Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-50275 | |
Entity Registrant Name | BCB Bancorp, Inc. | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 26-0065262 | |
Entity Address, Address Line One | 104-110 Avenue C | |
Entity Address, City or Town | Bayonne | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07002 | |
City Area Code | 201 | |
Local Phone Number | 823-0700 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | BCBP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,057,368 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001228454 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 18,799 | $ 24,985 |
Interest-earning deposits | 393,450 | 525,368 |
Total cash and cash equivalents | 412,249 | 550,353 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 127,518 | 91,613 |
Equity investments | 12,683 | 2,500 |
Loans held for sale | 760 | 917 |
Loans receivable, net of allowance for loan losses of $28,842 and $23,734, respectively | 2,343,593 | 2,178,407 |
Federal Home Loan Bank of New York stock, at cost | 13,529 | 13,821 |
Premises and equipment, net | 18,653 | 19,920 |
Accrued interest receivable | 16,569 | 8,318 |
Other real estate owned | 1,623 | 1,623 |
Deferred income taxes | 11,339 | 11,180 |
Goodwill and other intangibles | 5,519 | 5,552 |
Operating lease right-of-use assets | 13,335 | 13,246 |
Other assets | 8,771 | 9,283 |
Total Assets | 2,986,876 | 2,907,468 |
LIABILITIES | ||
Non-interest-bearing deposits | 390,912 | 271,702 |
Interest bearing deposits | 2,051,321 | 2,090,361 |
Total deposits | 2,442,233 | 2,362,063 |
FHLB advances | 242,800 | 245,800 |
Subordinated debentures | 36,926 | 36,810 |
Operating lease liability | 13,521 | 13,380 |
Other liabilities | 10,377 | 9,942 |
Total Liabilities | 2,745,857 | 2,667,995 |
STOCKHOLDERS' EQUITY | ||
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 8,634 and 8,340 shares of series C 6%, series D 4.5%, series G 6%, series H 3.5% (liquidation value $10,000 per share) and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock at June 30, 2020 and December 31, 2019, respectively | ||
Additional paid-in capital preferred stock | 27,956 | 25,016 |
Common stock: no par value; 40,000,000 shares authorized; issued 19,524,586 and 19,484,046 at June 30, 2020 and December 31, 2019, respectively, outstanding 17,057,368 shares and 17,516,828 shares, at June 30, 2020 and December 31, 2019, respectively | ||
Additional paid-in capital common stock | 191,160 | 190,294 |
Retained earnings | 48,097 | 48,429 |
Accumulated other comprehensive income (loss) | 724 | (2,218) |
Treasury stock, at cost, 2,467,218 and 1,967,218 shares at June 30, 2020 and December 31, 2019, respectively | (26,918) | (22,048) |
Total Stockholders' Equity | 241,019 | 239,473 |
Total Liabilities and Stockholders' Equity | $ 2,986,876 | $ 2,907,468 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Loans receivable, allowance for loan losses | $ 28,842 | $ 28,842 | $ 23,734 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 8,634 | 8,634 | 8,340 |
Preferred stock, shares outstanding | 8,634 | 8,634 | 8,340 |
Common stock, no par value | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,524,586 | 19,524,586 | 19,484,046 |
Common stock, shares outstanding | 17,057,368 | 17,057,368 | 17,516,828 |
Treasury stock, shares | 2,467,218 | 2,467,218 | 1,967,218 |
Series C Preferred Stock [Member] | |||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | |
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 G Preferred Stock [Member] | |||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% |
Preferred stock, liquidation preference per share | $ 10,000 | ||
Series H Preferred Stock [Member] | |||
Preferred stock, dividend rate | 3.50% | ||
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 | |
Series F Preferred Stock [Member] | |||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | |
Preferred stock, shares outstanding | 6,465 | 6,465 | |
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% |
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 | $ 1,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest and dividend income: | ||||
Loans, including fees | $ 26,123 | $ 28,634 | $ 52,937 | $ 56,867 |
Mortgage-backed securities | 494 | 738 | 1,057 | 1,508 |
Other investment securities | 246 | 197 | 254 | 325 |
FHLB stock and other interest earning assets | 343 | 1,173 | 2,377 | 2,520 |
Total interest income | 27,206 | 30,742 | 56,625 | 61,220 |
Deposits: | ||||
Demand | 1,562 | 1,750 | 3,770 | 3,326 |
Savings and club | 106 | 110 | 211 | 223 |
Certificates of deposit | 5,695 | 6,097 | 12,127 | 12,087 |
Total deposits | 7,363 | 7,957 | 16,108 | 15,636 |
Borrowings | 1,852 | 1,920 | 3,748 | 3,817 |
Total interest expense | 9,215 | 9,877 | 19,856 | 19,453 |
Net interest income | 17,991 | 20,865 | 36,769 | 41,767 |
Provision for loan losses | 3,300 | 755 | 4,800 | 1,644 |
Net interest income after provision for loan losses | 14,691 | 20,110 | 31,969 | 40,123 |
Non-interest income: | ||||
Fees and service charges | 537 | 802 | 1,263 | 1,685 |
Gain on sales of loans | 57 | 437 | 118 | 755 |
Gain on bulk sale of impaired loans held in portfolio | 107 | |||
Gain on sales of other real estate owned | 45 | 53 | ||
Gain on sale of investment securities | 40 | 21 | 40 | 21 |
Unrealized gain (loss) on equity investments | 442 | (26) | 2 | 265 |
Other | 32 | 49 | 368 | 102 |
Total non-interest income | 1,108 | 1,328 | 1,791 | 2,988 |
Non-interest expense: | ||||
Salaries and employee benefits | 5,682 | 6,918 | 13,071 | 13,833 |
Occupancy and equipment | 2,910 | 2,649 | 5,734 | 5,279 |
Data processing and service fees | 951 | 731 | 1,889 | 1,452 |
Professional fees | 398 | 473 | 868 | 1,006 |
Director fees | 365 | 316 | 723 | 634 |
Regulatory assessments | 251 | 417 | 572 | 874 |
Advertising and promotional | 26 | 123 | 87 | 196 |
Other real estate owned, net | 21 | 124 | 47 | 108 |
Other | 1,348 | 2,143 | 3,325 | 4,289 |
Total non-interest expense | 11,952 | 13,894 | 26,316 | 27,671 |
Income before income tax provision | 3,847 | 7,544 | 7,444 | 15,440 |
Income tax provision | 1,121 | 2,317 | 2,197 | 4,762 |
Net Income | 2,726 | 5,227 | 5,247 | 10,678 |
Preferred stock dividends | 341 | 342 | 682 | 659 |
Net Income available to common stockholders | $ 2,385 | $ 4,885 | $ 4,565 | $ 10,019 |
Net Income per common share-basic and diluted | ||||
Basic | $ 0.14 | $ 0.30 | $ 0.26 | $ 0.62 |
Diluted | $ 0.14 | $ 0.30 | $ 0.26 | $ 0.62 |
Weighted average number of common shares outstanding | ||||
Basic | 17,179 | 16,413 | 17,340 | 16,245 |
Diluted | 17,183 | 16,471 | 17,366 | 16,290 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net Income | $ 2,726 | $ 5,227 | $ 5,247 | $ 10,678 |
Unrealized gains on available-for-sale debt securities: | ||||
Unrealized holding gains arising during the period | 603 | 1,935 | 3,912 | 4,201 |
Tax Effect | (150) | (485) | (970) | (1,054) |
Other comprehensive income | 453 | 1,450 | 2,942 | 3,147 |
Comprehensive income | $ 3,179 | $ 6,677 | $ 8,189 | $ 13,825 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Additional Paid-In Capital [Member]Common Stock [Member] | Additional Paid-In Capital [Member]Series G Preferred Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Series G Preferred Stock [Member] | Total |
Beginning balance at Dec. 31, 2018 | $ 195,206 | $ 38,405 | $ (28,320) | $ (5,076) | $ 200,215 | ||||
Net income | 10,678 | 10,678 | |||||||
Other comprehensive income (loss) | 3,147 | 3,147 | |||||||
Issuance of stock | $ 6,239 | $ 5,310 | $ 6,239 | $ 5,310 | |||||
Exercise of stock options (500 shares) | 397 | 397 | |||||||
Treasury stock allocated to Common Stock issuance | (5,707) | (565) | 6,272 | ||||||
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock | (659) | (659) | |||||||
Cash dividends on common stock ($0.14 per share declared) | (4,326) | (4,326) | |||||||
Dividend reinvestment plan | 186 | (186) | |||||||
Stock purchase plan | 152 | 152 | |||||||
Ending balance at Jun. 30, 2019 | 201,783 | 43,347 | (22,048) | (1,929) | 221,153 | ||||
Beginning balance at Mar. 31, 2019 | 201,395 | 40,750 | (22,048) | (3,379) | 216,718 | ||||
Net income | 5,227 | 5,227 | |||||||
Other comprehensive income (loss) | 1,450 | 1,450 | |||||||
Stock-based compensation expense | 207 | 207 | |||||||
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock | (342) | (342) | |||||||
Cash dividends on common stock ($0.14 per share declared) | (2,190) | (2,190) | |||||||
Dividend reinvestment plan | 98 | (98) | |||||||
Stock purchase plan | 83 | 83 | |||||||
Ending balance at Jun. 30, 2019 | 201,783 | 43,347 | (22,048) | (1,929) | 221,153 | ||||
Beginning balance at Dec. 31, 2019 | 215,310 | 48,429 | (22,048) | (2,218) | 239,473 | ||||
Net income | 5,247 | 5,247 | |||||||
Other comprehensive income (loss) | 2,942 | 2,942 | |||||||
Costs for issuance of common stock | $ (126) | $ (126) | |||||||
Issuance of stock | 3,080 | 3,080 | |||||||
Redemption of Series D Preferred Stock | (140) | (140) | |||||||
Exercise of stock options (500 shares) | 5 | 5 | |||||||
Stock-based compensation expense | 559 | 559 | |||||||
Treasury stock purchases | (4,870) | (4,870) | |||||||
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock | (682) | (682) | |||||||
Cash dividends on common stock ($0.14 per share declared) | (4,688) | (4,688) | |||||||
Dividend reinvestment plan | 209 | (209) | |||||||
Stock purchase plan | 219 | 219 | |||||||
Ending balance at Jun. 30, 2020 | 219,116 | 48,097 | (26,918) | 724 | 241,019 | ||||
Beginning balance at Mar. 31, 2020 | 215,534 | 48,168 | (23,335) | 271 | 240,638 | ||||
Net income | 2,726 | 2,726 | |||||||
Other comprehensive income (loss) | 453 | 453 | |||||||
Issuance of stock | 3,080 | 3,080 | |||||||
Stock-based compensation expense | 280 | 280 | |||||||
Treasury stock purchases | (3,583) | (3,583) | |||||||
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock | (341) | (341) | |||||||
Cash dividends on common stock ($0.14 per share declared) | (2,351) | (2,351) | |||||||
Dividend reinvestment plan | 105 | (105) | |||||||
Stock purchase plan | 117 | 117 | |||||||
Ending balance at Jun. 30, 2020 | $ 219,116 | $ 48,097 | $ (26,918) | $ 724 | $ 241,019 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Exercise of stock options (shares) | 500 | ||||
Treasury stock purchases (shares) | 372,942 | 500,000 | |||
Cash dividends on common stock (per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | |
Series C Preferred Stock [Member] | |||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Series D Preferred Stock [Member] | |||||
Preferred stock, dividend rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% |
Series F Preferred Stock [Member] | |||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Series G Preferred Stock [Member] | |||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 5,247 | $ 10,678 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 1,469 | 1,424 |
Amortization and accretion, net | (1,148) | (1,542) |
Provision for loan losses | 4,800 | 1,644 |
Deferred income tax benefit | (1,129) | (569) |
Loans originated for sale | (7,093) | (8,560) |
Proceeds from sale of loans | 7,368 | 10,468 |
Gain on sales of loans originated for sale | (118) | (755) |
Gain on sales of other real estate owned | (53) | |
Gains on sales of securities available for sale | (40) | (21) |
Unrealized gain on equity investments | (2) | (265) |
Gain on bulk sale of impaired loans held in portfolio | (107) | |
Stock-based compensation expense | 559 | 397 |
Increase in interest receivable | (8,251) | (937) |
Decrease (Increase) in other assets | 512 | (1,311) |
(Decrease) Increase in accrued interest payable | (216) | 288 |
Increase in other liabilities | 651 | 34 |
Net Cash Provided by Operating Activities | 2,609 | 10,813 |
Cash flows from investing activities: | ||
Proceeds from repayments, calls, and maturities on securities available for sale | 13,631 | 8,328 |
Purchases of securities | (56,515) | (1,153) |
Proceeds from sales of other real estate owned | 1,058 | |
Proceeds from bulk sale of impaired loans held | 402 | |
Proceeds from sales of securities | 564 | 2,057 |
Purchase of loans | (48,360) | |
Net increase in loans receivable | (120,091) | (22,312) |
Additions to premises and equipment | (202) | (613) |
Redemption (Purchase) of Federal Home Loan Bank of New York stock | 292 | (416) |
Net Cash Used In Investing Activities | (210,681) | (12,649) |
Cash flows from financing activities: | ||
Net increase in deposits | 80,170 | 27,498 |
Proceeds from Federal Home Loan Bank of New York advances | 27,000 | |
Repayments of Federal Home Loan Bank of New York advances | (30,000) | |
Purchases of treasury stock | (4,870) | |
Cash dividends paid on common stock | (4,688) | (4,326) |
Cash dividends paid on preferred stock | (682) | (659) |
Net proceeds from issuance of common stock | 93 | 6,391 |
Net proceeds from issuance of preferred stock | 3,080 | 5,310 |
Net payment on redemption of preferred stock | (140) | |
Exercise of stock options | 5 | |
Net Cash Provided by Financing Activities | 69,968 | 34,214 |
Net (Decrease) Increase in Cash and Cash Equivalents | (138,104) | 32,378 |
Cash and Cash Equivalents-Beginning | 550,353 | 195,264 |
Cash and Cash Equivalents-Ending | 412,249 | 227,642 |
Supplementary Cash Flow Information: | ||
Cash paid during the year for: Income taxes | 2,964 | 6,342 |
Cash paid during the year for: Interest | $ 20,072 | 19,165 |
Non-cash items: | ||
Transfer of loans to other real estate owned | $ 907 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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, Pamrapo Service Corporation, Special Asset REO I, LLC., and Special Asset REO II, LLC. 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 , 2020 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, 2019, 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 December 31, 2019 and the date these consolidated financial statements were issued. Risks and Uncertainties - We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as the response to the pandemic is in its early stages and information is rapidly evolving. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic. The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company's customers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 2 - Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, 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 2023. 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. The Company has created a Current Expected Credit Loss (“CECL”) task group comprised of members of its finance, credit administration, lending, internal audit, loan operations, compliance, and information systems units. The CECL task group has become familiar with the provisions of ASU 2016-13 and is in the process of implementing the new guidance, which includes, but is not limited to: (1) identifying segments and sub-segments within the loan portfolio that have similar risk characteristics; (2) determining the appropriate methodology for each segment; (3) implementing changes that are necessary to its core operating system and interfaces to be able to capture appropriate data requirements; and (4) evaluating qualitative and economic factors to develop appropriate forecasts for integration into the model. The Company is currently evaluating the effect this guidance may have on its operating results and/or financial position, including assessing any potential impact on its capital. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement as a result of a broader disclosure project. The Update amends the disclosure requirements for fair value measurements to improve the effectiveness of the disclosure. The Update removes and modifies certain disclosure requirements, as well as adds requirements for public business entities. The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This ASU only affected the Company’s disclosures and did not have a financial statement impact. |
Reclassification
Reclassification | 6 Months Ended |
Jun. 30, 2020 | |
Reclassification [Abstract] | |
Reclassification | Note 3 – Reclassification Certain amounts as of December 31, 2019 and for the three-month and six-month periods ended June 30, 2019 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. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2020 | |
Equity Incentive Plans [Abstract] | |
Equity Incentive Plans | Note 4 – Equity Incentive Plans Equity Incentive Plans The Company, under the plan approved by its shareholders 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 and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 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 December 14, 2018, a grant of 300,000 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50 % per year, over two years , commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on December 14, 2018. On December 14, 2018, an award of 54,000 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On December 14, 2018, an award of 13,321 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On June 14, 2019, a grant of 68,750 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50 % per year, over two years , commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on June 14, 2019. On June 14, 2019, a grant of 30,125 options was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. The exercise price was recorded as of the close of business on June 14, 2019. On June 14, 2019, an award of 33,110 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On June 14, 2019, an award of 14,508 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. Note 4 – Equity Incentive Plans (Continued) The following table presents a summary of the status of the Company’s restricted shares as of June 30, 2020 and 2019. Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2020 81,278 $ 11.96 Granted - - Vested 23,809 12.46 Forfeited - - Non-vested at June 30, 2020 57,469 $ 11.76 Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2019 67,321 $ 11.26 Granted 47,618 12.46 Vested - - Forfeited - - Non-vested at June 30, 2019 114,939 $ 11.86 Expected future expenses relating to the non-vested restricted shares outstanding as of June 30, 2020 was approximately $ 411,000 over a weighted average period of 0.71 years . The following tables present a summary of the status of the Company’s outstanding stock option awards as of June 30, 2020 and 2019. Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2020 1,200,975 $ 8.93 - 13.32 $ 11.45 Options granted - - - Options exercised ( 500 ) 10.55 10.55 Options forfeited - - - Options expired - - - Outstanding at June 30, 2020 1,200,475 $ 8.93 - 13.32 $ 11.45 As of June 30, 2020, stock options which were granted and were exercisable totaled 565,238 stock options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 635,237 shares of unvested options outstanding as of June 30, 2020 was $ 1.3 million over a weighted average period of 4.73 years . Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2019 1,104,600 $ 8.93 - 13.32 $ 11.36 Options granted 98,875 12.46 12.46 Options exercised - - - Options forfeited ( 1,000 ) 10.55 10.55 Options expired - - - Outstanding at June 30, 2019 1,202,475 $ 8.93 - 13.32 $ 11.45 As of June 30, 2019, stock options which were granted and were exercisable totaled 268,633 stock options. |
Net Income per Common Share
Net Income per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 and 2019, 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 and six months ended June 30, 2020 and 2019 the weighted average number of outstanding options considered to be anti-dilutive were 0 , 16,328 , 58,302 , and 45,479 respectively. At June 30, 2020, 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, 2020 2019 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 $ 2,385 $ 4,885 Basic earnings per share- Income available to Common stockholders $ 2,385 17,179 $ 0.14 $ 4,885 16,413 $ 0.30 Effect of dilutive securities: Stock options - 4 - 58 Diluted earnings per share- Income available to Common stockholders $ 2,385 17,183 $ 0.14 $ 4,885 16,471 $ 0.30 For the Six Months Ended June 30, 2020 2019 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 $ 4,565 $ 10,019 Basic earnings per share- Income available to Common stockholders $ 4,565 17,340 $ 0.26 $ 10,019 16,245 $ 0.62 Effect of dilutive securities: Stock options - 26 - 45 Diluted earnings per share- Income available to Common stockholders $ 4,565 17,366 $ 0.26 $ 10,019 16,290 $ 0.62 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2020 | |
Securities [Abstract] | |
Securities | Note 6 - Securities Equity Securities Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices. The Company follows ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities," which requires an entity to disaggregate the net gains and losses on the equity investments recognized in the income statement during a reporting period into realized and unrealized gains and losses. As a result, equity securities are no longer carried at fair value through other comprehensive income (OCI) or by applying the cost method to those equity securities that do not have readily determinable values. Equity securities are generally required to be measured at fair value with unrealized holding gains and losses reflected in net income. The Company adopted this standard as of January 1, 2018. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2020 and 2019: For the three months ended June 30, For the six months ended June 30, (In Thousands) 2020 2019 2020 2019 Net gains (losses) recognized during the period on equity securities $ 482 $ ( 47 ) $ 42 $ 286 Less: Net gains recognized during the period on equity securities sold during the period 40 21 40 21 Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 442 $ ( 26 ) $ 2 $ 265 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, 2020 and December 31, 2019: June 30, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 3,328 $ 28 $ 55 $ 3,301 More than five to ten years 4,672 349 - 5,021 More than ten years 74,173 2,423 19 76,577 82,173 2,800 74 84,899 Corporate Debt securities: More than five to ten years $ 25,778 $ 314 $ - $ 26,092 Municipal obligations: Less than one year $ 12,048 $ - $ - $ 12,048 More than ten years 4,260 219 - 4,479 $ 16,308 $ 219 $ - $ 16,527 Total securities $ 124,259 $ 3,333 $ 74 $ 127,518 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 3,431 $ 8 $ 72 $ 3,367 More than five to ten years 1,566 33 - 1,599 More than ten years 87,269 574 1,196 86,647 $ 92,266 $ 615 $ 1,268 $ 91,613 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: 12 Months or Less More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) June 30, 2020 Residential mortgage-backed securities $ 1,670 $ 19 $ 1,945 $ 55 $ 3,615 $ 74 December 31, 2019 Residential mortgage-backed securities $ 13,073 $ 656 $ 23,212 $ 612 $ 36,285 $ 1,268 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, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, to be temporary. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2020 | |
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 tables present the recorded investment in loans receivable as of June 30, 2020 and December 31, 2019 by segment and class: June 30, 2020 December 31, 2019 (In Thousands) Residential one-to-four family $ 247,471 $ 248,381 Commercial and multi-family 1,643,954 1,606,976 Construction 111,463 104,996 Commercial business (1) 309,284 177,642 Home equity (2) 63,481 64,638 Consumer 603 682 2,376,256 2,203,315 Less: Deferred loan fees, net ( 3,821 ) ( 1,174 ) Allowance for loan losses ( 28,842 ) ( 23,734 ) Sub-total ( 32,663 ) ( 24,908 ) Total Loans, net $ 2,343,593 $ 2,178,407 (1) Includes business lines of credit and Paycheck Protection Plan (“PPP”) loans of $ 127.5 million (2) Includes home equity lines of credit. 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 portfolio. 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 by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss 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 establishes the loan loss provision accordingly. The loan portfolio is segmented into the following loan segments, where the risk level for each class is analyzed when determining the allowance for loan losses: Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential 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 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 many 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 value 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 affected by job loss, divorce, illness and personal bankruptcy. In many 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, 2020, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2020 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,787 $ 14,867 $ 1,105 $ 3,004 $ 621 $ 5 $ 1,762 $ 24,151 Acquired loans initially recorded at fair value: 306 63 - 910 - - - 1,279 Acquired loans with deteriorated credit: 38 19 - 43 4 - - 104 Beginning Balance, March 31, 2020 3,131 14,949 1,105 3,957 625 5 1,762 25,534 Recoveries: Originated Loans: - - - - - 4 - 4 Acquired loans initially recorded at fair value: - - - - 4 - - 4 Sub-total: - - - - 4 4 - 8 Provisions: Originated Loans: ( 138 ) 1,830 229 154 59 ( 3 ) 727 2,858 Acquired loans initially recorded at fair value: 85 163 - 200 ( 4 ) - - 444 Acquired loans with deteriorated credit: ( 2 ) - - - - - - ( 2 ) Sub-total: ( 55 ) 1,993 229 354 55 ( 3 ) 727 3,300 Totals: Originated Loans: 2,649 16,697 1,334 3,158 680 6 2,489 27,013 Acquired loans initially recorded at fair value: 391 226 - 1,110 - - - 1,727 Acquired loans with deteriorated credit: 36 19 - 43 4 - - 102 Ending Balance, June 30, 2020 $ 3,076 $ 16,942 $ 1,334 $ 4,311 $ 684 $ 6 $ 2,489 $ 28,842 Ending Balance attributable to loans: Individually evaluated for impairment $ 8,233 $ 9,725 $ - $ 7,255 $ 1,625 $ - $ - $ 26,838 Collectively evaluated for impairment 239,238 1,634,229 111,463 302,029 61,856 603 - 2,349,418 Total Gross Loans: $ 247,471 $ 1,643,954 $ 111,463 $ 309,284 $ 63,481 $ 603 $ - $ 2,376,256 Ending ALLL Attributed to loans individually evaluated for impairment $ 398 $ 318 $ - $ 2,665 $ 20 $ - $ - $ 3,401 Ending ALLL Attributed to loans collectively evaluated for impairment 2,678 16,624 1,334 1,646 664 6 2,489 25,441 Total Ending ALLL: $ 3,076 $ 16,942 $ 1,334 $ 4,311 $ 684 $ 6 $ 2,489 $ 28,842 (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 six months ended June 30, 2020 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,422 $ 15,235 $ 1,244 $ 2,945 $ 330 $ - $ 273 $ 22,449 Acquired loans initially recorded at fair value: 261 58 - 803 - - - 1,122 Acquired loans with deteriorated credit: 39 79 - 42 3 - - 163 Beginning Balance, December 31, 2019 2,722 15,372 1,244 3,790 333 - 273 23,734 Charge-offs: Acquired loans initially recorded at fair value: 4 - - - - - - 4 Sub-total: 4 - - - - - - 4 Recoveries: Originated Loans: - - - 302 - 4 - 306 Acquired loans initially recorded at fair value: - - - - 6 - - 6 Sub-total: - - - 302 6 4 - 312 Provisions: Originated Loans: 227 1,462 90 ( 89 ) 350 2 2,216 4,258 Acquired loans initially recorded at fair value: 134 168 - 307 ( 6 ) - - 603 Acquired loans with deteriorated credit: ( 3 ) ( 60 ) - 1 1 - - ( 61 ) Sub-total: 358 1,570 90 219 345 2 2,216 4,800 Totals: Originated Loans: 2,649 16,697 1,334 3,158 680 6 2,489 27,013 Acquired loans initially recorded at fair value: 391 226 - 1,110 - - - 1,727 Acquired loans with deteriorated credit: 36 19 - 43 4 - - 102 Ending Balance, June 30, 2020 $ 3,076 $ 16,942 $ 1,334 $ 4,311 $ 684 $ 6 $ 2,489 $ 28,842 _____________________________ (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, 2019 (in thousands). Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,471 $ 15,077 $ 1,209 $ 3,328 $ 265 $ - $ 32 $ 22,382 Acquired loans initially recorded at fair value: 404 - - - - - - 404 Acquired loans with deteriorated credit: 32 144 - 39 3 - - 218 Beginning Balance, March 31, 2019 2,907 15,221 1,209 3,367 268 - 32 23,004 Recoveries: Originated Loans: - - - 7 - - - 7 Acquired loans initially recorded at fair value: 3 - 10 2 8 - - 23 Sub-total: 3 - - 9 8 - - 30 Provisions: Originated Loans: 109 ( 826 ) 245 660 9 1 118 316 Acquired loans initially recorded at fair value: 324 - ( 10 ) ( 2 ) ( 8 ) - - 304 Acquired loans with deteriorated credit: 114 ( 7 ) - 28 - - - 135 Sub-total: 547 ( 833 ) 235 686 1 1 118 755 Totals: Originated Loans: 2,580 14,251 1,454 3,995 274 1 150 22,705 Acquired loans initially recorded at fair value: 731 - - - - - - 731 Acquired loans with deteriorated credit: 146 137 - 67 3 - - 353 Ending Balance, June 30, 2019 $ 3,457 $ 14,388 $ 1,454 $ 4,062 $ 277 $ 1 $ 150 $ 23,789 _____________________________ (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 six months ended June 30, 2019 (in thousands). Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,374 $ 14,000 $ 1,003 $ 3,869 $ 313 $ 2 $ 189 $ 21,750 Acquired loans initially recorded at fair value: 335 - - - - - - 335 Acquired loans with deteriorated credit: 39 168 - 64 3 - - 274 Beginning Balance, December 31, 2018 2,748 14,168 1,003 3,933 316 2 189 22,359 Charge-offs: Originated Loans: - 111 - 145 - - - 256 Sub-total: - 111 - 145 - - - 256 Recoveries: Originated Loans: - - - 15 - - - 15 Acquired loans recorded at fair value: 3 10 - 3 11 - - 27 Sub-total: 3 10 - 18 11 - - 42 Provisions: Originated Loans: 206 362 451 256 ( 39 ) ( 1 ) ( 39 ) 1,196 Acquired loans initially recorded at fair value: 393 ( 10 ) - ( 3 ) ( 11 ) - - 369 Acquired loans with deteriorated credit: 107 ( 31 ) - 3 - - - 79 Sub-total: 706 321 451 256 ( 50 ) ( 1 ) ( 39 ) 1,644 Totals: Originated Loans: 2,580 14,251 1,454 3,995 274 1 150 22,705 Acquired loans initially recorded at fair value: 731 - - - - - - 731 Acquired loans with deteriorated credit: 146 137 - 67 3 - - 353 Ending Balance, June 30, 2019 $ 3,457 $ 14,388 $ 1,454 $ 4,062 $ 277 $ 1 $ 150 $ 23,789 _____________________________ (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 amount recorded in loans receivable at December 31, 2019. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands). Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,374 $ 14,000 $ 1,003 $ 3,869 $ 313 $ 2 $ 189 $ 21,750 Acquired loans initially recorded at fair value: 335 - - - - - - 335 Acquired loans with deteriorated credit: 39 168 - 64 3 - - 274 Beginning Balance, December 31, 2018 2,748 14,168 1,003 3,933 316 2 189 22,359 Charge-offs: Originated Loans: 1 111 - 145 - - - 257 Acquired loans initially recorded at fair value: 65 118 - 303 - - - 486 Sub-total: 66 229 - 448 - - - 743 Recoveries: Originated Loans: - - - 15 - - - 15 Acquired loans recorded at fair value: 3 10 - 5 16 - - 34 Sub-total: 3 10 - 20 16 - - 49 Provisions: Originated Loans: 49 1,346 241 ( 794 ) 17 ( 2 ) 84 941 Acquired loans initially recorded at fair value: ( 12 ) 166 - 1,101 ( 16 ) - - 1,239 Acquired loans with deteriorated credit: - ( 89 ) - ( 22 ) - - - ( 111 ) Sub-total: 37 1,423 241 285 1 ( 2 ) 84 2,069 Totals: Originated Loans: 2,422 15,235 1,244 2,945 330 - 273 22,449 Acquired loans initially recorded at fair value: 261 58 - 803 - - - 1,122 Acquired loans with deteriorated credit: 39 79 - 42 3 - - 163 Ending Balance, December 31, 2019 $ 2,722 $ 15,372 $ 1,244 $ 3,790 $ 333 $ - $ 273 $ 23,734 Ending Balance attributable to loans: Individually evaluated for impairment $ 8,455 $ 13,231 $ - $ 3,938 $ 1,288 $ - $ - $ 26,912 Collectively evaluated for impairment 239,926 1,593,745 104,996 173,704 63,350 682 - 2,176,403 Total Gross Loans: $ 248,381 $ 1,606,976 $ 104,996 $ 177,642 $ 64,638 $ 682 $ - $ 2,203,315 Ending ALLL Attributed to loans individually evaluated for impairment $ 380 $ 342 $ - $ 2,518 $ 24 $ - $ - $ 3,264 Ending ALLL Attributed to loans collectively evaluated for impairment 2,342 15,030 1,244 1,272 309 - 273 20,470 Total Ending ALLL: $ 2,722 $ 15,372 $ 1,244 $ 3,790 $ 333 $ - $ 273 $ 23,734 (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 no related allowance recorded by portfolio class for the three and six months ended June 30, 2020 and 2019 (In thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2020 2019 2019 2020 2020 2019 2019 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 $ 1,976 $ 20 $ 2,818 $ 18 $ 1,987 $ 40 $ 2,753 $ 46 Commercial and Multi-family 3,896 45 11,499 120 4,087 90 11,903 254 Commercial business (1) 2,444 110 1,145 41 1,999 151 1,088 83 Home equity (2) 813 7 680 6 737 13 707 12 Sub-total: $ 9,129 $ 182 $ 16,142 $ 185 $ 8,810 $ 294 $ 16,451 $ 395 Acquired loans initially recorded at fair value with no related allowance recorded: Residential one-to-four family $ 1,690 $ 18 $ 2,216 $ 25 $ 1,741 $ 36 $ 2,518 $ 50 Commercial and Multi-family 3,966 47 3,917 55 4,111 94 3,932 110 Commercial business (1) - - 51 1 - - 52 2 Home equity (2) 255 3 336 3 61 - 291 6 Consumer - - - - 218 6 7 - Sub-total $ 5,911 $ 68 $ 6,520 $ 84 $ 6,131 $ 136 $ 6,800 $ 168 Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family (3) $ 815 $ 14 $ 929 $ 14 $ 819 $ 28 $ 960 $ 30 Commercial and Multi-family (3) 718 7 5,461 7 1,516 14 5,850 13 Commercial business (1)(3) 864 2 829 - 865 4 823 - Home equity (2)(3) 34 - 45 - 35 - 46 - Sub-total: $ 2,431 $ 23 $ 7,264 $ 21 $ 3,235 $ 46 $ 7,679 $ 43 Total Impaired Loans with no related allowance recorded: $ 17,471 $ 273 $ 29,926 $ 290 $ 18,176 $ 476 $ 30,930 $ 606 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. (3) Does not include accretable yield on loans acquired with deteriorated 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 months ended June 30, 2020 and 2019. (In thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2020 2019 2019 2020 2020 2019 2019 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 $ 914 $ 2 $ 2,452 $ 24 $ 933 $ 10 $ 2,775 $ 49 Commercial and Multi-family - - - - - - 37 - Commercial business (1) 1,056 25 574 27 1,171 28 849 54 Home equity (2) 322 2 152 2 341 5 152 4 Sub-total: $ 2,292 $ 29 $ 3,178 $ 53 $ 2,445 $ 43 $ 3,813 $ 107 Acquired loans initially recorded at fair value with an allowance recorded: Residential one-to-four family $ 2,371 $ 4 $ 3,245 $ 28 $ 2,340 $ 30 $ 3,169 $ 52 Commercial and Multi-family 1,230 - 897 4 1,236 20 905 8 Commercial business (1) 997 30 189 - 790 30 126 - Home equity (2) 83 - 84 1 83 1 84 3 Sub-total: $ 4,681 $ 34 $ 4,415 $ 33 $ 4,449 $ 81 $ 4,284 $ 63 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family (3) $ 520 $ - $ 447 $ 7 $ 521 $ 7 $ 420 $ 12 Sub-total: $ 520 $ - $ 447 $ 7 $ 521 $ 7 $ 420 $ 12 Total Impaired Loans with an allowance recorded: $ 7,493 $ 63 $ 8,040 $ 93 $ 7,415 $ 131 $ 8,517 $ 182 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. (3) Does not include accretable yield on loans acquired with deteriorated 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, 2020 and December 31, 2019. (In thousands): As of June 30, 2020 As of December 31, 2019 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 $ 1,971 $ 2,070 $ - $ 2,010 $ 2,098 $ - Commercial and multi-family 3,891 3,936 - 4,469 4,527 - Commercial business (1) 3,887 8,133 - 1,108 4,069 - Home equity (2) 994 995 - 584 593 - Sub-total: $ 10,743 $ 15,134 $ - $ 8,171 $ 11,287 $ - Acquired loans initially recorded at fair value with no related allowance recorded: Residential one-to-four family $ 1,548 $ 1,638 $ - $ 1,843 $ 1,950 $ - Commercial and Multi-family 3,893 3,893 - 4,401 4,402 - Commercial business (1) - - - 183 589 - Home equity (2) 247 249 - 205 206 - Sub-total: $ 5,688 $ 5,780 $ - $ 6,632 $ 7,147 $ - Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 810 $ 1,366 $ - $ 827 $ 1,383 $ - Commercial and Multi-family 715 1,769 - 3,113 4,166 - Commercial business (1) 862 5,048 - 867 5,052 - Home equity (2) 33 45 - 37 47 - Sub-total: $ 2,420 $ 8,228 $ - $ 4,844 $ 10,648 $ - Total Impaired Loans with no related allowance recorded: $ 18,851 $ 29,142 $ - $ 19,647 $ 29,082 $ - __________ (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, 2020 and December 31, 2019. (In thousands): As of June 30, 2020 As of December 31, 2019 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 $ 911 $ 911 $ 38 $ 973 $ 973 $ 48 Commercial business (1) 1,025 1,768 960 1,403 3,037 1,029 Home equity (2) 269 274 17 379 382 20 Sub-total: $ 2,205 $ 2,953 $ 1,015 $ 2,755 $ 4,392 $ 1,097 Acquired loans initially recorded at fair value with an allowance recorded: Residential one-to-four family $ 2,474 $ 2,506 $ 357 $ 2,278 $ 2,293 $ 325 Commercial and Multi-family 1,226 1,424 318 1,248 1,442 342 Commercial business (1) 1,481 3,266 1,705 377 1,489 1,489 Home equity (2) 82 82 3 83 83 4 Sub-total $ 5,263 $ 7,278 $ 2,383 $ 3,986 $ 5,307 $ 2,160 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ 519 $ 566 $ 3 $ 524 $ 571 $ 7 Sub-total: $ 519 $ 566 $ 3 $ 524 $ 571 $ 7 Total Impaired Loans with an allowance recorded: $ 7,987 $ 10,797 $ 3,401 $ 7,265 $ 10,270 $ 3,264 Total Impaired Loans with no related allowance recorded: $ 18,851 $ 29,142 $ - $ 19,647 $ 29,082 $ - Total Impaired Loans: $ 26,838 $ 39,939 $ 3,401 $ 26,912 $ 39,352 $ 3,264 __________ (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 loan (“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 concession that would otherwise not be granted to the borrower. A loan that was current at December 31, 2019 and modified due to the COVID-19 pandemic is not considered a TDR. 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. 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. At June 30, 2020 At December 31, 2019 (In thousands) Recorded investment in TDRs: Accrual status $ 16,157 $ 17,030 Non-accrual status 1,097 702 Total recorded investment in TDRs $ 17,254 $ 17,732 There were no new TDRs for the three months ended June 30, 2020 and for the three months ended June 30, 2019. TDRs for the six months ended June 30, 2020 totaled $ 208,352 for one loan and $ 1.2 million for three loans for the six months ended June 30, 2019. There were no TDRs for which there was a payment default within twelve months of restructuring for the three or six months ended June 30, 2020. The following table sets forth the delinquency status of total loans receivable as of June 30, 2020: 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) Residential one-to-four family $ 813 $ 956 $ 450 $ 2,219 $ 245,252 $ 247,471 $ - Commercial and multi-family 998 - 829 1,827 1,642,127 1,643,954 - Construction - - - - 111,463 111,463 - Commercial business (1) 2,514 134 2,360 5,008 304,276 309,284 - Home equity (2) 446 76 427 949 62,532 63,481 - Consumer - - - - 603 603 - Total $ 4,771 $ 1,166 $ 4,066 $ 10,003 $ 2,366,253 $ 2,376,256 $ - _________ (1) Includes business lines of credit and PPP loans. (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 Bank’s loan portfolio at June 30, 2020 and December 31, 2019, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of June 30, 2020 and December 31, 2019, non-accrual loans differed from the amount of total loans past due greater than 90 days due to loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. There was $ 1.6 million in loans that were less than ninety days past due at June 30, 2020 and December 31, 2019, and $ 795,000 of loans which were more than ninety days past due and still accruing interest at December 31, 2019. Nonaccrual loans do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $ 1.1 million at June 30, 2020, and $ 3.5 million at December 31, 2019. Loans subject to COVID-19-related modifications are not be reported as non-accrual, in accordance with regulatory guidance. As of June 30, 2020 As of December 31, 2019 (In Thousands) (In Thousands) Non-Accruing Loans: Originated loans: Residential one-to-four family $ 788 $ 590 Commercial and multi-family 218 761 Commercial business (1) 1,129 1,428 Home equity (2) 608 347 Sub-total: 2,743 3,126 Acquired loans initially recorded at fair value: Residential one-to-four family 544 291 Commercial and multi-family 631 217 Commercial business (1) 513 513 Home equity (2) 64 13 Sub-total: 1,752 1,034 Total $ 4,495 $ 4,160 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the six months ended June 30, 2020 and December 31, 2019 would have been approximately $ 509,000 and $ 967,000 , respectively. Interest income recognized on loans returned to accrual status was approximately $ 509,000 and $ 1.1 million, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on nonaccrual status. At June 30, 2020 and December 31, 2019, there were $ 0 and $ 795,000 , respectively, of loans which were more than ninety days past due and still accruing interest. 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, 2019: 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 $ 1,087 $ 401 $ - $ 1,488 $ 210,532 $ 212,020 $ - Commercial and multi-family 1,290 940 616 2,846 1,482,440 1,485,286 - Construction - - - - 104,996 104,996 - Commercial business (1) 1,874 278 1,265 3,417 153,996 157,413 142 Home equity (2) 161 63 116 340 49,760 50,100 - Consumer - - - - 674 674 - Sub-total: $ 4,412 $ 1,682 $ 1,997 $ 8,091 $ 2,002,398 $ 2,010,489 $ 142 Acquired loans initially recorded at fair value: Residential one-to-four family $ 265 $ 217 $ 330 $ 812 $ 34,198 35,010 $ 97 Commercial and multi-family 318 - 631 949 117,628 118,577 556 Construction - - - - - - - Commercial business (1) 300 - 513 813 18,506 19,319 - Home equity (2) 190 75 - 265 14,037 14,302 - Consumer - - - - 8 8 - Sub-total: $ 1,073 $ 292 $ 1,474 $ 2,839 $ 184,377 $ 187,216 $ 653 Acquired loans with deteriorated credit: Residential one-to-four family $ - $ - $ - $ - $ 1,351 $ 1,351 $ - Commercial and multi-family - - 2,500 2,500 613 3,113 - Construction - - - - - - - Commercial business (1) - - 856 856 54 910 - Home equity (2) 37 199 - 236 - 236 - Consumer - - - - - - - Sub-total: $ 37 $ 199 $ 3,356 $ 3,592 $ 2,018 $ 5,610 $ - Total $ 5,522 $ 2,173 $ 6,827 $ 14,522 $ 2,188,793 $ 2,203,315 $ 795 (1) Includes business lines of credit. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Loan Losses (Continued) Criticized and Classified Assets Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.” When the Company classifies problem assets, the Company may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of June 30, 2020, we had $ 0 in assets classified as losses, and $ 13.6 million in assets classified as substandard, of which $ 13.6 million were classified as impaired. The loans classified as substandard are secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued. The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below: 6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. 7 – Substandard - Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention. 8 – Doubtful - Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. 9 – Loss - Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within t |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 8 – Stockholders’ Equity On July 13, 2020, the Company closed a private placement of Series H 3.5 % Noncumulative Perpetual Preferred Stock, resulting in gross proceeds of $ 3,080,000 for 308 shares, effective June 29, 2020. On December 30, 2019, the Company closed a public offering of 1,020,408 shares of its common stock. The offering resulted in gross proceeds of $ 12.5 million to the Company. On February 25, 2019, the Company closed a private placement offering of 496,224 shares of its common stock, of which directors and officers of the Company purchased 286,244 shares. The offering resulted in gross proceeds of $ 6.272 million to the Company. On January 30, 2019, the Company closed a private placement of Series G 6.0 % Noncumulative Perpetual Preferred Stock, resulting in gross proceeds of $ 5,330,000 for 533 shares. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill 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. 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 circumstances indicate it may be impaired. 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. The Company believes that the fair values of our goodwill and other intangible assets were in excess of their carrying amounts and there was no impairment at June 30, 2020. Amortization expense of the core deposit intangibles was $ 18,000 and $ 19,000 for the three months ended June 30, 2020 and 2019, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at June 30, 2020 was $ 281,000 and $ 5.2 million, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at June 30, 2019 was $ 352,000 and $ 5.2 million, respectively. The temporary COVID-19 pandemic has clearly caused disruption to the global economy, but the extent and duration of the disruption is uncertain at this time. Accordingly, and in consideration of the relatively recent decline of the stock price below carrying value, management feels that it is not more likely than not that this circumstance indicates that the fair value of the Company is less than its carrying amount, including goodwill, as of June 30, 2020. Management will continue to monitor the activity for loan deferment requests and delinquencies on a regular basis. Given the evolving situation, the need for further goodwill impairment testing will likely be assessed again as of September 30, 2020. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Values 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, 2020: Securities Debt Securities Available for Sale $ 127,518 $ - $ 127,518 $ - Marketable Equities $ 12,683 $ 12,683 $ - $ - Total Securities $ 140,201 $ 12,683 $ 127,518 $ - As of December 31, 2019: Securities Debt Securities Available for Sale $ 91,613 $ - $ 91,613 $ - Marketable Equities $ 2,500 $ 2,500 $ - $ - Total Securities $ 94,113 $ 2,500 $ 91,613 $ - 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 three or six months ended June 30, 2020 and 2019. 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, 2020 Impaired Loans $ 4,586 $ - $ - $ 4,586 Other real estate owned $ 1,623 $ - $ - $ 1,623 As of December 31, 2019: Impaired Loans $ 4,001 $ - $ - $ 4,001 Other real estate owned $ 1,623 $ - $ - $ 1,623 Note 10 – Fair Values of Financial Instruments (Continued) The following tables present additional quantitative information as of June 30, 2020 and December 31, 2019 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 Estimate Techniques Input Range June 30, 2020: Impaired Loans $ 4,586 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 1,623 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Fair Value Valuation Unobservable Estimate Techniques Input Range December 31, 2019: Impaired Loans $ 4,001 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 1,623 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, 2020 and December 31, 2019. 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 Available for Sale 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. Equity Securities The fair values of available-for-sale securities are based on quoted market prices (Level 1). 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 the lower of cost or fair value. Loans Receivable (Carried at Cost) The fair values of loans, except for certain impaired loans, are estimated using discounted cash flow analyses, using market rates at the date of the Statement of Financial Condition that reflect the credit and interest 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 10 – Fair Values of Financial Instruments (Continued) Impaired Loans (Generally Carried at Fair Value) Impaired loans are those for which the Company has measured and recorded an impairment generally based on the fair value of the loan’s collateral, less estimated costs to sell. 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, 2020 and December 31, 2019 consisted of the loan balances of $ 8.0 million net of a valuation allowance of $ 3.4 million and $ 7.3 million net of a valuation of loan allowance of $ 3.3 million, respectively. Other Real Estate Owned (Generally Carried at Lower of Cost or Fair Value) Real Estate Owned is generally carried at fair value less estimated costs to sell 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. Borrowings and Subordinated Debt (Carried at Cost) Fair values 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. 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 (Carried at Cost) 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, 2020 and December 31, 2019: As of June 30, 2020 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 $ 412,249 $ 412,249 $ 412,249 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 127,518 127,518 - 127,518 - Equity investments 12,683 12,683 12,683 - - Loans held for sale 760 760 - 760 - Loans receivable, net 2,343,593 2,406,615 - - 2,406,615 FHLB of New York stock, at cost 13,529 13,529 - 13,529 - Accrued interest receivable 16,569 16,569 - 16,569 - Other Real Estate Owned 1,623 1,623 - - 1,623 Financial liabilities: Deposits 2,442,233 2,452,965 1,456,240 996,725 - Borrowings 242,800 245,481 - 245,481 - Subordinated debentures 36,926 37,199 - 37,199 - Accrued interest payable 2,492 2,492 - 2,492 - As of December 31, 2019 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 $ 550,353 $ 550,353 $ 550,353 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 91,613 91,613 - 91,613 - Equity investments 2,500 2,500 2,500 - - Loans held for sale 917 917 - 917 - Loans receivable, net 2,178,407 2,199,497 - - 2,199,497 FHLB of New York stock, at cost 13,821 13,821 - 13,821 - Accrued interest receivable 8,318 8,318 - 8,318 - Other Real Estate Owned 1,623 1,623 - - 1,623 Financial liabilities: Deposits 2,362,063 2,375,089 1,231,658 1,143,431 - Borrowings 245,800 245,176 - 245,176 - Subordinated debentures 36,810 36,947 - 36,947 - Accrued interest payable 2,708 2,708 - 2,708 - |
Subordinated Debt
Subordinated Debt | 6 Months Ended |
Jun. 30, 2020 | |
Subordinated Debt [Abstract] | |
Subordinated Debt | Note 11 – Subordinated debt On July 30, 2018, the Company issued $ 33.5 million of fixed-to-floating rate subordinated debentures (the “Notes”) in a private placement. The Notes have a ten-year term and bear interest at a fixed annual rate of 5.625 % for the first five years of the term (the "Fixed Interest Rate Period"). From and including August 1, 2023, the interest rate will adjust to a floating rate based on the three-month LIBOR plus 2.72 % until redemption or maturity (the "Floating Interest Rate Period"). The Notes are scheduled to mature on August 1, 2028. Subject to limited exceptions, the Company cannot redeem the Notes for the first five years of the term. The Company will pay interest in arrears semi-annually during the Fixed Interest Rate Period and quarterly during the Floating Interest Rate Period during the term of the Notes. The Notes constitute an unsecured and subordinated obligation of the Company and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The Notes qualify as Tier 2 capital for the Company for regulatory purposes, when applicable, 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. Subordinated debt includes associated deferred costs of $ 698,000 and $ 814,000 at June 30, 2020 and December 31, 2019, respectively. The Company also has $ 4,124,000 of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly, equal to the three-month LIBOR and 2.65 %. As it is anticipated that LIBOR will be discontinued after 2021, the Company is reviewing the agreements for the above debentures to determine alternative reference rates, and does not anticipate there will be a significant financial statement impact. |
Lease Obligations
Lease Obligations | 6 Months Ended |
Jun. 30, 2020 | |
Lease Obligations [Abstract] | |
Lease Obligations | Note 12 – Lease Obligations The Company leases 28 of our offices under various operating lease agreements. The leases have remaining terms of one year to 13 years . The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets. The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months. The following tables present certain information related to the Company’s leases (in thousands): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Operating lease cost $ 854 $ 812 $ 1,709 $ 1,562 Variable lease cost-operating leases $ 196 $ 170 $ 398 $ 302 At June 30, 2020 At December 31, 2019 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 13,335 $ 13,246 Current liabilities $ 2,731 $ 2,590 Operating lease liabilities (noncurrent portion) 10,790 10,790 Total operating lease liabilities $ 13,521 $ 13,380 The weighted average remaining lease term for operating leases at June 30, 2020 and December 31, 2019 was 6.70 years and 6.69 years, respectively. The weighted average discount rate for operating leases at June 30, 2020 and December 31, 2019 was 3.09 percent and 3.16 percent, respectively. The following table summarizes the Company’s maturity of lease obligations for operating leases at June 30, 2020 and December 31, 2019. (in thousands): Maturities of lease liabilities: At June 30, 2020 At December 31, 2019 Operating Leases Operating Leases One year or less $ 2,731 $ 2,590 Over one year through three years 4,528 4,713 Over three years through five years 2,615 2,736 Over five years 3,647 3,341 Total $ 13,521 $ 13,380 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13 – Subsequent Events On July 31, 2020 the Company announced that on August 31, 2020, it will redeem all 6,465 outstanding shares of its Series F 6 % Noncumulative Perpetual Preferred Stock, par value $ 0.01 per share (the Series F shares”). The Series F shares will be redeemed at their face value amount of $ 1,000 per share plus accrued and unpaid dividends from and including July 31, 2020, up to August 31, 2020 for an aggregate redemption amount of $ 6.5 million. On July 17, 2020, the Bank opened its newest branch location at 269 Ferry Street in Newark, New Jersey. On July 10, 2020, the Company announced that on August 10, 2020, the Company will redeem all 388 outstanding shares of its Series C 6 % Noncumulative Perpetual Preferred Stock, par value $ 0.01 per shares. The Series C shares will be redeemed at their face value amount of $ 10,000 per share plus a prorated dividend for an aggregate redemption of $ 3.9 million On July 8, 2020 , the Board of Directors of the Company declared a common stock dividend of $ 0.14 per share to shareholders of record on August 7, 2020 with a payment date of August 21, 2020 . The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business. While the Company did not incur significant disruptions during the three and six months ended June 30, 2020 from the COVID-19 pandemic, it is unable to predict the impact that the COVID-19 pandemic will have on its financial condition, results of operations and cash flows for future periods due to numerous uncertainties. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity Incentive Plans [Abstract] | |
Summary of Status of Restricted Shares | Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2020 81,278 $ 11.96 Granted - - Vested 23,809 12.46 Forfeited - - Non-vested at June 30, 2020 57,469 $ 11.76 Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2019 67,321 $ 11.26 Granted 47,618 12.46 Vested - - Forfeited - - Non-vested at June 30, 2019 114,939 $ 11.86 |
Summary of Stock Option Activity | The following tables present a summary of the status of the Company’s outstanding stock option awards as of June 30, 2020 and 2019. Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2020 1,200,975 $ 8.93 - 13.32 $ 11.45 Options granted - - - Options exercised ( 500 ) 10.55 10.55 Options forfeited - - - Options expired - - - Outstanding at June 30, 2020 1,200,475 $ 8.93 - 13.32 $ 11.45 As of June 30, 2020, stock options which were granted and were exercisable totaled 565,238 stock options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 635,237 shares of unvested options outstanding as of June 30, 2020 was $ 1.3 million over a weighted average period of 4.73 years . Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2019 1,104,600 $ 8.93 - 13.32 $ 11.36 Options granted 98,875 12.46 12.46 Options exercised - - - Options forfeited ( 1,000 ) 10.55 10.55 Options expired - - - Outstanding at June 30, 2019 1,202,475 $ 8.93 - 13.32 $ 11.45 As of June 30, 2019, stock options which were granted and were exercisable totaled 268,633 stock options. |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Net Income per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Three Months Ended June 30, 2020 2019 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 $ 2,385 $ 4,885 Basic earnings per share- Income available to Common stockholders $ 2,385 17,179 $ 0.14 $ 4,885 16,413 $ 0.30 Effect of dilutive securities: Stock options - 4 - 58 Diluted earnings per share- Income available to Common stockholders $ 2,385 17,183 $ 0.14 $ 4,885 16,471 $ 0.30 For the Six Months Ended June 30, 2020 2019 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 $ 4,565 $ 10,019 Basic earnings per share- Income available to Common stockholders $ 4,565 17,340 $ 0.26 $ 10,019 16,245 $ 0.62 Effect of dilutive securities: Stock options - 26 - 45 Diluted earnings per share- Income available to Common stockholders $ 4,565 17,366 $ 0.26 $ 10,019 16,290 $ 0.62 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Securities [Abstract] | |
Summary of Unrealized and Realized Gains and Losses in Net Income on Equity Securities | For the three months ended June 30, For the six months ended June 30, (In Thousands) 2020 2019 2020 2019 Net gains (losses) recognized during the period on equity securities $ 482 $ ( 47 ) $ 42 $ 286 Less: Net gains recognized during the period on equity securities sold during the period 40 21 40 21 Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 442 $ ( 26 ) $ 2 $ 265 |
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale | June 30, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 3,328 $ 28 $ 55 $ 3,301 More than five to ten years 4,672 349 - 5,021 More than ten years 74,173 2,423 19 76,577 82,173 2,800 74 84,899 Corporate Debt securities: More than five to ten years $ 25,778 $ 314 $ - $ 26,092 Municipal obligations: Less than one year $ 12,048 $ - $ - $ 12,048 More than ten years 4,260 219 - 4,479 $ 16,308 $ 219 $ - $ 16,527 Total securities $ 124,259 $ 3,333 $ 74 $ 127,518 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 3,431 $ 8 $ 72 $ 3,367 More than five to ten years 1,566 33 - 1,599 More than ten years 87,269 574 1,196 86,647 $ 92,266 $ 615 $ 1,268 $ 91,613 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12 Months or Less More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) June 30, 2020 Residential mortgage-backed securities $ 1,670 $ 19 $ 1,945 $ 55 $ 3,615 $ 74 December 31, 2019 Residential mortgage-backed securities $ 13,073 $ 656 $ 23,212 $ 612 $ 36,285 $ 1,268 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Recorded Investment in Loans Receivable | June 30, 2020 December 31, 2019 (In Thousands) Residential one-to-four family $ 247,471 $ 248,381 Commercial and multi-family 1,643,954 1,606,976 Construction 111,463 104,996 Commercial business (1) 309,284 177,642 Home equity (2) 63,481 64,638 Consumer 603 682 2,376,256 2,203,315 Less: Deferred loan fees, net ( 3,821 ) ( 1,174 ) Allowance for loan losses ( 28,842 ) ( 23,734 ) Sub-total ( 32,663 ) ( 24,908 ) Total Loans, net $ 2,343,593 $ 2,178,407 (1) Includes business lines of credit and Paycheck Protection Plan (“PPP”) loans of $ 127.5 million (2) Includes home equity lines of credit. |
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, 2020, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2020 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,787 $ 14,867 $ 1,105 $ 3,004 $ 621 $ 5 $ 1,762 $ 24,151 Acquired loans initially recorded at fair value: 306 63 - 910 - - - 1,279 Acquired loans with deteriorated credit: 38 19 - 43 4 - - 104 Beginning Balance, March 31, 2020 3,131 14,949 1,105 3,957 625 5 1,762 25,534 Recoveries: Originated Loans: - - - - - 4 - 4 Acquired loans initially recorded at fair value: - - - - 4 - - 4 Sub-total: - - - - 4 4 - 8 Provisions: Originated Loans: ( 138 ) 1,830 229 154 59 ( 3 ) 727 2,858 Acquired loans initially recorded at fair value: 85 163 - 200 ( 4 ) - - 444 Acquired loans with deteriorated credit: ( 2 ) - - - - - - ( 2 ) Sub-total: ( 55 ) 1,993 229 354 55 ( 3 ) 727 3,300 Totals: Originated Loans: 2,649 16,697 1,334 3,158 680 6 2,489 27,013 Acquired loans initially recorded at fair value: 391 226 - 1,110 - - - 1,727 Acquired loans with deteriorated credit: 36 19 - 43 4 - - 102 Ending Balance, June 30, 2020 $ 3,076 $ 16,942 $ 1,334 $ 4,311 $ 684 $ 6 $ 2,489 $ 28,842 Ending Balance attributable to loans: Individually evaluated for impairment $ 8,233 $ 9,725 $ - $ 7,255 $ 1,625 $ - $ - $ 26,838 Collectively evaluated for impairment 239,238 1,634,229 111,463 302,029 61,856 603 - 2,349,418 Total Gross Loans: $ 247,471 $ 1,643,954 $ 111,463 $ 309,284 $ 63,481 $ 603 $ - $ 2,376,256 Ending ALLL Attributed to loans individually evaluated for impairment $ 398 $ 318 $ - $ 2,665 $ 20 $ - $ - $ 3,401 Ending ALLL Attributed to loans collectively evaluated for impairment 2,678 16,624 1,334 1,646 664 6 2,489 25,441 Total Ending ALLL: $ 3,076 $ 16,942 $ 1,334 $ 4,311 $ 684 $ 6 $ 2,489 $ 28,842 (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 six months ended June 30, 2020 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,422 $ 15,235 $ 1,244 $ 2,945 $ 330 $ - $ 273 $ 22,449 Acquired loans initially recorded at fair value: 261 58 - 803 - - - 1,122 Acquired loans with deteriorated credit: 39 79 - 42 3 - - 163 Beginning Balance, December 31, 2019 2,722 15,372 1,244 3,790 333 - 273 23,734 Charge-offs: Acquired loans initially recorded at fair value: 4 - - - - - - 4 Sub-total: 4 - - - - - - 4 Recoveries: Originated Loans: - - - 302 - 4 - 306 Acquired loans initially recorded at fair value: - - - - 6 - - 6 Sub-total: - - - 302 6 4 - 312 Provisions: Originated Loans: 227 1,462 90 ( 89 ) 350 2 2,216 4,258 Acquired loans initially recorded at fair value: 134 168 - 307 ( 6 ) - - 603 Acquired loans with deteriorated credit: ( 3 ) ( 60 ) - 1 1 - - ( 61 ) Sub-total: 358 1,570 90 219 345 2 2,216 4,800 Totals: Originated Loans: 2,649 16,697 1,334 3,158 680 6 2,489 27,013 Acquired loans initially recorded at fair value: 391 226 - 1,110 - - - 1,727 Acquired loans with deteriorated credit: 36 19 - 43 4 - - 102 Ending Balance, June 30, 2020 $ 3,076 $ 16,942 $ 1,334 $ 4,311 $ 684 $ 6 $ 2,489 $ 28,842 _____________________________ (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, 2019 (in thousands). Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,471 $ 15,077 $ 1,209 $ 3,328 $ 265 $ - $ 32 $ 22,382 Acquired loans initially recorded at fair value: 404 - - - - - - 404 Acquired loans with deteriorated credit: 32 144 - 39 3 - - 218 Beginning Balance, March 31, 2019 2,907 15,221 1,209 3,367 268 - 32 23,004 Recoveries: Originated Loans: - - - 7 - - - 7 Acquired loans initially recorded at fair value: 3 - 10 2 8 - - 23 Sub-total: 3 - - 9 8 - - 30 Provisions: Originated Loans: 109 ( 826 ) 245 660 9 1 118 316 Acquired loans initially recorded at fair value: 324 - ( 10 ) ( 2 ) ( 8 ) - - 304 Acquired loans with deteriorated credit: 114 ( 7 ) - 28 - - - 135 Sub-total: 547 ( 833 ) 235 686 1 1 118 755 Totals: Originated Loans: 2,580 14,251 1,454 3,995 274 1 150 22,705 Acquired loans initially recorded at fair value: 731 - - - - - - 731 Acquired loans with deteriorated credit: 146 137 - 67 3 - - 353 Ending Balance, June 30, 2019 $ 3,457 $ 14,388 $ 1,454 $ 4,062 $ 277 $ 1 $ 150 $ 23,789 _____________________________ (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 six months ended June 30, 2019 (in thousands). Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for loan losses: Originated Loans: $ 2,374 $ 14,000 $ 1,003 $ 3,869 $ 313 $ 2 $ 189 $ 21,750 Acquired loans initially recorded at fair value: 335 - - - - - - 335 Acquired loans with deteriorated credit: 39 168 - 64 3 - - 274 Beginning Balance, December 31, 2018 2,748 14,168 1,003 3,933 316 2 189 22,359 Charge-offs: Originated Loans: - 111 - 145 - - - 256 Sub-total: - 111 - 145 - - - 256 Recoveries: Originated Loans: - - - 15 - - - 15 Acquired loans recorded at fair value: 3 10 - 3 11 - - 27 Sub-total: 3 10 - 18 11 - - 42 Provisions: Originated Loans: 206 362 451 256 ( 39 ) ( 1 ) ( 39 ) 1,196 Acquired loans initially recorded at fair value: 393 ( 10 ) - ( 3 ) ( 11 ) - - 369 Acquired loans with deteriorated credit: 107 ( 31 ) - 3 - - - 79 Sub-total: 706 321 451 256 ( 50 ) ( 1 ) ( 39 ) 1,644 Totals: Originated Loans: 2,580 14,251 1,454 3,995 274 1 150 22,705 Acquired loans initially recorded at fair value: 731 - - - - - - 731 Acquired loans with deteriorated credit: 146 137 - 67 3 - - 353 Ending Balance, June 30, 2019 $ 3,457 $ 14,388 $ 1,454 $ 4,062 $ 277 $ 1 $ 150 $ 23,789 _____________________________ (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 amount recorded in loans receivable at December 31, 2019. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands). Residential Commercial & Multi-family Construction Commercial Business (1) Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Originated Loans: $ 2,374 $ 14,000 $ 1,003 $ 3,869 $ 313 $ 2 $ 189 $ 21,750 Acquired loans initially recorded at fair value: 335 - - - - - - 335 Acquired loans with deteriorated credit: 39 168 - 64 3 - - 274 Beginning Balance, December 31, 2018 2,748 14,168 1,003 3,933 316 2 189 22,359 Charge-offs: Originated Loans: 1 111 - 145 - - - 257 Acquired loans initially recorded at fair value: 65 118 - 303 - - - 486 Sub-total: 66 229 - 448 - - - 743 Recoveries: Originated Loans: - - - 15 - - - 15 Acquired loans recorded at fair value: 3 10 - 5 16 - - 34 Sub-total: 3 10 - 20 16 - - 49 Provisions: Originated Loans: 49 1,346 241 ( 794 ) 17 ( 2 ) 84 941 Acquired loans initially recorded at fair value: ( 12 ) 166 - 1,101 ( 16 ) - - 1,239 Acquired loans with deteriorated credit: - ( 89 ) - ( 22 ) - - - ( 111 ) Sub-total: 37 1,423 241 285 1 ( 2 ) 84 2,069 Totals: Originated Loans: 2,422 15,235 1,244 2,945 330 - 273 22,449 Acquired loans initially recorded at fair value: 261 58 - 803 - - - 1,122 Acquired loans with deteriorated credit: 39 79 - 42 3 - - 163 Ending Balance, December 31, 2019 $ 2,722 $ 15,372 $ 1,244 $ 3,790 $ 333 $ - $ 273 $ 23,734 Ending Balance attributable to loans: Individually evaluated for impairment $ 8,455 $ 13,231 $ - $ 3,938 $ 1,288 $ - $ - $ 26,912 Collectively evaluated for impairment 239,926 1,593,745 104,996 173,704 63,350 682 - 2,176,403 Total Gross Loans: $ 248,381 $ 1,606,976 $ 104,996 $ 177,642 $ 64,638 $ 682 $ - $ 2,203,315 Ending ALLL Attributed to loans individually evaluated for impairment $ 380 $ 342 $ - $ 2,518 $ 24 $ - $ - $ 3,264 Ending ALLL Attributed to loans collectively evaluated for impairment 2,342 15,030 1,244 1,272 309 - 273 20,470 Total Ending ALLL: $ 2,722 $ 15,372 $ 1,244 $ 3,790 $ 333 $ - $ 273 $ 23,734 (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 and six months ended June 30, 2020 and 2019 (In thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2020 2019 2019 2020 2020 2019 2019 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 $ 1,976 $ 20 $ 2,818 $ 18 $ 1,987 $ 40 $ 2,753 $ 46 Commercial and Multi-family 3,896 45 11,499 120 4,087 90 11,903 254 Commercial business (1) 2,444 110 1,145 41 1,999 151 1,088 83 Home equity (2) 813 7 680 6 737 13 707 12 Sub-total: $ 9,129 $ 182 $ 16,142 $ 185 $ 8,810 $ 294 $ 16,451 $ 395 Acquired loans initially recorded at fair value with no related allowance recorded: Residential one-to-four family $ 1,690 $ 18 $ 2,216 $ 25 $ 1,741 $ 36 $ 2,518 $ 50 Commercial and Multi-family 3,966 47 3,917 55 4,111 94 3,932 110 Commercial business (1) - - 51 1 - - 52 2 Home equity (2) 255 3 336 3 61 - 291 6 Consumer - - - - 218 6 7 - Sub-total $ 5,911 $ 68 $ 6,520 $ 84 $ 6,131 $ 136 $ 6,800 $ 168 Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family (3) $ 815 $ 14 $ 929 $ 14 $ 819 $ 28 $ 960 $ 30 Commercial and Multi-family (3) 718 7 5,461 7 1,516 14 5,850 13 Commercial business (1)(3) 864 2 829 - 865 4 823 - Home equity (2)(3) 34 - 45 - 35 - 46 - Sub-total: $ 2,431 $ 23 $ 7,264 $ 21 $ 3,235 $ 46 $ 7,679 $ 43 Total Impaired Loans with no related allowance recorded: $ 17,471 $ 273 $ 29,926 $ 290 $ 18,176 $ 476 $ 30,930 $ 606 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. (3) Does not include accretable yield on loans acquired with deteriorated 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 months ended June 30, 2020 and 2019. (In thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2020 2019 2019 2020 2020 2019 2019 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 $ 914 $ 2 $ 2,452 $ 24 $ 933 $ 10 $ 2,775 $ 49 Commercial and Multi-family - - - - - - 37 - Commercial business (1) 1,056 25 574 27 1,171 28 849 54 Home equity (2) 322 2 152 2 341 5 152 4 Sub-total: $ 2,292 $ 29 $ 3,178 $ 53 $ 2,445 $ 43 $ 3,813 $ 107 Acquired loans initially recorded at fair value with an allowance recorded: Residential one-to-four family $ 2,371 $ 4 $ 3,245 $ 28 $ 2,340 $ 30 $ 3,169 $ 52 Commercial and Multi-family 1,230 - 897 4 1,236 20 905 8 Commercial business (1) 997 30 189 - 790 30 126 - Home equity (2) 83 - 84 1 83 1 84 3 Sub-total: $ 4,681 $ 34 $ 4,415 $ 33 $ 4,449 $ 81 $ 4,284 $ 63 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family (3) $ 520 $ - $ 447 $ 7 $ 521 $ 7 $ 420 $ 12 Sub-total: $ 520 $ - $ 447 $ 7 $ 521 $ 7 $ 420 $ 12 Total Impaired Loans with an allowance recorded: $ 7,493 $ 63 $ 8,040 $ 93 $ 7,415 $ 131 $ 8,517 $ 182 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. (3) Does not include accretable yield on loans acquired with deteriorated 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, 2020 and December 31, 2019. (In thousands): As of June 30, 2020 As of December 31, 2019 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 $ 1,971 $ 2,070 $ - $ 2,010 $ 2,098 $ - Commercial and multi-family 3,891 3,936 - 4,469 4,527 - Commercial business (1) 3,887 8,133 - 1,108 4,069 - Home equity (2) 994 995 - 584 593 - Sub-total: $ 10,743 $ 15,134 $ - $ 8,171 $ 11,287 $ - Acquired loans initially recorded at fair value with no related allowance recorded: Residential one-to-four family $ 1,548 $ 1,638 $ - $ 1,843 $ 1,950 $ - Commercial and Multi-family 3,893 3,893 - 4,401 4,402 - Commercial business (1) - - - 183 589 - Home equity (2) 247 249 - 205 206 - Sub-total: $ 5,688 $ 5,780 $ - $ 6,632 $ 7,147 $ - Acquired loans with deteriorated credit with no related allowance recorded: Residential one-to-four family $ 810 $ 1,366 $ - $ 827 $ 1,383 $ - Commercial and Multi-family 715 1,769 - 3,113 4,166 - Commercial business (1) 862 5,048 - 867 5,052 - Home equity (2) 33 45 - 37 47 - Sub-total: $ 2,420 $ 8,228 $ - $ 4,844 $ 10,648 $ - Total Impaired Loans with no related allowance recorded: $ 18,851 $ 29,142 $ - $ 19,647 $ 29,082 $ - __________ (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, 2020 and December 31, 2019. (In thousands): As of June 30, 2020 As of December 31, 2019 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 $ 911 $ 911 $ 38 $ 973 $ 973 $ 48 Commercial business (1) 1,025 1,768 960 1,403 3,037 1,029 Home equity (2) 269 274 17 379 382 20 Sub-total: $ 2,205 $ 2,953 $ 1,015 $ 2,755 $ 4,392 $ 1,097 Acquired loans initially recorded at fair value with an allowance recorded: Residential one-to-four family $ 2,474 $ 2,506 $ 357 $ 2,278 $ 2,293 $ 325 Commercial and Multi-family 1,226 1,424 318 1,248 1,442 342 Commercial business (1) 1,481 3,266 1,705 377 1,489 1,489 Home equity (2) 82 82 3 83 83 4 Sub-total $ 5,263 $ 7,278 $ 2,383 $ 3,986 $ 5,307 $ 2,160 Acquired loans with deteriorated credit with an allowance recorded: Residential one-to-four family $ 519 $ 566 $ 3 $ 524 $ 571 $ 7 Sub-total: $ 519 $ 566 $ 3 $ 524 $ 571 $ 7 Total Impaired Loans with an allowance recorded: $ 7,987 $ 10,797 $ 3,401 $ 7,265 $ 10,270 $ 3,264 Total Impaired Loans with no related allowance recorded: $ 18,851 $ 29,142 $ - $ 19,647 $ 29,082 $ - Total Impaired Loans: $ 26,838 $ 39,939 $ 3,401 $ 26,912 $ 39,352 $ 3,264 __________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Troubled Debt Restructurings | At June 30, 2020 At December 31, 2019 (In thousands) Recorded investment in TDRs: Accrual status $ 16,157 $ 17,030 Non-accrual status 1,097 702 Total recorded investment in TDRs $ 17,254 $ 17,732 |
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) Residential one-to-four family $ 813 $ 956 $ 450 $ 2,219 $ 245,252 $ 247,471 $ - Commercial and multi-family 998 - 829 1,827 1,642,127 1,643,954 - Construction - - - - 111,463 111,463 - Commercial business (1) 2,514 134 2,360 5,008 304,276 309,284 - Home equity (2) 446 76 427 949 62,532 63,481 - Consumer - - - - 603 603 - Total $ 4,771 $ 1,166 $ 4,066 $ 10,003 $ 2,366,253 $ 2,376,256 $ - _________ (1) Includes business lines of credit and PPP loans. (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 Bank’s loan portfolio at June 30, 2020 and December 31, 2019, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of June 30, 2020 and December 31, 2019, non-accrual loans differed from the amount of total loans past due greater than 90 days due to loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. There was $ 1.6 million in loans that were less than ninety days past due at June 30, 2020 and December 31, 2019, and $ 795,000 of loans which were more than ninety days past due and still accruing interest at December 31, 2019. Nonaccrual loans do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $ 1.1 million at June 30, 2020, and $ 3.5 million at December 31, 2019. Loans subject to COVID-19-related modifications are not be reported as non-accrual, in accordance with regulatory guidance. As of June 30, 2020 As of December 31, 2019 (In Thousands) (In Thousands) Non-Accruing Loans: Originated loans: Residential one-to-four family $ 788 $ 590 Commercial and multi-family 218 761 Commercial business (1) 1,129 1,428 Home equity (2) 608 347 Sub-total: 2,743 3,126 Acquired loans initially recorded at fair value: Residential one-to-four family 544 291 Commercial and multi-family 631 217 Commercial business (1) 513 513 Home equity (2) 64 13 Sub-total: 1,752 1,034 Total $ 4,495 $ 4,160 _________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the six months ended June 30, 2020 and December 31, 2019 would have been approximately $ 509,000 and $ 967,000 , respectively. Interest income recognized on loans returned to accrual status was approximately $ 509,000 and $ 1.1 million, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on nonaccrual status. At June 30, 2020 and December 31, 2019, there were $ 0 and $ 795,000 , respectively, of loans which were more than ninety days past due and still accruing interest. 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, 2019: 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 $ 1,087 $ 401 $ - $ 1,488 $ 210,532 $ 212,020 $ - Commercial and multi-family 1,290 940 616 2,846 1,482,440 1,485,286 - Construction - - - - 104,996 104,996 - Commercial business (1) 1,874 278 1,265 3,417 153,996 157,413 142 Home equity (2) 161 63 116 340 49,760 50,100 - Consumer - - - - 674 674 - Sub-total: $ 4,412 $ 1,682 $ 1,997 $ 8,091 $ 2,002,398 $ 2,010,489 $ 142 Acquired loans initially recorded at fair value: Residential one-to-four family $ 265 $ 217 $ 330 $ 812 $ 34,198 35,010 $ 97 Commercial and multi-family 318 - 631 949 117,628 118,577 556 Construction - - - - - - - Commercial business (1) 300 - 513 813 18,506 19,319 - Home equity (2) 190 75 - 265 14,037 14,302 - Consumer - - - - 8 8 - Sub-total: $ 1,073 $ 292 $ 1,474 $ 2,839 $ 184,377 $ 187,216 $ 653 Acquired loans with deteriorated credit: Residential one-to-four family $ - $ - $ - $ - $ 1,351 $ 1,351 $ - Commercial and multi-family - - 2,500 2,500 613 3,113 - Construction - - - - - - - Commercial business (1) - - 856 856 54 910 - Home equity (2) 37 199 - 236 - 236 - Consumer - - - - - - - Sub-total: $ 37 $ 199 $ 3,356 $ 3,592 $ 2,018 $ 5,610 $ - Total $ 5,522 $ 2,173 $ 6,827 $ 14,522 $ 2,188,793 $ 2,203,315 $ 795 (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Loan Portfolio by Pass Rating | Pass Special Mention Substandard Total Originated loans: Residential one-to-four family $ 211,258 $ 1,049 $ 788 $ 213,095 Commercial and multi-family 1,529,731 1,978 1,193 1,532,902 Construction 111,463 - - 111,463 Commercial business (1) 283,772 1,476 4,566 289,814 Home equity (2) 50,932 - 658 51,590 Consumer 600 - - 600 Sub-total: $ 2,187,756 $ 4,503 $ 7,205 $ 2,199,464 Acquired loans initially recorded at fair value: Residential one-to-four family $ 32,410 $ - $ 637 $ 33,047 Commercial and multi-family 107,043 217 3,077 110,337 Commercial business (1) 16,952 133 1,481 18,566 Home equity (2) 11,594 - 64 11,658 Consumer 3 - - 3 Sub-total: $ 168,002 $ 350 $ 5,259 $ 173,611 Acquired loans with deteriorated credit: Residential one-to-four family $ 775 $ 546 $ 8 $ 1,329 Commercial and multi-family 489 - 226 715 Commercial business (1) - 51 853 904 Home equity (2) 200 - 33 233 Sub-total: $ 1,464 $ 597 $ 1,120 $ 3,181 Total Gross Loans $ 2,357,222 $ 5,450 $ 13,584 $ 2,376,256 _________ (1) Includes business lines of credit and PPP loans. (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 and substandard within the Company’s internal risk rating system as of December 31, 2019. (In thousands). As of December 31, 2019, the Company had no loans with the classified rating of doubtful or loss. Pass Special Mention Substandard Total Originated loans: Residential one-to-four family $ 210,094 $ 1,336 $ 590 $ 212,020 Commercial and multi-family 1,478,472 4,043 2,771 1,485,286 Construction 104,996 - - 104,996 Commercial business (1) 153,464 1,796 2,153 157,413 Home equity (2) 49,753 - 347 50,100 Consumer 670 4 - 674 Sub-total: $ 1,997,449 $ 7,179 $ 5,861 $ 2,010,489 Acquired loans initially recorded at fair value: Residential one-to-four family $ 34,624 $ - $ 386 35,010 Commercial and multi-family 115,130 583 2,864 118,577 Commercial business (1) 17,648 1,159 512 19,319 Home equity (2) 14,270 - 32 14,302 Consumer 8 - - 8 Sub-total: $ 181,680 $ 1,742 $ 3,794 $ 187,216 Acquired loans with deteriorated credit: Residential one-to-four family $ 788 $ 248 $ 315 1,351 Commercial and multi-family - 493 2,620 3,113 Commercial business (1) - 54 856 910 Home equity (2) 199 - 37 236 Sub-total: $ 987 $ 795 $ 3,828 $ 5,610 Total Gross Loans $ 2,180,116 $ 9,716 $ 13,483 $ 2,203,315 ________ (1) Includes business lines of credit. (2) Includes home equity lines of credit. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring | (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of June 30, 2020: Securities Debt Securities Available for Sale $ 127,518 $ - $ 127,518 $ - Marketable Equities $ 12,683 $ 12,683 $ - $ - Total Securities $ 140,201 $ 12,683 $ 127,518 $ - As of December 31, 2019: Securities Debt Securities Available for Sale $ 91,613 $ - $ 91,613 $ - Marketable Equities $ 2,500 $ 2,500 $ - $ - Total Securities $ 94,113 $ 2,500 $ 91,613 $ - |
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, 2020 Impaired Loans $ 4,586 $ - $ - $ 4,586 Other real estate owned $ 1,623 $ - $ - $ 1,623 As of December 31, 2019: Impaired Loans $ 4,001 $ - $ - $ 4,001 Other real estate owned $ 1,623 $ - $ - $ 1,623 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range June 30, 2020: Impaired Loans $ 4,586 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 1,623 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Fair Value Valuation Unobservable Estimate Techniques Input Range December 31, 2019: Impaired Loans $ 4,001 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Other real estate owned $ 1,623 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, 2020 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 $ 412,249 $ 412,249 $ 412,249 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 127,518 127,518 - 127,518 - Equity investments 12,683 12,683 12,683 - - Loans held for sale 760 760 - 760 - Loans receivable, net 2,343,593 2,406,615 - - 2,406,615 FHLB of New York stock, at cost 13,529 13,529 - 13,529 - Accrued interest receivable 16,569 16,569 - 16,569 - Other Real Estate Owned 1,623 1,623 - - 1,623 Financial liabilities: Deposits 2,442,233 2,452,965 1,456,240 996,725 - Borrowings 242,800 245,481 - 245,481 - Subordinated debentures 36,926 37,199 - 37,199 - Accrued interest payable 2,492 2,492 - 2,492 - As of December 31, 2019 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 $ 550,353 $ 550,353 $ 550,353 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 91,613 91,613 - 91,613 - Equity investments 2,500 2,500 2,500 - - Loans held for sale 917 917 - 917 - Loans receivable, net 2,178,407 2,199,497 - - 2,199,497 FHLB of New York stock, at cost 13,821 13,821 - 13,821 - Accrued interest receivable 8,318 8,318 - 8,318 - Other Real Estate Owned 1,623 1,623 - - 1,623 Financial liabilities: Deposits 2,362,063 2,375,089 1,231,658 1,143,431 - Borrowings 245,800 245,176 - 245,176 - Subordinated debentures 36,810 36,947 - 36,947 - Accrued interest payable 2,708 2,708 - 2,708 - |
Lease Obligations (Tables)
Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Lease Obligations [Abstract] | |
Schedule of Lease Information | Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Operating lease cost $ 854 $ 812 $ 1,709 $ 1,562 Variable lease cost-operating leases $ 196 $ 170 $ 398 $ 302 At June 30, 2020 At December 31, 2019 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 13,335 $ 13,246 Current liabilities $ 2,731 $ 2,590 Operating lease liabilities (noncurrent portion) 10,790 10,790 Total operating lease liabilities $ 13,521 $ 13,380 |
Summary of Maturity of Operating and Finance Leases | Maturities of lease liabilities: At June 30, 2020 At December 31, 2019 Operating Leases Operating Leases One year or less $ 2,731 $ 2,590 Over one year through three years 4,528 4,713 Over three years through five years 2,615 2,736 Over five years 3,647 3,341 Total $ 13,521 $ 13,380 |
Equity Incentive Plans (Narrati
Equity Incentive Plans (Narrative) (Details) - USD ($) | Jun. 14, 2019 | Dec. 14, 2018 | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Options granted | 98,875 | |||
Shares underlying unexercised options | 635,237 | |||
Expected future expenses relating to non-vested restricted shares | $ 411,000 | |||
Expected future compensation expense, unexercised options | $ 1,300,000 | |||
Expected future compensation expense, weighted average period for recognition | 4 years 8 months 23 days | |||
Exercisable - Number of Options | 565,238 | 268,633 | ||
Restricted Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected future compensation expense, weighted average period for recognition | 8 months 16 days | |||
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 | |||
Directors [Member] | 2018 Equity Incentive Plan [Member] | Options [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Options granted | 68,750 | 300,000 | ||
Vesting period | 2 years | 2 years | ||
Directors [Member] | 2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Restricted stock issued | 33,110 | 54,000 | ||
Vesting period | 2 years | 2 years | ||
Directors [Member] | Tranche 1 And 2 [Member] | 2018 Equity Incentive Plan [Member] | Options [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Vesting percentage | 50.00% | 50.00% | ||
Executive Officers [Member] | 2018 Equity Incentive Plan [Member] | Options [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Options granted | 30,125 | |||
Vesting period | 2 years | |||
Executive Officers [Member] | 2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Restricted stock issued | 14,508 | 13,321 | ||
Vesting period | 2 years | 2 years |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary of Status of Restricted Shares) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Equity Incentive Plans [Abstract] | ||
Number of Shares Awarded, Non-vested at beginning of period | 81,278 | 67,321 |
Number of Shares Awarded, Granted | 47,618 | |
Number of Shares Awarded, Vested | 23,809 | |
Number of Shares Awarded, Forfeited | ||
Number of Shares Awarded, Non-vested at end of period | 57,469 | 114,939 |
Weighted Average Grant Date Fair Value, Non-vested at beginning of period | $ 11.96 | $ 11.26 |
Weighted Average Grant Date Fair Value, Granted | 12.46 | |
Weighted Average Grant Date Fair Value, Vested | 12.46 | |
Weighted Average Grant Date Fair Value, Forfeited | ||
Weighted Average Grant Date Fair Value, Non-vested at end of period | $ 11.76 | $ 11.86 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary of Stock Option Activity) (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Incentive Plans [Abstract] | ||||
Outstanding, Beginning Balance - Number of Options | 1,200,975 | 1,104,600 | 1,104,600 | |
Options Granted - Number of Options | 98,875 | |||
Options Exercised - Number of Options | (500) | |||
Options Forfeited - Number of Options | (1,000) | |||
Options Expired - Number of Options | ||||
Outstanding, Ending Balance - Number of Options | 1,200,475 | 1,202,475 | 1,200,975 | 1,104,600 |
Outstanding, Range of Exercise Price, Lower Range Limit (per share) | $ 8.93 | $ 8.93 | $ 8.93 | $ 8.93 |
Outstanding, Range of Exercise Price, Upper Range Limit (per share) | 13.32 | 13.32 | 13.32 | 13.32 |
Options Granted, Exercise Price | 12.46 | |||
Options Exercised - Exercise Price | 10.55 | |||
Options Forfeited - Exercise Price | 10.55 | |||
Outstanding Number of Options, Beginning Balance - Weighted Average Exercise Price | 11.45 | 11.36 | 11.36 | |
Number of Options Granted - Weighted Average Exercise Price | 12.46 | |||
Number of Options, Exercised - Weighted Average Exercise Price | 10.55 | |||
Number of Options Forfeited - Weighted Average Exercise Price | 10.55 | |||
Outstanding Number of Options, Ending Balance - Weighted Average Exercise Price | $ 11.45 | $ 11.45 | $ 11.45 | $ 11.36 |
Net Income per Common Share (Na
Net Income per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Anti-dilutive outstanding options | 0 | 16,328 | 58,302 | 45,479 | |
Preferred stock, shares outstanding | 8,634 | 8,634 | 8,340 | ||
Series F Preferred Stock [Member] | |||||
Preferred stock, shares outstanding | 6,465 | 6,465 | |||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 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, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Income per Common Share [Abstract] | ||||
Net income available to common stockholders | $ 2,385 | $ 4,885 | $ 4,565 | $ 10,019 |
Basic earnings per share - Income available to Common stockholders | 2,385 | 4,885 | 4,565 | 10,019 |
Diluted earnings per share- Income available to Common stockholders | $ 2,385 | $ 4,885 | $ 4,565 | $ 10,019 |
Basic earnings per share- Income available to Common stockholders, Shares | 17,179 | 16,413 | 17,340 | 16,245 |
Effect of dilutive securities: Stock options: Shares | 4 | 58 | 26 | 45 |
Diluted earnings per share- Income available to Common stockholders, Shares | 17,183 | 16,471 | 17,366 | 16,290 |
Basic earnings per share- Income available to Common stockholders | $ 0.14 | $ 0.30 | $ 0.26 | $ 0.62 |
Diluted earnings per share - Income available to Common stockholders | $ 0.14 | $ 0.30 | $ 0.26 | $ 0.62 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Securities [Abstract] | ||
Proceeds from sales of securities | $ 564 | $ 2,057 |
Securities (Summary of Unrealiz
Securities (Summary of Unrealized and Realized Gains and Losses in Net Income on Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Securities [Abstract] | ||||
Net gains (losses) recognized during the period on equity securities | $ 482 | $ (47) | $ 42 | $ 286 |
Less: Net gains recognized during the period on equity securities sold during the period | 40 | 21 | 40 | 21 |
Unrealized gains (losses) recognized during the reporting period on equity securities still held at reporting period date | $ 442 | $ (26) | $ 2 | $ 265 |
Securities (Amortized Cost and
Securities (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than one to five years, Amortized Cost | $ 3,431 | |
Debt securities, More than five to ten years, Amortized Cost | 1,566 | |
Debt securities, More than ten years, Amortized Cost | 87,269 | |
Debt Securities, Amortized Cost | $ 124,259 | 92,266 |
Debt securities, More than one to five years, Gross Unrealized Gains | 8 | |
Debt securities: More than five to ten years, Gross Unrealized Gains | 33 | |
Debt securities, More than ten years, Gross Unrealized Gains | 574 | |
Debt securities: Gross Unrealized Gains | 3,333 | 615 |
Debt securities: More than one to five years, Gross Unrealized Losses | 72 | |
Debt securities: More than ten years, Gross Unrealized Losses | 1,196 | |
Debt securities: Gross Unrealized Losses | 74 | 1,268 |
Debt securities: More than one to five years, Fair Value | 3,367 | |
Debt securities: More than five to ten years, Fair Value | 1,599 | |
Debt securities: More than ten years, Fair Value | 86,647 | |
Debt securities: Fair Value | 127,518 | $ 91,613 |
Residential Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than one to five years, Amortized Cost | 3,328 | |
Debt securities, More than five to ten years, Amortized Cost | 4,672 | |
Debt securities, More than ten years, Amortized Cost | 74,173 | |
Debt Securities, Amortized Cost | 82,173 | |
Debt securities, More than one to five years, Gross Unrealized Gains | 28 | |
Debt securities: More than five to ten years, Gross Unrealized Gains | 349 | |
Debt securities, More than ten years, Gross Unrealized Gains | 2,423 | |
Debt securities: Gross Unrealized Gains | 2,800 | |
Debt securities: More than one to five years, Gross Unrealized Losses | 55 | |
Debt securities: More than ten years, Gross Unrealized Losses | 19 | |
Debt securities: Gross Unrealized Losses | 74 | |
Debt securities: More than one to five years, Fair Value | 3,301 | |
Debt securities: More than five to ten years, Fair Value | 5,021 | |
Debt securities: More than ten years, Fair Value | 76,577 | |
Debt securities: Fair Value | 84,899 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than five to ten years, Amortized Cost | 25,778 | |
Debt securities: More than five to ten years, Gross Unrealized Gains | 314 | |
Debt securities: More than five to ten years, Fair Value | 26,092 | |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Less than one year, Amortized Cost | 12,048 | |
Debt securities, More than ten years, Amortized Cost | 4,260 | |
Debt Securities, Amortized Cost | 16,308 | |
Debt securities, More than ten years, Gross Unrealized Gains | 219 | |
Debt securities: Gross Unrealized Gains | 219 | |
Debt securities: Less than one year, Fair Value | 12,048 | |
Debt securities: More than ten years, Fair Value | 4,479 | |
Debt securities: Fair Value | $ 16,527 |
Securities (Available-for-Sale
Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Securities [Abstract] | ||
Debt Securities, 12 Months or Less - Fair Value | $ 1,670 | $ 13,073 |
Debt Securities, More than 12 Months - Fair Value | 1,945 | 23,212 |
Debt and Equity Securities - Total Fair Value | 3,615 | 36,285 |
Debt and Equity Securities, 12 Months or Less - Unrealized Losses | 19 | 656 |
Debt and Equity Securities, More than 12 Months - Unrealized Losses | 55 | 612 |
Debt and Equity Securities - Total Unrealized Losses | $ 74 | $ 1,268 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)loan | Jun. 30, 2019loan | Jun. 30, 2020USD ($)loan | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-accrual loans, interest income lost | $ 509,000 | $ 967,000 | |||
Loans returned to accrual, interest income | 509,000 | 1,100,000 | |||
Past due loans | $ 10,003,000 | 10,003,000 | 14,522,000 | ||
Loans Receivable >90 Days and Accruing | 0 | 0 | 795,000 | ||
Loans acquired with deteriorated credit quality, fair value | $ 1,100,000 | 1,100,000 | 3,500,000 | ||
Troubled debt restructurings, amount | $ 208,352 | $ 1,200,000 | |||
Troubled debt restructurings, number | loan | 0 | 0 | 1 | 3 | |
Troubled debt restructuring, subsequent default, number | loan | 0 | 0 | |||
Financing receivables | $ 2,376,256,000 | $ 2,376,256,000 | 2,203,315,000 | ||
Less Than 90 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due loans | 1,600,000 | 1,600,000 | 1,600,000 | ||
Loss [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables | 0 | 0 | |||
Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables | 13,600,000 | 13,600,000 | |||
Substandard [Member] | Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivables | $ 13,600,000 | $ 13,600,000 | |||
Acquired loans with deteriorated credit [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due loans | 3,592,000 | ||||
Loans Receivable >90 Days and Accruing | |||||
Financing receivables | $ 5,610,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses (Recorded Investment in Loans Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,376,256 | $ 2,203,315 |
Deferred loan fees, net | (3,821) | (1,174) |
Allowance for loan losses | (28,842) | (23,734) |
Sub-total | (32,663) | (24,908) |
Net Loans | 2,343,593 | 2,178,407 |
Lines of credit and PPP loans | 127,500 | |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 247,471 | 248,381 |
Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,643,954 | 1,606,976 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 111,463 | 104,996 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 309,284 | 177,642 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 63,481 | 64,638 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 603 | $ 682 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | $ 25,534 | $ 23,004 | $ 23,734 | $ 22,359 | $ 22,359 |
Allowance for loan losses: Charge-offs | 4 | 256 | 743 | ||
Allowance for loan losses: Recoveries | 30 | 312 | 42 | 49 | |
Allowance for loan losses: Provisions | 3,300 | 755 | 4,800 | 1,644 | 2,069 |
Allowance for loan losses: Ending Balance | 28,842 | 23,789 | 28,842 | 23,789 | 23,734 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 3,401 | 3,401 | 3,264 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 25,441 | 25,441 | 20,470 | ||
Loans receivables: Ending balance: individually evaluated for impairment | 26,838 | 26,838 | 26,912 | ||
Loans receivables: Ending balance: collectively evaluated for impairment | 2,349,418 | 2,349,418 | 2,176,403 | ||
Loans receivables: Ending balance | 2,376,256 | 2,376,256 | 2,203,315 | ||
Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 3,131 | 2,907 | 2,722 | 2,748 | 2,748 |
Allowance for loan losses: Charge-offs | 4 | 66 | |||
Allowance for loan losses: Recoveries | 3 | 3 | 3 | ||
Allowance for loan losses: Provisions | (55) | 547 | 358 | 706 | 37 |
Allowance for loan losses: Ending Balance | 3,076 | 3,457 | 3,076 | 3,457 | 2,722 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 398 | 398 | 380 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 2,678 | 2,678 | 2,342 | ||
Loans receivables: Ending balance: individually evaluated for impairment | 8,233 | 8,233 | 8,455 | ||
Loans receivables: Ending balance: collectively evaluated for impairment | 239,238 | 239,238 | 239,926 | ||
Loans receivables: Ending balance | 247,471 | 247,471 | 248,381 | ||
Commercial and Multi-family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 14,949 | 15,221 | 15,372 | 14,168 | 14,168 |
Allowance for loan losses: Charge-offs | 111 | 229 | |||
Allowance for loan losses: Recoveries | 10 | 10 | |||
Allowance for loan losses: Provisions | 1,993 | (833) | 1,570 | 321 | 1,423 |
Allowance for loan losses: Ending Balance | 16,942 | 14,388 | 16,942 | 14,388 | 15,372 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 318 | 318 | 342 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 16,624 | 16,624 | 15,030 | ||
Loans receivables: Ending balance: individually evaluated for impairment | 9,725 | 9,725 | 13,231 | ||
Loans receivables: Ending balance: collectively evaluated for impairment | 1,634,229 | 1,634,229 | 1,593,745 | ||
Loans receivables: Ending balance | 1,643,954 | 1,643,954 | 1,606,976 | ||
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 1,105 | 1,209 | 1,244 | 1,003 | 1,003 |
Allowance for loan losses: Provisions | 229 | 235 | 90 | 451 | 241 |
Allowance for loan losses: Ending Balance | 1,334 | 1,454 | 1,334 | 1,454 | 1,244 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,334 | 1,334 | 1,244 | ||
Loans receivables: Ending balance: collectively evaluated for impairment | 111,463 | 111,463 | 104,996 | ||
Loans receivables: Ending balance | 111,463 | 111,463 | 104,996 | ||
Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 3,957 | 3,367 | 3,790 | 3,933 | 3,933 |
Allowance for loan losses: Charge-offs | 145 | 448 | |||
Allowance for loan losses: Recoveries | 9 | 302 | 18 | 20 | |
Allowance for loan losses: Provisions | 354 | 686 | 219 | 256 | 285 |
Allowance for loan losses: Ending Balance | 4,311 | 4,062 | 4,311 | 4,062 | 3,790 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 2,665 | 2,665 | 2,518 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,646 | 1,646 | 1,272 | ||
Loans receivables: Ending balance: individually evaluated for impairment | 7,255 | 7,255 | 3,938 | ||
Loans receivables: Ending balance: collectively evaluated for impairment | 302,029 | 302,029 | 173,704 | ||
Loans receivables: Ending balance | 309,284 | 309,284 | 177,642 | ||
Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 625 | 268 | 333 | 316 | 316 |
Allowance for loan losses: Recoveries | 8 | 6 | 11 | 16 | |
Allowance for loan losses: Provisions | 55 | 1 | 345 | (50) | 1 |
Allowance for loan losses: Ending Balance | 684 | 277 | 684 | 277 | 333 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 20 | 20 | 24 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 664 | 664 | 309 | ||
Loans receivables: Ending balance: individually evaluated for impairment | 1,625 | 1,625 | 1,288 | ||
Loans receivables: Ending balance: collectively evaluated for impairment | 61,856 | 61,856 | 63,350 | ||
Loans receivables: Ending balance | 63,481 | 63,481 | 64,638 | ||
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 5 | 2 | 2 | ||
Allowance for loan losses: Recoveries | 4 | ||||
Allowance for loan losses: Provisions | (3) | 1 | 2 | (1) | (2) |
Allowance for loan losses: Ending Balance | 6 | 1 | 6 | 1 | |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 6 | 6 | |||
Loans receivables: Ending balance: collectively evaluated for impairment | 603 | 603 | 682 | ||
Loans receivables: Ending balance | 603 | 603 | 682 | ||
Unallocated [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 1,762 | 32 | 273 | 189 | 189 |
Allowance for loan losses: Provisions | 727 | 118 | 2,216 | (39) | 84 |
Allowance for loan losses: Ending Balance | 2,489 | 150 | 2,489 | 150 | 273 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 2,489 | 2,489 | 273 | ||
Originated loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 24,151 | 22,382 | 22,449 | 21,750 | 21,750 |
Allowance for loan losses: Charge-offs | 256 | 257 | |||
Allowance for loan losses: Recoveries | 4 | 7 | 306 | 15 | 15 |
Allowance for loan losses: Provisions | 2,858 | 316 | 4,258 | 1,196 | 941 |
Allowance for loan losses: Ending Balance | 27,013 | 22,705 | 27,013 | 22,705 | 22,449 |
Loans receivables: Ending balance | 2,199,464 | 2,199,464 | 2,010,489 | ||
Originated loans [Member] | Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 2,787 | 2,471 | 2,422 | 2,374 | 2,374 |
Allowance for loan losses: Charge-offs | 1 | ||||
Allowance for loan losses: Provisions | (138) | 109 | 227 | 206 | 49 |
Allowance for loan losses: Ending Balance | 2,649 | 2,580 | 2,649 | 2,580 | 2,422 |
Loans receivables: Ending balance | 213,095 | 213,095 | 212,020 | ||
Originated loans [Member] | Commercial and Multi-family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 14,867 | 15,077 | 15,235 | 14,000 | 14,000 |
Allowance for loan losses: Charge-offs | 111 | 111 | |||
Allowance for loan losses: Provisions | 1,830 | (826) | 1,462 | 362 | 1,346 |
Allowance for loan losses: Ending Balance | 16,697 | 14,251 | 16,697 | 14,251 | 15,235 |
Loans receivables: Ending balance | 1,532,902 | 1,532,902 | 1,485,286 | ||
Originated loans [Member] | Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 1,105 | 1,209 | 1,244 | 1,003 | 1,003 |
Allowance for loan losses: Provisions | 229 | 245 | 90 | 451 | 241 |
Allowance for loan losses: Ending Balance | 1,334 | 1,454 | 1,334 | 1,454 | 1,244 |
Loans receivables: Ending balance | 111,463 | 111,463 | 104,996 | ||
Originated loans [Member] | Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 3,004 | 3,328 | 2,945 | 3,869 | 3,869 |
Allowance for loan losses: Charge-offs | 145 | 145 | |||
Allowance for loan losses: Recoveries | 7 | 302 | 15 | 15 | |
Allowance for loan losses: Provisions | 154 | 660 | (89) | 256 | (794) |
Allowance for loan losses: Ending Balance | 3,158 | 3,995 | 3,158 | 3,995 | 2,945 |
Loans receivables: Ending balance | 289,814 | 289,814 | 157,413 | ||
Originated loans [Member] | Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 621 | 265 | 330 | 313 | 313 |
Allowance for loan losses: Provisions | 59 | 9 | 350 | (39) | 17 |
Allowance for loan losses: Ending Balance | 680 | 274 | 680 | 274 | 330 |
Loans receivables: Ending balance | 51,590 | 51,590 | 50,100 | ||
Originated loans [Member] | Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 5 | 2 | 2 | ||
Allowance for loan losses: Recoveries | 4 | 4 | |||
Allowance for loan losses: Provisions | (3) | 1 | 2 | (1) | (2) |
Allowance for loan losses: Ending Balance | 6 | 1 | 6 | 1 | |
Loans receivables: Ending balance | 600 | 600 | 674 | ||
Originated loans [Member] | Unallocated [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 1,762 | 32 | 273 | 189 | 189 |
Allowance for loan losses: Provisions | 727 | 118 | 2,216 | (39) | 84 |
Allowance for loan losses: Ending Balance | 2,489 | 150 | 2,489 | 150 | 273 |
Acquired loans recorded at fair value [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 1,279 | 404 | 1,122 | 335 | 335 |
Allowance for loan losses: Charge-offs | 4 | 486 | |||
Allowance for loan losses: Recoveries | 4 | 23 | 6 | 27 | 34 |
Allowance for loan losses: Provisions | 444 | 304 | 603 | 369 | 1,239 |
Allowance for loan losses: Ending Balance | 1,727 | 731 | 1,727 | 731 | 1,122 |
Loans receivables: Ending balance | 173,611 | 173,611 | 187,216 | ||
Acquired loans recorded at fair value [Member] | Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 306 | 404 | 261 | 335 | 335 |
Allowance for loan losses: Charge-offs | 4 | 65 | |||
Allowance for loan losses: Recoveries | 3 | 3 | 3 | ||
Allowance for loan losses: Provisions | 85 | 324 | 134 | 393 | (12) |
Allowance for loan losses: Ending Balance | 391 | 731 | 391 | 731 | 261 |
Loans receivables: Ending balance | 33,047 | 33,047 | 35,010 | ||
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 | 63 | 58 | |||
Allowance for loan losses: Charge-offs | 118 | ||||
Allowance for loan losses: Recoveries | 10 | 10 | |||
Allowance for loan losses: Provisions | 163 | 168 | (10) | 166 | |
Allowance for loan losses: Ending Balance | 226 | 226 | 58 | ||
Loans receivables: Ending balance | 110,337 | 110,337 | 118,577 | ||
Acquired loans recorded at fair value [Member] | Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Recoveries | 10 | ||||
Allowance for loan losses: Provisions | (10) | ||||
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 910 | 803 | |||
Allowance for loan losses: Charge-offs | 303 | ||||
Allowance for loan losses: Recoveries | 2 | 3 | 5 | ||
Allowance for loan losses: Provisions | 200 | (2) | 307 | (3) | 1,101 |
Allowance for loan losses: Ending Balance | 1,110 | 1,110 | 803 | ||
Loans receivables: Ending balance | 18,566 | 18,566 | 19,319 | ||
Acquired loans recorded at fair value [Member] | Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Recoveries | 4 | 8 | 6 | 11 | 16 |
Allowance for loan losses: Provisions | (4) | (8) | (6) | (11) | (16) |
Loans receivables: Ending balance | 11,658 | 11,658 | 14,302 | ||
Acquired loans recorded at fair value [Member] | Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivables: Ending balance | 3 | 3 | 8 | ||
Acquired loans with deteriorated credit [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 104 | 218 | 163 | 274 | 274 |
Allowance for loan losses: Recoveries | 8 | ||||
Allowance for loan losses: Provisions | (2) | 135 | (61) | 79 | (111) |
Allowance for loan losses: Ending Balance | 102 | 353 | 102 | 353 | 163 |
Loans receivables: Ending balance | 3,181 | 3,181 | 5,610 | ||
Acquired loans with deteriorated credit [Member] | Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 38 | 32 | 39 | 39 | 39 |
Allowance for loan losses: Provisions | (2) | 114 | (3) | 107 | |
Allowance for loan losses: Ending Balance | 36 | 146 | 36 | 146 | 39 |
Loans receivables: Ending balance | 1,329 | 1,329 | 1,351 | ||
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 | 19 | 144 | 79 | 168 | 168 |
Allowance for loan losses: Provisions | (7) | (60) | (31) | (89) | |
Allowance for loan losses: Ending Balance | 19 | 137 | 19 | 137 | 79 |
Loans receivables: Ending balance | 715 | 715 | 3,113 | ||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 43 | 39 | 42 | 64 | 64 |
Allowance for loan losses: Provisions | 28 | 1 | 3 | (22) | |
Allowance for loan losses: Ending Balance | 43 | 67 | 43 | 67 | 42 |
Loans receivables: Ending balance | 904 | 904 | 910 | ||
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Beginning Balance | 4 | 3 | 3 | 3 | 3 |
Allowance for loan losses: Recoveries | 4 | ||||
Allowance for loan losses: Provisions | 1 | ||||
Allowance for loan losses: Ending Balance | 4 | $ 3 | 4 | $ 3 | 3 |
Loans receivables: Ending balance | 233 | $ 233 | $ 236 | ||
Acquired loans with deteriorated credit [Member] | Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses: Recoveries | $ 4 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | $ 17,471 | $ 29,926 | $ 18,176 | $ 30,930 | |
Average Recorded Investment - With an allowance recorded | 7,493 | 8,040 | 7,415 | 8,517 | |
Interest Income Recognized - With no related allowance recorded | 273 | 290 | 476 | 606 | |
Interest Income Recognized - With an allowance recorded | 63 | 93 | 131 | 182 | |
Recorded Investment - With no related allowance recorded | 18,851 | 18,851 | $ 19,647 | ||
Recorded Investment - With an allowance recorded | 7,987 | 7,987 | 7,265 | ||
Recorded Investment - Total | 26,838 | 26,838 | 26,912 | ||
Unpaid Principal Balance - With no related allowance recorded | 29,142 | 29,142 | 29,082 | ||
Unpaid Principal Balance - With an allowance recorded | 10,797 | 10,797 | 10,270 | ||
Unpaid Principal Balance - Total | 39,939 | 39,939 | 39,352 | ||
Related Allowance | 3,401 | 3,401 | 3,264 | ||
Originated loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 9,129 | 16,142 | 8,810 | 16,451 | |
Average Recorded Investment - With an allowance recorded | 2,292 | 3,178 | 2,445 | 3,813 | |
Interest Income Recognized - With no related allowance recorded | 182 | 185 | 294 | 395 | |
Interest Income Recognized - With an allowance recorded | 29 | 53 | 43 | 107 | |
Recorded Investment - With no related allowance recorded | 10,743 | 10,743 | 8,171 | ||
Recorded Investment - With an allowance recorded | 2,205 | 2,205 | 2,755 | ||
Unpaid Principal Balance - With no related allowance recorded | 15,134 | 15,134 | 11,287 | ||
Unpaid Principal Balance - With an allowance recorded | 2,953 | 2,953 | 4,392 | ||
Related Allowance | 1,015 | 1,015 | 1,097 | ||
Originated loans [Member] | Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 1,976 | 2,818 | 1,987 | 2,753 | |
Average Recorded Investment - With an allowance recorded | 914 | 2,452 | 933 | 2,775 | |
Interest Income Recognized - With no related allowance recorded | 20 | 18 | 40 | 46 | |
Interest Income Recognized - With an allowance recorded | 2 | 24 | 10 | 49 | |
Recorded Investment - With no related allowance recorded | 1,971 | 1,971 | 2,010 | ||
Recorded Investment - With an allowance recorded | 911 | 911 | 973 | ||
Unpaid Principal Balance - With no related allowance recorded | 2,070 | 2,070 | 2,098 | ||
Unpaid Principal Balance - With an allowance recorded | 911 | 911 | 973 | ||
Related Allowance | 38 | 38 | 48 | ||
Originated loans [Member] | Commercial and Multi-family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 3,896 | 11,499 | 4,087 | 11,903 | |
Average Recorded Investment - With an allowance recorded | 37 | ||||
Interest Income Recognized - With no related allowance recorded | 45 | 120 | 90 | 254 | |
Recorded Investment - With no related allowance recorded | 3,891 | 3,891 | 4,469 | ||
Unpaid Principal Balance - With no related allowance recorded | 3,936 | 3,936 | 4,527 | ||
Originated loans [Member] | Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 2,444 | 1,145 | 1,999 | 1,088 | |
Average Recorded Investment - With an allowance recorded | 1,056 | 574 | 1,171 | 849 | |
Interest Income Recognized - With no related allowance recorded | 110 | 41 | 151 | 83 | |
Interest Income Recognized - With an allowance recorded | 25 | 27 | 28 | 54 | |
Recorded Investment - With no related allowance recorded | 3,887 | 3,887 | 1,108 | ||
Recorded Investment - With an allowance recorded | 1,025 | 1,025 | 1,403 | ||
Unpaid Principal Balance - With no related allowance recorded | 8,133 | 8,133 | 4,069 | ||
Unpaid Principal Balance - With an allowance recorded | 1,768 | 1,768 | 3,037 | ||
Related Allowance | 960 | 960 | 1,029 | ||
Originated loans [Member] | Home Equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 813 | 680 | 737 | 707 | |
Average Recorded Investment - With an allowance recorded | 322 | 152 | 341 | 152 | |
Interest Income Recognized - With no related allowance recorded | 7 | 6 | 13 | 12 | |
Interest Income Recognized - With an allowance recorded | 2 | 2 | 5 | 4 | |
Recorded Investment - With no related allowance recorded | 994 | 994 | 584 | ||
Recorded Investment - With an allowance recorded | 269 | 269 | 379 | ||
Unpaid Principal Balance - With no related allowance recorded | 995 | 995 | 593 | ||
Unpaid Principal Balance - With an allowance recorded | 274 | 274 | 382 | ||
Related Allowance | 17 | 17 | 20 | ||
Acquired loans recorded at fair value [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 5,911 | 6,520 | 6,131 | 6,800 | |
Average Recorded Investment - With an allowance recorded | 4,681 | 4,415 | 4,449 | 4,284 | |
Interest Income Recognized - With no related allowance recorded | 68 | 84 | 136 | 168 | |
Interest Income Recognized - With an allowance recorded | 34 | 33 | 81 | 63 | |
Recorded Investment - With no related allowance recorded | 5,688 | 5,688 | 6,632 | ||
Recorded Investment - With an allowance recorded | 5,263 | 5,263 | 3,986 | ||
Unpaid Principal Balance - With no related allowance recorded | 5,780 | 5,780 | 7,147 | ||
Unpaid Principal Balance - With an allowance recorded | 7,278 | 7,278 | 5,307 | ||
Related Allowance | 2,383 | 2,383 | 2,160 | ||
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 | 1,690 | 2,216 | 1,741 | 2,518 | |
Average Recorded Investment - With an allowance recorded | 2,371 | 3,245 | 2,340 | 3,169 | |
Interest Income Recognized - With no related allowance recorded | 18 | 25 | 36 | 50 | |
Interest Income Recognized - With an allowance recorded | 4 | 28 | 30 | 52 | |
Recorded Investment - With no related allowance recorded | 1,548 | 1,548 | 1,843 | ||
Recorded Investment - With an allowance recorded | 2,474 | 2,474 | 2,278 | ||
Unpaid Principal Balance - With no related allowance recorded | 1,638 | 1,638 | 1,950 | ||
Unpaid Principal Balance - With an allowance recorded | 2,506 | 2,506 | 2,293 | ||
Related Allowance | 357 | 357 | 325 | ||
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 | 3,966 | 3,917 | 4,111 | 3,932 | |
Average Recorded Investment - With an allowance recorded | 1,230 | 897 | 1,236 | 905 | |
Interest Income Recognized - With no related allowance recorded | 47 | 55 | 94 | 110 | |
Interest Income Recognized - With an allowance recorded | 4 | 20 | 8 | ||
Recorded Investment - With no related allowance recorded | 3,893 | 3,893 | 4,401 | ||
Recorded Investment - With an allowance recorded | 1,226 | 1,226 | 1,248 | ||
Unpaid Principal Balance - With no related allowance recorded | 3,893 | 3,893 | 4,402 | ||
Unpaid Principal Balance - With an allowance recorded | 1,424 | 1,424 | 1,442 | ||
Related Allowance | 318 | 318 | 342 | ||
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 51 | 52 | |||
Average Recorded Investment - With an allowance recorded | 997 | 189 | 790 | 126 | |
Interest Income Recognized - With no related allowance recorded | 1 | 2 | |||
Interest Income Recognized - With an allowance recorded | 30 | 30 | |||
Recorded Investment - With no related allowance recorded | 183 | ||||
Recorded Investment - With an allowance recorded | 1,481 | 1,481 | 377 | ||
Unpaid Principal Balance - With no related allowance recorded | 589 | ||||
Unpaid Principal Balance - With an allowance recorded | 3,266 | 3,266 | 1,489 | ||
Related Allowance | 1,705 | 1,705 | 1,489 | ||
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 | 255 | 336 | 61 | 291 | |
Average Recorded Investment - With an allowance recorded | 83 | 84 | 83 | 84 | |
Interest Income Recognized - With no related allowance recorded | 3 | 3 | 6 | ||
Interest Income Recognized - With an allowance recorded | 1 | 1 | 3 | ||
Recorded Investment - With no related allowance recorded | 247 | 247 | 205 | ||
Recorded Investment - With an allowance recorded | 82 | 82 | 83 | ||
Unpaid Principal Balance - With no related allowance recorded | 249 | 249 | 206 | ||
Unpaid Principal Balance - With an allowance recorded | 82 | 82 | 83 | ||
Related Allowance | 3 | 3 | 4 | ||
Acquired loans recorded at fair value [Member] | Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 218 | 7 | |||
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 | 2,431 | 7,264 | 3,235 | 7,679 | |
Average Recorded Investment - With an allowance recorded | 520 | 447 | 521 | 420 | |
Interest Income Recognized - With no related allowance recorded | 23 | 21 | 46 | 43 | |
Interest Income Recognized - With an allowance recorded | 7 | 7 | 12 | ||
Recorded Investment - With no related allowance recorded | 2,420 | 2,420 | 4,844 | ||
Recorded Investment - With an allowance recorded | 519 | 519 | 524 | ||
Unpaid Principal Balance - With no related allowance recorded | 8,228 | 8,228 | 10,648 | ||
Unpaid Principal Balance - With an allowance recorded | 566 | 566 | 571 | ||
Related Allowance | 3 | 3 | 7 | ||
Acquired loans with deteriorated credit [Member] | Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average Recorded Investment - With no related allowance recorded | 815 | 929 | 819 | 960 | |
Average Recorded Investment - With an allowance recorded | 520 | 447 | 521 | 420 | |
Interest Income Recognized - With no related allowance recorded | 14 | 14 | 28 | 30 | |
Interest Income Recognized - With an allowance recorded | 7 | 7 | 12 | ||
Recorded Investment - With no related allowance recorded | 810 | 810 | 827 | ||
Recorded Investment - With an allowance recorded | 519 | 519 | 524 | ||
Unpaid Principal Balance - With no related allowance recorded | 1,366 | 1,366 | 1,383 | ||
Unpaid Principal Balance - With an allowance recorded | 566 | 566 | 571 | ||
Related Allowance | 3 | 3 | 7 | ||
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 | 718 | 5,461 | 1,516 | 5,850 | |
Interest Income Recognized - With no related allowance recorded | 7 | 7 | 14 | 13 | |
Recorded Investment - With no related allowance recorded | 715 | 715 | 3,113 | ||
Unpaid Principal Balance - With no related allowance recorded | 1,769 | 1,769 | 4,166 | ||
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 | 864 | 829 | 865 | 823 | |
Interest Income Recognized - With no related allowance recorded | 2 | 4 | |||
Recorded Investment - With no related allowance recorded | 862 | 862 | 867 | ||
Unpaid Principal Balance - With no related allowance recorded | 5,048 | 5,048 | 5,052 | ||
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 | 34 | $ 45 | 35 | $ 46 | |
Recorded Investment - With no related allowance recorded | 33 | 33 | 37 | ||
Unpaid Principal Balance - With no related allowance recorded | $ 45 | $ 45 | $ 47 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)loan | Jun. 30, 2019loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2019loan | Dec. 31, 2019USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Total recorded investment in TDRs | $ 17,254 | $ 17,254 | $ 17,732 | ||
Number of Contracts | loan | 0 | 0 | 1 | 3 | |
Accrual Status [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Total recorded investment in TDRs | $ 16,157 | $ 16,157 | 17,030 | ||
Non-Accrual Status [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Total recorded investment in TDRs | $ 1,097 | $ 1,097 | $ 702 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Loan Losses (Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 4,495 | $ 4,160 |
Originated loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 2,743 | 3,126 |
Originated loans [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 788 | 590 |
Originated loans [Member] | Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 218 | 761 |
Originated loans [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,129 | 1,428 |
Originated loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 608 | 347 |
Acquired loans recorded at fair value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,752 | 1,034 |
Acquired loans recorded at fair value [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 544 | 291 |
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 631 | 217 |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 513 | 513 |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 64 | $ 13 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 10,003,000 | $ 14,522,000 |
Current | 2,366,253,000 | 2,188,793,000 |
Financing Receivable, Net, Total | 2,376,256,000 | 2,203,315,000 |
Loans Receivable >90 Days and Accruing | 0 | 795,000 |
30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4,771,000 | 5,522,000 |
60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,166,000 | 2,173,000 |
Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4,066,000 | 6,827,000 |
Originated loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 8,091,000 | |
Current | 2,002,398,000 | |
Financing Receivable, Net, Total | 2,010,489,000 | |
Loans Receivable >90 Days and Accruing | 142,000 | |
Originated loans [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4,412,000 | |
Originated loans [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,682,000 | |
Originated loans [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,997,000 | |
Originated loans [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,219,000 | 1,488,000 |
Current | 245,252,000 | 210,532,000 |
Financing Receivable, Net, Total | 247,471,000 | 212,020,000 |
Loans Receivable >90 Days and Accruing | ||
Originated loans [Member] | Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 813,000 | 1,087,000 |
Originated loans [Member] | Residential [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 956,000 | 401,000 |
Originated loans [Member] | Residential [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 450,000 | |
Originated loans [Member] | Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,827,000 | 2,846,000 |
Current | 1,642,127,000 | 1,482,440,000 |
Financing Receivable, Net, Total | 1,643,954,000 | 1,485,286,000 |
Loans Receivable >90 Days and Accruing | ||
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 | 998,000 | 1,290,000 |
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 | 940,000 | |
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 | 829,000 | 616,000 |
Originated loans [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 111,463,000 | 104,996,000 |
Financing Receivable, Net, Total | 111,463,000 | 104,996,000 |
Loans Receivable >90 Days and Accruing | ||
Originated loans [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 5,008,000 | 3,417,000 |
Current | 304,276,000 | 153,996,000 |
Financing Receivable, Net, Total | 309,284,000 | 157,413,000 |
Loans Receivable >90 Days and Accruing | 142,000 | |
Originated loans [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,514,000 | 1,874,000 |
Originated loans [Member] | Commercial Business [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 134,000 | 278,000 |
Originated loans [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,360,000 | 1,265,000 |
Originated loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 949,000 | 340,000 |
Current | 62,532,000 | 49,760,000 |
Financing Receivable, Net, Total | 63,481,000 | 50,100,000 |
Loans Receivable >90 Days and Accruing | ||
Originated loans [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 446,000 | 161,000 |
Originated loans [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 76,000 | 63,000 |
Originated loans [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 427,000 | 116,000 |
Originated loans [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 603,000 | 674,000 |
Financing Receivable, Net, Total | 603,000 | 674,000 |
Loans Receivable >90 Days and Accruing | ||
Acquired loans recorded at fair value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,839,000 | |
Current | 184,377,000 | |
Financing Receivable, Net, Total | 187,216,000 | |
Loans Receivable >90 Days and Accruing | 653,000 | |
Acquired loans recorded at fair value [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,073,000 | |
Acquired loans recorded at fair value [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 292,000 | |
Acquired loans recorded at fair value [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,474,000 | |
Acquired loans recorded at fair value [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 812,000 | |
Current | 34,198,000 | |
Financing Receivable, Net, Total | 35,010,000 | |
Loans Receivable >90 Days and Accruing | 97,000 | |
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 | 265,000 | |
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 | 217,000 | |
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 | 330,000 | |
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 949,000 | |
Current | 117,628,000 | |
Financing Receivable, Net, Total | 118,577,000 | |
Loans Receivable >90 Days and Accruing | 556,000 | |
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 | 318,000 | |
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 | 631,000 | |
Acquired loans recorded at fair value [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable >90 Days and Accruing | ||
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 813,000 | |
Current | 18,506,000 | |
Financing Receivable, Net, Total | 19,319,000 | |
Loans Receivable >90 Days and Accruing | ||
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 | 300,000 | |
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 | 513,000 | |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 265,000 | |
Current | 14,037,000 | |
Financing Receivable, Net, Total | 14,302,000 | |
Loans Receivable >90 Days and Accruing | ||
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 | 190,000 | |
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 | 75,000 | |
Acquired loans recorded at fair value [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 8,000 | |
Financing Receivable, Net, Total | 8,000 | |
Loans Receivable >90 Days and Accruing | ||
Acquired loans with deteriorated credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,592,000 | |
Current | 2,018,000 | |
Financing Receivable, Net, Total | 5,610,000 | |
Loans Receivable >90 Days and Accruing | ||
Acquired loans with deteriorated credit [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 37,000 | |
Acquired loans with deteriorated credit [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 199,000 | |
Acquired loans with deteriorated credit [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,356,000 | |
Acquired loans with deteriorated credit [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,351,000 | |
Financing Receivable, Net, Total | 1,351,000 | |
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] | ||
Past Due | 2,500,000 | |
Current | 613,000 | |
Financing Receivable, Net, Total | 3,113,000 | |
Loans Receivable >90 Days and Accruing | ||
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 | 2,500,000 | |
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] | ||
Past Due | 856,000 | |
Current | 54,000 | |
Financing Receivable, Net, Total | 910,000 | |
Loans Receivable >90 Days and Accruing | ||
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 856,000 | |
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 236,000 | |
Financing Receivable, Net, Total | 236,000 | |
Loans Receivable >90 Days and Accruing | ||
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 37,000 | |
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 199,000 | |
Acquired loans with deteriorated credit [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable >90 Days and Accruing |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Loan Losses (Loan Portfolio by Pass Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,376,256 | $ 2,203,315 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 2,357,222 | 2,180,116 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 5,450 | 9,716 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 13,584 | 13,483 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 247,471 | 248,381 |
Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,643,954 | 1,606,976 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 111,463 | 104,996 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 309,284 | 177,642 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 63,481 | 64,638 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 603 | 682 |
Originated loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 2,199,464 | 2,010,489 |
Originated loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 2,187,756 | 1,997,449 |
Originated loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 4,503 | 7,179 |
Originated loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 7,205 | 5,861 |
Originated loans [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 213,095 | 212,020 |
Originated loans [Member] | Residential [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 211,258 | 210,094 |
Originated loans [Member] | Residential [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,049 | 1,336 |
Originated loans [Member] | Residential [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 788 | 590 |
Originated loans [Member] | Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,532,902 | 1,485,286 |
Originated loans [Member] | Commercial and Multi-family [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,529,731 | 1,478,472 |
Originated loans [Member] | Commercial and Multi-family [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,978 | 4,043 |
Originated loans [Member] | Commercial and Multi-family [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,193 | 2,771 |
Originated loans [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 111,463 | 104,996 |
Originated loans [Member] | Construction [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 111,463 | 104,996 |
Originated loans [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 289,814 | 157,413 |
Originated loans [Member] | Commercial Business [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 283,772 | 153,464 |
Originated loans [Member] | Commercial Business [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,476 | 1,796 |
Originated loans [Member] | Commercial Business [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 4,566 | 2,153 |
Originated loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 51,590 | 50,100 |
Originated loans [Member] | Home Equity [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 50,932 | 49,753 |
Originated loans [Member] | Home Equity [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 658 | 347 |
Originated loans [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 600 | 674 |
Originated loans [Member] | Consumer [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 600 | 670 |
Originated loans [Member] | Consumer [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 4 | |
Acquired loans recorded at fair value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 173,611 | 187,216 |
Acquired loans recorded at fair value [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 168,002 | 181,680 |
Acquired loans recorded at fair value [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 350 | 1,742 |
Acquired loans recorded at fair value [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 5,259 | 3,794 |
Acquired loans recorded at fair value [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 33,047 | 35,010 |
Acquired loans recorded at fair value [Member] | Residential [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 32,410 | 34,624 |
Acquired loans recorded at fair value [Member] | Residential [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 637 | 386 |
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 110,337 | 118,577 |
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 | 107,043 | 115,130 |
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 | 217 | 583 |
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 3,077 | 2,864 |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 18,566 | 19,319 |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 16,952 | 17,648 |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 133 | 1,159 |
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,481 | 512 |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 11,658 | 14,302 |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 11,594 | 14,270 |
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 64 | 32 |
Acquired loans recorded at fair value [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 3 | 8 |
Acquired loans recorded at fair value [Member] | Consumer [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 3 | 8 |
Acquired loans with deteriorated credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 3,181 | 5,610 |
Acquired loans with deteriorated credit [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,464 | 987 |
Acquired loans with deteriorated credit [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 597 | 795 |
Acquired loans with deteriorated credit [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,120 | 3,828 |
Acquired loans with deteriorated credit [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,329 | 1,351 |
Acquired loans with deteriorated credit [Member] | Residential [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 775 | 788 |
Acquired loans with deteriorated credit [Member] | Residential [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 546 | 248 |
Acquired loans with deteriorated credit [Member] | Residential [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 8 | 315 |
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 715 | 3,113 |
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 489 | |
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 | 493 | |
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 226 | 2,620 |
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 904 | 910 |
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 51 | 54 |
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 853 | 856 |
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 233 | 236 |
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 200 | 199 |
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 33 | $ 37 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Jul. 13, 2020 | Dec. 30, 2019 | Feb. 25, 2019 | Jan. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Stockholders' Equity Note [Line Items] | |||||||||
Proceeds from issuance of common stock | $ 93,000 | $ 6,391,000 | |||||||
Series H Preferred Stock [Member] | |||||||||
Stockholders' Equity Note [Line Items] | |||||||||
Preferred stock, dividend rate | 3.50% | ||||||||
Series H Preferred Stock [Member] | Subsequent Event [Member] | |||||||||
Stockholders' Equity Note [Line Items] | |||||||||
Shares issued | 308 | ||||||||
Proceeds from issuance of private placement | $ 3,080,000 | ||||||||
Preferred stock, dividend rate | 3.50% | ||||||||
Common Stock [Member] | |||||||||
Stockholders' Equity Note [Line Items] | |||||||||
Shares issued | 1,020,408 | 496,224 | |||||||
Proceeds from issuance of common stock | $ 12,500,000 | ||||||||
Proceeds from issuance of private placement | $ 6,272,000 | ||||||||
Series G Preferred Stock [Member] | |||||||||
Stockholders' Equity Note [Line Items] | |||||||||
Shares issued | 533 | ||||||||
Proceeds from issuance of private placement | $ 5,330,000 | ||||||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||
Series F Preferred Stock [Member] | |||||||||
Stockholders' Equity Note [Line Items] | |||||||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | ||||
Directors And Officers [Member] | Common Stock [Member] | |||||||||
Stockholders' Equity Note [Line Items] | |||||||||
Shares issued | 286,244 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Impairment of intangible assets | $ 0 | $ 0 | ||
Goodwill | 5,200,000 | $ 5,200,000 | $ 5,200,000 | |
Core Deposit Intangibles [Member] | ||||
Intangible asset, useful life | 10 years | |||
Amortization expense | 18,000 | $ 19,000 | ||
Intangible assets, net | $ 281,000 | $ 281,000 | $ 352,000 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers between fair value hierarchy | $ 0 | $ 0 | $ 0 | $ 0 | |
Impaired loans | 7,987,000 | 7,987,000 | $ 7,265,000 | ||
Valuation allowance | 3,401,000 | 3,401,000 | 3,264,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans | 8,000,000 | 8,000,000 | 3,400,000 | ||
Valuation allowance | $ 7,300,000 | $ 7,300,000 | $ 3,300,000 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | $ 127,518 | $ 91,613 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments | 140,201 | 94,113 |
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 Investments | 12,683 | 2,500 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments | 12,683 | 2,500 |
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 | 127,518 | 91,613 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments | 127,518 | 91,613 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments | ||
Residential Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 84,899 | |
Residential Mortgage-backed securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 127,518 | 91,613 |
Residential Mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | ||
Residential Mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 127,518 | 91,613 |
Residential Mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities Available for Sale | 16,527 | |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments | 12,683 | 2,500 |
Preferred Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments | 12,683 | 2,500 |
Preferred Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investments |
Fair Values of Financial Inst_5
Fair Values of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 4,586 | $ 4,001 |
Other real estate owned | 1,623 | 1,623 |
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 | ||
Other real estate owned | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other real estate owned | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,586 | 4,001 |
Other real estate owned | $ 1,623 | $ 1,623 |
Fair Values of Financial Inst_6
Fair Values of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details) $ in Thousands | Jun. 30, 2020USD ($)item | Dec. 31, 2019USD ($)item |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ | $ 4,586 | $ 4,001 |
Other Real Estate Owned | $ | 1,623 | 1,623 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ | 4,586 | 4,001 |
Other Real Estate Owned | $ | $ 1,623 | $ 1,623 |
Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Range | item | 0 | 0 |
Other Real Estate Owned, Range | item | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Range | item | 10 | 10 |
Other Real Estate Owned, Range | item | 10 | 10 |
Fair Values of Financial Inst_7
Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 127,518 | $ 91,613 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 412,249 | 550,353 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 127,518 | 91,613 |
Equity investments | 12,683 | 2,500 |
Loans held for sale | 760 | 917 |
Loans receivable, net | 2,343,593 | 2,178,407 |
FHLB of New York stock, at cost | 13,529 | 13,821 |
Accrued interest receivable | 16,569 | 8,318 |
Other Real Estate Owned | 1,623 | 1,623 |
Deposits | 2,442,233 | 2,362,063 |
Borrowings | 242,800 | 245,800 |
Subordinated debentures | 36,926 | 36,810 |
Accrued interest payable | 2,492 | 2,708 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 412,249 | 550,353 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 127,518 | 91,613 |
Equity investments | 12,683 | 2,500 |
Loans held for sale | 760 | 917 |
Loans receivable, net | 2,406,615 | 2,199,497 |
FHLB of New York stock, at cost | 13,529 | 13,821 |
Accrued interest receivable | 16,569 | 8,318 |
Other Real Estate Owned | 1,623 | 1,623 |
Deposits | 2,452,965 | 2,375,089 |
Borrowings | 245,481 | 245,176 |
Subordinated debentures | 37,199 | 36,947 |
Accrued interest payable | 2,492 | 2,708 |
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 | 412,249 | 550,353 |
Equity investments | 12,683 | 2,500 |
Deposits | 1,456,240 | 1,231,658 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 127,518 | 91,613 |
Loans held for sale | 760 | 917 |
FHLB of New York stock, at cost | 13,529 | 13,821 |
Accrued interest receivable | 16,569 | 8,318 |
Deposits | 996,725 | 1,143,431 |
Borrowings | 245,481 | 245,176 |
Subordinated debentures | 37,199 | 36,947 |
Accrued interest payable | 2,492 | 2,708 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, net | 2,406,615 | 2,199,497 |
Other Real Estate Owned | $ 1,623 | $ 1,623 |
Subordinated Debt (Narrative) (
Subordinated Debt (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | Jul. 30, 2018 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate spread | 2.65% | ||
Trust preferred securities | $ 4,124,000 | ||
Fixed To Floating Rate Subordinated Debentures [Member] | |||
Subordinated Borrowing [Line Items] | |||
Face amount | $ 33,500,000 | ||
Notes term | 10 years | ||
Redemption restriction period | 5 years | ||
Deferred finance costs | $ 698,000 | $ 814,000 | |
Fixed To Floating Rate Subordinated Debentures [Member] | First Five Years [Member] | |||
Subordinated Borrowing [Line Items] | |||
Interest rate | 5.625% | ||
Fixed To Floating Rate Subordinated Debentures [Member] | After Five Years [Member] | |||
Subordinated Borrowing [Line Items] | |||
Variable interest rate spread | 2.72% |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) - item | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Number of operating leases | 28 | |
Weighted average remaining lease term, operating leases | 6 years 8 months 12 days | 6 years 8 months 8 days |
Weighted average discount rate, operating leases | 3.09% | 3.16% |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Term of contracts | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Term of contracts | 13 years |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Lease Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Lease Obligations [Abstract] | |||||
Operating lease cost | $ 854 | $ 812 | $ 1,709 | $ 1,562 | |
Variable lease cost-operating leases | 196 | 170 | 398 | 302 | |
Operating lease right-of-use assets | 13,335 | 13,246 | 13,335 | 13,246 | $ 13,246 |
Current liabilities | 2,731 | 2,590 | 2,731 | 2,590 | |
Operating lease liabilities (noncurrent portion) | 10,790 | 10,790 | 10,790 | 10,790 | |
Total operating lease liabilities | $ 13,521 | $ 13,380 | $ 13,521 | $ 13,380 | $ 13,380 |
Lease Obligations (Summary of M
Lease Obligations (Summary of Maturity of Operating and Finance Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Lease Obligations [Abstract] | ||
One year or less | $ 2,731 | $ 2,590 |
Over one year through three years | 4,528 | 4,713 |
Over three years through five years | 2,615 | 2,736 |
Over five years | 3,647 | 3,341 |
Total | $ 13,521 | $ 13,380 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 08, 2020 | Aug. 31, 2020 | Aug. 10, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||||||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock redeemed | $ 140 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Date declared | Jul. 8, 2020 | |||||||
Dividends per common share | $ 0.14 | |||||||
Date of record | Aug. 7, 2020 | |||||||
Date paid | Aug. 21, 2020 | |||||||
Series F Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | ||||||
Preferred stock, redemption price | $ 1,000 | $ 1,000 | ||||||
Series F Preferred Stock [Member] | Forecast [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Redemption of preferred stock, shares | 6,465 | |||||||
Preferred stock redeemed | $ 6,500 | |||||||
Series C Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock, dividend rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | ||||||
Series C Preferred Stock [Member] | Forecast [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Redemption of preferred stock, shares | 388 | |||||||
Preferred stock, redemption price | $ 10,000 | |||||||
Preferred stock redeemed | $ 3,900 |