Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Entity Registrant Name | BCB BANCORP INC | |
Entity Central Index Key | 1,228,454 | |
Trading Symbol | bcbp | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,782,713 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 23,125 | $ 16,460 |
Interest-earning deposits | 157,320 | 107,775 |
Total cash and cash equivalents | 180,445 | 124,235 |
Interest-earning time deposits | 980 | 980 |
Debt securities available for sale | 127,291 | 114,295 |
Equity investments | 8,134 | 8,294 |
Loans held for sale | 1,405 | 1,295 |
Loans receivable, net of allowance for loan losses of $20,640 and $17,375 respectively | 2,119,829 | 1,643,677 |
Federal Home Loan Bank of New York stock, at cost | 16,744 | 10,211 |
Premises and equipment, net | 21,055 | 18,768 |
Accrued interest receivable | 7,563 | 6,153 |
Other real estate owned | 1,178 | 532 |
Deferred income taxes | 11,451 | 5,144 |
Goodwill | 5,281 | |
Other assets | 15,208 | 9,253 |
Total Assets | 2,516,564 | 1,942,837 |
LIABILITIES | ||
Non-interest bearing deposits | 229,292 | 201,043 |
Interest bearing deposits | 1,755,584 | 1,368,327 |
Total deposits | 1,984,876 | 1,569,370 |
FHLB advances | 320,005 | 185,000 |
Subordinated debentures | 4,124 | 4,124 |
Other liabilities and accrued interest payable | 13,483 | 7,889 |
Total Liabilities | 2,322,488 | 1,766,383 |
STOCKHOLDERS' EQUITY | ||
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 7,807 shares of series C 6%, series D 4.5%, (liquidation value $10,000 per share) and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock at June 30, 2018 and 1,342 shares of series C 6% and series D 4.5% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2017 | ||
Additional paid-in capital preferred stock | 19,706 | 13,241 |
Common stock: no par value; 20,000,000 shares authorized; issued 18,313,476 and 17,572,942 at June 30, 2018 and December 31, 2017, respectively, outstanding 15,782,713 shares and 15,042,179 shares, at June 30, 2018 and December 31, 2017, respectively | ||
Additional paid-in capital common stock | 175,716 | 164,230 |
Retained earnings | 33,570 | 31,241 |
Accumulated other comprehensive (loss) | (5,800) | (3,142) |
Treasury stock, at cost, 2,530,763 shares at June 30, 2018 and December 31, 2017 | (29,116) | (29,116) |
Total Stockholders' Equity | 194,076 | 176,454 |
Total Liabilites and Stockholders' equity | $ 2,516,564 | $ 1,942,837 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Loans receivable, allowance for loan losses | $ 20,640 | $ 17,375 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 7,807 | 1,342 |
Preferred stock, shares outstanding | 7,807 | |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 18,313,476 | 17,572,942 |
Common stock, shares outstanding | 15,782,713 | 15,042,179 |
Treasury stock, shares | 2,530,763 | 2,530,763 |
Series C Preferred Stock [Member] | ||
Preferred stock, dividend rate | 6.00% | 6.00% |
Series D Preferred Stock [Member] | ||
Preferred stock, dividend rate | 4.50% | 4.50% |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Series F Preferred Stock [Member] | ||
Preferred stock, shares outstanding | 6,465 | |
Preferred stock, dividend rate | 6.00% | |
Preferred stock, liquidation preference per share | $ 1,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income: | ||||
Loans, including fees | $ 24,048 | $ 18,026 | $ 43,569 | $ 35,568 |
Mortgage-backed securities | 837 | 603 | 1,536 | 1,131 |
Municipal bonds and other debt | 196 | 159 | 300 | 264 |
FHLB stock and other interest earning assets | 615 | 281 | 1,233 | 561 |
Total interest income | 25,696 | 19,069 | 46,638 | 37,524 |
Deposits: | ||||
Demand | 975 | 677 | 1,772 | 1,350 |
Savings and club | 105 | 100 | 202 | 199 |
Certificates of deposit | 3,405 | 2,142 | 6,135 | 4,153 |
Total deposits | 4,485 | 2,919 | 8,109 | 5,702 |
Borrowings | 1,221 | 1,087 | 2,099 | 2,154 |
Total interest expense | 5,706 | 4,006 | 10,208 | 7,856 |
Net interest income | 19,990 | 15,063 | 36,430 | 29,668 |
Provision for loan losses | 2,060 | 776 | 3,402 | 1,274 |
Net interest income after provision for loan losses | 17,930 | 14,287 | 33,028 | 28,394 |
Non-interest income: | ||||
Fees and service charges | 971 | 838 | 1,681 | 1,634 |
Gain on sales of loans | 576 | 733 | 1,159 | 1,071 |
Loss on bulk sale of impaired loans held in portfolio | (24) | |||
(Loss) gain on sales of other real estate owned | (10) | 197 | (10) | 1,348 |
Unrealized loss on equity investments | (33) | (160) | ||
Other | 59 | 254 | 2,303 | 282 |
Total non-interest income | 1,563 | 2,022 | 4,949 | 4,335 |
Non-interest expense: | ||||
Salaries and employee benefits | 7,125 | 5,878 | 13,392 | 11,968 |
Occupancy and equipment | 2,476 | 1,989 | 4,538 | 4,147 |
Data processing and service fees | 828 | 678 | 1,557 | 1,331 |
Professional fees | 533 | 1,383 | 1,038 | 1,746 |
Director fees | 201 | 198 | 402 | 378 |
Regulatory assessments | 290 | 331 | 529 | 692 |
Advertising and promotional | 100 | 115 | 185 | 258 |
Other real estate owned, net | 160 | 13 | 191 | 55 |
Merger related costs | 2,039 | 2,184 | ||
Other | 2,228 | 1,563 | 3,975 | 3,135 |
Total non-interest expense | 15,980 | 12,148 | 27,991 | 23,710 |
Income before income tax provision | 3,513 | 4,161 | 9,986 | 9,019 |
Income tax provision | 1,200 | 1,648 | 3,041 | 3,593 |
Net Income | 2,313 | 2,513 | 6,945 | 5,426 |
Preferred stock dividends | 262 | 165 | 428 | 283 |
Net Income available to common stockholders | $ 2,051 | $ 2,348 | $ 6,517 | $ 5,143 |
Net Income per common share-basic and diluted | ||||
Basic | $ 0.13 | $ 0.21 | $ 0.43 | $ 0.46 |
Diluted | $ 0.13 | $ 0.21 | $ 0.42 | $ 0.45 |
Weighted average number of common shares outstanding | ||||
Basic | 15,610 | 11,295 | 15,329 | 11,287 |
Diluted | 15,748 | 11,405 | 15,465 | 11,383 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||
Net Income | $ 2,313 | $ 2,513 | $ 6,945 | $ 5,426 | |
Unrealized (losses) gains on available-for-sale debt securities: | |||||
Unrealized holding (losses) gains arising during the period | [1] | (821) | 524 | (2,532) | 1,383 |
Other comprehensive (loss) income | (821) | 524 | (2,532) | 1,383 | |
Comprehensive income | $ 1,492 | $ 3,037 | $ 4,413 | $ 6,809 | |
[1] | Represents unrealized (losses) gains of (964,000), 885,000, (3,344,000), and 2,338,000, respectively, less deferred taxes of (143,000), 361,000, (812,000) and 955,000, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Unrealized gains (losses), before tax | $ (964,000) | $ 885,000 | $ (3,344,000) | $ 2,338,000 |
Unrealized gains (losses), deferred taxes | $ (143,000) | $ 361,000 | $ (812,000) | $ 955,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Additional Paid-In Capital [Member]Series D Preferred Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Series D Preferred Stock [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 135,881 | $ 28,159 | $ (29,103) | $ (3,856) | $ 131,081 | ||
Redemption of Series A and B Preferred Stock | (11,720) | (11,720) | |||||
Issuance of stock | $ 9,497 | $ 9,497 | |||||
Exercise of Stock Options (200 shares) | 2 | 2 | |||||
Stock-based compensation expense | 78 | 78 | |||||
Treasury Stock purchases | (8) | (8) | |||||
Dividends payable on Series C 6%, Series D 4.5%, and Series F 6% noncumulative perpetual preferred stock | (283) | (283) | |||||
Cash dividends on common stock ($0.14 per share declared) | (3,012) | (3,012) | |||||
Dividend Reinvestment Plan | 146 | (146) | |||||
Stock Purchase Plan | 337 | 337 | |||||
Net income | 5,426 | 5,426 | |||||
Other comprehensive income (loss) | 1,383 | 1,383 | |||||
Ending Balance at Jun. 30, 2017 | 134,221 | 30,144 | (29,111) | (2,473) | 132,781 | ||
Beginning Balance at Dec. 31, 2016 | 135,881 | 28,159 | (29,103) | (3,856) | 131,081 | ||
Ending Balance at Dec. 31, 2017 | 177,471 | 31,241 | (29,116) | (3,142) | 176,454 | ||
Exercise of Stock Options (200 shares) | 2 | 2 | |||||
Stock-based compensation expense | 164 | 164 | |||||
Dividends payable on Series C 6%, Series D 4.5%, and Series F 6% noncumulative perpetual preferred stock | (428) | (428) | |||||
Cash dividends on common stock ($0.14 per share declared) | (4,151) | (4,151) | |||||
Dividend Reinvestment Plan | 163 | (163) | |||||
Stock Purchase Plan | 217 | 217 | |||||
Net income | 6,945 | 6,945 | |||||
Reclassification of unrealized gains on AFS equity securities | 126 | (126) | |||||
Other comprehensive income (loss) | (2,532) | (2,532) | |||||
Acquisition of IA Bancorp | 17,405 | 17,405 | |||||
Ending Balance at Jun. 30, 2018 | $ 195,422 | $ 33,570 | $ (29,116) | $ (5,800) | $ 194,076 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Options exercised (shares) | 200 | 700 | |
Options exercised (shares) | 200 | ||
Cash dividends declared (per share) | $ 0.14 | $ 0.14 | |
Series C Preferred Stock [Member] | |||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% |
Series D Preferred Stock [Member] | |||
Preferred stock, dividend rate | 4.50% | 4.50% | 4.50% |
Series F Preferred Stock [Member] | |||
Preferred stock, dividend rate | 6.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 6,945 | $ 5,426 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 1,284 | 1,326 |
Amortization and accretion, net | (943) | (872) |
Provision for loan losses | 3,402 | 1,274 |
Deferred income tax (benefit) | (284) | 584 |
Loans originated for sale | (13,230) | (13,257) |
Proceeds from sale of loans | 14,279 | 17,945 |
Gain on sales of loans originated for sale | (1,159) | (1,071) |
(Loss) gains on sales of other real estate owned | 10 | (1,348) |
Fair value adjustment of OREO | 101 | |
Loss on equity investments | 160 | |
Loss on bulk sale of impaired loans held in portfolio | 24 | |
Stock-based compensation expense | 164 | 78 |
Increase in interest receivable | (798) | (93) |
(Increase) decrease in other assets | (4,147) | 376 |
Increase (decrease) in accrued interest payable | 263 | (50) |
Increase in other liabilities | 2,567 | 2,930 |
Net Cash Provided by Operating Activities | 8,638 | 13,248 |
Cash flows from investing activities: | ||
Proceeds from calls on securities available for sale | 13,400 | 16,715 |
Puchases of securities available for sale | (16,336) | (25,489) |
Proceeds from sales of other real estate owned | 408 | 3,375 |
Proceeds from bulk sale of impaired loans held | 250 | |
Net increase in loans receivable | (296,800) | (93,478) |
Additions to premises and equipment | (737) | (1,623) |
(Purchase) of Federal Home Loan Bank of New York stock | (5,370) | (607) |
Cash acquired in acquisition | 7,597 | |
Cash paid in acquisition | (2,550) | |
Net Cash Used In Investing Activities | (300,138) | (101,107) |
Cash flows from financing activities: | ||
Net increase in deposits | 237,070 | 104,055 |
Proceeds from Federal Home Loan Bank of New York advances | 175,000 | 28,000 |
Repayments of Federal Home Loan Bank of New York advances | (60,000) | (20,000) |
Purchases/adjustments of treasury stock | (9,008) | |
Cash dividends paid on common stock | (4,151) | (3,012) |
Cash dividends paid on preferred stock | (428) | (283) |
Net proceeds from issuance of common stock | 217 | 337 |
Net proceeds from issuance of preferred stock | 9,497 | |
Net payment on redeption of preferred stock | (11,720) | |
Exercise of stock options | 2 | 2 |
Net Cash Provided by Financing Activities | 347,710 | 97,868 |
Net Increase In Cash and Cash Equivalents | 56,210 | 10,009 |
Cash and Cash Equivalents-Begininng | 124,235 | 65,038 |
Cash and Cash Equivalents-Ending | 180,445 | 75,047 |
Supplementary Cash Flow Information: | ||
Cash paid during the year for: Income taxes | 5,933 | 2,960 |
Cash paid during the year for: Interest | 9,945 | 7,905 |
Non-cash items: | ||
Transfer of loans to other real estate owned | $ 837 | $ 1,128 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of BCB Bancorp, Inc. (the “Company”) and the Company’s wholly owned subsidiaries, BCB Community Bank (the “Bank”), BCB Holding Company Investment Company, BCB New York Asset Management, Inc. and Pamrapo Service Corporation. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited consolidated financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2018 or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2017, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between June 30, 2018, and the date these consolidated financial statements were issued. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“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 scope of ASC 606 excludes net interest income and other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives, which would then exclude the majority of the Company's revenues. However, the recognition and measurement of certain non-interest income items such as gain on sale of other real estate owned and deposit-related fees, could be affected by ASC 606. The Company adopted the guidance effective January 1, 2018, using the modified retrospective method. Implementation of the guidance did not have a material impact on the Company's consolidated financial statements. 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 the Company in 2019. 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 June 2016, the FASB issued 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 consolidated financial statements. The amendments are effective for the Company in 2020. The Company has begun evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. The effect of this change cannot be ascertained at this point, and will depend upon factors including asset components, asset quality and market conditions at the adoption date. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The amendments in this update require that an entity account for the effects of a modification unless the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified, the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified and the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The Company adopted ASU 2017-09 on a prospective basis in January 2018. Due to prospective application, the impact on the Company’s consolidated financial statements will be dependent upon the terms of future modifications. In March, 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 was issued to enhance the accounting for the amortization of premiums for purchased callable debt securities. This amendment requires that the amortization of the premium be shortened to the earliest call date. The Company adopted ASU 2017-08 as of January 1, 2018 with no effect on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance amends existing guidance to improve accounting standards for financial instruments including clarification and simplification of accounting and disclosure requirements and the requirement for public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. These amendments are effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company recorded a cumulative effect adjustment to the balance sheet as of January 1, 2018 in the amount of $126,000 , representing the unrealized gain of $175,000 at December 31, 2017 net of taxes of $49,000 . For the six months ended June 30, 2018, the Company recorded a loss to the income statement in the amount of $160,000 . In addition to the change noted above, adoption of this standard will impact the fair value disclosures included in Note 10. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The ASU required a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate as a result of the Tax Cuts and Jobs Act. The amount of the reclassification is the difference between the historical corporate income tax rate and the newly enacted twenty-one percent corporate income tax rate. The Company chose to early adopt the new standard for the year ending December 31, 2017, as allowed under the new standard. The amount of the reclassification for the Company was $557,000 , as shown in the Consolidated Statement of Changes in Shareholders’ Equity in the Company’s Form 10-K filing for the year ended December 31, 2017, subject to Staff Accounting Bulletin 118, Income Tax Implications of the Tax Cuts and Jobs Act (“SAB 118”). SAB 118 provides a measurement period not to extend beyond one year of the enactment date to adjust the accounting for certain elements of the tax reform. The Company does not anticipate a material adjustment to tax expense during the measurement period. |
Acquisition of IA Bancorp, Inc.
Acquisition of IA Bancorp, Inc. | 6 Months Ended |
Jun. 30, 2018 | |
Acquisition of IA Bancorp, Inc. [Abstract] | |
Acquisition of IA Bancorp, Inc. | Note 2 – Acquisition of IA Bancorp, Inc. On April 17, 2018, the Company completed its acquisition of IA Bancorp, Inc. (“IAB”) and its wholly-owned subsidiary, Indus-American Bank, of Edison, New Jersey. IAB shareholders received 0.189 shares of the Company’s common stock for each share of IAB common stock they owned as of the effective date of the acquisition. In addition, the Company issued two series of preferred stock, Series E and F, in exchange for two outstanding series, Series C and D, respectively, of IAB preferr ed stock. The two series of Company preferred shares have terms substantially similar to the terms of the two series of IAB preferred stock. The aggregate consideration paid to IAB shareholders was $20.0 million. The results of IAB’s operations are included in the Company’s unaudited consolidated statements of income beginning April 17, 2018, the date of the acquisition. Indus-American Bank was founded primarily to meet the banking needs of the South Asian-American community. The Company plans to operate BCB-Indus-American Bank, a division of BCB Community Bank, and it will continue to specialize in core business banking products for small- to medium-sized companies, with an emphasis on real estate-based lending. This transaction will allow the combined entities to further develop our existing markets in Jersey City and Edison, and will provide further opportunities in Parsippany, Plainsboro and Hicksville, New York, three new, attractive markets for the Company. The acquisition of IAB was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration paid were recorded at their estimated fair values as of the acquisition date. The $5.3 million excess consideration paid over the fair value of net assets acquired has been reported as goodwill in the Company’s consolidated statements of financial condition as of June 30, 2018. The assets acquired and liabilities assumed and consideration paid in the acquisition of IAB were recorded at their estimated fair values based on management’s best estimates using information available at the date of the acquisition and are subject to adjustment for up to one year after the closing date of the acquisition. While the fair values are not expected to be materially different from the estimates, any material adjustments to the estimates will be reflected, retroactively, as of the date of the acquisition. The items most susceptible to adjustment are the credit fair value adjustments on loans, core deposit intangible and the deferred income tax assets resulting from the acquisition. In connection with the acquisition, the consideration paid and the fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition are summarized in the following table: Estimated Fair Value At June 30, 2018 (in thousands) Consideration paid: Common stock issued in acquisition $ 9,952 Cash paid for exchange of IAB shares 2,550 Preferred stock 7,453 Total consideration paid 19,955 Assets acquired: Cash and cash equivalents 7,597 Investment securities available for sale 13,811 Restricted investment in bank stocks 1,163 Loans 182,527 Premises and equipment, net 2,834 Other real estate owned, net 328 Accrued interest receivable 612 Core deposit intangible 430 Deferred tax asset 5,212 Other assets 1,273 Total assets acquired 215,787 Liabilities assumed: Deposits 178,436 Borrowings 20,015 Accrued interest payable 120 Other liabilities 2,542 Total liabilities assumed 201,113 Net assets acquired 14,674 Goodwill recorded in acquisition $ 5,281 Note 2 – Acquisition of IA Bancorp, Inc. (continued) Acquired loans (impaired and non-impaired) are initially recorded at their acquisition-date fair values using Level 3 inputs. Fair values are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, expected lifetime losses, environmental factors, collateral values, discount rates, expected payments and expected prepayments. Specifically, the Company has prepared three separate loan fair value adjustments that it believes a market participant might employ in estimating the entire fair value adjustment necessary under ASC 820-10 for the acquired loan portfolio. The three separate fair valuation methodologies employed are: (i) an interest rate loan fair value adjustment, (ii) a general credit fair value adjustment, and (iii) a specific credit fair value adjustment for purchased credit impaired loans subject to ASC 310-30 provisions. The acquired loans were recorded at fair value at the acquisition date without carryover of IAB’s previously established allowance for loan losses. The table below illustrates the fair value adjustments made to the amortized cost basis to present a fair value of the loans acquired. At June 30, 2018 (in thousands) Gross principal balance $ 191,997 Fair value adjustment on pools of homogeneous loans (5,895) Fair value adjustment on acquired impaired loans (3,575) Fair value of acquired loans $ 182,527 The credit adjustment on acquired impaired loans is derived in accordance with ASC 310-30 and represents the portion of the loan balances that have been deemed uncollectible based on the Company’s expectations of future cash flows for each respective loan. At June 30, 2018 (in thousands) Contractually required principal and interest at acquisition $ 21,177 Contractual cash flows not expected to be collected (non-accretable discount, includes principal and interest) (4,892) Expected cash flows at acquisition 16,285 Interest component of expected cash flows (accretable discount) (1,399) Fair value of loans acquired accounted for under ASC 310-30 14,886 For loans acquired without evidence of credit quality deterioration, the Company prepared interest rate loan fair value and credit fair value adjustments. Loans were grouped into homogeneous pools by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various internal and external data sources and reviewed for reasonableness. A present value approach was utilized to calculate the interest rate fair value discount of $1.9 million. Additionally, for loans acquired without credit deterioration, a credit fair value adjustment was calculated using a two-part credit fair value analysis: (i) expected lifetime credit migration losses, and (ii) estimated fair value adjustment for certain qualitative credit factors. The expected lifetime losses were calculated using historical losses observed at IAB. The environmental factor represents potential discount which may arise due to general credit and economic factors. A credit fair value discount of $3.9 million was determined. The fair value adjustment related to loans acquired without evidence of credit quality deterioration will be substantially recognized as interest income over the expected life of the loans. In connection with the acquisition of IAB, the Company recorded a net deferred income tax asset of $5.2 million related to IAB’s net operating loss carryforward, as well as other tax attributes of the acquired company, along with the effects of fair value adjustments resulting from applying the acquisition method of accounting. The fair value of savings and transaction deposit accounts acquired from IAB provide value to the Company as a source of below market rate funds. The fair value of the core deposit intangible was determined based on a discounted cash flow analysis using a discount rate based on the estimated cost of capital for a market participant. To calculate cash flows, the sum of deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the cost of alternative funding sources available to the Company. The expected cash-flows of the deposit base included estimated attrition rates. The core deposit intangible was valued at $430,000. The core deposit intangible asset is being amortized on an accelerated basis over ten years. Amortization from the April 17, 2018 acquisition date through June 30, 2018 was $20,000. The fair value of certificate of deposit accounts was determined by compiling individual account data into groups of equal remaining maturities with corresponding calculated weighted average rates. Each maturity group’s weighted average rate was compared to market rates for similar maturities and then priced to yield market rates. This valuation adjustment was determined to be a $751,000 premium and is being amortized in line with the expected cash flows driven by the maturities of these deposits, primarily over the next five years. Direct costs related to the merger were accrued and expensed as incurred. During the six months ended June 30, 2018, the Company incurred $2.2 million in merger-related expenses, including $2.0 million of early termination fees from IAB’s core system provider. The Company had also incurred merger costs in 2017 of $800,000 including legal and professional fees. Note 2 – Acquisition of IA Bancorp, Inc. Supplemental Pro Forma Financial Information The following table presents unaudited financial information regarding the former IAB operations included in the consolidated statements of income from April 17, 2018, the date of the acquisition, through June 30, 2018. In addition, the table provides unaudited condensed pro forma financial information assuming the IAB acquisition had been completed as of January 1, 2018 and for the six months ended June 30, 2018 and as of January 1, 2017 and for the six months ended June 30, 2017. The table has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred at the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma financial information includes merger-related expenses but does not reflect management’s estimate of any revenue-enhancing opportunities, cost savings or the impact of conforming certain accounting policies of IAB to the Company’s policies that may have occurred as a result of the integration and consolidation of IAB’s operations. The combined pro forma information reflects adjustments related to certain purchase accounting fair value adjustments and amortization of the core deposit intangibles. IAB Actual from Pro forma Combined Pro forma Combined April 17, 2018 to Six Months Ended Six Months Ended June 30, 2018 June 30, 2018 June 30, 2017 (in thousands, except for share data) Interest income $ 2,195 $ 49,740 $ 42,821 Interest Expense 519 10,942 9,109 Provision for loan losses - 3,402 1,274 Non-interest income 99 5,089 4,574 Non-interest expense 1,385 29,948 27,052 Income Taxes 118 3,208 3,969 Net Income 272 7,329 5,991 Earnings per diluted share $ 0.01 $ 0.45 $ 0.50 Fair Value Measurement of Assets Acquired and Liabilities Assumed The methods used to determine the fair value of the assets acquired and the liabilities assumed in the IAB acquisition were as follows. Refer to Note 10, Fair Value Measurements, for a discussion of the fair value hierarchy. Investment Securities The estimated fair values of investment securities were calculated utilizing Level 2 inputs. The securities acquired are bought and sold in active markets. Prices for these instruments were determined using matrix pricing, 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. |
Reclassification
Reclassification | 6 Months Ended |
Jun. 30, 2018 | |
Reclassification [Abstract] | |
Reclassification | Note 3 – Reclassification Certain amounts as of December 31, 2017 and for the three and six month period ended June 30, 2017, respectively have been reclassified to conform to the current period’s presentation. These changes had no effect on the Company’s results of operations or financial position. |
Pension and Other Postretiremen
Pension and Other Postretirement Plans | 6 Months Ended |
Jun. 30, 2018 | |
Pension and Other Postretirement Plans [Abstract] | |
Pension and Other Postretirement Plans | Note 4 – Pension and Other Postretirement Plans The Company assumed, 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. Accordingly, no employees are permitted to commence participation in the Pension Plan and future salary increases and future years of service are not considered when computing an employee’s benefits under the Pension Plan. The Pension Plan is funded in conformity with the funding requirements of applicable government regulations. The Company also 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. Net periodic pension benefit for the three and six months ended June 30, 2018 and June 30, 2017 was $10,000 , $20,000 , $9,000 , and $18,000 respectively. Net periodic postretirement cost for the SERP plan for the three and six months ended June 30, 2018 and June 30, 2017 was $3,000 , $6,000 , $4,000 , and $8,000 respectively . Share – Based Compensation The Company, under the plan approved by its stockholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options, restricted stock or restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Equity Incentive 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. Restricted stock units are similar to restricted stock awards, except that no share of stock is actually awarded on the date of grant of a restricted stock unit. A restricted stock unit will be settled in shares of Common Stock, provided, however, that in the sole discretion of the Committee, a restricted stock unit may be settled in cash. Shares of stock issued pursuant to the exercise of stock options will count against the share limit as one share of stock for every one share of stock to which such exercise relates. Shares of stock issued pursuant to restricted stock awards or restricted stock units will count against the Share Limit as two shares of stock for every one share of stock issued in connection with the award. The Company, under the plan approved by its stockholders 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 13, 2017, a grant of 350,000 options was declared for members of the Board of Directors and Executive Officers which vest at a rate of 10% per year and 20% per year, respectively, commencing on the first anniversary of the grant date. On September 16, 2016, a grant of 160,000 options was declared for members of the Board of Directors and the Chief Executive Officer, which vest at a rate of 10% per year and 33% per year, respectively, commencing on the first anniversary of the grant date. On December 2, 2015, a grant of 120,000 options and on March 7, 2014, a grant of 110,000 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. Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at December 31, 2017 889,300 $ 8.93 -13.32 $ 11.42 Options granted - - - Options exercised (200) 10.55 10.55 Options forfeited - - - Options expired - - - Outstanding at June 30, 2018 889,100 $ 8.93 -13.32 $ 10.91 As of June 30, 2018, stock options which were granted and were exercisable totaled 183,867 stock options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 705,233 shares of unvested options outstanding as of June 30, 2018 was $1.2 million over a weighted average period of 7 .00 years. Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at December 31, 2016 575,000 $ 8.93 -13.32 $ 10.78 Options granted - Options exercised (700) 10.55 0.00 Options forfeited (35,000) 8.93 -13.32 - Options expired - Outstanding at June 30, 2017 539,300 $ 8.93 -13.32 $ 10.78 As of June 30, 2017, stock options which were granted and were exercisable totaled 107,700 stock options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to 4 31,600 shares of unvested options outstanding as of June 30 , 2017 was $1.0 million over a weighted average period of 6.80 years. |
Net Income per Common Share
Net Income per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 5 – 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 three and six months ended June 30, 2018 and 2017, 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 three months ended June 30, 2018 and 2017 the weighted average number of outstanding options considered to be anti-dilutive were 636 and 1,280 respectively. For the six months ended June 30, 2018 and 2017 the weighted average number of outstanding options considered to be anti-dilutive were 1,012 and 5,019 respectively. At June 30, 2018, the Company has 6,465 shares of its Series F 6% noncumulative perpetual preferred stock (“Series F shares”) issued and outstanding, which are convertible into the Company’s common stock. The conversion of Series F shares to common shares was not included in the computation of diluted earnings per share as they would be anti-dilutive. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: For the Three Months Ended June 30, 2018 2017 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Net income available to common stockholders $ 2,051 $ 2,348 Basic earnings per share- Income available to Common stockholders $ 2,051 15,610 $ 0.13 $ 2,348 11,295 $ 0.21 Effect of dilutive securities: Stock options - 138 - 110 Diluted earnings per share- Income available to Common stockholders $ 2,051 15,748 $ 0.13 $ 2,348 11,405 $ 0.21 For the Six Months Ended June 30, 2018 2017 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Net income available to common stockholders $ 6,517 $ 5,143 Basic earnings per share- Income available to Common stockholders $ 6,517 15,329 $ 0.43 $ 5,143 11,287 $ 0.46 Effect of dilutive securities: Stock options - 136 - 96 Diluted earnings per share- Income available to Common stockholders $ 6,517 15,465 $ 0.42 $ 5,143 11,383 $ 0.45 |
Debt Securities Available for S
Debt Securities Available for Sale | 6 Months Ended |
Jun. 30, 2018 | |
Debt Securities Available for Sale [Abstract] | |
Debt Securities Available for Sale | Note 6 –Debt Securities Available for Sale The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of June 30, 2018 and December 31, 2017: June 30, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Mortgage-backed securities: Due after one year through five years $ 5,210 $ - $ 160 $ 5,050 Due after five years through ten years 4,170 - 30 4,140 Due after ten years 119,842 57 5,471 114,428 Municipal obligations: Due after one year through five years 493 - - 493 Due after five years through ten years 2,140 - 5 2,135 Due after ten years 1,045 - - 1,045 $ 132,900 $ 57 $ 5,666 $ 127,291 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Mortgage-backed securities: Due after one year through five years $ 3,276 $ 3 $ 76 $ 3,203 Due after five years through ten years 622 - 10 612 Due after ten years 110,156 44 2,222 107,978 Municipal obligations: Due within one year 2,506 - 4 2,502 $ 116,560 $ 47 $ 2,312 $ 114,295 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) June 30, 2018 Residential mortgage-backed securities $ 74,704 $ 2,228 $ 41,934 $ 3,433 $ 116,638 $ 5,661 Municipal obligations 3,180 5 - - 3,180 5 $ 77,884 $ 2,233 $ 41,934 $ 3,433 $ 119,818 $ 5,666 December 31, 2017 Residential mortgage-backed securities $ 94,909 $ 1,951 $ 12,309 $ 357 $ 107,218 $ 2,308 Municipal obligations 2,502 4 - - 2,502 4 $ 97,411 $ 1,955 $ 12,309 $ 357 $ 109,720 $ 2,312 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 June 30, 2018 and December 31, 2017, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities 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 securities, at June 30, 2018 and December 31, 2017, to be temporary. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 7 - Loans Receivable and Allowance for Loan Losses The following table presents the recorded investment in loans receivable as of June 30, 2018 and December 31, 2017 by segment and class: June 30, 2018 December 31, 2017 (In Thousands) Originated loans: Residential one-to-four family $ 203,661 $ 182,544 Commercial and multi-family 1,452,907 1,213,390 Construction 51,599 50,497 Commercial business (1) 105,101 66,775 Home equity (2) 52,382 38,725 Consumer 645 1,183 Sub-total 1,866,295 1,553,114 Acquired loans initially recorded at fair value: Residential one-to-four family 44,933 47,808 Commercial and multi-family 158,094 46,609 Construction 1,798 - Commercial business (1) 31,680 4,057 Home equity (2) 21,725 8,955 Consumer 199 122 Sub-total 258,429 107,551 Acquired loans with deteriorated credit: Residential one-to-four family 1,402 1,413 Commercial and multi-family 11,880 731 Construction 2,670 - Commercial business (1) 986 - Home equity (2) 400 - Consumer 54 - Sub-total 17,392 2,144 Total Loans 2,142,116 1,662,809 Less: Deferred loan fees, net (1,647) (1,757) Allowance for loan losses (20,640) (17,375) Sub-total (22,287) (19,132) Total Loans, net $ 2,119,829 $ 1,643,677 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) Purchased Credit Impaired Loans The carrying value of loans acquired in the IAB acquisition and accounted for in accordance with ASC Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” was $14.9 million at June 30, 2018, which was $803,000 less than the balance at the time of acquisition on April 17, 2018. Under ASC Subtopic 310-30, these loans, referred to as purchased credit impaired (“PCI”) loans, may be aggregated and accounted for as pools of loans if the loans being aggregated have common risk characteristics. The Company elected to account for the loans with evidence of credit deterioration individually rather than aggregate them into pools. The difference between the undiscounted cash flows expected at acquisition and the investment in the acquired loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non- accretable difference,” are not recognized as a yield adjustment, as a loss accrual or as a valuation allowance. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through an adjustment of the yield on the loans over the remaining life, while decreases in expected cash flows are recognized as impairments through a loss provision and an increase in the allowance for loan and lease losses. Valuation allowances (recognized in the allowance for loan and lease losses) on these impaired loans reflect only losses incurred after the acquisition (representing all cash flows that were expected at acquisition but currently are not expected to be received). The following table presents changes in the accretable yield for PCI loans: Six months ended June 30, 2018 (Dollars in thousands) Accretable yield, beginning balance $ - Acquisition of impaired loans 1,399 Accretable yield amortized to interest income (208) Reclassification from non-accretable difference - Accretable yield, ending balance $ 1,191 Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) Allowance for Loan Losses The allowance for loan loss is evaluated regularly by management and reflects consideration of all significant factors that affect the collectability of the loan portolio. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists 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 following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include: " Lending Policies and Procedures " Personnel responsible for the particular portfolio - relative to experience and ability of staff " Trend for past due, criticized and classified loans " Relevant economic factors " Quality of the loan review system " Value of collateral for collateral dependent loans " The effect of any concentrations of credit and the changes in the level of such concentrations " Other external factors 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 historical loan experience with an adjustment for qualitative factors referred to above. Impaired loans are loans which are more than 90 days delinquent, troubled debt restructured, or adversely classified. 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 decrease 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 properties 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. 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. 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 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 decrease 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. An unallocated component is maintained to cover uncertainties that could affect management’s estimates of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2018. The table also details the amount of total loans receivable, 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, as of June 30, 2018. (In Thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,245 $ 11,880 $ 492 $ 2,676 $ 384 $ 4 $ 198 $ 17,879 Acquired loans initially recorded at fair value: 369 - - 24 - - - 393 Acquired loans with deteriorated credit: 53 12 - - - - - 65 Beginning Balance, March 31, 2018 2,667 11,892 492 2,700 384 4 198 18,337 Charge-offs: Originated Loans: - - - 5 - - - 5 Acquired loans initially recorded at fair value: - - - - - - - - Acquired loans with deteriorated credit: - - - - - - - Sub-total: - - - 5 - - - 5 Recoveries: Originated Loans: 1 - - 6 - - - 7 Acquired loans initially recorded at fair value: 85 - - 12 - - - 97 Acquired loans with deteriorated credit: - - - 144 - - - 144 Sub-total: 86 - - 162 - - - 248 Provisions: Originated Loans: 3 1,204 24 723 63 37 90 2,144 Acquired loans initially recorded at fair value: (36) 92 - 4 - - - 60 Acquired loans with deteriorated credit: - - - (144) - - - (144) Sub-total: (33) 1,296 24 583 63 37 90 2,060 Totals: Originated Loans: 2,249 13,084 516 3,400 447 41 288 20,025 Acquired loans initially recorded at fair value: 418 92 - 40 - - - 550 Acquired loans with deteriorated credit: 53 12 - - - - - 65 Ending Balance, June 30, 2018 $ 2,720 $ 13,188 $ 516 $ 3,440 $ 447 $ 41 $ 288 $ 20,640 Loans Receivable: Ending Balance Originated Loans: $ 203,661 $ 1,452,907 $ 51,599 $ 105,101 $ 52,382 $ 645 $ - $ 1,866,295 Ending Balance Acquired loans initially recorded at fair value: 44,933 158,094 1,798 31,680 21,725 199 - 258,429 Ending Balance Acquired loans with deteriorated credit: 1,402 11,880 2,670 986 400 54 - 17,392 Total Gross Loans: $ 249,996 $ 1,622,881 $ 56,067 $ 137,767 $ 74,507 $ 898 $ - $ 2,142,116 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: $ 6,255 $ 12,848 $ - $ 2,226 $ 1,099 $ 42 $ - $ 22,470 Ending Balance Acquired loans initially recorded at fair value: 6,534 4,384 - - 329 - - 11,247 Ending Balance Acquired loans with deteriorated credit: 1,401 11,671 2,670 986 400 54 - 17,182 Ending Balance Loans individually evaluated for impairment: $ 14,190 $ 28,903 $ 2,670 $ 3,212 $ 1,828 $ 96 $ - $ 50,899 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: $ 197,406 $ 1,440,059 $ 51,599 $ 102,875 $ 51,283 $ 603 $ - $ 1,843,825 Ending Balance Acquired loans initially recorded at fair value: 38,399 153,710 1,798 31,680 21,396 199 - 247,182 Ending Balance Acquired loans with deteriorated credit: 1 209 - - - - - 210 Ending Balance Loans collectively evaluated for impairment: $ 235,805 $ 1,593,978 $ 53,397 $ 134,555 $ 72,679 $ 802 $ - $ 2,091,217 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table set forth the activity in the Company’s allowance for loan losses for the six months ended June 30, 2018, and the related portion of the allowances for loan losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,368 $ 11,656 $ 518 $ 2,018 $ 338 $ 6 $ 177 $ 17,081 Acquired loans initially recorded at fair value: 242 - - - - - - 242 Acquired loans with deteriorated credit: 40 12 - - - - - 52 Beginning Balance, December 31, 2017 2,650 11,668 518 2,018 338 6 177 17,375 Charge-offs: Originated Loans: 302 - - - - 5 - - - - - - - 307 Acquired loans initially recorded at fair value: 72 - - - - - - 6 - - - - - 78 Acquired loans with deteriorated credit: - - - - - - - - - - - - - - Sub-total: 374 - - 5 6 - - 385 Recoveries: Originated Loans: 1 - - 6 - - - 7 Acquired loans initially recorded at fair value: 85 - - 12 - - - 97 Acquired loans with deteriorated credit: - - - 144 - - - 144 Sub-total: 86 - - 162 - - - 248 Provisions: Originated Loans: 182 1,428 (2) 1,381 109 35 111 3,244 Acquired loans initially recorded at fair value: 163 92 - 28 6 - - 289 Acquired loans with deteriorated credit: 13 - - (144) - - - (131) Sub-total: 358 1,520 (2) 1,265 115 35 111 3,402 Totals: Originated Loans: 2,249 13,084 516 3,400 447 41 288 20,025 Acquired loans initially recorded at fair value: 418 92 - 40 - - - 550 Acquired loans with deteriorated credit: 53 12 - - - - - 65 Ending Balance, June 30, 2018 $ 2,720 $ 13,188 $ 516 $ 3,440 $ 447 $ 41 $ 288 $ 20,640 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table 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, as of December 31, 2017. (In Thousands): ____ Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Ending Balance Originated Loans: $ 182,544 $ 1,213,390 $ 50,497 $ 66,775 $ 38,725 $ 1,183 $ - $ 1,553,114 Ending Balance Acquired Loans: 47,808 46,609 - 4,057 8,955 122 - 107,551 Ending Balance Acquired loans with deteriorated credit: 1,413 731 - - - - - 2,144 Total Gross Loans: $ 231,765 $ 1,260,730 $ 50,497 $ 70,832 $ 47,680 $ 1,305 $ - $ 1,662,809 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: $ 7,944 $ 12,212 $ - $ 1,780 $ 1,042 $ - $ - $ 22,978 Ending Balance Acquired Loans: 7,548 5,032 - - 302 - - 12,882 Ending Balance Acquired loans with deteriorated credit: 1,413 513 - - - - - 1,926 Ending Balance Loans individually evaluated for impairment: $ 16,905 $ 17,757 $ - $ 1,780 $ 1,344 $ - $ - $ 37,786 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: $ 174,600 $ 1,201,178 $ 50,497 $ 64,995 $ 37,683 $ 1,183 $ - $ 1,530,136 Ending Balance Acquired Loans: 40,260 41,577 - 4,057 8,653 122 - 94,669 Ending Balance Acquired loans with deteriorated credit: - 218 - - - - - 218 Ending Balance Loans collectively evaluated for impairment: $ 214,860 $ 1,242,973 $ 50,497 $ 69,052 $ 46,336 $ 1,305 $ - $ 1,625,023 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2017. 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, as of June 30, 2017 (In Thousands): Residential Commercial & Multi-family Construction Business (1) Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,151 $ 10,850 $ 756 $ 3,117 $ 335 $ 2 $ 150 $ 17,361 Acquired loans initially recorded at fair value: 112 - - - - - - 112 Acquired loans with deteriorated credit: 41 12 - - - - - 53 Beginning Balance, March 31, 2017 2,304 10,862 756 3,117 335 2 150 17,526 Charge-offs: Originated Loans: - - 119 - - - - - - - - - - 119 Acquired loans initially recorded at fair value: 219 - - - - - - - - - - 219 Sub-total: 219 119 - - - - - 338 Provisions: Originated Loans: (59) 451 (3) 112 12 3 (51) 465 Acquired loans initially recorded at fair value: 310 - - - - - 310 Acquired loans with deteriorated credit: - 1 - - - - - 1 Sub-total: 251 452 (3) 112 12 3 (51) 776 Totals: Originated Loans: 2,092 11,182 753 3,229 347 5 99 17,707 Acquired loans initially recorded at fair value: 203 - - - - - - 203 Acquired loans with deteriorated credit: 41 13 - - - - - 54 Ending Balance, June 30, 2017 $ 2,336 $ 11,195 $ 753 $ 3,229 $ 347 $ 5 $ 99 $ 17,964 Loans Receivable: Ending Balance Originated Loans: $ 164,562 $ 1,130,902 $ 73,376 $ 68,230 $ 38,058 $ 1,196 $ - $ 1,476,324 Ending Balance Acquired loans initially recorded at fair value: 52,382 51,933 - 3,752 10,304 176 - 118,547 Ending Balance Acquired loans with deteriorated credit: 1,425 742 - - - - - 2,167 Total Gross Loans: $ 218,369 $ 1,183,577 $ 73,376 $ 71,982 $ 48,362 $ 1,372 $ - $ 1,597,038 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: $ 9,038 $ 12,783 $ - $ 4,180 $ 1,093 $ - $ - $ 27,094 Ending Balance Acquired loans initially recorded at fair value: 7,771 5,832 - - 685 - - 14,288 Ending Balance Acquired loans with deteriorated credit: 1,425 519 - - - - - 1,944 Ending Balance Loans individually evaluated for impairment: $ 18,234 $ 19,134 $ - $ 4,180 $ 1,778 $ - $ - $ 43,326 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: $ 155,524 $ 1,118,119 $ 73,376 $ 64,050 $ 36,965 $ 1,196 $ - $ 1,449,230 Ending Balance Acquired loans initially recorded at fair value: 44,611 46,101 - 3,752 9,619 176 - 104,259 Ending Balance Acquired loans with deteriorated credit: - 223 - - - - - 223 Ending Balance Loans collectively evaluated for impairment: $ 200,135 $ 1,164,443 $ 73,376 $ 67,802 $ 46,584 $ 1,372 $ - $ 1,553,712 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loans losses for the six months ended June 30, 2017, and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,098 $ 10,621 $ 736 $ 3,079 $ 374 $ 2 $ 69 $ 16,979 Acquired loans initially recorded at fair value: 170 - - - 4 - - 174 Acquired loans with deteriorated credit: 43 13 - - - - - 56 Beginning Balance, December 31, 2016 2,311 10,634 736 3,079 378 2 69 17,209 Charge-offs: Originated Loans: - 190 - - - 6 - - 196 Acquired loans initially recorded at fair value: 308 - - - 34 - - - 342 Sub-total: 308 190 - - 34 6 - 538 Recoveries: Acquired loans with deteriorated credit: - - - 19 - - - 19 Sub-total: - - - 19 - - - 19 Provisions: Originated Loans: (6) 751 17 150 (27) 9 30 924 Acquired loans initially recorded at fair value: 341 - - - 30 - - 371 Acquired loans with deteriorated credit: (2) - - (19) - - - (21) Sub-total: 333 751 17 131 3 9 30 1,274 Totals: Originated Loans: 2,092 11,182 753 3,229 347 5 99 17,707 Acquired loans initially recorded at fair value: 203 - - - - - - 203 Acquired loans with deteriorated credit: 41 13 - - - - - 54 Ending Balance, June 30, 2017 $ 2,336 $ 11,195 $ 753 $ 3,229 $ 347 $ 5 $ 99 $ 17,964 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The table below sets forth the amounts and types of non-accrual loans in the Company’s loan portfolio as of June 30, 2018 and December 31, 2017. 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 June 30, 2018 and December 31, 2017, total 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 and until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. As of June 30, 2018 As of December 31, 2017 (In Thousands) (In Thousands) Non-Accruing Loans: Originated loans: Residential one-to-four family $ 1,480 $ 2,545 Commercial and multi-family 5,578 6,762 Commercial business (1) 163 299 Home equity (2) 397 201 Consumer 42 - Sub-total: 7,660 9,807 Acquired loans initially recorded at fair value: Residential one-to-four family 2,474 2,372 Commercial and multi-family 590 850 Home equity (2) 39 7 Sub-total: 3,103 3,229 Total $ 10,763 $ 13,036 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Nonaccrual loans in the preceding table do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $11.6 million at June 30, 2018. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three months and six months ended June 30, 2018 and 2017 (In Thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2018 2017 2017 2018 2018 2017 2017 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related allowance recorded: Residential one-to-four family $ 1,912 $ 7 $ 3,640 $ 24 1,965 $ 15 $ 4,299 $ 49 Commercial and Multi-family 11,973 86 12,365 63 12,052 172 11,287 125 Commercial business (1) - 43 712 11 622 87 1,095 21 Home equity (2) 843 7 865 9 912 15 941 18 Consumer 926 - - - - - 3 - Sub-total: $ 15,654 $ 143 $ 17,582 $ 107 15,551 $ 289 $ 17,625 $ 213 Acquired loans initially recorded at fair value With no related allowance recorded: Residential one-to-four family $ 3,385 $ 23 $ 5,306 $ 35 3,630 $ 46 $ 4,998 $ 71 Commercial and Multi-family 3,639 54 4,127 56 3,683 109 4,845 112 Home equity (2) 245 3 628 - 235 7 563 12 Consumer - - - 6 - - - - Sub-total $ 7,269 $ 80 $ 10,061 $ 97 7,548 $ 162 $ 10,406 $ 195 Acquired loans with deteriorated credit With no related allowance recorded: Residential one-to-four family $ 1,035 $ 16 $ 1,430 $ 22 1,161 $ 33 $ 1,434 $ 44 Commercial and Multi-family 6,091 122 520 7 4,231 244 521 14 Construction 1,335 213 - - 890 426 Commercial business (1) 493 135 - - 329 270 Home equity (2) 200 5 - - 133 10 Consumer 27 1 - - 18 1 - - Sub-total: $ 9,181 $ 492 $ 1,950 $ 29 6,762 $ 984 $ 1,955 $ 58 Total Impaired Loans With no related allowance recorded: $ 32,104 $ 715 $ 29,593 $ 233 29,861 $ 1,435 $ 29,986 $ 466 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three and six months ended June 30, 2018 and 2017. (In Thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2018 2017 2017 2018 2018 2017 2017 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized Investment Recognized Investment Recognized with an allowance recorded: Residential one-to-four family $ 4,752 $ 47 $ 6,026 $ 48 $ 5,125 $ 95 $ 5,546 $ 96 Commercial and Multi-family 485 - 839 10 323 - 1,267 19 Commercial business (1) 1,094 20 3,427 35 1,262 40 3,039 69 Home equity (2) 156 2 284 3 156 3 287 5 Consumer 21 - - - 14 - - - Sub-total: $ 6,508 $ 69 $ 10,576 $ 96 $ 6,880 $ 138 $ 10,139 $ 189 Acquired loans initially recorded at fair value with an allowance recorded: Residential one-to-four family $ 3,564 $ 28 $ 2,590 $ 21 $ 3,519 $ 56 $ 2,688 $ 43 Commercial and Multi-family 923 5 1,718 16 1,035 9 1,249 32 Home equity (2) 85 1 106 2 85 3 313 3 Sub-total $ 4,572 $ 34 $ 4,414 $ 39 $ 4,639 $ 68 $ 4,250 $ 78 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ 370 $ 5 $ - $ - $ 246 $ 10 $ - $ - Sub-total: $ 370 $ 5 $ - $ - $ 246 $ 10 $ - $ - Total Impaired Loans with an allowance recorded: $ 11,450 $ 108 $ 14,990 $ 135 $ 11,765 $ 216 $ 14,389 $ 267 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - 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 at June 30, 2018 and December 31, 2017. (In Thousands): As of June 30, 2018 As of December 31, 2017 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 $ 1,934 $ 1,975 $ - $ 2,073 $ 2,236 $ - Commercial and multi-family 12,363 12,819 - 12,212 12,763 - Commercial business (1) 1,104 3,991 - 181 908 - Home equity (2) 944 999 - 885 932 - Sub-total: $ 16,345 $ 19,784 $ - $ 15,351 $ 16,839 $ - Acquired loans initially recorded at fair value with no related allowance recorded: Residential one-to-four family $ 3,138 $ 3,302 $ - $ 4,119 $ 4,285 $ - Commercial and Multi-family 3,464 3,464 - 3,772 3,773 - Home equity (2) 244 244 - 216 268 - Sub-total: $ 6,846 $ 7,010 $ - $ 8,107 $ 8,326 $ - Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 1,032 $ 1,595 $ - $ 1,413 $ 2,031 $ - Commercial and Multi-family 11,671 12,145 - 513 537 - Construction 2,670 11,886 - - - - Commercial business (1) 986 7,355 - - - - Home equity (2) 400 400 - - - - Consumer 54 54 - - - - Sub-total: $ 16,813 $ 33,435 $ - $ 1,926 $ 2,568 $ - Total Impaired Loans with no related allowance recorded: $ 40,004 $ 60,229 $ - $ 25,384 $ 27,733 $ - __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - 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 at June 30, 2018 and December 31, 2017. (In Thousands): As of June 30, 2018 As of December 31, 2017 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 $ 4,321 $ 4,321 $ 252 $ 5,871 $ 5,871 $ 508 Commercial and Multi-family 485 526 112 - - - Commercial business (1) 1,122 1,420 834 1,599 2,431 1,033 Home equity (2) 155 155 23 157 157 25 Consumer 42 42 42 - - - Sub-total: $ 6,125 $ 6,464 $ 1,263 $ 7,627 $ 8,459 $ 1,566 Acquired loans initially recorded at fair value with an allowance recorded: - Residential one-to-four family $ 3,396 $ 3,547 $ 463 $ 3,429 $ 3,580 $ 281 Commercial and Multi-family 920 973 293 1,260 1,313 179 Home equity (2) 85 85 6 86 86 7 Sub-total $ 4,401 $ 4,605 $ 762 $ 4,775 $ 4,979 $ 467 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ 369 $ 417 $ 13 $ - $ - $ - Sub-total: $ 369 $ 417 $ 13 $ - $ - $ - Total Impaired Loans with an allowance recorded: $ 10,895 $ 11,486 $ 2,038 $ 12,402 $ 13,438 $ 2,033 Total Impaired Loans with no related allowance recorded: $ 40,004 $ 60,229 $ - $ 25,384 $ 27,733 $ - Total Impaired Loans: $ 50,899 $ 71,715 $ 2,038 $ 37,786 $ 41,171 $ 2,033 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) A troubled debt restructured (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A 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 generally include, but are not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. At June 30, 2018 At December 31, 2017 (In thousands) Recorded investment in TDRs: Accrual status $ 20,693 $ 20,058 Non-accrual status 7,535 8,408 Total recorded investment in TDRs $ 28,228 $ 28,466 \ There were no TDRs during the three months ended June 30, 2018 The following table summarizes information with regard to troubled debt restructurings which occurred during the three months ended June 30 th , 2017. Three Months Ended June 30, 2017 (Dollars in Thousands) Pre-Modification Outstanding Post-Modification Outstanding Number of Contracts Recorded Investments Recorded Investments Originated loans: Commercial and multi-family 1 2,804 2,851 Sub-total: 1 $ 2,804 $ 2,851 Acquired loans initially recorded at fair value: Residential one-to-four family 3 $ 767 $ 919 Sub-total: 3 $ 767 $ 919 Total 4 $ 3,571 $ 3,770 The loans included above are considered TDRs as a result of the Company implementing one or more of the following concessions: granting a material extension of time, issuing a forbearance agreement, adjusting the interest rate to a below market rate and/or accepting interest only for a period of time or a change |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 8 – Stockholders’ Equity On April 17, 2018, the Company issued 631,896 shares of its common stock as well as 438,889 shares of series E 6% and 6,465 shares of series F 6% non-cumulative perpetual preferred stock in connection with its acquisition of IA Bancorp, Inc. On May 16, 2018, the Company issued 82,950 shares of its common stock in connection with the conversion of 438,889 shares of Series E preferred stock assumed with the acquisition of IA Bancorp, Inc. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goowill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 9 – Goodwill and Other Intangible Assets The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with the acquisition of IA Bancorp, Inc. as of April 17, 2018 and goodwill in connection with the acquisition. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstance s indicate it may be impaired. The goodwill impairment analysis is generally a two-step test. T he Company first assess es qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company is not required to calculate the fair value of the reporting unit if, based on a qualitative assessment, it is determined that it was more likely than not that the unit’s fair value was not less than its carrying amount. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, an additional step must be performed. That additional step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined in a manner similar to the amount of goodwill calculated in a business combination, i.e., by measuring the excess of the estimated fair value of the reporting unit, as determined in the first step above, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles, as if the reporting unit was being acquired in a business combination at the impairment test date. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The loss establishes a new basis in the goodwill and subsequent reversal of goodwill impairment losses are not permitted. The Company’s core deposit intangibles are amortized on an accelerated basis using an estimated life of 10 years and in accordance with U.S. GAAP are evaluated annually for impairment. An impairment loss will be recognized if the carrying amount of the intangible asset is not recoverable and exceeds fair value. The carrying amount of the intangible asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. We believe that the fair values of our intangible assets were in excess of their carrying amounts and therefore there was no impairment to intangible assets at June 30, 201 8 . Amortization expense of the core deposit intangibles was $20,000 for the three and six months ended June 30, 2018. The unamortized balance of the core deposit intangibles and the amount of goo dwill at June 30, 2018 were $410,000 and $5.281 m illion, respectively. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Values of Financial Instruments | Note 10 – Fair Values of Financial Instruments Guidance on fair value measurements 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 and 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 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. The only assets or liabilities that the Company measured at fair value on a recurring basis were as follows. (In Thousands): (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 June 30, 2018: Securities Residential mortgage backed securities $ 123,618 $ - $ 123,618 $ - Municipal obligations 3,673 - 3,673 - Preferred stock 8,134 8,134 - - Total Securities 135,425 8,134 127,291 - As of December 31, 2017: Securities Residential mortgage backed securities $ 111,793 $ - $ 111,793 $ - Municipal obligations 2,502 - 2,502 - Preferred stock 8,294 8,294 - - Total Securities 122,589 8,294 114,295 - The Company’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers of assets or liabilities into or out of Level 1, Level 2, or Level 3 of the fair value hierarchy during the six months ended June 30, 2018 and 2017. The only assets or liabilities that the Company measured at fair value on a nonrecurring basis were as follows. (In Thousands): (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 June 30, 2018 Impaired Loans $ 8,857 $ - $ - $ 8,857 Other real estate owned $ 1,178 $ - $ - $ 1,178 As of December 31, 2017: Impaired Loans $ 10,369 $ - $ - $ 10,369 Other real estate owned $ 532 $ - $ - $ 532 Note 10 – Fair Values of Financial Instruments (Continued) The following tables present additional quantitative information as of June 30, 2018 and December 31, 2017 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 June 30, 2018: Impaired Loans $ 8,857 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Other real estate owned $ 1,178 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Fair Value Valuation Unobservable Range Estimate Techniques Input December 31, 2017: Impaired Loans $ 10,369 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Other real estate owned $ 532 Appraisal of collateral (1) Appraisal adjustments (2) 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 objectively determinable. (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 . 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 as of June 30, 2018 and December 31, 2017. Cash and Cash Equivalents and Interest-Earning Time Deposits (Carried at Cost) The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate fair values. Securities The fair value of securities available for sale (carried at fair value) are determined by 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 as of June 30, 2018 and December 31, 2017. Loans Receivable (Carried at Cost) The fair value of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-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. Note 1 0 – Fair Values of Financial Instruments (Continued) Impaired Loans (Generally Carried at Fair Value) A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. 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 loans observable market price or the fair value of the collateral if the loan is collateral dependent. 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 June 30, 2018 and December 31, 2017 consisted of the loan balances of $ 10.895 million and $12.402 million, net of a valuation allowance of $2.038 million and $2.033 million, respectively. Real Estate Owned (Generally Carried at Fair Value) Real Estate Owned is generally carried at fair value which is determined based upon independent third-party appraisals of the properties, or based upon the expected proceeds from a pending sale. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. 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. Interest Receivable and Payable (Carried at Cost) The carrying amount of interest receivable and 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. Long-Term Debt (Carried at Cost) Fair values of long-term 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 Fair values for the Company’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 10 – Fair Values of Financial Instruments (Continued) The carrying values and estimated fair values of financial instruments were as follows as of June 30, 2018 and December 31, 2017: As of June 30, 2018 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 $ 180,445 $ 180,445 $ 180,445 $ - $ - Interest-earning time deposits 980 980 980 - - Debt securities available for sale 127,291 127,291 - 127,291 - Equity investments 8,134 8,134 8,134 - - Loans held for sale 1,405 1,405 - 1,405 - Loans receivable, net 2,119,829 2,070,306 - - 2,070,306 FHLB of New York stock, at cost 16,744 16,744 - 16,744 - Accrued interest receivable 7,563 7,563 - 7,563 - Financial liabilities: Deposits 1,984,876 1,991,258 935,885 1,055,373 - Borrowings 320,005 316,414 - 316,414 - Subordinated debentures 4,124 4,078 - 4,078 - Accrued interest payable 1,174 1,174 - 1,174 - As of December 31, 2017 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 $ 124,235 $ 124,235 $ 124,235 $ - $ - Interest-earning time deposits 980 980 980 - - Debt securities available for sale 114,295 114,295 - 114,295 - Equity investments 8,294 8,294 8,294 - - Loans held for sale 1,295 1,295 - 1,295 - Loans receivable, net 1,643,677 1,643,626 - - 1,643,626 FHLB of New York stock, at cost 10,211 10,211 - 10,211 - Accrued interest receivable 6,153 6,153 - 6,153 - Financial liabilities: Deposits 1,569,370 1,578,382 903,155 673,227 - Borrowings 185,000 182,947 - 182,947 - Subordinated debentures 4,124 4,078 - 4,078 - Accrued interest payable 791 791 - 791 - |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Event [Abstract] | |
Subsequent Event | Note 11 – Subsequent Event On July 30, 2018, the Company issued $33.5 million of fixed-to-floating rate subordinated debentures in a private placement. The notes mature in 2028 and carry a fixed interest rate of 5.625% for the first five years. Thereafter, the notes will pay interest at 3-month LIBOR plus 2.72% . The subordinated debentures qualify as Tier 2 capital for the Company for regulatory purposes and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The additional capital will be used for general corporate purposes including organic growth initiatives. |
Acquisition of IA Bancorp, In21
Acquisition of IA Bancorp, Inc. (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Acquisition of IA Bancorp, Inc. [Abstract] | |
Summary of Acquisition, Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed | Estimated Fair Value At June 30, 2018 (in thousands) Consideration paid: Common stock issued in acquisition $ 9,952 Cash paid for exchange of IAB shares 2,550 Preferred stock 7,453 Total consideration paid 19,955 Assets acquired: Cash and cash equivalents 7,597 Investment securities available for sale 13,811 Restricted investment in bank stocks 1,163 Loans 182,527 Premises and equipment, net 2,834 Other real estate owned, net 328 Accrued interest receivable 612 Core deposit intangible 430 Deferred tax asset 5,212 Other assets 1,273 Total assets acquired 215,787 Liabilities assumed: Deposits 178,436 Borrowings 20,015 Accrued interest payable 120 Other liabilities 2,542 Total liabilities assumed 201,113 Net assets acquired 14,674 Goodwill recorded in acquisition $ 5,281 |
Summary of Fair Value Adjustments of Loans Acquired | At June 30, 2018 (in thousands) Gross principal balance $ 191,997 Fair value adjustment on pools of homogeneous loans (5,895) Fair value adjustment on acquired impaired loans (3,575) Fair value of acquired loans $ 182,527 |
Summary of Credit Adjusment on Acquired Impaired Loans | At June 30, 2018 (in thousands) Contractually required principal and interest at acquisition $ 21,177 Contractual cash flows not expected to be collected (non-accretable discount, includes principal and interest) (4,892) Expected cash flows at acquisition 16,285 Interest component of expected cash flows (accretable discount) (1,399) Fair value of loans acquired accounted for under ASC 310-30 14,886 |
Schedule of Combined Pro Forma Information | IAB Actual from Pro forma Combined Pro forma Combined April 17, 2018 to Six Months Ended Six Months Ended June 30, 2018 June 30, 2018 June 30, 2017 (in thousands, except for share data) Interest income $ 2,195 $ 49,740 $ 42,821 Interest Expense 519 10,942 9,109 Provision for loan losses - 3,402 1,274 Non-interest income 99 5,089 4,574 Non-interest expense 1,385 29,948 27,052 Income Taxes 118 3,208 3,969 Net Income 272 7,329 5,991 Earnings per diluted share $ 0.01 $ 0.45 $ 0.50 |
Pension and Other Postretirem22
Pension and Other Postretirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Pension and Other Postretirement Plans [Abstract] | |
Summary of Stock Option Activity | Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at December 31, 2017 889,300 $ 8.93-13.32 $ 11.42 Options granted - - - Options exercised (200) 10.55 10.55 Options forfeited - - - Options expired - - - Outstanding at June 30, 2018 889,100 $ 8.93-13.32 $ 10.91 Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at December 31, 2016 575,000 $ 8.93-13.32 $ 10.78 Options granted - Options exercised (700) 10.55 0.00 Options forfeited (35,000) 8.93-13.32 - Options expired - Outstanding at June 30, 2017 539,300 $ 8.93-13.32 $ 10.78 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Net Income per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Three Months Ended June 30, 2018 2017 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Net income available to common stockholders $ 2,051 $ 2,348 Basic earnings per share- Income available to Common stockholders $ 2,051 15,610 $ 0.13 $ 2,348 11,295 $ 0.21 Effect of dilutive securities: Stock options - 138 - 110 Diluted earnings per share- Income available to Common stockholders $ 2,051 15,748 $ 0.13 $ 2,348 11,405 $ 0.21 For the Six Months Ended June 30, 2018 2017 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Net income available to common stockholders $ 6,517 $ 5,143 Basic earnings per share- Income available to Common stockholders $ 6,517 15,329 $ 0.43 $ 5,143 11,287 $ 0.46 Effect of dilutive securities: Stock options - 136 - 96 Diluted earnings per share- Income available to Common stockholders $ 6,517 15,465 $ 0.42 $ 5,143 11,383 $ 0.45 |
Debt Securities Available for24
Debt Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Securities Available for Sale [Abstract] | |
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale | June 30, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Mortgage-backed securities: Due after one year through five years $ 5,210 $ - $ 160 $ 5,050 Due after five years through ten years 4,170 - 30 4,140 Due after ten years 119,842 57 5,471 114,428 Municipal obligations: Due after one year through five years 493 - - 493 Due after five years through ten years 2,140 - 5 2,135 Due after ten years 1,045 - - 1,045 $ 132,900 $ 57 $ 5,666 $ 127,291 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Mortgage-backed securities: Due after one year through five years $ 3,276 $ 3 $ 76 $ 3,203 Due after five years through ten years 622 - 10 612 Due after ten years 110,156 44 2,222 107,978 Municipal obligations: Due within one year 2,506 - 4 2,502 $ 116,560 $ 47 $ 2,312 $ 114,295 |
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) June 30, 2018 Residential mortgage-backed securities $ 74,704 $ 2,228 $ 41,934 $ 3,433 $ 116,638 $ 5,661 Municipal obligations 3,180 5 - - 3,180 5 $ 77,884 $ 2,233 $ 41,934 $ 3,433 $ 119,818 $ 5,666 December 31, 2017 Residential mortgage-backed securities $ 94,909 $ 1,951 $ 12,309 $ 357 $ 107,218 $ 2,308 Municipal obligations 2,502 4 - - 2,502 4 $ 97,411 $ 1,955 $ 12,309 $ 357 $ 109,720 $ 2,312 |
Loans Receivable and Allowanc25
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Recorded Investment in Loans Receivable | June 30, 2018 December 31, 2017 (In Thousands) Originated loans: Residential one-to-four family $ 203,661 $ 182,544 Commercial and multi-family 1,452,907 1,213,390 Construction 51,599 50,497 Commercial business (1) 105,101 66,775 Home equity (2) 52,382 38,725 Consumer 645 1,183 Sub-total 1,866,295 1,553,114 Acquired loans initially recorded at fair value: Residential one-to-four family 44,933 47,808 Commercial and multi-family 158,094 46,609 Construction 1,798 - Commercial business (1) 31,680 4,057 Home equity (2) 21,725 8,955 Consumer 199 122 Sub-total 258,429 107,551 Acquired loans with deteriorated credit: Residential one-to-four family 1,402 1,413 Commercial and multi-family 11,880 731 Construction 2,670 - Commercial business (1) 986 - Home equity (2) 400 - Consumer 54 - Sub-total 17,392 2,144 Total Loans 2,142,116 1,662,809 Less: Deferred loan fees, net (1,647) (1,757) Allowance for loan losses (20,640) (17,375) Sub-total (22,287) (19,132) Total Loans, net $ 2,119,829 $ 1,643,677 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Accretable And Non-Accretable Discount on Loans Acquired | Six months ended June 30, 2018 (Dollars in thousands) Accretable yield, beginning balance $ - Acquisition of impaired loans 1,399 Accretable yield amortized to interest income (208) Reclassification from non-accretable difference - Accretable yield, ending balance $ 1,191 |
Allowance for Loan Losses | The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2018. The table also details the amount of total loans receivable, 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, as of June 30, 2018. (In Thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,245 $ 11,880 $ 492 $ 2,676 $ 384 $ 4 $ 198 $ 17,879 Acquired loans initially recorded at fair value: 369 - - 24 - - - 393 Acquired loans with deteriorated credit: 53 12 - - - - - 65 Beginning Balance, March 31, 2018 2,667 11,892 492 2,700 384 4 198 18,337 Charge-offs: Originated Loans: - - - 5 - - - 5 Acquired loans initially recorded at fair value: - - - - - - - - Acquired loans with deteriorated credit: - - - - - - - Sub-total: - - - 5 - - - 5 Recoveries: Originated Loans: 1 - - 6 - - - 7 Acquired loans initially recorded at fair value: 85 - - 12 - - - 97 Acquired loans with deteriorated credit: - - - 144 - - - 144 Sub-total: 86 - - 162 - - - 248 Provisions: Originated Loans: 3 1,204 24 723 63 37 90 2,144 Acquired loans initially recorded at fair value: (36) 92 - 4 - - - 60 Acquired loans with deteriorated credit: - - - (144) - - - (144) Sub-total: (33) 1,296 24 583 63 37 90 2,060 Totals: Originated Loans: 2,249 13,084 516 3,400 447 41 288 20,025 Acquired loans initially recorded at fair value: 418 92 - 40 - - - 550 Acquired loans with deteriorated credit: 53 12 - - - - - 65 Ending Balance, June 30, 2018 $ 2,720 $ 13,188 $ 516 $ 3,440 $ 447 $ 41 $ 288 $ 20,640 Loans Receivable: Ending Balance Originated Loans: $ 203,661 $ 1,452,907 $ 51,599 $ 105,101 $ 52,382 $ 645 $ - $ 1,866,295 Ending Balance Acquired loans initially recorded at fair value: 44,933 158,094 1,798 31,680 21,725 199 - 258,429 Ending Balance Acquired loans with deteriorated credit: 1,402 11,880 2,670 986 400 54 - 17,392 Total Gross Loans: $ 249,996 $ 1,622,881 $ 56,067 $ 137,767 $ 74,507 $ 898 $ - $ 2,142,116 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: $ 6,255 $ 12,848 $ - $ 2,226 $ 1,099 $ 42 $ - $ 22,470 Ending Balance Acquired loans initially recorded at fair value: 6,534 4,384 - - 329 - - 11,247 Ending Balance Acquired loans with deteriorated credit: 1,401 11,671 2,670 986 400 54 - 17,182 Ending Balance Loans individually evaluated for impairment: $ 14,190 $ 28,903 $ 2,670 $ 3,212 $ 1,828 $ 96 $ - $ 50,899 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: $ 197,406 $ 1,440,059 $ 51,599 $ 102,875 $ 51,283 $ 603 $ - $ 1,843,825 Ending Balance Acquired loans initially recorded at fair value: 38,399 153,710 1,798 31,680 21,396 199 - 247,182 Ending Balance Acquired loans with deteriorated credit: 1 209 - - - - - 210 Ending Balance Loans collectively evaluated for impairment: $ 235,805 $ 1,593,978 $ 53,397 $ 134,555 $ 72,679 $ 802 $ - $ 2,091,217 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table set forth the activity in the Company’s allowance for loan losses for the six months ended June 30, 2018, and the related portion of the allowances for loan losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,368 $ 11,656 $ 518 $ 2,018 $ 338 $ 6 $ 177 $ 17,081 Acquired loans initially recorded at fair value: 242 - - - - - - 242 Acquired loans with deteriorated credit: 40 12 - - - - - 52 Beginning Balance, December 31, 2017 2,650 11,668 518 2,018 338 6 177 17,375 Charge-offs: Originated Loans: 302 - - - - 5 - - - - - - - 307 Acquired loans initially recorded at fair value: 72 - - - - - - 6 - - - - - 78 Acquired loans with deteriorated credit: - - - - - - - - - - - - - - Sub-total: 374 - - 5 6 - - 385 Recoveries: Originated Loans: 1 - - 6 - - - 7 Acquired loans initially recorded at fair value: 85 - - 12 - - - 97 Acquired loans with deteriorated credit: - - - 144 - - - 144 Sub-total: 86 - - 162 - - - 248 Provisions: Originated Loans: 182 1,428 (2) 1,381 109 35 111 3,244 Acquired loans initially recorded at fair value: 163 92 - 28 6 - - 289 Acquired loans with deteriorated credit: 13 - - (144) - - - (131) Sub-total: 358 1,520 (2) 1,265 115 35 111 3,402 Totals: Originated Loans: 2,249 13,084 516 3,400 447 41 288 20,025 Acquired loans initially recorded at fair value: 418 92 - 40 - - - 550 Acquired loans with deteriorated credit: 53 12 - - - - - 65 Ending Balance, June 30, 2018 $ 2,720 $ 13,188 $ 516 $ 3,440 $ 447 $ 41 $ 288 $ 20,640 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table 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, as of December 31, 2017. (In Thousands): ____ Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Ending Balance Originated Loans: $ 182,544 $ 1,213,390 $ 50,497 $ 66,775 $ 38,725 $ 1,183 $ - $ 1,553,114 Ending Balance Acquired Loans: 47,808 46,609 - 4,057 8,955 122 - 107,551 Ending Balance Acquired loans with deteriorated credit: 1,413 731 - - - - - 2,144 Total Gross Loans: $ 231,765 $ 1,260,730 $ 50,497 $ 70,832 $ 47,680 $ 1,305 $ - $ 1,662,809 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: $ 7,944 $ 12,212 $ - $ 1,780 $ 1,042 $ - $ - $ 22,978 Ending Balance Acquired Loans: 7,548 5,032 - - 302 - - 12,882 Ending Balance Acquired loans with deteriorated credit: 1,413 513 - - - - - 1,926 Ending Balance Loans individually evaluated for impairment: $ 16,905 $ 17,757 $ - $ 1,780 $ 1,344 $ - $ - $ 37,786 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: $ 174,600 $ 1,201,178 $ 50,497 $ 64,995 $ 37,683 $ 1,183 $ - $ 1,530,136 Ending Balance Acquired Loans: 40,260 41,577 - 4,057 8,653 122 - 94,669 Ending Balance Acquired loans with deteriorated credit: - 218 - - - - - 218 Ending Balance Loans collectively evaluated for impairment: $ 214,860 $ 1,242,973 $ 50,497 $ 69,052 $ 46,336 $ 1,305 $ - $ 1,625,023 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2017. 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, as of June 30, 2017 (In Thousands): Residential Commercial & Multi-family Construction Business (1) Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,151 $ 10,850 $ 756 $ 3,117 $ 335 $ 2 $ 150 $ 17,361 Acquired loans initially recorded at fair value: 112 - - - - - - 112 Acquired loans with deteriorated credit: 41 12 - - - - - 53 Beginning Balance, March 31, 2017 2,304 10,862 756 3,117 335 2 150 17,526 Charge-offs: Originated Loans: - - 119 - - - - - - - - - - 119 Acquired loans initially recorded at fair value: 219 - - - - - - - - - - 219 Sub-total: 219 119 - - - - - 338 Provisions: Originated Loans: (59) 451 (3) 112 12 3 (51) 465 Acquired loans initially recorded at fair value: 310 - - - - - 310 Acquired loans with deteriorated credit: - 1 - - - - - 1 Sub-total: 251 452 (3) 112 12 3 (51) 776 Totals: Originated Loans: 2,092 11,182 753 3,229 347 5 99 17,707 Acquired loans initially recorded at fair value: 203 - - - - - - 203 Acquired loans with deteriorated credit: 41 13 - - - - - 54 Ending Balance, June 30, 2017 $ 2,336 $ 11,195 $ 753 $ 3,229 $ 347 $ 5 $ 99 $ 17,964 Loans Receivable: Ending Balance Originated Loans: $ 164,562 $ 1,130,902 $ 73,376 $ 68,230 $ 38,058 $ 1,196 $ - $ 1,476,324 Ending Balance Acquired loans initially recorded at fair value: 52,382 51,933 - 3,752 10,304 176 - 118,547 Ending Balance Acquired loans with deteriorated credit: 1,425 742 - - - - - 2,167 Total Gross Loans: $ 218,369 $ 1,183,577 $ 73,376 $ 71,982 $ 48,362 $ 1,372 $ - $ 1,597,038 Ending Balance: Loans individually evaluated for impairment: Ending Balance Originated Loans: $ 9,038 $ 12,783 $ - $ 4,180 $ 1,093 $ - $ - $ 27,094 Ending Balance Acquired loans initially recorded at fair value: 7,771 5,832 - - 685 - - 14,288 Ending Balance Acquired loans with deteriorated credit: 1,425 519 - - - - - 1,944 Ending Balance Loans individually evaluated for impairment: $ 18,234 $ 19,134 $ - $ 4,180 $ 1,778 $ - $ - $ 43,326 Ending Balance: Loans collectively evaluated for impairment: Ending Balance Originated Loans: $ 155,524 $ 1,118,119 $ 73,376 $ 64,050 $ 36,965 $ 1,196 $ - $ 1,449,230 Ending Balance Acquired loans initially recorded at fair value: 44,611 46,101 - 3,752 9,619 176 - 104,259 Ending Balance Acquired loans with deteriorated credit: - 223 - - - - - 223 Ending Balance Loans collectively evaluated for impairment: $ 200,135 $ 1,164,443 $ 73,376 $ 67,802 $ 46,584 $ 1,372 $ - $ 1,553,712 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the activity in the Company’s allowance for loans losses for the six months ended June 30, 2017, and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,098 $ 10,621 $ 736 $ 3,079 $ 374 $ 2 $ 69 $ 16,979 Acquired loans initially recorded at fair value: 170 - - - 4 - - 174 Acquired loans with deteriorated credit: 43 13 - - - - - 56 Beginning Balance, December 31, 2016 2,311 10,634 736 3,079 378 2 69 17,209 Charge-offs: Originated Loans: - 190 - - - 6 - - 196 Acquired loans initially recorded at fair value: 308 - - - 34 - - - 342 Sub-total: 308 190 - - 34 6 - 538 Recoveries: Acquired loans with deteriorated credit: - - - 19 - - - 19 Sub-total: - - - 19 - - - 19 Provisions: Originated Loans: (6) 751 17 150 (27) 9 30 924 Acquired loans initially recorded at fair value: 341 - - - 30 - - 371 Acquired loans with deteriorated credit: (2) - - (19) - - - (21) Sub-total: 333 751 17 131 3 9 30 1,274 Totals: Originated Loans: 2,092 11,182 753 3,229 347 5 99 17,707 Acquired loans initially recorded at fair value: 203 - - - - - - 203 Acquired loans with deteriorated credit: 41 13 - - - - - 54 Ending Balance, June 30, 2017 $ 2,336 $ 11,195 $ 753 $ 3,229 $ 347 $ 5 $ 99 $ 17,964 _____________________________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Non-Accruing Loans | As of June 30, 2018 As of December 31, 2017 (In Thousands) (In Thousands) Non-Accruing Loans: Originated loans: Residential one-to-four family $ 1,480 $ 2,545 Commercial and multi-family 5,578 6,762 Commercial business (1) 163 299 Home equity (2) 397 201 Consumer 42 - Sub-total: 7,660 9,807 Acquired loans initially recorded at fair value: Residential one-to-four family 2,474 2,372 Commercial and multi-family 590 850 Home equity (2) 39 7 Sub-total: 3,103 3,229 Total $ 10,763 $ 13,036 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Impaired Loans | The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three months and six months ended June 30, 2018 and 2017 (In Thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2018 2017 2017 2018 2018 2017 2017 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related allowance recorded: Residential one-to-four family $ 1,912 $ 7 $ 3,640 $ 24 1,965 $ 15 $ 4,299 $ 49 Commercial and Multi-family 11,973 86 12,365 63 12,052 172 11,287 125 Commercial business (1) - 43 712 11 622 87 1,095 21 Home equity (2) 843 7 865 9 912 15 941 18 Consumer 926 - - - - - 3 - Sub-total: $ 15,654 $ 143 $ 17,582 $ 107 15,551 $ 289 $ 17,625 $ 213 Acquired loans initially recorded at fair value With no related allowance recorded: Residential one-to-four family $ 3,385 $ 23 $ 5,306 $ 35 3,630 $ 46 $ 4,998 $ 71 Commercial and Multi-family 3,639 54 4,127 56 3,683 109 4,845 112 Home equity (2) 245 3 628 - 235 7 563 12 Consumer - - - 6 - - - - Sub-total $ 7,269 $ 80 $ 10,061 $ 97 7,548 $ 162 $ 10,406 $ 195 Acquired loans with deteriorated credit With no related allowance recorded: Residential one-to-four family $ 1,035 $ 16 $ 1,430 $ 22 1,161 $ 33 $ 1,434 $ 44 Commercial and Multi-family 6,091 122 520 7 4,231 244 521 14 Construction 1,335 213 - - 890 426 Commercial business (1) 493 135 - - 329 270 Home equity (2) 200 5 - - 133 10 Consumer 27 1 - - 18 1 - - Sub-total: $ 9,181 $ 492 $ 1,950 $ 29 6,762 $ 984 $ 1,955 $ 58 Total Impaired Loans With no related allowance recorded: $ 32,104 $ 715 $ 29,593 $ 233 29,861 $ 1,435 $ 29,986 $ 466 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three and six months ended June 30, 2018 and 2017. (In Thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2018 2017 2017 2018 2018 2017 2017 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income Originated loans Investment Recognized Investment Recognized Investment Recognized Investment Recognized with an allowance recorded: Residential one-to-four family $ 4,752 $ 47 $ 6,026 $ 48 $ 5,125 $ 95 $ 5,546 $ 96 Commercial and Multi-family 485 - 839 10 323 - 1,267 19 Commercial business (1) 1,094 20 3,427 35 1,262 40 3,039 69 Home equity (2) 156 2 284 3 156 3 287 5 Consumer 21 - - - 14 - - - Sub-total: $ 6,508 $ 69 $ 10,576 $ 96 $ 6,880 $ 138 $ 10,139 $ 189 Acquired loans initially recorded at fair value with an allowance recorded: Residential one-to-four family $ 3,564 $ 28 $ 2,590 $ 21 $ 3,519 $ 56 $ 2,688 $ 43 Commercial and Multi-family 923 5 1,718 16 1,035 9 1,249 32 Home equity (2) 85 1 106 2 85 3 313 3 Sub-total $ 4,572 $ 34 $ 4,414 $ 39 $ 4,639 $ 68 $ 4,250 $ 78 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ 370 $ 5 $ - $ - $ 246 $ 10 $ - $ - Sub-total: $ 370 $ 5 $ - $ - $ 246 $ 10 $ - $ - Total Impaired Loans with an allowance recorded: $ 11,450 $ 108 $ 14,990 $ 135 $ 11,765 $ 216 $ 14,389 $ 267 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - 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 at June 30, 2018 and December 31, 2017. (In Thousands): As of June 30, 2018 As of December 31, 2017 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 $ 1,934 $ 1,975 $ - $ 2,073 $ 2,236 $ - Commercial and multi-family 12,363 12,819 - 12,212 12,763 - Commercial business (1) 1,104 3,991 - 181 908 - Home equity (2) 944 999 - 885 932 - Sub-total: $ 16,345 $ 19,784 $ - $ 15,351 $ 16,839 $ - Acquired loans initially recorded at fair value with no related allowance recorded: Residential one-to-four family $ 3,138 $ 3,302 $ - $ 4,119 $ 4,285 $ - Commercial and Multi-family 3,464 3,464 - 3,772 3,773 - Home equity (2) 244 244 - 216 268 - Sub-total: $ 6,846 $ 7,010 $ - $ 8,107 $ 8,326 $ - Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 1,032 $ 1,595 $ - $ 1,413 $ 2,031 $ - Commercial and Multi-family 11,671 12,145 - 513 537 - Construction 2,670 11,886 - - - - Commercial business (1) 986 7,355 - - - - Home equity (2) 400 400 - - - - Consumer 54 54 - - - - Sub-total: $ 16,813 $ 33,435 $ - $ 1,926 $ 2,568 $ - Total Impaired Loans with no related allowance recorded: $ 40,004 $ 60,229 $ - $ 25,384 $ 27,733 $ - __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - 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 at June 30, 2018 and December 31, 2017. (In Thousands): As of June 30, 2018 As of December 31, 2017 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 $ 4,321 $ 4,321 $ 252 $ 5,871 $ 5,871 $ 508 Commercial and Multi-family 485 526 112 - - - Commercial business (1) 1,122 1,420 834 1,599 2,431 1,033 Home equity (2) 155 155 23 157 157 25 Consumer 42 42 42 - - - Sub-total: $ 6,125 $ 6,464 $ 1,263 $ 7,627 $ 8,459 $ 1,566 Acquired loans initially recorded at fair value with an allowance recorded: - Residential one-to-four family $ 3,396 $ 3,547 $ 463 $ 3,429 $ 3,580 $ 281 Commercial and Multi-family 920 973 293 1,260 1,313 179 Home equity (2) 85 85 6 86 86 7 Sub-total $ 4,401 $ 4,605 $ 762 $ 4,775 $ 4,979 $ 467 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ 369 $ 417 $ 13 $ - $ - $ - Sub-total: $ 369 $ 417 $ 13 $ - $ - $ - Total Impaired Loans with an allowance recorded: $ 10,895 $ 11,486 $ 2,038 $ 12,402 $ 13,438 $ 2,033 Total Impaired Loans with no related allowance recorded: $ 40,004 $ 60,229 $ - $ 25,384 $ 27,733 $ - Total Impaired Loans: $ 50,899 $ 71,715 $ 2,038 $ 37,786 $ 41,171 $ 2,033 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Troubled Debt Restructurings | At June 30, 2018 At December 31, 2017 (In thousands) Recorded investment in TDRs: Accrual status $ 20,693 $ 20,058 Non-accrual status 7,535 8,408 Total recorded investment in TDRs $ 28,228 $ 28,466 \ There were no TDRs during the three months ended June 30, 2018 The following table summarizes information with regard to troubled debt restructurings which occurred during the three months ended June 30 th , 2017. Three Months Ended June 30, 2017 (Dollars in Thousands) Pre-Modification Outstanding Post-Modification Outstanding Number of Contracts Recorded Investments Recorded Investments Originated loans: Commercial and multi-family 1 2,804 2,851 Sub-total: 1 $ 2,804 $ 2,851 Acquired loans initially recorded at fair value: Residential one-to-four family 3 $ 767 $ 919 Sub-total: 3 $ 767 $ 919 Total 4 $ 3,571 $ 3,770 The loans included above are considered TDRs as a result of the Company implementing one or more of the following concessions: granting a material extension of time, issuing a forbearance agreement, adjusting the interest rate to a below market rate and/or accepting interest only for a period of time or a change in amortization period. 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 7 - Loans Receivable and Allowance for Loan Losses (Continued) Troubled debt restructurings for which there was a payment default within twelve months of restructuring during the three months ended June 30 totaled $639,000 for one contract in 2018 and $1, 358 ,000 for t wo contracts in 2017. The following tables summarize information with regards to troubled debt restructuring which occurred during the six months ended June 30, 2018 and 2017 (dollars in thousands): Six Months Ended June 30, 2018 Pre-Modification Outstanding Post-Modification Outstanding Number of Contracts Recorded Investments Recorded Investments Originated loans: Residential one-to-four family 1 $ 640 $ 640 Commercial and multi-family - - - Commercial business (1) - - - Home equity (2) - - - Sub-total: 1 640 640 Acquired loans initially recorded at fair value: Residential one-to-four family 1 179 179 Commercial and Multi-family - - - Commercial business (1) - - - Home equity (2) - - - Sub-total: 1 179 179 Total 2 $ 819 $ 819 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Six Months Ended June 30, 2017 Pre-Modification Outstanding Post-Modification Outstanding Number of Contracts Recorded Investments Recorded Investments Originated loans: Residential one-to-four family 2 $ 1,445 $ 1,556 Commercial and multi-family 3 4,441 4,608 Sub-total: 5 5,886 6,164 Acquired loans initially recorded at fair value: Residential one-to-four family 4 840 1,023 Sub-total: 4 840 1,023 Total 9 $ 6,726 $ 7,187 |
Delinquency Status of Total Loans | 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 $ 1,649 $ 406 $ 1,217 $ 3,272 $ 200,389 $ 203,661 $ - Commercial and multi-family 6,980 1,531 1,294 9,805 1,443,102 1,452,907 125 Construction - - - - 51,599 51,599 - Commercial business (1) 192 66 696 954 104,147 105,101 599 Home equity (2) 313 44 326 683 51,699 52,382 122 Consumer 3 1 42 46 599 645 - Sub-total: $ 9,137 $ 2,048 $ 3,575 $ 14,760 $ 1,851,535 $ 1,866,295 $ 846 Acquired loans initially recorded at fair value: Residential one-to-four family $ 315 $ 284 $ 1,783 $ 2,382 $ 42,551 44,933 $ - Commercial and multi-family 5,877 2,564 590 9,031 149,063 158,094 - Construction 643 - - 643 1,155 1,798 247 Commercial business (1) 4,456 21 247 4,724 26,956 31,680 - Home equity (2) 474 128 39 641 21,084 21,725 - Consumer - - - - 199 199 - Sub-total: $ 11,765 $ 2,997 $ 2,659 $ 17,421 $ 241,008 $ 258,429 $ 247 Acquired loans with deteriorated credit: Residential one-to-four family $ - $ 55 $ 115 $ 170 $ 1,232 1,402 $ - Commercial and multi-family 360 145 9,391 9,896 1,984 11,880 - Construction - 820 987 1,807 863 2,670 - Commercial business (1) - - - 986 986 - Home equity (2) - - 400 400 - Consumer - - 54 54 - 54 - Sub-total: $ 360 $ 1,020 $ 10,547 $ 11,927 $ 5,465 $ 17,392 $ - Total $ 21,262 $ 6,065 $ 16,781 $ 44,108 $ 2,098,008 $ 2,142,116 $ 1,093 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) The following table sets forth the delinquency status of total loans receivable at December 31, 2017: 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 $ 1,358 $ 1,604 $ 2,273 $ 5,235 $ 177,309 $ 182,544 $ - Commercial and multi-family 20,210 887 - 21,097 1,192,293 1,213,390 - Construction 5,687 - - 5,687 44,810 50,497 - Commercial business (1) 161 640 103 904 65,871 66,775 - Home equity (2) 314 215 44 573 38,152 38,725 - Consumer 8 - - 8 1,175 1,183 - Sub-total: $ 27,738 $ 3,346 $ 2,420 $ 33,504 $ 1,519,610 $ 1,553,114 $ - Acquired loans initially recorded at fair value: Residential one-to-four family $ 643 $ 379 $ 1,738 $ 2,760 $ 45,048 47,808 $ 315 Commercial and multi-family 1,539 - 850 2,389 44,220 46,609 - Commercial business (1) 92 - - 92 3,965 4,057 - Home equity (2) 240 324 7 571 8,384 8,955 - Consumer - - - - 122 122 - Sub-total: $ 2,514 $ 703 $ 2,595 $ 5,812 $ 101,739 $ 107,551 $ 315 Acquired loans with deteriorated credit: Residential one-to-four family $ - $ - $ - $ - $ 1,413 $ 1,413 $ - Commercial and multi-family - - - - 731 731 - Sub-total: $ - $ - $ - $ - $ 2,144 $ 2,144 $ - Total $ 30,252 $ 4,049 $ 5,015 $ 39,316 $ 1,623,493 $ 1,662,809 $ 315 (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Loan Portfolio By Pass Rating | Pass Special Mention Substandard Doubtful Loss Total Originated loans: Residential one-to-four family $ 198,623 $ 2,919 $ 2,119 $ - $ - $ 203,661 Commercial and multi-family 1,438,487 3,838 10,582 - - 1,452,907 Construction 51,599 - - - - 51,599 Commercial business (1) 101,090 1,786 2,189 - 36 105,101 Home equity (2) 51,533 399 450 - - 52,382 Consumer 593 10 42 - - 645 Sub-total: $ 1,841,925 $ 8,952 $ 15,382 $ - $ 36 $ 1,866,295 Acquired loans initially recorded at fair value: Residential one-to-four family $ 41,818 $ 474 $ 2,641 $ - $ - 44,933 Commercial and multi-family 155,672 393 2,029 - - 158,094 Construction 1,749 49 - - - 1,798 Commercial business (1) 31,627 53 - - - 31,680 Home equity (2) 21,638 19 68 - - 21,725 Consumer 199 - - - - 199 Sub-total: $ 252,703 $ 988 $ 4,738 $ - $ - $ 258,429 Acquired loans with deteriorated credit: Residential one-to-four family $ 159 $ 567 $ 676 $ - $ - 1,402 Commercial and multi-family 760 507 10,613 - - 11,880 Construction 863 - 1,807 - - 2,670 Commercial business (1) 633 - 353 - - 986 Home equity (2) 400 - - - - 400 Consumer 54 - - - - 54 Sub-total: $ 2,869 $ 1,074 $ 13,449 $ - $ - $ 17,392 Total Gross Loans $ 2,097,497 $ 11,014 $ 33,569 $ - $ 36 $ 2,142,116 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - 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, 2017. (In Thousands): Pass Special Mention Substandard Doubtful Loss Total Originated loans: Residential one-to-four family $ 174,985 $ 5,014 $ 2,545 $ - $ - $ 182,544 Commercial and multi-family 1,199,786 2,676 10,928 - - 1,213,390 Construction 50,262 235 - - - 50,497 Commercial business (1) 63,323 1,672 1,738 - 42 66,775 Home equity (2) 38,018 451 256 - - 38,725 Consumer 1,177 6 - - - 1,183 Sub-total: $ 1,527,551 $ 10,054 $ 15,467 $ - $ 42 $ 1,553,114 Acquired loans initially recorded at fair value: Residential one-to-four family $ 44,472 $ 481 $ 2,855 $ - $ - 47,808 Commercial and multi-family 43,569 402 2,638 - - 46,609 Commercial business (1) 4,057 - - - - 4,057 Home equity (2) 8,896 20 32 - 7 8,955 Consumer 122 - - - - 122 Sub-total: $ 101,116 $ 903 $ 5,525 $ - $ 7 $ 107,551 Acquired loans with deteriorated credit: Residential one-to-four family $ 153 $ 571 $ 689 $ - $ - 1,413 Commercial and multi-family 218 513 - - - 731 Sub-total: $ 371 $ 1,084 $ 689 $ - $ - $ 2,144 Total Gross Loans $ 1,629,038 $ 12,041 $ 21,681 $ - $ 49 $ 1,662,809 ________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Inclusions in the Consolidated Statements of Financial Condition | June 30, December 31, 2018 2017 Unpaid principal balance $ 331,490 $ 114,542 Recorded investment 275,821 109,695 |
Acquired loans with deteriorated credit [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accretable And Non-Accretable Discount on Loans Acquired | The following table presents changes in the accretable discount on loans acquired with deteriorated credit quality for which the Company applies the provisions of ASC 310-30 (In Thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Balance, Beginning of Period $ 2,146 $ 2,478 $ 2,230 $ 2,558 Additions from acquisition of IAB 1,399 - 1,399 - Accretion recorded to interest income (292) (80) (376) (160) Balance, End of Period $ 3,253 $ 2,398 $ 3,253 $ 2,398 |
Fair Values of Financial Inst26
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value 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 June 30, 2018: Securities Residential mortgage backed securities $ 123,618 $ - $ 123,618 $ - Municipal obligations 3,673 - 3,673 - Preferred stock 8,134 8,134 - - Total Securities 135,425 8,134 127,291 - As of December 31, 2017: Securities Residential mortgage backed securities $ 111,793 $ - $ 111,793 $ - Municipal obligations 2,502 - 2,502 - Preferred stock 8,294 8,294 - - Total Securities 122,589 8,294 114,295 - |
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 June 30, 2018 Impaired Loans $ 8,857 $ - $ - $ 8,857 Other real estate owned $ 1,178 $ - $ - $ 1,178 As of December 31, 2017: Impaired Loans $ 10,369 $ - $ - $ 10,369 Other real estate owned $ 532 $ - $ - $ 532 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range Estimate Techniques Input June 30, 2018: Impaired Loans $ 8,857 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Other real estate owned $ 1,178 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Fair Value Valuation Unobservable Range Estimate Techniques Input December 31, 2017: Impaired Loans $ 10,369 Appraisal of collateral (1) Appraisal adjustments (2) 0% -10% Other real estate owned $ 532 Appraisal of collateral (1) Appraisal adjustments (2) 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 objectively determinable. (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 . |
Carrying Values and Estimated Fair Values of Financial Instruments | As of June 30, 2018 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 $ 180,445 $ 180,445 $ 180,445 $ - $ - Interest-earning time deposits 980 980 980 - - Debt securities available for sale 127,291 127,291 - 127,291 - Equity investments 8,134 8,134 8,134 - - Loans held for sale 1,405 1,405 - 1,405 - Loans receivable, net 2,119,829 2,070,306 - - 2,070,306 FHLB of New York stock, at cost 16,744 16,744 - 16,744 - Accrued interest receivable 7,563 7,563 - 7,563 - Financial liabilities: Deposits 1,984,876 1,991,258 935,885 1,055,373 - Borrowings 320,005 316,414 - 316,414 - Subordinated debentures 4,124 4,078 - 4,078 - Accrued interest payable 1,174 1,174 - 1,174 - As of December 31, 2017 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 $ 124,235 $ 124,235 $ 124,235 $ - $ - Interest-earning time deposits 980 980 980 - - Debt securities available for sale 114,295 114,295 - 114,295 - Equity investments 8,294 8,294 8,294 - - Loans held for sale 1,295 1,295 - 1,295 - Loans receivable, net 1,643,677 1,643,626 - - 1,643,626 FHLB of New York stock, at cost 10,211 10,211 - 10,211 - Accrued interest receivable 6,153 6,153 - 6,153 - Financial liabilities: Deposits 1,569,370 1,578,382 903,155 673,227 - Borrowings 185,000 182,947 - 182,947 - Subordinated debentures 4,124 4,078 - 4,078 - Accrued interest payable 791 791 - 791 - |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Basis Of Presentation [Line Items] | |||
Unrealized loss on equity investments | $ 33,000 | $ 160,000 | |
Accounting Standards Update 2016-01 [Member] | |||
Basis Of Presentation [Line Items] | |||
Reclassification of unrealized gains on AFS equity securities | $ 126,000 | ||
Unrealized gain on equity securities | 175,000 | ||
Unrealized gain on equity securities, tax | 49,000 | ||
Accounting Standards Update 2018-02 [Member] | |||
Basis Of Presentation [Line Items] | |||
Reclassification due to the adoption of ASU No. 2018-02 | $ 557,000 |
Acquisition of IA Bancorp, In28
Acquisition of IA Bancorp, Inc. (Narrative) (Details) | Apr. 17, 2018 | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||
Merger related costs | $ 2,039,000 | $ 2,184,000 | ||
Certificates of Deposit [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization period of fair value adjustment | 5 years | |||
IA Bancorp [Member] | ||||
Business Acquisition [Line Items] | ||||
Share exchange rate | 0.189 | |||
Fair value adjustment on pools of homogeneous loans, interest rate discount | $ 1,900,000 | |||
Fair value adjustment on pools of homogeneous loans, credit discount | 3,900,000 | |||
Merger related costs | 2,200,000 | $ 800,000 | ||
Merger related costs, early termination fees | 2,000,000 | |||
IA Bancorp [Member] | Certificates of Deposit [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustment, liabilities | $ 751,000 |
Acquisition of IA Bancorp, In29
Acquisition of IA Bancorp, Inc. (Summary of Acquisition, Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed) (Details) $ in Thousands | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | ||
Cash paid for exchange of IAB shares | $ 2,550 | $ 2,550 |
Total consideration paid | 19,955 | |
Cash and cash equivalents | 7,597 | 7,597 |
Investment securities available for sale | 13,811 | 13,811 |
Restricted investment in bank stocks | 1,163 | 1,163 |
Loans | 182,527 | 182,527 |
Premises and equipment, net | 2,834 | 2,834 |
Other real estate owned, net | 328 | 328 |
Accrued interest receivable | 612 | 612 |
Core deposit intangible | 430 | 430 |
Deferred tax asset | 5,212 | 5,212 |
Other assets | 1,273 | 1,273 |
Total assets acquired | 215,787 | 215,787 |
Deposits | 178,436 | 178,436 |
Borrowings | 20,015 | 20,015 |
Accrued interest payable | 120 | 120 |
Other liabilities | 2,542 | 2,542 |
Total liabilities assumed | 201,113 | 201,113 |
Net assets acquired | 14,674 | 14,674 |
Goodwill recorded in acquisition | 5,281 | $ 5,281 |
Common Stock [Member] | ||
Business Acquisition [Line Items] | ||
Stock issued in acquisition | 9,952 | |
Preferred Stock [Member] | ||
Business Acquisition [Line Items] | ||
Stock issued in acquisition | $ 7,453 |
Acquisition of IA Bancorp, In30
Acquisition of IA Bancorp, Inc. (Summary of Fair Value Adjustments of Loans Acquired) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Acquisition of IA Bancorp, Inc. [Abstract] | |
Gross principle balance | $ 191,997 |
Fair value adjustment on pools of homogeneous loans | (5,895) |
Fair value adjustment on acquired impaired loans | (3,575) |
Fair value of acquired loans | $ 182,527 |
Acquisition of IA Bancorp, In31
Acquisition of IA Bancorp, Inc. (Summary of Credit Adjustment on Acquired Impaired Loans) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Acquisition of IA Bancorp, Inc. [Abstract] | |
Contractually required principal and interest at acquisition | $ 21,177 |
Contractual cash flows not expected to be collected (non-accretable discount, includes principal and interest) | (4,892) |
Expected cash flows at acquisition | 16,285 |
Interest component of expected cash flows (accretable discount) | 1,399 |
Fair value of loans acquired accounted for under ASC 310-30 | $ 14,886 |
Acquisition of IA Bancorp, In32
Acquisition of IA Bancorp, Inc. (Schedule of Combined Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition [Line Items] | |||||
Interest income | $ 25,696 | $ 19,069 | $ 46,638 | $ 37,524 | |
Interest Expense | 5,706 | 4,006 | 10,208 | 7,856 | |
Provision for loan losses | 2,060 | 776 | 3,402 | 1,274 | |
Non-interest income | 1,563 | 2,022 | 4,949 | 4,335 | |
Non-interest expense | 15,980 | 12,148 | 27,991 | 23,710 | |
Income taxes | 1,200 | 1,648 | 3,041 | 3,593 | |
Net Income | $ 2,313 | $ 2,513 | $ 6,945 | $ 5,426 | |
Earnings per diluted share | $ 0.13 | $ 0.21 | $ 0.42 | $ 0.45 | |
Interest income | $ 49,740 | $ 42,821 | |||
Interest Expense | 10,942 | 9,109 | |||
Provision for loan losses | 3,402 | 1,274 | |||
Non-interest income | 5,089 | 4,574 | |||
Non-interest expense | 29,948 | 27,052 | |||
Income Taxes | 3,208 | 3,969 | |||
Net Income | $ 7,329 | $ 5,991 | |||
Earnings per diluted share | $ 0.45 | $ 0.50 | |||
IA Bancorp [Member] | |||||
Business Acquisition [Line Items] | |||||
Interest income | $ 2,195 | ||||
Interest Expense | 519 | ||||
Non-interest income | 99 | ||||
Non-interest expense | 1,385 | ||||
Income taxes | 118 | ||||
Net Income | $ 272 | ||||
Earnings per diluted share | $ 0.01 |
Pension and Other Postretirem33
Pension and Other Postretirement Plans (Narrative) (Details) - USD ($) | Sep. 13, 2017 | Sep. 16, 2016 | Dec. 02, 2015 | Mar. 07, 2014 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 26, 2018 | Apr. 28, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | ||||||||||
Granted and exercisable stock options | 183,867 | 107,700 | 183,867 | 107,700 | ||||||
Shares underlying unexercised options | 705,233 | 431,600 | 705,233 | 431,600 | ||||||
Expected future compensation expense, unexercised options | $ 1,200,000 | $ 1,000,000 | $ 1,200,000 | $ 1,000,000 | ||||||
Expected future compensation expense, weighted average period for recognition | 7 years | 6 years 9 months 18 days | ||||||||
December 2, 2015 And March 7, 2014 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Vesting period | 10 years | |||||||||
2018 Equity Incentive Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Shares authorized for issuance | 1,000,000 | |||||||||
2011 Stock Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Shares authorized for issuance | 900,000 | |||||||||
Supplemental Employee Retirement Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Normal retirement age | 65 years | |||||||||
Retirement benefit as percentage of compensation | 75.00% | 75.00% | ||||||||
Net periodic pension/postretirement cost (benefit) | $ 3,000 | 4,000 | $ 6,000 | $ 8,000 | ||||||
Pension Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic pension/postretirement cost (benefit) | $ (10,000) | $ 9,000 | $ (20,000) | $ 18,000 | ||||||
Board Of Directors And Executive Officers [Member] | 2011 Stock Plan [Member] | September 13, 2017 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | 350,000 | |||||||||
Board Of Directors And Executive Officers [Member] | 2011 Stock Plan [Member] | September 16, 2016 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | 160,000 | |||||||||
Board Of Directors And Executive Officers [Member] | Tranche 1 - 10 [Member] | 2011 Stock Plan [Member] | September 16, 2016 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Vesting percentage | 10.00% | |||||||||
Board Of Directors And Executive Officers [Member] | Tranche 1 - 3 [Member] | 2011 Stock Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Vesting percentage | 33.00% | |||||||||
Directors [Member] | 2011 Stock Plan [Member] | December 2, 2015 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | 120,000 | |||||||||
Directors [Member] | 2011 Stock Plan [Member] | March 7, 2014 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Options granted | 110,000 | |||||||||
Directors [Member] | Tranche 1 - 10 [Member] | 2011 Stock Plan [Member] | September 13, 2017 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Vesting percentage | 10.00% | |||||||||
Directors [Member] | Tranche 1 - 10 [Member] | 2011 Stock Plan [Member] | December 2, 2015 And March 7, 2014 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Vesting percentage | 10.00% | |||||||||
Executive Officers [Member] | Tranche 1 - 5 [Member] | 2011 Stock Plan [Member] | September 13, 2017 [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Vesting percentage | 20.00% |
Pension and Other Postretirem34
Pension and Other Postretirement Plans (Summary of Stock Option Activity) (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, Beginning Balance - Number of Option Shares | 889,300 | 575,000 | 575,000 | |
Options Granted - Number of Option Shares | ||||
Options Exercised - Number of Option Shares | (200) | (700) | ||
Options Forfeited - Number of Option Shares | (35,000) | |||
Options Expired - Number of Option Shares | ||||
Outstanding, Ending Balance - Number of Option Shares | 889,100 | 539,300 | 889,300 | 575,000 |
Outstanding Option Shares, Range of Exercise Prices, Lower Range Limit | $ 8.93 | $ 8.93 | $ 8.93 | $ 8.93 |
Outstanding Option Shares, Range of Exercise Prices, Upper Range Limit | 13.32 | 13.32 | 13.32 | 13.32 |
Options Exercised - Exercise Price | 10.55 | 10.55 | ||
Options Shares Forfeited - Range of Exercise Prices, Lower Range Limit | 8.93 | |||
Options Shares Forfeited - Range of Exercise Prices, Upper Range Limit | 13.32 | |||
Outstanding Option Shares, Beginning Balance - Weighted Average Exercise Price | 11.42 | 10.78 | 10.78 | |
Option Shares Exercised - Weighted Average Exercise Price | 10.55 | 0 | ||
Outstanding Option Shares, Ending Balance - Weighted Average Exercise Price | $ 10.91 | $ 10.78 | $ 11.42 | $ 10.78 |
Net Income per Common Share (Na
Net Income per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Anti-dilutive outstanding options | 636 | 1,280 | 1,012 | 5,019 |
Preferred stock, shares outstanding | 7,807 | 7,807 | ||
Series F Preferred Stock [Member] | ||||
Preferred stock, shares outstanding | 6,465 | 6,465 | ||
Preferred stock, dividend rate | 6.00% |
Net Income per Common Share (Sc
Net Income per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Income per Common Share [Abstract] | ||||
Net income available to common stockholders | $ 2,051 | $ 2,348 | $ 6,517 | $ 5,143 |
Basic earnings per share - Income available to Common stockholders | 2,051 | 2,348 | 6,517 | 5,143 |
Diluted earnings per share- Income available to Common stockholders | $ 2,051 | $ 2,348 | $ 6,517 | $ 5,143 |
Basic earnings per share- Income available to Common stockholders, Shares | 15,610 | 11,295 | 15,329 | 11,287 |
Effect of dilutive securities: Stock options: Shares | 138 | 110 | 136 | 96 |
Diluted earnings per share- Income available to Common stockholders, Shares | 15,748 | 11,405 | 15,465 | 11,383 |
Basic earnings per share - Income available to Common stockholders | $ 0.13 | $ 0.21 | $ 0.43 | $ 0.46 |
Diluted earnings per share - Income available to Common stockholders | $ 0.13 | $ 0.21 | $ 0.42 | $ 0.45 |
Debt Securities Available for37
Debt Securities Available for Sale (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Amortized Cost | $ 132,900 | $ 116,560 |
Debt securities: Gross Unrealized Gains | 57 | 47 |
Debt securities: Gross Unrealized Losses | 5,666 | 2,312 |
Debt securities: Fair Value | 127,291 | 114,295 |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Due after one year through five years, Amortized Cost | 5,210 | 3,276 |
Debt securities, Due after five years through ten years, Amortized Cost | 4,170 | 622 |
Debt securities, Due after ten years, Amortized Cost | 119,842 | 110,156 |
Debt securities, Due after one year through five years, Gross Unrealized Gains | 3 | |
Debt securities, Due after ten years, Gross Unrealized Gains | 57 | 44 |
Debt securities: Due after one year through five years, Gross Unrealized Losses | 160 | 76 |
Debt securities: Due after five years through ten years, Gross Unrealized Losses | 30 | 10 |
Debt securities: Due after ten years, Gross Unrealized Losses | 5,471 | 2,222 |
Debt securities: Due after one year through five years, Fair Value | 5,050 | 3,203 |
Debt securities: Due after five years through ten years, Fair Value | 4,140 | 612 |
Debt securities: Due after ten years, Fair Value | 114,428 | 107,978 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Due within one year, Amortized Cost | 2,506 | |
Debt securities, Due after one year through five years, Amortized Cost | 493 | |
Debt securities, Due after five years through ten years, Amortized Cost | 2,140 | |
Debt securities, Due after ten years, Amortized Cost | 1,045 | |
Debt securities: Due within one year, Gross Unrealized Losses | 4 | |
Debt securities: Due after five years through ten years, Gross Unrealized Losses | 5 | |
Debt securities: Due within one year, Fair Value | $ 2,502 | |
Debt securities: Due after one year through five years, Fair Value | 493 | |
Debt securities: Due after five years through ten years, Fair Value | 2,135 | |
Debt securities: Due after ten years, Fair Value | $ 1,045 |
Debt Securities Available For38
Debt Securities Available For Sale (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Less than 12 Months - Fair Value | $ 77,884 | $ 97,411 |
Debt Securities, More than 12 Months - Fair Value | 41,934 | 12,309 |
Debt and Equity Securities - Total Fair Value | 119,818 | 109,720 |
Debt and Equity Securities, Less than 12 Months - Unrealized Losses | 2,233 | 1,955 |
Debt and Equity Securities, More than 12 Months - Unrealized Losses | 3,433 | 357 |
Debt and Equity Securities - Total Unrealized Losses | 5,666 | 2,312 |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Less than 12 Months - Fair Value | 74,704 | 94,909 |
Debt Securities, More than 12 Months - Fair Value | 41,934 | 12,309 |
Debt and Equity Securities - Total Fair Value | 116,638 | 107,218 |
Debt and Equity Securities, Less than 12 Months - Unrealized Losses | 2,228 | 1,951 |
Debt and Equity Securities, More than 12 Months - Unrealized Losses | 3,433 | 357 |
Debt and Equity Securities - Total Unrealized Losses | 5,661 | 2,308 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Less than 12 Months - Fair Value | 3,180 | 2,502 |
Debt and Equity Securities - Total Fair Value | 3,180 | 2,502 |
Debt and Equity Securities, Less than 12 Months - Unrealized Losses | 5 | 4 |
Debt and Equity Securities - Total Unrealized Losses | $ 5 | $ 4 |
Loans Receivable and Allowanc39
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 182,527,000 | $ 182,527,000 | |||
Non-accrual loans | 10,763,000 | 10,763,000 | $ 13,036,000 | ||
Recorded Investment, Subsequent Default | $ 639,000 | $ 1,358,000 | $ 878,000 | $ 1,780,000 | |
Number of Contracts, Subsequent Default | loan | 1 | 2 | 2 | 3 | |
Transfers from non-accretable differences | $ 0 | $ 0 | $ 0 | $ 0 | |
Loss [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables | 36,000 | 36,000 | |||
Loss [Member] | Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables | 36,000 | 36,000 | |||
Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables | 33,600,000 | 33,600,000 | |||
Substandard [Member] | Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables | 33,600,000 | 33,600,000 | |||
Acquired loans with deteriorated credit [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 14,900,000 | 14,900,000 | |||
Allowance for loans acquired | 803,000 | ||||
Non-accrual loans | $ 11,600,000 | $ 11,600,000 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses (Recorded Investment in Loans Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 2,142,116 | $ 1,662,809 | $ 1,597,038 | |
Deferred loan fees, net | (1,647) | (1,757) | ||
Allowance for loan losses | (20,640) | (17,375) | ||
Total deductions from gross loans | (22,287) | (19,132) | ||
Net Loans | 2,119,829 | 1,643,677 | ||
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 249,996 | 231,765 | 218,369 | |
Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,622,881 | 1,260,730 | 1,183,577 | |
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 56,067 | 50,497 | 73,376 | |
Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 137,767 | 70,832 | 71,982 |
Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 74,507 | 47,680 | 48,362 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 898 | 1,305 | 1,372 | |
Originated loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,866,295 | 1,553,114 | 1,476,324 | |
Originated loans [Member] | Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 203,661 | 182,544 | 164,562 | |
Originated loans [Member] | Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,452,907 | 1,213,390 | 1,130,902 | |
Originated loans [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 51,599 | 50,497 | 73,376 | |
Originated loans [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 105,101 | 66,775 | 68,230 |
Originated loans [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 52,382 | 38,725 | 38,058 |
Originated loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 645 | 1,183 | 1,196 | |
Acquired loans recorded at fair value [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 258,429 | 107,551 | 118,547 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 44,933 | 47,808 | 52,382 | |
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 158,094 | 46,609 | 51,933 | |
Acquired loans recorded at fair value [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,798 | |||
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 31,680 | 4,057 | 3,752 |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 21,725 | 8,955 | 10,304 |
Acquired loans recorded at fair value [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 199 | 122 | 176 | |
Acquired loans with deteriorated credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 17,392 | 2,144 | 2,167 | |
Acquired loans with deteriorated credit [Member] | Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,402 | 1,413 | 1,425 | |
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 11,880 | 731 | 742 | |
Acquired loans with deteriorated credit [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,670 | |||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 986 | ||
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 400 | ||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 54 | |||
[1] | Includes business lines of credit. | |||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses (Accretable And Non-Accretable Discount on Loans Acquired) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||||
Accretable yield, beginning balance | ||||
Acquisition of impaired loans | 1,399 | |||
Accretable yield amortized to interest income | (208) | |||
Reclassification from non-accretable difference | ||||
Accretableyield, ending balance | $ 1,191 | 1,191 | ||
Non-accretable yield, Beginning of Period | 2,146 | $ 2,478 | 2,230 | $ 2,558 |
Additions from acquisition of IAB | 1,399 | 1,399 | ||
Accretion recorded to interest income | (292) | (80) | (376) | (160) |
Non-accretable yield, End of Period | $ 3,253 | $ 2,398 | $ 3,253 | $ 2,398 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | $ 18,337 | $ 17,526 | $ 17,375 | $ 17,209 | ||
Allowance for loan losses: Charge-offs | 5 | 338 | 385 | 538 | ||
Allowance for loan losses: Recoveries | 248 | 248 | 19 | |||
Allowance for loan losses: Provisions | 2,060 | 776 | 3,402 | 1,274 | ||
Allowance for loan losses: Ending Balance | 20,640 | 17,964 | 20,640 | 17,964 | ||
Loans receivables: Ending balance | 2,142,116 | 1,597,038 | 2,142,116 | 1,597,038 | $ 1,662,809 | |
Loans receivables: Ending balance: individually evaluated for impairment | 50,899 | 43,326 | 50,899 | 43,326 | 37,786 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 2,091,217 | 1,553,712 | 2,091,217 | 1,553,712 | 1,625,023 | |
Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 2,667 | 2,304 | 2,650 | 2,311 | ||
Allowance for loan losses: Charge-offs | 219 | 374 | 308 | |||
Allowance for loan losses: Recoveries | 86 | 86 | ||||
Allowance for loan losses: Provisions | (33) | 251 | 358 | 333 | ||
Allowance for loan losses: Ending Balance | 2,720 | 2,336 | 2,720 | 2,336 | ||
Loans receivables: Ending balance | 249,996 | 218,369 | 249,996 | 218,369 | 231,765 | |
Loans receivables: Ending balance: individually evaluated for impairment | 14,190 | 18,234 | 14,190 | 18,234 | 16,905 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 235,805 | 200,135 | 235,805 | 200,135 | 214,860 | |
Commercial and Multi-family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 11,892 | 10,862 | 11,668 | 10,634 | ||
Allowance for loan losses: Charge-offs | 119 | 190 | ||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 1,296 | 452 | 1,520 | 751 | ||
Allowance for loan losses: Ending Balance | 13,188 | 11,195 | 13,188 | 11,195 | ||
Loans receivables: Ending balance | 1,622,881 | 1,183,577 | 1,622,881 | 1,183,577 | 1,260,730 | |
Loans receivables: Ending balance: individually evaluated for impairment | 28,903 | 19,134 | 28,903 | 19,134 | 17,757 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 1,593,978 | 1,164,443 | 1,593,978 | 1,164,443 | 1,242,973 | |
Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 492 | 756 | 518 | 736 | ||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 24 | (3) | (2) | 17 | ||
Allowance for loan losses: Ending Balance | 516 | 753 | 516 | 753 | ||
Loans receivables: Ending balance | 56,067 | 73,376 | 56,067 | 73,376 | 50,497 | |
Loans receivables: Ending balance: individually evaluated for impairment | 2,670 | 2,670 | ||||
Loans receivables: Ending balance: collectively evaluated for impairment | 53,397 | 73,376 | 53,397 | 73,376 | 50,497 | |
Commercial Business [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | [1] | 2,700 | 3,117 | 2,018 | 3,079 | |
Allowance for loan losses: Charge-offs | [1] | 5 | 5 | |||
Allowance for loan losses: Recoveries | [1] | 162 | 162 | 19 | ||
Allowance for loan losses: Provisions | [1] | 583 | 112 | 1,265 | 131 | |
Allowance for loan losses: Ending Balance | [1] | 3,440 | 3,229 | 3,440 | 3,229 | |
Loans receivables: Ending balance | [1] | 137,767 | 71,982 | 137,767 | 71,982 | 70,832 |
Loans receivables: Ending balance: individually evaluated for impairment | [1] | 3,212 | 4,180 | 3,212 | 4,180 | 1,780 |
Loans receivables: Ending balance: collectively evaluated for impairment | [1] | 134,555 | 67,802 | 134,555 | 67,802 | 69,052 |
Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | [2] | 384 | 335 | 338 | 378 | |
Allowance for loan losses: Charge-offs | [2] | 6 | 34 | |||
Allowance for loan losses: Recoveries | [2] | |||||
Allowance for loan losses: Provisions | [2] | 63 | 12 | 115 | 3 | |
Allowance for loan losses: Ending Balance | [2] | 447 | 347 | 447 | 347 | |
Loans receivables: Ending balance | [2] | 74,507 | 48,362 | 74,507 | 48,362 | 47,680 |
Loans receivables: Ending balance: individually evaluated for impairment | [2] | 1,828 | 1,778 | 1,828 | 1,778 | 1,344 |
Loans receivables: Ending balance: collectively evaluated for impairment | [2] | 72,679 | 46,584 | 72,679 | 46,584 | 46,336 |
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 4 | 2 | 6 | 2 | ||
Allowance for loan losses: Charge-offs | 6 | |||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 37 | 3 | 35 | 9 | ||
Allowance for loan losses: Ending Balance | 41 | 5 | 41 | 5 | ||
Loans receivables: Ending balance | 898 | 1,372 | 898 | 1,372 | 1,305 | |
Loans receivables: Ending balance: individually evaluated for impairment | 96 | 96 | ||||
Loans receivables: Ending balance: collectively evaluated for impairment | 802 | 1,372 | 802 | 1,372 | 1,305 | |
Unallocated [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 198 | 150 | 177 | 69 | ||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 90 | (51) | 111 | 30 | ||
Allowance for loan losses: Ending Balance | 288 | 99 | 288 | 99 | ||
Loans receivables: Ending balance | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | ||||||
Originated loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 17,879 | 17,361 | 17,081 | 16,979 | ||
Allowance for loan losses: Charge-offs | 5 | 119 | 307 | 196 | ||
Allowance for loan losses: Recoveries | 7 | 7 | ||||
Allowance for loan losses: Provisions | 2,144 | 465 | 3,244 | 924 | ||
Allowance for loan losses: Ending Balance | 20,025 | 17,707 | 20,025 | 17,707 | ||
Loans receivables: Ending balance | 1,866,295 | 1,476,324 | 1,866,295 | 1,476,324 | 1,553,114 | |
Loans receivables: Ending balance: individually evaluated for impairment | 22,470 | 27,094 | 22,470 | 27,094 | 22,978 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 1,843,825 | 1,449,230 | 1,843,825 | 1,449,230 | 1,530,136 | |
Originated loans [Member] | Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 2,245 | 2,151 | 2,368 | 2,098 | ||
Allowance for loan losses: Charge-offs | 302 | |||||
Allowance for loan losses: Recoveries | 1 | 1 | ||||
Allowance for loan losses: Provisions | 3 | (59) | 182 | (6) | ||
Allowance for loan losses: Ending Balance | 2,249 | 2,092 | 2,249 | 2,092 | ||
Loans receivables: Ending balance | 203,661 | 164,562 | 203,661 | 164,562 | 182,544 | |
Loans receivables: Ending balance: individually evaluated for impairment | 6,255 | 9,038 | 6,255 | 9,038 | 7,944 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 197,406 | 155,524 | 197,406 | 155,524 | 174,600 | |
Originated loans [Member] | Commercial and Multi-family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 11,880 | 10,850 | 11,656 | 10,621 | ||
Allowance for loan losses: Charge-offs | 119 | 190 | ||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 1,204 | 451 | 1,428 | 751 | ||
Allowance for loan losses: Ending Balance | 13,084 | 11,182 | 13,084 | 11,182 | ||
Loans receivables: Ending balance | 1,452,907 | 1,130,902 | 1,452,907 | 1,130,902 | 1,213,390 | |
Loans receivables: Ending balance: individually evaluated for impairment | 12,848 | 12,783 | 12,848 | 12,783 | 12,212 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 1,440,059 | 1,118,119 | 1,440,059 | 1,118,119 | 1,201,178 | |
Originated loans [Member] | Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 492 | 756 | 518 | 736 | ||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 24 | (3) | (2) | 17 | ||
Allowance for loan losses: Ending Balance | 516 | 753 | 516 | 753 | ||
Loans receivables: Ending balance | 51,599 | 73,376 | 51,599 | 73,376 | 50,497 | |
Loans receivables: Ending balance: individually evaluated for impairment | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 51,599 | 73,376 | 51,599 | 73,376 | 50,497 | |
Originated loans [Member] | Commercial Business [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | [1] | 2,676 | 3,117 | 2,018 | 3,079 | |
Allowance for loan losses: Charge-offs | [1] | 5 | 5 | |||
Allowance for loan losses: Recoveries | [1] | 6 | 6 | |||
Allowance for loan losses: Provisions | [1] | 723 | 112 | 1,381 | 150 | |
Allowance for loan losses: Ending Balance | [1] | 3,400 | 3,229 | 3,400 | 3,229 | |
Loans receivables: Ending balance | [1] | 105,101 | 68,230 | 105,101 | 68,230 | 66,775 |
Loans receivables: Ending balance: individually evaluated for impairment | [1] | 2,226 | 4,180 | 2,226 | 4,180 | 1,780 |
Loans receivables: Ending balance: collectively evaluated for impairment | [1] | 102,875 | 64,050 | 102,875 | 64,050 | 64,995 |
Originated loans [Member] | Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | [2] | 384 | 335 | 338 | 374 | |
Allowance for loan losses: Charge-offs | [2] | |||||
Allowance for loan losses: Recoveries | [2] | |||||
Allowance for loan losses: Provisions | [2] | 63 | 12 | 109 | (27) | |
Allowance for loan losses: Ending Balance | [2] | 447 | 347 | 447 | 347 | |
Loans receivables: Ending balance | [2] | 52,382 | 38,058 | 52,382 | 38,058 | 38,725 |
Loans receivables: Ending balance: individually evaluated for impairment | [2] | 1,099 | 1,093 | 1,099 | 1,093 | 1,042 |
Loans receivables: Ending balance: collectively evaluated for impairment | [2] | 51,283 | 36,965 | 51,283 | 36,965 | 37,683 |
Originated loans [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 4 | 2 | 6 | 2 | ||
Allowance for loan losses: Charge-offs | 6 | |||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 37 | 3 | 35 | 9 | ||
Allowance for loan losses: Ending Balance | 41 | 5 | 41 | 5 | ||
Loans receivables: Ending balance | 645 | 1,196 | 645 | 1,196 | 1,183 | |
Loans receivables: Ending balance: individually evaluated for impairment | 42 | 42 | ||||
Loans receivables: Ending balance: collectively evaluated for impairment | 603 | 1,196 | 603 | 1,196 | 1,183 | |
Originated loans [Member] | Unallocated [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 198 | 150 | 177 | 69 | ||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 90 | (51) | 111 | 30 | ||
Allowance for loan losses: Ending Balance | 288 | 99 | 288 | 99 | ||
Loans receivables: Ending balance | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | ||||||
Acquired loans recorded at fair value [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 393 | 112 | 242 | 174 | ||
Allowance for loan losses: Charge-offs | 219 | 78 | 342 | |||
Allowance for loan losses: Recoveries | 97 | 97 | ||||
Allowance for loan losses: Provisions | 60 | 310 | 289 | 371 | ||
Allowance for loan losses: Ending Balance | 550 | 203 | 550 | 203 | ||
Loans receivables: Ending balance | 258,429 | 118,547 | 258,429 | 118,547 | 107,551 | |
Loans receivables: Ending balance: individually evaluated for impairment | 11,247 | 14,288 | 11,247 | 14,288 | 12,882 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 247,182 | 104,259 | 247,182 | 104,259 | 94,669 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 369 | 112 | 242 | 170 | ||
Allowance for loan losses: Charge-offs | 219 | 72 | 308 | |||
Allowance for loan losses: Recoveries | 85 | 85 | ||||
Allowance for loan losses: Provisions | (36) | 310 | 163 | 341 | ||
Allowance for loan losses: Ending Balance | 418 | 203 | 418 | 203 | ||
Loans receivables: Ending balance | 44,933 | 52,382 | 44,933 | 52,382 | 47,808 | |
Loans receivables: Ending balance: individually evaluated for impairment | 6,534 | 7,771 | 6,534 | 7,771 | 7,548 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 38,399 | 44,611 | 38,399 | 44,611 | 40,260 | |
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 | ||||||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 92 | 92 | ||||
Allowance for loan losses: Ending Balance | 92 | 92 | ||||
Loans receivables: Ending balance | 158,094 | 51,933 | 158,094 | 51,933 | 46,609 | |
Loans receivables: Ending balance: individually evaluated for impairment | 4,384 | 5,832 | 4,384 | 5,832 | 5,032 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 153,710 | 46,101 | 153,710 | 46,101 | 41,577 | |
Acquired loans recorded at fair value [Member] | Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | ||||||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | ||||||
Allowance for loan losses: Ending Balance | ||||||
Loans receivables: Ending balance | 1,798 | 1,798 | ||||
Loans receivables: Ending balance: individually evaluated for impairment | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,798 | 1,798 | ||||
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] | 24 | ||||
Allowance for loan losses: Charge-offs | [1] | |||||
Allowance for loan losses: Recoveries | [1] | 12 | 12 | |||
Allowance for loan losses: Provisions | [1] | 4 | 28 | |||
Allowance for loan losses: Ending Balance | [1] | 40 | 40 | |||
Loans receivables: Ending balance | [1] | 31,680 | 3,752 | 31,680 | 3,752 | 4,057 |
Loans receivables: Ending balance: individually evaluated for impairment | [1] | |||||
Loans receivables: Ending balance: collectively evaluated for impairment | [1] | 31,680 | 3,752 | 31,680 | 3,752 | 4,057 |
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] | 4 | ||||
Allowance for loan losses: Charge-offs | [2] | 6 | 34 | |||
Allowance for loan losses: Recoveries | [2] | |||||
Allowance for loan losses: Provisions | [2] | 6 | 30 | |||
Allowance for loan losses: Ending Balance | [2] | |||||
Loans receivables: Ending balance | [2] | 21,725 | 10,304 | 21,725 | 10,304 | 8,955 |
Loans receivables: Ending balance: individually evaluated for impairment | [2] | 329 | 685 | 329 | 685 | 302 |
Loans receivables: Ending balance: collectively evaluated for impairment | [2] | 21,396 | 9,619 | 21,396 | 9,619 | 8,653 |
Acquired loans recorded at fair value [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | ||||||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | ||||||
Allowance for loan losses: Ending Balance | ||||||
Loans receivables: Ending balance | 199 | 176 | 199 | 176 | 122 | |
Loans receivables: Ending balance: individually evaluated for impairment | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | 199 | 176 | 199 | 176 | 122 | |
Acquired loans recorded at fair value [Member] | Unallocated [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | ||||||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | ||||||
Allowance for loan losses: Ending Balance | ||||||
Loans receivables: Ending balance | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | ||||||
Acquired loans with deteriorated credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 65 | 53 | 52 | 56 | ||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | 144 | 144 | 19 | |||
Allowance for loan losses: Provisions | (144) | 1 | (131) | (21) | ||
Allowance for loan losses: Ending Balance | 65 | 54 | 65 | 54 | ||
Loans receivables: Ending balance | 17,392 | 2,167 | 17,392 | 2,167 | 2,144 | |
Loans receivables: Ending balance: individually evaluated for impairment | 17,182 | 1,944 | 17,182 | 1,944 | 1,926 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 210 | 223 | 210 | 223 | 218 | |
Acquired loans with deteriorated credit [Member] | Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | 53 | 41 | 40 | 43 | ||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 13 | (2) | ||||
Allowance for loan losses: Ending Balance | 53 | 41 | 53 | 41 | ||
Loans receivables: Ending balance | 1,402 | 1,425 | 1,402 | 1,425 | 1,413 | |
Loans receivables: Ending balance: individually evaluated for impairment | 1,401 | 1,425 | 1,401 | 1,425 | 1,413 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 1 | 1 | ||||
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 | 12 | 12 | 12 | 13 | ||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | 1 | |||||
Allowance for loan losses: Ending Balance | 12 | 13 | 12 | 13 | ||
Loans receivables: Ending balance | 11,880 | 742 | 11,880 | 742 | 731 | |
Loans receivables: Ending balance: individually evaluated for impairment | 11,671 | 519 | 11,671 | 519 | 513 | |
Loans receivables: Ending balance: collectively evaluated for impairment | 209 | 223 | 209 | 223 | 218 | |
Acquired loans with deteriorated credit [Member] | Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | ||||||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | ||||||
Allowance for loan losses: Ending Balance | ||||||
Loans receivables: Ending balance | 2,670 | 2,670 | ||||
Loans receivables: Ending balance: individually evaluated for impairment | 2,670 | 2,670 | ||||
Loans receivables: Ending balance: collectively evaluated for impairment | ||||||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | [1] | |||||
Allowance for loan losses: Charge-offs | [1] | |||||
Allowance for loan losses: Recoveries | [1] | 144 | 144 | 19 | ||
Allowance for loan losses: Provisions | [1] | (144) | (144) | (19) | ||
Allowance for loan losses: Ending Balance | [1] | |||||
Loans receivables: Ending balance | [1] | 986 | 986 | |||
Loans receivables: Ending balance: individually evaluated for impairment | [1] | 986 | 986 | |||
Loans receivables: Ending balance: collectively evaluated for impairment | [1] | |||||
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | [2] | |||||
Allowance for loan losses: Charge-offs | [2] | |||||
Allowance for loan losses: Recoveries | [2] | |||||
Allowance for loan losses: Provisions | [2] | |||||
Allowance for loan losses: Ending Balance | [2] | |||||
Loans receivables: Ending balance | [2] | 400 | 400 | |||
Loans receivables: Ending balance: individually evaluated for impairment | [2] | 400 | 400 | |||
Loans receivables: Ending balance: collectively evaluated for impairment | [2] | |||||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | ||||||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | ||||||
Allowance for loan losses: Ending Balance | ||||||
Loans receivables: Ending balance | 54 | 54 | ||||
Loans receivables: Ending balance: individually evaluated for impairment | 54 | 54 | ||||
Loans receivables: Ending balance: collectively evaluated for impairment | ||||||
Acquired loans with deteriorated credit [Member] | Unallocated [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses: Beginning Balance | ||||||
Allowance for loan losses: Charge-offs | ||||||
Allowance for loan losses: Recoveries | ||||||
Allowance for loan losses: Provisions | ||||||
Allowance for loan losses: Ending Balance | ||||||
Loans receivables: Ending balance | ||||||
Loans receivables: Ending balance: individually evaluated for impairment | ||||||
Loans receivables: Ending balance: collectively evaluated for impairment | ||||||
[1] | Includes business lines of credit. | |||||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses (Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | $ 10,763 | $ 13,036 | |
Loans Receivable >90 Days and Accruing | 1,093 | 315 | |
Originated loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 7,660 | 9,807 | |
Loans Receivable >90 Days and Accruing | 846 | ||
Originated loans [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 1,480 | 2,545 | |
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Commercial and Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 5,578 | 6,762 | |
Loans Receivable >90 Days and Accruing | 125 | ||
Originated loans [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | [1] | 163 | 299 |
Loans Receivable >90 Days and Accruing | [1] | 599 | |
Originated loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | [2] | 397 | 201 |
Loans Receivable >90 Days and Accruing | [2] | 122 | |
Originated loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 42 | ||
Loans Receivable >90 Days and Accruing | |||
Acquired loans recorded at fair value [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 3,103 | 3,229 | |
Loans Receivable >90 Days and Accruing | 247 | 315 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 2,474 | 2,372 | |
Loans Receivable >90 Days and Accruing | 315 | ||
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 590 | 850 | |
Loans Receivable >90 Days and Accruing | |||
Acquired loans recorded at fair value [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | 247 | ||
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | [1] | ||
Acquired loans recorded at fair value [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 39 | 7 | |
Loans Receivable >90 Days and Accruing | [2] | ||
Acquired loans recorded at fair value [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | |||
Acquired loans with deteriorated credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-accrual loans | 11,600 | ||
Loans Receivable >90 Days and Accruing | |||
Acquired loans with deteriorated credit [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | |||
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 | |||
Acquired loans with deteriorated credit [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | |||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | [1] | ||
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | [2] | ||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable >90 Days and Accruing | |||
[1] | Includes business lines of credit. | ||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | $ 32,104 | $ 29,593 | $ 29,861 | $ 29,986 | ||
Average Recorded Investment - With an allowance recorded | 11,450 | 14,990 | 11,765 | 14,389 | ||
Interest Income Recognized - With no related allowance recorded | 715 | 233 | 1,435 | 466 | ||
Interest Income Recognized - With an allowance recorded | 108 | 135 | 216 | 267 | ||
Recorded Investment - With no related allowance recorded | 40,004 | 40,004 | $ 25,384 | |||
Recorded Investment - With an allowance recorded | 10,895 | 10,895 | 12,402 | |||
Recorded Investment - Total | 50,899 | 50,899 | 37,786 | |||
Unpaid Principal Balance - With no related allowance recorded | 60,229 | 60,229 | 27,733 | |||
Unpaid Principal Balance - With an allowance recorded | 11,486 | 11,486 | 13,438 | |||
Unpaid Principal Balance - Total | 71,715 | 71,715 | 41,171 | |||
Related Allowance | 2,038 | 2,038 | 2,033 | |||
Originated loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 15,654 | 17,582 | 15,551 | 17,625 | ||
Average Recorded Investment - With an allowance recorded | 6,508 | 10,576 | 6,880 | 10,139 | ||
Interest Income Recognized - With no related allowance recorded | 143 | 107 | 289 | 213 | ||
Interest Income Recognized - With an allowance recorded | 69 | 96 | 138 | 189 | ||
Recorded Investment - With no related allowance recorded | 16,345 | 16,345 | 15,351 | |||
Recorded Investment - With an allowance recorded | 6,125 | 6,125 | 7,627 | |||
Unpaid Principal Balance - With no related allowance recorded | 19,784 | 19,784 | 16,839 | |||
Unpaid Principal Balance - With an allowance recorded | 6,464 | 6,464 | 8,459 | |||
Related Allowance | 1,263 | 1,263 | 1,566 | |||
Originated loans [Member] | Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 1,912 | 3,640 | 1,965 | 4,299 | ||
Average Recorded Investment - With an allowance recorded | 4,752 | 6,026 | 5,125 | 5,546 | ||
Interest Income Recognized - With no related allowance recorded | 7 | 24 | 15 | 49 | ||
Interest Income Recognized - With an allowance recorded | 47 | 48 | 95 | 96 | ||
Recorded Investment - With no related allowance recorded | 1,934 | 1,934 | 2,073 | |||
Recorded Investment - With an allowance recorded | 4,321 | 4,321 | 5,871 | |||
Unpaid Principal Balance - With no related allowance recorded | 1,975 | 1,975 | 2,236 | |||
Unpaid Principal Balance - With an allowance recorded | 4,321 | 4,321 | 5,871 | |||
Related Allowance | 252 | 252 | 508 | |||
Originated loans [Member] | Commercial and Multi-family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 11,973 | 12,365 | 12,052 | 11,287 | ||
Average Recorded Investment - With an allowance recorded | 485 | 839 | 323 | 1,267 | ||
Interest Income Recognized - With no related allowance recorded | 86 | 63 | 172 | 125 | ||
Interest Income Recognized - With an allowance recorded | 10 | 19 | ||||
Recorded Investment - With no related allowance recorded | 12,363 | 12,363 | 12,212 | |||
Recorded Investment - With an allowance recorded | 485 | 485 | ||||
Unpaid Principal Balance - With no related allowance recorded | 12,819 | 12,819 | 12,763 | |||
Unpaid Principal Balance - With an allowance recorded | 526 | 526 | ||||
Related Allowance | 112 | 112 | ||||
Originated loans [Member] | Commercial Business [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | [1] | 712 | 622 | 1,095 | ||
Average Recorded Investment - With an allowance recorded | [1] | 1,094 | 3,427 | 1,262 | 3,039 | |
Interest Income Recognized - With no related allowance recorded | [1] | 43 | 11 | 87 | 21 | |
Interest Income Recognized - With an allowance recorded | [1] | 20 | 35 | 40 | 69 | |
Recorded Investment - With no related allowance recorded | [1] | 1,104 | 1,104 | 181 | ||
Recorded Investment - With an allowance recorded | [1] | 1,122 | 1,122 | 1,599 | ||
Unpaid Principal Balance - With no related allowance recorded | [1] | 3,991 | 3,991 | 908 | ||
Unpaid Principal Balance - With an allowance recorded | [1] | 1,420 | 1,420 | 2,431 | ||
Related Allowance | [1] | 834 | 834 | 1,033 | ||
Originated loans [Member] | Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | [2] | 843 | 865 | 912 | 941 | |
Average Recorded Investment - With an allowance recorded | [2] | 156 | 284 | 156 | 287 | |
Interest Income Recognized - With no related allowance recorded | [2] | 7 | 9 | 15 | 18 | |
Interest Income Recognized - With an allowance recorded | [2] | 2 | 3 | 3 | 5 | |
Recorded Investment - With no related allowance recorded | [2] | 944 | 944 | 885 | ||
Recorded Investment - With an allowance recorded | [2] | 155 | 155 | 157 | ||
Unpaid Principal Balance - With no related allowance recorded | [2] | 999 | 999 | 932 | ||
Unpaid Principal Balance - With an allowance recorded | [2] | 155 | 155 | 157 | ||
Related Allowance | [2] | 23 | 23 | 25 | ||
Originated loans [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 926 | 3 | ||||
Average Recorded Investment - With an allowance recorded | 21 | 14 | ||||
Recorded Investment - With an allowance recorded | 42 | 42 | ||||
Unpaid Principal Balance - With an allowance recorded | 42 | 42 | ||||
Related Allowance | 42 | 42 | ||||
Acquired loans recorded at fair value [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 7,269 | 10,061 | 7,548 | 10,406 | ||
Average Recorded Investment - With an allowance recorded | 4,572 | 4,414 | 4,639 | 4,250 | ||
Interest Income Recognized - With no related allowance recorded | 80 | 97 | 162 | 195 | ||
Interest Income Recognized - With an allowance recorded | 34 | 39 | 68 | 78 | ||
Recorded Investment - With no related allowance recorded | 6,846 | 6,846 | 8,107 | |||
Recorded Investment - With an allowance recorded | 4,401 | 4,401 | 4,775 | |||
Unpaid Principal Balance - With no related allowance recorded | 7,010 | 7,010 | 8,326 | |||
Unpaid Principal Balance - With an allowance recorded | 4,605 | 4,605 | 4,979 | |||
Related Allowance | 762 | 762 | 467 | |||
Acquired loans recorded at fair value [Member] | Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 3,385 | 5,306 | 3,630 | 4,998 | ||
Average Recorded Investment - With an allowance recorded | 3,564 | 2,590 | 3,519 | 2,688 | ||
Interest Income Recognized - With no related allowance recorded | 23 | 35 | 46 | 71 | ||
Interest Income Recognized - With an allowance recorded | 28 | 21 | 56 | 43 | ||
Recorded Investment - With no related allowance recorded | 3,138 | 3,138 | 4,119 | |||
Recorded Investment - With an allowance recorded | 3,396 | 3,396 | 3,429 | |||
Unpaid Principal Balance - With no related allowance recorded | 3,302 | 3,302 | 4,285 | |||
Unpaid Principal Balance - With an allowance recorded | 3,547 | 3,547 | 3,580 | |||
Related Allowance | 463 | 463 | 281 | |||
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 | 3,639 | 4,127 | 3,683 | 4,845 | ||
Average Recorded Investment - With an allowance recorded | 923 | 1,718 | 1,035 | 1,249 | ||
Interest Income Recognized - With no related allowance recorded | 54 | 56 | 109 | 112 | ||
Interest Income Recognized - With an allowance recorded | 5 | 16 | 9 | 32 | ||
Recorded Investment - With no related allowance recorded | 3,464 | 3,464 | 3,772 | |||
Recorded Investment - With an allowance recorded | 920 | 920 | 1,260 | |||
Unpaid Principal Balance - With no related allowance recorded | 3,464 | 3,464 | 3,773 | |||
Unpaid Principal Balance - With an allowance recorded | 973 | 973 | 1,313 | |||
Related Allowance | 293 | 293 | 179 | |||
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] | 245 | 628 | 235 | 563 | |
Average Recorded Investment - With an allowance recorded | [2] | 85 | 106 | 85 | 313 | |
Interest Income Recognized - With no related allowance recorded | [2] | 3 | 7 | 12 | ||
Interest Income Recognized - With an allowance recorded | [2] | 1 | 2 | 3 | 3 | |
Recorded Investment - With no related allowance recorded | [2] | 244 | 244 | 216 | ||
Recorded Investment - With an allowance recorded | [2] | 85 | 85 | 86 | ||
Unpaid Principal Balance - With no related allowance recorded | [2] | 244 | 244 | 268 | ||
Unpaid Principal Balance - With an allowance recorded | [2] | 85 | 85 | 86 | ||
Related Allowance | [2] | 6 | 6 | 7 | ||
Acquired loans recorded at fair value [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Income Recognized - With no related allowance recorded | 6 | |||||
Acquired loans with deteriorated credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 9,181 | 1,950 | 6,762 | 1,955 | ||
Average Recorded Investment - With an allowance recorded | 370 | 246 | ||||
Interest Income Recognized - With no related allowance recorded | 492 | 29 | 984 | 58 | ||
Interest Income Recognized - With an allowance recorded | 5 | 10 | ||||
Recorded Investment - With no related allowance recorded | 16,813 | 16,813 | 1,926 | |||
Recorded Investment - With an allowance recorded | 369 | 369 | ||||
Unpaid Principal Balance - With no related allowance recorded | 33,435 | 33,435 | 2,568 | |||
Unpaid Principal Balance - With an allowance recorded | 417 | 417 | ||||
Related Allowance | 13 | 13 | ||||
Acquired loans with deteriorated credit [Member] | Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 1,035 | 1,430 | 1,161 | 1,434 | ||
Average Recorded Investment - With an allowance recorded | 370 | 246 | ||||
Interest Income Recognized - With no related allowance recorded | 16 | 22 | 33 | 44 | ||
Interest Income Recognized - With an allowance recorded | 5 | 10 | ||||
Recorded Investment - With no related allowance recorded | 1,032 | 1,032 | 1,413 | |||
Recorded Investment - With an allowance recorded | 369 | 369 | ||||
Unpaid Principal Balance - With no related allowance recorded | 1,595 | 1,595 | 2,031 | |||
Unpaid Principal Balance - With an allowance recorded | 417 | 417 | ||||
Related Allowance | 13 | 13 | ||||
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 | 6,091 | 520 | 4,231 | 521 | ||
Interest Income Recognized - With no related allowance recorded | 122 | $ 7 | 244 | $ 14 | ||
Recorded Investment - With no related allowance recorded | 11,671 | 11,671 | 513 | |||
Unpaid Principal Balance - With no related allowance recorded | 12,145 | 12,145 | $ 537 | |||
Acquired loans with deteriorated credit [Member] | Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 1,335 | 890 | ||||
Interest Income Recognized - With no related allowance recorded | 213 | 426 | ||||
Recorded Investment - With no related allowance recorded | 2,670 | 2,670 | ||||
Unpaid Principal Balance - With no related allowance recorded | 11,886 | 11,886 | ||||
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] | 493 | 329 | |||
Interest Income Recognized - With no related allowance recorded | [1] | 135 | 270 | |||
Recorded Investment - With no related allowance recorded | [1] | 986 | 986 | |||
Unpaid Principal Balance - With no related allowance recorded | [1] | 7,355 | 7,355 | |||
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] | 200 | 133 | |||
Interest Income Recognized - With no related allowance recorded | [2] | 5 | 10 | |||
Recorded Investment - With no related allowance recorded | [2] | 400 | 400 | |||
Unpaid Principal Balance - With no related allowance recorded | [2] | 400 | 400 | |||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Average Recorded Investment - With no related allowance recorded | 27 | 18 | ||||
Interest Income Recognized - With no related allowance recorded | 1 | 1 | ||||
Recorded Investment - With no related allowance recorded | 54 | 54 | ||||
Unpaid Principal Balance - With no related allowance recorded | $ 54 | $ 54 | ||||
[1] | Includes business lines of credit. | |||||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Amount | $ 28,228 | $ 28,228 | $ 28,466 | ||
Number of Contracts | loan | 0 | 4 | 2 | 9 | |
Pre-Modification Outstanding Recorded Investments | $ 3,571 | $ 819 | $ 6,726 | ||
Post-Modification Outstanding Recorded Investments | $ 3,770 | 819 | $ 7,187 | ||
Accrual [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Amount | $ 20,693 | 20,693 | 20,058 | ||
Non-Accrual [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Amount | $ 7,535 | $ 7,535 | $ 8,408 | ||
Originated loans [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | loan | 1 | 1 | 5 | ||
Pre-Modification Outstanding Recorded Investments | $ 2,804 | $ 640 | $ 5,886 | ||
Post-Modification Outstanding Recorded Investments | $ 2,851 | $ 640 | $ 6,164 | ||
Originated loans [Member] | Residential [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | loan | 1 | 2 | |||
Pre-Modification Outstanding Recorded Investments | $ 640 | $ 1,445 | |||
Post-Modification Outstanding Recorded Investments | $ 640 | $ 1,556 | |||
Originated loans [Member] | Commercial and Multi-family [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | loan | 1 | 3 | |||
Pre-Modification Outstanding Recorded Investments | $ 2,804 | $ 4,441 | |||
Post-Modification Outstanding Recorded Investments | $ 2,851 | $ 4,608 | |||
Acquired loans recorded at fair value [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | loan | 3 | 1 | 4 | ||
Pre-Modification Outstanding Recorded Investments | $ 767 | $ 179 | $ 840 | ||
Post-Modification Outstanding Recorded Investments | $ 919 | $ 179 | $ 1,023 | ||
Acquired loans recorded at fair value [Member] | Residential [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Contracts | loan | 3 | 1 | 4 | ||
Pre-Modification Outstanding Recorded Investments | $ 767 | $ 179 | $ 840 | ||
Post-Modification Outstanding Recorded Investments | $ 919 | $ 179 | $ 1,023 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 44,108 | $ 39,316 | |
Current | 2,098,008 | 1,623,493 | |
Total Loans Receivable | 2,142,116 | 1,662,809 | |
30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 21,262 | 30,252 | |
60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6,065 | 4,049 | |
Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 16,781 | 5,015 | |
Originated loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 14,760 | 33,504 | |
Current | 1,851,535 | 1,519,610 | |
Total Loans Receivable | 1,866,295 | 1,553,114 | |
Originated loans [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 9,137 | 27,738 | |
Originated loans [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,048 | 3,346 | |
Originated loans [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,575 | 2,420 | |
Originated loans [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,272 | 5,235 | |
Current | 200,389 | 177,309 | |
Total Loans Receivable | 203,661 | 182,544 | |
Originated loans [Member] | Residential [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,649 | 1,358 | |
Originated loans [Member] | Residential [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 406 | 1,604 | |
Originated loans [Member] | Residential [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,217 | 2,273 | |
Originated loans [Member] | Commercial and Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 9,805 | 21,097 | |
Current | 1,443,102 | 1,192,293 | |
Total Loans Receivable | 1,452,907 | 1,213,390 | |
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 | 6,980 | 20,210 | |
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 | 1,531 | 887 | |
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 | 1,294 | ||
Originated loans [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,687 | ||
Current | 51,599 | 44,810 | |
Total Loans Receivable | 51,599 | 50,497 | |
Originated loans [Member] | Construction [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,687 | ||
Originated loans [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 954 | 904 |
Current | [1] | 104,147 | 65,871 |
Total Loans Receivable | [1] | 105,101 | 66,775 |
Originated loans [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 192 | 161 |
Originated loans [Member] | Commercial Business [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 66 | 640 |
Originated loans [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 696 | 103 |
Originated loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 683 | 573 |
Current | [2] | 51,699 | 38,152 |
Total Loans Receivable | [2] | 52,382 | 38,725 |
Originated loans [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 313 | 314 |
Originated loans [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 44 | 215 |
Originated loans [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 326 | 44 |
Originated loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 46 | 8 | |
Current | 599 | 1,175 | |
Total Loans Receivable | 645 | 1,183 | |
Originated loans [Member] | Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3 | 8 | |
Originated loans [Member] | Consumer [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1 | ||
Originated loans [Member] | Consumer [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 42 | ||
Acquired loans recorded at fair value [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 17,421 | 5,812 | |
Current | 241,008 | 101,739 | |
Total Loans Receivable | 258,429 | 107,551 | |
Acquired loans recorded at fair value [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 11,765 | 2,514 | |
Acquired loans recorded at fair value [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,997 | 703 | |
Acquired loans recorded at fair value [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,659 | 2,595 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,382 | 2,760 | |
Current | 42,551 | 45,048 | |
Total Loans Receivable | 44,933 | 47,808 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 315 | 643 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 284 | 379 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,783 | 1,738 | |
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 9,031 | 2,389 | |
Current | 149,063 | 44,220 | |
Total Loans Receivable | 158,094 | 46,609 | |
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 | 5,877 | 1,539 | |
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 | 2,564 | ||
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 | 590 | 850 | |
Acquired loans recorded at fair value [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 643 | ||
Current | 1,155 | ||
Total Loans Receivable | 1,798 | ||
Acquired loans recorded at fair value [Member] | Construction [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 643 | ||
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 4,724 | 92 |
Current | [1] | 26,956 | 3,965 |
Total Loans Receivable | [1] | 31,680 | 4,057 |
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] | 4,456 | 92 |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 21 | |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [1] | 247 | |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | [2] | 641 | 571 |
Current | [2] | 21,084 | 8,384 |
Total Loans Receivable | [2] | 21,725 | 8,955 |
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] | 474 | 240 |
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] | 128 | 324 |
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] | 39 | 7 |
Acquired loans recorded at fair value [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 199 | 122 | |
Total Loans Receivable | 199 | 122 | |
Acquired loans with deteriorated credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 11,927 | ||
Current | 5,465 | 2,144 | |
Total Loans Receivable | 17,392 | 2,144 | |
Acquired loans with deteriorated credit [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 360 | ||
Acquired loans with deteriorated credit [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,020 | ||
Acquired loans with deteriorated credit [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 10,547 | ||
Acquired loans with deteriorated credit [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 170 | ||
Current | 1,232 | 1,413 | |
Total Loans Receivable | 1,402 | 1,413 | |
Acquired loans with deteriorated credit [Member] | Residential [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 55 | ||
Acquired loans with deteriorated credit [Member] | Residential [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 115 | ||
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 9,896 | ||
Current | 1,984 | 731 | |
Total Loans Receivable | 11,880 | $ 731 | |
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 | 360 | ||
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 145 | ||
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 | 9,391 | ||
Acquired loans with deteriorated credit [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,807 | ||
Current | 863 | ||
Total Loans Receivable | 2,670 | ||
Acquired loans with deteriorated credit [Member] | Construction [Member] | 60 to 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 820 | ||
Acquired loans with deteriorated credit [Member] | Construction [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 987 | ||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | [1] | 986 | |
Total Loans Receivable | [1] | 986 | |
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | [2] | 400 | |
Total Loans Receivable | [2] | 400 | |
Acquired loans with deteriorated credit [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 54 | ||
Total Loans Receivable | 54 | ||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 54 | ||
[1] | Includes business lines of credit. | ||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses (Loan Portfolio By Pass Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 2,142,116 | $ 1,662,809 | $ 1,597,038 | |
Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,097,497 | 1,629,038 | ||
Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 11,014 | 12,041 | ||
Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 33,569 | 21,681 | ||
Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 36 | 49 | ||
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 249,996 | 231,765 | 218,369 | |
Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,622,881 | 1,260,730 | 1,183,577 | |
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 56,067 | 50,497 | 73,376 | |
Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 137,767 | 70,832 | 71,982 |
Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 74,507 | 47,680 | 48,362 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 898 | 1,305 | 1,372 | |
Originated loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,866,295 | 1,553,114 | 1,476,324 | |
Originated loans [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,841,925 | 1,527,551 | ||
Originated loans [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 8,952 | 10,054 | ||
Originated loans [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 15,382 | 15,467 | ||
Originated loans [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 36 | 42 | ||
Originated loans [Member] | Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 203,661 | 182,544 | 164,562 | |
Originated loans [Member] | Residential [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 198,623 | 174,985 | ||
Originated loans [Member] | Residential [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,919 | 5,014 | ||
Originated loans [Member] | Residential [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,119 | 2,545 | ||
Originated loans [Member] | Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,452,907 | 1,213,390 | 1,130,902 | |
Originated loans [Member] | Commercial and Multi-family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,438,487 | 1,199,786 | ||
Originated loans [Member] | Commercial and Multi-family [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 3,838 | 2,676 | ||
Originated loans [Member] | Commercial and Multi-family [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 10,582 | 10,928 | ||
Originated loans [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 51,599 | 50,497 | 73,376 | |
Originated loans [Member] | Construction [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 51,599 | 50,262 | ||
Originated loans [Member] | Construction [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 235 | |||
Originated loans [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 105,101 | 66,775 | 68,230 |
Originated loans [Member] | Commercial Business [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 101,090 | 63,323 | |
Originated loans [Member] | Commercial Business [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 1,786 | 1,672 | |
Originated loans [Member] | Commercial Business [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 2,189 | 1,738 | |
Originated loans [Member] | Commercial Business [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 36 | 42 | |
Originated loans [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 52,382 | 38,725 | 38,058 |
Originated loans [Member] | Home Equity [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 51,533 | 38,018 | |
Originated loans [Member] | Home Equity [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 399 | 451 | |
Originated loans [Member] | Home Equity [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 450 | 256 | |
Originated loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 645 | 1,183 | 1,196 | |
Originated loans [Member] | Consumer [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 593 | 1,177 | ||
Originated loans [Member] | Consumer [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 10 | 6 | ||
Originated loans [Member] | Consumer [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 42 | |||
Acquired loans recorded at fair value [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 258,429 | 107,551 | 118,547 | |
Acquired loans recorded at fair value [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 252,703 | 101,116 | ||
Acquired loans recorded at fair value [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 988 | 903 | ||
Acquired loans recorded at fair value [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 4,738 | 5,525 | ||
Acquired loans recorded at fair value [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 7 | |||
Acquired loans recorded at fair value [Member] | Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 44,933 | 47,808 | 52,382 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 41,818 | 44,472 | ||
Acquired loans recorded at fair value [Member] | Residential [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 474 | 481 | ||
Acquired loans recorded at fair value [Member] | Residential [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,641 | 2,855 | ||
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 158,094 | 46,609 | 51,933 | |
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 | 155,672 | 43,569 | ||
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 | 393 | 402 | ||
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 | 2,029 | 2,638 | ||
Acquired loans recorded at fair value [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,798 | |||
Acquired loans recorded at fair value [Member] | Construction [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,749 | |||
Acquired loans recorded at fair value [Member] | Construction [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 49 | |||
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 31,680 | 4,057 | 3,752 |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 31,627 | 4,057 | |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 53 | ||
Acquired loans recorded at fair value [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 21,725 | 8,955 | 10,304 |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 21,638 | 8,896 | |
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] | 19 | 20 | |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 68 | 32 | |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Loss [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 7 | ||
Acquired loans recorded at fair value [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 199 | 122 | 176 | |
Acquired loans recorded at fair value [Member] | Consumer [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 199 | 122 | ||
Acquired loans with deteriorated credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 17,392 | 2,144 | 2,167 | |
Acquired loans with deteriorated credit [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,869 | 371 | ||
Acquired loans with deteriorated credit [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,074 | 1,084 | ||
Acquired loans with deteriorated credit [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 13,449 | 689 | ||
Acquired loans with deteriorated credit [Member] | Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,402 | 1,413 | 1,425 | |
Acquired loans with deteriorated credit [Member] | Residential [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 159 | 153 | ||
Acquired loans with deteriorated credit [Member] | Residential [Member] | Special Mention [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 567 | 571 | ||
Acquired loans with deteriorated credit [Member] | Residential [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 676 | 689 | ||
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 11,880 | 731 | 742 | |
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 760 | 218 | ||
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 | 507 | 513 | ||
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 10,613 | |||
Acquired loans with deteriorated credit [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 2,670 | |||
Acquired loans with deteriorated credit [Member] | Construction [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 863 | |||
Acquired loans with deteriorated credit [Member] | Construction [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 1,807 | |||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 986 | ||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 633 | ||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Substandard [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [1] | 353 | ||
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 400 | ||
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | [2] | 400 | ||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 54 | |||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | Pass [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 54 | |||
[1] | Includes business lines of credit. | |||
[2] | Includes home equity lines of credit. |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses (Acquired Loans Included In Loans Receivable in Consolidated Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Unpaid principle balance | $ 331,490 | $ 114,542 |
Recorded investment | $ 275,821 | $ 109,695 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Jun. 30, 2018 | May 16, 2018 | Apr. 17, 2018 |
IA Bancorp [Member] | Common Stock [Member] | |||
Shares issued upon conversion | 82,950 | ||
IA Bancorp [Member] | Series E Preferred Stock [Member] | |||
Conversion of stock, shares converted | 438,889 | ||
Common Stock [Member] | |||
Stock issued in acquisition | $ 9,952,000 | ||
Common Stock [Member] | IA Bancorp [Member] | |||
Stock issued in acquisition | $ 631,896 | ||
Series E Preferred Stock [Member] | IA Bancorp [Member] | |||
Stock issued in acquisition | $ 438,889 | ||
Preferred stock, dividend rate | 6.00% | ||
Series F Preferred Stock [Member] | IA Bancorp [Member] | |||
Stock issued in acquisition | $ 6,465 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets (Narrative) (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | |
Impairment of intangible assets | $ 0 | $ 0 |
Amortization expense | 20,000 | 20,000 |
Intangible assets, net | 410,000 | 410,000 |
Goodwill | $ 5,281,000 | $ 5,281,000 |
Core Deposit Intangibles [Member] | ||
Intangible asset, useful life | 10 years |
Fair Values of Financial Inst51
Fair Values of Financial Instruments (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers between fair value hierarchy | $ 0 | $ 0 | |
Impaired loans | 10,895,000 | $ 12,402,000 | |
Valuation allowance | 2,038,000 | 2,033,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 10,895,000 | 12,402,000 | |
Valuation allowance | $ 2,038,000 | $ 2,033,000 |
Fair Values of Financial Inst52
Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | $ 127,291 | $ 114,295 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities Available for Sale | 135,425 | 122,589 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities Available for Sale | 8,134 | 8,294 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities Available for Sale | 8,134 | 8,294 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 127,291 | 114,295 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities Available for Sale | 127,291 | 114,295 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Securities Available for Sale | ||
Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 123,618 | 111,793 |
Mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 123,618 | 111,793 |
Mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 3,673 | 2,502 |
Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 3,673 | 2,502 |
Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities Available for Sale | 8,134 | 8,294 |
Preferred Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities Available for Sale | 8,134 | 8,294 |
Preferred Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities Available for Sale |
Fair Values of Financial Inst53
Fair Values of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ 8,857 | $ 10,369 |
Impaired Loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | ||
Impaired Loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | ||
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 8,857 | 10,369 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 1,178 | 532 |
Other Real Estate Owned [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Other Real Estate Owned [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 1,178 | $ 532 |
Fair Values of Financial Inst54
Fair Values of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | ||
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans | $ 8,857 | $ 10,369 | |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans | 8,857 | 10,369 | |
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 1,178 | 532 | |
Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 1,178 | 532 | |
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] | |||
Impaired Loans | $ 8,857 | $ 10,369 | |
Valuation Techniques | [1] | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | [2] | Appraisal adjustments | Appraisal adjustments |
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] | |||
Other real estate owned | $ 1,178 | $ 532 | |
Valuation Techniques | [1] | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | [2] | Appraisal adjustments | Appraisal adjustments |
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% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable. | ||
[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. |
Fair Values of Financial Inst55
Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 127,291 | $ 114,295 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 180,445 | 124,235 |
Interest-earning time deposits | 980 | 980 |
Debt securities available for sale | 127,291 | 114,295 |
Equity investments | 8,134 | 8,294 |
Loans held for sale | 1,405 | 1,295 |
Loans receivable, net | 2,119,829 | 1,643,677 |
FHLB of New York stock, at cost | 16,744 | 10,211 |
Accrued interest receivable | 7,563 | 6,153 |
Deposits | 1,984,876 | 1,569,370 |
Borrowings | 320,005 | 185,000 |
Subordinated debentures | 4,124 | 4,124 |
Accrued interest payable | 1,174 | 791 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 180,445 | 124,235 |
Interest-earning time deposits | 980 | 980 |
Debt securities available for sale | 127,291 | 114,295 |
Equity investments | 8,134 | 8,294 |
Loans held for sale | 1,405 | 1,295 |
Loans receivable, net | 2,070,306 | 1,643,626 |
FHLB of New York stock, at cost | 16,744 | 10,211 |
Accrued interest receivable | 7,563 | 6,153 |
Deposits | 1,991,258 | 1,578,382 |
Borrowings | 316,414 | 182,947 |
Subordinated debentures | 4,078 | 4,078 |
Accrued interest payable | 1,174 | 791 |
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 | 180,445 | 124,235 |
Interest-earning time deposits | 980 | 980 |
Equity investments | 8,134 | 8,294 |
Deposits | 935,885 | 903,155 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 127,291 | 114,295 |
Loans held for sale | 1,405 | 1,295 |
FHLB of New York stock, at cost | 16,744 | 10,211 |
Accrued interest receivable | 7,563 | 6,153 |
Deposits | 1,055,373 | 673,227 |
Borrowings | 316,414 | 182,947 |
Subordinated debentures | 4,078 | 4,078 |
Accrued interest payable | 1,174 | 791 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, net | $ 2,070,306 | $ 1,643,626 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - Subsequent Event [Member] - Subordinated Debt [Member] $ in Millions | Jul. 30, 2018USD ($) |
Subsequent Event [Line Items] | |
Face amount | $ 33.5 |
First Five Years [Member] | |
Subsequent Event [Line Items] | |
Fixed interest rate | 5.625% |
After Five Years [Member] | LIBOR [Member] | |
Subsequent Event [Line Items] | |
Variable interest rate spread | 2.72% |