Securities [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 59,869 | 42,706 |
Held-to-maturity Securities, Unrecognized Holding Gain | 317 | 1,347 |
Held-to-maturity Securities, Unrecognized Holding Loss | 22 | 0 |
Held-to-maturity Securities, Fair Value | 60,164 | 44,053 |
Residential Mortgage Backed Securities [Member] | Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 25,776 | 27,921 |
Held-to-maturity Securities, Unrecognized Holding Gain | 33 | 226 |
Held-to-maturity Securities, Unrecognized Holding Loss | 315 | 28 |
Held-to-maturity Securities, Fair Value | 25,494 | 28,119 |
Securities Investment [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 97,852 | 43,112 |
Held-to-maturity Securities, Unrecognized Holding Gain | 575 | 1,191 |
Held-to-maturity Securities, Unrecognized Holding Loss | 4,004 | 0 |
Held-to-maturity Securities, Fair Value | 94,423 | 44,303 |
Securities Investment [Member] | Federal agencies [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 77,341 | 22,236 |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | 106 |
Held-to-maturity Securities, Unrecognized Holding Loss | 3,458 | 0 |
Held-to-maturity Securities, Fair Value | 73,883 | 22,342 |
Securities Investment [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 19,011 | 19,376 |
Held-to-maturity Securities, Unrecognized Holding Gain | 556 | 1,059 |
Held-to-maturity Securities, Unrecognized Holding Loss | 546 | 0 |
Held-to-maturity Securities, Fair Value | 19,021 | 20,435 |
Securities Investment [Member] | Other Investment Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,500 | 1,500 |
Held-to-maturity Securities, Unrecognized Holding Gain | 19 | 26 |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | $1,519 | $1,526 |
Securities_Details_2
Securities (Details 2) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $973,709 | $985,508 |
Available-for-sale Securities, Debt Securities | 505,210 | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 519,536 | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 18,085 | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 18,582 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 403,270 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 417,655 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 81,596 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 81,057 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 2,259 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 2,242 | ' |
Securities available for sale at fair value | 954,393 | 1,010,872 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 454,173 | 433,465 |
Securities available for sale at fair value | $449,183 | $444,509 |
Securities_Details_3
Securities (Details 3) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities | $253,999 | $142,376 |
Held to maturity debt maturites net carrying amount | 97,852 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 6,144 | ' |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 3,841 | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 73,152 | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 14,756 | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 3,800 | ' |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 14,578 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 69,970 | ' |
Held to maturity Debt Maturities Fair value | 94,423 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 6,034 | ' |
Held-to-maturity Securities, Fair Value | 250,896 | 146,324 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities | 156,147 | ' |
Held-to-maturity Securities, Fair Value | $156,473 | $102,021 |
Securities_Details_4
Securities (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities | $339,123 | $344,431 | $540,145 |
Available-for-sale Securities, Gross Realized Gains | 7,709 | 10,468 | 10,000 |
Available-for-sale Securities, Gross Realized Losses | -377 | 0 | 0 |
Tax expense of securities gains | 2,282 | 2,475 | 1,930 |
Proceeds from Sale of Held-to-maturity Securities | 1,187 | 0 | 357 |
Held-to-maturity Securities, Sold Security, Realized Gain (Loss) | 59 | 0 | 18 |
Tax expense held to maturity security gains | $18 | $0 | $3 |
Securities_Details_5
Securities (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | ($659,734) | ($69,774) |
Unrealized Losses, Less Than 12 Months | -24,817 | -604 |
Fair Value, 12 Months or Longer | 7,932 | 809 |
Unrealized Losses, 12 Months or Longer | -304 | -28 |
Fair Value, Total | 667,666 | 70,583 |
Unrealized Losses, Total | -25,121 | -632 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | -259,589 | ' |
Unrealized Losses, Less Than 12 Months | -6,899 | ' |
Fair Value, 12 Months or Longer | 7,820 | ' |
Unrealized Losses, 12 Months or Longer | -296 | ' |
Fair Value, Total | 267,409 | ' |
Unrealized Losses, Total | -7,195 | ' |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | -137,265 | ' |
Unrealized Losses, Less Than 12 Months | -4,157 | ' |
Fair Value, 12 Months or Longer | 0 | ' |
Unrealized Losses, 12 Months or Longer | 0 | ' |
Fair Value, Total | 137,265 | ' |
Unrealized Losses, Total | -4,157 | ' |
CMO/Other MBS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | -122,324 | -64,065 |
Unrealized Losses, Less Than 12 Months | -2,742 | -590 |
Fair Value, 12 Months or Longer | 7,820 | 0 |
Unrealized Losses, 12 Months or Longer | -296 | 0 |
Fair Value, Total | 130,144 | 64,065 |
Unrealized Losses, Total | -3,038 | -590 |
US Government and agency securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | -261,547 | -4,993 |
Unrealized Losses, Less Than 12 Months | -12,090 | -10 |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 261,547 | 4,993 |
Unrealized Losses, Total | -12,090 | -10 |
Obligations of states and political subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | -43,585 | -716 |
Unrealized Losses, Less Than 12 Months | -2,033 | -4 |
Fair Value, 12 Months or Longer | 112 | 0 |
Unrealized Losses, 12 Months or Longer | -8 | 0 |
Fair Value, Total | 43,697 | 716 |
Unrealized Losses, Total | -2,041 | -4 |
Equities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | ' | 0 |
Unrealized Losses, Less Than 12 Months | ' | 0 |
Fair Value, 12 Months or Longer | ' | 809 |
Unrealized Losses, 12 Months or Longer | ' | -28 |
Fair Value, Total | ' | 809 |
Unrealized Losses, Total | ' | -28 |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | -95,013 | ' |
Unrealized Losses, Less Than 12 Months | 3,795 | ' |
Fair Value, 12 Months or Longer | 0 | ' |
Unrealized Losses, 12 Months or Longer | 0 | ' |
Fair Value, Total | 95,013 | ' |
Unrealized Losses, Total | $3,795 | ' |
Securities_Details_6
Securities (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $125,788 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 4,427 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 125,788 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | 4,427 | ' |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,963 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -86 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 10,963 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | -86 | ' |
Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 31,412 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 337 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 31,412 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | 337 | ' |
Federal agencies [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 73,883 | 13,189 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 3,458 | 28 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 73,883 | 13,189 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | 3,458 | 28 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,530 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 546 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 9,530 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $546 | ' |
Securities_Details_7
Securities (Details 7) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | $580,756 | $703,261 |
Held-to-maturity Securities Pledged as Collateral | 167,926 | 138,855 |
Total Pledged Securities | 1,008,466 | 1,092,279 |
Federal Home Loan Bank Borrowings [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 199,642 | 192,482 |
Held-to-maturity Securities Pledged as Collateral | 55,497 | 53,507 |
Interest Rate Swap [Member] | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | $4,645 | $4,174 |
Securities_Details_Textual
Securities (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Securities | CMO/Other MBS [Member] | CMO/Other MBS [Member] | Equities [Member] | Equities [Member] | |||
Securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Held to maturity securities sold after the company collected principal outstanding balance | 85.00% | 85.00% | ' | ' | ' | ' | ' |
Temporary impairment charge for the securities due to Temporary losses to securities | $14,000 | ' | ' | $14,000 | $47,000 | $18,000 | $0 |
Total cumulative impairment charges recognized, other than temporary impairment, debt securities | ' | ' | ' | 61,000 | ' | ' | ' |
Additional credit loss expected | 0 | ' | ' | ' | ' | ' | ' |
Number of securities which were in continuous unrealized loss position for less than 12 months | 2 | ' | ' | ' | ' | ' | ' |
Number of fixed maturity securities past due | 0 | ' | ' | ' | ' | ' | ' |
Number of securities which were in continuous unrealized loss position for 12 months or more | 323 | ' | ' | ' | ' | ' | ' |
Number of individual private label available for sale portfolio securities | ' | ' | ' | 4 | ' | ' | ' |
Fair Value | 954,393,000 | ' | 1,010,872,000 | 3,613,000 | ' | 809,000 | ' |
Number Of Other Than Temporarily Impaired Securities | ' | ' | ' | 2 | ' | ' | ' |
Impaired Available For Sale Securities Amortized Cost | ' | ' | ' | 3,288,000 | ' | ' | ' |
Impaired Available For Sale Securities Fair Value | ' | ' | ' | $3,263,000 | ' | ' | ' |
Loans_Details
Loans (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Components of loan portfolio, excluding loans held for sale | ' | ' | ' | ' |
Real estate-residential mortgage loans | $400,009 | $350,022 | ' | ' |
Commercial real estate loans | 1,277,037 | 1,072,504 | ' | ' |
Loans Receivable, Gross, Commercial and Industrial | 439,787 | 343,307 | ' | ' |
Acquisition, development & construction loans | 102,494 | 144,061 | ' | ' |
Total commercial loans | 1,819,318 | 1,559,872 | ' | ' |
Consumer loans: | ' | ' | ' | ' |
Home equity lines of credit | 156,995 | 165,200 | ' | ' |
Other consumer loans, including overdrafts | 36,576 | 44,378 | ' | ' |
Total Consumer loans | 193,571 | 209,578 | ' | ' |
Gross loans | 2,412,898 | 2,119,472 | ' | ' |
Allowance for loan losses | -28,877 | -28,282 | -27,917 | -30,843 |
Total loans, net | $2,384,021 | $2,091,190 | ' | ' |
Loans_Details_1
Loans (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans and Lease Receivable Allowance Under Troubled Debt Restructurings | $877 | $996 |
Non-Performing loans: | ' | ' |
Current Loans | 2,379,522 | 2,067,311 |
Non-performing loans, 30-59 Days Past Due | 3,844 | 10,471 |
Non-performing loans, 60-89 Days Past Due | 2,626 | 1,876 |
Non-performing loans, 90+ Days Past Due | 4,099 | 4,370 |
Non accrual loans | 22,807 | 35,444 |
Total Loans | 2,412,898 | 2,119,472 |
Current Loans | 23,754 | 13,543 |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 270 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 264 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 141 | 0 |
Non-Accrual | 2,199 | 10,870 |
Total Troubled Debt Restructurings | 26,094 | 24,947 |
Real estate - residential mortgage [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 390,072 | 337,356 |
Non-performing loans, 30-59 Days Past Due | 354 | 855 |
Non-performing loans, 60-89 Days Past Due | 267 | 497 |
Non-performing loans, 90+ Days Past Due | 1,832 | 2,263 |
Non accrual loans | 7,484 | 9,051 |
Total Loans | 400,009 | 350,022 |
Real estate - commercial mortgage [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 1,263,933 | 1,060,176 |
Non-performing loans, 30-59 Days Past Due | 1,978 | 902 |
Non-performing loans, 60-89 Days Past Due | 2,357 | 973 |
Non-performing loans, 90+ Days Past Due | 1,574 | 1,638 |
Non accrual loans | 7,195 | 8,815 |
Total Loans | 1,277,037 | 1,072,504 |
Commercial Portfolio Segment [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 438,818 | 342,726 |
Non-performing loans, 30-59 Days Past Due | 178 | 96 |
Non-performing loans, 60-89 Days Past Due | 2 | 141 |
Non-performing loans, 90+ Days Past Due | 289 | 0 |
Non accrual loans | 500 | 344 |
Total Loans | 439,787 | 343,307 |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Ninety Plus Days Past Due Under Troubled debt restructurings | 141 | ' |
Non-Accrual | 0 | ' |
Total Troubled Debt Restructurings | 1,984 | ' |
Acquisition, development & construction [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 96,306 | 121,590 |
Non-performing loans, 30-59 Days Past Due | 768 | 7,067 |
Non-performing loans, 60-89 Days Past Due | 0 | 0 |
Non-performing loans, 90+ Days Past Due | 0 | 0 |
Non accrual loans | 5,420 | 15,404 |
Total Loans | 102,494 | 144,061 |
Consumer loans, including home equity [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 190,393 | 205,463 |
Non-performing loans, 30-59 Days Past Due | 566 | 1,551 |
Non-performing loans, 60-89 Days Past Due | 0 | 265 |
Non-performing loans, 90+ Days Past Due | 404 | 469 |
Non accrual loans | 2,208 | 1,830 |
Total Loans | 193,571 | 209,578 |
Nonperforming Financing Receivable [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Non accrual loans | 22,807 | 35,444 |
Non Performing Assets | ' | ' |
Loans 90+ and still accruing | 4,099 | 4,370 |
Total non performing loans | 26,906 | 39,814 |
Consumer Other Financing Receivable [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | ' |
Non-Accrual | 256 | ' |
Total Troubled Debt Restructurings | 256 | ' |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | 0 |
Non-Accrual | 151 | 8,692 |
Total Troubled Debt Restructurings | 14,341 | 18,369 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 270 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | 0 |
Non-Accrual | 0 | 0 |
Total Troubled Debt Restructurings | 5,305 | 2,910 |
Residential Portfolio Segment [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 264 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | 0 |
Non-Accrual | 1,792 | 2,178 |
Total Troubled Debt Restructurings | $4,208 | $3,668 |
Loans_Details_2
Loans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' |
Beginning Allowance for loan losses | $28,282 | $27,917 | $30,843 |
Charge-offs | -13,057 | -12,809 | -20,270 |
Recoveries | -1,502 | -2,562 | -760 |
Net Charge-offs | 11,555 | 10,247 | 19,510 |
Provision for losses | 12,150 | 10,612 | 16,584 |
Ending Allowance for Loan Losses | 28,877 | 28,282 | 27,917 |
Net charge-offs to average gross loans outstanding annualized | 0.52% | 0.56% | 1.17% |
Real estate - residential mortgage [Member] | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' |
Beginning Allowance for loan losses | 4,359 | 3,498 | 2,641 |
Charge-offs | -2,547 | -2,551 | -2,140 |
Recoveries | -101 | -356 | -15 |
Net Charge-offs | 2,446 | 2,195 | 2,125 |
Provision for losses | 2,561 | 3,056 | 2,982 |
Ending Allowance for Loan Losses | 4,474 | 4,359 | 3,498 |
Real estate - commercial mortgage [Member] | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' |
Beginning Allowance for loan losses | 7,230 | 5,568 | 5,915 |
Charge-offs | -3,725 | -2,707 | -1,802 |
Recoveries | -577 | -528 | -2 |
Net Charge-offs | 3,148 | 2,179 | 1,800 |
Provision for losses | 5,885 | 3,841 | 1,453 |
Ending Allowance for Loan Losses | 9,967 | 7,230 | 5,568 |
Commercial Portfolio Segment [Member] | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' |
Beginning Allowance for loan losses | 4,603 | 5,945 | 8,970 |
Charge-offs | 1,354 | 1,526 | 5,400 |
Recoveries | 410 | 1,116 | 605 |
Net Charge-offs | -944 | -410 | -4,795 |
Provision for losses | 1,643 | -932 | 1,770 |
Ending Allowance for Loan Losses | 5,302 | 4,603 | 5,945 |
Acquisition, development & construction [Member] | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' |
Beginning Allowance for loan losses | 8,526 | 9,895 | 9,752 |
Charge-offs | -3,422 | -4,124 | -8,939 |
Recoveries | -182 | -299 | -10 |
Net Charge-offs | 3,240 | 3,825 | 8,929 |
Provision for losses | 520 | 2,456 | 9,072 |
Ending Allowance for Loan Losses | 5,806 | 8,526 | 9,895 |
Consumer loans, including home equity [Member] | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' |
Beginning Allowance for loan losses | 3,564 | 3,011 | 3,565 |
Charge-offs | -2,009 | -1,901 | -1,989 |
Recoveries | -232 | -263 | -128 |
Net Charge-offs | 1,777 | 1,638 | 1,861 |
Provision for losses | 1,541 | 2,191 | 1,307 |
Ending Allowance for Loan Losses | $3,328 | $3,564 | $3,011 |
Loans_Details_3
Loans (Details 3) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | $1,593 | $3,214 |
Collectively evaluated for impairment | 27,284 | 25,068 |
Financing Receivable, Allowance for Credit Losses | 28,877 | 28,282 |
Real estate - residential mortgage [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 0 | 871 |
Collectively evaluated for impairment | 4,474 | 3,488 |
Financing Receivable, Allowance for Credit Losses | 4,474 | 4,359 |
Real estate - commercial mortgage [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 803 | 1,036 |
Collectively evaluated for impairment | 9,164 | 6,194 |
Financing Receivable, Allowance for Credit Losses | 9,967 | 7,230 |
Commercial Portfolio Segment [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 249 | 48 |
Collectively evaluated for impairment | 5,053 | 4,555 |
Financing Receivable, Allowance for Credit Losses | 5,302 | 4,603 |
Acquisition, development & construction [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 540 | 996 |
Collectively evaluated for impairment | 5,266 | 7,530 |
Financing Receivable, Allowance for Credit Losses | 5,806 | 8,526 |
Consumer loans, including home equity [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 1 | 263 |
Collectively evaluated for impairment | 3,327 | 3,301 |
Financing Receivable, Allowance for Credit Losses | $3,328 | $3,564 |
Loans_Loans_Details_4
Loans Loans (Details 4) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | $36,821 | $53,292 |
Financing Receivable, Collectively Evaluated for Impairment | 2,376,077 | 2,066,180 |
Loans and Leases Receivable, Gross | 2,412,898 | 2,119,472 |
Residential Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 515 | 12,739 |
Financing Receivable, Collectively Evaluated for Impairment | 399,494 | 337,283 |
Loans and Leases Receivable, Gross | 400,009 | 350,022 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 14,091 | 13,017 |
Financing Receivable, Collectively Evaluated for Impairment | 1,262,946 | 1,059,487 |
Loans and Leases Receivable, Gross | 1,277,037 | 1,072,504 |
Commercial Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 2,631 | 357 |
Financing Receivable, Collectively Evaluated for Impairment | 437,156 | 342,950 |
Loans and Leases Receivable, Gross | 439,787 | 343,307 |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 19,582 | 24,880 |
Financing Receivable, Collectively Evaluated for Impairment | 82,912 | 119,181 |
Loans and Leases Receivable, Gross | 102,494 | 144,061 |
Consumer Other Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 2 | 2,299 |
Financing Receivable, Collectively Evaluated for Impairment | 193,569 | 207,279 |
Loans and Leases Receivable, Gross | $193,571 | $209,578 |
Loans_Details_5
Loans (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance with no related allowance recorded | $33,112 | $41,041 |
Recorded Investment with no related allowance recorded | 32,411 | 35,231 |
With an allowance recorded: | ' | ' |
Unpaid Principal Balance with an allowance recorded | 6,405 | 23,081 |
Recorded Investment with an allowance recorded | 4,410 | 18,061 |
Allowance for Loan Losses Allocated with an allowance recorded | 1,593 | 3,214 |
Impaired Financing Receivable, Unpaid Principal Balance | 39,517 | 64,122 |
Recorded Investment Total | 36,821 | 53,292 |
Allowance for Loan Losses Allocated Total | 1,593 | 3,214 |
Real estate - residential mortgage [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance with no related allowance recorded | 515 | 6,193 |
Recorded Investment with no related allowance recorded | 515 | 5,413 |
With an allowance recorded: | ' | ' |
Unpaid Principal Balance with an allowance recorded | 0 | 8,485 |
Recorded Investment with an allowance recorded | 0 | 7,326 |
Allowance for Loan Losses Allocated with an allowance recorded | 0 | 871 |
Real estate - commercial mortgage [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance with no related allowance recorded | 12,451 | 9,296 |
Recorded Investment with no related allowance recorded | 11,820 | 7,837 |
With an allowance recorded: | ' | ' |
Unpaid Principal Balance with an allowance recorded | 3,150 | 5,942 |
Recorded Investment with an allowance recorded | 2,271 | 5,180 |
Allowance for Loan Losses Allocated with an allowance recorded | 803 | 1,036 |
Commercial Portfolio Segment [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance with no related allowance recorded | 2,175 | 262 |
Recorded Investment with no related allowance recorded | 2,131 | 262 |
With an allowance recorded: | ' | ' |
Unpaid Principal Balance with an allowance recorded | 500 | 95 |
Recorded Investment with an allowance recorded | 500 | 95 |
Allowance for Loan Losses Allocated with an allowance recorded | 249 | 48 |
Acquisition, development & construction [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance with no related allowance recorded | 17,971 | 24,144 |
Recorded Investment with no related allowance recorded | 17,945 | 20,597 |
With an allowance recorded: | ' | ' |
Unpaid Principal Balance with an allowance recorded | 2,753 | 7,159 |
Recorded Investment with an allowance recorded | 1,637 | 4,283 |
Allowance for Loan Losses Allocated with an allowance recorded | 540 | 996 |
Consumer loans, including home equity [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance with no related allowance recorded | 0 | 1,146 |
Recorded Investment with no related allowance recorded | 0 | 1,122 |
With an allowance recorded: | ' | ' |
Unpaid Principal Balance with an allowance recorded | 2 | 1,400 |
Recorded Investment with an allowance recorded | 2 | 1,177 |
Allowance for Loan Losses Allocated with an allowance recorded | $1 | $263 |
Loans_Loans_Details_6
Loans Loans (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $32,343 | $36,985 | $40,452 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1,008 | 1,520 | 2,584 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 948 | 829 | 1,808 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 10,285 | 21,210 | 20,429 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 21 | 358 | 505 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 17 | 307 | 421 |
Impaired Financing Receivable, Average Recorded Investment | 42,628 | 58,195 | 60,881 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,029 | 1,878 | 3,089 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 965 | 1,136 | 2,229 |
Residential Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 309 | 5,493 | 2,702 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 310 | 92 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 137 | 51 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,602 | 7,770 | 6,319 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 14 | 180 | 159 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 10 | 141 | 159 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 17,325 | 7,869 | 8,917 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 286 | 520 | 497 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 275 | 291 | 248 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,646 | 5,970 | 6,505 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 7 | 84 | 199 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 7 | 84 | 144 |
Commercial Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,821 | 467 | 862 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 91 | 26 | 42 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 86 | 26 | 42 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 705 | 99 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 76 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 76 | ' |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,827 | 22,043 | 26,111 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 631 | 636 | 1,892 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 587 | 367 | 1,454 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,104 | 5,868 | 6,963 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 18 | 114 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 6 | 96 |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 61 | 1,113 | 1,860 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 28 | 61 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 8 | 13 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 228 | 1,503 | 642 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 33 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | $0 | $0 | $22 |
Loans_Details_7
Loans (Details 7) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Trouble Debt restructuring currrent loans | $23,754 | $13,543 |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 270 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 264 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 141 | 0 |
Non Accrual Loans Under Troubled debt restructurings | 2,199 | 10,870 |
Total Troubled Debt Restructurings | 26,094 | 24,947 |
Loans And Leases Receivable Allowance Impaired Troubled Debt Interest Income | -438 | 0 |
Loans and Lease Receivable Allowance Thirty To Fifty Nine Days Past Due Under Troubled Debt Restructurings | 0 | 0 |
Loans And Lease Receivable Allowance Sixty Eighty To Nine Days Past Due Under Troubled Debt Restructurings | 0 | 41 |
Loans And Lease Receivable Allowance Ninety Plus Days Past Due Under Troubled Debt Restructurings | 0 | 0 |
Loans and Lease Receivable Allowance Non Accrual Loans Under Troubled Debt Restructurings | 439 | 955 |
Loans and Lease Receivable Allowance Under Troubled Debt Restructurings | 877 | 996 |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Trouble Debt restructuring currrent loans | 14,190 | 9,677 |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | 0 |
Non Accrual Loans Under Troubled debt restructurings | 151 | 8,692 |
Total Troubled Debt Restructurings | 14,341 | 18,369 |
Residential Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Trouble Debt restructuring currrent loans | 2,416 | 1,226 |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 264 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | 0 |
Non Accrual Loans Under Troubled debt restructurings | 1,792 | 2,178 |
Total Troubled Debt Restructurings | 4,208 | 3,668 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Trouble Debt restructuring currrent loans | 5,305 | 2,640 |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | 270 |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | 0 |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | 0 |
Non Accrual Loans Under Troubled debt restructurings | 0 | 0 |
Total Troubled Debt Restructurings | 5,305 | 2,910 |
Consumer Other Financing Receivable [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Trouble Debt restructuring currrent loans | 0 | ' |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Ninety Plus Days Past Due Under Troubled debt restructurings | 0 | ' |
Non Accrual Loans Under Troubled debt restructurings | 256 | ' |
Total Troubled Debt Restructurings | 256 | ' |
Commercial Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Trouble Debt restructuring currrent loans | 1,843 | ' |
Thirty To Fifty Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Sixty Eighty To Nine Days Past Due Under Troubled debt restructurings | 0 | ' |
Ninety Plus Days Past Due Under Troubled debt restructurings | 141 | ' |
Non Accrual Loans Under Troubled debt restructurings | 0 | ' |
Total Troubled Debt Restructurings | $1,984 | ' |
Loans_Details_8
Loans (Details 8) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
loans | loans | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 21 | 12 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $12,193 | $9,160 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 12,129 | 8,945 |
Residential Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 6 | 5 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,436 | 1,525 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,372 | 1,295 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 2 | 3 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,682 | 2,336 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,682 | 2,351 |
Commercial Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 5 | 0 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,001 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,001 | 0 |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 7 | 4 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 5,772 | 5,299 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 5,772 | 5,299 |
Consumer Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 1 | 0 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 302 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $302 | $0 |
Loans_Details_9
Loans (Details 9) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Special Mention [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | $13,530 | $42,422 |
Substandard [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 60,503 | 88,336 |
Doubtful [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 592 | 338 |
Real estate - residential mortgage [Member] | Special Mention [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 824 | 830 |
Real estate - residential mortgage [Member] | Substandard [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 9,786 | 11,314 |
Real estate - residential mortgage [Member] | Doubtful [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Real estate - commercial mortgage [Member] | Special Mention [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 7,279 | 20,729 |
Real estate - commercial mortgage [Member] | Substandard [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 24,561 | 27,674 |
Real estate - commercial mortgage [Member] | Doubtful [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 227 | 0 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 3,545 | 14,920 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 3,855 | 3,995 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 365 | 338 |
Acquisition, development & construction [Member] | Special Mention [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 1,867 | 5,669 |
Acquisition, development & construction [Member] | Substandard [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 19,410 | 42,871 |
Acquisition, development & construction [Member] | Doubtful [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Consumer loans, including home equity [Member] | Special Mention [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 15 | 274 |
Consumer loans, including home equity [Member] | Substandard [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 2,891 | 2,482 |
Consumer loans, including home equity [Member] | Doubtful [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | $0 | $0 |
Loans_Details_Textual
Loans (Details Textual) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Loans (Textual) [Abstract] | ' | ' |
Net deferred loan origination Fees and Costs | ($1,201,000) | $310,000 |
Minimum duration of performance required by loan resturctures | '6 months | ' |
Increased allowance for loan losses | ' | 300,000 |
Charge Offs From Troubled Debt Restructurings | 110,000 | 0 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Amount of consumer loans that were modified as TDRS | 1 | ' |
Allowance for Loan and Lease losses period | '90 days | ' |
Gotham Loans aquired carried at fair value | 133,493,000 | 205,764,000 |
Discounts associated with loans aquired from Gotham Bank | 1,879,000 | 3,924,000 |
Financing Receivable, Acquired with Deteriorated Credit Quality | ' | 0 |
Loans Pledged as Collateral | 784,400,000 | ' |
Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for Loan and Lease losses delinquency period | '90 days | ' |
Loans assessedfor full or partial charge-off period | '90 days | ' |
TDR interest rate modifications period | '3 months | ' |
TDR maturity date modifications period | '6 months | ' |
Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for Loan and Lease losses delinquency period | '120 days | ' |
Loans assessedfor full or partial charge-off period | '120 days | ' |
TDR interest rate modifications period | '30 years | ' |
TDR maturity date modifications period | '30 years | ' |
Additional restricted loan [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Additional restricted loan | 4,101,000 | 4,225,000 |
Consumer loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Additional restricted loan | $256,000 | ' |
Premises_And_Equipment_Net_Det
Premises And Equipment, Net (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment, gross | $86,140 | $85,457 |
Accumulated depreciation and amortization | -49,620 | -46,974 |
Total premises and equipment, net | 36,520 | 38,483 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment, gross | 7,282 | 7,331 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment, gross | 30,558 | 31,903 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment, gross | 8,136 | 7,931 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment, gross | $40,164 | $38,292 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Goodwill [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | $965 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | 130 | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Beginning of year | 163,117,000 | 163,247,000 | 160,861,000 | 160,861,000 |
Acquired goodwill | ' | -130,000 | 5,665,000 | 0 |
Goodwill disposed | ' | 0 | -3,279,000 | 0 |
End of year | ' | $163,117,000 | $163,247,000 | $160,861,000 |
Deposits_Details
Deposits (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Summary of major classification of deposits | ' | ' |
Non-interest bearing | $943,934 | $947,304 |
Interest bearing | 434,398 | 448,123 |
Savings | 580,125 | 506,538 |
Money market | 735,709 | 821,704 |
Certificates of deposit | 268,128 | 387,482 |
Total deposits | $2,962,294 | $3,111,151 |
Deposits_Deposits_Details_1
Deposits Deposits (Details 1) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Less than one year | $239,104 | $344,033 |
One to two years | 17,248 | 26,407 |
Two to three years | 5,185 | 10,601 |
Three to four years | 3,062 | 3,261 |
Four to five years | 3,529 | 3,180 |
Total certificates of deposit | $268,128 | $387,482 |
Deposits_Details_2
Deposits (Details 2) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Classification of Deposits [Line Items] | ' | ' |
Noninterest-bearing Domestic Deposit, Brokered | $36,682 | $62,028 |
Savings [Member] | ' | ' |
Schedule of Classification of Deposits [Line Items] | ' | ' |
Noninterest-bearing Domestic Deposit, Brokered | 0 | 13,344 |
Money Market [Member] | ' | ' |
Schedule of Classification of Deposits [Line Items] | ' | ' |
Noninterest-bearing Domestic Deposit, Brokered | 34,571 | 46,566 |
Reciprocal CDAR's [Member] | ' | ' |
Schedule of Classification of Deposits [Line Items] | ' | ' |
Noninterest-bearing Domestic Deposit, Brokered | 1,343 | 1,354 |
CDAR's one way [Member] | ' | ' |
Schedule of Classification of Deposits [Line Items] | ' | ' |
Noninterest-bearing Domestic Deposit, Brokered | $768 | $764 |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Municipal deposits | $757,066 | $901,739 |
Deposits received for tax receipts | 374,348 | 424,610 |
Certificates of Deposits, $100,000 or More | $203,516 | $104,225 |
Borrowings_Details
Borrowings (Details) (USD $) | Sep. 30, 2013 | Jul. 02, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
By period to maturity: | ' | ' | ' |
Less than one year, Amount | $158,897 | ' | $10,136 |
Less than one year, Rate | 0.95% | ' | 1.88% |
One to two years, Amount | 78,717 | ' | 56,819 |
One to two years, Rate | 1.97% | ' | 2.00% |
Two to three years, Amount | 191 | ' | 52,693 |
Two to three years, Rate | 5.32% | ' | 2.89% |
Three to four years, Amount | 202,414 | ' | 201 |
Three to four years, Rate | 4.21% | ' | 5.32% |
Four to five years, Amount | 118,033 | ' | 202,386 |
Four to five years, Rate | 5.57% | ' | 4.21% |
Greater than five years, Amount | 2,734 | ' | 22,941 |
Greater than five years, Rate | 4.92% | ' | 3.74% |
Total borrowings, Amount | 560,986 | ' | 345,176 |
Total borrowings, Rate | 3.26% | ' | 3.54% |
FHLB Advances [Member] | ' | ' | ' |
By period to maturity: | ' | ' | ' |
Total borrowings, Amount | 442,602 | ' | 324,529 |
Total borrowings, Rate | 2.77% | ' | 3.71% |
FHLB Repurchase Agreements [Member] | ' | ' | ' |
By period to maturity: | ' | ' | ' |
Total borrowings, Amount | 20,351 | ' | 20,647 |
Total borrowings, Rate | 0.88% | ' | 0.88% |
Senior Notes [Member] | ' | ' | ' |
By period to maturity: | ' | ' | ' |
Total borrowings, Amount | $98,033 | $100,000 | $0 |
Total borrowings, Rate | 5.98% | ' | 0.00% |
Borrowings_Details_Textual
Borrowings (Details Textual) (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 02, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | FHLB Advances [Member] | FHLB Advances [Member] | FHLB Repurchase Agreements [Member] | FHLB Repurchase Agreements [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increased borrowing capacity by pledging securities | $531,209 | ' | ' | ' | ' | ' | ' | ' | ' |
Federal home loan bank borrowings | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Long term debt weighted average remaining term | '3 years 6 months 22 days | '4 years 6 months 22 days | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rates | 4.23% | 4.23% | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 560,986 | 345,176 | 98,033 | 100,000 | 0 | 442,602 | 324,529 | 20,351 | 20,647 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | 1,967 | ' | ' | ' | ' | ' | ' |
Private placement discount rate | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense cost over the life of Senior note | 5.98% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | 303 | ' | ' | ' | ' | ' | ' |
Repurchase agreements | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Bank pledged mortgages | $784,422 | $613,554 | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Details
Derivatives (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Rate Caps [Member] | ' | ' |
Summary of derivatives | ' | ' |
Notional Amount | ($50,000) | ($50,000) |
Average Maturity | '1 year 2 months 5 days | '2 years 2 months 5 days |
Weighted Average Rate Fixed | 3.75% | 3.75% |
Fair Value | 0 | -2 |
3rd party interest rate swap [Member] | ' | ' |
Summary of derivatives | ' | ' |
Notional Amount | -54,180 | -42,332 |
Average Maturity | '5 years 9 months 5 days | '7 years 3 months 18 days |
Weighted Average Rate Fixed | 4.22% | 4.29% |
Fair Value | -997 | -2,485 |
3rd party interest rate swap [Member] | One Month Libor [Member] | ' | ' |
Summary of derivatives | ' | ' |
Weighted Average Variable Rate | '1 m Libor + 2.45 | '1 m Libor + 2.28 |
Basis Spread on Variable Rate | 2.45% | 2.28% |
Customer interest rate swap [Member] | ' | ' |
Summary of derivatives | ' | ' |
Notional Amount | -54,180 | -42,332 |
Average Maturity | '5 years 9 months 5 days | '7 years 3 months 18 days |
Weighted Average Rate Fixed | 4.22% | 4.29% |
Fair Value | ($997) | ($2,485) |
Customer interest rate swap [Member] | One Month Libor [Member] | ' | ' |
Summary of derivatives | ' | ' |
Weighted Average Variable Rate | '1 m Libor + 2.45 | '1 m Libor + 2.28 |
Basis Spread on Variable Rate | 2.45% | 2.28% |
Derivatives_Details_Textual
Derivatives (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 |
Derivatives | |||
Credit Derivatives [Line Items] | ' | ' | ' |
Securities pledged as collateral for Dervatives Amortized cost | $5,040 | ' | ' |
Securities pledged as collteral for derivatives at fair vaue | 4,645 | ' | ' |
Interest Rate Caps [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Number of interest rate derivatives held | ' | ' | 2 |
Changes in fair value: loss | $2 | $63 | ' |
Interest Rate Cap 1 [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Strike price | ' | 3.50% | ' |
Interest Rate Cap 2 [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Strike price | ' | 4.00% | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset other accrued compensation and benefits | $1,497,000 | ' | ' | ' | $1,722,000 | ' | ' | ' | $1,497,000 | $1,722,000 | ' |
Intangibles amortization | 112,000 | ' | ' | ' | 0 | ' | ' | ' | 112,000 | 0 | ' |
Current tax expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 9,146,000 | 5,538,000 | 1,912,000 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 1,549,000 | 685,000 | 777,000 |
Current tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 10,695,000 | 6,223,000 | 2,689,000 |
Deferred tax expense (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 522,000 | -261,000 | 282,000 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 197,000 | 197,000 | -164,000 |
Deferred tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 719,000 | -64,000 | 118,000 |
Total income tax expense | 3,312,000 | 2,833,000 | 2,203,000 | 3,066,000 | -280,000 | 2,378,000 | 2,035,000 | 2,026,000 | 11,414,000 | 6,159,000 | 2,807,000 |
Efftective tax rate reconciliation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at Federal statutory rate of 35% | ' | ' | ' | ' | ' | ' | ' | ' | 12,833,000 | 9,116,000 | 5,090,000 |
State income taxes, net of Federal tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,135,000 | 573,000 | 430,000 |
Tax-exempt interest | ' | ' | ' | ' | ' | ' | ' | ' | -2,192,000 | -2,448,000 | -2,551,000 |
BOLI income | ' | ' | ' | ' | ' | ' | ' | ' | -699,000 | -718,000 | -714,000 |
Non deductible compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 594,000 |
Non deductible acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 416,000 | 418,000 | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -79,000 | -782,000 | -42,000 |
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 31.10% | 23.60% | 19.30% |
Deferred tax assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 11,809,000 | ' | ' | ' | 11,566,000 | ' | ' | ' | 11,809,000 | 11,566,000 | ' |
Deferred compensation | 798,000 | ' | ' | ' | 1,429,000 | ' | ' | ' | 798,000 | 1,429,000 | ' |
Accrued post retirement expense | 1,441,000 | ' | ' | ' | 1,512,000 | ' | ' | ' | 1,441,000 | 1,512,000 | ' |
Deferred tax assets deferred rent | 1,059,000 | ' | ' | ' | 873,000 | ' | ' | ' | 1,059,000 | 873,000 | ' |
Core deposit intangibles | 0 | ' | ' | ' | 109,000 | ' | ' | ' | 0 | 109,000 | ' |
Other comprehensive income (defined benefits) | 7,844,000 | ' | ' | ' | 0 | ' | ' | ' | 7,844,000 | 0 | ' |
Deferred tax assets, other comprehensive loss- Defined benefit plans | 2,638,000 | ' | ' | ' | 5,612,000 | ' | ' | ' | 2,638,000 | 5,612,000 | ' |
Other | 2,172,000 | ' | ' | ' | 2,971,000 | ' | ' | ' | 2,172,000 | 2,971,000 | ' |
Total deferred tax assets | 29,258,000 | ' | ' | ' | 25,794,000 | ' | ' | ' | 29,258,000 | 25,794,000 | ' |
Deferred tax liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings of subsidiary not consolidated for tax return purposes (REIT Income) | 4,483,000 | ' | ' | ' | 5,195,000 | ' | ' | ' | 4,483,000 | 5,195,000 | ' |
Deferred tax liability prepaid pension cost | 3,758,000 | ' | ' | ' | 4,189,000 | ' | ' | ' | 3,758,000 | 4,189,000 | ' |
Purchase accounting fair value adjustments | 1,057,000 | ' | ' | ' | 597,000 | ' | ' | ' | 1,057,000 | 597,000 | ' |
Depreciation of premises and equipment | 2,686,000 | ' | ' | ' | 2,822,000 | ' | ' | ' | 2,686,000 | 2,822,000 | ' |
Other comprehensive income (securities) | 0 | ' | ' | ' | 10,300,000 | ' | ' | ' | 0 | 10,300,000 | ' |
Other | 2,207,000 | ' | ' | ' | 2,187,000 | ' | ' | ' | 2,207,000 | 2,187,000 | ' |
Total deferred tax liabilities | 14,303,000 | ' | ' | ' | 25,290,000 | ' | ' | ' | 14,303,000 | 25,290,000 | ' |
Net deferred tax asset | 14,955,000 | ' | ' | ' | 504,000 | ' | ' | ' | 14,955,000 | 504,000 | ' |
Cumulative amount of deferred tax liability not recognized | 9,313,000 | ' | ' | ' | ' | ' | ' | ' | 9,313,000 | ' | ' |
Provision for federal income tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | $3,260,000 | ' | ' | ' | ' | ' | ' | ' | $3,260,000 | ' | ' |
Employee_Benefit_Plans_And_Sto2
Employee Benefit Plans And Stock-Based Compensation Plans (Details) (Pension Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Pension Plans [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Beginning of year | $35,471 | $30,612 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 1,452 | 1,501 | 1,498 |
Actuarial loss | -3,672 | 4,961 | ' |
Benefits and distributions paid | -1,546 | -1,603 | ' |
End of year | 31,705 | 35,471 | 30,612 |
Changes in fair value of plan assets: | ' | ' | ' |
Beginning of year | 32,657 | 28,312 | ' |
Actual gain (loss) on plan assets | 4,306 | 5,948 | ' |
Employer contributions | 0 | 0 | ' |
Benefits and distributions paid | -1,546 | -1,603 | ' |
End of year | 35,417 | 32,657 | 28,312 |
Funded status at end of year | $3,712 | ($2,814) | ' |
Employee_Benefit_Plans_And_Sto3
Employee Benefit Plans And Stock-Based Compensation Plans (Details 1) (Pension Plans [Member], USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized actuarial loss | ($5,479) | ($13,056) |
Deferred tax asset | 2,225 | 5,612 |
Net amount recognized in accumulated other comprehensive income (loss) | ($3,254) | ($7,444) |
Employee_Benefit_Plans_And_Sto4
Employee Benefit Plans And Stock-Based Compensation Plans (Details 2) (Pension Plans [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | $1,570 |
2015 | 1,670 |
2016 | 1,790 |
2017 | 1,716 |
2018 | 1,937 |
2019 - 2023 | $10,326 |
Employee_Benefit_Plans_And_Sto5
Employee Benefit Plans And Stock-Based Compensation Plans (Details 3) (Pension Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $0 | $0 | $0 |
Interest cost | 1,452 | 1,501 | 1,498 |
Expected return on plan assets | -2,462 | -2,125 | -2,343 |
Amortization of unrecognized loss | 2,062 | 2,316 | 1,667 |
Settlement Charge | 0 | 0 | 490 |
Total | $1,052 | $1,692 | $1,312 |
Employee_Benefit_Plans_And_Sto6
Employee Benefit Plans And Stock-Based Compensation Plans (Details 4) (Pension Plans [Member], USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $35,417 | $32,657 | $28,312 |
Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 35,417 | 32,657 | ' |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 35,417 | 32,657 | ' |
Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Total Equity [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 24,475 | 21,314 | ' |
Total Equity [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Total Equity [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 24,475 | 21,314 | ' |
Total Equity [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Large U.S. equity [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 16,378 | 14,358 | ' |
Large U.S. equity [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Large U.S. equity [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 16,378 | 14,358 | ' |
Large U.S. equity [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Small Mid U.S. equity [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,443 | 3,672 | ' |
Small Mid U.S. equity [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Small Mid U.S. equity [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,443 | 3,672 | ' |
Small Mid U.S. equity [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
International Equity [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,654 | 3,284 | ' |
International Equity [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
International Equity [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,654 | 3,284 | ' |
International Equity [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Total Balanced Asset Allocation [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,691 | 1,646 | ' |
Total Balanced Asset Allocation [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,691 | 1,646 | ' |
Total Balanced Asset Allocation [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Total Fixed Income [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 9,251 | 9,697 | ' |
Total Fixed Income [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Total Fixed Income [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 9,251 | 9,697 | ' |
Total Fixed Income [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
High yield bond [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,018 | 981 | ' |
High yield bond [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
High yield bond [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,018 | 981 | ' |
High yield bond [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Intermediate term bond [Member] | Fair Value Measurements [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 8,233 | 8,716 | ' |
Intermediate term bond [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Intermediate term bond [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 8,233 | 8,716 | ' |
Intermediate term bond [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | ' |
Employee_Benefit_Plans_And_Sto7
Employee Benefit Plans And Stock-Based Compensation Plans (Details 5) (Pension Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $35,417 | $32,657 | $28,312 |
Actual plan asset allocations | 100.00% | 100.00% | ' |
Weighted Average Expected Rate of Return | 9.70% | ' | ' |
Total Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 65.00% | 69.00% | ' |
Target Allocation Range 2012, minimum | 45.00% | ' | ' |
Target Allocation Range 2012, maximum | 70.00% | ' | ' |
Weighted Average Expected Rate of Return | 11.30% | ' | ' |
Large U.S. equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 44.00% | 46.00% | ' |
Weighted Average Expected Rate of Return | 10.00% | ' | ' |
Small Mid U.S. equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 11.00% | 13.00% | ' |
Weighted Average Expected Rate of Return | 15.50% | ' | ' |
International Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 10.00% | 10.00% | ' |
Weighted Average Expected Rate of Return | 12.00% | ' | ' |
Total Balanced Asset Allocation [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 5.00% | 5.00% | ' |
Weighted Average Expected Rate of Return | 6.00% | ' | ' |
Total Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 30.00% | 26.00% | ' |
Target Allocation Range 2012, minimum | 20.00% | ' | ' |
Target Allocation Range 2012, maximum | 40.00% | ' | ' |
Weighted Average Expected Rate of Return | 6.20% | ' | ' |
High yield bond [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 3.00% | 3.00% | ' |
Weighted Average Expected Rate of Return | 8.00% | ' | ' |
Intermediate term bond [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 27.00% | 23.00% | ' |
Weighted Average Expected Rate of Return | 6.00% | ' | ' |
Cash [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual plan asset allocations | 0.00% | 0.00% | ' |
Target Allocation Range 2012, minimum | 0.00% | ' | ' |
Target Allocation Range 2012, maximum | 20.00% | ' | ' |
Weighted Average Expected Rate of Return | 0.00% | ' | ' |
Employee_Benefit_Plans_And_Sto8
Employee Benefit Plans And Stock-Based Compensation Plans (Details 6) (Other Post retirement Benefit Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Other Post retirement Benefit Plans [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Beginning of year | $3,103 | $2,509 | ' |
Service cost | 48 | 46 | 38 |
Interest cost | 134 | 125 | 107 |
Actuarial loss | 177 | 548 | ' |
Plan participants' contributions | 0 | 0 | ' |
Amendments | 0 | 0 | ' |
Benefits and distributions paid | -160 | -125 | ' |
End of year | 3,302 | 3,103 | 2,509 |
Changes in fair value of plan assets: | ' | ' | ' |
Beginning of year | 0 | 0 | ' |
Employer contributions | 160 | 125 | ' |
Plan participants' contributions | 0 | 0 | ' |
Benefits and distributions paid | -160 | -125 | ' |
End of year | 0 | 0 | 0 |
Funded status at end of year | ($3,302) | ($3,103) | ' |
Employee_Benefit_Plans_And_Sto9
Employee Benefit Plans And Stock-Based Compensation Plans (Details 7) (Other Post retirement Benefit Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Other Post retirement Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $48 | $46 | $38 |
Interest cost | 134 | 125 | 107 |
Amortization of transition obligation | 24 | 24 | 24 |
Amortization of prior service cost | 47 | 47 | 48 |
Amortization of unrecognized loss | 2 | -25 | -60 |
Total | $255 | $217 | $157 |
Recovered_Sheet1
Employee Benefit Plans And Stock-Based Compensation Plans (Details 8) (Other Post retirement Benefit Plans [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Other Post retirement Benefit Plans [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | $208 |
2015 | 209 |
2016 | 211 |
2017 | 212 |
2018 | 215 |
2019 - 2023 | $1,107 |
Recovered_Sheet2
Employee Benefit Plans And Stock-Based Compensation Plans (Details 9) (Other Post retirement Benefit Plans [Member]) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Other Post retirement Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Medical trend rate next year | 4.50% | 4.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Discount rate | 4.20% | 4.10% |
Discount rate used to value periodic cost | 4.10% | 4.30% |
Recovered_Sheet3
Employee Benefit Plans And Stock-Based Compensation Plans (Details 10) (Other Post retirement Benefit Plans [Member], USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Other Post retirement Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Postretirement plan unrecognized gain | ($20) | $175 |
Postretirement plan unrecognized service cost | -270 | -317 |
Postretirement unrecognized transition obligation | -20 | -30 |
Postretirement SERP | -307 | -400 |
Postemployment BOLI | -399 | -122 |
Subtotal | -1,016 | -694 |
Deferred tax asset (liability) | -413 | -282 |
Net amount recognized in accumulated other comprehensive income (loss) | ($603) | ($412) |
Recovered_Sheet4
Employee Benefit Plans And Stock-Based Compensation Plans (Details 11) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Feb. 28, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 28, 2005 | Sep. 30, 2013 | Sep. 30, 2013 | |
Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Recognition and Retention Plan [Member] | Stock Compensation Plan [Member] | ||
Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,066,184 | ' | 2,114,509 | 1,972,480 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | 2,875,877 | 1,997,300 | 7,120 | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested shares at September 30, 2011, Number of Shares | ' | ' | ' | ' | ' | ' | 97,817 | ' |
Grants in period, other than options (in shares) | ' | ' | ' | ' | ' | ' | 186,900 | ' |
Vested, Number of Shares | ' | ' | ' | ' | ' | ' | -65,720 | ' |
Forfeited, Number of Shares | ' | ' | ' | ' | ' | ' | -9,300 | ' |
Nonvested shares at September 30, 2012, Number of Shares | ' | ' | ' | ' | ' | ' | 209,697 | ' |
Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested shares at September 30, 2011, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | $8.31 | ' |
Granted, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | $9.04 | ' |
Vested, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | $8.94 | ' |
Forfeited, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | $7.28 | ' |
Nonvested shares at September 30, 2012, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | $8.73 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | $10.71 | $11.04 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,028,140 | 107,256 | 360,500 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $9.04 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ' | 8,250 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $7.51 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 225,501 | ' | 203,167 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | ' | ' | $11.06 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 7,054 | ' | ' | ' | ' | ' | ' | 7,054 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $13.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | ' | ' | ' | ' | ' | 1,386,619 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $11.90 |
Recovered_Sheet5
Employee Benefit Plans And Stock-Based Compensation Plans (Details 12) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Stock Option Plan [Member] | Range One [Member] | Range Two [Member] | Range Three [Member] | |||
Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' |
Range of Exercise Price, lower range limit | ' | ' | ' | $6.71 | $9.28 | $12.84 |
Range of Exercise Price, upper range limit | ' | ' | ' | $9 | $12.64 | $13.92 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ' | ' | ' | ' | ' | ' |
Outstanding, Number of Stock Options | 549,262 | 599,194 | 2,114,509 | 875,309 | 263,000 | 976,200 |
Outstanding, Weighted-Average Exercise Price | ' | ' | $10.71 | $8.34 | $10.41 | $12.92 |
Outstanding, Weighted-Average Life (in Years) | ' | ' | '5 years 2 months 12 days | '8 years 10 months 24 days | '2 years 3 months 18 days | '2 years 8 months 12 days |
Exercisable, Number of Stock Options | ' | ' | 1,386,619 | 187,419 | 223,000 | 976,200 |
Exercisable, Weighted-Average Exercise Price | ' | ' | $11.90 | $8.12 | $10.60 | $12.92 |
Exercisable, Weighted-Average Life (in Years) | ' | ' | '5 years 2 months 12 days | '8 years 10 months 24 days | '2 years 3 months 18 days | '2 years 8 months 12 days |
Recovered_Sheet6
Employee Benefit Plans And Stock-Based Compensation Plans (Details 13) (Stock Options [Member]) | 12 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | ||||
Fair value of options granted determined using weighted-average assumptions as grant date | ' | ' | ' | |||
Expected term in years | '5 years 8 months 30 days | '5 years 9 months 25 days | '5 years 10 months 26 days | |||
Stock Option Plan [Member] | ' | ' | ' | |||
Fair value of options granted determined using weighted-average assumptions as grant date | ' | ' | ' | |||
Risk-free interest rate | 1.00% | 1.40% | 2.20% | |||
Expected stock price volatility | 40.80% | 40.00% | 34.50% | |||
Dividend yield | 2.60% | [1] | 3.00% | [1] | 2.80% | [1] |
[1] | Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. |
Recovered_Sheet7
Employee Benefit Plans And Stock-Based Compensation Plans (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Nov. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Jan. 31, 2004 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Feb. 28, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Jan. 31, 2005 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 28, 2005 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Minimum [Member] | Share Option Plan Two Thousand Four [Member] | Commodity Option [Member] | Employee Savings Plan [Member] | Employee Savings Plan [Member] | Employee Savings Plan [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan [Member] | Supplemental Savings Plan [Member] | Supplemental Savings Plan [Member] | Supplemental Savings Plan [Member] | Recognition and Retention Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Supplemental Employee Retirement Plan [Member] | Supplemental Employee Retirement Plan [Member] | Supplemental Employee Retirement Plan [Member] | Other Post retirement Benefit Plans [Member] | Other Post retirement Benefit Plans [Member] | Other Post retirement Benefit Plans [Member] | |||||
Recognition and Retention Plan [Member] | Recognition and Retention Plan [Member] | Recognition and Retention Plan [Member] | Recognition and Retention Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Employee Benefit Plans And Stock-Based Compensation Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized acturaial loss and prior service cost expected to be amortized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Pension plan assets consisting of company common stock | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 651,000 | 33,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits and distributions paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,546,000 | 1,603,000 | ' | ' | ' | ' | 160,000 | 125,000 | ' |
Settlement charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Discount rate used in determining the actuarial present value of the projected benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.20% | 4.10% | 5.00% | 3.00% | 2.50% | ' | 4.20% | 4.10% | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average long-term rate of return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.80% | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,705,000 | 35,471,000 | 30,612,000 | 1,194,000 | 1,016,000 | ' | 3,302,000 | 3,103,000 | 2,509,000 |
Discount rate used in the determination of net periodic pension expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | 3.25% | ' | 4.10% | 4.30% | ' |
Unrecognized actuarial loss and prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,052,000 | 1,692,000 | 1,312,000 | 49,000 | 41,000 | 44,000 | 255,000 | 217,000 | 157,000 |
Vested benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,180,000 | 1,016,000 | ' | ' | ' | ' |
Amortization period for transition obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Unrecognized actuarial gain and prior service cost expected to be amortized out of accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' |
Maximum contribution by employee, percent | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum contribution by employer, percent of employee contribution | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum annual contribution per employee, percent | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Savings plan expense | ' | ' | ' | ' | ' | ' | ' | 935,000 | 1,029,000 | 1,875,000 | ' | ' | ' | ' | 79,000 | 0 | 340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed by ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased for ESOP with borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 998,650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for awards | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP expense (net of forfeitures) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 497,000 | 390,000 | 436,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative shares in ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 439,388 | 389,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP shares not allocated or commited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549,262 | 599,194 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP shares not allocated or commited, cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,493,000 | 5,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP shares not allocated or commited, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,981,000 | 5,638,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Option Plan (ESOP) plan termination cost | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts accrued and recorded in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 798,920 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Subject to Accelerated Vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,533 | ' | ' | ' | ' | ' | ' | 48,121 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares remaining that are authorized and available for future grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,120 | ' | ' | ' | ' | 2,875,877 | ' | ' | 1,997,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost that has been charged against income for share based compensation plan | ' | 2,239,000 | 1,187,000 | 1,162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,108,000 | 276,000 | 168,000 | ' | ' | 634,000 | 521,000 | 558,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,239,000 | ' | ' | ' | 1,360,000 | 1,360,000 | ' | ' | ' | 1,239,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period total unrecognized compensation cost related to non-vested shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 716,000 | 157,000 | 73,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares permitted for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Number of Shares Received for each Share Granted | ' | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of share options | ' | 1,028,140 | ' | ' | ' | 191,724 | 1,867,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,256 | 360,500 | ' | ' | 29,550 | 11,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,428,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.74 | $2.31 | $2.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | 62,000 | 102,000 | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186,900 | ' | ' | ' | ' | ' | ' | ' | ' | 186,900 | 58,000 | 63,870 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Noninterest_expense_Deta
Other Non-interest expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $0 | $0 | $1,772 |
Restructuring charges | 0 | 0 | 3,201 |
Marketing and Advertising Expense | 1,502 | 1,849 | 3,328 |
Professional Fees | 3,393 | 4,247 | 4,389 |
Information Technology and Data Processing | 2,520 | 2,802 | 2,763 |
Atm Debit Card Expense | 1,722 | 1,711 | 1,584 |
Other non interest expense -misc | 8,239 | 7,782 | 7,980 |
Other Noninterest Expense | $17,376 | $18,391 | $25,017 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |||
Computation of basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $5,329 | $6,376 | $6,529 | $7,020 | $2,261 | $6,209 | $5,701 | $5,717 | $25,254 | $19,888 | $11,739 | |||
Weighted average common shares outstanding for computation of basic EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 43,734,425 | 38,227,653 | 37,452,596 | |||
Common-equivalent shares due to the dilutive effect of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 48,628 | [1] | 20,393 | [1] | 946 | [1] |
Weighted average common shares for computation of diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 43,783,053 | 38,248,046 | 37,453,542 | |||
Basic (USD per share) | $0.12 | $0.15 | $0.15 | $0.16 | $0.06 | $0.17 | $0.15 | $0.15 | $0.58 | $0.52 | $0.31 | |||
Diluted (USD per share) | $0.12 | $0.15 | $0.15 | $0.16 | $0.06 | $0.17 | $0.15 | $0.15 | $0.58 | $0.52 | $0.31 | |||
Antidilutive securities excluded from earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,786,608 | 1,771,132 | 1,871,299 | |||
[1] | Represents incremental shares computed using the treasury stock method. |
Stockholders_Equity_Compliance
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Narrative) (Details) | Sep. 30, 2013 | Sep. 30, 2012 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Maximum amount of loan losses added to total capital, as a percentage of risk-weighted assets | 1.30% | ' |
Provident Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tangible capital required for minimum capital adequacy ratio | 1.50% | ' |
Tier 1 (core) capital required for minimum capital adequacy ratio | 4.00% | 4.00% |
Total risk-based capital required for minimum capital adequacy ratio | 8.00% | 8.00% |
Tier 1 (core) capital required to be well capitalized ratio | 5.00% | 5.00% |
Tier 1 risk-based capital required to be well capitalized ratio | 6.00% | 6.00% |
Total risk-based capital required to be well capitalized ratio | 10.00% | 10.00% |
Stockholders_Equity_Equity_Tra
Stockholders' Equity - Equity Transactions (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Disclosure of Stock Repurchase Programs [Abstract] | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 776,713 | ' | ' |
Payments of Dividends [Abstract] | ' | ' | ' |
Minimum notice required by the Federal Reserve before any dividend to parent company is declared | '30 days | ' | ' |
Provident Bancorp [Member] | ' | ' | ' |
Disclosure of Stock Repurchase Programs [Abstract] | ' | ' | ' |
Stock repurchased during period, shares | 0 | 0 | 457,454 |
Stock repurchased during period, value | ' | ' | $3.80 |
Provident Bank [Member] | ' | ' | ' |
Payments of Dividends [Abstract] | ' | ' | ' |
Maximum dividend (excluding earnings for the remainder of calendar year 2012) allowed to be paid to parent company without pproval, under OCC regulations | 35.8 | ' | ' |
Dividends to parent company | ' | 6 | 10 |
Liquidation account balance | 13.3 | ' | ' |
Stockholders_Equity_Compliance1
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) (Provident Bank [Member], USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Provident Bank [Member] | ' | ' |
Tangible Capital [Abstract] | ' | ' |
Tangible capital required for minimum capital adequacy ratio | 1.50% | ' |
Tier 1 (core) Leverage Capital [Abstract] | ' | ' |
Tier 1 (core) capital | $363,274 | $289,441 |
Tier 1 (core) capital ratio | 9.30% | 7.50% |
Tier 1 (core) capital required for minimum capital adequacy | 155,670 | 153,469 |
Tier 1 (core) capital required for minimum capital adequacy ratio | 4.00% | 4.00% |
Tier 1 (core) capital required to be well capitalized | 194,587 | 191,836 |
Tier 1 (core) capital required to be well capitalized ratio | 5.00% | 5.00% |
Tier 1 Risk-based Capital [Abstract] | ' | ' |
Tier 1 risk-based capital | 363,274 | 289,441 |
Tier 1 risk-based capital ratio | 13.20% | 12.10% |
Tier 1 risk-based capital required for minimum capital adequacy | 0 | 0 |
Tier 1 risk-based capital required for minimum capital adequacy ratio | 0.00% | 0.00% |
Tier 1 risk-based capital required to be well capitalized | 165,352 | 143,085 |
Tier 1 risk-based capital required to be well capitalized ratio | 6.00% | 6.00% |
Total risk-based capital | 392,376 | 317,929 |
Total risk-based capital ratio | 14.20% | 13.30% |
Total risk-based capital required for minimum capital adequacy | 220,469 | 190,780 |
Total risk-based capital required for minimum capital adequacy ratio | 8.00% | 8.00% |
Total risk-based capital required to be well capitalized | $275,587 | $238,475 |
Total risk-based capital required to be well capitalized ratio | 10.00% | 10.00% |
Stockholders_Equity_Reconcilia
Stockholders' Equity - Reconciliation of Stockholders' Equity to Bank Regulatory Capital (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
Reconciliation of Stockholders' Equity To Bank Regulatory Capital [Line Items] | ' | ' | ' | ' |
Total GAAP stockholders' equity (Provident Bank) | $482,866 | $491,122 | $431,134 | $430,955 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -22,167 | 7,641 | 6,762 | ' |
Allowance for loan losses | 28,877 | 28,282 | 27,917 | 30,843 |
Provident Bancorp [Member] | ' | ' | ' | ' |
Reconciliation of Stockholders' Equity To Bank Regulatory Capital [Line Items] | ' | ' | ' | ' |
Total GAAP stockholders' equity (Provident Bank) | 482,866 | 491,122 | ' | ' |
Provident Bank [Member] | ' | ' | ' | ' |
Reconciliation of Stockholders' Equity To Bank Regulatory Capital [Line Items] | ' | ' | ' | ' |
Total GAAP stockholders' equity (Provident Bank) | 516,281 | 466,037 | ' | ' |
Goodwill and certain intangible assets | -168,122 | -169,525 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 11,455 | -15,077 | ' | ' |
Disallowed servicing asset | -198 | -162 | ' | ' |
Other comprehensive loss | 3,858 | 8,168 | ' | ' |
Tangible, Tier 1 core and Tier 1 risk-based capital | 363,274 | 289,441 | ' | ' |
Allowance for loan losses | 29,102 | 28,488 | ' | ' |
Total risk-based capital | $392,376 | $317,929 | ' | ' |
OffBalanceSheet_Financial_Inst2
Off-Balance-Sheet Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Loan origination commitments [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Lending-related instruments | $171,032 | $125,729 |
Unused lines of credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Lending-related instruments | 207,201 | 265,940 |
Letters of credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Lending-related instruments | $35,052 | $26,441 |
OffBalanceSheet_Financial_Inst3
Off-Balance-Sheet Financial Instruments (Details Textual) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Loan origination commitments [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Lending-related instruments | $171,032 | $125,729 |
Unused lines of credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Lending-related instruments | 207,201 | 265,940 |
Letters of credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Lending-related instruments | 35,052 | 26,441 |
Assets pledged as collateral | $17,159 | ' |
Commitment_and_Contingencies_D
Commitment and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Future minimum rental payments due under non-cancelable operating leases | ' | ' | ' |
2014 | $3,458 | ' | ' |
2015 | 3,220 | ' | ' |
2016 | 3,131 | ' | ' |
2017 | 3,152 | ' | ' |
2018 | 3,118 | ' | ' |
2019 and thereafter | 16,083 | ' | ' |
Operating Leases, Future Minimum Payments Receivable | 32,162 | ' | ' |
Rent expense | $3,340 | $2,952 | $2,845 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Investment grades of securities | ' | ' |
Amortized Cost | $973,709 | $985,508 |
Fair Value | 954,393 | 1,010,872 |
Privately issued residential mortgage backed securities Level 3 [Member] | ' | ' |
Investment grades of securities | ' | ' |
Amortized Cost | 454,173 | 433,465 |
Fair Value | 449,183 | 444,509 |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Investment grades of securities | ' | ' |
Fair Value | 3,613 | 4,630 |
Significant Unobservable Inputs Level 3 [Member] | Privately issued residential mortgage backed securities Level 3 [Member] | Moody's, B1 Rating [Member] | ' | ' |
Investment grades of securities | ' | ' |
Amortized Cost | 1,931 | ' |
Fair Value | 1,919 | ' |
Significant Unobservable Inputs Level 3 [Member] | Privately issued residential mortgage backed securities Level 3 [Member] | Moody's, Ba1 Rating [Member] | ' | ' |
Investment grades of securities | ' | ' |
Amortized Cost | 102 | ' |
Fair Value | 101 | ' |
Significant Unobservable Inputs Level 3 [Member] | Privately issued residential mortgage backed securities Level 3 [Member] | Moody's, B3 Rating [Member] | ' | ' |
Investment grades of securities | ' | ' |
Amortized Cost | 1,357 | ' |
Fair Value | 1,345 | ' |
Significant Unobservable Inputs Level 3 [Member] | Privately issued residential mortgage backed securities Level 3 [Member] | Moody's, Baa1 Rating [Member] | ' | ' |
Investment grades of securities | ' | ' |
Amortized Cost | 246 | ' |
Fair Value | 248 | ' |
Significant Unobservable Inputs Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ' | ' |
Investment grades of securities | ' | ' |
Amortized Cost | 3,636 | ' |
Fair Value | $3,613 | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Investment securities | ' | ' |
Fair Value | $954,393 | $1,010,872 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Fair Value | 954,393 | ' |
Interest rate caps and swaps | -997 | ' |
Swaps | 997 | ' |
Total Liabilities | 997 | ' |
Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 211,438 | ' |
Freddie Mac [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 67,629 | ' |
Ginnie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,462 | ' |
CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 163,041 | ' |
Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,613 | ' |
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 449,183 | 444,509 |
Investment securities | ' | ' |
Fair Value | ' | 1,010,872 |
Interest rate caps and swaps | ' | -2,487 |
Total Assets | 955,390 | 1,013,359 |
Swaps | ' | 2,485 |
Total Liabilities | ' | 2,485 |
Fair Value Measurements [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | ' | 161,407 |
Fair Value Measurements [Member] | Freddie Mac [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | ' | 85,260 |
Fair Value Measurements [Member] | Ginnie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | ' | 4,778 |
Fair Value Measurements [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | ' | 188,434 |
Fair Value Measurements [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | ' | 4,630 |
Fair Value Measurements [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 261,547 | 408,823 |
Fair Value Measurements [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 114,933 | ' |
Fair Value Measurements [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 128,730 | 156,481 |
Fair Value Measurements [Member] | Equities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | ' | 1,059 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Investment securities | ' | ' |
Fair Value | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Swaps | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Investment securities | ' | ' |
Fair Value | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Total Assets | 0 | 0 |
Swaps | 0 | 0 |
Total Liabilities | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Freddie Mac [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Ginnie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 0 | ' |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Equities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | ' | 0 |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Investment securities | ' | ' |
Fair Value | 950,780 | 1,006,242 |
Interest rate caps and swaps | -997 | -2,487 |
Swaps | 997 | 2,485 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 445,570 | 439,879 |
Investment securities | ' | ' |
Fair Value | 950,780 | 1,006,242 |
Interest rate caps and swaps | ' | -2,487 |
Total Assets | 951,777 | 1,008,729 |
Swaps | 997 | 2,485 |
Total Liabilities | 997 | 2,485 |
Significant Other Observable Inputs Level 2 [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 211,438 | 161,407 |
Significant Other Observable Inputs Level 2 [Member] | Freddie Mac [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 67,629 | 85,260 |
Significant Other Observable Inputs Level 2 [Member] | Ginnie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,462 | 4,778 |
Significant Other Observable Inputs Level 2 [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 163,041 | 188,434 |
Significant Other Observable Inputs Level 2 [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 261,547 | 408,823 |
Significant Other Observable Inputs Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 114,933 | ' |
Significant Other Observable Inputs Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 128,730 | 156,481 |
Significant Other Observable Inputs Level 2 [Member] | Equities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | ' | 1,059 |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Investment securities | ' | ' |
Fair Value | 3,613 | 4,630 |
Interest rate caps and swaps | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,613 | 4,630 |
Investment securities | ' | ' |
Fair Value | 3,613 | 4,630 |
Interest rate caps and swaps | 0 | 0 |
Total Assets | 3,613 | 4,630 |
Swaps | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Freddie Mac [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Ginnie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,613 | 4,630 |
Significant Unobservable Inputs Level 3 [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 0 | ' |
Significant Unobservable Inputs Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Equities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Total investment securities available for sale | ' | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (Fair Value, Measurements, Recurring [Member], Significant Unobservable Inputs Level 3 [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' | ' |
Summary of changes in Level 3 assets measured at fair value on a recurring basis | ' | ' | ' |
Beginning Balance | $4,630 | $4,851 | $5,996 |
Pay downs | -1,018 | 675 | -908 |
(Amortization) and accretion, net | 3 | 15 | 1 |
Credit loss write down (OTTI) | 14 | ' | ' |
Change in fair value | -12 | 47 | 75 |
Loss recognized on sale | ' | ' | -163 |
Sale | ' | -486 | ' |
Ending Balance | $3,613 | $4,630 | $4,851 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | $0 | $0 |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 2,422,824 | 2,157,133 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 24,707 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 6,013 | ' |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 6,013 | 24,707 |
Impaired [Member] | Real estate-residential mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 8,628 |
Impaired [Member] | Real estate-residential mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 0 |
Impaired [Member] | Real estate-residential mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 0 |
Impaired [Member] | Real estate-residential mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 8,628 |
Impaired [Member] | Real estate-commercial mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 6,537 |
Impaired [Member] | Real estate-commercial mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 3,672 | ' |
Impaired [Member] | Real estate-commercial mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 0 |
Impaired [Member] | Real estate-commercial mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Real estate-commercial mortgage [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 3,672 | 6,537 |
Impaired [Member] | Commercial business loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 500 | 95 |
Impaired [Member] | Commercial business loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Commercial business loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Commercial business loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 500 | 95 |
Impaired [Member] | Acquisition Development And Construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 8,232 |
Impaired [Member] | Acquisition Development And Construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 1,839 | ' |
Impaired [Member] | Acquisition Development And Construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Acquisition Development And Construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Acquisition Development And Construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 1,839 | 8,232 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | 1,215 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 2 | ' |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 0 | 0 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | $2 | $1,215 |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Mortgage servicing rights | $1,978 | $1,624 |
Discount rates | 3.12% | ' |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 2,422,824 | 2,157,133 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | ' | 24,707 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 6,013 | 24,707 |
Impaired [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-commercial mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 3,672 | ' |
Fair Value Weighted Average | 0.22 | ' |
Impaired [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial business loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 500 | ' |
Fair Value Weighted Average | 0.144 | ' |
Impaired [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Acquisition Development And Construction [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 1,839 | ' |
Fair Value Weighted Average | 0.135 | ' |
Impaired [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 2 | ' |
Impaired [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-residential mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 0.00% | ' |
Impaired [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-commercial mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 15.00% | ' |
Impaired [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial business loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 9.00% | ' |
Impaired [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Acquisition Development And Construction [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 10.00% | ' |
Impaired [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 0.00% | ' |
Impaired [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-residential mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 0.00% | ' |
Impaired [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-commercial mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 36.00% | ' |
Impaired [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial business loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 19.00% | ' |
Impaired [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Acquisition Development And Construction [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 30.00% | ' |
Impaired [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 0.00% | ' |
Taken in Foreclosure [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-residential mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 998 | ' |
Fair Value Weighted Average | 0.216 | ' |
Taken in Foreclosure [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-commercial mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 3,320 | ' |
Fair Value Weighted Average | 0.248 | ' |
Taken in Foreclosure [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Acquisition Development And Construction [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Loans | 1,704 | ' |
Fair Value Weighted Average | 0.302 | ' |
Taken in Foreclosure [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Mortgage servicing rights | $1,978 | ' |
Weighted average prepayment speed | 224 | ' |
Taken in Foreclosure [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-residential mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 16.00% | ' |
Taken in Foreclosure [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-commercial mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management adjustments | 25.00% | ' |
Taken in Foreclosure [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Acquisition Development And Construction [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management adjustments | 25.00% | ' |
Taken in Foreclosure [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount rates | 9.30% | ' |
Prepayment speed | 100 | ' |
Taken in Foreclosure [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-residential mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Comparability adjustments | 59.00% | ' |
Taken in Foreclosure [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real estate-commercial mortgage [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management adjustments | 70.00% | ' |
Taken in Foreclosure [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Acquisition Development And Construction [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management adjustments | 70.00% | ' |
Taken in Foreclosure [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount rates | 12.80% | ' |
Prepayment speed | 968 | ' |
Fair_Value_Measurements_Fair_v
Fair Value Measurements Fair value Measurements (Details 5) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale at fair value | $954,393 | $1,010,872 |
Held-to-maturity Securities, Fair Value | 250,896 | 146,324 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 113,090 | 437,982 |
Securities available for sale at fair value | 954,393 | 1,010,872 |
Held-to-maturity Securities, Fair Value | 253,999 | 142,376 |
Loans Receivable, Fair Value Disclosure | 2,384,021 | 2,091,190 |
Loans Held-for-sale, Fair Value Disclosure | 1,011 | 7,505 |
Accrued Interest Receivables, Securities, Fair Value Disclosure | 4,892 | 4,011 |
Accrued Interest Receivables, Loans, Fair Value Disclosure | 6,805 | 6,502 |
FHLB of New York stock | 24,312 | 19,249 |
Derivative Asset | 997 | ' |
Non Maturity Deposits Fair Value Disclosure | -2,694,166 | 2,723,669 |
Certificates Of Deposit Fair Value Disclosure | -268,128 | -387,482 |
Federal Home Loan Bank And Other Borrowings | -462,953 | 345,176 |
Mortgage Escrow Funds Fair Value Disclosure | -12,646 | 11,919 |
Accrued Interest Payable, Deposits Including Escrow, Fair Value Disclosure | -1,480 | -500 |
Accrued interest payable on borrowings | -1,525 | 1,442 |
Derivative Liability | -997 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 113,090 | 437,982 |
Securities available for sale at fair value | 0 | 0 |
Held-to-maturity Securities, Fair Value | 0 | 0 |
Loans Receivable, Fair Value Disclosure | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Accrued Interest Receivables, Securities, Fair Value Disclosure | 0 | 0 |
Accrued Interest Receivables, Loans, Fair Value Disclosure | 0 | 0 |
Derivative Asset | 0 | 0 |
Non Maturity Deposits Fair Value Disclosure | -2,694,166 | -2,723,669 |
Certificates Of Deposit Fair Value Disclosure | 0 | 0 |
Federal Home Loan Bank And Other Borrowings | 0 | 0 |
Mortgage Escrow Funds Fair Value Disclosure | 0 | 0 |
Accrued Interest Payable, Deposits Including Escrow, Fair Value Disclosure | 0 | 0 |
Accrued interest payable on borrowings | ' | ' |
Derivative Liability | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Securities available for sale at fair value | 950,780 | 1,006,242 |
Held-to-maturity Securities, Fair Value | 250,896 | 146,324 |
Loans Receivable, Fair Value Disclosure | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 1,011 | 7,505 |
Accrued Interest Receivables, Securities, Fair Value Disclosure | 4,892 | 4,011 |
Accrued Interest Receivables, Loans, Fair Value Disclosure | 0 | 0 |
Derivative Asset | 997 | 2,487 |
Non Maturity Deposits Fair Value Disclosure | 0 | 0 |
Certificates Of Deposit Fair Value Disclosure | -268,088 | -389,031 |
Federal Home Loan Bank And Other Borrowings | -488,369 | -377,906 |
Mortgage Escrow Funds Fair Value Disclosure | -12,644 | 11,917 |
Accrued Interest Payable, Deposits Including Escrow, Fair Value Disclosure | -1,480 | -500 |
Accrued interest payable on borrowings | -1,525 | -1,442 |
Derivative Liability | -997 | -2,485 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Securities available for sale at fair value | 3,613 | 4,630 |
Held-to-maturity Securities, Fair Value | 0 | 0 |
Loans Receivable, Fair Value Disclosure | 2,422,824 | 2,157,133 |
Loans Held-for-sale, Fair Value Disclosure | ' | 0 |
Accrued Interest Receivables, Securities, Fair Value Disclosure | 0 | 0 |
Accrued Interest Receivables, Loans, Fair Value Disclosure | 6,805 | 6,502 |
Derivative Asset | 0 | 0 |
Non Maturity Deposits Fair Value Disclosure | 0 | 0 |
Certificates Of Deposit Fair Value Disclosure | 0 | 0 |
Federal Home Loan Bank And Other Borrowings | 0 | 0 |
Mortgage Escrow Funds Fair Value Disclosure | 0 | 0 |
Accrued Interest Payable, Deposits Including Escrow, Fair Value Disclosure | 0 | 0 |
Accrued interest payable on borrowings | ' | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale at fair value | 954,393 | ' |
Loans Receivable, Fair Value Disclosure | 35,230 | 50,078 |
Derivative Asset | 997 | ' |
Derivative Liability | -997 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale at fair value | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale at fair value | 950,780 | 1,006,242 |
Derivative Asset | ' | 2,487 |
Derivative Liability | -997 | -2,485 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale at fair value | 3,613 | 4,630 |
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Measurements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale at fair value | ' | 1,010,872 |
Derivative Asset | ' | 2,487 |
Derivative Liability | ' | -2,485 |
Senior Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | -98,033 | ' |
Senior Notes [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ($98,142) | ' |
Recovered_Sheet8
Fair value measurements (Details Textual) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | $973,709,000 | $985,508,000 |
Securities available for sale at fair value | 954,393,000 | 1,010,872,000 |
Discount rates | 3.12% | ' |
Fair Value Inputs Weighted Average Life | '3 years 5 months 25 days | ' |
Fair Value Inputs Prepayment Period | '20 years 4 months 20 days | ' |
Fair Value Inputs, Probability of Default | 4.30% | ' |
Temporary impairment charge for the securities due to Temporary losses to securities | 14,000 | ' |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale at fair value | 3,613,000 | 4,630,000 |
Significant Unobservable Inputs Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Amortized Cost | 3,636,000 | ' |
Securities available for sale at fair value | 3,613,000 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale at fair value | 954,393,000 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale at fair value | 3,613,000 | 4,630,000 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale at fair value | 3,613,000 | ' |
Temporary impairment charge for the securities due to Temporary losses to securities | $14,000 | $47,000 |
Fair_Value_Measurements_Detail5
Fair Value Measurements (Details Textual 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Changes in fair value recognized on provisions on loans held by the Company | $2,726 | $5,088 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | $35,230 | $50,078 |
Fair_Value_Measurements_Detail6
Fair Value Measurements (Details Textual 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Mortgage servicing rights | $1,978 | $1,624 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 6,022 | 6,403 |
Changes in fair value recognized through income for foreclosed assets held by the Company | $1,083 | $1,098 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (loss) income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,463 | ($26,538) | $1,463 | $981 | $981 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,268 | 300 | 4,309 | 300 | -969 | -969 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,763 | -22,229 | 1,763 | 12 | 12 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -15,330 | ' | ' | ' | 6,899 | ' | ' | ' | ' | ' | -15,330 | 6,899 | 5,136 | 5,124 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,167 | 7,641 | 6,762 | ' |
Other Comprehensive income(loss) before reclassifications - Penion- Post retirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,041 | ' | ' | ' |
Other comprehesive income(loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,126 | ' | ' | ' |
Gain (Loss) on Sale of Securities, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,391 | 10,452 | 10,011 | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 47 | 278 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,359 | ' | ' | ' | ' | ' |
Other comprehensive income(loss) available for sale reclassification adjustment tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,988 | ' | ' | ' | ' | ' |
other comprehensive income(loss) available for sale securities net of tax relass adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 4,371 | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,135 | ' | 1,268 | ' | ' | ' |
Accumulated other comprehensive income reclass adjustments net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,103 | ' | ' | ' |
Income tax expense | 3,312 | 2,833 | 2,203 | 3,066 | -280 | 2,378 | 2,035 | 2,026 | ' | ' | 11,414 | 6,159 | 2,807 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -11,472 | ' | ' | ' | 15,066 | ' | ' | ' | ' | ' | -11,472 | 15,066 | 13,603 | 12,622 |
Unrealized gain(loss) for pension and other post-retirement obligations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,858 | ' | ' | ' | -8,167 | ' | ' | ' | ' | ' | -3,858 | -8,167 | -8,467 | -7,498 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | -8,167 | ' | ' | ' | ' | ' | ' | -8,167 | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 867 | ' | ' | ' | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | $15,066 | ' | ' | ' | ' | ' | ' | $15,066 | ' | ' |
Condensed_Parent_Company_Finan2
Condensed Parent Company Financial Statements - Statements of Financial Condition (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash | $113,090 | $437,982 | $281,512 | $90,872 |
Securities available for sale at fair value | 954,393 | 1,010,872 | ' | ' |
Other assets | 45,882 | 34,944 | ' | ' |
Total assets | 4,049,172 | 4,022,982 | ' | ' |
Senior Notes | 98,033 | 0 | ' | ' |
Other Liabilities | 30,380 | 63,614 | ' | ' |
Total liabilities | 3,566,306 | 3,531,860 | ' | ' |
Stockholders' equity | 482,866 | 491,122 | 431,134 | 430,955 |
Total liabilities and stockholders’ equity | 4,049,172 | 4,022,982 | ' | ' |
Provident Bancorp [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash | 56,230 | 6,716 | 6,692 | 10,020 |
Loan receivable from ESOP | 6,437 | 6,896 | ' | ' |
Securities available for sale at fair value | 0 | 809 | ' | ' |
Other assets | 1,184 | 5,371 | ' | ' |
Total assets | 585,029 | 492,569 | ' | ' |
Senior Notes | 98,033 | 0 | ' | ' |
Other Liabilities | 4,130 | 1,447 | ' | ' |
Total liabilities | 102,163 | 1,447 | ' | ' |
Stockholders' equity | 482,866 | 491,122 | ' | ' |
Total liabilities and stockholders’ equity | 585,029 | 492,569 | ' | ' |
Provident Bank [Member] | Provident Bancorp [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investment in subsidiaries | 517,907 | 467,295 | ' | ' |
Non-bank Subsidiaries[Member] | Provident Bancorp [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investment in subsidiaries non bank | $3,271 | $5,482 | ' | ' |
Condensed_Parent_Company_Finan3
Condensed Parent Company Financial Statements - Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Owned Life Insurance Income | ' | ' | ' | ' | ' | ' | ' | ' | $1,998 | $2,050 | $2,049 |
Interest expense | 5,795 | 4,276 | 4,601 | 5,222 | 4,874 | 4,263 | 4,506 | 4,930 | 19,894 | 18,573 | 21,324 |
Noninterest Expense | 23,367 | 21,789 | 23,339 | 22,546 | 28,784 | 21,162 | 21,290 | 20,721 | 91,041 | 91,957 | 90,111 |
Income Tax Expense (Benefit) | 3,312 | 2,833 | 2,203 | 3,066 | -280 | 2,378 | 2,035 | 2,026 | 11,414 | 6,159 | 2,807 |
Net income | 5,329 | 6,376 | 6,529 | 7,020 | 2,261 | 6,209 | 5,701 | 5,717 | 25,254 | 19,888 | 11,739 |
Provident Bancorp [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 262 | 282 | 304 |
Dividend Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 30 | 31 |
Bank Owned Life Insurance Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 10 | 91 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,431 | 0 | 0 |
Noninterest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,700 | 1,838 | 1,819 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -898 | 87 | -157 |
Income (Loss) from Continuing Operations, Before Equity in Undistributed Earnings of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,349 | 5,071 | 9,264 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 25,254 | 19,888 | 11,739 |
Provident Bank [Member] | Provident Bancorp [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Income, Investments in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,000 | 10,000 |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 27,174 | 13,739 | 1,498 |
Non-bank Subsidiaries[Member] | Provident Bancorp [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Income, Investments in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,600 | 500 | 500 |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | $571 | $1,078 | $977 |
Condensed_Parent_Company_Finan4
Condensed Parent Company Financial Statements - Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $25,254 | $19,888 | $11,739 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Other adjustments, net | 26,413 | -2,237 | 8,639 |
Net cash provided by operating activities | 22,624 | 25,026 | 26,478 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities | 339,123 | 344,431 | 540,145 |
Net cash provided by (used in) investing activities | -403,098 | -291,473 | 62,629 |
Cash flows from financing activities | ' | ' | ' |
Treasury shares purchased | 0 | 0 | -3,810 |
Proceeds from Issuance of Senior Long-term Debt | 97,946 | 0 | 0 |
Cash dividends paid | -10,642 | -9,100 | -8,973 |
Net increase (decrease) in cash and cash equivalents | -324,892 | 156,470 | 190,640 |
Cash and cash equivalents at beginning of year | 437,982 | 281,512 | 90,872 |
Cash and cash equivalents at end of year | 113,090 | 437,982 | 281,512 |
Provident Bancorp [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 25,254 | 19,888 | 11,739 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Other adjustments, net | -5,259 | -380 | -1,444 |
Net cash provided by operating activities | 3,910 | 5,451 | 7,820 |
Cash flows from investing activities: | ' | ' | ' |
Payments to Acquire Available-for-sale Securities, Equity | ' | -105 | ' |
Sales of securities | 818 | ' | 0 |
Proceeds from Sale of Available-for-sale Securities | 0 | 103 | 0 |
Investment in subsidiaries | -45,000 | -44,203 | 0 |
ESOP loan principal repayments | 459 | 441 | 424 |
Net cash provided by (used in) investing activities | -43,723 | -43,764 | 424 |
Cash flows from financing activities | ' | ' | ' |
Treasury shares purchased | 0 | 0 | -3,810 |
Proceeds from Issuance of Senior Long-term Debt | 97,946 | 0 | 0 |
Capital raise | 0 | 46,000 | 0 |
Cash dividends paid | -10,642 | -9,100 | -8,973 |
Stock option transactions including RRP | 1,758 | 910 | 770 |
Other equity transactions | 265 | 527 | 441 |
Net cash used in financing activities | 89,327 | 38,337 | -11,572 |
Net increase (decrease) in cash and cash equivalents | 49,514 | 24 | -3,328 |
Cash and cash equivalents at beginning of year | 6,716 | 6,692 | 10,020 |
Cash and cash equivalents at end of year | 56,230 | 6,716 | 6,692 |
Provident Bank [Member] | Provident Bancorp [Member] | ' | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Income (Loss) from Equity Method Investments | -27,174 | -13,739 | -1,498 |
Non-bank Subsidiaries[Member] | Provident Bancorp [Member] | ' | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Income (Loss) from Equity Method Investments | ($571) | ($1,078) | ($977) |
Quarterly_Results_Of_Operation2
Quarterly Results Of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $33,903 | $32,593 | $32,420 | $33,145 | $30,113 | $28,345 | $28,411 | $28,168 | $132,061 | $115,037 | $112,614 |
Interest expense | 5,795 | 4,276 | 4,601 | 5,222 | 4,874 | 4,263 | 4,506 | 4,930 | 19,894 | 18,573 | 21,324 |
Net interest income | 28,108 | 28,317 | 27,819 | 27,923 | 25,239 | 24,082 | 23,905 | 23,238 | 112,167 | 96,464 | 91,290 |
Provision for loan losses | 2,700 | 3,900 | 2,600 | 2,950 | 3,500 | 2,312 | 2,850 | 1,950 | 12,150 | 10,612 | 16,584 |
Non-interest income | 6,600 | 6,581 | 6,852 | 7,659 | 9,026 | 7,979 | 7,971 | 7,176 | 27,692 | 32,152 | 29,951 |
Non-interest expense | 23,367 | 21,789 | 23,339 | 22,546 | 28,784 | 21,162 | 21,290 | 20,721 | 91,041 | 91,957 | 90,111 |
Income before income tax expense | 8,641 | 9,209 | 8,732 | 10,086 | 1,981 | 8,587 | 7,736 | 7,743 | 36,668 | 26,047 | 14,546 |
Income tax expense | 3,312 | 2,833 | 2,203 | 3,066 | -280 | 2,378 | 2,035 | 2,026 | 11,414 | 6,159 | 2,807 |
Net income | $5,329 | $6,376 | $6,529 | $7,020 | $2,261 | $6,209 | $5,701 | $5,717 | $25,254 | $19,888 | $11,739 |
Basic (USD per share) | $0.12 | $0.15 | $0.15 | $0.16 | $0.06 | $0.17 | $0.15 | $0.15 | $0.58 | $0.52 | $0.31 |
Diluted (USD per share) | $0.12 | $0.15 | $0.15 | $0.16 | $0.06 | $0.17 | $0.15 | $0.15 | $0.58 | $0.52 | $0.31 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Nov. 01, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' | ' | ' |
Total assets after merger Sterling | ' | ' | $6,700,000,000 |
Stock Issued During Period, Shares, Acquisitions | 39,057,968 | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | 253,000,000 | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | 33,000,000 | ' |
Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 457,800,000 | ' | ' |
Fixed ratio of shares to be received by Sterling | 1.2625 | ' | ' |
Business Combination, Shares outsanding after the merger | 83,868,972 | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 53.00% | ' | ' |
Shares received from aquiree from acquirer | 30,937,004 | ' | ' |
Business aquisition, percentage of stock aquired Sterling | 47.00% | ' | ' |
Amount of authorized shares before increase [Domain] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Authorized increase in common stock shares | 75,000,000 | ' | ' |
Amount of authorized shares after increase [Domain] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Authorized increase in common stock shares | 200,000,000 | ' | ' |