Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 06, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Entity Registrant Name | BCB BANCORP INC | ||
Entity Central Index Key | 1,228,454 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 11,289,403 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 94.8 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 12,121 | $ 11,808 |
Interest-earning deposits | 52,917 | 120,827 |
Total cash and cash equivalents | 65,038 | 132,635 |
Interest-earning time deposits | 980 | 1,238 |
Securities available for sale | 94,765 | 9,623 |
Loans held for sale | 4,153 | 1,983 |
Loans receivable, net of allowance for loan losses of $17,209 and $18,042, respectively | 1,485,159 | 1,420,118 |
Federal Home Loan Bank of New York stock, at cost | 9,306 | 10,711 |
Premises and equipment, net | 19,382 | 15,727 |
Accrued interest receivable | 5,573 | 5,595 |
Other real estate owned | 3,525 | 1,564 |
Deferred income taxes | 9,953 | 9,881 |
Other assets | 10,374 | 9,331 |
Total Assets | 1,708,208 | 1,618,406 |
LIABILITIES | ||
Non-interest bearing deposits | 158,523 | 130,920 |
Interest bearing deposits | 1,233,682 | 1,143,009 |
Total deposits | 1,392,205 | 1,273,929 |
Short-term debt | 20,000 | |
Long-term debt | 155,000 | 200,000 |
Subordinated debentures | 4,124 | 4,124 |
Other liabilities | 5,798 | 6,809 |
Total Liabilities | 1,577,127 | 1,484,862 |
STOCKHOLDERS' EQUITY | ||
Preferred stock: $0.01 par value, 10,000,000 shares authorized, issued and outstanding 1,560 shares of series A, B, and C 6% noncumulative perpetual preferred stock (liquidation value $10,000 per share) at December 31, 2016 and 1,731 shares of Series A and B 6% noncumulative perpetual preferred stock at December 31, 2015 | ||
Additional paid-in capital preferred stock | 15,464 | 17,174 |
Common stock; no par value; 20,000,000 shares authorized, issued 13,797,088 and 13,738,587 at December 31, 2016 and 2015, respectively, 11,267,225 and 11,209,324 shares, respectively outstanding | ||
Additional paid-in capital common stock | 120,417 | 119,682 |
Retained earnings | 28,159 | 27,382 |
Accumulated other comprehensive (loss) | (3,856) | (1,598) |
Treasury stock, at cost, 2,529,863 and 2.529,263, respectively | (29,103) | (29,096) |
Total Stockholders' Equity | 131,081 | 133,544 |
Total Liabilites and Stockholders' equity | $ 1,708,208 | $ 1,618,406 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statement of Financial Condition [Abstract] | ||
Loans receivable, allowance for loan losses | $ 17,209 | $ 18,042 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 1,560 | 1,731 |
Preferred stock, shares outstanding | 1,560 | 1,731 |
Preferred stock, dividend rate | 6.00% | 6.00% |
Preferred stock, liquidation preference per share | $ 10,000 | |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 13,797,088 | 13,738,587 |
Common stock, shares outstanding | 11,267,225 | 11,209,324 |
Treasury stock, shares | 2,529,863 | 2,529,263 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Loans, including fees | $ 69,406 | $ 66,628 | $ 57,858 |
Investments, taxable | 1,198 | 651 | 2,254 |
Investments, non-taxable | 19 | 28 | |
Other interest-earning assets | 732 | 101 | 55 |
Total interest income | 71,355 | 67,380 | 60,195 |
Deposits: | |||
Demand | 2,090 | 923 | 507 |
Savings and club | 379 | 403 | 406 |
Certificates of deposit | 8,092 | 6,084 | 4,287 |
Total deposits | 10,561 | 7,410 | 5,200 |
Borrowings | 5,734 | 6,459 | 5,107 |
Total interest expense | 16,295 | 13,869 | 10,307 |
Net interest income | 55,060 | 53,511 | 49,888 |
Provision for loan losses | 27 | 2,280 | 2,800 |
Net interest income, after provision for loan losses | 55,033 | 51,231 | 47,088 |
Non-interest income: | |||
Fees and service charges | 3,076 | 2,061 | 2,188 |
Gain on sales of loans and other real estate owned | 3,326 | 4,873 | 2,179 |
Loss on bulk sale of impaired loans held in portfolio | (373) | (4,012) | |
Gain on sale of securities held to maturity | 2,288 | ||
Gain on sale of securities available for sale | 1,223 | ||
Other | 94 | 131 | 92 |
Total non-interest income | 6,123 | 7,065 | 3,958 |
Non-interest expense: | |||
Salaries and employee benefits | 25,277 | 23,068 | 20,145 |
Occupancy and Equipment | 8,168 | 7,635 | 5,708 |
Data processing service fees | 2,599 | 4,238 | 4,062 |
Professional fees | 1,802 | 1,291 | 2,121 |
Director fees | 670 | 528 | 727 |
Regulatory assessments | 1,568 | 1,218 | 1,142 |
Advertising | 1,601 | 2,217 | 1,033 |
Other real estate owned, net | 221 | 574 | 80 |
Other | 5,989 | 5,683 | 3,391 |
Total non-interest expense | 47,895 | 46,452 | 38,409 |
Income before income tax provision | 13,261 | 11,844 | 12,637 |
Income tax provision | 5,258 | 4,814 | 5,047 |
Net Income | 8,003 | 7,030 | 7,590 |
Preferred stock dividends | 936 | 917 | 800 |
Net Income available to common stockholders | $ 7,067 | $ 6,113 | $ 6,790 |
Net Income per common share-basic and diluted | |||
Basic | $ 0.63 | $ 0.69 | $ 0.81 |
Diluted | $ 0.63 | $ 0.69 | $ 0.81 |
Weighted average number of common shares outstanding | |||
Basic | 11,238 | 8,853 | 8,366 |
Diluted | 11,251 | 8,875 | 8,401 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net Income | $ 8,003 | $ 7,030 | $ 7,590 | |
Unrealized (losses) gains on available-for-sale securities: | ||||
Unrealized holding (losses) gains arising during the period | (4,350) | (103) | 286 | |
Less: reclassification for gains on sale of securities available for sale on Consolidated Statements of Operations | (1,223) | |||
Tax effect | [1] | 1,777 | 42 | 383 |
Net of tax effect | (2,573) | (61) | (554) | |
Benefit Plans: | ||||
Actuarial gain (loss) | 533 | (338) | (1,542) | |
Tax effect | (218) | 138 | 630 | |
Net of tax effect | 315 | (200) | (912) | |
Other comprehensive (loss) | (2,258) | (261) | (1,466) | |
Comprehensive income | $ 5,745 | $ 6,769 | $ 6,124 | |
[1] | Income tax provision on Consolidated Statements of Operations includes $488,000 in 2014 related to the sale of securities available for sale. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Consolidated Statements of Comprehensive Income [Abstract] | |
Reclassification adjustment for gains included in Consolidated Statements of Operations, tax | $ 488 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands | Additional Paid-In Capital [Member]Common Stock [Member] | Additional Paid-In Capital [Member]Preferred Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Preferred Stock [Member] | Total |
Beginning Balance at Dec. 31, 2013 | $ 105,314,000 | $ 23,710,000 | $ (29,093,000) | $ 129,000 | $ 100,060,000 | ||||
Proceeds from issuance of stock | $ 770,000 | $ 770,000 | |||||||
Exercise of stock options | 351,000 | 351,000 | |||||||
Stock-based compensation expense | 55,000 | $ 55,000 | |||||||
Treasury stock purchases (shares) | 884 | ||||||||
Treasury stock purchases | (12,000) | $ (12,000) | |||||||
Dividends payable on Series A, B and C B 6% noncumulative perpetual preferred stock | (800,000) | (800,000) | |||||||
Cash dividends on common stock | (4,412,000) | (4,412,000) | |||||||
Dividend reinvestment plan | 105,000 | (105,000) | |||||||
Stock purchase plan | 116,000 | 116,000 | |||||||
Net income | 7,590,000 | 7,590,000 | |||||||
Other comprehensive loss | (1,466,000) | (1,466,000) | |||||||
Ending Balance at Dec. 31, 2014 | 106,711,000 | 25,983,000 | (29,105,000) | (1,337,000) | 102,252,000 | ||||
Proceeds from issuance of stock | $ 25,613,000 | $ 3,848,000 | $ 25,613,000 | $ 3,848,000 | |||||
Stock-based compensation expense | 66,000 | 66,000 | |||||||
Treasury stock adjustment | 9,000 | 9,000 | |||||||
Dividends payable on Series A, B and C B 6% noncumulative perpetual preferred stock | (917,000) | (917,000) | |||||||
Cash dividends on common stock | (4,461,000) | (4,461,000) | |||||||
Dividend reinvestment plan | 253,000 | (253,000) | |||||||
Stock purchase plan | 365,000 | 365,000 | |||||||
Net income | 7,030,000 | 7,030,000 | |||||||
Other comprehensive loss | (261,000) | (261,000) | |||||||
Ending Balance at Dec. 31, 2015 | 136,856,000 | 27,382,000 | (29,096,000) | (1,598,000) | 133,544,000 | ||||
Redemption of Series A Preferred Stock | (1,710,000) | (1,710,000) | |||||||
Stock-based compensation expense | 125,000 | $ 125,000 | |||||||
Treasury stock purchases (shares) | 600 | ||||||||
Treasury stock purchases | (7,000) | $ (7,000) | |||||||
Dividends payable on Series A, B and C B 6% noncumulative perpetual preferred stock | (936,000) | (936,000) | |||||||
Cash dividends on common stock | (6,016,000) | (6,016,000) | |||||||
Dividend reinvestment plan | 274,000 | (274,000) | |||||||
Stock purchase plan | 336,000 | 336,000 | |||||||
Net income | 8,003,000 | 8,003,000 | |||||||
Other comprehensive loss | (2,258,000) | (2,258,000) | |||||||
Ending Balance at Dec. 31, 2016 | $ 135,881,000 | $ 28,159,000 | $ (29,103,000) | $ (3,856,000) | $ 131,081,000 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2014 | Aug. 31, 2014 | May 31, 2014 | Feb. 28, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | |||||||
Options exercised (shares) | 127,539 | ||||||
Treasury stock purchases (shares) | 600 | 884 | |||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | ||||
Cash dividends declared (per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.14 | $ 0.14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from Operating Activities: | |||
Net income | $ 8,003,000 | $ 7,030,000 | $ 7,590,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of premises and equipment | 2,422,342 | 2,149,000 | 1,512,000 |
Amortization and accretion, net | (1,805,000) | (451,000) | (819,000) |
Provision for loan losses | 27,000 | 2,280,000 | 2,800,000 |
Deferred income tax | 1,487,000 | 2,000 | 1,251,000 |
Loans originated for sale | (39,081,000) | (17,764,000) | (25,450,000) |
Proceeds from sale of loans originated for sale | 40,237,000 | 23,749,000 | 25,507,000 |
Gain on sales of loans and other real estate owned | (3,326,000) | (4,873,000) | (2,179,000) |
Fair value adjustment of other real estate owned | 278,000 | 396,000 | |
Gain on sales of securites held to maturity | (2,288,000) | ||
Gain on sales of securities available for sale | (1,223,000) | ||
Loss on bulk sale of impaired loans held in portfolio | 373,000 | 4,012,000 | |
Stock compensation expense | 125,000 | 66,000 | 55,000 |
Decrease (increase) in accrued interest receivable | 22,000 | (1,141,000) | (297,000) |
(Increase) in other assets | (1,043,000) | (2,257,000) | (5,296,000) |
(Decrease) increase in accrued interest payable | (228,000) | 239,000 | 47,000 |
(Decrease) in other liabilities | (250,000) | (1,736,000) | (726,000) |
Net Cash Provided by Operating Activities | 7,241,000 | 7,689,000 | 4,496,000 |
Cash flows from Investing Activities: | |||
Proceeds from repayments, calls, and maturities on securities held to maturity | 10,272,000 | ||
Proceeds from repayments, calls and maturities on securities available for sale | 6,158,000 | 1,160,000 | 93,000 |
Purchases of securities held to maturity | (3,034,000) | ||
Puchases of securities available for sale | (95,722,000) | (1,174,000) | |
Purchase of interest-earning time deposits | 258,000 | (245,000) | |
Proceeds from sales of securities held to maturity | 99,198,000 | ||
Proceeds from sales of securities available for sale | 1,320,000 | ||
Proceeds from sales of other real estate owned | 1,146,000 | 1,525,000 | 907,000 |
Proceeds from bulk sale of impaired loans held in portfolio | 1,817,000 | 10,355,000 | |
Purchases of loans | (8,068,000) | ||
Net increase in loans receivable | (68,766,000) | (213,811,000) | (197,421,000) |
Additions to premises and equipment | (6,077,000) | (3,581,000) | (1,748,000) |
Sale (purchase) of Federal Home Loan Bank of New York stock | 1,405,000 | (1,881,000) | (990,000) |
Net Cash Used in Investing Activities | (159,781,000) | (218,007,000) | (89,116,000) |
Cash flows from Financing Activities: | |||
Net increase in deposits | 118,276,000 | 245,373,000 | 59,886,000 |
Proceeds from long-term debt | 10,000,000 | 67,000,000 | 23,000,000 |
Repayments of long-term debt | (55,000,000) | ||
Net change in short-term debt | 20,000,000 | (26,000,000) | 8,000,000 |
(Purchase) adjustment of treasury stock | (7,000) | 9,000 | (12,000) |
Cash dividends paid on common stock | (6,016,000) | (4,461,000) | (4,412,000) |
Cash dividends paid on preferred stock | (936,000) | (917,000) | (800,000) |
Net proceeds from issuance of common stock | 336,000 | 25,978,000 | 467,000 |
Net (redemption) proceeds from issuance of preferred stock | (1,710,000) | 3,848,000 | 770,000 |
Net Cash Provided By Financing Activities | 84,943,000 | 310,830,000 | 86,899,000 |
Net (Decrease) increase In Cash and Cash Equivalents | (67,597,000) | 100,512,000 | 2,279,000 |
Cash and Cash Equivalents - Begininng | 132,635,000 | 32,123,000 | 29,844,000 |
Cash and Cash Equivalents - Ending | 65,038,000 | 132,635,000 | 32,123,000 |
Supplementary Cash Flow Information: | |||
Cash paid during the year for: Income taxes | 5,317,000 | 2,384,000 | 7,416,000 |
Cash paid during the year for: Interest | 16,523,000 | $ 13,630,000 | 10,261,000 |
Non-cash items: | |||
Transfer of loans to other real estate owned | $ 3,227,000 | 2,372,000 | |
Reclassification of loans originated for sale to held to maturity | $ 460,000 |
Organization and Stock Offering
Organization and Stock Offerings | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Stock Offerings [Abstract] | |
Organization and Stock Offerings | Note 1 - Organi zation and Stock Offerings BCB Bancorp, Inc. (the “Company”) is incorporated in the State of New Jersey and is a bank holding company. The common stock of the Company is listed on the Nasdaq Global Market and trades under the symbol “BCBP.” In January and February 2016, the Company granted its Series A Noncumulative Perpetual Preferred Stock (“Series A Shares”) shareholders the option to have their shares redeemed, resulting in an aggregate redemption price of $1,710,000 . Following the redemption of the 141 Series A Shares, 724 Series A Shares remain outstanding and subject to future redemption by the Company. In November 2015, t he Company issued and sold in a public offering an aggregate of 2,760,000 shares of the Company’s common stock at $10.00 per share. The shares included in the Company’s offering (the “Offering”) were registered under the Securities Act pursuant to the Company’s registration statement filed with the Securities and Exchange Commission (“SEC”) on Form S-3 (File No. 333-199424) and was filed with the SEC on October 16, 2014 and declared effective on November 4, 2014. The Form S-3 registered certain types of the Company’s securities, including the Company’s common stock, up to a total dollar amount of $50.0 million. Sandler O’Neill & Partners, L.P. acted as book-running manager and as representatives of the underwriters. Janney Montgomery Scott LLC and Oppenheimer & Company Inc. acted as co-managers for the offering. The offering commenced on October 28, 2015 and terminated on November 4 th , 2015. The offering resulted in $25.6 million of net proceeds, after deducting underwriting discounts and commissions and other offering expenses of $2.0 million payable by us. None of the underwriting discounts and commissions or other offering expenses were incurred or paid to the Company’s directors or officers or their associates or to persons owning 10% or more of the Company’s common stock or to any of the Company’s affiliates. On November 27, 2015, the Company closed a private placement of Series C Noncumulative Perpetual Preferred Stock, resulting in the issuance of 388 shares of Series C 6% Non-Cumulative Perpetual Preferred Shares (“Series C Shares”) for gross proceeds of $3.88 million through December 31, 2015. The costs associated with this private placement were approximately $32,000 . The Series C Shares issued are callable by the Company after December 31 st , 2017 at $10,000 per share (liquidation preference value). There is no ability to convert the Series C Shares to common shares. Dividends on the Series C Shares, if and when declared, will be paid quarterly in arrears. On October 30, 2013, the Company amended its Restated Certificate of Incorporation to revise Article V to amend certain terms related to the Series A 6% Noncumulative Perpetual Preferred Stock and to create a new Series B 6% Noncumulative Perpetual Preferred Stock, which sets forth the number of shares to be included in such series, and to fix the designation, powers, preferences, and rights of the shares of each such series and any qualifications, limitations or restrictions thereof. Such amendment to the Restated Certificate of Incorporation was approved by the directors of the Company on February 20, 2013. On October 31, 2013, the Company closed a private placement of Series B Noncumulative Perpetual Preferred Stock, resulting in the issuance of 478 shares of Series B 6% Non-Cumulative Perpetual Preferred Shares for gross proceeds of $4.78 million through December 31, 2014. The costs associated with the private placement were approximately $24,000 . The shares issued are callable by the Company after October 31, 2016, at $10,000 per share (liquidation preference value). There is no ability to convert the preferred shares to common shares. Dividends on the preferred shares, if and when declared, will be paid quarterly in arrears. On December 20, 2012, the Company amended its Restated Certificate of Incorporation to include a new Article V, Part (C) which establishes a Series A 6% Noncumulative Perpetual Preferred Stock and sets forth the number of shares to be included in such series, and to fix the designation, powers, preferences, and rights of the shares of each such series and any qualifications, limitations or restrictions thereof. Such amendment to the Restated Certificate of Incorporation was approved by the directors of the Company on October 10, 2012. On December 31, 2012, the Company closed a private placement of Series A Noncumulative Perpetual Preferred Stock, resulting in the issuance of 865 shares of Series A 6% Non-Cumulative Perpetual Preferred Shares for gross proceeds of $8.65 million. The costs associated with the private placement were approximately $80,000 . The shares issued are callable by the Company after December 31, 2015, at $10,000 per share (liquidation preference value). There is no ability to convert the preferred shares to common shares. Dividends on the preferred shares, if and when declared, will be paid quarterly in arrears. The Company’s primary business is the ownership and operation of B CB Community Bank (the “Bank”). The Bank is a New Jersey commercial bank which, as of December 31, 201 6 , operated at twenty-two locations in Bayonne, Carteret, Colonia, Edison, Fairfield, Hoboken, Holmdel, Jersey City, Lodi, Lyndhurst, Monroe Township, South Orange, Rutherford , Union, and Woodbridge New Jersey, and Staten Island, New York and is subject to regulation, supervision, and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowed funds, to invest in securities and to make loans collateralized by residential and commercial real estate and, to a lesser extent, consumer loans. BCB Holding Company Investment Corp. (the “New Jersey Investment Company”) was organized in January 2005 under New Jersey law as a New Jersey investment company primarily to hold investment and mortgage-backed securities. Pamrapo Service Corporation was organized in 1975 under New Jersey law to engage in the purchase and sale of real estate. In the 1990’s, the Pamrapo Service Corporation was engaged in the business of selling non-financial products, (annuities, mutual funds and stocks) to the public. The Pamrapo Service Corporation has been inactive since May 2010. BCB New York Management, Inc. (the “New York Management Company”) was organized in October 2012 under New York law as a New York investment company primarily to hold various loan products, investment and mortgage-backed securities. BCB New York Management, Inc. has been inactive since 2012. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Consolidated Financial Statement Presentation The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries, the Bank, the New Jersey Investment Company, the New York Management Company and Pamrapo Service Corporation, have been prepared in conformity with accounting principles generally accepted in the United States of America. All significant intercompany accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods then ended. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the identification of other-than-temporary impairment of securities, the determination as to whether deferred tax assets are realizable, and the determination of the fair value of financial instruments. Management believes that the allowance for loan losses is adequate; no securities in unrealized loss positions are other-than-temporarily impaired; net deferred tax assets have been reduced to an amount which is more-likely-than-not realizable, and the fair values of financial instruments are appropriate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Management’s assessment regarding impairment of securities is based on future projections of cash flow which are subject to change. The realizability of deferred tax assets is partially based on projections of future taxable income, which is subject to change. The determination of fair value requires the use of various inputs which are subject to frequent and ongoing changes. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2016 and the date these consolidated financial statements were issued. Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks having original maturities of three months or less. Securities Available for Sale and Held to Maturity Investments in debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as trading securities or as held to maturity securities are classified as available for sale securities (“AFS”) and reported at fair value, with unrealized holding gains or losses, net of applicable deferred income taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary” in accordance with Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt and Equity Securities. Accordingly, temporary impairments are accounted for based upon the classification of the related securities as either available for sale or held to maturity. Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through Other Comprehensive Income (“OCI”) with offsetting entries adjusting the carrying value of the securities and the balance of deferred taxes. Conversely, the carrying values of held to maturity securities are not adjusted for temporary impairments. Information concerning the amount and duration of temporary impairments on both available for sale and held to maturity securities is disclosed in the notes to the consolidated financial statements. Other-than-temporary impairments are accounted for based upon several considerations. First, other-than-temporary impairments on debt securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in operations. If neither of these conditions regarding the likelihood of the sale of debt securities are applicable, then the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. Credit-related, other-than-temporary impairments are recognized in earnings and noncredit-related, other-than-temporary impairments are recognized, net of deferred taxes, in OCI. Equity securities on which there is an unrealized loss that is deemed other-than-temporary impaired are written down to fair value with the write-down recognized in earnings. Premiums and discounts on all securities are amortized/accreted to maturity using the interest method. Interest and dividend income on securities, which includes amortization of premiums and accretion of discounts, are recognized in the consolidated financial statements when earned. Loans Held For Sale Loans held for sale consist primarily of residential mortgage loans intended for sale and are carried at the lower of cost or estimated fair market value using the aggregate method. These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the cost of the related loans sold. Note 2 - Summary of Significant Accounting Policies Loans Receivable Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for loan losses. Loan origination fees and certain direct loan origination costs are deferred and amortized/accreted, as an adjustment of yield, over the contractual lives of the related loans. The accrual of interest on loans that are contractually delinquent more than ninety days is discontinued and the related loans are placed on nonaccrual status. All payments received while in nonaccrual status, are applied to principal until the loan has performed as expected for a minimum of six (6) months or until the loan is determined to qualify for return to normal accruing status. Loans may be returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured. Acquired Loans Loans that were acquired in acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require an evaluation to determine the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which is then reclassified as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. The evaluation of the amount of future cash flows that is expected to be collected is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, the Company may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. The Company has determined that it cannot reasonably estimate future cash flows on any such acquired loans that are past due 90 days or more and continue to treat them as non-accrual. Allowance for Loan Losses The allowance for loan losses is increased through provisions charged to operations and by recoveries, if any, on previously charged-off loans and reduced by charge-offs on loans which are determined to be a loss in accordance with Bank policy. The allowance for loan losses is maintained at a level considered adequate to absorb loan losses. Management, in determining the allowance for loan losses, considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Bank utilizes a two tier approach: (1) identification of impaired loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Bank maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potentially impaired loans. Such a system takes into consideration, but is not limited to, delinquency status, size of loans, types and value of collateral, and financial condition of the borrowers. Specific loan loss allowances are established for impaired loans based on a review of such information and/or appraisals of the underlying collateral. General loan loss allowances are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management’s judgment. Although management believes that adequate specific and general allowances for loan losses are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. The Bank does not aggregate such loans for evaluation purposes. Payments received on impaired loans are applied to principal. When a loan is placed on nonaccrual status, amounts previously accrued and recognized as income are reversed. All payments are applied to principal under the cost recovery method. Interest income on nonaccrual loans is recognized on a cash basis. Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Securities include securities backed by the U.S. Government and other highly rated instruments. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey. As a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the State. Note 2 – Summary of Significant Accounting Policies (Continued ) Premises and Equipment Land is carried at cost. Buildings, building improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Significant renovations and additions are charged to the property and equipment account. Maintenance and repairs are charged to expense in the period incurred. Depreciation charges are computed on the straight-line method over the following estimated useful lives of each type of asset. Years Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 3 - 5 Leasehold improvements Shorter of useful life or term of lease Federal Home Loan Bank (“FHLB”) of New York Stock Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. Such stock is carried at cost. Management evaluates the FHLB of New York stock for impairment in accordance with guidance on accounting by entities that lend to or finance the activities of others. Management’s determination of whether this investment is impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB of New York as compared to the capital stock amount for the FHLB of New York and the length of time this situation has persisted, (2) commitments by the FHLB of New York to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB of New York, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB of New York. No impairment charges were recorded related to the FHLB of New York stock during 2016, 2015, or 2014. O ther Real Estate Owned Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2016, the Bank owned nine properties totaling $3,525,000 . At December 31, 2015, the Bank owned four properties totaling $1,564,000 . Interest Rate Risk The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to make loans secured by real estate and to purchase securities. The potential for interest-rate risk exists as a result of the difference in duration of the Bank’s interest-sensitive liabilities compared to its interest-sensitive assets. For this reason, management regularly monitors the maturity structure of the Bank’s interest-earning assets and interest-bearing liabilities in order to measure its level of interest-rate risk and to plan for future volatility. Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Income taxes are allocated to the Company and its subsidiaries based upon their respective income or loss included in the consolidated income tax return. Separate state income tax returns are filed by the Company and its subsidiaries. Federal and state income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or (benefit) is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not more likely than not to be realized. Note 2 – Summary of Significant Accounting Policies (Continued) The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with ASC Topic 740, Income Taxes , which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more-likely-than-not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the Consolidated Statement of Operations. The Company did not recognize any interest and penalties for the years ended December 31, 2016, 2015 and 2014. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2015 , 2014 , and 2013 . The tax years subject to examination by the State taxing authority are the years ended December 31, 2015 , 2014 , 2013 , and 2012 . The Company was notified by the IRS in January 2017 that its 2014 consolidated income tax return was selected for examination, which will begin in March, 2017. Net Income per Common Share Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the years ended December 31, 2016, 2015 and 2014, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the years ended December 31, 2016, 2015 and 2014, the weighted average number of outstanding options considered to be anti-dilutive was 418,500 , 260,500 , and 126,219 , respectively. Stock-Based Compensation Plans The Company, under plans approved by its stockholders in 2011, 2003 and 2002, has granted stock options to employees and outside directors. See note 13 for additional information as to option grants. Compensation expense recognized for all option grants is net of estimated forfeitures and is recognized over the awards’ respective requisite service periods. The fair values relating to all options granted are estimated using a Black-Scholes option pricing model. Expected volatilities are based on historical volatility of our stock and other factors, such as implied market volatility using this options expected term. The Company used the mid-point of the original vesting period and original option life to estimate the options’ expected term, which represents the period of time that the options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of these option awards, which have graded vesting, on a straight-line basis over the requisite service period of these awards. Benefit Plans The Company acquired, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (the “Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the “Pension Plan” to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The defined benefit plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the defined benefit plan generally are amortized over the estimated remaining service periods of employees. Additionally, with the merger with Pamrapo Bancorp, Inc., certain former employees of Pamrapo Savings Bank are covered under a Supplemental Executive Retirement Plan (“SERP”), an unfunded non-qualified deferred retirement plan. Participants who retire at the age of 65 (the “Normal Retirement Age”), are entitled to an annual retirement benefit equal to 75% of compensation reduced by their retirement plan annual benefits. Participants retiring before the Normal Retirement Age receive the same benefits reduced by a percentage based on years of service to the Company and the number of years prior to the Normal Retirement Age that participants retire. Comprehensive Income (Loss) The Company records unrealized gains and losses, net of deferred income taxes, on securities available for sale in accumulated other comprehensive income (loss). Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities or upon the recognition of an impairment loss. Accumulated other comprehensive income (loss) also includes benefit plan amounts recognized in accordance with ASC 715, Compensation-Retirement Benefits , which reflect, net of tax, the unrecognized gains (losses) on the benefit plans. Reclassification Certain amounts as of and for the years ended December 31, 2015 and 2014 have been reclassified to conform to the current year’s presentation. These changes had no effect on the Company’s results of operations or financial position. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which will supersede the current revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. The new guidance will be effective for public companies for periods beginning after December 15, 2017 with private companies provided a one-year deferral until periods beginning after December 15, 2018. The ASU permits application of the new revenue recognition guidance to be applied using one of two retrospective application methods. The Company has not yet determined which application method it will use. The guidance is effective for the Company’s financial statements beginning January 1, 2018. The guidance allows an entity to apply the new standard either retrospectively or through a cumulative effect adjustment as of January 1, 2018. This guidance does not apply to revenue associated with financial instruments, including loans, securities, and derivatives that are accounted for under other U.S. GAAP guidance. For that reason, we do not expect it to have a material impact on our consolidated results of operations for elements of the statement of income associated with financial instruments, including securities gains, interest income and interest expense. However, we do believe the new standard will result in new disclosure requirements. We are currently in the process of reviewing contracts to assess the impact of the new guidance on our service offerings that are in the scope of the guidance, included in non-interest income such as insurance commission fees, service charges, payment processing fees, trust services fees, and brokerage services fees. . The Company is continuing to evaluate the effect of the new guidance on revenue sources other than financial instruments on our financial position and consolidated results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of income. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. The new guidance will be effective for years beginning after December 15, 2018 for public companies and for years beginning after December 15, 2019 for private companies. Once effective, the standard will be applied using a modified retrospective transition method to the beginning of the earliest period presented. The Company is currently assessing the impacts this new standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). This ASU was issued as part of FASB’s Simplification Initiative. The areas for simplification in this Update include income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows for share-based payment transactions. For public companies, this ASU will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments will be effective for annual periods beginning after December 31, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impacts this new standard will have on its consolidated financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. For public business entities that are U.S. Securities and Exchange Commission filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3 - Related Party Transactions The Bank leases a property from New Bay LLC (“New Bay”), a limited liability company 100% owned by a majority of the Directors of the Bank. In conjunction with the lease, New Bay substantially removed the pre-existing structure on the site and constructed a new building suitable to the Bank for its banking operations. Under the terms of the lease, the cost of this project was reimbursed to New Bay by the Bank. The amount reimbursed, which occurred during the year 2000, was $943,000 , and is included in property and equipment under the caption “Building and improvements” (see Note 7). On May 1, 2006, the Bank renegotiated the lease to a twenty-five year term. The Bank paid New Bay $165,000 a year ( $13,750 per month) which is included in the Consolidated Statements of Operations for 2016, 2015, and 2014, within occupancy expense of premises. The rent is to be adjusted every five years thereafter at the fair market rental value at the end of each preceding five year period. The Bank expects to pay New Bay $165,000 for the year 2017. On February 8, 2012, the Bank entered into a two year lease, which has been extended, for a warehouse with a Director of the Bank. The purpose of the lease is to store documents, consumable supplies, equipment, and furniture not currently in use by the Bank. The Bank paid $20,400 a year, which is reflected in the Consolidated Statement of Operations for 2016, 2015 and 2014 within occupancy expense of premises. The Bank expects to pay $20,400 for the year 2017. The Bank leases a property in Woodbridge, New Jersey from ACB Development LLC, a portion of which is owned by two Directors. Payments under the lease currently total $15,397 per month. The Bank paid $172,352 , $190,580 , and $178,190 in rent in the years 2016, 2015 and 2014, which is reflected in the Consolidated Statement of Operations for 2016, 2015 and 2014 within occupancy expense of premises. The Bank expects to pay $175,490 for the year 2017. On March 6, 2014, the Bank entered into a ten year lease of property in Rutherford, New Jersey with 190 Park Avenue , LLC, which is owned by two Directors. The rent is $2,779 per month and lease payments of $33,350 and $33,350 were made in years 2016 and 2015, which is reflected in the 2016 Consolidated Statement of Operations within occupancy expense of premises. The Bank expects to pay $34,014 for the year 2017. On May 12 th , 2016, the Bank entered into a 5 year lease of property in Lyndhurst, New Jersey with 734 Ridge Realty, LLC, which is owned by two Directors. The rent is $7,350 per month and lease payments of $44,100 were made in 2016, which is reflected in the Consolidated Statement of Operations for 2016 within occupancy expense of premises. The Bank expects to pay $88,200 for the year 2017. |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 2016 | |
Securities Available for Sale [Abstract] | |
Securities Available for Sale | Note 4- Securities Available for Sale The following table presents by maturity the amortized cost and gross unrealized gains and losses on securities available for sale as of December 31, 2016 and December 31, 2015. The preferred stock does not have a maturity date. December 31, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Mortgage-backed securities: Due after five years through ten years $ 6,230 $ 23 $ 86 $ 6,167 Due after ten years 80,594 65 4,354 76,305 Municipal obligations: Due within one year $ 6,968 $ - $ 7 $ 6,961 Preferred Stock: Due after 10 years 5,356 - 24 5,332 $ 99,148 $ 88 $ 4,471 $ 94,765 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential mortgage-backed securities: Due after five years through ten years $ 3,418 $ 13 $ 73 $ 3,358 Due after ten years 6,238 89 62 6,265 $ 9,656 $ 102 $ 135 $ 9,623 The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows: Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2016 Residential mortgage-backed securities $ 74,672 $ 4,313 $ 3,379 $ 127 $ 78,051 $ 4,440 Municipal obligations 6,961 7 - - 6,961 7 Preferred stock 1,983 24 - - 1,983 24 $ 83,616 $ 4,344 $ 3,379 $ 127 $ 86,995 $ 4,471 December 31, 2015 Residential mortgage-backed securities $ 1,163 $ 4 $ 3,686 $ 131 $ 4,849 $ 135 $ 1,163 $ 4 $ 3,686 $ 131 $ 4,849 $ 135 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At December 31, 2016 and 2015, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities , municipal obligations, and preferred stock on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these residential mortgage-backed securities, at December 31, 2016 to be temporary. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 5 - Loans Receivable and Allowance for Loan Losses The following table presents the recorded investment in loans receivable at December 31, 2016 and December 31, 2015 by segment and class: December 31, 2016 December 31, 2015 (In Thousands) Originated loans: Residential one-to-four family $ 142,081 $ 117,165 Commercial and multi-family 1,056,806 982,828 Construction 70,867 64,008 Commercial business (1) 63,444 70,340 Home equity (2) 32,417 31,237 Consumer 1,269 2,365 Sub-total 1,366,884 1,267,943 Acquired loans recorded at fair value: Residential one-to-four family 56,310 67,587 Commercial and multi-family 60,422 79,308 Construction - - Commercial business (1) 4,460 4,281 Home equity (2) 13,877 18,851 Consumer 225 263 Sub-total 135,294 170,290 Acquired loans with deteriorated credit: Residential one-to-four family 1,443 1,474 Commercial and multi-family 753 669 Construction - - Commercial business (1) - 167 Home equity (2) - 71 Consumer - - Sub-total 2,196 2,381 Total Loans 1,504,374 1,440,614 Less: Deferred loan fees, net (2,006) (2,454) Allowance for loan losses (17,209) (18,042) (19,215) (20,496) Total Loans, net $ 1,485,159 $ 1,420,118 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. At December 31, 201 6 and 201 5 , loans serviced by the Bank for the benefit of others totaled approximately $184.1 million an d $184.1 million , respectively. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table presents the unpaid principal balance and the related recorded investment of acquired loans included in loans receivable in accompanying Consolidated Statements of Financial Condition. (In Thousands): December 31, December 31, 2016 2015 Unpaid principal balance $ 140,049 $ 183,046 Recorded investment 137,045 172,671 The following table presents changes in the accretable discount on loans acquired for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2015 Balance, Beginning of Period $ 53,612 $ 70,522 Accretion (14,976) (17,254) Net Reclassification from Non-Accretable Yield 483 344 Balance, End of Period $ 39,119 $ 53,612 The following table presents changes in the non-accretable yield on loans acquired for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2015 Balance, Beginning of Period $ 3,041 $ 3,773 Loans Sold - (388) Net Reclassification to Accretable Difference (483) (344) Balance, End of Period $ 2,558 $ 3,041 Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The Bank grants loans to its officers and dire ctors and to their associates. The activity with respect to loans to directors, officers and associates of such persons, is as follows: Years Ended December 31, 2016 2015 (In Thousands) Balance – beginning $ 12,444 $ 11,430 Loans originated 386 1,095 Collections of principal (1,461) (81) Change in related party status (2,817) 0 Balance - ending $ 8,552 $ 12,444 Allowance for Loan Losses Management reviews the adequacy of the allowance on at least a quarterly basis to ensure that the provision for loan losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is adequate based on management’s assessment of probable estimated losses. The Company’s methodology for assessing the adequacy of the allowance for loan losses co nsists of several key elements. These elements include a general allocated reserve for performing loans , a specific reserve for impaired loans and an unallocated portion. The Company consistently applies the follo wing comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include: • General economic conditions. • Trends in charge-offs. • Trends and levels of delinquent loans. • Trends and levels of non-performing loans, including loans over 90 days delinquent. • Trends in volume and terms of loans. • Levels of allowance for specific classified loans. • Credit concentrations. The methodology includes the segregation of the loan portfolio into two divisions. Loans that are performing and loans that are impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance for performing loans is evaluated based on histori cal loan experience, including consideration of peer loss analysis, with an adjustment for qualitative factors referred to above . Impaired loans are loans which are more than 90 days delinquent or troubled debt restructured. These loans are individually evaluated for loan loss either by current appraisal, or net present value. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly. The loan portfolio is segmented into the following loan classes, where the risk level for each class is analyzed when determining the allowance for loan losses: Residential single family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential family real estate loans decreases the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence. Commercial and multi-family real estate lending entails significant additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as economic conditions generally. Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In most cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decreases the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely effected by job loss, divorce, illness and personal bankruptcy. In most cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. The Company also maintains an unallocated allowance. The unallocated allowance is used to cover any factors or conditions which may cause a potential loan loss but are not specifically identifiable. It is prudent to maintain an unallocated portion of the allowance because no matter how detailed an analysis of potential loan losses is performed, these estimates lack some element of precision. Management must make estimates using assumptions and information that is often subjective and changing rapidly. Classified Assets . Our policies provide for a classifica tion system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful, ” “loss” or “special mention.” When we classify problem assets, we may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of December 31, 2016, we had $320,000 in assets classified as losses, of which $320,000 were classified as impaired, $29 million in assets classified as substandard, of which $29.0 million were classified as impaired, and $ $18.9 million in assets classified as special mention, of which $9.6 million were classified as impaired. The loans classified as substandard represent primarily commercial loans secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued. The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-4) are treated as “pass” for grading purposes: 5 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. 6 – Substandard - Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention. 7 – Doubtful - Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. 8 – Loss - Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2016 and recorded investment in loans receivable at December 31, 2016. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): Commercial & Commercial Home Residential Multi-family Construction Business (1) equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans $ 2,107 $ 11,643 $ 722 $ 1,749 $ 369 $ 879 $ 168 $ 17,637 Acquired loans recorded at fair value 270 17 - - 50 - - 337 Acquired loans with deteriorated credit 47 14 - 4 3 - - 68 Beginning Balance, December 31, 2016 2,424 11,674 722 1,753 422 879 168 18,042 Charge-offs: Originated Loans - 367 - 160 - - - - 527 Acquired loans recorded at fair value 459 38 - 3 54 - - - 554 Acquired loans with deteriorated credit - - - - - - - - - Sub-total 459 405 - 163 54 - - 1,081 Recoveries: Originated Loans - 74 - - - - - 74 Acquired loans recorded at fair value - 4 - - 14 - - 18 Acquired loans with deteriorated credit - - - 129 - - - 129 Sub-total - 78 - 129 14 - - 221 Provisions: Originated Loans (9) (729) 14 1,490 5 (877) (99) (205) Acquired loans recorded at fair value 359 17 - 3 (6) - - 373 Acquired loans with deteriorated credit (4) (1) - (133) (3) - - (141) Sub-total 346 (713) 14 1,360 (4) (877) (99) 27 Totals: Originated Loans 2,098 10,621 736 3,079 374 2 69 16,979 Acquired loans recorded at fair value 170 - - - 4 - - 174 Acquired loans with deteriorated credit 43 13 - - - - - 56 Ending Balance, December 31, 2016 $ 2,311 $ 10,634 $ 736 $ 3,079 $ 378 $ 2 $ 69 $ 17,209 Loans Receivables: Ending Balance Originated Loans 142,081 1,056,806 70,867 63,444 32,417 1,269 - 1,366,884 Ending Balance Acquired Loans 56,310 60,422 - 4,460 13,877 225 - 135,294 Ending Balance Acquired loans with deteriorated credit 1,443 753 - - - - - 2,196 Total Gross Loans $ 199,834 $ 1,117,981 $ 70,867 $ 67,904 $ 46,294 $ 1,494 - $ 1,504,374 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans 10,651 12,325 6 4,088 1,362 - - 28,432 Ending Balance Acquired Loans 7,600 6,356 - - 1,065 - - 15,021 Ending Balance Acquired loans with deteriorated credit 1,443 523 - - - - - 1,966 Ending Balance Loans individually evaluated for impairment $ 19,694 $ 19,204 $ 6 $ 4,088 $ 2,427 $ - $ - $ 45,419 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans 131,430 1,044,481 70,861 59,356 31,055 1,269 - 1,338,452 Ending Balance Acquired Loans 48,710 54,066 - 4,460 12,812 225 - 120,273 Ending Balance Acquired loans with deteriorated credit - 230 - - - - - 230 Ending Balance Loans collectively evaluated for impairment $ 180,140 $ 1,098,777 $ 70,861 $ 63,816 $ 43,867 $ 1,494 $ - $ 1,458,955 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2015 and recorded investment in loans receivable at December 31, 2015. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): Commercial & Commercial Home Residential Multi-family Construction Business (1) equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans $ 2,364 $ 10,028 $ 1,080 $ 876 $ 333 $ 449 $ 121 $ 15,251 Acquired loans recorded at fair value 417 102 - - 58 - - 577 Acquired loans with deteriorated credit 64 23 - 233 3 - - 323 Beginning Balance, December 31, 2015 2,845 10,153 1,080 1,109 394 449 121 16,151 Charge-offs: Originated Loans - 10 - 80 - - - - 90 Acquired loans recorded at fair value 67 - - - 106 - - - 173 Acquired loans with deteriorated credit - - - 199 - - - - 199 Sub-total 67 10 - 279 106 - - 462 Recoveries: Originated Loans - 70 - - - - - 70 Acquired loans recorded at fair value - - - - 3 - - 3 Acquired loans with deteriorated credit - - - - - - - - Sub-total - 70 - - 3 - - 73 Provisions: Originated Loans (257) 1,555 (358) 953 36 430 47 2,406 Acquired loans recorded at fair value (80) (85) - - 95 - - (70) Acquired loans with deteriorated credit (17) (9) - (30) - - - (56) Sub-total (354) 1,461 (358) 923 131 430 47 2,280 Totals: Originated Loans 2,107 11,643 722 1,749 369 879 168 17,637 Acquired loans recorded at fair value 270 17 - - 50 - - 337 Acquired loans with deteriorated credit 47 14 - 4 3 - - 68 Ending Balance, December 31, 2015 $ 2,424 $ 11,674 $ 722 $ 1,753 $ 422 $ 879 $ 168 $ 18,042 Loans Receivables: Ending Balance Originated Loans 117,165 982,828 64,008 70,340 31,237 2,365 - 1,267,943 Ending Balance Acquired Loans 67,587 79,308 - 4,281 18,851 263 - 170,290 Ending Balance Acquired loans with deteriorated credit 1,474 669 - 167 71 - - 2,381 Total Gross Loans $ 186,226 $ 1,062,805 $ 64,008 $ 74,788 $ 50,159 $ 2,628 $ - $ 1,440,614 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans 9,120 14,681 - 4,203 1,456 1,463 - 30,923 Ending Balance Acquired Loans 9,885 6,775 - - 1,363 - - 18,023 Ending Balance Acquired loans with deteriorated credit 1,474 426 - 167 71 - - 2,138 Ending Balance Loans individually evaluated for impairment $ 20,479 $ 21,882 $ - $ 4,370 $ 2,890 $ 1,463 $ - $ 51,084 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans 108,045 968,147 64,008 66,137 29,781 902 - 1,237,020 Ending Balance Acquired Loans 57,702 72,533 - 4,281 17,488 263 - 152,267 Ending Balance Acquired loans with deteriorated credit - 243 - - - - - 243 Ending Balance Loans collectively evaluated for impairment $ 165,747 $ 1,040,923 $ 64,008 $ 70,418 $ 47,269 $ 1,165 $ - $ 1,389,530 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2014 and recorded investment in loans receivable at December 31, 2014. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): Commercial Commercial Home Residential & Multi-family Construction Business (1) equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 1,729 $ 7,419 $ 700 $ 1,295 $ 363 $ 3 $ 83 $ 11,592 Acquired loans recorded at fair value: 832 1,744 1 44 129 - - 2,750 Acquired loans with deteriorated credit: - - - - - - - - - Beginning Balance, December 31, 2014 2,561 9,163 701 1,339 492 3 83 14,342 Charge-offs: Originated Loans: - 388 - 208 27 - - - 623 Acquired loans recorded at fair value: 28 755 - - 29 2 - - 814 Acquired loans with deteriorated credit: - - - - - - - - - Sub-total: 28 1,143 - 208 56 2 - 1,437 Recoveries: Originated Loans: - 125 - 174 - - - 299 Acquired loans recorded at fair value: - 73 65 - 6 3 - 147 Acquired loans with deteriorated credit: - - - - - - - - Sub-total: - 198 65 174 6 3 - 446 Provisions: Originated Loans: 635 2,872 380 (385) (3) 446 38 3,983 Acquired loans recorded at fair value: (387) (960) (66) (44) (48) (1) - (1,506) Acquired loans with deteriorated credit: 64 23 - 233 3 - - 323 Sub-total: 312 1,935 314 (196) (48) 445 38 2,800 Totals: Originated Loans: 2,364 10,028 1,080 876 333 449 121 15,251 Acquired loans recorded at fair value: 417 102 - - 58 - - 577 Acquired loans with deteriorated credit: 64 23 - 233 3 - - 323 Ending Balance, December 31, 2014 $ 2,845 $ 10,153 $ 1,080 $ 1,109 $ 394 $ 449 $ 121 $ 16,151 Loans Receivables: Ending Balance Originated Loans: 124,642 732,791 73,497 54,244 30,175 2,178 - 1,017,527 Ending Balance Acquired Loans: 81,051 95,191 - 6,381 22,698 652 - 205,973 Ending Balance Acquired loans with deteriorated credit: 1,595 1,130 - 369 82 - - 3,176 Total Gross Loans: $ 207,288 $ 829,112 $ 73,497 $ 60,994 $ 52,955 $ 2,830 $ - $ 1,226,676 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: 12,044 9,522 - 4,935 1,086 1,851 - 29,438 Ending Balance Acquired Loans: 9,783 6,377 - - 1,164 - - 17,324 Ending Balance Acquired loans with deteriorated credit: 1,595 877 - 369 82 - - 2,923 Ending Balance Loans individually evaluated for impairment: $ 23,422 $ 16,776 $ - $ 5,304 $ 2,332 $ 1,851 $ - $ 49,685 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: 112,598 723,269 73,497 49,309 29,089 327 - 988,089 Ending Balance Acquired Loans: 71,268 88,814 - 6,381 21,534 652 - 188,649 Ending Balance Acquired loans with deteriorated credit: - 253 - - - - - 253 Ending Balance Loans collectively evaluated for impairment: $ 183,866 $ 812,336 $ 73,497 $ 55,690 $ 50,623 $ 979 $ - $ 1,176,991 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio, at December 31, 2016 and 2015, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of December 31, 2016 and 2015, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. As of December 31, 2016 As of December 31, 2015 (In Thousands) (In Thousands) Non-Accruing Loans: Originated loans: Residential one-to-four family $ 3,693 $ 2,603 Commercial and multi-family 5,437 9,782 Construction - - Commercial business (1) 726 718 Home equity (2) 416 777 Consumer 6 - Sub-total: $ 10,278 $ 13,880 Acquired loans recorded at fair value: Residential one-to-four family $ 3,429 $ 5,592 Commercial and multi-family 1,182 3,025 Construction - - Commercial business (1) - - Home equity (2) 763 665 Consumer - - Sub-total: $ 5,374 $ 9,282 Acquired loans with deteriorated credit: Residential one-to-four family $ - $ - Commercial and multi-family - - Construction - - Commercial business (1) - 167 Home equity (2) - 118 Consumer - - Sub-total: $ - $ 285 Total $ 15,652 $ 23,447 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the years ended December 31, 201 6 , 2015 and 2014 would have been approximately $1.06 million, $1.13 million and $1.06 million, respectively. Interest income recognized on such loans was approximately $798,000 , $326,000 and $784,000 respectively. The Bank is not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At December 31, 2016 and 2015, there were $2.8 million and $586,000 , respectively, of loans which were more than ninety days past due and still accruing interest . Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class for the years ended December 31, 2016 and December 31, 2015. (In Thousands): As of December 31, 2016 As of December 31, 2015 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Originated loans Investment Balance Allowance Investment Balance Allowance with no related allowance recorded: Residential one-to-four family $ 5,158 $ 5,341 $ - $ 3,136 $ 3,199 $ - Commercial and multi-family 10,498 10,722 - 10,709 10,934 - Construction 6 6 - - - - Commercial business (1) 1,022 1,966 - 2,123 3,183 - Home equity (2) 1,022 1,101 - 1,270 1,326 - Consumer - - - - - - Sub-total: $ 17,706 $ 19,136 $ - $ 17,238 $ 18,642 $ - Acquired loans recorded at fair value with no related allowance recorded: Residential one-to-four family $ 5,577 $ 6,149 $ - $ 7,646 $ 8,082 $ - Commercial and Multi-family 5,575 5,710 - 4,383 4,483 - Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) 545 650 - 884 1,061 - Consumer - - - - - - Sub-total: $ 11,697 $ 12,509 $ - $ 12,913 $ 13,626 $ - Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 1,443 $ 2,069 $ - $ 1,474 $ 2,101 $ - Commercial and Multi-family 523 552 - 426 574 - Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) - - - 71 135 - Consumer - - - - - - Sub-total: $ 1,966 $ 2,621 $ - $ 1,971 $ 2,810 $ - Total Impaired Loans with no related allowance recorded: $ 31,369 $ 34,266 $ - $ 32,122 $ 35,078 $ - __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class for the years ended December 31, 2016 and December 31, 2015. (In Thousands): As of December 31, 2016 As of December 31, 2015 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Originated loans Investment Balance Allowance Investment Balance Allowance with an allowance recorded: Residential one-to-four family $ 5,493 $ 5,493 $ 496 $ 5,984 $ 5,993 $ 594 Commercial and Multi-family 1,827 1,866 380 3,972 3,972 1,069 Construction - - - - - - Commercial business (1) 3,066 4,006 2,359 2,080 2,445 841 Home equity (2) 340 340 32 186 189 3 Consumer - - - 1,463 1,463 876 Sub-total: $ 10,726 $ 11,705 $ 3,267 $ 13,685 $ 14,062 $ 3,383 Acquired loans recorded at fair value with an allowance recorded: Residential one-to-four family $ 2,023 $ 2,080 $ 202 $ 2,239 $ 2,402 $ 219 Commercial and Multi-family 781 781 37 2,392 2,496 85 Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) 520 571 24 479 518 36 Consumer - - - - - - Sub-total $ 3,324 $ 3,432 $ 263 $ 5,110 $ 5,416 $ 340 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ - $ - $ - $ - $ - $ - Commercial and Multi-family - - - - - - Construction - - - - - - Commercial business (1) - - - 167 368 - Home equity (2) - - - - - - Consumer - - - - - - Sub-total: $ - $ - $ - $ 167 $ 368 $ - Total Impaired Loans with an allowance recorded: $ 14,050 $ 15,137 $ 3,530 $ 18,962 $ 19,846 $ 3,723 Total Impaired Loans with no related allowance recorded: $ 31,369 $ 34,266 $ - $ 32,122 $ 35,078 $ - Total Impaired Loans: $ 45,419 $ 49,403 $ 3,530 $ 51,084 $ 54,924 $ 3,723 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and actual interest income recognized on impaired loans with no related allowance recorded by portfolio class for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2016 2015 2015 Average Interest Average Interest Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized with no related allowance recorded: Residential one-to-four family $ 4,613 $ 281 $ 2,996 $ 83 Commercial and multi-family 10,820 563 9,599 322 Construction 746 - - - Commercial business (1) 1,678 116 2,438 8 Home equity (2) 1,002 60 1,073 41 Consumer 2 - - - Sub-total: $ 18,861 $ 1,020 $ 16,106 $ 454 Acquired loans recorded at fair value with no related allowance recorded: Residential one-to-four family $ 5,234 $ 345 $ 6,849 $ 289 Commercial and Multi-family 5,055 332 4,639 120 Construction - - - - Commercial business (1) - - - - Home equity (2) 583 37 796 25 Consumer - - - - Sub-total: $ 10,872 $ 714 $ 12,284 $ 434 Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 1,455 $ 89 $ 1,486 $ - Commercial and Multi-family 527 28 760 - Construction - - - - Commercial business (1) - - 90 - Home equity (2) 19 - 76 4 Consumer - - - - Sub-total: $ 2,001 $ 117 $ 2,412 $ 4 Total Impaired Loans with no related allowance recorded: $ 31,734 $ 1,851 $ 30,802 $ 892 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and actual interest income recognized on impaired loans with allowance recorded by portfolio class for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2016 2015 2015 Average Interest Average Interest Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized with an allowance recorded: Residential one-to-four family $ 5,564 $ 253 $ 7,211 $ 48 Commercial and Multi-family 3,122 39 3,650 190 Construction - - - - Commercial business (1) 2,406 139 2,170 37 Home equity (2) 278 16 281 2 Consumer 632 - 1,515 - Sub-total: $ 12,002 $ 447 $ 14,827 $ 277 Acquired loans recorded at fair value with an allowance recorded: Residential one-to-four family $ 3,342 $ 69 $ 3,187 $ 27 Commercial and Multi-family 1,077 44 2,275 57 Construction - - - - Commercial business (1) - - - - Home equity (2) 674 17 358 12 Consumer - - - - Sub-total $ 5,093 $ 130 $ 5,820 $ 96 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ - $ - $ 67 $ - Commercial and Multi-family - - - - Construction - - - - Commercial business (1) 41 - 84 5 Home equity (2) - - - - Consumer - - - - Sub-total: $ 41 $ - $ 151 $ 5 Total Impaired Loans with an allowance recorded: $ 17,136 $ 577 $ 20,798 $ 378 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table presents the total troubled debt restructured loans at December 31, 2016, excluding the purchase impairment mark on the acquired loans with deteriorated credit: Accrual Non-accrual Total December 31, 2016 # of Loans Amount # of Loans Amount # of Loans Amount (Actual) (In Thousands) (Actual) (In Thousands) (Actual) (In Thousands) Originated loans: Residential one-to-four family 8 $ 2,687 - $ - 8 $ 2,687 Commercial and multi-family 9 5,141 8 2,297 17 7,438 Construction - - - - - - Commercial business (1) 2 1,868 1 345 3 2,213 Home equity (2) 5 817 1 46 6 863 Consumer - - - - - - Sub-total: 24 $ 10,513 10 $ 2,688 34 $ 13,201 Acquired loans recorded at fair value: Residential one-to-four family 18 $ 3,979 5 $ 1,893 23 $ 5,872 Commercial and Multi-family 13 4,807 1 583 14 5,390 Construction - - - - - - Commercial business (1) - - |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Premises and Equipment [Abstract] | |
Premises and Equipmentt | Note 6 - Premises and Equipment December 31, 2016 2015 (In Thousands) Land $ 2,116 $ 1,887 Buildings and improvements 14,662 12,392 Leasehold improvements 4,987 3,196 Furniture, fixtures and equipment 10,064 8,277 31,829 25,752 Accumulated depreciation and amortization (12,447) (10,025) $ 19,382 $ 15,727 Depreciation and amortization expense for the years ended December 31, 201 6 , 201 5 and 2014 was $2,422,342 , $2,149,000 and $1,512,000 , respectively. Buildings and improvements include a building constructed on property leased from a related party (see Note 3). Rental expenses , included in occupancy expense of premises, related to the occupancy of premises and related shared costs for common areas totaled $2,410,000 , $1,990,000 , and $1,568,000 for the years ended December 31, 2016, 2015, and 2014, respectively. The minimum obligation under non-cancelable lease agreements expiring through April 30, 2031, for each of the years ended December 31 is as follows (In Thousands): 2017 $ 2,443 2018 1,989 2019 1,724 2020 1,615 2021 1,394 Thereafter 5,403 $ 14,568 |
Interest Receivable
Interest Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Interest Receivable [Abstract] | |
Interest Receivable | Note 7 - Interest Receivable December 31, 2016 2015 (In Thousands) Loans $ 5,359 $ 5,564 Securities 214 31 $ 5,573 $ 5,595 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Note 8 – Deposits December 31, 2016 2015 (In Thousands) Demand: Non-interest bearing $ 158,523 $ 130,920 NOW 307,071 226,137 Money market 125,614 54,915 591,208 411,972 Savings and club 260,122 250,936 Certificates of deposit 540,875 611,021 $ 1,392,205 $ 1,273,929 Deposits of certain municipalities and local government agencies are collateralized by $74 million of investment securities and by a $100 million Municipal Letter of Credit with the Federal Home Loan Bank (“FHLB”). At December 31, 201 6 and 201 5 , certificates of deposit of $ 250,000 or more totaled approximately $172.5 million and $144.3 million, respectively. At December 31, 2016, deposits from officers, directors and their associates totaled approximately $17.3 million. The scheduled maturities of certificates of deposit at December 31, 2016, were as follows (In thousands): Amount 2017 $ 314,196 2018 102,194 2019 78,923 2020 24,133 2021 21,429 Thereafter - $ 540,875 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Short-Term Borrowings, Long-Term Debt and Subordinated Debentures [Abstract] | |
Short-Term Borrowings and Long-Term Debt | Note 9 - Short-Term Borrowings and Long-Term Debt Information regarding short-term borrowings is as follows: December 31, 2016 2015 2014 Amount Amount Amount ( In Thousands) Balance at end of period $ 20,000 $ - $ 26,000 Average balance outstanding during the year $ 103 $ 595 $ 13,591 Highest month-end balance during the year $ 20,000 $ 3,000 $ 45,500 Average interest rate during the year 0.88 % 0.37 % 0.38 % Weighted average interest rate at year-end 1.00 % - % 0.32 % Long-term debt consists of the following: December 31, 2016 2015 Weighted Average Rate Amount ($000s) Weighted Average Rate Amount ($000s) Federal Home Loan Bank Advances: Maturing by December 31, 2016 - % $ - 4.34 % $ 55,000 2017 4.45 55,000 4.45 55,000 2018 1.41 25,000 1.41 25,000 2019 1.85 23,000 1.85 23,000 2020 1.46 20,000 1.53 10,000 2021 1.76 10,000 1.76 10,000 2022 1.98 22,000 1.98 22,000 2.66 % $ 155,000 3.19 % $ 200,000 At December 31, 201 6 and 201 5 loans with carrying values of approximately $403.5 million and $256.0 million, respectively, were pledged to secure the above noted Federal Home Loan Bank of New York borrowings. No securities were pledged at December 31, 2016 and 2015. At December 31, 201 6 , the Bank’s total credit exposure cannot exceed 50% of its total assets, or $854,104,000 , based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50% of total assets is recalculated each quarter. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Short-Term Borrowings, Long-Term Debt and Subordinated Debentures [Abstract] | |
Subordinated Debentures | Note 10 – Subordinated Debentures (In Thousands): The following table summarizes the mandatory redeemable trust preferred securities of the Co mpany ’s Statutory Trust I at December 31, 2016 . Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 6/17/2004 $4,124,000 $1,000 per Capital Security Floating 3-month LIBOR + 265 Basis Points 6/17/2034 6/17/2009 The Trust Preferred floating rate junior subordinated debenture interest rate adjusts quarterly. The rate paid as of December 31, 201 6 and 201 5 , respectively , was 3.643% and 3.176% . The trust preferred debenture became callable, at the Company’s option, on June 17, 2009, and quarterly thereafter. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 1 1 - Regulatory Matters The Bank is subject to various regulatory capital requirements administered b y the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s cons olidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. In July 2013, the FDIC and the other federal bank regulatory agencies issued a final rule that revised their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. Among other things, the new rule established a new common equity Tier 1 minimum capital requirement (4.5% of risk-weighted assets), increased the minimum Tier 1 capital to risk-based assets requirement (from 4% to 6% of risk-weighted assets) and assigned a higher risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The final rule also requires unrealized gains and losses on certain available-for-sale securities holdings and defined benefit plan obligations to be included for purposes of calculating regulatory capital requirements unless a one-time opt-in or opt-out is exercised. The Bank exercised the opt-out election. The rule limits a banking organization's capital distributions and certain discretionary bonus payments if the banking organization does not hold a "capital conservation buffer" consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. The final rule became effective for the Bank and the Company on January 1, 2015. The capital conservation buffer requirement will be phased in beginning January 1, 2016 and ending January 1, 2019, when the full capital conservation buffer requirement will be effective. The Bank and the Company currently comply with the minimum capital requirements set forth in the final rule. The Company’s capital adequacy guidelines are not materially different than the capital adequacy guidelines for the Bank. Quantitative measures, established by regulation to ensure capital adequacy, require the Bank to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations), to risk-weight ed assets, (as defined), Tier 1 capital to average assets (as defined) and Common Equity Tier 1 to risk-weighted assets . The following table presents information as to the Bank’s capital levels. For Capital Adequacy To be Well Capitalized under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of December 31, 2016 Bank Total capital (to risk-weighted assets) $154,923 11.34 % $109,330 8.00 % $136,663 10.00 % Tier 1 capital (to risk-weighted assets) 137,839 10.09 81,998 6.00 109,330 8.00 Common Equity Tier 1 (to risk-weighted assets) 137,839 10.09 61,498 4.50 88,831 6.50 Tier 1 capital (to average assets) 137,839 8.10 68,074 4.00 85,092 5.00 Company Total capital (to risk-weighted assets) $156,152 11.42 % $109,372 8.00 % N/A N/A Tier 1 capital (to risk-weighted assets) 139,061 10.17 82,029 6.00 N/A N/A Common Equity Tier 1 (to risk-weighted assets) 119,473 8.74 61,522 4.50 N/A N/A Tier 1 capital (to average assets) 139,061 8.17 68,117 4.00 N/A N/A As of December 31, 2015 Bank Total capital (to risk-weighted assets) $153,806 12.06 % $102,011 8.00 % $127,514 10.00 % Tier 1 capital (to risk-weighted assets) 137,841 10.81 6.00 8.00 Common Equity Tier 1 (to risk-weighted assets) 137,841 10.81 4.50 6.50 Tier 1 capital (to average assets) 137,841 8.61 4.00 5.00 Company Total capital (to risk-weighted assets) $155,250 12.16 % $102,147 8.00 % N/A N/A Tier 1 capital (to risk-weighted assets) 139,264 10.91 6.00 N/A N/A Common Equity Tier 1 (to risk-weighted assets) 117,966 9.24 4.50 N/A N/A Tier 1 capital (to average assets) 139,264 8.75 4.00 N/A N/A As of December 31, 201 6 and 201 5 , the most recent notification from the Bank’s regulators categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events occurring since that notification that management believes have changed the Bank’s category. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Benefit Plans [Abstract] | |
Pension and Other Postretirement Plans | Note 12 - Benefits Plans Pension Plan The Company acquired , through the merger with Pamrapo Bancorp, Inc. a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (“Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The Pension Plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the Pension Plan generally are amortized over the estimated remaining service periods of employees. The following tables set forth the Pension Plan's funded status at December 31, 201 6 and 201 5 and components of net periodic pension cost for the years ended December 31, 201 6 and 201 5 : Change in Benefit Obligation: December 31, 2016 2015 (In Thousands) Benefit obligation, beginning of year $ 7,811 $ 9,194 Interest Cost 328 352 Actuarial loss (gain) (52) (131) Benefits paid (500) (562) Lump Sum Distributions (99) (1,042) Benefit obligation, ending $ 7,488 $ 7,811 Change in Plan Assets: Fair value of assets, beginning of year $ 6,569 $ 7,679 Actual return on plan assets 876 (306) Employer contributions 800 800 Benefits paid (500) (562) Lump Sum Distributions (99) (1,042) Fair value of assets, ending $ 7,646 $ 6,569 Reconciliation of Funded Status: Accumulated benefit obligation $ 7,488 $ 7,811 Projected benefit obligation $ 7,488 $ 7,811 Fair value of assets 7,646 6,569 Funded (unfunded) status, included in other liabilities $ (158) $ 1,242 Valuation assumptions used to determine benefit obligation at period end: Discount rate 4.14% 4.34% Salary Increase Rate N/A N/A Note 12 - Benefits Plans (Continued) Net Periodic Pension Expense: December 31, 2016 2015 (In Thousands) Interest cost $ 328 $ 352 Expected return on assets (541) (619) Amortization of net loss 146 100 Settlement loss - 351 Net Periodic Pension Cost (Credit) $ (67) $ 184 Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 4.34% 3.95% Long term rate of return on plan assets 8.00% 8.00% Salary Increase Rate N/A N/A At December 31, 201 6 and December 31, 201 5 , unrecognized net loss of $(2,100,000) and $(2,632,000) , respectively, was included, net of deferred income tax, in accumulated other comprehensive loss in accordance with ASC 715-20 and ASC 715-30. None of the unrecognized net loss is expected to be recognized in net periodic pension expense for the year ended December 31, 2017. Note 12 - Benefits Plan (Continued) Plan Assets Investment Policies and Strategies The primary long-term objective for the Plan is to maintain assets at a level that will sufficiently cover future beneficiary obligations. The Plan will be structured to include a volatility reducing component (the fixed income commitment) and a growth component (the equity commitment). To achieve the Bank’s long-term investment objectives, the Trustee will invest the assets of the Plan in a diversified combination of asset classes, investment strategies, and pooled vehicles. The asset allocation guidelines in the table below reflect the Bank’s risk tolerance and long-term objectives for the Plan. These parameters will be reviewed on a regular basis and subject to change following discussions between the Bank and the Trustee. Initially, the following asset allocation targets and ranges will guide the Trustee in structuring the overall allocation in the Plan’s investment portfolio. The Bank or the Trustee may amend these allocations to reflect the most appropriate standards consistent with changing circumstances. Any such fundamental amendments in strategy will be discussed between the Bank and the Trustee prior to implementation. Based on the above considerations, the following asset allocation ranges will be implemented: Asset Allocation Parameters by Asset Class Minimum Target Maximum Equity Large-Cap U.S. 45% Mid/Small-Cap U.S. 14% Non-U.S. 0% Total-Equity 40% 59% 60% Fixed Income Long/Short Duration 40% Money Market/Certificates of Deposit 1% Total-Fixed Income 40% 41% 60% The parameters for each asset class provide the Trustee with the latitude for managing the Plan within a minimum and maximum range. The Trustee will have full discretion to buy, sell, invest and reinvest in these asset segments based on these guidelines which includes allowing the underlying investments to fluctuate within the stated policy ranges. The Plan will maintain a cash equivalents component (not to exceed 3% under normal circumstances) within the fixed income allocation for liquidity purposes. The Trustee will monitor the actual asset segment exposures of the Plan on a regular basis and, periodically, may adjust the asset allocation within the ranges set forth above as it deems appropriate. Periodic reallocations of assets will be based on the Trustee’s perception of the changing risk/return opportunities of the respective asset classes. Determination of Long-Term Rate–of Return The long-term rate-of-return-on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 5 -9% and 2 -6% , respectively. The long-term inflation rate was estimated to be 3% . When these overall return expectations are applied to the Plan’s target allocation, the result is an expected rate of return of 7% to 11% . Note 12 - Benefits Plan (Continued) The fair values of the Company’s pension plan assets at December 31, 2016, by asset category (see Note 17 for the definitions of levels), are as follows: Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 2,065,510 $ 2,065,510 $ - $ - Mid-Cap Value (b) 371,203 371,203 - - Large Blend (e) 1,415,265 1,415,265 - - Mutual Funds-Fixed Income World Bond (c) 985,817 985,817 - - Multi-Sector Bond (d) 1,008,504 1,008,504 - - High Yield Bond (f) 1,027,330 1,027,330 - - Stock BCB Common Stock 673,725 673,725 - - Cash Equivalents Money Market $ 98,372 $ 98,372 $ - $ - Total $ 7,645,726 $ 7,645,726 $ - $ - The fair values of the Company’s pension plan assets at December 31, 2015, by asset category (see Note 17 for the definitions of levels), are as follows: Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 1,736,329 $ 1,736,329 $ - $ - Mid-Cap Value (b) 289,475 289,475 - - Large Blend (e) 1,234,649 1,234,649 - - Mutual Funds-Fixed Income World Bond (c) 891,971 891,971 - - Multi-Sector Bond (d) 910,819 910,819 - - High Yield Bond (f) 897,768 897,768 - - Stock BCB Common Stock 538,980 538,980 - - Cash Equivalents Money Market $ 69,347 $ 69,347 $ - $ - Total $ 6,569,338 $ 6,569,338 $ - $ - Note 12 - Benefits Plan (Continued) a) Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow. b) Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). c) World-bond portfolios invest 40% or more of their assets in foreign bonds. Some world-bond portfolios follow a conservative approach, favoring high-quality bonds from developed markets. Others are more adventurous and own some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others regularly invest in both U.S. and non- U.S. bonds. d) Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities. e) This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value. f) High Yield Bond funds invest at least 65% of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective. The Company expects to contribute, based upon actuarial estimates, approximately $0 to the pension plan in 2017. Benefit payments are expected to be paid for the years ended December 31 as follows (In thousands): 2017 $ $515 2018 514 2019 514 2020 503 2021 485 2022-2026 2,367 Note 12 - Benefits Plan (Continued) Supplemental Executive Retirement Plan The Company acquired through the merger with Pamrapo Bancorp, Inc. a supplemental executive retirement plan (“SERP”) in which certain former employees of Pamrapo Savings Bank are covered. A SERP is an unfunded non-qualified deferred retirement plan. Participants who retire at the age of 65 (the “Normal Retirement Age”), are entitled to an annual retirement benefit equal to 75% of compensation reduced by their retirement plan annual benefits. Participants retiring before the Normal Retirement Age receive the same benefits reduced by a percentage based on years of service to the Company and the number of years prior to the Normal Retirement Age that participants retire. The following tables set forth the SERP's funded status and components of net periodic SERP cost: December 31, 2016 2015 (In Thousands) Benefit obligation, beginning of year $ 332 $ 384 Interest Cost 13 14 Actuarial loss (gain) - (4) Benefits paid (62) (62) Benefit obligation, ending $ 283 $ 332 Change in Plan Assets: Fair value of assets, beginning of year $ - $ - Employer contributions 62 62 Benefits paid (62) (62) Fair value of assets, ending $ - $ - Reconciliation of Funded Status: Accumulated benefit obligation $ 283 $ 332 Projected benefit obligation $ 283 $ 332 Fair value of assets - - Funded status, included in other liabilities $ 283 $ 332 Valuation assumptions used to determine benefit obligation at period end: Discount rate 4.14% 4.34% Salary Increase Rate N/A N/A Note 12 - Benefits Plan (Continued) December 31, Net Periodic SERP Expense: 2016 2015 (In Thousands) Interest Cost $ 13 $ 14 Net Periodic SERP Cost $ 13 $ 14 Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 4.34 % 3.95 % Rate of increase in compensation N/A N/A At December 31, 2016 and December 31, 2015, unrecognized net loss of $ 36,000 and $ 37,000 , respectively, was included, net of deferred income tax, in accumulated other comprehensive income in accordance with ASC 715-20 and ASC 715-30. None of the unrecognized net loss is expected to be recognized in net periodic SERP cost for the year ended December 31, 2017. The Company expects to contribute, based upon actuarial estimates, approximately $ 62,000 to the SERP plan in 2017. Benefit payments are expected to be paid for the years ended December 31 as follows (In thousands): 2017 $ 62 2018 62 2019 62 2020 32 2121 32 2022-2026 63 Note 12 - Benefits Plan (Continued) Stock Options The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. On September 16, 2016, a grant of 110,000 options and on December 2, 2015, a grant of 120,000 options was declared for certain members of the Board of Directors which vest at a rate of 10% per year, over ten years commencing on the first anniversary of the grant date. The exercise price was recorded as of the close of business on September 16, 2016 and December 2, 2015, respectively and a Form 4 was filed for each Director who received a grant with the Securities and Exchange Commission consistent with their filing requirements. There were 50,000 and 32,500 stock options granted to employees in the fourth quarters of 2016 and 2015, respectively, which vest at a rate of 33% and 20% per year, respectively. A summary of stock option activity, follows: Number of Options Range of Exercise Price Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at December 31, 2014 289,720 $ 8.93 -15.65 $ 11.18 7.60 years $ 427 Options forfeited - - - Options exercised - - - Options granted 152,500 10.55 -10.81 10.75 Options expired (25,220) 15.60 -15.65 15.65 Outstanding at December 31, 2015 417,000 $ 8.93 -15.65 $ 10.75 8.22 years $ 219 Options forfeited - - - Options exercised - - - Options granted 160,000 10.92 10.92 Options expired (2,000) 15.11 15.11 Outstanding at December 31, 2016 575,000 $ 8.93 -13.32 $ 10.78 7.94 years $ 1,198 Exercisable at December 31, 2016 97,900 It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 477,100 shares underlying unexercised options outstanding as of December 31, 2016 , is $1.1 million over a weighted average period of 7.20 years. Note 12 - Benefits Plan (Continued) The key valuation assumptions and fair value of stock options granted during the three months ended December 31, 2016 were: Directors Employees Expected life 7.85 years 7.85 years Risk-free interest rate 1.56 % 1.56 % Volatility 35.06 % 35.06 % Dividend yield 5.13 % 5.13 % Fair value $2.13 $2.13 + The key valuation assumptions and fair value of stock options granted during the three months ended December 31, 2015 were: Expected life 7.87 years 7.88 years Risk-free interest rate 2.02 % 2.17 % Volatility 38.02 % 37.96 % Dividend yield 5.18 % 5.31 % Fair value $2.40 $2.32 |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
Dividend Restrictions [Abstract] | |
Dividend Restrictions | Note 13 - Dividend Restrictions Payment of cash dividends on common stock is conditional on earnings, financial condition, cash needs, capital considerations, the discretion of the Board of Directors, and complianc e with regulatory requirements. State and federal law and regulations impose substantial limitations on the Bank’s ability to pay dividends to the Company. Under New Jersey law, the Company is permitted to declare dividends on its common stock only if, after payment of the dividend, the capital stock of the Bank will be unimpaired and either the Bank will have a surplus of not less than 50% of its capital stock or the payment of the dividend will not reduce the Bank’s surplus. During 2016, 2015 and 2014, the Bank paid the Company total dividends of $6,627,000 , $4,957,000 , and $6,402,000 , respectively. The Company’s ability to declare dividends is dependent upon the amount of dividends paid to the Company by the Bank. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 14 - Income Taxes The co mponents of income tax expense are summarized as follows: Years Ended December 31, 2016 2015 2014 (In Thousands) Current income tax expense: Federal $ 2,632 $ 3,730 $ 2,994 State 1,139 1,082 802 3,771 4,812 3,796 Deferred income tax expense: Federal 1,439 2 1,070 State 48 0 181 1,487 2 1,251 Total Income Tax Expense $ 5,258 $ 4,814 $ 5,047 Note 14 - Income Taxes (Continued) The tax effects of existing temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are as follows: December 31, 2016 2015 Deferred income tax assets: (In Thousands) Allowance for loan losses $ 7,030 $ 6,444 Other real estate owned expenses 114 336 Non-accrual interest 342 285 Benefit Plans 51 826 Benefit Plan-accumulated other comprehensive loss 873 1,090 Valuation adjustment on loans receivable acquired 1,045 1,124 Valuation adjustment on time deposits acquired - 43 Unrealized loss on securities available for sale 1,791 14 Net operating loss carry forwards 23 109 Other 794 1,189 12,063 11,460 Deferred income tax liabilities: Valuation adjustment on premises and equipment acquired 926 1,367 Depreciation 357 132 SBA Servicing Asset 827 80 2,110 1,579 Net Deferred Tax Asset $ 9,953 $ 9,881 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In making this assessment, management has considered the profitability of current core operations, future market growth, forecasted earnings, future taxable income, and ongoing, feasible and permissible tax planning strategies. If the Company was to determine that it would not be able to realize a portion of its net deferred tax asset in the future for which there is currently no valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period such determination was made. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and carry forwards are available. At December 31, 2016 and 2015 , gross deferred tax assets related to net operating loss carry forwards totaled $23,000 and $109,000 , respectively, consisting of $23 ,000 federal assets acquired in a 2011 acquisition. Comparable amounts at December 31, 2015, were gross deferred tax assets of $162,000 consisting of $109,000 of federal assets acquired in the Allegiance acquisition, and $53,000 in state assets related to the stand-alone Company. In conjunction with the Company’s acquisition of Allegiance in 2011, the Company acquired a federal net operating loss carry forward of $1.2 million. This carry forward is available for use through 2030 ; however, in accordance with Internal Revenue Code Section 382, usage of the carry forward is limited to $235,000 annually on a cumulative basis (portions of the $235,000 not used in a particular year may be added to subsequent usage). At December 31, 2016 and 2015, the Company had approximately $23,000 and $109,000 remaining of this federal net operating loss carry forward available to offset future taxable income for federal tax reporting purposes; Based on the current profitability or core operations and expectations that such profitability will continue, the Company’s expects to fully utilize this federal net operating loss carry forward by 2017. Note 14 - Income Taxes (Continued) The following table presents a reconciliation between the reported income tax expense and the income tax expense which would be computed by applying the normal federal income tax rate of between 34 and 35% in 201 6 , 201 5 , and 201 4 to income before income tax expense: Years Ended December 31, 2016 2015 2014 (In Thousands) Federal income tax expense at statutory rate $ 4,532 $ 4,101 $ 4,389 Increases in income taxes resulting from: State income tax , net of federal income tax effect 781 707 641 Other items, net (55) 6 17 Effective Income Tax Expense $ 5,258 $ 4,814 $ 5,047 Effective Income Tax Rate 39.7 % 40.7 % 39.9 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 15- Commitments and Contingencies The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include commitments to extend credit. The Bank’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Outstanding loan related commitments were as follows: December 31, 2016 2015 (In Thousands) Loan origination $ 61,958 $ 44,816 Standby letters of credit 964 1,739 Construction loans in process 41,206 39,714 Unused lines of credit 60,615 64,701 $ 164,743 $ 150,970 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes residential real estate properties. We are involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of business. Other than as set forth below, as of December 31, 2016, we were not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations. The Company, as the successor to Pamrapo Bancorp, Inc., and in its own corporate capacity, was a named defendant in a shareholder class action lawsuit, Kube v. Pamrapo Bancorp, Inc., et al., filed in the Superior Court of New Jersey, Hudson County, Chancery Division, General Equity (the "Action”). On September 21, 2015, the court entered an Order and Final Judgment (“Judgment”), whereby the Stipulation of Settlement ("Stipulation") agreed to by the plaintiff class, the Company and the remaining defendants was approved. Pursuant to the Stipulation, the plaintiff class's counsel reserved the right to seek an award of counsel fees and litigation expenses (“Fees Motion”). The maximum amount which may be awarded as a result of the Fees Motion is $1,000,000.00 . The plaintiff class’s counsel has made a Fee Motion to the court seeking a final award of counsel fees and litigation expenses of approximately $1,000,000.00 . The Company and the remaining defendants have vigorously opposed that motion. It is anticipated that the court will schedule a hearing date for the Fee Motion in March 2017. The Company and the other defendants in the Action ("Plaintiffs") brought an action ("Carrier Suit") against Progressive Insurance Company ("Progressive"), the Directors' and Officers' Liability insurance carrier for Pamrapo Bancorp, Inc., at the time of its merger with the Company on July 6, 2010, and Colonial American Insurance Company ("Colonial"), the Directors' and Officers' Liability insurance carrier for the Company at the time of the merger. The Carrier Suit seeks, among other claims, indemnification, payment of and/or contribution toward the above settlement, payment of and/or contribution toward the above award of interim attorney's fees to the plaintiff class's counsel, payment of and/or contribution toward any future award of attorney's fees to the plaintiff class's counsel, and reimbursement of the attorney's fees and defense costs incurred by the Plaintiffs in defending the Action and pursuing the Carrier Suit. Progressive made a motion to dismiss the Carrier Suit in 2014. The Plaintiffs opposed that motion. That motion was administratively terminated by Order of the court, dated December 3, 2014. By Order of the court, dated December 3, 2014, the Plaintiffs' motion to file an Amended Complaint was granted. On or about January 6, 2015, Progressive again made a motion to dismiss the Carrier Suit. The Plaintiffs opposed that motion. That motion was denied by oral decision on October 22, 2015, and by written Order, dated January 20, 2016. A Mediation session ("Mediation") was held on March 11, 2015, among the parties. Following the Mediation, the Plaintiffs and Colonial agreed to settle the Plaintiffs’ claims against Colonial for $1,750,000.00 . A Settlement Agreement and Release , dated June 30, 2015, was entered into by the Plaintiffs and Colonial. The Plaintiffs received the settlement amount of $1,750,000.00 from Colonial on July 9, 2015. The Plaintiffs and Progressive did not settle their respective claims at the Mediation. The Carrier Suit continues with respect to these parties. Initial discovery has been exchanged between the parties. By Order of the court, dated August 10, 2016, the parties were granted permission to serve and file motions for summary judgment by November 9, 2016. Prior to consideration of these motions, a Settlement Conference was scheduled before the court on November 16, 2016. The Plaintiffs and Progressive did not settle their respective claims at that Settlement Conference. The parties have filed motions for summary judgment. These motions were returnable before the court on December 5, 2016. A decision on these motions has not been received from the court to date. All discovery has been stayed until disposition of these motions. The Plaintiffs are vigorously pursuing full recovery. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements and Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Values of Financial Instruments | Note 16 - Fair Value Measurements and Fair Values of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these consolidated financial statements subseq uent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For assets and liabilities measured at fair value on a recurring basis, the fair value measurements , by level , within the fair value hierarchy are as follows: (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of December 31, 2016: Securities available for sale — Residential mortgage backed securities, Municipal obligations, and Preferred Stock $ 94,765 $ - $ 94,765 $ - As of December 31, 2015: Securities available for sale — Residential mortgage backed securities $ 9,623 $ - $ 9,623 $ - For assets and liabilities measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy are as follows: (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of December 31, 2016: Impaired loans $ 10,519 $ - $ - $ 10,519 Other real estate owned $ 3,525 $ - $ - $ 3,525 As of December 31, 2015: Impaired loans $ 15,239 $ - $ - $ 15,239 Other real estate owned $ 1,564 $ - $ - $ 1,564 Note 16 - Fair Value Measurements and Fair Values of Financial Instruments (Continued) The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value, (Dollars in thousands): Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input December 31, 2016: Impaired Loans $ 10,519 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Liquidation expenses (3) 0% -10% Other Real Estate Owned $ 3,525 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Liquidation expenses (3) 0% -10% Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input December 31, 2015: Impaired Loans $ 15,239 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Liquidation expenses (3) 0% - 10% Other Real Estate Owned $ 1,564 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 10% Liquidation expenses (3) 0% - 10% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and e stimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. Note 16 - Fair Value Measurements and Fair Values of Financial Instruments (Continued) The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 201 6 and 201 5 : Cash and Cash Equivalents (Carried at Cost) The carrying amounts reported in the consolidated statements of financial condition for cash and interest-earning deposits approximate those assets’ fair values. Securities Available for Sale The fair value of securities available for sale (carried at fair value) is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. Loans Held for Sale (Carried at Lower of Cost or Fair Value) The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at their cost. Loans Receivable (Carried at Cost) The fair values of loans, except for certain impaired loans, are estimated using discounted cash flow analyses, using market rates at the date of the Statement of Financial Condition that reflect the credit and interest r ate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal . Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Impaired Loans (Generally Carried at Fair Value) Impaired loans are those for which the Company has measured and recorded an impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value at December 31, 2016 and 2015 consists of the loan balances of $14,050,000 and $18,962,000 net of a valuation allowance of $3,530,000 and $3,723,000 , respectively. FHLB of New York Stock (Carried at Cost) The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. Accrued Interest Receivable and Payable (Carried at Cost) The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. Deposits (Carried at Cost) The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Debt Including Subordinated Debentures (Carried at Cost) Fair values of debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics , terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Off-Balance Sheet Financial Instruments (Disclosed at Cost) Fair values for the Bank’s off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table. Note 16 - Fair Value Measurements and Fair Values of Financial Instruments (Continued) The carrying values and estimated fair values of financial instruments were as follows at December 31, 201 6 and 201 5 : As of December 31, 2016 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 65,038 $ 65,038 $ 65,038 $ $ Interest-earning time deposits 980 980 980 Securities available for sale 94,765 94,765 94,765 Loans held for sale 4,153 4,273 4,273 Loans receivable, net 1,485,159 1,515,088 1,515,088 FHLB of New York stock, at cost 9,306 9,306 9,306 Accrued interest receivable 5,573 5,573 5,573 Financial liabilities: Deposits 1,392,205 1,384,578 834,665 549,913 Debt 175,000 176,109 176,109 Subordinated debentures 4,124 4,150 4,150 Accrued interest payable 825 825 825 As of December 31, 2015 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 132,635 $ 132,635 $ 132,635 $ - $ - Interest-earning time deposits 1,238 1,238 1,238 - - Securities available for sale 9,623 9,623 - 9,623 - Loans held for sale 1,983 2,004 - 2,004 - Loans receivable, net 1,420,118 1,443,739 - - 1,443,739 FHLB of New York stock, at cost 10,711 10,711 - 10,711 - Accrued interest receivable 5,595 5,595 - 5,595 - Financial liabilities: Deposits 1,273,929 1,270,267 653,763 616,504 - Debt 200,000 202,948 - 202,948 - Subordinated debentures 4,124 4,185 - 4,185 - Accrued interest payable 1,053 1,053 - 1,053 - |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 17 - Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in stockholders' equity are as follows: At December 31, 2016 2015 (In Thousands) Net unrealized loss on securities available for sale $ (4,383) $ (33) Tax effect 1,791 13 Net of tax amount (2,592) (20) Benefit plan adjustments (2,137) (2,668) Tax effect 873 1,090 Net of tax amount (1,264) (1,578) Accumulated other comprehensive loss $ (3,856) $ (1,598) |
Parent Only Condensed Financial
Parent Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Parent Only Condensed Financial Information [Abstract] | |
Parent Only Condensed Financial Information | 3 Note 18 - Parent Only Condensed Financial Information STATEMENTS OF FINANCIAL CONDITION Years Ended December 31, 2016 2015 (In Thousands) Assets Cash and due from banks $ 865 $ 15 Investment in subsidiaries 133,984 136,244 Restricted common stock 124 124 Other assets 517 1,604 Total assets 135,490 137,987 Liabilities and Stockholders' Equity Liabilities Subordinated debentures $ 4,124 $ 4,124 Other Liabilities 285 320 Total Liabilities 4,409 4,444 Stockholder's Equity 131,081 133,543 Total Liabilities and Stockholders' Equity $ 135,490 $ 137,987 Note 18 - Parent Only Condensed Financial Information (Continued) STATEMENTS OF OPERATIONS Years Ended December 31, 2016 2015 2014 (In Thousands) Dividends from Bank subsidiary $ 6,627 $ 4,957 $ 6,402 Total Income 6,627 4,957 6,402 Interest expense, borrowed money 137 119 117 Other 176 190 288 Total Expense 313 309 405 Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries 6,314 4,648 5,997 Income tax benefit (107) (106) (139) Income before Equity in Undistributed Earnings of Subsidiaries 6,421 4,754 6,136 Equity in undistributed earnings of Subsidiaries 1,582 2,276 1,454 Net Income $ 8,003 $ 7,030 $ 7,590 Note 18 - Parent Only Condensed Fi nancial Information (Continued) STATEMENTS OF CASH FLOWS Years Ended December 31, 2016 2015 2014 (In Thousands) Cash Flows from Operating Activities Net Income $ 8,003 $ 7,030 $ 7,590 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) of subsidiaries (1,582) (2,276) (1,454) Decrease (increase) in other assets 1,087 153 (1,602) (Decrease) increase in other liabilities (35) 73 25 Net Cash Provided By Operating Activities 7,473 4,980 4,559 Cash Flows from Investing Activities Additional investment in subsidiary 1,710 (29,617) (770) Net Cash Used In Investing Activities $ 1,710 $ (29,617) $ (770) Cash Flows from Financing Activities Proceeds from issuance of preferred stock (1,710) 3,848 770 Proceeds from issuance of common stock 336 25,978 571 Cash dividends paid (6,952) (5,378) (5,316) Purchase of treasury stock (7) 0 (12) Net Cash Provided by (Used in) Financing Activities (8,333) 24,448 (3,987) Net (Decrease) in Cash and Cash Equivalents 850 (189) (198) Cash and Cash Equivalents - Beginning $ 15 $ 204 $ 402 Cash and Cash Equivalents - Ending $ 865 $ 15 $ 204 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | Note 19 - Quarterly Financial Data (Unaudited) Year Ended December 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 17,831 $ 17,681 $ 17,731 $ 18,112 Interest expense 4,133 4,318 4,134 3,710 Net Interest Income 13,698 13,363 13,597 14,402 Provision for loan losses 189 37 (301) 102 Net Interest Income, after Provision for loan losses 13,509 13,326 13,898 14,300 Non-interest income 1,654 1,506 1,530 1,433 Non-interest expense 11,737 12,166 12,343 11,649 Income before Income Taxes 3,426 2,666 3,085 4,084 Income taxes 1,391 1,085 1,171 1,611 Net Income $ 2,035 $ 1,581 $ 1,914 $ 2,473 Preferred stock dividends 234 234 234 234 Net income available to common stockholders: $ 1,801 $ 1,347 $ 1,680 2,239 Net income per common share: Basic $ 0.16 $ 0.12 $ 0.15 $ 0.20 Diluted $ 0.16 $ 0.12 $ 0.15 $ 0.20 Dividends per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 Year Ended December 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 15,520 $ 17,036 $ 17,216 $ 17,608 Interest expense 2,929 3,340 3,673 3,927 Net Interest Income 12,591 13,696 13,543 13,681 Provision for loan losses 720 1,130 70 360 Net Interest Income, after Provision for loan losses 11,871 12,566 13,473 13,321 Non-interest income 1,205 1,787 1,964 2,109 Non-interest expense 9,984 11,163 11,692 13,613 Income before Income Taxes 3,092 3,190 3,745 1,817 Income taxes 1,246 1,309 1,463 796 Net Income $ 1,846 $ 1,881 $ 2,282 $ 1,021 Preferred stock dividends 202 201 254 260 Net income available to common stockholders: $ 1,644 $ 1,680 $ 2,028 761 Net income per common share: Basic $ 0.20 $ 0.20 $ 0.24 $ 0.05 Diluted $ 0.20 $ 0.20 $ 0.24 $ 0.05 Dividends per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20- Subsequent Events As defined in FASB ASC 855, "Subsequent Events", subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with GAAP. On January 18, 2017 , the Company declared a cash dividend of $0.14 per share and was paid to stockholders on February 15, 2017 , with a record date of February 1, 2017 . On January 23, 2017, the Company launched a private offering issued a subscription agreement and private placement memorandum for up to 2,500 shares of Series D, 4.5% Non-Cumulative Perpetual Preferred Shares (“Series D Shares”). The Series D Shares when issued will be callable by the Company after January 1, 2020 at $10,000 per share (liquidation preference value). There is no ability to convert the Series D Shares to common shares. Dividends on the Series D Shares, if and when declared, will be paid quarterly in arrears. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | Basis of Consolidated Financial Statement Presentation The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries, the Bank, the New Jersey Investment Company, the New York Management Company and Pamrapo Service Corporation, have been prepared in conformity with accounting principles generally accepted in the United States of America. All significant intercompany accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods then ended. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the identification of other-than-temporary impairment of securities, the determination as to whether deferred tax assets are realizable, and the determination of the fair value of financial instruments. Management believes that the allowance for loan losses is adequate; no securities in unrealized loss positions are other-than-temporarily impaired; net deferred tax assets have been reduced to an amount which is more-likely-than-not realizable, and the fair values of financial instruments are appropriate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Management’s assessment regarding impairment of securities is based on future projections of cash flow which are subject to change. The realizability of deferred tax assets is partially based on projections of future taxable income, which is subject to change. The determination of fair value requires the use of various inputs which are subject to frequent and ongoing changes. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2016 and the date these consolidated financial statements were issued. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks having original maturities of three months or less. |
Securities Available for Sale and Held to Maturity | Securities Available for Sale and Held to Maturity Investments in debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as trading securities or as held to maturity securities are classified as available for sale securities (“AFS”) and reported at fair value, with unrealized holding gains or losses, net of applicable deferred income taxes, reported in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary” in accordance with Accounting Standards Codification (“ASC”) Topic 320, Investments – Debt and Equity Securities. Accordingly, temporary impairments are accounted for based upon the classification of the related securities as either available for sale or held to maturity. Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through Other Comprehensive Income (“OCI”) with offsetting entries adjusting the carrying value of the securities and the balance of deferred taxes. Conversely, the carrying values of held to maturity securities are not adjusted for temporary impairments. Information concerning the amount and duration of temporary impairments on both available for sale and held to maturity securities is disclosed in the notes to the consolidated financial statements. Other-than-temporary impairments are accounted for based upon several considerations. First, other-than-temporary impairments on debt securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in operations. If neither of these conditions regarding the likelihood of the sale of debt securities are applicable, then the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. Credit-related, other-than-temporary impairments are recognized in earnings and noncredit-related, other-than-temporary impairments are recognized, net of deferred taxes, in OCI. Equity securities on which there is an unrealized loss that is deemed other-than-temporary impaired are written down to fair value with the write-down recognized in earnings. Premiums and discounts on all securities are amortized/accreted to maturity using the interest method. Interest and dividend income on securities, which includes amortization of premiums and accretion of discounts, are recognized in the consolidated financial statements when earned. |
Loans Held for Sale | Loans Held For Sale Loans held for sale consist primarily of residential mortgage loans intended for sale and are carried at the lower of cost or estimated fair market value using the aggregate method. These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the cost of the related loans sold. |
Loans Receivable | Loans Receivable Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for loan losses. Loan origination fees and certain direct loan origination costs are deferred and amortized/accreted, as an adjustment of yield, over the contractual lives of the related loans. The accrual of interest on loans that are contractually delinquent more than ninety days is discontinued and the related loans are placed on nonaccrual status. All payments received while in nonaccrual status, are applied to principal until the loan has performed as expected for a minimum of six (6) months or until the loan is determined to qualify for return to normal accruing status. Loans may be returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured. |
Acquired Loans | Acquired Loans Loans that were acquired in acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require an evaluation to determine the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which is then reclassified as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. The evaluation of the amount of future cash flows that is expected to be collected is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, the Company may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. The Company has determined that it cannot reasonably estimate future cash flows on any such acquired loans that are past due 90 days or more and continue to treat them as non-accrual. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is increased through provisions charged to operations and by recoveries, if any, on previously charged-off loans and reduced by charge-offs on loans which are determined to be a loss in accordance with Bank policy. The allowance for loan losses is maintained at a level considered adequate to absorb loan losses. Management, in determining the allowance for loan losses, considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Bank utilizes a two tier approach: (1) identification of impaired loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Bank maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potentially impaired loans. Such a system takes into consideration, but is not limited to, delinquency status, size of loans, types and value of collateral, and financial condition of the borrowers. Specific loan loss allowances are established for impaired loans based on a review of such information and/or appraisals of the underlying collateral. General loan loss allowances are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management’s judgment. Although management believes that adequate specific and general allowances for loan losses are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. The Bank does not aggregate such loans for evaluation purposes. Payments received on impaired loans are applied to principal. When a loan is placed on nonaccrual status, amounts previously accrued and recognized as income are reversed. All payments are applied to principal under the cost recovery method. Interest income on nonaccrual loans is recognized on a cash basis. |
Concentration of Risk | Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Securities include securities backed by the U.S. Government and other highly rated instruments. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey. As a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the State. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Buildings, building improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Significant renovations and additions are charged to the property and equipment account. Maintenance and repairs are charged to expense in the period incurred. Depreciation charges are computed on the straight-line method over the following estimated useful lives of each type of asset. Years Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 3 - 5 Leasehold improvements Shorter of useful life or term of lease |
Federal Home Loan Bank (“FHLB”) of New York Stock | Federal Home Loan Bank (“FHLB”) of New York Stock Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. Such stock is carried at cost. Management evaluates the FHLB of New York stock for impairment in accordance with guidance on accounting by entities that lend to or finance the activities of others. Management’s determination of whether this investment is impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB of New York as compared to the capital stock amount for the FHLB of New York and the length of time this situation has persisted, (2) commitments by the FHLB of New York to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB of New York, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB of New York. No impairment charges were recorded related to the FHLB of New York stock during 2016, 2015, or 2014. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosures are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2016, the Bank owned nine properties totaling $3,525,000 . At December 31, 2015, the Bank owned four properties totaling $1,564,000 . |
Interest Rate Risk | Interest Rate Risk The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to make loans secured by real estate and to purchase securities. The potential for interest-rate risk exists as a result of the difference in duration of the Bank’s interest-sensitive liabilities compared to its interest-sensitive assets. For this reason, management regularly monitors the maturity structure of the Bank’s interest-earning assets and interest-bearing liabilities in order to measure its level of interest-rate risk and to plan for future volatility. |
Income Taxes | Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Income taxes are allocated to the Company and its subsidiaries based upon their respective income or loss included in the consolidated income tax return. Separate state income tax returns are filed by the Company and its subsidiaries. Federal and state income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or (benefit) is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not more likely than not to be realized. Note 2 – Summary of Significant Accounting Policies (Continued) The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements in accordance with ASC Topic 740, Income Taxes , which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more-likely-than-not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the Consolidated Statement of Operations. The Company did not recognize any interest and penalties for the years ended December 31, 2016, 2015 and 2014. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2015 , 2014 , and 2013 . The tax years subject to examination by the State taxing authority are the years ended December 31, 2015 , 2014 , 2013 , and 2012 . The Company was notified by the IRS in January 2017 that its 2014 consolidated income tax return was selected for examination, which will begin in March, 2017. |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the years ended December 31, 2016, 2015 and 2014, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the years ended December 31, 2016, 2015 and 2014, the weighted average number of outstanding options considered to be anti-dilutive was 418,500 , 260,500 , and 126,219 , respectively. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company, under plans approved by its stockholders in 2011, 2003 and 2002, has granted stock options to employees and outside directors. See note 13 for additional information as to option grants. Compensation expense recognized for all option grants is net of estimated forfeitures and is recognized over the awards’ respective requisite service periods. The fair values relating to all options granted are estimated using a Black-Scholes option pricing model. Expected volatilities are based on historical volatility of our stock and other factors, such as implied market volatility using this options expected term. The Company used the mid-point of the original vesting period and original option life to estimate the options’ expected term, which represents the period of time that the options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of these option awards, which have graded vesting, on a straight-line basis over the requisite service period of these awards. |
Benefit Plans | Benefit Plans The Company acquired, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (the “Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the “Pension Plan” to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The defined benefit plan is funded in conformity with funding requirements of applicable government regulations. Prior service costs for the defined benefit plan generally are amortized over the estimated remaining service periods of employees. Additionally, with the merger with Pamrapo Bancorp, Inc., certain former employees of Pamrapo Savings Bank are covered under a Supplemental Executive Retirement Plan (“SERP”), an unfunded non-qualified deferred retirement plan. Participants who retire at the age of 65 (the “Normal Retirement Age”), are entitled to an annual retirement benefit equal to 75% of compensation reduced by their retirement plan annual benefits. Participants retiring before the Normal Retirement Age receive the same benefits reduced by a percentage based on years of service to the Company and the number of years prior to the Normal Retirement Age that participants retire. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company records unrealized gains and losses, net of deferred income taxes, on securities available for sale in accumulated other comprehensive income (loss). Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities or upon the recognition of an impairment loss. Accumulated other comprehensive income (loss) also includes benefit plan amounts recognized in accordance with ASC 715, Compensation-Retirement Benefits , which reflect, net of tax, the unrecognized gains (losses) on the benefit plans. |
Reclassification | Reclassification Certain amounts as of and for the years ended December 31, 2015 and 2014 have been reclassified to conform to the current year’s presentation. These changes had no effect on the Company’s results of operations or financial position. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which will supersede the current revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. The new guidance will be effective for public companies for periods beginning after December 15, 2017 with private companies provided a one-year deferral until periods beginning after December 15, 2018. The ASU permits application of the new revenue recognition guidance to be applied using one of two retrospective application methods. The Company has not yet determined which application method it will use. The guidance is effective for the Company’s financial statements beginning January 1, 2018. The guidance allows an entity to apply the new standard either retrospectively or through a cumulative effect adjustment as of January 1, 2018. This guidance does not apply to revenue associated with financial instruments, including loans, securities, and derivatives that are accounted for under other U.S. GAAP guidance. For that reason, we do not expect it to have a material impact on our consolidated results of operations for elements of the statement of income associated with financial instruments, including securities gains, interest income and interest expense. However, we do believe the new standard will result in new disclosure requirements. We are currently in the process of reviewing contracts to assess the impact of the new guidance on our service offerings that are in the scope of the guidance, included in non-interest income such as insurance commission fees, service charges, payment processing fees, trust services fees, and brokerage services fees. . The Company is continuing to evaluate the effect of the new guidance on revenue sources other than financial instruments on our financial position and consolidated results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of income. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. The new guidance will be effective for years beginning after December 15, 2018 for public companies and for years beginning after December 15, 2019 for private companies. Once effective, the standard will be applied using a modified retrospective transition method to the beginning of the earliest period presented. The Company is currently assessing the impacts this new standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). This ASU was issued as part of FASB’s Simplification Initiative. The areas for simplification in this Update include income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows for share-based payment transactions. For public companies, this ASU will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments will be effective for annual periods beginning after December 31, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impacts this new standard will have on its consolidated financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. For public business entities that are U.S. Securities and Exchange Commission filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Useful Lives of Property, Plant and Equipment | Years Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 3 - 5 Leasehold improvements Shorter of useful life or term of lease |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Securities Available for Sale [Abstract] | |
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale | December 31, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Mortgage-backed securities: Due after five years through ten years $ 6,230 $ 23 $ 86 $ 6,167 Due after ten years 80,594 65 4,354 76,305 Municipal obligations: Due within one year $ 6,968 $ - $ 7 $ 6,961 Preferred Stock: Due after 10 years 5,356 - 24 5,332 $ 99,148 $ 88 $ 4,471 $ 94,765 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential mortgage-backed securities: Due after five years through ten years $ 3,418 $ 13 $ 73 $ 3,358 Due after ten years 6,238 89 62 6,265 $ 9,656 $ 102 $ 135 $ 9,623 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2016 Residential mortgage-backed securities $ 74,672 $ 4,313 $ 3,379 $ 127 $ 78,051 $ 4,440 Municipal obligations 6,961 7 - - 6,961 7 Preferred stock 1,983 24 - - 1,983 24 $ 83,616 $ 4,344 $ 3,379 $ 127 $ 86,995 $ 4,471 December 31, 2015 Residential mortgage-backed securities $ 1,163 $ 4 $ 3,686 $ 131 $ 4,849 $ 135 $ 1,163 $ 4 $ 3,686 $ 131 $ 4,849 $ 135 |
Loans Receivable and Allowanc33
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Recorded Investments in Loans Receivable | The following table presents the recorded investment in loans receivable at December 31, 2016 and December 31, 2015 by segment and class: December 31, 2016 December 31, 2015 (In Thousands) Originated loans: Residential one-to-four family $ 142,081 $ 117,165 Commercial and multi-family 1,056,806 982,828 Construction 70,867 64,008 Commercial business (1) 63,444 70,340 Home equity (2) 32,417 31,237 Consumer 1,269 2,365 Sub-total 1,366,884 1,267,943 Acquired loans recorded at fair value: Residential one-to-four family 56,310 67,587 Commercial and multi-family 60,422 79,308 Construction - - Commercial business (1) 4,460 4,281 Home equity (2) 13,877 18,851 Consumer 225 263 Sub-total 135,294 170,290 Acquired loans with deteriorated credit: Residential one-to-four family 1,443 1,474 Commercial and multi-family 753 669 Construction - - Commercial business (1) - 167 Home equity (2) - 71 Consumer - - Sub-total 2,196 2,381 Total Loans 1,504,374 1,440,614 Less: Deferred loan fees, net (2,006) (2,454) Allowance for loan losses (17,209) (18,042) (19,215) (20,496) Total Loans, net $ 1,485,159 $ 1,420,118 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Inclusions in the Consolidated Statements of Financial Condition | The following table presents the unpaid principal balance and the related recorded investment of acquired loans included in loans receivable in accompanying Consolidated Statements of Financial Condition. (In Thousands): December 31, December 31, 2016 2015 Unpaid principal balance $ 140,049 $ 183,046 Recorded investment 137,045 172,671 |
Accretable And Non-Accretable Discount on Loans Acquired | The following table presents changes in the accretable discount on loans acquired for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2015 Balance, Beginning of Period $ 53,612 $ 70,522 Accretion (14,976) (17,254) Net Reclassification from Non-Accretable Yield 483 344 Balance, End of Period $ 39,119 $ 53,612 The following table presents changes in the non-accretable yield on loans acquired for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2015 Balance, Beginning of Period $ 3,041 $ 3,773 Loans Sold - (388) Net Reclassification to Accretable Difference (483) (344) Balance, End of Period $ 2,558 $ 3,041 |
Related Party Loans | Years Ended December 31, 2016 2015 (In Thousands) Balance – beginning $ 12,444 $ 11,430 Loans originated 386 1,095 Collections of principal (1,461) (81) Change in related party status (2,817) 0 Balance - ending $ 8,552 $ 12,444 |
Allowance for Credit Losses on Financing Receivables | The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2016 and recorded investment in loans receivable at December 31, 2016. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): Commercial & Commercial Home Residential Multi-family Construction Business (1) equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans $ 2,107 $ 11,643 $ 722 $ 1,749 $ 369 $ 879 $ 168 $ 17,637 Acquired loans recorded at fair value 270 17 - - 50 - - 337 Acquired loans with deteriorated credit 47 14 - 4 3 - - 68 Beginning Balance, December 31, 2016 2,424 11,674 722 1,753 422 879 168 18,042 Charge-offs: Originated Loans - 367 - 160 - - - - 527 Acquired loans recorded at fair value 459 38 - 3 54 - - - 554 Acquired loans with deteriorated credit - - - - - - - - - Sub-total 459 405 - 163 54 - - 1,081 Recoveries: Originated Loans - 74 - - - - - 74 Acquired loans recorded at fair value - 4 - - 14 - - 18 Acquired loans with deteriorated credit - - - 129 - - - 129 Sub-total - 78 - 129 14 - - 221 Provisions: Originated Loans (9) (729) 14 1,490 5 (877) (99) (205) Acquired loans recorded at fair value 359 17 - 3 (6) - - 373 Acquired loans with deteriorated credit (4) (1) - (133) (3) - - (141) Sub-total 346 (713) 14 1,360 (4) (877) (99) 27 Totals: Originated Loans 2,098 10,621 736 3,079 374 2 69 16,979 Acquired loans recorded at fair value 170 - - - 4 - - 174 Acquired loans with deteriorated credit 43 13 - - - - - 56 Ending Balance, December 31, 2016 $ 2,311 $ 10,634 $ 736 $ 3,079 $ 378 $ 2 $ 69 $ 17,209 Loans Receivables: Ending Balance Originated Loans 142,081 1,056,806 70,867 63,444 32,417 1,269 - 1,366,884 Ending Balance Acquired Loans 56,310 60,422 - 4,460 13,877 225 - 135,294 Ending Balance Acquired loans with deteriorated credit 1,443 753 - - - - - 2,196 Total Gross Loans $ 199,834 $ 1,117,981 $ 70,867 $ 67,904 $ 46,294 $ 1,494 - $ 1,504,374 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans 10,651 12,325 6 4,088 1,362 - - 28,432 Ending Balance Acquired Loans 7,600 6,356 - - 1,065 - - 15,021 Ending Balance Acquired loans with deteriorated credit 1,443 523 - - - - - 1,966 Ending Balance Loans individually evaluated for impairment $ 19,694 $ 19,204 $ 6 $ 4,088 $ 2,427 $ - $ - $ 45,419 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans 131,430 1,044,481 70,861 59,356 31,055 1,269 - 1,338,452 Ending Balance Acquired Loans 48,710 54,066 - 4,460 12,812 225 - 120,273 Ending Balance Acquired loans with deteriorated credit - 230 - - - - - 230 Ending Balance Loans collectively evaluated for impairment $ 180,140 $ 1,098,777 $ 70,861 $ 63,816 $ 43,867 $ 1,494 $ - $ 1,458,955 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2015 and recorded investment in loans receivable at December 31, 2015. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): Commercial & Commercial Home Residential Multi-family Construction Business (1) equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans $ 2,364 $ 10,028 $ 1,080 $ 876 $ 333 $ 449 $ 121 $ 15,251 Acquired loans recorded at fair value 417 102 - - 58 - - 577 Acquired loans with deteriorated credit 64 23 - 233 3 - - 323 Beginning Balance, December 31, 2015 2,845 10,153 1,080 1,109 394 449 121 16,151 Charge-offs: Originated Loans - 10 - 80 - - - - 90 Acquired loans recorded at fair value 67 - - - 106 - - - 173 Acquired loans with deteriorated credit - - - 199 - - - - 199 Sub-total 67 10 - 279 106 - - 462 Recoveries: Originated Loans - 70 - - - - - 70 Acquired loans recorded at fair value - - - - 3 - - 3 Acquired loans with deteriorated credit - - - - - - - - Sub-total - 70 - - 3 - - 73 Provisions: Originated Loans (257) 1,555 (358) 953 36 430 47 2,406 Acquired loans recorded at fair value (80) (85) - - 95 - - (70) Acquired loans with deteriorated credit (17) (9) - (30) - - - (56) Sub-total (354) 1,461 (358) 923 131 430 47 2,280 Totals: Originated Loans 2,107 11,643 722 1,749 369 879 168 17,637 Acquired loans recorded at fair value 270 17 - - 50 - - 337 Acquired loans with deteriorated credit 47 14 - 4 3 - - 68 Ending Balance, December 31, 2015 $ 2,424 $ 11,674 $ 722 $ 1,753 $ 422 $ 879 $ 168 $ 18,042 Loans Receivables: Ending Balance Originated Loans 117,165 982,828 64,008 70,340 31,237 2,365 - 1,267,943 Ending Balance Acquired Loans 67,587 79,308 - 4,281 18,851 263 - 170,290 Ending Balance Acquired loans with deteriorated credit 1,474 669 - 167 71 - - 2,381 Total Gross Loans $ 186,226 $ 1,062,805 $ 64,008 $ 74,788 $ 50,159 $ 2,628 $ - $ 1,440,614 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans 9,120 14,681 - 4,203 1,456 1,463 - 30,923 Ending Balance Acquired Loans 9,885 6,775 - - 1,363 - - 18,023 Ending Balance Acquired loans with deteriorated credit 1,474 426 - 167 71 - - 2,138 Ending Balance Loans individually evaluated for impairment $ 20,479 $ 21,882 $ - $ 4,370 $ 2,890 $ 1,463 $ - $ 51,084 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans 108,045 968,147 64,008 66,137 29,781 902 - 1,237,020 Ending Balance Acquired Loans 57,702 72,533 - 4,281 17,488 263 - 152,267 Ending Balance Acquired loans with deteriorated credit - 243 - - - - - 243 Ending Balance Loans collectively evaluated for impairment $ 165,747 $ 1,040,923 $ 64,008 $ 70,418 $ 47,269 $ 1,165 $ - $ 1,389,530 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2014 and recorded investment in loans receivable at December 31, 2014. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): Commercial Commercial Home Residential & Multi-family Construction Business (1) equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 1,729 $ 7,419 $ 700 $ 1,295 $ 363 $ 3 $ 83 $ 11,592 Acquired loans recorded at fair value: 832 1,744 1 44 129 - - 2,750 Acquired loans with deteriorated credit: - - - - - - - - - Beginning Balance, December 31, 2014 2,561 9,163 701 1,339 492 3 83 14,342 Charge-offs: Originated Loans: - 388 - 208 27 - - - 623 Acquired loans recorded at fair value: 28 755 - - 29 2 - - 814 Acquired loans with deteriorated credit: - - - - - - - - - Sub-total: 28 1,143 - 208 56 2 - 1,437 Recoveries: Originated Loans: - 125 - 174 - - - 299 Acquired loans recorded at fair value: - 73 65 - 6 3 - 147 Acquired loans with deteriorated credit: - - - - - - - - Sub-total: - 198 65 174 6 3 - 446 Provisions: Originated Loans: 635 2,872 380 (385) (3) 446 38 3,983 Acquired loans recorded at fair value: (387) (960) (66) (44) (48) (1) - (1,506) Acquired loans with deteriorated credit: 64 23 - 233 3 - - 323 Sub-total: 312 1,935 314 (196) (48) 445 38 2,800 Totals: Originated Loans: 2,364 10,028 1,080 876 333 449 121 15,251 Acquired loans recorded at fair value: 417 102 - - 58 - - 577 Acquired loans with deteriorated credit: 64 23 - 233 3 - - 323 Ending Balance, December 31, 2014 $ 2,845 $ 10,153 $ 1,080 $ 1,109 $ 394 $ 449 $ 121 $ 16,151 Loans Receivables: Ending Balance Originated Loans: 124,642 732,791 73,497 54,244 30,175 2,178 - 1,017,527 Ending Balance Acquired Loans: 81,051 95,191 - 6,381 22,698 652 - 205,973 Ending Balance Acquired loans with deteriorated credit: 1,595 1,130 - 369 82 - - 3,176 Total Gross Loans: $ 207,288 $ 829,112 $ 73,497 $ 60,994 $ 52,955 $ 2,830 $ - $ 1,226,676 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: 12,044 9,522 - 4,935 1,086 1,851 - 29,438 Ending Balance Acquired Loans: 9,783 6,377 - - 1,164 - - 17,324 Ending Balance Acquired loans with deteriorated credit: 1,595 877 - 369 82 - - 2,923 Ending Balance Loans individually evaluated for impairment: $ 23,422 $ 16,776 $ - $ 5,304 $ 2,332 $ 1,851 $ - $ 49,685 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: 112,598 723,269 73,497 49,309 29,089 327 - 988,089 Ending Balance Acquired Loans: 71,268 88,814 - 6,381 21,534 652 - 188,649 Ending Balance Acquired loans with deteriorated credit: - 253 - - - - - 253 Ending Balance Loans collectively evaluated for impairment: $ 183,866 $ 812,336 $ 73,497 $ 55,690 $ 50,623 $ 979 $ - $ 1,176,991 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Non-Accruing Loans | The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio, at December 31, 2016 and 2015, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of December 31, 2016 and 2015, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. As of December 31, 2016 As of December 31, 2015 (In Thousands) (In Thousands) Non-Accruing Loans: Originated loans: Residential one-to-four family $ 3,693 $ 2,603 Commercial and multi-family 5,437 9,782 Construction - - Commercial business (1) 726 718 Home equity (2) 416 777 Consumer 6 - Sub-total: $ 10,278 $ 13,880 Acquired loans recorded at fair value: Residential one-to-four family $ 3,429 $ 5,592 Commercial and multi-family 1,182 3,025 Construction - - Commercial business (1) - - Home equity (2) 763 665 Consumer - - Sub-total: $ 5,374 $ 9,282 Acquired loans with deteriorated credit: Residential one-to-four family $ - $ - Commercial and multi-family - - Construction - - Commercial business (1) - 167 Home equity (2) - 118 Consumer - - Sub-total: $ - $ 285 Total $ 15,652 $ 23,447 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Impaired Financing Receivables | The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class for the years ended December 31, 2016 and December 31, 2015. (In Thousands): As of December 31, 2016 As of December 31, 2015 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Originated loans Investment Balance Allowance Investment Balance Allowance with no related allowance recorded: Residential one-to-four family $ 5,158 $ 5,341 $ - $ 3,136 $ 3,199 $ - Commercial and multi-family 10,498 10,722 - 10,709 10,934 - Construction 6 6 - - - - Commercial business (1) 1,022 1,966 - 2,123 3,183 - Home equity (2) 1,022 1,101 - 1,270 1,326 - Consumer - - - - - - Sub-total: $ 17,706 $ 19,136 $ - $ 17,238 $ 18,642 $ - Acquired loans recorded at fair value with no related allowance recorded: Residential one-to-four family $ 5,577 $ 6,149 $ - $ 7,646 $ 8,082 $ - Commercial and Multi-family 5,575 5,710 - 4,383 4,483 - Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) 545 650 - 884 1,061 - Consumer - - - - - - Sub-total: $ 11,697 $ 12,509 $ - $ 12,913 $ 13,626 $ - Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 1,443 $ 2,069 $ - $ 1,474 $ 2,101 $ - Commercial and Multi-family 523 552 - 426 574 - Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) - - - 71 135 - Consumer - - - - - - Sub-total: $ 1,966 $ 2,621 $ - $ 1,971 $ 2,810 $ - Total Impaired Loans with no related allowance recorded: $ 31,369 $ 34,266 $ - $ 32,122 $ 35,078 $ - __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class for the years ended December 31, 2016 and December 31, 2015. (In Thousands): As of December 31, 2016 As of December 31, 2015 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Originated loans Investment Balance Allowance Investment Balance Allowance with an allowance recorded: Residential one-to-four family $ 5,493 $ 5,493 $ 496 $ 5,984 $ 5,993 $ 594 Commercial and Multi-family 1,827 1,866 380 3,972 3,972 1,069 Construction - - - - - - Commercial business (1) 3,066 4,006 2,359 2,080 2,445 841 Home equity (2) 340 340 32 186 189 3 Consumer - - - 1,463 1,463 876 Sub-total: $ 10,726 $ 11,705 $ 3,267 $ 13,685 $ 14,062 $ 3,383 Acquired loans recorded at fair value with an allowance recorded: Residential one-to-four family $ 2,023 $ 2,080 $ 202 $ 2,239 $ 2,402 $ 219 Commercial and Multi-family 781 781 37 2,392 2,496 85 Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) 520 571 24 479 518 36 Consumer - - - - - - Sub-total $ 3,324 $ 3,432 $ 263 $ 5,110 $ 5,416 $ 340 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ - $ - $ - $ - $ - $ - Commercial and Multi-family - - - - - - Construction - - - - - - Commercial business (1) - - - 167 368 - Home equity (2) - - - - - - Consumer - - - - - - Sub-total: $ - $ - $ - $ 167 $ 368 $ - Total Impaired Loans with an allowance recorded: $ 14,050 $ 15,137 $ 3,530 $ 18,962 $ 19,846 $ 3,723 Total Impaired Loans with no related allowance recorded: $ 31,369 $ 34,266 $ - $ 32,122 $ 35,078 $ - Total Impaired Loans: $ 45,419 $ 49,403 $ 3,530 $ 51,084 $ 54,924 $ 3,723 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and actual interest income recognized on impaired loans with no related allowance recorded by portfolio class for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2016 2015 2015 Average Interest Average Interest Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized with no related allowance recorded: Residential one-to-four family $ 4,613 $ 281 $ 2,996 $ 83 Commercial and multi-family 10,820 563 9,599 322 Construction 746 - - - Commercial business (1) 1,678 116 2,438 8 Home equity (2) 1,002 60 1,073 41 Consumer 2 - - - Sub-total: $ 18,861 $ 1,020 $ 16,106 $ 454 Acquired loans recorded at fair value with no related allowance recorded: Residential one-to-four family $ 5,234 $ 345 $ 6,849 $ 289 Commercial and Multi-family 5,055 332 4,639 120 Construction - - - - Commercial business (1) - - - - Home equity (2) 583 37 796 25 Consumer - - - - Sub-total: $ 10,872 $ 714 $ 12,284 $ 434 Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 1,455 $ 89 $ 1,486 $ - Commercial and Multi-family 527 28 760 - Construction - - - - Commercial business (1) - - 90 - Home equity (2) 19 - 76 4 Consumer - - - - Sub-total: $ 2,001 $ 117 $ 2,412 $ 4 Total Impaired Loans with no related allowance recorded: $ 31,734 $ 1,851 $ 30,802 $ 892 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and actual interest income recognized on impaired loans with allowance recorded by portfolio class for the years ended December 31, 2016 and 2015. (In Thousands): Years Ended December 31, 2016 2016 2015 2015 Average Interest Average Interest Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized with an allowance recorded: Residential one-to-four family $ 5,564 $ 253 $ 7,211 $ 48 Commercial and Multi-family 3,122 39 3,650 190 Construction - - - - Commercial business (1) 2,406 139 2,170 37 Home equity (2) 278 16 281 2 Consumer 632 - 1,515 - Sub-total: $ 12,002 $ 447 $ 14,827 $ 277 Acquired loans recorded at fair value with an allowance recorded: Residential one-to-four family $ 3,342 $ 69 $ 3,187 $ 27 Commercial and Multi-family 1,077 44 2,275 57 Construction - - - - Commercial business (1) - - - - Home equity (2) 674 17 358 12 Consumer - - - - Sub-total $ 5,093 $ 130 $ 5,820 $ 96 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ - $ - $ 67 $ - Commercial and Multi-family - - - - Construction - - - - Commercial business (1) 41 - 84 5 Home equity (2) - - - - Consumer - - - - Sub-total: $ 41 $ - $ 151 $ 5 Total Impaired Loans with an allowance recorded: $ 17,136 $ 577 $ 20,798 $ 378 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Troubled Debt Restructurings on Financing Receivables | The following table presents the total troubled debt restructured loans at December 31, 2016, excluding the purchase impairment mark on the acquired loans with deteriorated credit: Accrual Non-accrual Total December 31, 2016 # of Loans Amount # of Loans Amount # of Loans Amount (Actual) (In Thousands) (Actual) (In Thousands) (Actual) (In Thousands) Originated loans: Residential one-to-four family 8 $ 2,687 - $ - 8 $ 2,687 Commercial and multi-family 9 5,141 8 2,297 17 7,438 Construction - - - - - - Commercial business (1) 2 1,868 1 345 3 2,213 Home equity (2) 5 817 1 46 6 863 Consumer - - - - - - Sub-total: 24 $ 10,513 10 $ 2,688 34 $ 13,201 Acquired loans recorded at fair value: Residential one-to-four family 18 $ 3,979 5 $ 1,893 23 $ 5,872 Commercial and Multi-family 13 4,807 1 583 14 5,390 Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) 2 265 1 219 3 484 Consumer - - - - - - Sub-total: 33 $ 9,051 7 $ 2,695 40 $ 11,746 Acquired loans with deteriorated credit: Residential one-to-four family 5 $ 2,069 - $ - 5 $ 2,069 Commercial and Multi-family 1 552 - - 1 552 Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) - - - - - - Consumer - - - - - - Sub-total: 6 $ 2,621 - $ - 6 $ 2,621 Total 63 $ 22,185 17 $ 5,383 80 $ 27,568 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table presents the total troubled debt restructured loans at December 31, 2015, excluding the purchase impairment mark on the acquired loans with deteriorated credit: Accrual Non-accrual Total December 31, 2015 # of Loans Amount # of Loans Amount # of Loans Amount (Actual) (In Thousands) (Actual) (In Thousands) (Actual) (In Thousands) Originated loans: Residential one-to-four family 6 $ 1,845 1 $ 824 7 $ 2,669 Commercial and multi-family 4 3,270 9 4,297 13 7,567 Construction - - - - - - Commercial business (1) 1 778 2 705 3 1,483 Home equity (2) 2 491 3 157 5 648 Consumer - - - - - - Sub-total: 13 $ 6,384 15 $ 5,983 28 $ 12,367 Acquired loans recorded at fair value: Residential one-to-four family 16 $ 3,604 13 $ 3,402 29 $ 7,006 Commercial and Multi-family 13 4,863 1 582 14 5,445 Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) 5 512 1 220 6 732 Consumer - - - - - - Sub-total: 34 $ 8,979 15 $ 4,204 49 $ 13,183 Acquired loans with deteriorated credit: Residential one-to-four family 5 $ 2,101 - $ - 5 $ 2,101 Commercial and Multi-family 2 574 - - 2 574 Construction - - - - - - Commercial business (1) - - 1 167 1 167 Home equity (2) - - 1 118 1 118 Consumer - - - - - - Sub-total: 7 $ 2,675 2 $ 285 9 $ 2,960 Total 54 $ 18,038 32 $ 10,472 86 $ 28,510 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) A troubled debt restructuring (“TDR”) is a loan that has been modified whereby the Bank has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Bank to maximize the ultimate recovery of a loan. TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted are generally included, but not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. The following table summarizes information in regards to troubled debt restructurings during the year ended December 31, 2016. (In thousands): Year Ended December 31, 2016 Pre-Modification Outstanding Post-Modification Outstanding Number of Contracts Recorded Investments Recorded Investments Originated loans: Residential one-to-four family 1 $ 71 $ 71 Commercial and multi-family 5 1,816 1,920 Construction - - - Commercial business (1) 1 - 1,137 Home equity (2) 1 155 162 Consumer - - - Sub-total: 8 $ 2,042 $ 3,290 Acquired loans recorded at fair value: Residential one-to-four family 1 $ 278 $ 320 Commercial and Multi-family - - - Construction - - - Commercial business (1) - - - Home equity (2) 1 223 223 Consumer - - - Sub-total: 2 $ 501 $ 543 Acquired loans with deteriorated credit: Residential one-to-four family - $ - $ - Commercial and Multi-family - - - Construction - - - Commercial business (1) - - - Home equity (2) - - - Consumer - - - Sub-total: - $ - $ - Total 10 $ 2,543 $ 3,833 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes information in regards to troubled debt restructurings during the year ended December 31, 2015. (In thousands): Year Ended December 31, 2015 Pre-Modification Outstanding Post-Modification Outstanding Number of Contracts Recorded Investments Recorded Investments Originated loans: Residential one-to-four family 1 $ 836 $ 836 Commercial and multi-family 1 55 55 Construction - - - Commercial business (1) 1 236 246 Home equity (2) 1 17 53 Consumer - - - Sub-total: 4 $ 1,144 $ 1,190 Acquired loans recorded at fair value: Residential one-to-four family 3 $ 1,533 $ 1,562 Commercial and Multi-family - - - Construction - - - Commercial business (1) - - - Home equity (2) 2 398 367 Consumer - - - Sub-total: 5 $ 1,931 $ 1,929 Acquired loans with deteriorated credit: Residential one-to-four family - $ - $ - Commercial and Multi-family - - - Construction - - - Commercial business (1) - - - Home equity (2) - - - Consumer - - - Sub-total: - $ - $ - Total 9 $ 3,075 $ 3,119 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes information in regards to troubled debt restructurings for which there was a payment default, within twelve months of restructuring, (In thousands): Year Ended December 31, 2016 Number of Contracts Recorded Investment Originated loans: Residential one-to-four family 1 $ 70 Commercial and multi-family 2 637 Construction - - Commercial business (1) - - Home equity (2) - - Consumer - - Sub-total: 3 $ 707 Acquired loans recorded at fair value: Residential one-to-four family - $ - Commercial and Multi-family - - Construction - - Commercial business (1) - - Home equity (2) - - Consumer - - Sub-total: - $ - Acquired loans with deteriorated credit: Residential one-to-four family - $ - Commercial and Multi-family - - Construction - - Commercial business (1) - - Home equity (2) - - Consumer - - Sub-total: - $ - Total 3 $ 707 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes information in regards to troubled debt restructurings for which there was a payment default, within twelve months of restructuring, (In thousands): Year Ended December 31, 2015 Number of Contracts Recorded Investment Originated loans: Residential one-to-four family 1 $ 824 Commercial and multi-family - - Construction - - Commercial business (1) - - Home equity (2) - - Consumer - - Sub-total: 1 $ 824 Acquired loans recorded at fair value: Residential one-to-four family 1 $ 968 Commercial and Multi-family - - Construction - - Commercial business (1) - - Home equity (2) - - Consumer - - Sub-total: 1 $ 968 Acquired loans with deteriorated credit: Residential one-to-four family - $ - Commercial and Multi-family - - Construction - - Commercial business (1) - - Home equity (2) - - Consumer - - Sub-total: - $ - Total 2 $ 1,792 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Delinquency Status of Total Loans Receivable | The following table sets forth the delinquency status of total loans receivable at December 31, 2016: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Originated loans: Residential one-to-four family $ 2,873 $ 963 $ 1,889 $ 5,725 $ 136,356 $ 142,081 $ - Commercial and multi-family 10,472 989 5,182 16,643 1,040,163 1,056,806 2,828 Construction 348 - - 348 70,519 70,867 - Commercial business (1) 491 69 315 875 62,569 63,444 - Home equity (2) 78 218 - 296 32,121 32,417 - Consumer - - 6 6 1,263 1,269 - Sub-total: $ 14,262 $ 2,239 $ 7,392 $ 23,893 $ 1,342,991 $ 1,366,884 $ 2,828 Acquired loans recorded at fair value: Residential one-to-four family $ 498 $ 515 $ 3,138 $ 4,151 $ 52,159 56,310 $ - Commercial and multi-family 1,958 221 737 2,916 57,506 60,422 - Construction - - - - - - - Commercial business (1) - - - - 4,460 4,460 - Home equity (2) 309 132 280 721 13,156 13,877 - Consumer - - - - 225 225 - Sub-total: $ 2,765 $ 868 $ 4,155 $ 7,788 $ 127,506 $ 135,294 $ - Acquired loans with deteriorated credit: Residential one-to-four family $ - $ - $ - $ - $ 1,443 $ 1,443 $ - Commercial and multi-family - - - - 753 753 - Construction - - - - - - - Commercial business (1) - - - - - - - Home equity (2) - - - - - - - Consumer - - - - - - - Sub-total: $ - $ - $ - $ - $ 2,196 $ 2,196 $ - Total $ 17,027 $ 3,107 $ 11,547 $ 31,681 $ 1,472,693 $ 1,504,374 $ 2,828 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the delinquency status of total loans receivable at December 31, 2015: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Originated loans: Residential one-to-four family $ 3,495 $ 786 $ 1,577 $ 5,858 $ 111,307 $ 117,165 $ - Commercial and multi-family 12,491 3,362 6,467 22,320 960,508 982,828 578 Construction 4,677 80 - 4,757 59,251 64,008 - Commercial business (1) 909 - 684 1,593 68,747 70,340 - Home equity (2) 517 333 485 1,335 29,902 31,237 - Consumer - - - - 2,365 2,365 - Sub-total: $ 22,089 $ 4,561 $ 9,213 $ 35,863 $ 1,232,080 $ 1,267,943 $ 578 Acquired loans recorded at fair value: Residential one-to-four family $ 3,340 $ 311 $ 3,512 $ 7,163 $ 60,424 67,587 $ - Commercial and multi-family 1,913 1,313 1,285 4,511 74,797 79,308 - Construction - - - - - - - Commercial business (1) 418 - - 418 3,863 4,281 - Home equity (2) 727 - 331 1,058 17,793 18,851 - Consumer 12 - - 12 251 263 - Sub-total: $ 6,410 $ 1,624 $ 5,128 $ 13,162 $ 157,128 $ 170,290 $ - Acquired loans with deteriorated credit: Residential one-to-four family $ - $ - $ - $ - $ 1,474 $ 1,474 $ - Commercial and multi-family 244 - 8 252 417 669 8 Construction - - - - - - - Commercial business (1) - - 167 167 - 167 - Home equity (2) - - - - 71 71 - Consumer - - - - - - - Sub-total: $ 244 $ - $ 175 $ 419 $ 1,962 $ 2,381 $ 8 Total $ 28,743 $ 6,185 $ 14,516 $ 49,444 $ 1,391,170 $ 1,440,614 $ 586 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Financing Receivable Credit Quality Indicators | The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2016. (In Thousands): Pass Special Mention Substandard Doubtful Loss Total Originated loans: Residential one-to-four family $ 131,807 $ 6,393 $ 3,881 $ - $ - $ 142,081 Commercial and multi-family 1,039,519 6,263 10,811 - 213 1,056,806 Construction 70,391 476 - - - 70,867 Commercial business (1) 57,567 1,789 4,000 - 88 63,444 Home equity (2) 31,052 816 549 - - 32,417 Consumer 1,249 14 6 - - 1,269 Sub-total: $ 1,331,585 $ 15,751 $ 19,247 $ - $ 301 $ 1,366,884 Acquired loans recorded at fair value: Residential one-to-four family $ 51,628 $ 626 $ 4,056 $ - $ - 56,310 Commercial and multi-family 55,216 1,311 3,895 - - 60,422 Construction - - - - - - Commercial business (1) 4,460 - - - - 4,460 Home equity (2) 12,652 424 782 - 19 13,877 Consumer 225 - - - - 225 Sub-total: $ 124,181 $ 2,361 $ 8,733 $ - $ 19 $ 135,294 Acquired loans with deteriorated credit: Residential one-to-four family $ 147 $ 272 $ 1,024 $ - $ - 1,443 Commercial and multi-family 230 523 - - - 753 Construction - - - - - - Commercial business (1) - - - - - - Home equity (2) - - - - - - Consumer - - - - - - Sub-total: $ 377 $ 795 $ 1,024 $ - $ - $ 2,196 Total Gross Loans $ 1,456,143 $ 18,907 $ 29,004 $ - $ 320 $ 1,504,374 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 5 - Loans Receivable and Allowance for Loan Losses (Continued) The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2015. (In Thousands): Pass Special Mention Substandard Doubtful Loss Total Originated loans: Residential one-to-four family $ 108,259 $ 4,857 $ 4,049 $ - $ - $ 117,165 Commercial and multi-family 966,229 1,868 14,731 - - 982,828 Construction 63,292 716 - - - 64,008 Commercial business (1) 64,645 2,018 3,677 - - 70,340 Home equity (2) 29,694 714 829 - - 31,237 Consumer 1,198 30 1,137 - - 2,365 Sub-total: $ 1,233,317 $ 10,203 $ 24,423 $ - $ - $ 1,267,943 Acquired loans recorded at fair value: Residential one-to-four family $ 58,362 $ 2,574 $ 6,651 $ - $ - 67,587 Commercial and multi-family 72,770 1,780 4,758 - - 79,308 Construction - - - - - - Commercial business (1) 4,281 - - - - 4,281 Home equity (2) 17,571 382 898 - - 18,851 Consumer 263 - - - - 263 Sub-total: $ 153,247 $ 4,736 $ 12,307 $ - $ - $ 170,290 Acquired loans with deteriorated credit: Residential one-to-four family $ 147 $ 279 $ 1,048 $ - $ - 1,474 Commercial and multi-family 137 532 - - - 669 Construction - - - - - - Commercial business (1) - - 167 - - 167 Home equity (2) - - 71 - - 71 Consumer - - - - - - Sub-total: $ 284 $ 811 $ 1,286 $ - $ - $ 2,381 Total Gross Loans $ 1,386,848 $ 15,750 $ 38,016 $ - $ - $ 1,440,614 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Premises and Equipment [Abstract] | |
Summary of Premises and Equipment | December 31, 2016 2015 (In Thousands) Land $ 2,116 $ 1,887 Buildings and improvements 14,662 12,392 Leasehold improvements 4,987 3,196 Furniture, fixtures and equipment 10,064 8,277 31,829 25,752 Accumulated depreciation and amortization (12,447) (10,025) $ 19,382 $ 15,727 |
Minimum Obligation under Non-cancelable Lease Agreement | 2017 $ 2,443 2018 1,989 2019 1,724 2020 1,615 2021 1,394 Thereafter 5,403 $ 14,568 |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest Receivable [Abstract] | |
Summary of Interest Receivable | December 31, 2016 2015 (In Thousands) Loans $ 5,359 $ 5,564 Securities 214 31 $ 5,573 $ 5,595 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule of Deposits | December 31, 2016 2015 (In Thousands) Demand: Non-interest bearing $ 158,523 $ 130,920 NOW 307,071 226,137 Money market 125,614 54,915 591,208 411,972 Savings and club 260,122 250,936 Certificates of deposit 540,875 611,021 $ 1,392,205 $ 1,273,929 |
Schedule of Maturities of Time Certificates of Deposits | Amount 2017 $ 314,196 2018 102,194 2019 78,923 2020 24,133 2021 21,429 Thereafter - $ 540,875 |
Short-Term Borrowings and Lon37
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-Term Borrowings, Long-Term Debt and Subordinated Debentures [Abstract] | |
Short-term Borrowings | December 31, 2016 2015 2014 Amount Amount Amount ( In Thousands) Balance at end of period $ 20,000 $ - $ 26,000 Average balance outstanding during the year $ 103 $ 595 $ 13,591 Highest month-end balance during the year $ 20,000 $ 3,000 $ 45,500 Average interest rate during the year 0.88 % 0.37 % 0.38 % Weighted average interest rate at year-end 1.00 % - % 0.32 % |
Long Term Debt | December 31, 2016 2015 Weighted Average Rate Amount ($000s) Weighted Average Rate Amount ($000s) Federal Home Loan Bank Advances: Maturing by December 31, 2016 - % $ - 4.34 % $ 55,000 2017 4.45 55,000 4.45 55,000 2018 1.41 25,000 1.41 25,000 2019 1.85 23,000 1.85 23,000 2020 1.46 20,000 1.53 10,000 2021 1.76 10,000 1.76 10,000 2022 1.98 22,000 1.98 22,000 2.66 % $ 155,000 3.19 % $ 200,000 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-Term Borrowings, Long-Term Debt and Subordinated Debentures [Abstract] | |
Summary of Trust Preferred Securities | Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 6/17/2004 $4,124,000 $1,000 per Capital Security Floating 3-month LIBOR + 265 Basis Points 6/17/2034 6/17/2009 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | For Capital Adequacy To be Well Capitalized under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of December 31, 2016 Bank Total capital (to risk-weighted assets) $154,923 11.34 % $109,330 8.00 % $136,663 10.00 % Tier 1 capital (to risk-weighted assets) 137,839 10.09 81,998 6.00 109,330 8.00 Common Equity Tier 1 (to risk-weighted assets) 137,839 10.09 61,498 4.50 88,831 6.50 Tier 1 capital (to average assets) 137,839 8.10 68,074 4.00 85,092 5.00 Company Total capital (to risk-weighted assets) $156,152 11.42 % $109,372 8.00 % N/A N/A Tier 1 capital (to risk-weighted assets) 139,061 10.17 82,029 6.00 N/A N/A Common Equity Tier 1 (to risk-weighted assets) 119,473 8.74 61,522 4.50 N/A N/A Tier 1 capital (to average assets) 139,061 8.17 68,117 4.00 N/A N/A As of December 31, 2015 Bank Total capital (to risk-weighted assets) $153,806 12.06 % $102,011 8.00 % $127,514 10.00 % Tier 1 capital (to risk-weighted assets) 137,841 10.81 6.00 8.00 Common Equity Tier 1 (to risk-weighted assets) 137,841 10.81 4.50 6.50 Tier 1 capital (to average assets) 137,841 8.61 4.00 5.00 Company Total capital (to risk-weighted assets) $155,250 12.16 % $102,147 8.00 % N/A N/A Tier 1 capital (to risk-weighted assets) 139,264 10.91 6.00 N/A N/A Common Equity Tier 1 (to risk-weighted assets) 117,966 9.24 4.50 N/A N/A Tier 1 capital (to average assets) 139,264 8.75 4.00 N/A N/A |
Benefits Plans (Tables)
Benefits Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Allocation Parameters by Asset Class | Asset Allocation Parameters by Asset Class Minimum Target Maximum Equity Large-Cap U.S. 45% Mid/Small-Cap U.S. 14% Non-U.S. 0% Total-Equity 40% 59% 60% Fixed Income Long/Short Duration 40% Money Market/Certificates of Deposit 1% Total-Fixed Income 40% 41% 60% |
Schedule of Fair Value of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2016, by asset category (see Note 17 for the definitions of levels), are as follows: Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 2,065,510 $ 2,065,510 $ - $ - Mid-Cap Value (b) 371,203 371,203 - - Large Blend (e) 1,415,265 1,415,265 - - Mutual Funds-Fixed Income World Bond (c) 985,817 985,817 - - Multi-Sector Bond (d) 1,008,504 1,008,504 - - High Yield Bond (f) 1,027,330 1,027,330 - - Stock BCB Common Stock 673,725 673,725 - - Cash Equivalents Money Market $ 98,372 $ 98,372 $ - $ - Total $ 7,645,726 $ 7,645,726 $ - $ - The fair values of the Company’s pension plan assets at December 31, 2015, by asset category (see Note 17 for the definitions of levels), are as follows: Asset Category Total (Level 1) (Level 2) (Level 3) Mutual funds-Equity Large-Cap Value (a) $ 1,736,329 $ 1,736,329 $ - $ - Mid-Cap Value (b) 289,475 289,475 - - Large Blend (e) 1,234,649 1,234,649 - - Mutual Funds-Fixed Income World Bond (c) 891,971 891,971 - - Multi-Sector Bond (d) 910,819 910,819 - - High Yield Bond (f) 897,768 897,768 - - Stock BCB Common Stock 538,980 538,980 - - Cash Equivalents Money Market $ 69,347 $ 69,347 $ - $ - Total $ 6,569,338 $ 6,569,338 $ - $ - Note 12 - Benefits Plan (Continued) a) Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow. b) Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). c) World-bond portfolios invest 40% or more of their assets in foreign bonds. Some world-bond portfolios follow a conservative approach, favoring high-quality bonds from developed markets. Others are more adventurous and own some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others regularly invest in both U.S. and non- U.S. bonds. d) Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities. e) This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value. f) High Yield Bond funds invest at least 65% of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective. |
Summary of Stock Option Activity | Number of Options Range of Exercise Price Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at December 31, 2014 289,720 $ 8.93 -15.65 $ 11.18 7.60 years $ 427 Options forfeited - - - Options exercised - - - Options granted 152,500 10.55 -10.81 10.75 Options expired (25,220) 15.60 -15.65 15.65 Outstanding at December 31, 2015 417,000 $ 8.93 -15.65 $ 10.75 8.22 years $ 219 Options forfeited - - - Options exercised - - - Options granted 160,000 10.92 10.92 Options expired (2,000) 15.11 15.11 Outstanding at December 31, 2016 575,000 $ 8.93 -13.32 $ 10.78 7.94 years $ 1,198 Exercisable at December 31, 2016 97,900 |
Schedule of Assumptions Used | The key valuation assumptions and fair value of stock options granted during the three months ended December 31, 2016 were: Directors Employees Expected life 7.85 years 7.85 years Risk-free interest rate 1.56 % 1.56 % Volatility 35.06 % 35.06 % Dividend yield 5.13 % 5.13 % Fair value $2.13 $2.13 + The key valuation assumptions and fair value of stock options granted during the three months ended December 31, 2015 were: Expected life 7.87 years 7.88 years Risk-free interest rate 2.02 % 2.17 % Volatility 38.02 % 37.96 % Dividend yield 5.18 % 5.31 % Fair value $2.40 $2.32 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan's Funded Status | Change in Benefit Obligation: December 31, 2016 2015 (In Thousands) Benefit obligation, beginning of year $ 7,811 $ 9,194 Interest Cost 328 352 Actuarial loss (gain) (52) (131) Benefits paid (500) (562) Lump Sum Distributions (99) (1,042) Benefit obligation, ending $ 7,488 $ 7,811 Change in Plan Assets: Fair value of assets, beginning of year $ 6,569 $ 7,679 Actual return on plan assets 876 (306) Employer contributions 800 800 Benefits paid (500) (562) Lump Sum Distributions (99) (1,042) Fair value of assets, ending $ 7,646 $ 6,569 Reconciliation of Funded Status: Accumulated benefit obligation $ 7,488 $ 7,811 Projected benefit obligation $ 7,488 $ 7,811 Fair value of assets 7,646 6,569 Funded (unfunded) status, included in other liabilities $ (158) $ 1,242 Valuation assumptions used to determine benefit obligation at period end: Discount rate 4.14% 4.34% Salary Increase Rate N/A N/A |
Net Periodic Pension and SERP Expense and Valuation Assumptions | Net Periodic Pension Expense: December 31, 2016 2015 (In Thousands) Interest cost $ 328 $ 352 Expected return on assets (541) (619) Amortization of net loss 146 100 Settlement loss - 351 Net Periodic Pension Cost (Credit) $ (67) $ 184 Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 4.34% 3.95% Long term rate of return on plan assets 8.00% 8.00% Salary Increase Rate N/A N/A |
Expected Benefit Payments | 2017 $ $515 2018 514 2019 514 2020 503 2021 485 2022-2026 2,367 |
Supplemental Executive Retirement Plan (SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Plan's Funded Status | December 31, 2016 2015 (In Thousands) Benefit obligation, beginning of year $ 332 $ 384 Interest Cost 13 14 Actuarial loss (gain) - (4) Benefits paid (62) (62) Benefit obligation, ending $ 283 $ 332 Change in Plan Assets: Fair value of assets, beginning of year $ - $ - Employer contributions 62 62 Benefits paid (62) (62) Fair value of assets, ending $ - $ - Reconciliation of Funded Status: Accumulated benefit obligation $ 283 $ 332 Projected benefit obligation $ 283 $ 332 Fair value of assets - - Funded status, included in other liabilities $ 283 $ 332 Valuation assumptions used to determine benefit obligation at period end: Discount rate 4.14% 4.34% Salary Increase Rate N/A N/A |
Net Periodic Pension and SERP Expense and Valuation Assumptions | December 31, Net Periodic SERP Expense: 2016 2015 (In Thousands) Interest Cost $ 13 $ 14 Net Periodic SERP Cost $ 13 $ 14 Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate 4.34 % 3.95 % Rate of increase in compensation N/A N/A |
Expected Benefit Payments | 2017 $ 62 2018 62 2019 62 2020 32 2121 32 2022-2026 63 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | Years Ended December 31, 2016 2015 2014 (In Thousands) Current income tax expense: Federal $ 2,632 $ 3,730 $ 2,994 State 1,139 1,082 802 3,771 4,812 3,796 Deferred income tax expense: Federal 1,439 2 1,070 State 48 0 181 1,487 2 1,251 Total Income Tax Expense $ 5,258 $ 4,814 $ 5,047 |
Deferred Tax Assets and Liabilities | December 31, 2016 2015 Deferred income tax assets: (In Thousands) Allowance for loan losses $ 7,030 $ 6,444 Other real estate owned expenses 114 336 Non-accrual interest 342 285 Benefit Plans 51 826 Benefit Plan-accumulated other comprehensive loss 873 1,090 Valuation adjustment on loans receivable acquired 1,045 1,124 Valuation adjustment on time deposits acquired - 43 Unrealized loss on securities available for sale 1,791 14 Net operating loss carry forwards 23 109 Other 794 1,189 12,063 11,460 Deferred income tax liabilities: Valuation adjustment on premises and equipment acquired 926 1,367 Depreciation 357 132 SBA Servicing Asset 827 80 2,110 1,579 Net Deferred Tax Asset $ 9,953 $ 9,881 |
Effective Income Tax Rate Reconciliation | Years Ended December 31, 2016 2015 2014 (In Thousands) Federal income tax expense at statutory rate $ 4,532 $ 4,101 $ 4,389 Increases in income taxes resulting from: State income tax , net of federal income tax effect 781 707 641 Other items, net (55) 6 17 Effective Income Tax Expense $ 5,258 $ 4,814 $ 5,047 Effective Income Tax Rate 39.7 % 40.7 % 39.9 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Loan Related Commitments | December 31, 2016 2015 (In Thousands) Loan origination $ 61,958 $ 44,816 Standby letters of credit 964 1,739 Construction loans in process 41,206 39,714 Unused lines of credit 60,615 64,701 $ 164,743 $ 150,970 |
Fair Value Measurements and F43
Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements and Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring | (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of December 31, 2016: Securities available for sale — Residential mortgage backed securities, Municipal obligations, and Preferred Stock $ 94,765 $ - $ 94,765 $ - As of December 31, 2015: Securities available for sale — Residential mortgage backed securities $ 9,623 $ - $ 9,623 $ - |
Fair Value Measurements, Nonrecurring | (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of December 31, 2016: Impaired loans $ 10,519 $ - $ - $ 10,519 Other real estate owned $ 3,525 $ - $ - $ 3,525 As of December 31, 2015: Impaired loans $ 15,239 $ - $ - $ 15,239 Other real estate owned $ 1,564 $ - $ - $ 1,564 |
Quantitative Information about Level 3 Fair Value Measurements | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value, (Dollars in thousands): Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input December 31, 2016: Impaired Loans $ 10,519 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Liquidation expenses (3) 0% -10% Other Real Estate Owned $ 3,525 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Liquidation expenses (3) 0% -10% Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input December 31, 2015: Impaired Loans $ 15,239 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Liquidation expenses (3) 0% - 10% Other Real Estate Owned $ 1,564 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 10% Liquidation expenses (3) 0% - 10% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and e stimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Carrying Values and Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of financial instruments were as follows at December 31, 201 6 and 201 5 : As of December 31, 2016 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 65,038 $ 65,038 $ 65,038 $ $ Interest-earning time deposits 980 980 980 Securities available for sale 94,765 94,765 94,765 Loans held for sale 4,153 4,273 4,273 Loans receivable, net 1,485,159 1,515,088 1,515,088 FHLB of New York stock, at cost 9,306 9,306 9,306 Accrued interest receivable 5,573 5,573 5,573 Financial liabilities: Deposits 1,392,205 1,384,578 834,665 549,913 Debt 175,000 176,109 176,109 Subordinated debentures 4,124 4,150 4,150 Accrued interest payable 825 825 825 As of December 31, 2015 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 132,635 $ 132,635 $ 132,635 $ - $ - Interest-earning time deposits 1,238 1,238 1,238 - - Securities available for sale 9,623 9,623 - 9,623 - Loans held for sale 1,983 2,004 - 2,004 - Loans receivable, net 1,420,118 1,443,739 - - 1,443,739 FHLB of New York stock, at cost 10,711 10,711 - 10,711 - Accrued interest receivable 5,595 5,595 - 5,595 - Financial liabilities: Deposits 1,273,929 1,270,267 653,763 616,504 - Debt 200,000 202,948 - 202,948 - Subordinated debentures 4,124 4,185 - 4,185 - Accrued interest payable 1,053 1,053 - 1,053 - |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | At December 31, 2016 2015 (In Thousands) Net unrealized loss on securities available for sale $ (4,383) $ (33) Tax effect 1,791 13 Net of tax amount (2,592) (20) Benefit plan adjustments (2,137) (2,668) Tax effect 873 1,090 Net of tax amount (1,264) (1,578) Accumulated other comprehensive loss $ (3,856) $ (1,598) |
Parent Only Condensed Financi45
Parent Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Parent Only Condensed Financial Information [Abstract] | |
Statements of Financial Condition | STATEMENTS OF FINANCIAL CONDITION Years Ended December 31, 2016 2015 (In Thousands) Assets Cash and due from banks $ 865 $ 15 Investment in subsidiaries 133,984 136,244 Restricted common stock 124 124 Other assets 517 1,604 Total assets 135,490 137,987 Liabilities and Stockholders' Equity Liabilities Subordinated debentures $ 4,124 $ 4,124 Other Liabilities 285 320 Total Liabilities 4,409 4,444 Stockholder's Equity 131,081 133,543 Total Liabilities and Stockholders' Equity $ 135,490 $ 137,987 |
Statements of Operations | STATEMENTS OF OPERATIONS Years Ended December 31, 2016 2015 2014 (In Thousands) Dividends from Bank subsidiary $ 6,627 $ 4,957 $ 6,402 Total Income 6,627 4,957 6,402 Interest expense, borrowed money 137 119 117 Other 176 190 288 Total Expense 313 309 405 Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries 6,314 4,648 5,997 Income tax benefit (107) (106) (139) Income before Equity in Undistributed Earnings of Subsidiaries 6,421 4,754 6,136 Equity in undistributed earnings of Subsidiaries 1,582 2,276 1,454 Net Income $ 8,003 $ 7,030 $ 7,590 |
Statements of Cash Flows | STATEMENTS OF CASH FLOWS Years Ended December 31, 2016 2015 2014 (In Thousands) Cash Flows from Operating Activities Net Income $ 8,003 $ 7,030 $ 7,590 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) of subsidiaries (1,582) (2,276) (1,454) Decrease (increase) in other assets 1,087 153 (1,602) (Decrease) increase in other liabilities (35) 73 25 Net Cash Provided By Operating Activities 7,473 4,980 4,559 Cash Flows from Investing Activities Additional investment in subsidiary 1,710 (29,617) (770) Net Cash Used In Investing Activities $ 1,710 $ (29,617) $ (770) Cash Flows from Financing Activities Proceeds from issuance of preferred stock (1,710) 3,848 770 Proceeds from issuance of common stock 336 25,978 571 Cash dividends paid (6,952) (5,378) (5,316) Purchase of treasury stock (7) 0 (12) Net Cash Provided by (Used in) Financing Activities (8,333) 24,448 (3,987) Net (Decrease) in Cash and Cash Equivalents 850 (189) (198) Cash and Cash Equivalents - Beginning $ 15 $ 204 $ 402 Cash and Cash Equivalents - Ending $ 865 $ 15 $ 204 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Summary of Quarterly Financial Data | Year Ended December 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 17,831 $ 17,681 $ 17,731 $ 18,112 Interest expense 4,133 4,318 4,134 3,710 Net Interest Income 13,698 13,363 13,597 14,402 Provision for loan losses 189 37 (301) 102 Net Interest Income, after Provision for loan losses 13,509 13,326 13,898 14,300 Non-interest income 1,654 1,506 1,530 1,433 Non-interest expense 11,737 12,166 12,343 11,649 Income before Income Taxes 3,426 2,666 3,085 4,084 Income taxes 1,391 1,085 1,171 1,611 Net Income $ 2,035 $ 1,581 $ 1,914 $ 2,473 Preferred stock dividends 234 234 234 234 Net income available to common stockholders: $ 1,801 $ 1,347 $ 1,680 2,239 Net income per common share: Basic $ 0.16 $ 0.12 $ 0.15 $ 0.20 Diluted $ 0.16 $ 0.12 $ 0.15 $ 0.20 Dividends per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 Year Ended December 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 15,520 $ 17,036 $ 17,216 $ 17,608 Interest expense 2,929 3,340 3,673 3,927 Net Interest Income 12,591 13,696 13,543 13,681 Provision for loan losses 720 1,130 70 360 Net Interest Income, after Provision for loan losses 11,871 12,566 13,473 13,321 Non-interest income 1,205 1,787 1,964 2,109 Non-interest expense 9,984 11,163 11,692 13,613 Income before Income Taxes 3,092 3,190 3,745 1,817 Income taxes 1,246 1,309 1,463 796 Net Income $ 1,846 $ 1,881 $ 2,282 $ 1,021 Preferred stock dividends 202 201 254 260 Net income available to common stockholders: $ 1,644 $ 1,680 $ 2,028 761 Net income per common share: Basic $ 0.20 $ 0.20 $ 0.24 $ 0.05 Diluted $ 0.20 $ 0.20 $ 0.24 $ 0.05 Dividends per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 |
Organization and Stock Offeri47
Organization and Stock Offerings (Narrative) (Details) | Nov. 27, 2015USD ($)$ / sharesshares | Oct. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012USD ($)$ / sharesshares | Nov. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)item$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Nov. 04, 2014USD ($) |
Organization And Stock Offerings Disclosure [Line Items] | ||||||||
Preferred stock redemption price | $ 1,710,000 | |||||||
Preferred stock, shares outstanding | shares | 1,560 | 1,731 | ||||||
Shares issued during the period | shares | 2,760,000 | |||||||
Shares issued, price per share | $ / shares | $ 10 | |||||||
Common stock authorized, value | $ 50,000,000 | |||||||
Proceeds from issuance of common stock | $ 25,600,000 | $ 336,000 | $ 25,978,000 | $ 467,000 | ||||
Stock issuance costs | $ 2,000,000 | |||||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | |||||
Preferred stock, liquidation preference per share | $ / shares | $ 10,000 | |||||||
Treasury stock, shares purchased | shares | 600,000 | 884,000 | ||||||
Number of locations | item | 22 | |||||||
Series C Preferred Stock [Member] | ||||||||
Organization And Stock Offerings Disclosure [Line Items] | ||||||||
Shares issued during the period | shares | 388 | |||||||
Proceeds from issuance of private placement | $ 3,880,000 | |||||||
Stock issuance costs | $ 32,000 | |||||||
Preferred stock, liquidation preference per share | $ / shares | $ 10,000 | |||||||
Series B Preferred Stock [Member] | ||||||||
Organization And Stock Offerings Disclosure [Line Items] | ||||||||
Shares issued during the period | shares | 478 | |||||||
Proceeds from issuance of private placement | $ 4,780,000 | |||||||
Stock issuance costs | $ 24,000 | |||||||
Preferred stock, liquidation preference per share | $ / shares | $ 10,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Organization And Stock Offerings Disclosure [Line Items] | ||||||||
Preferred stock redemption price | $ 1,710,000 | |||||||
Redemption of preferred stock | shares | 141 | |||||||
Preferred stock, shares outstanding | shares | 724 | |||||||
Shares issued during the period | shares | 865 | |||||||
Proceeds from issuance of private placement | $ 8,650,000 | |||||||
Stock issuance costs | $ 80,000 | |||||||
Preferred stock, liquidation preference per share | $ / shares | $ 10,000 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)propertyshares | Dec. 31, 2015USD ($)propertyshares | Dec. 31, 2014USD ($)shares | |
Significant Accounting Policies Disclosure [Line Items] | |||
Other real estate owned, number of properties | property | 9 | 4 | |
Other real estate owned | $ | $ 3,525,000 | $ 1,564,000 | |
Anti-dilutive outstanding options | shares | 418,500 | 260,500 | 126,219 |
Benefit plan, maximum employee contribution, percent | 75.00% | ||
Number of real estate properties | property | 4 | ||
Investment in Federal Home Loan Bank Stock [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Impairment charges | $ | $ 0 | $ 0 | $ 0 |
Internal Revenue Service (IRS) [Member] | Tax Year 2014 [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Tax years subject to examination | 2,014 | ||
Internal Revenue Service (IRS) [Member] | Tax Year 2013 [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Tax years subject to examination | 2,013 | ||
State and Local Jurisdiction [Member] | Tax Year 2015 [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Tax years subject to examination | 2,015 | ||
State and Local Jurisdiction [Member] | Tax Year 2014 [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Tax years subject to examination | 2,014 | ||
State and Local Jurisdiction [Member] | Tax Year 2013 [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Tax years subject to examination | 2,013 | ||
State and Local Jurisdiction [Member] | Tax Year 2012 [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Tax years subject to examination | 2,012 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Summary of Useful Lives of Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, estimated useful life | Shorter of useful life or term of lease |
Maximum [Member] | Building improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Maximum [Member] | Furniture, fixtures and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 5 years |
Minimum [Member] | Building improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 7 years |
Minimum [Member] | Furniture, fixtures and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 3 years |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2000USD ($) | |
Related Party Transaction [Line Items] | ||||
Lease payments next twelve months | $ 2,443,000 | |||
New Bay LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party percentage owned by Directors | 100.00% | |||
Related party expenses | $ 943,000 | |||
Lease term | 25 years | |||
Rent expense | $ 165,000 | $ 165,000 | $ 165,000 | |
Monthly rent expense | $ 13,750 | 13,750 | 13,750 | |
Frequency of rent adjustments | 5 years | |||
Lease payments next twelve months | $ 165,000 | |||
Director Of Bank [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease term | 2 years | |||
Rent expense | $ 20,400 | 20,400 | 20,400 | |
Lease payments next twelve months | 20,400 | |||
ACB Development LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rent expense | 172,352 | 190,580 | $ 178,190 | |
Monthly rent expense | 15,397 | |||
Lease payments next twelve months | $ 175,490 | |||
Number of related parties | employee | 2 | |||
190 Park Avenue LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease term | 10 years | |||
Rent expense | $ 33,350 | $ 33,350 | ||
Monthly rent expense | 2,779 | |||
Lease payments next twelve months | $ 34,014 | |||
Number of related parties | employee | 2 | |||
734 Ridge Realty [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease term | 5 years | |||
Rent expense | $ 44,100 | |||
Monthly rent expense | 7,350 | |||
Lease payments next twelve months | $ 88,200 | |||
Number of related parties | employee | 2 |
Securities Available for Sale51
Securities Available for Sale (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale debt and equity securities: Amortized Cost | $ 99,148 | $ 9,656 |
Available for sale securities: Gross Unrealized Gains | 88 | 102 |
Available for sale securities: Gross Unrealized Losses | 4,471 | 135 |
Equity securities: Due after 10 years, Fair Value | 94,765 | 9,623 |
Available for sale debt and equity securities: Fair Value | 94,765 | 9,623 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Due after five years through ten years, Amortized Cost | 6,230 | |
Debt securities, Due after ten years, Amortized Cost | 80,594 | |
Debt securities: Due after five years through ten years, Gross Unrealized Gains | 23 | |
Debt securities, Due after ten years, Gross Unrealized Gains | 65 | |
Debt securities: Due after five years through ten years, Gross Unrealized Losses | 86 | |
Debt securities: Due after ten years, Gross Unrealized Losses | 4,354 | |
Debt securities: Due after five years through ten years, Fair Value | 6,167 | |
Debt securities: Due after ten years, Fair Value | 76,305 | |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Due after five years through ten years, Amortized Cost | 3,418 | |
Debt securities, Due after ten years, Amortized Cost | 6,238 | |
Debt securities: Due after five years through ten years, Gross Unrealized Gains | 13 | |
Debt securities, Due after ten years, Gross Unrealized Gains | 89 | |
Debt securities: Due after five years through ten years, Gross Unrealized Losses | 73 | |
Debt securities: Due after ten years, Gross Unrealized Losses | 62 | |
Debt securities: Due after five years through ten years, Fair Value | 3,358 | |
Debt securities: Due after ten years, Fair Value | 6,265 | |
Available for sale debt and equity securities: Fair Value | 94,765 | $ 9,623 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Due within one year, Amortized Cost | 6,968 | |
Debt securities: Due within one year, Gross Unrealized Losses | 7 | |
Debt securities: Due within one year, Fair Value | 6,961 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, Due after 10 years, Amortized Cost | 5,356 | |
Equity securities: Due after 10 years, Gross Unrealized Losses | 24 | |
Equity securities: Due after 10 years, Fair Value | $ 5,332 |
Securities Available For Sale52
Securities Available For Sale (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months - Fair Value | $ 83,616 | $ 1,163 |
More than 12 Months - Fair Value | 3,379 | 3,686 |
Total - Fair Value | 86,995 | 4,849 |
Less than 12 Months - Unrealized Losses | 4,344 | 4 |
More than 12 Months - Unrealized Losses | 127 | 131 |
Total - Unrealized Losses | 4,471 | 135 |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months - Fair Value | 74,672 | 1,163 |
More than 12 Months - Fair Value | 3,379 | 3,686 |
Total - Fair Value | 78,051 | 4,849 |
Less than 12 Months - Unrealized Losses | 4,313 | 4 |
More than 12 Months - Unrealized Losses | 127 | 131 |
Total - Unrealized Losses | 4,440 | $ 135 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months - Fair Value | 6,961 | |
Total - Fair Value | 6,961 | |
Less than 12 Months - Unrealized Losses | 7 | |
Total - Unrealized Losses | 7 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months - Fair Value | 1,983 | |
Total - Fair Value | 1,983 | |
Less than 12 Months - Unrealized Losses | 24 | |
Total - Unrealized Losses | $ 24 |
Loans Receivable and Allowanc53
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,504,374,000 | $ 1,440,614,000 | $ 1,226,676,000 | |
Troubled debt restructurings | loan | 80 | 86 | ||
TDR defaults | loan | 3 | 2 | ||
TDR, recorded investment | $ 707,000 | $ 1,792,000 | ||
Participation interest in loans originated | 184,100,000 | 184,100,000 | ||
Non-accrual loans, interest income lsot | 1,060,000 | 1,130,000 | 1,060,000 | |
Interest income recognized | 798,000 | 326,000 | 784,000 | |
Loans Receivable >90 Days and Accruing | 2,828,000 | 586,000 | ||
Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables | 320,000 | |||
Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 29,004,000 | 38,016,000 | ||
Financing receivables | 29,000,000 | |||
Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 18,907,000 | 15,750,000 | ||
Financing receivables | 18,900,000 | |||
Impaired Loans [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables | 320,000 | |||
Impaired Loans [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables | 29,000,000 | |||
Impaired Loans [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables | 9,600,000 | |||
Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 67,904,000 | 74,788,000 | 60,994,000 |
Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,117,981,000 | 1,062,805,000 | 829,112,000 | |
Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 199,834,000 | $ 186,226,000 | $ 207,288,000 | |
[1] | Includes business lines of credit. |
Loans Receivable and Allowanc54
Loans Receivable and Allowance for Loan Losses (Recorded Investments in Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,504,374 | $ 1,440,614 | $ 1,226,676 | |
Deferred loan fees, net | (2,006) | (2,454) | ||
Allowance for loan losses | (17,209) | (18,042) | ||
Total deductions from gross loans | (19,215) | (20,496) | ||
Net Loans | 1,485,159 | 1,420,118 | ||
Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 199,834 | 186,226 | 207,288 | |
Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,117,981 | 1,062,805 | 829,112 | |
Construction Loans In Process[Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 70,867 | 64,008 | 73,497 | |
Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 67,904 | 74,788 | 60,994 |
Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 46,294 | 50,159 | 52,955 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,494 | 2,628 | 2,830 | |
Originated Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,366,884 | 1,267,943 | 1,017,527 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 142,081 | 117,165 | 124,642 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,056,806 | 982,828 | 732,791 | |
Originated Loans [Member] | Construction Loans In Process[Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 70,867 | 64,008 | 73,497 | |
Originated Loans [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 63,444 | 70,340 | 54,244 |
Originated Loans [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 32,417 | 31,237 | 30,175 |
Originated Loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,269 | 2,365 | 2,178 | |
Acquired Loans Recorded At Fair Value [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 135,294 | 170,290 | 205,973 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 56,310 | 67,587 | 81,051 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 60,422 | 79,308 | 95,191 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 4,460 | 4,281 | 6,381 |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 13,877 | 18,851 | 22,698 |
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 225 | 263 | 652 | |
Acquired Loans With Deteriorated Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,196 | 2,381 | 3,176 | |
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,443 | 1,474 | 1,595 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 753 | 669 | 1,130 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 167 | 369 | |
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | $ 71 | $ 82 | |
[1] | Includes business lines of credit. | |||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc55
Loans Receivable and Allowance for Loan Losses (Inclusions in the Consolidated Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Unpaid principle balance | $ 140,049 | $ 183,046 |
Recorded investment | $ 137,045 | $ 172,671 |
Loans Receivable and Allowanc56
Loans Receivable and Allowance for Loan Losses (Accretable And Non-Accretable Discount on Loans Acquired) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Accretable discount, Beginning Balance | $ 53,612 | $ 70,522 |
Accretable discount, Accretion | (14,976) | (17,254) |
Accretable discount, Net Reclassification from Non-Accretable Yield | 483 | 344 |
Accretable discount, Ending Balance | 39,119 | 53,612 |
Non-accretable yield, beginning balance | 3,041 | 3,773 |
Non-accretable yield, Loans sold | (388) | |
Non-accretable yield, Net Reclassification to Accretable Difference | (483) | (344) |
Non-accretable yield, ending balance | $ 2,558 | $ 3,041 |
Loans Receivable and Allowanc57
Loans Receivable and Allowance for Loan Losses (Related Party Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Balance - beginning | $ 12,444 | $ 11,430 |
Loans originated | 386 | 1,095 |
Collections of principal | (1,461) | (81) |
Changes in related party status | (2,817) | 0 |
Balance - ending | $ 8,552 | $ 12,444 |
Loans Receivable and Allowanc58
Loans Receivable and Allowance for Loan Losses (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | $ 18,042 | $ 16,151 | $ 18,042 | $ 16,151 | $ 14,342 | |||||||
Allowance for loan losses: Charge-offs | 1,081 | 462 | 1,437 | |||||||||
Allowance for loan losses: Recoveries | 221 | 73 | 446 | |||||||||
Allowance for loan losses: Provisions | $ 102 | $ (301) | $ 37 | 189 | $ 360 | $ 70 | $ 1,130 | 720 | 27 | 2,280 | 2,800 | |
Allowance for loan losses: Ending Balance | 17,209 | 18,042 | 17,209 | 18,042 | 16,151 | |||||||
Loans receivables: Ending balance | 1,504,374 | 1,440,614 | 1,504,374 | 1,440,614 | 1,226,676 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 45,419 | 51,084 | 45,419 | 51,084 | 49,685 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,458,955 | 1,389,530 | 1,458,955 | 1,389,530 | 1,176,991 | |||||||
Residential One-to-Four Family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 2,424 | 2,845 | 2,424 | 2,845 | 2,561 | |||||||
Allowance for loan losses: Charge-offs | 459 | 67 | 28 | |||||||||
Allowance for loan losses: Provisions | 346 | (354) | 312 | |||||||||
Allowance for loan losses: Ending Balance | 2,311 | 2,424 | 2,311 | 2,424 | 2,845 | |||||||
Loans receivables: Ending balance | 199,834 | 186,226 | 199,834 | 186,226 | 207,288 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 19,694 | 20,479 | 19,694 | 20,479 | 23,422 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 180,140 | 165,747 | 180,140 | 165,747 | 183,866 | |||||||
Commercial And Multi-family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 11,674 | 10,153 | 11,674 | 10,153 | 9,163 | |||||||
Allowance for loan losses: Charge-offs | 405 | 10 | 1,143 | |||||||||
Allowance for loan losses: Recoveries | 78 | 70 | 198 | |||||||||
Allowance for loan losses: Provisions | (713) | 1,461 | 1,935 | |||||||||
Allowance for loan losses: Ending Balance | 10,634 | 11,674 | 10,634 | 11,674 | 10,153 | |||||||
Loans receivables: Ending balance | 1,117,981 | 1,062,805 | 1,117,981 | 1,062,805 | 829,112 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 19,204 | 21,882 | 19,204 | 21,882 | 16,776 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,098,777 | 1,040,923 | 1,098,777 | 1,040,923 | 812,336 | |||||||
Construction Loans In Process[Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 722 | 1,080 | 722 | 1,080 | 701 | |||||||
Allowance for loan losses: Recoveries | 65 | |||||||||||
Allowance for loan losses: Provisions | 14 | (358) | 314 | |||||||||
Allowance for loan losses: Ending Balance | 736 | 722 | 736 | 722 | 1,080 | |||||||
Loans receivables: Ending balance | 70,867 | 64,008 | 70,867 | 64,008 | 73,497 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 6 | 6 | ||||||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 70,861 | 64,008 | 70,861 | 64,008 | 73,497 | |||||||
Commercial Business [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [1] | 1,753 | 1,109 | 1,753 | 1,109 | 1,339 | ||||||
Allowance for loan losses: Charge-offs | [1] | 163 | 279 | 208 | ||||||||
Allowance for loan losses: Recoveries | [1] | 129 | 174 | |||||||||
Allowance for loan losses: Provisions | [1] | 1,360 | 923 | (196) | ||||||||
Allowance for loan losses: Ending Balance | [1] | 3,079 | 1,753 | 3,079 | 1,753 | 1,109 | ||||||
Loans receivables: Ending balance | [1] | 67,904 | 74,788 | 67,904 | 74,788 | 60,994 | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | [1] | 4,088 | 4,370 | 4,088 | 4,370 | 5,304 | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | [1] | 63,816 | 70,418 | 63,816 | 70,418 | 55,690 | ||||||
Home Equity [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [2] | 422 | 394 | 422 | 394 | 492 | ||||||
Allowance for loan losses: Charge-offs | [2] | 54 | 106 | 56 | ||||||||
Allowance for loan losses: Recoveries | [2] | 14 | 3 | 6 | ||||||||
Allowance for loan losses: Provisions | [2] | (4) | 131 | (48) | ||||||||
Allowance for loan losses: Ending Balance | [2] | 378 | 422 | 378 | 422 | 394 | ||||||
Loans receivables: Ending balance | [2] | 46,294 | 50,159 | 46,294 | 50,159 | 52,955 | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | [2] | 2,427 | 2,890 | 2,427 | 2,890 | 2,332 | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | [2] | 43,867 | 47,269 | 43,867 | 47,269 | 50,623 | ||||||
Consumer [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 879 | 449 | 879 | 449 | 3 | |||||||
Allowance for loan losses: Charge-offs | 2 | |||||||||||
Allowance for loan losses: Recoveries | 3 | |||||||||||
Allowance for loan losses: Provisions | (877) | 430 | 445 | |||||||||
Allowance for loan losses: Ending Balance | 2 | 879 | 2 | 879 | 449 | |||||||
Loans receivables: Ending balance | 1,494 | 2,628 | 1,494 | 2,628 | 2,830 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 1,463 | 1,463 | 1,851 | |||||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,494 | 1,165 | 1,494 | 1,165 | 979 | |||||||
Unallocated [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 168 | 121 | 168 | 121 | 83 | |||||||
Allowance for loan losses: Provisions | (99) | 47 | 38 | |||||||||
Allowance for loan losses: Ending Balance | 69 | 168 | 69 | 168 | 121 | |||||||
Originated Loans [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 17,637 | 15,251 | 17,637 | 15,251 | 11,592 | |||||||
Allowance for loan losses: Charge-offs | 527 | 90 | 623 | |||||||||
Allowance for loan losses: Recoveries | 74 | 70 | 299 | |||||||||
Allowance for loan losses: Provisions | (205) | 2,406 | 3,983 | |||||||||
Allowance for loan losses: Ending Balance | 16,979 | 17,637 | 16,979 | 17,637 | 15,251 | |||||||
Loans receivables: Ending balance | 1,366,884 | 1,267,943 | 1,366,884 | 1,267,943 | 1,017,527 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 28,432 | 30,923 | 28,432 | 30,923 | 29,438 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,338,452 | 1,237,020 | 1,338,452 | 1,237,020 | 988,089 | |||||||
Originated Loans [Member] | Residential One-to-Four Family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 2,107 | 2,364 | 2,107 | 2,364 | 1,729 | |||||||
Allowance for loan losses: Provisions | (9) | (257) | 635 | |||||||||
Allowance for loan losses: Ending Balance | 2,098 | 2,107 | 2,098 | 2,107 | 2,364 | |||||||
Loans receivables: Ending balance | 142,081 | 117,165 | 142,081 | 117,165 | 124,642 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 10,651 | 9,120 | 10,651 | 9,120 | 12,044 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 131,430 | 108,045 | 131,430 | 108,045 | 112,598 | |||||||
Originated Loans [Member] | Commercial And Multi-family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 11,643 | 10,028 | 11,643 | 10,028 | 7,419 | |||||||
Allowance for loan losses: Charge-offs | 367 | 10 | 388 | |||||||||
Allowance for loan losses: Recoveries | 74 | 70 | 125 | |||||||||
Allowance for loan losses: Provisions | (729) | 1,555 | 2,872 | |||||||||
Allowance for loan losses: Ending Balance | 10,621 | 11,643 | 10,621 | 11,643 | 10,028 | |||||||
Loans receivables: Ending balance | 1,056,806 | 982,828 | 1,056,806 | 982,828 | 732,791 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 12,325 | 14,681 | 12,325 | 14,681 | 9,522 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,044,481 | 968,147 | 1,044,481 | 968,147 | 723,269 | |||||||
Originated Loans [Member] | Construction Loans In Process[Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 722 | 1,080 | 722 | 1,080 | 700 | |||||||
Allowance for loan losses: Provisions | 14 | (358) | 380 | |||||||||
Allowance for loan losses: Ending Balance | 736 | 722 | 736 | 722 | 1,080 | |||||||
Loans receivables: Ending balance | 70,867 | 64,008 | 70,867 | 64,008 | 73,497 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 6 | 6 | ||||||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 70,861 | 64,008 | 70,861 | 64,008 | 73,497 | |||||||
Originated Loans [Member] | Commercial Business [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [1] | 1,749 | 876 | 1,749 | 876 | 1,295 | ||||||
Allowance for loan losses: Charge-offs | [1] | 160 | 80 | 208 | ||||||||
Allowance for loan losses: Recoveries | [1] | 174 | ||||||||||
Allowance for loan losses: Provisions | [1] | 1,490 | 953 | (385) | ||||||||
Allowance for loan losses: Ending Balance | [1] | 3,079 | 1,749 | 3,079 | 1,749 | 876 | ||||||
Loans receivables: Ending balance | [1] | 63,444 | 70,340 | 63,444 | 70,340 | 54,244 | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | [1] | 4,088 | 4,203 | 4,088 | 4,203 | 4,935 | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | [1] | 59,356 | 66,137 | 59,356 | 66,137 | 49,309 | ||||||
Originated Loans [Member] | Home Equity [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [2] | 369 | 333 | 369 | 333 | 363 | ||||||
Allowance for loan losses: Charge-offs | [2] | 27 | ||||||||||
Allowance for loan losses: Provisions | [2] | 5 | 36 | (3) | ||||||||
Allowance for loan losses: Ending Balance | [2] | 374 | 369 | 374 | 369 | 333 | ||||||
Loans receivables: Ending balance | [2] | 32,417 | 31,237 | 32,417 | 31,237 | 30,175 | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | [2] | 1,362 | 1,456 | 1,362 | 1,456 | 1,086 | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | [2] | 31,055 | 29,781 | 31,055 | 29,781 | 29,089 | ||||||
Originated Loans [Member] | Consumer [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 879 | 449 | 879 | 449 | 3 | |||||||
Allowance for loan losses: Provisions | (877) | 430 | 446 | |||||||||
Allowance for loan losses: Ending Balance | 2 | 879 | 2 | 879 | 449 | |||||||
Loans receivables: Ending balance | 1,269 | 2,365 | 1,269 | 2,365 | 2,178 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 1,463 | 1,463 | 1,851 | |||||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,269 | 902 | 1,269 | 902 | 327 | |||||||
Originated Loans [Member] | Unallocated [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 168 | 121 | 168 | 121 | 83 | |||||||
Allowance for loan losses: Provisions | (99) | 47 | 38 | |||||||||
Allowance for loan losses: Ending Balance | 69 | 168 | 69 | 168 | 121 | |||||||
Acquired Loans Recorded At Fair Value [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 337 | 577 | 337 | 577 | 2,750 | |||||||
Allowance for loan losses: Charge-offs | 554 | 173 | 814 | |||||||||
Allowance for loan losses: Recoveries | 18 | 3 | 147 | |||||||||
Allowance for loan losses: Provisions | 373 | (70) | (1,506) | |||||||||
Allowance for loan losses: Ending Balance | 174 | 337 | 174 | 337 | 577 | |||||||
Loans receivables: Ending balance | 135,294 | 170,290 | 135,294 | 170,290 | 205,973 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 15,021 | 18,023 | 15,021 | 18,023 | 17,324 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 120,273 | 152,267 | 120,273 | 152,267 | 188,649 | |||||||
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 270 | 417 | 270 | 417 | 832 | |||||||
Allowance for loan losses: Charge-offs | 459 | 67 | 28 | |||||||||
Allowance for loan losses: Provisions | 359 | (80) | (387) | |||||||||
Allowance for loan losses: Ending Balance | 170 | 270 | 170 | 270 | 417 | |||||||
Loans receivables: Ending balance | 56,310 | 67,587 | 56,310 | 67,587 | 81,051 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 7,600 | 9,885 | 7,600 | 9,885 | 9,783 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 48,710 | 57,702 | 48,710 | 57,702 | 71,268 | |||||||
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 17 | 102 | 17 | 102 | 1,744 | |||||||
Allowance for loan losses: Charge-offs | 38 | 755 | ||||||||||
Allowance for loan losses: Recoveries | 4 | 73 | ||||||||||
Allowance for loan losses: Provisions | 17 | (85) | (960) | |||||||||
Allowance for loan losses: Ending Balance | 17 | 17 | 102 | |||||||||
Loans receivables: Ending balance | 60,422 | 79,308 | 60,422 | 79,308 | 95,191 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 6,356 | 6,775 | 6,356 | 6,775 | 6,377 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 54,066 | 72,533 | 54,066 | 72,533 | 88,814 | |||||||
Acquired Loans Recorded At Fair Value [Member] | Construction Loans In Process[Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 1 | |||||||||||
Allowance for loan losses: Recoveries | 65 | |||||||||||
Allowance for loan losses: Provisions | (66) | |||||||||||
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [1] | 44 | ||||||||||
Allowance for loan losses: Charge-offs | [1] | 3 | ||||||||||
Allowance for loan losses: Provisions | [1] | 3 | (44) | |||||||||
Loans receivables: Ending balance | [1] | 4,460 | 4,281 | 4,460 | 4,281 | 6,381 | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | [1] | 4,460 | 4,281 | 4,460 | 4,281 | 6,381 | ||||||
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [2] | 50 | 58 | 50 | 58 | 129 | ||||||
Allowance for loan losses: Charge-offs | [2] | 54 | 106 | 29 | ||||||||
Allowance for loan losses: Recoveries | [2] | 14 | 3 | 6 | ||||||||
Allowance for loan losses: Provisions | [2] | (6) | 95 | (48) | ||||||||
Allowance for loan losses: Ending Balance | [2] | 4 | 50 | 4 | 50 | 58 | ||||||
Loans receivables: Ending balance | [2] | 13,877 | 18,851 | 13,877 | 18,851 | 22,698 | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | [2] | 1,065 | 1,363 | 1,065 | 1,363 | 1,164 | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | [2] | 12,812 | 17,488 | 12,812 | 17,488 | 21,534 | ||||||
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Charge-offs | 2 | |||||||||||
Allowance for loan losses: Recoveries | 3 | |||||||||||
Allowance for loan losses: Provisions | (1) | |||||||||||
Loans receivables: Ending balance | 225 | 263 | 225 | 263 | 652 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 225 | 263 | 225 | 263 | 652 | |||||||
Acquired Loans With Deteriorated Credit [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 68 | 323 | 68 | 323 | ||||||||
Allowance for loan losses: Charge-offs | 199 | |||||||||||
Allowance for loan losses: Recoveries | 129 | |||||||||||
Allowance for loan losses: Provisions | (141) | (56) | 323 | |||||||||
Allowance for loan losses: Ending Balance | 56 | 68 | 56 | 68 | 323 | |||||||
Loans receivables: Ending balance | 2,196 | 2,381 | 2,196 | 2,381 | 3,176 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 1,966 | 2,138 | 1,966 | 2,138 | 2,923 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 230 | 243 | 230 | 243 | 253 | |||||||
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 47 | 64 | 47 | 64 | ||||||||
Allowance for loan losses: Provisions | (4) | (17) | 64 | |||||||||
Allowance for loan losses: Ending Balance | 43 | 47 | 43 | 47 | 64 | |||||||
Loans receivables: Ending balance | 1,443 | 1,474 | 1,443 | 1,474 | 1,595 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 1,443 | 1,474 | 1,443 | 1,474 | 1,595 | |||||||
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | 14 | 23 | 14 | 23 | ||||||||
Allowance for loan losses: Provisions | (1) | (9) | 23 | |||||||||
Allowance for loan losses: Ending Balance | 13 | 14 | 13 | 14 | 23 | |||||||
Loans receivables: Ending balance | 753 | 669 | 753 | 669 | 1,130 | |||||||
Loans receivables: Ending balance: individually evaluated for impairment | 523 | 426 | 523 | 426 | 877 | |||||||
Loans receivables: Ending balance: collectively evaluated for impairment | $ 230 | 243 | 230 | 243 | 253 | |||||||
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [1] | 4 | 233 | 4 | 233 | |||||||
Allowance for loan losses: Charge-offs | [1] | 199 | ||||||||||
Allowance for loan losses: Recoveries | [1] | 129 | ||||||||||
Allowance for loan losses: Provisions | [1] | (133) | (30) | 233 | ||||||||
Allowance for loan losses: Ending Balance | [1] | 4 | 4 | 233 | ||||||||
Loans receivables: Ending balance | [1] | 167 | 167 | 369 | ||||||||
Loans receivables: Ending balance: individually evaluated for impairment | [1] | 167 | 167 | 369 | ||||||||
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses: Beginning Balance | [2] | $ 3 | $ 3 | 3 | 3 | |||||||
Allowance for loan losses: Provisions | [2] | $ (3) | 3 | |||||||||
Allowance for loan losses: Ending Balance | [2] | 3 | 3 | 3 | ||||||||
Loans receivables: Ending balance | [2] | 71 | 71 | 82 | ||||||||
Loans receivables: Ending balance: individually evaluated for impairment | [2] | $ 71 | $ 71 | $ 82 | ||||||||
[1] | Includes business lines of credit. | |||||||||||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc59
Loans Receivable and Allowance for Loan Losses (Non-accruing Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | $ 15,652 | $ 23,447 | |
Loans Receivable >90 Days and Accruing | 2,828 | 586 | |
Originated Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 10,278 | 13,880 | |
Loans Receivable >90 Days and Accruing | 2,828 | 578 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 3,693 | 2,603 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 5,437 | 9,782 | |
Loans Receivable >90 Days and Accruing | 2,828 | 578 | |
Originated Loans [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | [1] | 726 | 718 |
Originated Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | [2] | 416 | 777 |
Originated Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 6 | ||
Acquired Loans Recorded At Fair Value [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 5,374 | 9,282 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 3,429 | 5,592 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 1,182 | 3,025 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | [2] | $ 763 | 665 |
Acquired Loans With Deteriorated Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 285 | ||
Loans Receivable >90 Days and Accruing | 8 | ||
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | 8 | ||
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | [1] | 167 | |
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | [2] | $ 118 | |
[1] | Includes business lines of credit. | ||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc60
Loans Receivable and Allowance for Loan Losses (Impaired Financing Receivables) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | $ 31,734,000 | $ 30,802,000 | |
Average Recorded Investment - With an allowance recorded | 17,136,000 | 20,798,000 | |
Interest Income Recognized - With no related allowance recorded | 1,851,000 | 892,000 | |
Interest Income Recognized - With an allowance recorded | 577,000 | 378,000 | |
Recorded Investment - With no related allowance recorded | 31,369,000 | 32,122,000 | |
Recorded Investment - With an allowance recorded | 14,050,000 | 18,962,000 | |
Recorded Investment - Total | 45,419,000 | 51,084,000 | |
Unpaid Principal Balance - With no related allowance recorded | 34,266,000 | 35,078,000 | |
Unpaid Principal Balance - With an allowance recorded | 15,137,000 | 19,846,000 | |
Unpaid Principal Balance - Total | 49,403,000 | 54,924,000 | |
Related Allowance | 3,530,000 | 3,723,000 | |
Originated Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 18,861,000 | 16,106,000 | |
Average Recorded Investment - With an allowance recorded | 12,002,000 | 14,827,000 | |
Interest Income Recognized - With no related allowance recorded | 1,020,000 | 454,000 | |
Interest Income Recognized - With an allowance recorded | 447,000 | 277,000 | |
Recorded Investment - With no related allowance recorded | 17,706,000 | 17,238,000 | |
Recorded Investment - With an allowance recorded | 10,726,000 | 13,685,000 | |
Unpaid Principal Balance - With no related allowance recorded | 19,136,000 | 18,642,000 | |
Unpaid Principal Balance - With an allowance recorded | 11,705,000 | 14,062,000 | |
Related Allowance | 3,267,000 | 3,383,000 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 4,613,000 | 2,996,000 | |
Average Recorded Investment - With an allowance recorded | 5,564,000 | 7,211,000 | |
Interest Income Recognized - With no related allowance recorded | 281,000 | 83,000 | |
Interest Income Recognized - With an allowance recorded | 253,000 | 48,000 | |
Recorded Investment - With no related allowance recorded | 5,158,000 | 3,136,000 | |
Recorded Investment - With an allowance recorded | 5,493,000 | 5,984,000 | |
Unpaid Principal Balance - With no related allowance recorded | 5,341,000 | 3,199,000 | |
Unpaid Principal Balance - With an allowance recorded | 5,493,000 | 5,993,000 | |
Related Allowance | 496,000 | 594,000 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 10,820,000 | 9,599,000 | |
Average Recorded Investment - With an allowance recorded | 3,122,000 | 3,650,000 | |
Interest Income Recognized - With no related allowance recorded | 563,000 | 322,000 | |
Interest Income Recognized - With an allowance recorded | 39,000 | 190,000 | |
Recorded Investment - With no related allowance recorded | 10,498,000 | 10,709,000 | |
Recorded Investment - With an allowance recorded | 1,827,000 | 3,972,000 | |
Unpaid Principal Balance - With no related allowance recorded | 10,722,000 | 10,934,000 | |
Unpaid Principal Balance - With an allowance recorded | 1,866,000 | 3,972,000 | |
Related Allowance | 380,000 | 1,069,000 | |
Originated Loans [Member] | Construction Loans In Process[Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 746,000 | ||
Recorded Investment - With no related allowance recorded | 6,000 | ||
Unpaid Principal Balance - With no related allowance recorded | 6,000 | ||
Originated Loans [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | [1] | 1,678,000 | 2,438,000 |
Average Recorded Investment - With an allowance recorded | [1] | 2,406,000 | 2,170,000 |
Interest Income Recognized - With no related allowance recorded | [1] | 116,000 | 8,000 |
Interest Income Recognized - With an allowance recorded | [1] | 139,000 | 37,000 |
Recorded Investment - With no related allowance recorded | [1] | 1,022,000 | 2,123,000 |
Recorded Investment - With an allowance recorded | [1] | 3,066,000 | 2,080,000 |
Unpaid Principal Balance - With no related allowance recorded | [1] | 1,966,000 | 3,183,000 |
Unpaid Principal Balance - With an allowance recorded | [1] | 4,006,000 | 2,445,000 |
Related Allowance | [1] | 2,359,000 | 841,000 |
Originated Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | [2] | 1,002,000 | 1,073,000 |
Average Recorded Investment - With an allowance recorded | [2] | 278,000 | 281,000 |
Interest Income Recognized - With no related allowance recorded | [2] | 60,000 | 41,000 |
Interest Income Recognized - With an allowance recorded | [2] | 16,000 | 2,000 |
Recorded Investment - With no related allowance recorded | [2] | 1,022,000 | 1,270,000 |
Recorded Investment - With an allowance recorded | [2] | 340,000 | 186,000 |
Unpaid Principal Balance - With no related allowance recorded | [2] | 1,101,000 | 1,326,000 |
Unpaid Principal Balance - With an allowance recorded | [2] | 340,000 | 189,000 |
Related Allowance | [2] | 32,000 | 3,000 |
Originated Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 2,000 | ||
Average Recorded Investment - With an allowance recorded | 632,000 | 1,515,000 | |
Recorded Investment - With an allowance recorded | 1,463,000 | ||
Unpaid Principal Balance - With an allowance recorded | 1,463,000 | ||
Related Allowance | 876,000 | ||
Acquired Loans Recorded At Fair Value [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 10,872,000 | 12,284,000 | |
Average Recorded Investment - With an allowance recorded | 5,093,000 | 5,820,000 | |
Interest Income Recognized - With no related allowance recorded | 714,000 | 434,000 | |
Interest Income Recognized - With an allowance recorded | 130,000 | 96,000 | |
Recorded Investment - With no related allowance recorded | 11,697,000 | 12,913,000 | |
Recorded Investment - With an allowance recorded | 3,324,000 | 5,110,000 | |
Unpaid Principal Balance - With no related allowance recorded | 12,509,000 | 13,626,000 | |
Unpaid Principal Balance - With an allowance recorded | 3,432,000 | 5,416,000 | |
Related Allowance | 263,000 | 340,000 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 5,234,000 | 6,849,000 | |
Average Recorded Investment - With an allowance recorded | 3,342,000 | 3,187,000 | |
Interest Income Recognized - With no related allowance recorded | 345,000 | 289,000 | |
Interest Income Recognized - With an allowance recorded | 69,000 | 27,000 | |
Recorded Investment - With no related allowance recorded | 5,577,000 | 7,646,000 | |
Recorded Investment - With an allowance recorded | 2,023,000 | 2,239,000 | |
Unpaid Principal Balance - With no related allowance recorded | 6,149,000 | 8,082,000 | |
Unpaid Principal Balance - With an allowance recorded | 2,080,000 | 2,402,000 | |
Related Allowance | 202,000 | 219,000 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 5,055,000 | 4,639,000 | |
Average Recorded Investment - With an allowance recorded | 1,077,000 | 2,275,000 | |
Interest Income Recognized - With no related allowance recorded | 332,000 | 120,000 | |
Interest Income Recognized - With an allowance recorded | 44,000 | 57,000 | |
Recorded Investment - With no related allowance recorded | 5,575,000 | 4,383,000 | |
Recorded Investment - With an allowance recorded | 781,000 | 2,392,000 | |
Unpaid Principal Balance - With no related allowance recorded | 5,710,000 | 4,483,000 | |
Unpaid Principal Balance - With an allowance recorded | 781,000 | 2,496,000 | |
Related Allowance | 37,000 | 85,000 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | [2] | 583,000 | 796,000 |
Average Recorded Investment - With an allowance recorded | [2] | 674,000 | 358,000 |
Interest Income Recognized - With no related allowance recorded | [2] | 37,000 | 25,000 |
Interest Income Recognized - With an allowance recorded | [2] | 17,000 | 12,000 |
Recorded Investment - With no related allowance recorded | [2] | 545,000 | 884,000 |
Recorded Investment - With an allowance recorded | [2] | 520,000 | 479,000 |
Unpaid Principal Balance - With no related allowance recorded | [2] | 650,000 | 1,061,000 |
Unpaid Principal Balance - With an allowance recorded | [2] | 571,000 | 518,000 |
Related Allowance | [2] | 24,000 | 36,000 |
Acquired Loans With Deteriorated Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 2,001,000 | 2,412,000 | |
Average Recorded Investment - With an allowance recorded | 41,000 | 151,000 | |
Interest Income Recognized - With no related allowance recorded | 117,000 | 4,000 | |
Interest Income Recognized - With an allowance recorded | 5,000 | ||
Recorded Investment - With no related allowance recorded | 1,966,000 | 1,971,000 | |
Recorded Investment - With an allowance recorded | 167,000 | ||
Unpaid Principal Balance - With no related allowance recorded | 2,621,000 | 2,810,000 | |
Unpaid Principal Balance - With an allowance recorded | 368,000 | ||
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 1,455,000 | 1,486,000 | |
Average Recorded Investment - With an allowance recorded | 67,000 | ||
Interest Income Recognized - With no related allowance recorded | 89,000 | ||
Recorded Investment - With no related allowance recorded | 1,443,000 | 1,474,000 | |
Unpaid Principal Balance - With no related allowance recorded | 2,069,000 | 2,101,000 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | 527,000 | 760,000 | |
Interest Income Recognized - With no related allowance recorded | 28,000 | ||
Recorded Investment - With no related allowance recorded | 523,000 | 426,000 | |
Unpaid Principal Balance - With no related allowance recorded | 552,000 | 574,000 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | [1] | 90,000 | |
Average Recorded Investment - With an allowance recorded | [1] | 41,000 | 84,000 |
Interest Income Recognized - With an allowance recorded | [1] | 5,000 | |
Recorded Investment - With an allowance recorded | [1] | 167,000 | |
Unpaid Principal Balance - With an allowance recorded | [1] | 368,000 | |
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment - With no related allowance recorded | [2] | $ 19,000 | 76,000 |
Interest Income Recognized - With no related allowance recorded | [2] | 4,000 | |
Recorded Investment - With no related allowance recorded | [2] | 71,000 | |
Unpaid Principal Balance - With no related allowance recorded | [2] | $ 135,000 | |
[1] | Includes business lines of credit. | ||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc61
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings on Financing Receivables) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | ||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 10 | 9 | |
Amount | $ 27,568 | $ 28,510 | |
Number of Contracts | loan | 80 | 86 | |
Pre-Modification Outstanding Recorded Investments | $ 2,543 | $ 3,075 | |
Post-Modification Outstanding Recorded Investments | $ 3,833 | $ 3,119 | |
Number of Contracts, Subsequent Default | loan | 3 | 2 | |
Recorded Investment, Subsequent Default | $ 707 | $ 1,792 | |
Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 22,185 | $ 18,038 | |
Number of Contracts | loan | 63 | 54 | |
Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 5,383 | $ 10,472 | |
Number of Contracts | loan | 17 | 32 | |
Originated Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 8 | 4 | |
Amount | $ 13,201 | $ 12,367 | |
Number of Contracts | loan | 34 | 28 | |
Pre-Modification Outstanding Recorded Investments | $ 2,042 | $ 1,144 | |
Post-Modification Outstanding Recorded Investments | $ 3,290 | $ 1,190 | |
Number of Contracts, Subsequent Default | loan | 3 | 1 | |
Recorded Investment, Subsequent Default | $ 707 | $ 824 | |
Originated Loans [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 10,513 | $ 6,384 | |
Number of Contracts | loan | 24 | 13 | |
Originated Loans [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,688 | $ 5,983 | |
Number of Contracts | loan | 10 | 15 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 1 | |
Amount | $ 2,687 | $ 2,669 | |
Number of Contracts | loan | 8 | 7 | |
Pre-Modification Outstanding Recorded Investments | $ 71 | $ 836 | |
Post-Modification Outstanding Recorded Investments | $ 71 | $ 836 | |
Number of Contracts, Subsequent Default | loan | 1 | 1 | |
Recorded Investment, Subsequent Default | $ 70 | $ 824 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,687 | $ 1,845 | |
Number of Contracts | loan | 8 | 6 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 824 | ||
Number of Contracts | loan | 1 | ||
Originated Loans [Member] | Commercial And Multi-family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 5 | 1 | |
Amount | $ 7,438 | $ 7,567 | |
Number of Contracts | loan | 17 | 13 | |
Pre-Modification Outstanding Recorded Investments | $ 1,816 | $ 55 | |
Post-Modification Outstanding Recorded Investments | $ 1,920 | 55 | |
Number of Contracts, Subsequent Default | loan | 2 | ||
Recorded Investment, Subsequent Default | $ 637 | ||
Originated Loans [Member] | Commercial And Multi-family [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 5,141 | $ 3,270 | |
Number of Contracts | loan | 9 | 4 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,297 | $ 4,297 | |
Number of Contracts | loan | 8 | 9 | |
Originated Loans [Member] | Commercial Business [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [1] | 1 | 1 |
Amount | [1] | $ 2,213 | $ 1,483 |
Number of Contracts | loan | [1] | 3 | 3 |
Pre-Modification Outstanding Recorded Investments | [1] | $ 236 | |
Post-Modification Outstanding Recorded Investments | [1] | $ 1,137 | 246 |
Originated Loans [Member] | Commercial Business [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [1] | $ 1,868 | $ 778 |
Number of Contracts | loan | [1] | 2 | 1 |
Originated Loans [Member] | Commercial Business [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [1] | $ 345 | $ 705 |
Number of Contracts | loan | [1] | 1 | 2 |
Originated Loans [Member] | Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [2] | 1 | 1 |
Amount | [2] | $ 863 | $ 648 |
Number of Contracts | loan | [2] | 6 | 5 |
Pre-Modification Outstanding Recorded Investments | [2] | $ 155 | $ 17 |
Post-Modification Outstanding Recorded Investments | [2] | 162 | 53 |
Originated Loans [Member] | Home Equity [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [2] | $ 817 | $ 491 |
Number of Contracts | loan | [2] | 5 | 2 |
Originated Loans [Member] | Home Equity [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [2] | $ 46 | $ 157 |
Number of Contracts | loan | [2] | 1 | 3 |
Acquired Loans Recorded At Fair Value [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 2 | 5 | |
Amount | $ 11,746 | $ 13,183 | |
Number of Contracts | loan | 40 | 49 | |
Pre-Modification Outstanding Recorded Investments | $ 501 | $ 1,931 | |
Post-Modification Outstanding Recorded Investments | 543 | $ 1,929 | |
Number of Contracts, Subsequent Default | loan | 1 | ||
Recorded Investment, Subsequent Default | $ 968 | ||
Acquired Loans Recorded At Fair Value [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 9,051 | $ 8,979 | |
Number of Contracts | loan | 33 | 34 | |
Acquired Loans Recorded At Fair Value [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,695 | $ 4,204 | |
Number of Contracts | loan | 7 | 15 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 3 | |
Amount | $ 5,872 | $ 7,006 | |
Number of Contracts | loan | 23 | 29 | |
Pre-Modification Outstanding Recorded Investments | $ 278 | $ 1,533 | |
Post-Modification Outstanding Recorded Investments | 320 | $ 1,562 | |
Number of Contracts, Subsequent Default | loan | 1 | ||
Recorded Investment, Subsequent Default | $ 968 | ||
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 3,979 | $ 3,604 | |
Number of Contracts | loan | 18 | 16 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 1,893 | $ 3,402 | |
Number of Contracts | loan | 5 | 13 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 5,390 | $ 5,445 | |
Number of Contracts | loan | 14 | 14 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 4,807 | $ 4,863 | |
Number of Contracts | loan | 13 | 13 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 583 | $ 582 | |
Number of Contracts | loan | 1 | 1 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | [2] | 1 | 2 |
Amount | [2] | $ 484 | $ 732 |
Number of Contracts | loan | [2] | 3 | 6 |
Pre-Modification Outstanding Recorded Investments | [2] | $ 223 | $ 398 |
Post-Modification Outstanding Recorded Investments | [2] | 223 | 367 |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [2] | $ 265 | $ 512 |
Number of Contracts | loan | [2] | 2 | 5 |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [2] | $ 219 | $ 220 |
Number of Contracts | loan | [2] | 1 | 1 |
Acquired Loans With Deteriorated Credit [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,621 | $ 2,960 | |
Number of Contracts | loan | 6 | 9 | |
Acquired Loans With Deteriorated Credit [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,621 | $ 2,675 | |
Number of Contracts | loan | 6 | 7 | |
Acquired Loans With Deteriorated Credit [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 285 | ||
Number of Contracts | loan | 2 | ||
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,069 | $ 2,101 | |
Number of Contracts | loan | 5 | 5 | |
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 2,069 | $ 2,101 | |
Number of Contracts | loan | 5 | 5 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 552 | $ 574 | |
Number of Contracts | loan | 1 | 2 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | Accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | $ 552 | $ 574 | |
Number of Contracts | loan | 1 | 2 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [1] | $ 167 | |
Number of Contracts | loan | [1] | 1 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [1] | $ 167 | |
Number of Contracts | loan | [1] | 1 | |
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [2] | $ 118 | |
Number of Contracts | loan | [2] | 1 | |
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | Non-accrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Amount | [2] | $ 118 | |
Number of Contracts | loan | [2] | 1 | |
[1] | Includes business lines of credit. | ||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc62
Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 31,681 | $ 49,444 | |
Current | 1,472,693 | 1,391,170 | |
Total Loans Receivable | 1,504,374 | 1,440,614 | |
30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 17,027 | 28,743 | |
60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,107 | 6,185 | |
Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 11,547 | 14,516 | |
Originated Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 23,893 | 35,863 | |
Current | 1,342,991 | 1,232,080 | |
Total Loans Receivable | 1,366,884 | 1,267,943 | |
Originated Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 14,262 | 22,089 | |
Originated Loans [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,239 | 4,561 | |
Originated Loans [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 7,392 | 9,213 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,725 | 5,858 | |
Current | 136,356 | 111,307 | |
Total Loans Receivable | 142,081 | 117,165 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,873 | 3,495 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 963 | 786 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,889 | 1,577 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 16,643 | 22,320 | |
Current | 1,040,163 | 960,508 | |
Total Loans Receivable | 1,056,806 | 982,828 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 10,472 | 12,491 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 989 | 3,362 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,182 | 6,467 | |
Originated Loans [Member] | Construction Loans In Process[Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 348 | 4,757 | |
Current | 70,519 | 59,251 | |
Total Loans Receivable | 70,867 | 64,008 | |
Originated Loans [Member] | Construction Loans In Process[Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 348 | 4,677 | |
Originated Loans [Member] | Construction Loans In Process[Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 80 | ||
Originated Loans [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 875 | 1,593 |
Current | [1] | 62,569 | 68,747 |
Total Loans Receivable | [1] | 63,444 | 70,340 |
Originated Loans [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 491 | 909 |
Originated Loans [Member] | Commercial Business [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 69 | |
Originated Loans [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 315 | 684 |
Originated Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 296 | 1,335 |
Current | [2] | 32,121 | 29,902 |
Total Loans Receivable | [2] | 32,417 | 31,237 |
Originated Loans [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 78 | 517 |
Originated Loans [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 218 | 333 |
Originated Loans [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 485 | |
Originated Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6 | ||
Current | 1,263 | 2,365 | |
Total Loans Receivable | 1,269 | 2,365 | |
Originated Loans [Member] | Consumer [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6 | ||
Acquired Loans Recorded At Fair Value [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 7,788 | 13,162 | |
Current | 127,506 | 157,128 | |
Total Loans Receivable | 135,294 | 170,290 | |
Acquired Loans Recorded At Fair Value [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,765 | 6,410 | |
Acquired Loans Recorded At Fair Value [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 868 | 1,624 | |
Acquired Loans Recorded At Fair Value [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,155 | 5,128 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,151 | 7,163 | |
Current | 52,159 | 60,424 | |
Total Loans Receivable | 56,310 | 67,587 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 498 | 3,340 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 515 | 311 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,138 | 3,512 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,916 | 4,511 | |
Current | 57,506 | 74,797 | |
Total Loans Receivable | 60,422 | 79,308 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,958 | 1,913 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 221 | 1,313 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 737 | 1,285 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 418 | |
Current | [1] | 4,460 | 3,863 |
Total Loans Receivable | [1] | 4,460 | 4,281 |
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 418 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 721 | 1,058 |
Current | [2] | 13,156 | 17,793 |
Total Loans Receivable | [2] | 13,877 | 18,851 |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 309 | 727 |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 132 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 280 | 331 |
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12 | ||
Current | 225 | 251 | |
Total Loans Receivable | 225 | 263 | |
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12 | ||
Acquired Loans With Deteriorated Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 419 | ||
Current | 2,196 | 1,962 | |
Total Loans Receivable | 2,196 | 2,381 | |
Acquired Loans With Deteriorated Credit [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 244 | ||
Acquired Loans With Deteriorated Credit [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 175 | ||
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 1,443 | 1,474 | |
Total Loans Receivable | 1,443 | 1,474 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 252 | ||
Current | 753 | 417 | |
Total Loans Receivable | $ 753 | 669 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 244 | ||
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 8 | ||
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 167 | |
Total Loans Receivable | [1] | 167 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 167 | |
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | [2] | 71 | |
Total Loans Receivable | [2] | $ 71 | |
[1] | Includes business lines of credit. | ||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc63
Loans Receivable and Allowance for Loan Losses (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,504,374 | $ 1,440,614 | $ 1,226,676 | |
Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,456,143 | 1,386,848 | ||
Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 18,907 | 15,750 | ||
Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 29,004 | 38,016 | ||
Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 320 | |||
Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 199,834 | 186,226 | 207,288 | |
Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,117,981 | 1,062,805 | 829,112 | |
Construction Loans In Process[Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 70,867 | 64,008 | 73,497 | |
Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 67,904 | 74,788 | 60,994 |
Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 46,294 | 50,159 | 52,955 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,494 | 2,628 | 2,830 | |
Originated Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,366,884 | 1,267,943 | 1,017,527 | |
Originated Loans [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,331,585 | 1,233,317 | ||
Originated Loans [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 15,751 | 10,203 | ||
Originated Loans [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 19,247 | 24,423 | ||
Originated Loans [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 301 | |||
Originated Loans [Member] | Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 142,081 | 117,165 | 124,642 | |
Originated Loans [Member] | Residential One-to-Four Family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 131,807 | 108,259 | ||
Originated Loans [Member] | Residential One-to-Four Family [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 6,393 | 4,857 | ||
Originated Loans [Member] | Residential One-to-Four Family [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 3,881 | 4,049 | ||
Originated Loans [Member] | Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,056,806 | 982,828 | 732,791 | |
Originated Loans [Member] | Commercial And Multi-family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,039,519 | 966,229 | ||
Originated Loans [Member] | Commercial And Multi-family [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 6,263 | 1,868 | ||
Originated Loans [Member] | Commercial And Multi-family [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 10,811 | 14,731 | ||
Originated Loans [Member] | Commercial And Multi-family [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 213 | |||
Originated Loans [Member] | Construction Loans In Process[Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 70,867 | 64,008 | 73,497 | |
Originated Loans [Member] | Construction Loans In Process[Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 70,391 | 63,292 | ||
Originated Loans [Member] | Construction Loans In Process[Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 476 | 716 | ||
Originated Loans [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 63,444 | 70,340 | 54,244 |
Originated Loans [Member] | Commercial Business [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 57,567 | 64,645 | |
Originated Loans [Member] | Commercial Business [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 1,789 | 2,018 | |
Originated Loans [Member] | Commercial Business [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 4,000 | 3,677 | |
Originated Loans [Member] | Commercial Business [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 88 | ||
Originated Loans [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 32,417 | 31,237 | 30,175 |
Originated Loans [Member] | Home Equity [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 31,052 | 29,694 | |
Originated Loans [Member] | Home Equity [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 816 | 714 | |
Originated Loans [Member] | Home Equity [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 549 | 829 | |
Originated Loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,269 | 2,365 | 2,178 | |
Originated Loans [Member] | Consumer [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,249 | 1,198 | ||
Originated Loans [Member] | Consumer [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 14 | 30 | ||
Originated Loans [Member] | Consumer [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 6 | 1,137 | ||
Acquired Loans Recorded At Fair Value [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 135,294 | 170,290 | 205,973 | |
Acquired Loans Recorded At Fair Value [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 124,181 | 153,247 | ||
Acquired Loans Recorded At Fair Value [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,361 | 4,736 | ||
Acquired Loans Recorded At Fair Value [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 8,733 | 12,307 | ||
Acquired Loans Recorded At Fair Value [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 19 | |||
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 56,310 | 67,587 | 81,051 | |
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 51,628 | 58,362 | ||
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 626 | 2,574 | ||
Acquired Loans Recorded At Fair Value [Member] | Residential One-to-Four Family [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 4,056 | 6,651 | ||
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 60,422 | 79,308 | 95,191 | |
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 55,216 | 72,770 | ||
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,311 | 1,780 | ||
Acquired Loans Recorded At Fair Value [Member] | Commercial And Multi-family [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 3,895 | 4,758 | ||
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 4,460 | 4,281 | 6,381 |
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 4,460 | 4,281 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 13,877 | 18,851 | 22,698 |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 12,652 | 17,571 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 424 | 382 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 782 | 898 | |
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 19 | ||
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 225 | 263 | 652 | |
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 225 | 263 | ||
Acquired Loans With Deteriorated Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,196 | 2,381 | 3,176 | |
Acquired Loans With Deteriorated Credit [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 377 | 284 | ||
Acquired Loans With Deteriorated Credit [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 795 | 811 | ||
Acquired Loans With Deteriorated Credit [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,024 | 1,286 | ||
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,443 | 1,474 | 1,595 | |
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 147 | 147 | ||
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 272 | 279 | ||
Acquired Loans With Deteriorated Credit [Member] | Residential One-to-Four Family [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,024 | 1,048 | ||
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 753 | 669 | 1,130 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 230 | 137 | ||
Acquired Loans With Deteriorated Credit [Member] | Commercial And Multi-family [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 523 | 532 | ||
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 167 | 369 | |
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 167 | ||
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 71 | $ 82 | |
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | $ 71 | ||
[1] | Includes business lines of credit. | |||
[2] | Includes home equity lines of credit. |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premises and Equipment [Abstract] | |||
Depreciation of premises and equipment | $ 2,422,342 | $ 2,149,000 | $ 1,512,000 |
Rental expense | $ 2,410,000 | $ 1,990,000 | $ 1,568,000 |
Premises and Equipment (Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 31,829 | $ 25,752 |
Accumulated depreciation and amortization | (12,447) | (10,025) |
Premises and equipment, net | 19,382 | 15,727 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 2,116 | 1,887 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 14,662 | 12,392 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 4,987 | 3,196 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 10,064 | $ 8,277 |
Premises and Equipment (Minimum
Premises and Equipment (Minimum Obligation under Non-Cancelable Lease Agreement) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Premises and Equipment [Abstract] | |
2,017 | $ 2,443 |
2,018 | 1,989 |
2,019 | 1,724 |
2,020 | 1,615 |
2,021 | 1,394 |
Thereafter | 5,403 |
Total | $ 14,568 |
Interest Receivable (Summary of
Interest Receivable (Summary of Interest Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | $ 5,573 | $ 5,595 |
Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | 5,359 | 5,564 |
Securities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | $ 214 | $ 31 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits [Line Items] | ||
Time deposits | $ 172.5 | $ 144.3 |
Related party deposits | 17.3 | |
Available-for-sale Securities [Member] | ||
Time Deposits [Line Items] | ||
Collateral pledged | 74 | |
Letter of Credit [Member] | ||
Time Deposits [Line Items] | ||
Collateral pledged | $ 100 |
Deposits (Schedule Of Deposits)
Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Non-interest bearing | $ 158,523 | $ 130,920 |
NOW | 307,071 | 226,137 |
Money market | 125,614 | 54,915 |
Demand | 591,208 | 411,972 |
Savings and club | 260,122 | 250,936 |
Certificates of deposit | 540,875 | 611,021 |
Total deposits | $ 1,392,205 | $ 1,273,929 |
Deposits (Schedule Of Maturitie
Deposits (Schedule Of Maturities Of Time Certificates Of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
2,017 | $ 314,196 | |
2,018 | 102,194 | |
2,019 | 78,923 | |
2,020 | 24,133 | |
2,021 | 21,429 | |
Thereafter | ||
Total | $ 540,875 | $ 611,021 |
Short-Term Borrowings and Lon71
Short-Term Borrowings and Long-term Debt (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Short-Term Borrowings, Long-Term Debt and Subordinated Debentures [Abstract] | ||
Loans pledged as collateral | $ 403,500,000 | $ 256,000,000 |
Securities pledged as collateral | $ 0 | $ 0 |
Maximum ratio of debt to total assets under debt covenant | 50.00% | |
Maximum total debt under debt covenant | $ 854,104,000 |
Short-Term Borrowings and Lon72
Short-Term Borrowings and Long-term Debt (Short-term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-Term Borrowings, Long-Term Debt and Subordinated Debentures [Abstract] | |||
Balance at end of period | $ 20,000 | $ 26,000 | |
Average balance outstanding during the year | 103 | $ 595 | 13,591 |
Highest month-end balance during the year | $ 20,000 | $ 3,000 | $ 45,500 |
Average interest rate during the year | 0.88% | 0.37% | 0.38% |
Weighted average interest rate at year-end | 1.00% | 0.32% |
Short-Term Borrowings and Lon73
Short-Term Borrowings and Long-term Debt (Long Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Weighted Average Rate | 2.66% | 3.19% |
Amount | $ 155,000 | $ 200,000 |
Maturing by December 31, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 4.34% | |
Amount | $ 55,000 | |
Maturing by December 31, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 4.45% | 4.45% |
Amount | $ 55,000 | $ 55,000 |
Maturing by December 31, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.41% | 1.41% |
Amount | $ 25,000 | $ 25,000 |
Maturing by December 31, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.85% | 1.85% |
Amount | $ 23,000 | $ 23,000 |
Maturing by December 31, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.46% | 1.53% |
Amount | $ 20,000 | $ 10,000 |
Maturing by December 31, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.76% | 1.76% |
Amount | $ 10,000 | $ 10,000 |
Maturing by December 31, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.98% | 1.98% |
Amount | $ 22,000 | $ 22,000 |
Subordinated Debentures (Narrat
Subordinated Debentures (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Trust Preferred Junior Subordinated Debenture [Member] | ||
Subordinated Borrowing [Line Items] | ||
Trust preferred junior subordinated debenture, interest rate | 3.643% | 3.176% |
Subordinated Debentures (Summar
Subordinated Debentures (Summary of Trust Preferred Securities) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Subordinated Borrowing [Line Items] | ||
Securities Issued | $ 4,124 | $ 4,124 |
Trust Preferred Junior Subordinated Debenture [Member] | ||
Subordinated Borrowing [Line Items] | ||
Issuance Date | Jun. 17, 2004 | |
Securities Issued | $ 4,124 | |
Liquidation Value | $ 1,000 | |
Coupon Rate | Floating 3-month LIBOR + 265 Basis Points | |
Maturity | Jun. 17, 2034 | |
Redeemable by Issuer Beginning | Jun. 17, 2009 |
Regulatory Matters (Bank's Capi
Regulatory Matters (Bank's Capital Level) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
BCB Community Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual - Amount | $ 154,923 | $ 153,806 |
Total capital (to risk-weighted assets): Actual - Ratio | 11.34% | 12.06% |
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount | $ 109,330 | $ 102,011 |
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 136,663 | $ 127,514 |
Total capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets): Actual - Amount | $ 137,839 | $ 137,841 |
Tier 1 capital (to risk-weighted assets): Actual - Ratio | 10.09% | 10.81% |
Tier 1 capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount | $ 81,998 | $ 76,508 |
Tier 1 capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio | 6.00% | 6.00% |
Tier 1 capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 109,330 | $ 102,011 |
Tier 1 capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 8.00% | 8.00% |
Common Equity Tier 1 (to risk-weighted assets): Actual - Amount | $ 137,839 | $ 137,841 |
Common Equity Tier 1 (to risk-weighted assets): Actual - Ratio | 10.09% | 10.81% |
Common Equity Tier 1 (to risk-weighted assets): For Capital Adequacy Purposes - Amount | $ 61,498 | $ 57,381 |
Common Equity Tier 1 (to risk-weighted assets): For Capital Adequacy Purposes - Ratio | 4.50% | 4.50% |
Common Equity Tier 1 (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 88,831 | $ 82,884 |
Common Equity Tier 1 (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets): Actual - Amount | $ 137,839 | $ 137,841 |
Tier 1 capital (to average assets): Actual - Ratio | 8.10% | 8.61% |
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Amount | $ 68,074 | $ 64,048 |
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets): To be Well Capitalized under Prompt Corrective Action Provisions - Amount | $ 85,092 | $ 80,060 |
Tier 1 capital (to average assets): To be Well Capitalized under Prompt Corrective Action Provisions - Ratio | 5.00% | 5.00% |
BCB Bancorp Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets): Actual - Amount | $ 156,152 | $ 155,250 |
Total capital (to risk-weighted assets): Actual - Ratio | 11.42% | 12.16% |
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount | $ 109,372 | $ 102,147 |
Total capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets): Actual - Amount | $ 139,061 | $ 139,264 |
Tier 1 capital (to risk-weighted assets): Actual - Ratio | 10.17% | 10.91% |
Tier 1 capital (to risk-weighted assets): For Capital Adequacy Purposes - Amount | $ 82,029 | $ 76,610 |
Tier 1 capital (to risk-weighted assets): For Capital Adequacy Purposes - Ratio | 6.00% | 6.00% |
Common Equity Tier 1 (to risk-weighted assets): Actual - Amount | $ 119,473 | $ 117,966 |
Common Equity Tier 1 (to risk-weighted assets): Actual - Ratio | 8.74% | 9.24% |
Common Equity Tier 1 (to risk-weighted assets): For Capital Adequacy Purposes - Amount | $ 61,522 | $ 57,458 |
Common Equity Tier 1 (to risk-weighted assets): For Capital Adequacy Purposes - Ratio | 4.50% | 4.50% |
Tier 1 capital (to average assets): Actual - Amount | $ 139,061 | $ 139,264 |
Tier 1 capital (to average assets): Actual - Ratio | 8.17% | 8.75% |
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Amount | $ 68,117 | $ 63,649 |
Tier 1 capital (to average assets): For Capital Adequacy Purposes - Ratio | 4.00% | 4.00% |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | Sep. 16, 2016 | Dec. 02, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 28, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized net gain (loss) included in accumulated other comprehensive (loss) income | $ (2,100) | $ (2,632) | $ (2,100) | $ (2,632) | |||
Maximum cash equivalent component | 3.00% | ||||||
Estimated long-term inflation rate | 3.00% | ||||||
Expected company contribution | $ 0 | ||||||
Normal retirement age | 65 years | ||||||
Retirement benefit as percentage of compensation | 75.00% | 75.00% | |||||
Options granted | 160,000 | 152,500 | |||||
Shares underlying unexercised options | 477,100 | 477,100 | |||||
Expected future compensation expense, unexercised options | $ 1,100 | $ 1,100 | |||||
Expected future compensation expense, weighted average period for recognition | 7 years 2 months 12 days | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected return on plan assets | 7.00% | ||||||
Minimum [Member] | Equity Securities [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected return on plan assets | 5.00% | ||||||
Minimum [Member] | Fixed Income Securities [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected return on plan assets | 2.00% | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected return on plan assets | 11.00% | ||||||
Maximum [Member] | Equity Securities [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected return on plan assets | 9.00% | ||||||
Maximum [Member] | Fixed Income Securities [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected return on plan assets | 6.00% | ||||||
Supplemental Employee Retirement Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized net gain (loss) included in accumulated other comprehensive (loss) income | $ 36 | $ 37 | $ 36 | $ 37 | |||
Expected company contribution | $ 62 | ||||||
2011 Stock Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized for issuance | 900,000 | ||||||
2011 Stock Plan [Member] | Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted | 110,000 | 120,000 | |||||
Vesting period | 10 years | ||||||
2011 Stock Plan [Member] | Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted | 50,000 | 32,500 | |||||
Tranche 1 - 10 [Member] | 2011 Stock Plan [Member] | Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 10.00% | ||||||
Tranche 1 - 5 [Member] | 2011 Stock Plan [Member] | Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 20.00% |
Benefit Plans (Plan's Funded St
Benefit Plans (Plan's Funded Status) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Change in Benefit Obligation: Benefit obligation, beginning of year | $ 7,811,000 | $ 9,194,000 | ||
Change in Benefit Obligation: Interest Cost | 328,000 | 352,000 | ||
Change in Benefit Obligation: Actuarial loss (gain) | (52,000) | (131,000) | ||
Change in Benefit Obligation: Benefits paid | (500,000) | (562,000) | ||
Change in Benefit Obligation: Lump Sum Distributions | (99,000) | (1,042,000) | ||
Change in Benefit Obligation: Benefit obligation, ending | 7,488,000 | 7,811,000 | ||
Change in Plan Assets: Fair value of assets, beginning of year | 6,569,338 | 7,679,000 | ||
Change in Plan Assets: Actual return on plan assets | 876,000 | (306,000) | ||
Change in Plan Assets: Employer contributions | 800,000 | 800,000 | ||
Change in Plan Assets: Benefits paid | (500,000) | (562,000) | ||
Change in Plan Assets: Fair value of assets, ending | 7,645,726 | 6,569,338 | ||
Reconciliation of Funded Status: Accumulated benefit obligation | $ 7,488,000 | $ 7,811,000 | ||
Reconciliation of Funded Status: Projected benefit obligation | 7,811,000 | 9,194,000 | 7,488,000 | 7,811,000 |
Reconciliation of Funded Status: Fair value of assets | 6,569,338 | 7,679,000 | 7,645,726 | 6,569,338 |
Reconciliation of Funded Status: Funded (unfunded) status, included in other liabilities | $ (158,000) | $ 1,242,000 | ||
Valuation assumptions used to determine benefit obligation at period end: Discount rate | 4.14% | 4.34% | ||
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Change in Benefit Obligation: Benefit obligation, beginning of year | 332,000 | 384,000 | ||
Change in Benefit Obligation: Interest Cost | 13,000 | 14,000 | ||
Change in Benefit Obligation: Actuarial loss (gain) | (4,000) | |||
Change in Benefit Obligation: Benefits paid | (62,000) | (62,000) | ||
Change in Benefit Obligation: Benefit obligation, ending | 283,000 | 332,000 | ||
Change in Plan Assets: Employer contributions | 62,000 | 62,000 | ||
Change in Plan Assets: Benefits paid | (62,000) | (62,000) | ||
Reconciliation of Funded Status: Accumulated benefit obligation | $ 283,000 | $ 332,000 | ||
Reconciliation of Funded Status: Projected benefit obligation | $ 332,000 | $ 384,000 | 283,000 | 332,000 |
Reconciliation of Funded Status: Funded (unfunded) status, included in other liabilities | $ (283,000) | $ (332,000) | ||
Valuation assumptions used to determine benefit obligation at period end: Discount rate | 4.14% | 4.34% |
Benefit Plans (Net Periodic Pen
Benefit Plans (Net Periodic Pension and SERP Expense and Valuation Assumptions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 328 | $ 352 |
Expected return on assets | (541) | (619) |
Amortization of net loss | 146 | 100 |
Settlement loss | 351 | |
Net periodic pension/postretirement cost (benefit)/(credit) | $ (67) | $ 184 |
Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate | 4.34% | 3.95% |
Valuation assumptions used to determine net periodic benefit cost for the year: Long term rate of return on plan assets | 8.00% | 8.00% |
Valuation assumptions used to determine net periodic benefit cost for the year: Salary Increase Rate | ||
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 13 | $ 14 |
Net periodic pension/postretirement cost (benefit)/(credit) | $ 13 | $ 14 |
Valuation assumptions used to determine net periodic benefit cost for the year: Discount rate | 4.34% | 3.95% |
Benefit Plans (Asset Allocation
Benefit Plans (Asset Allocation Parameters by Asset Class) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum | 40.00% |
Target | 59.00% |
Maximum | 60.00% |
Large-Cap U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 45.00% |
Mid/Small-Cap U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 14.00% |
Non-U.S [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 0.00% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum | 40.00% |
Target | 41.00% |
Maximum | 60.00% |
Long/Short Duration [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 40.00% |
Money Market/Certificates of Deposit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target | 1.00% |
Benefit Plans (Schedule of Fair
Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - Pension Plan [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | $ 7,645,726 | $ 6,569,338 | $ 7,679,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 7,645,726 | 6,569,338 | |
Mutual funds-Equity: Large-Cap Value [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 2,065,510 | 1,736,329 | |
Mutual funds-Equity: Large-Cap Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 2,065,510 | 1,736,329 | |
Mutual funds-Equity: Mid-Cap Value [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 371,203 | 289,475 | |
Mutual funds-Equity: Mid-Cap Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 371,203 | 289,475 | |
Mutual funds-Equity: Foreign Large Growth [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,234,649 | ||
Mutual funds-Equity: Foreign Large Growth [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,234,649 | ||
Mutual funds-Equity: Large Blend [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,415,265 | ||
Mutual funds-Equity: Large Blend [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,415,265 | ||
Mutual Funds-Fixed Income: World Bond [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 985,817 | 891,971 | |
Mutual Funds-Fixed Income: World Bond [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 985,817 | 891,971 | |
Mutual Funds-Fixed Income: Multi Sector Bond [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,008,504 | 910,819 | |
Mutual Funds-Fixed Income: Multi Sector Bond [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,008,504 | 910,819 | |
Mutual Funds-Fixed Income: Inflation Protected [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 897,768 | ||
Mutual Funds-Fixed Income: Inflation Protected [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 897,768 | ||
Mutual funds-Fixed Income: High Yield Bond [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,027,330 | ||
Mutual funds-Fixed Income: High Yield Bond [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 1,027,330 | ||
Stock: BCB Common Stock [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 673,725 | 538,980 | |
Stock: BCB Common Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 673,725 | 538,980 | |
Cash Equivalents: Money Market [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | 98,372 | 69,347 | |
Cash Equivalents: Money Market [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Fair Value Of Plan Assets [Line Item] | |||
Fair value of plan assets | $ 98,372 | $ 69,347 |
Benefit Plans (Expected Benefit
Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 515 |
2,018 | 514 |
2,019 | 514 |
2,020 | 503 |
2,021 | 485 |
2022-2026 | 2,367 |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 62 |
2,018 | 62 |
2,019 | 62 |
2,020 | 32 |
2,021 | 32 |
2022-2026 | $ 63 |
Benefit Plans (Summary of Stock
Benefit Plans (Summary of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Beginning Balance - Number of Option Shares | shares | 417,000 | 289,720 | |
Options granted - Number of Option Shares | shares | 160,000 | 152,500 | |
Options exercised - Number of Option Shares | shares | (127,539,000) | ||
Options expired - Number of Option Shares | shares | (2,000) | (25,220) | |
Outstaning, Ending Balance - Number of Option Shares | shares | 575,000 | 417,000 | 289,720 |
Options Exercisable - Number of Option Shares | shares | 97,900 | ||
Outstanding, Range of Exercise Prices, Lower Range Limit (per share) | $ 8.93 | $ 8.93 | $ 8.93 |
Outstanding, Range of Exercise Prices, Upper Range Limit (per share) | 13.32 | 15.65 | 15.65 |
Options granted, Range of Exercise Prices | 10.92 | ||
Options expired - Range of exercise prices | 15.11 | ||
Outstanding, Beginning Balance - Weighted Average Exercise Price | 10.75 | 11.18 | |
Options granted - Weighted Average Exercise Price | 10.92 | 10.75 | |
Options expired - Weighted Average Exercise Price | 15.11 | 15.65 | |
Outstanding, Ending Balance - Weighted Average Exercise Price | $ 10.78 | $ 10.75 | $ 11.18 |
Outstanding, Weighted Average Remaining Contractual Term | 7 years 11 months 9 days | 8 years 2 months 19 days | 7 years 7 months 6 days |
Options Outstanding, Intrinsic Value | $ | $ 1,198 | $ 219 | $ 427 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted, Range of Exercise Prices | $ 10.55 | ||
Options expired - Range of exercise prices | 15.60 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted, Range of Exercise Prices | 10.81 | ||
Options expired - Range of exercise prices | $ 15.65 |
Benefit Plans (Schedule of Assu
Benefit Plans (Schedule of Assumptions Used) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life | 7 years 10 months 6 days | 7 years 10 months 13 days |
Risk-free interest rate | 1.56% | 2.02% |
Volatility | 35.06% | 38.02% |
Dividend yield | 5.13% | 5.18% |
Fair value | $ 2.13 | $ 2.40 |
Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life | 7 years 10 months 6 days | 7 years 10 months 17 days |
Risk-free interest rate | 1.56% | 2.17% |
Volatility | 35.06% | 37.96% |
Dividend yield | 5.13% | 5.31% |
Fair value | $ 2.13 | $ 2.32 |
Dividend Restrictions (Narrativ
Dividend Restrictions (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividend Restrictions [Abstract] | |||
Minimum percentage of capital stock surplus under dividend restriction | 50.00% | ||
Cash dividends paid to parent company | $ 6,627,000 | $ 4,957,000 | $ 6,402,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | |
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets, gross | $ 12,063 | $ 11,460 | ||
Gain (Loss) on bulk sale of impaired loans held in portfolio | (373) | $ (4,012) | ||
Tax Year 2011 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Gross deferred tax assets related to net operating loss caryforwards | 162 | |||
2011 Acquisition [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating loss carryforwards | $ 1,200 | |||
Internal Revenue Service (IRS) [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Maximum annual amount of net operating loss carryforward that may be used on a cumulative basis | 235 | |||
Internal Revenue Service (IRS) [Member] | Tax Year 2011 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Gross deferred tax assets related to net operating loss caryforwards | 23 | 109 | ||
Internal Revenue Service (IRS) [Member] | 2011 Acquisition [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating loss carryforwards | $ 23 | 109 | ||
Operating loss carryforwards, expiration date | Dec. 31, 2030 | |||
Internal Revenue Service (IRS) [Member] | 2011 Acquisition [Member] | Tax Year 2011 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Gross deferred tax assets related to net operating loss caryforwards | $ 23 | 109 | ||
State and Local Jurisdiction [Member] | Tax Year 2011 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Gross deferred tax assets related to net operating loss caryforwards | $ 53 | |||
Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal statutory rate | 34.00% | 34.00% | 34.00% | |
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Current income tax expense: Federal | $ 2,632 | $ 3,730 | $ 2,994 | ||||||||
Current income tax expense: State | 1,139 | 1,082 | 802 | ||||||||
Current income tax expense | 3,771 | 4,812 | 3,796 | ||||||||
Deferred income tax expense: Federal | 1,439 | 2 | 1,070 | ||||||||
Deferred income tax expense: State | 48 | 0 | 181 | ||||||||
Deferred income tax expense | 1,487 | 2 | 1,251 | ||||||||
Income Tax Expense | $ 1,611 | $ 1,171 | $ 1,085 | $ 1,391 | $ 796 | $ 1,463 | $ 1,309 | $ 1,246 | $ 5,258 | $ 4,814 | $ 5,047 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Deferred income tax assets: Allowance for loan losses | $ 7,030 | $ 6,444 |
Deferred Income Tax Assets: Other real estate owned expenses | 114 | 336 |
Deferred income tax assets: Non-accrual interest | 342 | 285 |
Deferred income tax assets: Benefit Plans | 51 | 826 |
Deferred income tax assets: Benefit Plan-accumulated other comprehensive loss | 873 | 1,090 |
Deferred income tax assets: Valuation adjustment on loans receivable acquired | 1,045 | 1,124 |
Deferred income tax assets: Valuation adjustment on time deposits acquired | 43 | |
Deferred income tax assets: Unrealized loss on securities available for sale | 1,791 | 14 |
Deferred income tax assets: Net operating loss carryforwards | 23 | 109 |
Deferred income tax assets: Other | 794 | 1,189 |
Deferred income tax assets | 12,063 | 11,460 |
Deferred income tax liabilities: Valuation adjustment on premises and equipment acquired | 926 | 1,367 |
Deferred income tax liabilities, Depreciation | 357 | 132 |
Deferred income tax liabilities, SBA Servicing Asset | 827 | 80 |
Deferred income tax liabilities | 2,110 | 1,579 |
Net Deferred Tax Asset | $ 9,953 | $ 9,881 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Federal income tax expense at statutory rate | $ 4,532 | $ 4,101 | $ 4,389 | ||||||||
State income tax, net of federal income tax effect | 781 | 707 | 641 | ||||||||
Other items, net | (55) | 6 | 17 | ||||||||
Income Tax Expense | $ 1,611 | $ 1,171 | $ 1,085 | $ 1,391 | $ 796 | $ 1,463 | $ 1,309 | $ 1,246 | $ 5,258 | $ 4,814 | $ 5,047 |
Effective Income Tax Rate | 39.70% | 40.70% | 39.90% |
Commitments and Contingencies90
Commitments and Contingencies (Narrative) (Details) - USD ($) | Sep. 21, 2015 | Jul. 09, 2015 | Mar. 11, 2015 |
Kube Versus Pamrapo Bancorp [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Litigation expense | $ 1,000,000 | ||
Carrier Suit [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Damages paid | $ 1,750,000 | ||
Settlement amount | $ 1,750,000 | ||
Maximum [Member] | Kube Versus Pamrapo Bancorp [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Amount awarded | $ 1,000,000 |
Commitments and Contingencies91
Commitments and Contingencies (Loan Related Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | $ 164,743 | $ 150,970 |
Loan Origination [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | 61,958 | 44,816 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | 964 | 1,739 |
Construction Loans In Process[Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | 41,206 | 39,714 |
Unused Lines Of Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Fair Value | $ 60,615 | $ 64,701 |
Fair Value Measurements and F92
Fair Value Measurements and Fair Values of Financial Instruments (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements and Fair Values of Financial Instruments [Abstract] | ||
Impaired loans | $ 14,050,000 | $ 18,962,000 |
Valuation allowance | $ 3,530,000 | $ 3,723,000 |
Fair Value Measurements and F93
Fair Value Measurements and Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 94,765 | $ 9,623 |
Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 94,765 | 9,623 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 94,765 | 9,623 |
Significant Other Observable Inputs (Level 2) [Member] | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 94,765 | $ 9,623 |
Fair Value Measurements and F94
Fair Value Measurements and Fair Values of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Estimate | $ 10,519 | $ 15,239 | |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Estimate | 10,519 | 15,239 | |
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Estimate | 3,525 | 1,564 | |
Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Estimate | 3,525 | 1,564 | |
Appraisal of Collateral [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Estimate | $ 10,519 | $ 15,239 | |
Valuation Techniques | [1] | Appraisal of collateral | Appraisal of collateral (1) |
Appraisal of Collateral [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Estimate | $ 3,525 | $ 1,564 | |
Valuation Techniques | [1] | Appraisal of collateral | Appraisal of collateral (1) |
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable Input | [2] | Appraisal adjustments | Appraisal adjustments (2) |
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | |
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 10.00% | 10.00% | |
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable Input | [2] | Appraisal adjustments | Appraisal adjustments (2) |
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | |
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 10.00% | 10.00% | |
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable Input | [3] | Liquidation expenses | Liquidation expenses (3) |
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | |
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 10.00% | 10.00% | |
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable Input | [3] | Liquidation expenses | Liquidation expenses (3) |
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | |
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range | 10.00% | 10.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | ||
[3] | Includes qualitative adjustments by management and estimated liquidation expenses. |
Fair Value Measurements and F95
Fair Value Measurements and Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 94,765 | $ 9,623 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 65,038 | 132,635 |
Interest-earning time deposits | 980 | 1,238 |
Securities available for sale | 94,765 | 9,623 |
Loans held for sale | 4,153 | 1,983 |
Loans receivable, net | 1,485,159 | 1,420,118 |
FHLB of New York stock, at cost | 9,306 | 10,711 |
Accrued interest receivable | 5,573 | 5,595 |
Deposits | 1,392,205 | 1,273,929 |
Debt | 175,000 | 200,000 |
Subordinated debentures | 4,124 | 4,124 |
Accrued interest payable | 825 | 1,053 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 65,038 | 132,635 |
Interest-earning time deposits | 980 | 1,238 |
Securities available for sale | 94,765 | 9,623 |
Loans held for sale | 4,273 | 2,004 |
Loans receivable, net | 1,515,088 | 1,443,739 |
FHLB of New York stock, at cost | 9,306 | 10,711 |
Accrued interest receivable | 5,573 | 5,595 |
Deposits | 1,384,578 | 1,270,267 |
Debt | 176,109 | 202,948 |
Subordinated debentures | 4,150 | 4,185 |
Accrued interest payable | 825 | 1,053 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 65,038 | 132,635 |
Interest-earning time deposits | 980 | 1,238 |
Deposits | 834,665 | 653,763 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 94,765 | 9,623 |
Loans held for sale | 4,273 | 2,004 |
FHLB of New York stock, at cost | 9,306 | 10,711 |
Accrued interest receivable | 5,573 | 5,595 |
Deposits | 549,913 | 616,504 |
Debt | 176,109 | 202,948 |
Subordinated debentures | 4,150 | 4,185 |
Accrued interest payable | 825 | 1,053 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, net | $ 1,515,088 | $ 1,443,739 |
Accumulated Other Comprehensi96
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (3,856) | $ (1,598) |
Net Unrealized Gain (Loss) On Securities Available For Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (4,383) | (33) |
Tax effect | 1,791 | 13 |
Accumulated other comprehensive income (loss) | (2,592) | (20) |
Benefit Plan Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (2,137) | (2,668) |
Tax effect | 873 | 1,090 |
Accumulated other comprehensive income (loss) | $ (1,264) | $ (1,578) |
Parent Only Condensed Financi97
Parent Only Condensed Financial Information (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | $ 12,121 | $ 11,808 | ||
Other assets | 10,374 | 9,331 | ||
Total assets | 1,708,208 | 1,618,406 | ||
Subordinated debentures | 4,124 | 4,124 | ||
Other Liabilities | 5,798 | 6,809 | ||
Total Liabilities | 1,577,127 | 1,484,862 | ||
Stockholders’ Equity | 131,081 | 133,544 | $ 102,252 | $ 100,060 |
Total Liabilites and Stockholders' equity | 1,708,208 | 1,618,406 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | 865 | 15 | ||
Investment in subsidiaries | 133,984 | 136,244 | ||
Restricted common stock | 124 | 124 | ||
Other assets | 517 | 1,604 | ||
Total assets | 135,490 | 137,987 | ||
Subordinated debentures | 4,124 | 4,124 | ||
Other Liabilities | 285 | 320 | ||
Total Liabilities | 4,409 | 4,444 | ||
Stockholders’ Equity | 131,081 | 133,543 | ||
Total Liabilites and Stockholders' equity | $ 135,490 | $ 137,987 |
Parent Only Condensed Financi98
Parent Only Condensed Financial Information (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total interest income | $ 18,112 | $ 17,731 | $ 17,681 | $ 17,831 | $ 17,608 | $ 17,216 | $ 17,036 | $ 15,520 | $ 71,355 | $ 67,380 | $ 60,195 |
Interest expense, borrowed money | 3,710 | 4,134 | 4,318 | 4,133 | 3,927 | 3,673 | 3,340 | 2,929 | 16,295 | 13,869 | 10,307 |
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries | 1,817 | 3,745 | 3,190 | 3,092 | |||||||
Income tax benefit | 1,611 | 1,171 | 1,085 | 1,391 | 796 | 1,463 | 1,309 | 1,246 | 5,258 | 4,814 | 5,047 |
Net Income | $ 2,473 | $ 1,914 | $ 1,581 | $ 2,035 | $ 1,021 | $ 2,282 | $ 1,881 | $ 1,846 | 8,003 | 7,030 | 7,590 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from Bank subsidiary | 6,627 | 4,957 | 6,402 | ||||||||
Total interest income | 6,627 | 4,957 | 6,402 | ||||||||
Interest expense, borrowed money | 137 | 119 | 117 | ||||||||
Other | 176 | 190 | 288 | ||||||||
Total Expense | 313 | 309 | 405 | ||||||||
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries | 6,314 | 4,648 | 5,997 | ||||||||
Income tax benefit | (107) | (106) | (139) | ||||||||
Income before Equity in Undistributed Earnings of Subsidiaries | 6,421 | 4,754 | 6,136 | ||||||||
Equity in undistributed earnings of Subsidiaries | 1,582 | 2,276 | 1,454 | ||||||||
Net Income | $ 8,003 | $ 7,030 | $ 7,590 |
Parent Only Condensed Financi99
Parent Only Condensed Financial Information (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net Income | $ 2,473 | $ 1,914 | $ 1,581 | $ 2,035 | $ 1,021 | $ 2,282 | $ 1,881 | $ 1,846 | $ 8,003 | $ 7,030 | $ 7,590 | |
Decrease (increase) in other assets | (1,043) | (2,257) | (5,296) | |||||||||
(Decrease) in other liabilities | (250) | (1,736) | (726) | |||||||||
Net Cash Provided By Operating Activities | 7,241 | 7,689 | 4,496 | |||||||||
Net Cash Used In Investing Activities | (159,781) | (218,007) | (89,116) | |||||||||
Proceeds from issuance of preferred stock | (1,710) | 3,848 | 770 | |||||||||
Proceeds from issuance of common stock | $ 25,600 | 336 | 25,978 | 467 | ||||||||
Cash dividend paid | (6,016) | (4,461) | (4,412) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 84,943 | 310,830 | 86,899 | |||||||||
Net (Decrease) in Cash and Cash Equivalents | (67,597) | 100,512 | 2,279 | |||||||||
Cash and Cash Equivalents - Begininng | 132,635 | 32,123 | 132,635 | 32,123 | 29,844 | |||||||
Cash and Cash Equivalents - Ending | 65,038 | 132,635 | 65,038 | 132,635 | 32,123 | |||||||
Parent Company [Member] | ||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net Income | 8,003 | 7,030 | 7,590 | |||||||||
Equity in undistributed (earnings) of subsidiaries | (1,582) | (2,276) | (1,454) | |||||||||
Decrease (increase) in other assets | 1,087 | 153 | (1,602) | |||||||||
(Decrease) in other liabilities | (35) | 73 | 25 | |||||||||
Net Cash Provided By Operating Activities | 7,473 | 4,980 | 4,559 | |||||||||
Additional investment in subsidiary | 1,710 | (29,617) | (770) | |||||||||
Net Cash Used In Investing Activities | 1,710 | (29,617) | (770) | |||||||||
Proceeds from issuance of preferred stock | (1,710) | 3,848 | 770 | |||||||||
Proceeds from issuance of common stock | 336 | 25,978 | 571 | |||||||||
Cash dividend paid | (6,952) | (5,378) | (5,316) | |||||||||
Purchase of treasury stock | (7) | 0 | (12) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (8,333) | 24,448 | (3,987) | |||||||||
Net (Decrease) in Cash and Cash Equivalents | 850 | (189) | (198) | |||||||||
Cash and Cash Equivalents - Begininng | $ 15 | $ 204 | 15 | 204 | 402 | |||||||
Cash and Cash Equivalents - Ending | $ 865 | $ 15 | $ 865 | $ 15 | $ 204 |
Quarterly Financial Data (Summa
Quarterly Financial Data (Summary of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||
Interest income | $ 18,112 | $ 17,731 | $ 17,681 | $ 17,831 | $ 17,608 | $ 17,216 | $ 17,036 | $ 15,520 | $ 71,355 | $ 67,380 | $ 60,195 |
Interest expense | 3,710 | 4,134 | 4,318 | 4,133 | 3,927 | 3,673 | 3,340 | 2,929 | 16,295 | 13,869 | 10,307 |
Net Interest Income | 14,402 | 13,597 | 13,363 | 13,698 | 13,681 | 13,543 | 13,696 | 12,591 | 55,060 | 53,511 | 49,888 |
Provision for loan losses | 102 | (301) | 37 | 189 | 360 | 70 | 1,130 | 720 | 27 | 2,280 | 2,800 |
Net Interest Income, after Provision for loan losses | 14,300 | 13,898 | 13,326 | 13,509 | 13,321 | 13,473 | 12,566 | 11,871 | 55,033 | 51,231 | 47,088 |
Non-interest income | 1,433 | 1,530 | 1,506 | 1,654 | 2,109 | 1,964 | 1,787 | 1,205 | 6,123 | 7,065 | 3,958 |
Non-interest expense | 11,649 | 12,343 | 12,166 | 11,737 | 13,613 | 11,692 | 11,163 | 9,984 | 47,895 | 46,452 | 38,409 |
Income before Income Taxes | 4,084 | 3,085 | 2,666 | 3,426 | 13,261 | 11,844 | 12,637 | ||||
Income taxes | 1,611 | 1,171 | 1,085 | 1,391 | 796 | 1,463 | 1,309 | 1,246 | 5,258 | 4,814 | 5,047 |
Net Income | 2,473 | 1,914 | 1,581 | 2,035 | 1,021 | 2,282 | 1,881 | 1,846 | 8,003 | 7,030 | 7,590 |
Preferred stock dividends | 234 | 234 | 234 | 234 | 260 | 254 | 201 | 202 | 936 | 917 | 800 |
Basic earnings per share - Income available to Common stockholders | $ 2,239 | $ 1,680 | $ 1,347 | $ 1,801 | $ 761 | $ 2,028 | $ 1,680 | $ 1,644 | $ 7,067 | $ 6,113 | $ 6,790 |
Net income per common share: Basic | $ 0.20 | $ 0.15 | $ 0.12 | $ 0.16 | $ 0.05 | $ 0.24 | $ 0.20 | $ 0.20 | $ 0.63 | $ 0.69 | $ 0.81 |
Net income per common share: Diluted | 0.20 | 0.15 | 0.12 | 0.16 | 0.05 | 0.24 | 0.20 | 0.20 | $ 0.63 | $ 0.69 | $ 0.81 |
Dividends per common share | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - $ / shares | Jan. 23, 2017 | Jan. 18, 2017 | Nov. 30, 2014 | Aug. 31, 2014 | May 31, 2014 | Feb. 28, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||||||
Cash dividends declared (per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.14 | $ 0.14 | |||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | ||||||
Preferred stock, liquidation preference per share | $ 10,000 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Date declared | Jan. 18, 2017 | ||||||||
Cash dividends declared (per share) | $ 0.14 | ||||||||
Date paid | Feb. 15, 2017 | ||||||||
Date of record | Feb. 1, 2017 | ||||||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares subscribed | 2,500 | ||||||||
Preferred stock, dividend rate | 4.50% | ||||||||
Preferred stock, liquidation preference per share | $ 10,000 |