Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TRUSTCO BANK CORP N Y | ' |
Entity Central Index Key | '0000357301 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Public Float | ' | $490,535,724 |
Entity Common Stock, Shares Outstanding | 94,564,026 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividend income: | ' | ' | ' |
Interest and fees on loans | $127,944 | $128,581 | $129,212 |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | 17,700 | 18,776 | 22,639 |
Interest on held to maturity securities: | ' | ' | ' |
Total interest on held to maturity securities | 3,673 | 5,978 | 7,491 |
Federal Reserve Bank and Federal Home Loan Bank stock | 490 | 486 | 304 |
Interest on federal funds sold and other short-term investments | 1,240 | 1,142 | 1,102 |
Total interest and dividend income | 151,047 | 154,963 | 160,748 |
Interest expense: | ' | ' | ' |
Interest on deposits | 13,800 | 18,500 | 24,670 |
Interest on short-term borrowings | 1,483 | 1,475 | 1,574 |
Total interest expense | 15,283 | 19,975 | 26,244 |
Net interest income | 135,764 | 134,988 | 134,504 |
Provision for loan losses | 7,000 | 12,000 | 18,750 |
Net interest income after provision for loan losses | 128,764 | 122,988 | 115,754 |
Noninterest income: | ' | ' | ' |
Trustco Financial Services income | 5,301 | 5,761 | 5,088 |
Fees for services to customers | 11,675 | 12,290 | 11,305 |
Net gain on securities transactions | 1,622 | 2,161 | 1,428 |
Other | 1,172 | 752 | 952 |
Total noninterest income | 19,770 | 20,964 | 18,773 |
Noninterest expenses: | ' | ' | ' |
Salaries and employee benefits | 32,424 | 31,276 | 28,751 |
Net occupancy expense | 16,100 | 15,257 | 14,687 |
Equipment expense | 6,381 | 6,073 | 5,652 |
Professional services | 5,649 | 6,040 | 5,729 |
Outsourced services | 5,125 | 5,122 | 5,100 |
Advertising expense | 2,827 | 3,841 | 2,784 |
FDIC and other insurance expense | 3,975 | 3,823 | 4,655 |
Other real estate expense, net | 3,598 | 3,216 | 5,693 |
Other | 8,926 | 9,329 | 9,091 |
Total noninterest expense | 85,005 | 83,977 | 82,142 |
Income before income taxes | 63,529 | 59,975 | 52,385 |
Income taxes | 23,717 | 22,441 | 19,298 |
Net income | 39,812 | 37,534 | 33,087 |
Earnings per share: | ' | ' | ' |
Basic (in dollars per share) | $0.42 | $0.40 | $0.39 |
Diluted (in dollars per share) | $0.42 | $0.40 | $0.39 |
U. S. government sponsored enterprises [Member] | ' | ' | ' |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | 2,600 | 8,097 | 12,998 |
Interest on held to maturity securities: | ' | ' | ' |
Total interest on held to maturity securities | 0 | 25 | 261 |
State and political subdivisions [Member] | ' | ' | ' |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | 562 | 1,413 | 2,471 |
Mortgage-backed securities and collateralized mortgage obligations-residential [Member] | ' | ' | ' |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | 11,385 | 6,697 | 3,091 |
Interest on held to maturity securities: | ' | ' | ' |
Total interest on held to maturity securities | 2,840 | 4,287 | 4,765 |
Corporate bonds [Member] | ' | ' | ' |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | 812 | 2,231 | 4,059 |
Interest on held to maturity securities: | ' | ' | ' |
Total interest on held to maturity securities | 833 | 1,666 | 2,465 |
Small Business Administration-guaranteed participation securities [Member] | ' | ' | ' |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | 2,180 | 319 | 0 |
Mortgage-backed securities and collateralized mortgage obligations-Commercial [Member] | ' | ' | ' |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | 144 | 0 | 0 |
Other securities [Member] | ' | ' | ' |
Interest and dividends on securities available for sale: | ' | ' | ' |
Total interest and dividends on securities available for sale | $17 | $19 | $20 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net income | $39,812 | $37,534 | $33,087 |
Net unrealized holding gain (loss) on securities available for sale | -34,691 | 10,100 | 9,062 |
Reclassification adjustments for net gain recognized in income | -1,622 | -2,161 | -1,428 |
Tax effect | 14,480 | -3,166 | -3,045 |
Net unrealized gain (loss) on securities available for sale, net of tax | -21,833 | 4,773 | 4,589 |
Change in overfunded position in pension and post retirement plans arising during the year | 10,559 | -1,244 | -4,753 |
Tax effect | -4,210 | 496 | 1,895 |
Change in overfunded position in pension and postretirement plans arising during the year, net of tax | 6,349 | -748 | -2,858 |
Amortization of net actuarial loss | 467 | 306 | 85 |
Amortization of prior service credit | -262 | -262 | -262 |
Tax effect | -82 | -18 | 72 |
Amortization of net actuarial loss and prior service credit on pension and postretirement plans, net of tax | 123 | 26 | -105 |
Other comprehensive income (loss), net of tax | -15,361 | 4,051 | 1,626 |
Comprehensive income | $24,451 | $41,585 | $34,713 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $46,453 | $55,789 |
Federal funds sold and other short term investments | 536,591 | 488,227 |
Total cash and cash equivalents | 583,044 | 544,016 |
Securities available for sale | 863,754 | 912,092 |
Held to maturity securities ($90,305 and $151,126 fair value at December 31, 2013 and 2012, respectively) | 86,215 | 143,426 |
Federal Reserve Bank and Federal Home Loan Bank stock | 10,500 | 9,632 |
Loans, net of deferred fees and costs | 2,908,809 | 2,684,733 |
Less: Allowance for loan losses | 47,714 | 47,927 |
Net loans | 2,861,095 | 2,636,806 |
Bank premises and equipment, net | 34,414 | 36,239 |
Other assets | 82,430 | 64,402 |
Total assets | 4,521,452 | 4,346,613 |
Deposits: | ' | ' |
Demand | 318,456 | 300,544 |
Savings accounts | 1,218,038 | 1,198,517 |
Interest-bearing checking | 611,127 | 560,064 |
Money market deposit accounts | 648,402 | 667,589 |
Certificates of deposit (in denominations of $100,000 or more) | 419,301 | 352,734 |
Other time accounts | 711,747 | 724,745 |
Total deposits | 3,927,071 | 3,804,193 |
Short-term borrowings | 204,162 | 159,846 |
Accrued expenses and other liabilities | 28,406 | 23,776 |
Total liabilities | 4,159,639 | 3,987,815 |
Commitments and contingent liabilities | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Capital stock: $1 par value; 150,000,000 shares authorized, 98,927,123 and 98,912,423 shares issued at December 31, 2013 and 2012, respectively | 98,927 | 98,912 |
Surplus | 173,144 | 174,899 |
Undivided profits | 147,432 | 132,378 |
Accumulated other comprehensive income (loss), net of tax | -13,803 | 1,558 |
Treasury stock: 4,463,786 and 4,977,179 shares, at cost, at December 31, 2013 and 2012, respectively | -43,887 | -48,949 |
Total shareholders' equity | 361,813 | 358,798 |
Total liabilities and shareholders' equity | $4,521,452 | $4,346,613 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Held to maturity securities, fair value | $90,305 | $151,126 |
SHAREHOLDERS' EQUITY: | ' | ' |
Capital stock, par value (in dollars per share) | $1 | $1 |
Capital stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Capital stock, shares issued (in shares) | 98,927,123 | 98,912,423 |
Treasury stock, at cost (in shares) | 4,463,786 | 4,977,179 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Capital Stock [Member] | Surplus [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands | ||||||
Balance at Dec. 31, 2010 | $83,166 | $126,982 | $108,780 | ($4,119) | ($59,369) | $255,440 |
Net Income | 0 | 0 | 33,087 | 0 | 0 | 33,087 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | 1,626 | 0 | 1,626 |
Net proceeds from stock offering | 15,640 | 51,938 | 0 | 0 | 0 | 67,578 |
Issuance of restricted stock | 106 | -106 | 0 | 0 | 0 | 0 |
Cash dividend declared | 0 | 0 | -22,402 | 0 | 0 | -22,402 |
Sale of treasury stock | 0 | -2,463 | 0 | 0 | 5,363 | 2,900 |
Stock based compensation expense | 0 | 287 | 0 | 0 | 0 | 287 |
Balance at Dec. 31, 2011 | 98,912 | 176,638 | 119,465 | -2,493 | -54,006 | 338,516 |
Net Income | 0 | 0 | 37,534 | 0 | 0 | 37,534 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | 4,051 | 0 | 4,051 |
Cash dividend declared | 0 | 0 | -24,621 | 0 | 0 | -24,621 |
Sale of treasury stock | 0 | -2,144 | 0 | 0 | 5,057 | 2,913 |
Stock based compensation expense | 0 | 405 | 0 | 0 | 0 | 405 |
Balance at Dec. 31, 2012 | 98,912 | 174,899 | 132,378 | 1,558 | -48,949 | 358,798 |
Net Income | 0 | 0 | 39,812 | 0 | 0 | 39,812 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | -15,361 | 0 | -15,361 |
Stock options and related tax benefits | 15 | 61 | 0 | 0 | -40 | 36 |
Cash dividend declared | 0 | 0 | -24,758 | 0 | 0 | -24,758 |
Sale of treasury stock | 0 | -2,194 | 0 | 0 | 5,102 | 2,908 |
Stock based compensation expense | 0 | 378 | 0 | 0 | 0 | 378 |
Balance at Dec. 31, 2013 | $98,927 | $173,144 | $147,432 | ($13,803) | ($43,887) | $361,813 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements of Changes in Shareholders' Equity | ' | ' | ' |
Shares issued in stock offering (in shares) | ' | ' | 15,640,000 |
Issuance of restricted stock (in shares) | ' | ' | 106,000 |
Cash dividend declared (in dollars per share) | $0.26 | $0.26 | $0.26 |
Sale of treasury stock (in shares) | 518,726 | 514,097 | 545,236 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $39,812 | $37,534 | $33,087 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 5,017 | 5,032 | 4,836 |
Net (gain) loss on sale of other real estate owned | -509 | 364 | 478 |
Writedown of other real estate owned | 2,166 | 1,059 | 3,454 |
Provision for loan losses | 7,000 | 12,000 | 18,750 |
Deferred tax (benefit) expense | -1,426 | 1,440 | -2,336 |
Stock based compensation expense | 378 | 405 | 287 |
Net gain on sale of bank premises and equipment | -16 | -3 | -4 |
Net gain on securities transactions | -1,622 | -2,161 | -1,428 |
Decrease (increase) in taxes receivable | -38 | 1,390 | 473 |
Decrease (increase) in interest receivable | 554 | 2,200 | -774 |
Increase (decrease) in interest payable | 19 | -313 | -311 |
Decrease (increase) in other assets | 7,047 | -2,780 | 4,614 |
Increase in accrued expenses and other liabilities | 4,577 | 2,462 | 192 |
Total adjustments | 23,147 | 21,095 | 28,231 |
Net cash provided by operating activities | 62,959 | 58,629 | 61,318 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales and calls of securities available for sale | 417,204 | 1,204,250 | 1,171,945 |
Purchases of securities available for sale | -416,617 | -1,199,986 | -1,207,157 |
Proceeds from maturities of securities available for sale | 13,060 | 2,462 | 20,243 |
Proceeds from calls and maturities of held to maturity securities | 57,211 | 83,165 | 87,320 |
Purchases of held to maturity securities | 0 | -10,303 | -111,896 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | -868 | -628 | -2,143 |
Proceeds from redemptions of Federal Reserve Bank and Federal Home Loan Bank stock | 0 | 0 | 53 |
Net increase in loans | -243,937 | -190,843 | -188,776 |
Proceeds from dispositions of other real estate owned | 10,967 | 9,760 | 9,013 |
Proceeds from dispositions of bank premises and equipment | 16 | 3 | 7 |
Purchases of bank premises and equipment | -6,381 | -4,265 | -5,213 |
Net cash used in investing activities | -169,345 | -106,385 | -226,604 |
Cash flows from financing activities: | ' | ' | ' |
Net increase in deposits | 122,878 | 68,220 | 181,886 |
Net increase in short-term borrowings | 44,316 | 12,283 | 22,948 |
Proceeds from exercise of stock options and related tax benefits | 36 | 0 | 0 |
Proceeds from sales of treasury stock | 2,908 | 2,913 | 2,900 |
Net proceeds from common stock offering | 0 | 0 | 67,578 |
Dividends paid | -24,724 | -24,587 | -21,333 |
Net cash provided by (used in) financing activities | 145,414 | 58,829 | 253,979 |
Net increase in cash and cash equivalents | 39,028 | 11,073 | 88,693 |
Cash and cash equivalents at beginning of period | 544,016 | 532,943 | 444,250 |
Cash and cash equivalents at end of period | 583,044 | 544,016 | 532,943 |
Cash paid during the year for: | ' | ' | ' |
Interest paid | 15,264 | 20,288 | 26,555 |
Income taxes paid | 23,821 | 21,052 | 18,824 |
Non cash investing and financing activities: | ' | ' | ' |
Transfer of loans to real estate owned | 12,648 | 14,623 | 10,794 |
Transfer of building to other assets | 3,189 | 0 | 0 |
Increase in dividends payable | 34 | 34 | 1,069 |
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes | -36,313 | 7,939 | 7,634 |
Change in deferred tax effect on unrealized gain (loss) on securities available for sale, net of reclassification adjustment | 14,480 | -3,166 | -3,045 |
Amortization of net actuarial loss and prior service credit on pension and post retirement plans, gross of deferred taxes | 205 | 44 | -177 |
Change in deferred tax effect of amortization of net actuarial loss and prior service credit on pension and post retirement plans | -82 | -18 | 72 |
Change in overfunded position in pension and post retirement plans arising during the year | 10,559 | -1,244 | -4,753 |
Deferred tax effect of change in overfunded position of pension and post retirement benefit plans (ASC 715) | ($4,210) | $496 | $1,895 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
(1) Basis of Presentation | |
The accounting and financial reporting policies of TrustCo Bank Corp NY (the Company or TrustCo), ORE Subsidiary Corp., Trustco Bank (referred to as Trustco Bank or the Bank), and its wholly owned subsidiaries, Trustco Realty Corporation, Trustco Insurance Agency, Inc., ORE Property, Inc. and its subsidiaries ORE Property One, Inc. and ORE Property Two, Inc. conform to general practices within the banking industry and are in conformity with U.S. generally accepted accounting principles. A description of the more significant policies follows. | |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Consolidation | |
The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions. | |
Use of Estimates | |
To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses, other real estate owned and the fair value of financial instruments are particularly subject to change, which may be material. | |
Securities Available for Sale and Held to Maturity | |
Securities available for sale are carried at fair value with any unrealized appreciation or depreciation of value, net of tax, included as an element of accumulated other comprehensive income or loss in shareholders’ equity. Management maintains an available for sale portfolio in order to provide maximum flexibility in balance sheet management. The designation of available for sale is made at the time of purchase based upon management’s intent to hold the securities for an indefinite period of time. These securities, however, are available for sale in response to changes in market interest rates, related changes in liquidity needs, or changes in the availability of and yield on alternative investments. Unrealized losses on securities that reflect a decline in value which is other than temporary, if any, are charged to income. | |
The cost of debt securities available for sale is adjusted for amortization of premium and accretion of discount using the interest method. Premiums and discounts on securities are amortized on the interest method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. | |
Gains and losses on the sale of securities available for sale are based on the amortized cost of the specific security sold at trade date. | |
Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. | |
Other Than Temporary Impairment (“OTTI”) | |
A decline in the fair value of any available for sale or held to maturity security below cost that is deemed to be other than temporary is charged to earnings and/or accumulated other comprehensive income, resulting in the establishment of a new cost basis of the security. Management evaluates these types of securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Additional discussion of OTTI is included in Note 3 of the consolidated financial statements. | |
Federal Reserve Bank and Federal Home Loan Bank stock | |
The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of its regional Federal Reserve Bank. FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Loans | |
Loans are carried at the principal amount outstanding net of unearned income and unamortized loan fees and costs, which are recognized as adjustments to interest income over the applicable loan term. Interest income on loans is accrued based on the principal amount outstanding. | |
Nonperforming loans include non-accrual loans, restructured loans, and loans which are three payments or more past due and still accruing interest. Generally, loans are placed in non-accrual status either due to the delinquent status of principal and/or interest payments, or a judgment by management that, although payments of principal and/or interest are current, such action is prudent based upon specific facts and circumstances surrounding the borrower. Typically, a loan is moved to non-accrual status after 90 days of non-payment in accordance with the Company’s policy. Past due status is based on the contractual terms of the loan. All interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Future payments received on nonperforming loans are recorded as interest income or principal reductions based upon management’s ultimate expectation for collection. Loans may be removed from non-accrual status when they become current as to principal and interest and have demonstrated a sustained ability to make loan payments in accordance with the contractual terms of the loan. Loans may also be removed from non-accrual status when, in the opinion of management, the loan is expected to be fully collectable as to principal and interest. When, in the opinion of management, the collection of principal appears unlikely, the loan balance is evaluated in light of its sources of repayment, and a charge-off is recorded when appropriate. | |
Loan origination fees, net of certain direct origination costs, are deferred and recognized using the level yield method without anticipating prepayments. | |
Allowance for Loan Losses | |
The allowance for loan losses is maintained at a level considered adequate by management to provide for probable incurred loan losses. The allowance is increased by provisions charged against income, while loan losses are charged against the allowance when management deems a loan balance to be uncollectible. Subsequent recoveries, if any, are credited to the allowance. | |
The Company performs an analysis of the adequacy of the allowance on at least a quarterly basis. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations, current economic conditions, past due and charge-off trends and other factors. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to change the allowance based on their judgments of information available to them at the time of their examination. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance methodology consists of specific and general components. The specific component relates to loans that are individually classified as impaired. | |
A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Additionally, loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (TDR’s) and classified as impaired. | |
Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |
Commercial and commercial real estate loans in non-accrual status are defined as impaired loans and are individually evaluated for impairment. The Company also has a portfolio of residential restructured loans that are defined as impaired. If a loan is impaired, a charge-off is taken so that the loan is reported at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral, if repayment is expected solely from the collateral. Residential real estate loans and consumer loans are collectively evaluated for impairment. | |
TDR’s are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral with any charge-off recognized at that time. For TDR’s that subsequently default, the Company determines the amount of additional charge-off, if any, in accordance with the accounting policy for the allowance for loan losses with respect to impaired loans described previously. | |
The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by geography for each portfolio segment and is based on the actual net loss history experienced by the Company over the most recent four years. This actual loss experience is supplemented with other economic factors based on the risks present in each geography and portfolio segment. These economic factors include consideration of the following: changes in national, regional and local economic trends and conditions; effects of any changes in interest rates; changes in the volume and severity of net charge-offs, delinquencies, nonperforming loans; changes in the experience, ability, and depth of lending management and other relevant staff; effects of any changes in credit concentrations; effects of any changes in underwriting standards, lending policies, procedures, and practices; and changes in the nature, volume and terms of loans. | |
The Company’s allowance methodology also includes additional allocation percentages for residential and installment loans in non-accrual status and residential and installment loans three payments past due and still accruing interest, commercial loans classified by the internal loan review grading process, and residential loans with loan-to-value ratios in excess of 90% at the time of origination. The reserve percentages are determined based upon a review of recent charge-offs and take into consideration the type of loan, the fixed or variable nature of the loan, and the type and geography of the underlying collateral, if any. | |
The following portfolio segments have been identified: commercial loans, 1-to-4 family residential real estate loans, and installment loans: | |
Commercial: | |
Commercial real estate loans and other commercial loans are made based primarily on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Commercial real estate collateral is generally located within the Bank’s geographic territories; while collateral for non-real estate secured commercial loans is typically accounts receivable, inventory, and/or equipment. Repayment is primarily dependent upon the borrower’s ability to service the debt based upon cash flows generated from the underlying business. Additional support involves liquidation of the pledged collateral and enforcement of a personal guarantee, if a guarantee is obtained. | |
Residential real estate: | |
Residential real estate loans, including first mortgages, home equity loans and home equity lines of credit, are collateralized by first or second liens on one-to-four family residences generally located within the Bank’s market areas. Proof of ownership title, clear mortgage title, and hazard insurance coverage are normally required. | |
Installment: | |
The Company’s installment loans are primarily made up of installment loans and personal lines of credit. The installment loans represent a relatively small portion of the loan portfolio and are primarily used for personal expenses and are secured by automobiles, equipment and other forms of collateral, while personal lines of credit are unsecured. | |
Bank Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight-line or accelerated methods over the remaining useful lives of the assets; generally 20 to 40 years for buildings, 3 to 7 years for furniture and equipment, and the shorter of the estimated life of the asset or the lease term for leasehold improvements. | |
Other Real Estate Owned | |
Other real estate owned are assets acquired through foreclosures on loans. At both December 31, 2013 and 2012 there were $8.7 million of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. | |
Each other real estate owned property is recorded on an individual basis at the lower of (1) fair value minus estimated costs to sell or (2) “cost” (which is the fair value at initial foreclosure). When a property is acquired, the excess of the loan balance over fair value is charged to the allowance for loan losses. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are expensed. | |
Income Taxes | |
Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. | |
Dividend Restrictions | |
The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements and the filing of notices or applications with the Bank’s and the Company’s regulators. The Bank’s primary regulator may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well capitalized institution. During 2014, the Bank could declare dividends of approximately $30.2 million plus any 2014 net profits retained to the date of the dividend declaration. | |
Benefit Plans | |
The Company has a defined benefit pension plan covering substantially all of its employees. The benefits are based on years of service and the employee’s compensation. This plan was frozen as of December 31, 2006. | |
The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company’s medical plan by which retirees pay all of their premiums. At age 65, the Company provides access to a Medicare Supplemental program for retirees. | |
Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements. | |
The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in accumulated other comprehensive income. | |
Stock Based Compensation Plans | |
The Company has stock based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the fair value of the Company’s common stock at the date of grant is used for restricted stock awards. Awards to be settled in cash based on the fair value of the Company’s stock at vesting are treated as liability based awards. | |
Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award’s vesting period or the retirement date for any awards that vest immediately upon eligible retirement. | |
Compensation costs for liability based awards are re-measured at each reporting date and recognized over the vesting period. For awards with performance based conditions, compensation cost is recognized over the performance period based on the Company’s expectation of meeting the specific performance criteria. | |
Earnings Per Share | |
Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options | |
Reclassification of Prior Year Statements | |
It is the Company’s policy to reclassify prior year consolidated financial statements to conform to the current year presentation. | |
Segment Reporting | |
The Company’s operations are exclusively in the financial services industry and include the provision of traditional banking services. Management evaluates the performance of the Company based on only one business segment, that of community banking. The Company operates primarily in the geographical region of Upstate New York with branches also in Florida and the mid-Hudson valley region of New York. In the opinion of management, the Company does not have any other reportable segments as defined by “Accounting Standards Codification” (ASC) Topic 280, “Disclosure about Segments of an Enterprise and Related Information”. | |
Cash and Cash Equivalents | |
The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes. | |
Trust Assets | |
Assets under management with the Trustco Financial Services Department are not included on the Company’s consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity. | |
Comprehensive Income | |
Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders’ equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company’s pension plan and postretirement benefit plans, net of tax. | |
Fair Value of Financial Instruments | |
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Balances_at_Other_Banks
Balances at Other Banks | 12 Months Ended |
Dec. 31, 2013 | |
Balances at Other Banks [Abstract] | ' |
Balances at Other Banks | ' |
(2) Balances at Other Banks | |
The Company is required to maintain certain reserves of vault cash and/or deposits with the Federal Reserve Bank. The amount of this reserve requirement, included in cash and due from banks and federal funds sold and other short term investments, was approximately $83.6 million and $75.7 million at December 31, 2013 and 2012, respectively. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
(3) Investment Securities | |||||||||||||||||||||||||
(a) Securities available for sale | |||||||||||||||||||||||||
The amortized cost and fair value of the securities available for sale are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 200,531 | 22 | 1,724 | 198,829 | ||||||||||||||||||||
State and political subdivisions | 7,623 | 135 | - | 7,758 | |||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 552,230 | 267 | 20,048 | 532,449 | |||||||||||||||||||||
Corporate bonds | 10,429 | 43 | 1 | 10,471 | |||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 111,383 | - | 8,354 | 103,029 | |||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,965 | - | 407 | 10,558 | |||||||||||||||||||||
Other | 650 | - | - | 650 | |||||||||||||||||||||
Total debt securities | 893,811 | 467 | 30,534 | 863,744 | |||||||||||||||||||||
Equity securities | 10 | - | - | 10 | |||||||||||||||||||||
Total securities available for sale | $ | 893,821 | 467 | 30,534 | 863,754 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 262,063 | 1,055 | 10 | 263,108 | ||||||||||||||||||||
State and political subdivisions | 25,815 | 642 | - | 26,457 | |||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 515,322 | 3,982 | 528 | 518,776 | |||||||||||||||||||||
Corporate bonds | 26,312 | 336 | 119 | 26,529 | |||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 75,674 | 888 | - | 76,562 | |||||||||||||||||||||
Other | 650 | - | - | 650 | |||||||||||||||||||||
Total debt securities | 905,836 | 6,903 | 657 | 912,082 | |||||||||||||||||||||
Equity securities | 10 | - | - | 10 | |||||||||||||||||||||
Total securities available for sale | $ | 905,846 | 6,903 | 657 | 912,092 | ||||||||||||||||||||
The following table distributes the debt securities included in the available for sale portfolio as of December 31, 2013, based on the securities’ final maturity (mortgage-backed securities and collateralized mortgage obligations are stated using an estimated average life): | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | |||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 11,221 | 11,284 | ||||||||||||||||||||||
Due in one year through five years | 359,564 | 355,727 | |||||||||||||||||||||||
Due after five years through ten years | 520,721 | 494,395 | |||||||||||||||||||||||
Due after ten years | 2,305 | 2,338 | |||||||||||||||||||||||
$ | 893,811 | 863,744 | |||||||||||||||||||||||
Actual maturities may differ from the above because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. | |||||||||||||||||||||||||
Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||
12 months | or more | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unreal. | Fair | Unreal. | Fair | Unreal. | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. government sponsored enterprises | $ | 198,023 | 1,724 | - | - | 198,023 | 1,724 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 466,056 | 17,698 | 54,835 | 2,350 | 520,891 | 20,048 | |||||||||||||||||||
Corporate bonds | 902 | 1 | - | - | 902 | 1 | |||||||||||||||||||
Small Business Administration-guaranteed participation securities | 103,029 | 8,354 | - | - | 103,029 | 8,354 | |||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,558 | 407 | - | - | 10,558 | 407 | |||||||||||||||||||
Total | $ | 778,568 | 28,184 | 54,835 | 2,350 | 833,403 | 30,534 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||
12 months | or more | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unreal. | Fair | Unreal. | Fair | Unreal. | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. government sponsored enterprises | $ | 15,491 | 10 | - | - | 15,491 | 10 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 178,689 | 528 | - | - | 178,689 | 528 | |||||||||||||||||||
Corporate bonds | 10,283 | 119 | - | - | 10,283 | 119 | |||||||||||||||||||
Total | $ | 204,463 | 657 | - | - | 204,463 | 657 | ||||||||||||||||||
The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | Year ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Proceeds from sales | $ | 160,820 | 154,944 | 47,296 | |||||||||||||||||||||
Proceeds from calls | 256,384 | 1,049,306 | 1,124,649 | ||||||||||||||||||||||
Gross realized gains | 1,702 | 2,584 | 1,472 | ||||||||||||||||||||||
Gross realized losses | 80 | 423 | 44 | ||||||||||||||||||||||
Tax expense recognized on net gains on sales of securities available for sale were approximately $649 thousand, $864 thousand, and $571 thousand for the years ended December 31, 2013, 2012, 2011 respectively. | |||||||||||||||||||||||||
The amount of securities that have been pledged to secure short-term borrowings and for other purposes amounted to $316.7 million and $261.1 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
(b) Held to maturity securities | |||||||||||||||||||||||||
The amortized cost and fair value of the held to maturity securities are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 76,270 | 2,744 | 138 | 78,876 | ||||||||||||||||||||
Corporate bonds | 9,945 | 1,484 | - | 11,429 | |||||||||||||||||||||
Total held to maturity | $ | 86,215 | 4,228 | 138 | 90,305 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 108,471 | 5,724 | - | 114,195 | ||||||||||||||||||||
Corporate bonds | 34,955 | 1,976 | - | 36,931 | |||||||||||||||||||||
Total held to maturity | $ | 143,426 | 7,700 | - | 151,126 | ||||||||||||||||||||
The following table distributes the debt securities included in the held to maturity portfolio as of December 31, 2013, based on the securities’ final maturity (mortgage-backed securities and collateralized mortgage obligations are stated using an estimated average life): | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | |||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | - | - | ||||||||||||||||||||||
Due in one year through five years | 86,215 | 90,305 | |||||||||||||||||||||||
Due in five years through ten years | - | - | |||||||||||||||||||||||
$ | 86,215 | 90,305 | |||||||||||||||||||||||
Actual maturities may differ from the above because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. | |||||||||||||||||||||||||
Gross unrecognized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrecognized loss position at December 31, 2013, were as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||
12 months | or more | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrec. | Fair | Unrec. | Fair | Unrec. | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 27,091 | 138 | - | - | 27,091 | 138 | ||||||||||||||||||
Total | $ | 27,091 | 138 | - | - | 27,091 | 138 | ||||||||||||||||||
There were no held to maturity securities in an unrecognized loss position at December 31, 2012. There were no sales or transfers of held to maturity securities during 2013 and 2012. | |||||||||||||||||||||||||
(c) Concentrations | |||||||||||||||||||||||||
The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2013 that represent greater than 10% of shareholders equity: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Small Business Administration | $ | 111,383 | 103,029 | ||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 159,375 | 154,492 | |||||||||||||||||||||||
Government National Mortgage Association | 100,578 | 101,947 | |||||||||||||||||||||||
Federal National Mortgage Association | 538,260 | 523,070 | |||||||||||||||||||||||
(d) Other-Than-Temporary-Impairment | |||||||||||||||||||||||||
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 an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio by type and applying the appropriate OTTI model. Investment securities classified as available for sale or held-to-maturity are generally evaluated for OTTI under ASC 320 “Investments – Debt and Equity Securities.” | |||||||||||||||||||||||||
In determining OTTI under the FASB ASC 320 model, management considers many factors, including: (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, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. | |||||||||||||||||||||||||
When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether management intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If management intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If management does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, the OTTI on debt securities shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. | |||||||||||||||||||||||||
As of December 31, 2013, the Company’s security portfolio consisted of 209 securities, 111 of which were in an unrealized loss position, and are discussed below. | |||||||||||||||||||||||||
U.S. government-sponsored enterprises | |||||||||||||||||||||||||
In the case of unrealized losses on U.S. government-sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | |||||||||||||||||||||||||
At December 31, 2013, all of the mortgage-backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||
In the case of corporate bonds, the Company exposure is primarily in bonds of firms in the financial sector. All of the corporate bonds owned continue to be rated investment grade, all are current as to the payment of interest and the Company expects to collect the full amount of the principal balance at maturity. The Company actively monitors the firms and the bonds. The Company has concluded that the decline in fair value is not attributable to credit quality and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Small Business Administration (SBA) - guaranteed participation securities | |||||||||||||||||||||||||
At December 31, 2013, all of the SBA securities held by the Company were issued and guaranteed by U.S. Small Business Administration. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - commercial | |||||||||||||||||||||||||
As of December 31, 2013, all of the mortgage-backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government-sponsored entities and agencies, are current as to the payment of interest and principal and the Company expects to collect the full amount of the principal and interest payments. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
As a result of the above analysis, for the year ended December 31, 2013, the Company did not recognize any other-than-temporary impairment losses for credit or any other reason. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
(4) Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||
The following tables present the recorded investment in loans by loan class: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 169,722 | 21,404 | 191,126 | |||||||||||||||||||||||||||||||||
Other | 32,323 | 32 | 32,355 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,909,447 | 378,361 | 2,287,808 | ||||||||||||||||||||||||||||||||||
Home equity loans | 47,494 | 3,642 | 51,136 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 304,044 | 36,445 | 340,489 | ||||||||||||||||||||||||||||||||||
Installment | 5,292 | 603 | 5,895 | ||||||||||||||||||||||||||||||||||
Total loans, net | $ | 2,468,322 | 440,487 | 2,908,809 | |||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | 47,714 | ||||||||||||||||||||||||||||||||||||
Net loans | $ | 2,861,095 | |||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 167,249 | 18,882 | 186,131 | |||||||||||||||||||||||||||||||||
Other | 33,381 | 65 | 33,446 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,814,214 | 275,764 | 2,089,978 | ||||||||||||||||||||||||||||||||||
Home equity loans | 35,601 | 1,089 | 36,690 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 301,338 | 32,571 | 333,909 | ||||||||||||||||||||||||||||||||||
Installment | 4,183 | 396 | 4,579 | ||||||||||||||||||||||||||||||||||
Total loans, net | $ | 2,355,966 | 328,767 | 2,684,733 | |||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | 47,927 | ||||||||||||||||||||||||||||||||||||
Net loans | $ | 2,636,806 | |||||||||||||||||||||||||||||||||||
* Includes New York, New Jersey, Vermont, and Massachusetts. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company had approximately $35.4 million and $37.2 million of real estate construction loans. As of December 31, 2013, approximately $13.9 million are secured by first mortgages to residential borrowers while approximately $21.5 million were to commercial borrowers for residential construction projects. Of the $37.2 million in real estate construction loans at December 31, 2012, approximately $16.4 million were secured by first mortgages to residential borrowers with the remaining $20.8 million were to commercial borrowers for residential construction projects. The vast majority of construction loans are in the Company’s New York market. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, loans to executive officers, directors, and to associates of such persons aggregated $9.3 million and $8.1 million, respectively. During 2013, approximately $2.7 million of new loans were made and repayments of loans totaled approximately $1.5 million. All loans are current according to their terms. | |||||||||||||||||||||||||||||||||||||
TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory. | |||||||||||||||||||||||||||||||||||||
The following tables present the recorded investment in non-accrual loans by loan class: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Loans in nonaccrual status: | |||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,620 | - | 6,620 | |||||||||||||||||||||||||||||||||
Other | 332 | - | 332 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 26,713 | 4,781 | 31,494 | ||||||||||||||||||||||||||||||||||
Home equity loans | 691 | - | 691 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,641 | 356 | 3,997 | ||||||||||||||||||||||||||||||||||
Installment | 93 | - | 93 | ||||||||||||||||||||||||||||||||||
Total non-accrual loans | 38,090 | 5,137 | 43,227 | ||||||||||||||||||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 166 | - | 166 | ||||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 38,256 | 5,137 | 43,393 | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Loans in nonaccrual status: | |||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,511 | 2,698 | 9,209 | |||||||||||||||||||||||||||||||||
Other | 124 | - | 124 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 30,329 | 7,319 | 37,648 | ||||||||||||||||||||||||||||||||||
Home equity loans | 694 | - | 694 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 4,263 | 501 | 4,764 | ||||||||||||||||||||||||||||||||||
Installment | 6 | 1 | 7 | ||||||||||||||||||||||||||||||||||
Total non-accrual loans | 41,927 | 10,519 | 52,446 | ||||||||||||||||||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 231 | - | 231 | ||||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 42,158 | 10,519 | 52,677 | |||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company’s loan portfolio did not include any subprime mortgages or loans acquired with deteriorated credit quality. | |||||||||||||||||||||||||||||||||||||
The following tables present the aging of the recorded investment in past due loans by loan class and by region as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 583 | 1,426 | 3,379 | 5,388 | 164,334 | 169,722 | ||||||||||||||||||||||||||||||
Other | 209 | - | 123 | 332 | 31,991 | 32,323 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 4,664 | 2,042 | 17,624 | 24,330 | 1,885,117 | 1,909,447 | |||||||||||||||||||||||||||||||
Home equity loans | 46 | 18 | 552 | 616 | 46,878 | 47,494 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,014 | 331 | 1,897 | 3,242 | 300,802 | 304,044 | |||||||||||||||||||||||||||||||
Installment | 85 | 12 | 77 | 174 | 5,118 | 5,292 | |||||||||||||||||||||||||||||||
Total | $ | 6,601 | 3,829 | 23,652 | 34,082 | 2,434,240 | 2,468,322 | ||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 21,404 | 21,404 | ||||||||||||||||||||||||||||||
Other | - | - | - | - | 32 | 32 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 552 | - | 4,229 | 4,781 | 373,580 | 378,361 | |||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | 3,642 | 3,642 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 109 | - | 247 | 356 | 36,089 | 36,445 | |||||||||||||||||||||||||||||||
Installment | - | 2 | - | 2 | 601 | 603 | |||||||||||||||||||||||||||||||
Total | $ | 661 | 2 | 4,476 | 5,139 | 435,348 | 440,487 | ||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 583 | 1,426 | 3,379 | 5,388 | 185,738 | 191,126 | ||||||||||||||||||||||||||||||
Other | 209 | - | 123 | 332 | 32,023 | 32,355 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 5,216 | 2,042 | 21,853 | 29,111 | 2,258,697 | 2,287,808 | |||||||||||||||||||||||||||||||
Home equity loans | 46 | 18 | 552 | 616 | 50,520 | 51,136 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,123 | 331 | 2,144 | 3,598 | 336,891 | 340,489 | |||||||||||||||||||||||||||||||
Installment | 85 | 14 | 77 | 176 | 5,719 | 5,895 | |||||||||||||||||||||||||||||||
Total | $ | 7,262 | 3,831 | 28,128 | 39,221 | 2,869,588 | 2,908,809 | ||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | 3,225 | 3,225 | 164,024 | 167,249 | ||||||||||||||||||||||||||||||
Other | - | - | 4 | 4 | 33,377 | 33,381 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 6,364 | 2,248 | 21,341 | 29,953 | 1,784,261 | 1,814,214 | |||||||||||||||||||||||||||||||
Home equity loans | 177 | 216 | 464 | 857 | 34,744 | 35,601 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 604 | 350 | 3,044 | 3,998 | 297,340 | 301,338 | |||||||||||||||||||||||||||||||
Installment | 40 | 27 | - | 67 | 4,116 | 4,183 | |||||||||||||||||||||||||||||||
Total | $ | 7,185 | 2,841 | 28,078 | 38,104 | 2,317,862 | 2,355,966 | ||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | 2,698 | 2,698 | 16,184 | 18,882 | ||||||||||||||||||||||||||||||
Other | - | - | - | - | 65 | 65 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 862 | 452 | 5,390 | 6,704 | 269,060 | 275,764 | |||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | 1,089 | 1,089 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 59 | 29 | 442 | 530 | 32,041 | 32,571 | |||||||||||||||||||||||||||||||
Installment | 9 | - | 1 | 10 | 386 | 396 | |||||||||||||||||||||||||||||||
Total | $ | 930 | 481 | 8,531 | 9,942 | 318,825 | 328,767 | ||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | 5,923 | 5,923 | 180,208 | 186,131 | ||||||||||||||||||||||||||||||
Other | - | - | 4 | 4 | 33,442 | 33,446 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 7,226 | 2,700 | 26,731 | 36,657 | 2,053,321 | 2,089,978 | |||||||||||||||||||||||||||||||
Home equity loans | 177 | 216 | 464 | 857 | 35,833 | 36,690 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 663 | 379 | 3,486 | 4,528 | 329,381 | 333,909 | |||||||||||||||||||||||||||||||
Installment | 49 | 27 | 1 | 77 | 4,502 | 4,579 | |||||||||||||||||||||||||||||||
Total | $ | 8,115 | 3,322 | 36,609 | 48,046 | 2,636,687 | 2,684,733 | ||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, there were no loans that are 90 days past due and still accruing interest. As a result, non-accrual loans includes all loans 90 days past due and greater as well as certain loans less than 90 days past due that were placed in non-accruing status for reasons other than delinquent status. There are no commitments to extend further credit on nonaccrual or restructured loans. | |||||||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment is summarized as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||
Mortgage- | |||||||||||||||||||||||||||||||||||||
Commercial | 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,771 | 44,069 | 87 | 47,927 | ||||||||||||||||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 1,072 | 6,572 | 68 | 7,712 | |||||||||||||||||||||||||||||||||
Florida | 100 | 1,020 | 6 | 1,126 | |||||||||||||||||||||||||||||||||
Total loan chargeoffs | 1,172 | 7,592 | 74 | 8,838 | |||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 14 | 715 | 17 | 746 | |||||||||||||||||||||||||||||||||
Florida | 505 | 374 | - | 879 | |||||||||||||||||||||||||||||||||
Total recoveries | 519 | 1,089 | 17 | 1,625 | |||||||||||||||||||||||||||||||||
Net loans charged off | 653 | 6,503 | 57 | 7,213 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 901 | 6,031 | 68 | 7,000 | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 4,019 | 43,597 | 98 | 47,714 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the year ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||
Mortgage- | |||||||||||||||||||||||||||||||||||||
Commercial | 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,140 | 44,479 | 98 | 48,717 | ||||||||||||||||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 1,307 | 6,919 | 128 | 8,354 | |||||||||||||||||||||||||||||||||
Florida | 1,192 | 3,920 | 13 | 5,125 | |||||||||||||||||||||||||||||||||
Total loan chargeoffs | 2,499 | 10,839 | 141 | 13,479 | |||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 112 | 375 | 49 | 536 | |||||||||||||||||||||||||||||||||
Florida | 26 | 127 | - | 153 | |||||||||||||||||||||||||||||||||
Total recoveries | 138 | 502 | 49 | 689 | |||||||||||||||||||||||||||||||||
Net loans charged off | 2,361 | 10,337 | 92 | 12,790 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 1,992 | 9,927 | 81 | 12,000 | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,771 | 44,069 | 87 | 47,927 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||
Mortgage- | |||||||||||||||||||||||||||||||||||||
Commercial | 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,228 | 37,447 | 236 | 41,911 | ||||||||||||||||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 171 | 4,315 | 80 | 4,566 | |||||||||||||||||||||||||||||||||
Florida | 1,000 | 6,990 | 2 | 7,992 | |||||||||||||||||||||||||||||||||
Total loan chargeoffs | 1,171 | 11,305 | 82 | 12,558 | |||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 55 | 477 | 43 | 575 | |||||||||||||||||||||||||||||||||
Florida | 4 | 34 | 1 | 39 | |||||||||||||||||||||||||||||||||
Total recoveries | 59 | 511 | 44 | 614 | |||||||||||||||||||||||||||||||||
Net loans charged off | 1,112 | 10,794 | 38 | 11,944 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 1,024 | 17,826 | (100 | ) | 18,750 | ||||||||||||||||||||||||||||||||
Balance at end of period | $ | 4,140 | 44,479 | 98 | 48,717 | ||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
1-to-4 Family | |||||||||||||||||||||||||||||||||||||
Commercial Loans | Residential Real Estate | Installment Loans | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 4,019 | 43,597 | 98 | 47,714 | |||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 4,019 | 43,597 | 98 | 47,714 | ||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 8,082 | 21,258 | - | 29,340 | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 215,399 | 2,658,175 | 5,895 | 2,879,469 | |||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 223,481 | 2,679,433 | 5,895 | 2,908,809 | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
1-to-4 Family | |||||||||||||||||||||||||||||||||||||
Commercial Loans | Residential Real Estate | Installment Loans | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 3,771 | 44,069 | 87 | 47,927 | |||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 3,771 | 44,069 | 87 | 47,927 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,333 | 16,740 | - | 26,073 | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 210,244 | 2,443,837 | 4,579 | 2,658,660 | |||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 219,577 | 2,460,577 | 4,579 | 2,684,733 | ||||||||||||||||||||||||||||||||
The Company did not acquire any loans with deteriorated credit quality in 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
The Company has identified nonaccrual commercial and commercial real estate loans, as well as all loans restructured under a troubled debt restructuring (TDR), as impaired loans. A loan is considered impaired when it is probable that the borrower will be unable to repay the loan according to the original contractual terms of the loan agreement or the loan is restructured in a TDR. | |||||||||||||||||||||||||||||||||||||
A loan for which the terms have been modified, and for which the borrower is experiencing financial difficulties, is considered a TDR and is classified as impaired. TDR’s at December 31, 2013 and 2012 are measured at the present value of estimated future cash flows using the loan’s effective rate at inception or the fair value of the underlying collateral if the loan is considered collateral dependent. | |||||||||||||||||||||||||||||||||||||
The following tables present impaired loans by loan class as of December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,620 | 8,039 | - | 6,013 | ||||||||||||||||||||||||||||||||
Other | 332 | 332 | - | 165 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 16,257 | 17,353 | - | 14,706 | |||||||||||||||||||||||||||||||||
Home equity loans | 561 | 614 | - | 636 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 2,528 | 2,825 | - | 2,051 | |||||||||||||||||||||||||||||||||
Total | $ | 26,298 | 29,163 | - | 23,571 | ||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,130 | 1,130 | - | 1,401 | ||||||||||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,630 | 1,922 | - | 1,611 | |||||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 282 | 380 | - | 100 | |||||||||||||||||||||||||||||||||
Total | $ | 3,042 | 3,432 | - | 3,112 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 7,750 | 9,169 | - | 7,414 | ||||||||||||||||||||||||||||||||
Other | 332 | 332 | - | 165 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 17,887 | 19,275 | - | 16,317 | |||||||||||||||||||||||||||||||||
Home equity loans | 561 | 614 | - | 636 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 2,810 | 3,205 | - | 2,151 | |||||||||||||||||||||||||||||||||
Total | $ | 29,340 | 32,595 | - | 26,683 | ||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,511 | 7,169 | - | 5,615 | ||||||||||||||||||||||||||||||||
Other | 124 | 124 | - | 107 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 12,964 | 14,143 | - | 6,075 | |||||||||||||||||||||||||||||||||
Home equity loans | 623 | 664 | - | 260 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,633 | 1,735 | - | 458 | |||||||||||||||||||||||||||||||||
Total | $ | 21,855 | 23,835 | - | 12,515 | ||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,698 | 3,890 | - | 5,871 | ||||||||||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,472 | 2,665 | - | 948 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 48 | 176 | - | 24 | |||||||||||||||||||||||||||||||||
Total | $ | 4,218 | 6,731 | - | 6,843 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,209 | 11,059 | - | 11,486 | ||||||||||||||||||||||||||||||||
Other | 124 | 124 | - | 107 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 14,436 | 16,808 | - | 7,023 | |||||||||||||||||||||||||||||||||
Home equity loans | 623 | 664 | - | 260 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,681 | 1,911 | - | 482 | |||||||||||||||||||||||||||||||||
Total | $ | 26,073 | 30,566 | - | 19,358 | ||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 4,968 | 5,684 | - | 5,198 | ||||||||||||||||||||||||||||||||
Other | 13 | 32 | - | 56 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 2,874 | 3,299 | - | 1,664 | |||||||||||||||||||||||||||||||||
Home equity loans | 151 | 199 | - | 69 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | - | 75 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 8,006 | 9,289 | - | 6,987 | ||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 5,000 | 9,042 | - | 6,774 | ||||||||||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 705 | 1,301 | - | 224 | |||||||||||||||||||||||||||||||||
Total | $ | 5,705 | 10,343 | - | 6,998 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,968 | 14,726 | - | 11,972 | ||||||||||||||||||||||||||||||||
Other | 13 | 32 | - | 56 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 3,579 | 4,600 | - | 1,888 | |||||||||||||||||||||||||||||||||
Home equity loans | 151 | 199 | - | 69 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | - | 75 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 13,711 | 19,632 | - | 13,985 | ||||||||||||||||||||||||||||||||
The Company has not committed to lend additional amounts to customers with outstanding loans that are classified as impaired. Interest income recognized on impaired loans was not material in 2013, 2012, and 2011. | |||||||||||||||||||||||||||||||||||||
In response to the OCC interpretation that was issued in the third quarter of 2012, regarding borrowers who have filed Chapter 7 bankruptcy and did not re-affirm their debt with the Company, the Company classified $10.1 million of previously performing 1-4 family real estate mortgage loans as troubled debt restructurings (“TDR’s”) as of September 30, 2012. Included in the $10.1 million, were $4.0 million of loans that were reclassified from performing status to non-accrual status due to a collateral deficiency of $804 thousand. The collateral deficiency was charged off during the third quarter of 2012. | |||||||||||||||||||||||||||||||||||||
Included in impaired loans as of December 31, 2013 are approximately $8.6 million of 1 to 4 family residential real estate loans in accruing status that were identified as TDR’s in accordance with OCC guidance released in the third quarter of 2012. | |||||||||||||||||||||||||||||||||||||
Management evaluates impairment on impaired loans on a quarterly basis. If, during this evaluation, impairment of the loan is identified, a charge-off is taken at that time. As a result, as of December 31, 2013 and 2012, based upon management’s evaluation and due to the sufficiency of chargeoffs taken, none of the allowance for loan losses has been allocated to a specific impaired loan(s). | |||||||||||||||||||||||||||||||||||||
The following table presents modified loans by class that were determined to be TDR’s that occurred during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2013 | Year ended 12/31/2012 | Year ended 12/31/2011 | |||||||||||||||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | Number of | Recorded | Recorded | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | Contracts | Investment | Investment | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 507 | 507 | 2 | $ | 138 | 138 | 1 | $ | 91 | 90 | |||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 50 | 5,852 | 5,852 | 95 | 10,636 | 10,636 | 21 | 2,758 | 2,518 | ||||||||||||||||||||||||||||
Home equity loans | 7 | 120 | 120 | 16 | 488 | 488 | 4 | 160 | 151 | ||||||||||||||||||||||||||||
Home equity lines of credit | 13 | 1,061 | 1,061 | 30 | 1,633 | 1,633 | - | - | - | ||||||||||||||||||||||||||||
Total | 71 | $ | 7,540 | 7,540 | 143 | $ | 12,895 | 12,895 | 26 | $ | 3,009 | 2,759 | |||||||||||||||||||||||||
Florida: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | Number of | Recorded | Recorded | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | Contracts | Investment | Investment | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | - | $ | - | - | |||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 8 | 1,149 | 1,149 | 12 | 1,265 | 1,265 | 6 | 852 | 705 | ||||||||||||||||||||||||||||
Home equity lines of credit | 3 | 282 | 282 | 2 | 48 | 48 | - | - | - | ||||||||||||||||||||||||||||
Total | 11 | $ | 1,431 | 1,431 | 14 | $ | 1,313 | 1,313 | 6 | $ | 852 | 705 | |||||||||||||||||||||||||
The addition of these TDR’s did not have a significant impact on the allowance for loan losses. As previously noted, included in loans modified and classified as TDR’s during the year ended December 31, 2012 are approximately $10.6 million of 1 to 4 family residential real estate loans that were determined to be TDR’s in accordance with OCC guidance released in the third quarter of 2012. | |||||||||||||||||||||||||||||||||||||
The following table presents loans by class modified as TDR’s that occurred during the years ended December 31, 2013, 2012 and 2011 for which there was a payment default during the same period: | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2013 | Year ended 12/31/2012 | Year ended 12/31/2011 | |||||||||||||||||||||||||||||||||||
New York and other states*: | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | $ | - | 1 | $ | 90 | ||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 5 | 440 | 22 | 2,265 | 13 | 1,729 | |||||||||||||||||||||||||||||||
Home equity loans | 1 | 44 | 2 | 13 | 3 | 113 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 56 | 5 | 209 | - | - | |||||||||||||||||||||||||||||||
Total | 7 | $ | 540 | 29 | $ | 2,487 | 17 | $ | 1,932 | ||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | - | $ | - | 6 | $ | 605 | 6 | $ | 705 | ||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 1 | 47 | - | - | |||||||||||||||||||||||||||||||
Total | - | $ | - | 7 | $ | 652 | 6 | $ | 705 | ||||||||||||||||||||||||||||
In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, as previously noted, even though there is no modification of terms, the borrowers’ debt to the Company was discharged and they did not reaffirm the debt. | |||||||||||||||||||||||||||||||||||||
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court. | |||||||||||||||||||||||||||||||||||||
The TDR’s that subsequently defaulted described above did not have a material impact on the allowance for loan losses as the underlying collateral was evaluated at the time these loans were identified as TDR’s, and a charge-off was taken at that time, if necessary. Collateral values on these loans, as well as all nonaccrual loans, are reviewed for collateral sufficiency on a quarterly basis. | |||||||||||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans over $150 thousand, such as commercial and commercial real estate loans, individually by grading the loans based on credit risk. In addition, the Company’s internal loan review department reviews non-homogeneous loans over $250 thousand by testing the loan grades assigned through the Company’s grading process. The Company uses the following definitions for classified loans: | |||||||||||||||||||||||||||||||||||||
Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. | |||||||||||||||||||||||||||||||||||||
Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||
Doubtful: Loans classified as doubtful have all the weaknesses inherent in those loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. All doubtful loans are considered impaired. | |||||||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 159,024 | 10,698 | 169,722 | |||||||||||||||||||||||||||||||||
Other | 31,691 | 632 | 32,323 | ||||||||||||||||||||||||||||||||||
$ | 190,715 | 11,330 | 202,045 | ||||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,274 | 1,130 | 21,404 | |||||||||||||||||||||||||||||||||
Other | 32 | - | 32 | ||||||||||||||||||||||||||||||||||
$ | 20,306 | 1,130 | 21,436 | ||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 155,981 | 11,268 | 167,249 | |||||||||||||||||||||||||||||||||
Other | 33,067 | 314 | 33,381 | ||||||||||||||||||||||||||||||||||
$ | 189,048 | 11,582 | 200,630 | ||||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 12,454 | 6,428 | 18,882 | |||||||||||||||||||||||||||||||||
Other | 65 | - | 65 | ||||||||||||||||||||||||||||||||||
$ | 12,519 | 6,428 | 18,947 | ||||||||||||||||||||||||||||||||||
Included in classified loans in the above tables are impaired loans of $8.1 million and $9.3 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for loan losses. The payment status of these homogeneous pools at December 31, 2013 and 2012 is included in the aging of the recorded investment of past due loans table. In addition, the total nonperforming portion of these homogeneous loan pools at December 31, 2013 and 2012 is presented in the recorded investment in non-accrual loans table. |
Bank_Premises_and_Equipment
Bank Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Bank Premises and Equipment [Abstract] | ' | ||||||||
Bank Premises and Equipment | ' | ||||||||
(5) Bank Premises and Equipment | |||||||||
A summary of premises and equipment at December 31, 2013 and 2012 follows: | |||||||||
(dollars in thousands) | |||||||||
2013 | 2012 | ||||||||
Land | $ | 2,413 | 2,413 | ||||||
Buildings | 30,010 | 29,584 | |||||||
Furniture, Fixtures and equipment | 43,697 | 42,636 | |||||||
Leasehold improvements | 25,391 | 24,070 | |||||||
Total bank premises and Equipment | 101,511 | 98,703 | |||||||
Accumulated depreciation and amortization | (67,097 | ) | (62,464 | ) | |||||
Total | $ | 34,414 | 36,239 | ||||||
Depreciation and amortization expense approximated $5.0 million, $5.0 million, and $4.8 million for the years 2013, 2012, and 2011, respectively. Occupancy expense of the Bank’s premises included rental expense of $7.2 million in 2013, $6.9 million in 2012, and $6.8 million in 2011. |
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
(6) Deposits | |||||||||||||
Interest expense on deposits was as follows: | |||||||||||||
(dollars in thousands) | For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest bearing checking accounts | $ | 329 | 315 | 285 | |||||||||
Savings accounts | 3,333 | 3,872 | 3,788 | ||||||||||
Time deposits and money market accounts | 10,138 | 14,313 | 20,597 | ||||||||||
Total | $ | 13,800 | 18,500 | 24,670 | |||||||||
At December 31, 2013, the maturity of total time deposits is as follows: | |||||||||||||
(dollars in thousands) | |||||||||||||
Under 1 year | $ | 923,033 | |||||||||||
1 to 2 years | 141,394 | ||||||||||||
2 to 3 years | 57,431 | ||||||||||||
3 to 4 years | 4,712 | ||||||||||||
4 to 5 years | 4,353 | ||||||||||||
Over 5 years | 125 | ||||||||||||
$ | 1,131,048 |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Short-Term Borrowings [Abstract] | ' | ||||||||||||
Short-Term Borrowings | ' | ||||||||||||
(7) Short-Term Borrowings | |||||||||||||
Short-term borrowings of the Company were cash management accounts as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amount outstanding at December 31, | $ | 204,162 | 159,846 | 147,563 | |||||||||
Maximum amount outstanding at any month end | 204,162 | 166,374 | 148,002 | ||||||||||
Average amount outstanding | 180,275 | 152,982 | 133,803 | ||||||||||
Weighted average interest rate: | |||||||||||||
For the year | 0.82 | % | 0.96 | 1.18 | |||||||||
As of year end | 0.82 | 0.89 | 1.13 | ||||||||||
Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral. | |||||||||||||
Trustco Bank also has an available line of credit with the Federal Home Loan Bank of New York which approximates the balance of securities pledged against such borrowings. The line of credit requires securities to be pledged as collateral for the amount borrowed. As of December 31, 2013 and 2012, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York and, as a result, there were no related securities pledged. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
(8) Income Taxes | |||||||||||||
A summary of income tax expense/(benefit) included in the Consolidated Statements of Income follows: | |||||||||||||
(dollars in thousands) | For the year ended | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 22,612 | 19,122 | 19,614 | |||||||||
State | 2,531 | 1,879 | 2,020 | ||||||||||
Total current tax expense | 25,143 | 21,001 | 21,634 | ||||||||||
Deferred tax expense (benefit) | (1,426 | ) | 1,440 | (2,336 | ) | ||||||||
Total income tax expense | $ | 23,717 | 22,441 | 19,298 | |||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012, are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||
Deductible | Deductible | ||||||||||||
temporary | temporary | ||||||||||||
differences | differences | ||||||||||||
Benefits and deferred remuneration | $ | (4,256 | ) | (4,736 | ) | ||||||||
Difference in reporting the allowance for loan losses, net | 22,774 | 22,710 | |||||||||||
Other income or expense not yet reported for tax purposes | 3,008 | 2,582 | |||||||||||
Depreciable assets | (1,309 | ) | (1,413 | ) | |||||||||
Other items | 1,153 | 801 | |||||||||||
Net deferred tax asset at end of year | 21,370 | 19,944 | |||||||||||
Net deferred tax asset at beginning of year | 19,944 | 21,384 | |||||||||||
Deferred tax expense (benefit) | $ | (1,426 | ) | 1,440 | |||||||||
Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. Based primarily on the sufficiency of historical and expected future taxable income, management believes it is more likely than not that the remaining deferred tax asset of $21.4 million and $19.9 million at December 31, 2013 and 2012, respectively, will be realized. | |||||||||||||
In addition to the deferred tax items described in the preceding table, the Company has a deferred tax asset of $12.0 million and a deferred tax liability of $2.5 million at December 31, 2013 and 2012, respectively, relating to the net unrealized gains and losses on securities available for sale and a deferred tax liability of $2.8 million and a deferred tax asset of $1.5 million at December 31, 2013 and 2012, respectively, as a result of the previously unrecognized overfunded position in the Company’s pension and postretirement benefit plans recorded, net of tax, as an adjustment to accumulated other comprehensive income. | |||||||||||||
The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows: | |||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | 35 | |||||||||
Increase/(decrease) in taxes resulting from: | |||||||||||||
Tax exempt income | (0.3 | ) | (0.7 | ) | (1.6 | ) | |||||||
State income tax (including alternative minimum tax), net of federal tax benefit | 2.3 | 2.3 | 2 | ||||||||||
Other items | 0.3 | 0.8 | 1.4 | ||||||||||
Effective income tax rate | 37.3 | % | 37.4 | 36.8 | |||||||||
TrustCo adopted ASC 740-10, “Accounting for Uncertainty in Income Taxes,” as of January 1, 2008. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. As a result of the Company’s adoption of ASC 740-10, there were no required adjustments to the Company’s consolidated financial statements. | |||||||||||||
During 2012 a part of the statute of limitations expired on previously filed amended returns. The Company has determined that the tax positions claimed on amended returns are more likely than not to be sustained upon examination. The Company has appropriately recorded the remaining portion of such unrecognized tax benefit as of December 31, 2012. | |||||||||||||
For the years ended December 31, 2013 and 2012 the unrecognized tax benefits and change in those unrecognized tax benefits from the beginning of the year are as follows: | |||||||||||||
(dollars in thousands) | |||||||||||||
Balance January 1, 2012 | $ | 905 | |||||||||||
Decrease in prior unrecognized tax benefits | (342 | ) | |||||||||||
Lapse of statute of limitations | (350 | ) | |||||||||||
Balance December 31, 2012 | $ | 213 | |||||||||||
Change in unrecognized tax reserve | - | ||||||||||||
Balance December 31, 2013 | $ | 213 | |||||||||||
TrustCo has implemented certain tax return positions that have not been fully recognized for financial statement purposes based upon management’s evaluation of the probability of the benefit being realized. Management will reevaluate the necessity of these unrecognized tax benefits after the affected tax returns have been subject to audit. The Company does not anticipate a material charge to the amount of unrecognized tax benefits in the next twelve months. | |||||||||||||
The Company recognizes interest and/or penalties related to income tax matters in noninterest expense. For 2013, 2012, and 2011, these amounts were not material. Open Federal and New York State tax years are 2008 through 2013. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Benefit Plans [Abstract] | ' | ||||||||||||||||||
Benefit Plans | ' | ||||||||||||||||||
(9) Benefit Plans | |||||||||||||||||||
(a) Retirement Plan | |||||||||||||||||||
The Company maintains a trusteed non-contributory pension plan covering employees that have completed one year of employment and 1,000 hours of service. The benefits are based on the sum of (a) a benefit equal to a prior service benefit plus the average of the employees’ highest five consecutive years’ compensation in the ten years preceding retirement multiplied by a percentage of service after a specified date plus (b) a benefit based upon career average compensation. The amounts contributed to the plan are determined annually on the basis of (a) the maximum amount that can be deducted for federal income tax purposes or (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974. Contributions are intended to provide for benefits attributed to service to date. Assets of the plan are administered by Trustco Bank’s Financial Services Department. This plan was frozen as of December 31, 2006. The following tables set forth the plan’s funded (unfunded) status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2013 and 2012. | |||||||||||||||||||
Change in Projected Benefit Obligation: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | 31,990 | 29,283 | ||||||||||||||||
Service cost | 69 | 55 | |||||||||||||||||
Interest cost | 1,273 | 1,426 | |||||||||||||||||
Benefits paid | (2,045 | ) | (2,036 | ) | |||||||||||||||
Net actuarial loss (gain) | (3,465 | ) | 3,262 | ||||||||||||||||
Projected benefit obligation at end of year | $ | 27,822 | 31,990 | ||||||||||||||||
Change in Plan Assets and Reconciliation of Funded Status: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Fair Value of plan assets at beginning of year | $ | 34,584 | 30,278 | ||||||||||||||||
Actual gain on plan assets | 6,880 | 3,342 | |||||||||||||||||
Company contributions | - | 3,000 | |||||||||||||||||
Benefits paid | (2,045 | ) | (2,036 | ) | |||||||||||||||
Fair value of plan assets at end of year | 39,419 | 34,584 | |||||||||||||||||
Funded status at end of year | $ | 11,597 | 2,593 | ||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of the following as of: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Net actuarial loss | $ | 813 | 9,486 | ||||||||||||||||
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income: | |||||||||||||||||||
(dollars in thousands) | For the years ended | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Service cost | $ | 69 | 55 | 45 | |||||||||||||||
Interest cost | 1,273 | 1,426 | 1,515 | ||||||||||||||||
Expected return on plan assets | (2,190 | ) | (1,912 | ) | (1,985 | ) | |||||||||||||
Amortization of net actuarial loss | 516 | 335 | 156 | ||||||||||||||||
Net periodic pension income | (332 | ) | (96 | ) | (269 | ) | |||||||||||||
Amortization of net actuarial loss | (516 | ) | (335 | ) | (156 | ) | |||||||||||||
Net actuarial (gain) / loss included in other comprehensive income | (8,156 | ) | 1,834 | 3,689 | |||||||||||||||
(8,672 | ) | 1,499 | 3,533 | ||||||||||||||||
Total recognized in net periodic pension income and other comprehensive income | $ | (9,004 | ) | 1,401 | 3,264 | ||||||||||||||
The estimated net loss for the plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year is zero. | |||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Year | Pension Benefits | ||||||||||||||||||
2014 | $ | 1,698 | |||||||||||||||||
2015 | 1,720 | ||||||||||||||||||
2016 | 1,750 | ||||||||||||||||||
2017 | 1,757 | ||||||||||||||||||
2018 | 1,780 | ||||||||||||||||||
2019 - 2023 | 9,141 | ||||||||||||||||||
The assumptions used to determine benefit obligations at December 31 are as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 5.08 | % | 4.07 | 5.17 | |||||||||||||||
The assumptions used to determine net periodic pension expense for the years ended December 31 are as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 4.07 | % | 5.17 | 5.62 | |||||||||||||||
Expected long-term rate of return on assets | 6.5 | 6.5 | 6.5 | ||||||||||||||||
The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries. | |||||||||||||||||||
The Company also has a supplementary pension plan under which additional retirement benefits are accrued for eligible executive officers. This plan supplements the defined benefit retirement plan for eligible employees that exceed the Internal Revenue Service limit on the amount of pension payments that are allowed from a retirement plan. The supplemental plan provides eligible employees with total benefit payments as calculated by the retirement plan without regard to this limitation. Benefits under this plan are calculated using the same actuarial assumptions and interest rates as used for the retirement plan calculations. The accumulated benefits under this supplementary pension plan was approximately $5.6 million as of December 31, 2013 and 2012, respectively. Effective as of December 31, 2008, this plan has been frozen and no additional benefits will accrue. Instead, the amount of the Company’s annual contribution to the plan plus interest is paid directly to each eligible employee. The expense recorded for this plan was $1.3 million, $823 thousand, and $647 thousand, in 2013, 2012, and 2011, respectively. | |||||||||||||||||||
Rabbi trusts have been established for certain benefit plans. These trust accounts are administered by the Trustco Financial Services Department and invest primarily in bonds issued by government-sponsored enterprises and money market instruments. These assets are recorded at their fair value and are included in securities available for sale and other short-term investments in the Consolidated Statements of Condition. As of both December 31, 2013 and 2012, the trusts had assets totaling $5.7 million. | |||||||||||||||||||
(b) Postretirement Benefits | |||||||||||||||||||
The Company permits retirees under age 65 to participate in the Company’s medical plan by making certain payments. At age 65, the Bank provides a Medicare Supplemental program to retirees. | |||||||||||||||||||
In 2003, the Company amended the medical plan to reflect changes to the retiree medical insurance coverage portion. The Company’s subsidy of the retiree medical insurance premiums was eliminated. The Company continues to provide postretirement medical benefits for a limited number of executives in accordance with their employment contracts. | |||||||||||||||||||
The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2013 and 2012: | |||||||||||||||||||
Change in Accumulated Benefit Obligation: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Accumulated benefit obligation at beginning of year | $ | 2,413 | 2,008 | ||||||||||||||||
Service cost | 50 | 33 | |||||||||||||||||
Interest cost | 101 | 97 | |||||||||||||||||
Plan amendments | 465 | - | |||||||||||||||||
Benefits paid | (60 | ) | (48 | ) | |||||||||||||||
Net actuarial (gain) loss | (456 | ) | 323 | ||||||||||||||||
Accumulated benefit obligation at end of year | $ | 2,513 | 2,413 | ||||||||||||||||
The $465 thousand plan amendment included in the above table is due to an additional executive becoming eligible for postretirement medical benefits during 2013. | |||||||||||||||||||
Change in Plan Assets and Reconciliation of Funded Status: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 15,026 | 13,662 | ||||||||||||||||
Actual gain on plan assets | 2,909 | 1,364 | |||||||||||||||||
Company contributions | 60 | 48 | |||||||||||||||||
Benefits paid | (60 | ) | (48 | ) | |||||||||||||||
Fair value of plan assets at end of year | 17,935 | 15,026 | |||||||||||||||||
Funded status at end of year | $ | 15,422 | 12,613 | ||||||||||||||||
December 31, | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of the following as of: | 2013 | 2012 | |||||||||||||||||
Net actuarial gain | $ | (4,945 | ) | (2,125 | ) | ||||||||||||||
Prior service credit | (2,979 | ) | (3,706 | ) | |||||||||||||||
Total | $ | (7,924 | ) | (5,831 | ) | ||||||||||||||
Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income: | |||||||||||||||||||
For the years ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 50 | 33 | 26 | |||||||||||||||
Interest cost | 101 | 97 | 98 | ||||||||||||||||
Expected return on plan assets | (495 | ) | (451 | ) | (447 | ) | |||||||||||||
Amortization of net actuarial gain | (49 | ) | (29 | ) | (71 | ) | |||||||||||||
Amortization of prior service credit | (262 | ) | (262 | ) | (262 | ) | |||||||||||||
Net periodic benefit income | (655 | ) | (612 | ) | (656 | ) | |||||||||||||
Net (gain) loss | (2,868 | ) | (590 | ) | 531 | ||||||||||||||
Prior service cost | 465 | - | 533 | ||||||||||||||||
Amortization of prior service credit | 262 | 262 | 262 | ||||||||||||||||
Amortization of net actuarial gain | 49 | 29 | 71 | ||||||||||||||||
Total amount recognized in other comprehensive income | (2,092 | ) | (299 | ) | 1,397 | ||||||||||||||
Total amount recognized in net periodic benefit income and other comprehensive income | $ | (2,747 | ) | (911 | ) | 741 | |||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive income into net periodic benefit credit over the next fiscal year is approximately $468 thousand. | |||||||||||||||||||
Expected Future Benefit Payments | |||||||||||||||||||
The following benefit payments are expected to be paid: | |||||||||||||||||||
Year | Postretirement Benefits | ||||||||||||||||||
2014 | $ | 56 | |||||||||||||||||
2015 | 59 | ||||||||||||||||||
2016 | 62 | ||||||||||||||||||
2017 | 65 | ||||||||||||||||||
2018 | 70 | ||||||||||||||||||
2019 - 2023 | 510 | ||||||||||||||||||
The discount rate assumption used to determine benefit obligations at December 31 is as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 5.08 | % | 4.07 | 5.17 | |||||||||||||||
The assumptions used to determine net periodic pension benefit (credit) for the years ended December 31 are as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 4.07 | % | 5.17 | 5.62 | |||||||||||||||
Expected long-term rate of return on assets, net of tax | 3.3 | 3.3 | 3.3 | ||||||||||||||||
The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries. | |||||||||||||||||||
For measurement purposes, a graded annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) was assumed for 2013 and thereafter. A one percentage point increase in the assumed health care cost in each year would have an approximate $500 thousand impact on the accumulated postretirement benefit obligation as of December 31, 2013, while a 1% decrease would have an approximate $389 thousand impact. The impact on the interest and service components of net periodic postretirement benefit credit for the year ended December 31, 2013 would be $32 thousand for a one percentage point increase and $24 thousand for a one percentage point decrease. | |||||||||||||||||||
(c) Components of Accumulated Other Comprehensive Income (Loss) Related to Retirement and Postretirement Benefit Plans | |||||||||||||||||||
The following table details the change in the components of other comprehensive income related to the retirement plan and the post-retirement benefit plan, at December 31, 2013 and 2012, respectively: | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Post- | |||||||||||||||||||
Retirement | Retirement | ||||||||||||||||||
Plan | Benefit Plan | Total | |||||||||||||||||
Change in overfunded position of pension and postretirement benefits | $ | (8,156 | ) | (2,403 | ) | (10,559 | ) | ||||||||||||
Amortization of net actuarial gain (loss) | (516 | ) | 49 | (467 | ) | ||||||||||||||
Amortization of | |||||||||||||||||||
prior service credit | - | 262 | 262 | ||||||||||||||||
Total | $ | (8,672 | ) | (2,092 | ) | (10,764 | ) | ||||||||||||
31-Dec-12 | |||||||||||||||||||
Post- | |||||||||||||||||||
Retirement | Retirement | ||||||||||||||||||
Plan | Benefit Plan | Total | |||||||||||||||||
Change in overfunded position of pension and postretirement benefits | $ | 1,834 | (590 | ) | 1,244 | ||||||||||||||
Amortization of net actuarial gain (loss) | (335 | ) | 29 | (306 | ) | ||||||||||||||
Amortization of prior service credit | - | 262 | 262 | ||||||||||||||||
Total | $ | 1,499 | (299 | ) | 1,200 | ||||||||||||||
(d) Major Categories of Pension and Postretirement Benefit Plan Assets: | |||||||||||||||||||
The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows: | |||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Debt Securities | 26 | % | 29 | 27 | 28 | ||||||||||||||
Equity Securities | 69 | 65 | 68 | 64 | |||||||||||||||
Other | 5 | 6 | 5 | 8 | |||||||||||||||
Total | 100 | % | 100 | 100 | 100 | ||||||||||||||
The expected long-term rate-of-return on plan assets, noted in sections (a) and (b) above, reflects long-term earnings expectations on existing plan assets. In estimating that rate, appropriate consideration was given to historical returns earned by plan assets and the rates of return expected to be available for reinvestment. Rates of return were adjusted to reflect current capital market assumptions and changes in investment allocations. | |||||||||||||||||||
The Company’s investment policies and strategies for the pension benefit and postretirement benefit plans prescribe a target allocation of 50% to 70% equity securities, 25% to 40% debt securities, and 0% to 10% for other securities for the asset categories. The Company’s investment goals are to maximize returns subject to specific risk management policies. Its risk management policies permit direct investments in equity and debt securities and mutual funds while prohibiting direct investment in derivative financial instruments. The Company addresses diversification by the use of mutual fund investments whose underlying investments are in domestic and international debt and equity securities. These mutual funds are readily marketable and can be sold to fund benefit payment obligations as they become payable. | |||||||||||||||||||
Fair Value of Plan Assets: | |||||||||||||||||||
Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. | |||||||||||||||||||
The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: | |||||||||||||||||||
Equity mutual funds, Fixed Income mutual funds and Debt Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). | |||||||||||||||||||
The fair value of the plan assets at December 31, 2013 and 2012, by asset category, is as follows: | |||||||||||||||||||
Retirement Plan | Fair Value Measurements at | ||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 1,916 | 1,916 | - | - | ||||||||||||||
Equity mutual funds | 27,296 | 27,296 | - | - | |||||||||||||||
U.S. government sponsored enterprises | 5,091 | - | 5,091 | - | |||||||||||||||
Corporate bonds | 4,517 | - | 4,517 | - | |||||||||||||||
Fixed income mutual funds | 599 | 599 | - | - | |||||||||||||||
Total Plan Assets | $ | 39,419 | 29,811 | 9,608 | - | ||||||||||||||
Postretirement Benefits | Fair Value Measurements at | ||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 950 | 950 | - | - | ||||||||||||||
Equity mutual funds | 12,135 | 12,135 | - | - | |||||||||||||||
U.S. government sponsored enterprises | 1,020 | - | 1,020 | - | |||||||||||||||
Corporate bonds | 449 | - | 449 | - | |||||||||||||||
State and political subdivisions | 3,381 | - | 3,381 | - | |||||||||||||||
Total Plan Assets | $ | 17,935 | 13,085 | 4,850 | - | ||||||||||||||
Retirement Plan | Fair Value Measurements at | ||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 2,114 | 2,114 | - | - | ||||||||||||||
Equity mutual funds | 22,599 | 22,599 | - | - | |||||||||||||||
U.S. government sponsored enterprises | 4,574 | - | 4,574 | - | |||||||||||||||
Corporate bonds | 4,626 | - | 4,626 | - | |||||||||||||||
Fixed income mutual funds | 671 | 671 | - | - | |||||||||||||||
Total Plan Assets | $ | 34,584 | 25,384 | 9,200 | - | ||||||||||||||
Postretirement Benefits | Fair Value Measurements at | ||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 1,148 | 1,148 | - | - | ||||||||||||||
Equity mutual funds | 9,718 | 9,718 | - | - | |||||||||||||||
State and political subdivisions | 4,160 | - | 4,160 | - | |||||||||||||||
Total Plan Assets | $ | 15,026 | 10,866 | 4,160 | - | ||||||||||||||
At December 31, 2013 and 2012, the majority of the equity mutual funds included in the plan assets of the retirement plan and postretirement benefit plan consist of large-cap index funds, while the remainder of the equity mutual funds consists of mid-cap, small-cap and international funds. | |||||||||||||||||||
There were no transfers between Level 1 and Level 2 in 2013 and 2012. | |||||||||||||||||||
The Company made contributions of $3.0 million to its pension plan during 2012. No contributions were made in 2013. The Company does not expect to make any contributions to its pension and postretirement benefit plans in 2014. | |||||||||||||||||||
(e) Incentive and Bonus Plans | |||||||||||||||||||
During 2006 the Company amended its profit sharing plan to include a 401(k) feature. Under the 401(k) feature the Company matches 100% of the aggregate salary contribution up to the first 3% of compensation and 50% of the aggregate contribution of the next 3%. No profit sharing contributions were made in 2013, 2012 or 2011 but were replaced with Company contributions to the 401(k) feature of the plan. Expenses related to the plan aggregated $657 thousand for 2013, $601 thousand in 2012 and $461 thousand in 2011. | |||||||||||||||||||
The Company also has an officers and executive incentive plan. The expense of these plans generally are based on the Company’s performance and estimated distributions to participants are accrued during the year and generally paid in the following year. The expense recorded for this plan was $2.0 million, $1.6 million and $1.3 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||
In prior years, the Company awarded 3.2 million performance bonus units to the executive officers and directors. These units become vested and exercisable only under a change of control as defined in the plan. The units were awarded based upon the stock price at the time of grant and, if exercised under a change of control, allow the holder to receive the increase in value offered in the exchange over the stock price at the date of grant for each unit, if any. As of December 31, 2013, the weighted average strike price of each unit was $7.95. | |||||||||||||||||||
(f) Stock Based Compensation Plans-Equity Awards | |||||||||||||||||||
Equity awards are types of stock based compensation that are to be settled in shares. As such, the amount of compensation expense to be paid at the time of settlement is included in surplus in the Consolidated Statement of Condition. | |||||||||||||||||||
Under the 2010 TrustCo Bank Corp NY Stock Option Plan, the Company may grant stock options and restricted stock to its eligible employees for up to approximately 2.0 million shares of common stock. Under the 2004 TrustCo Bank Corp NY Stock Option Plan, the Company could have granted options to its eligible employees for up to approximately 2.0 million shares of common stock. | |||||||||||||||||||
Under the 2010 Directors Stock Option Plan, the Company may grant stock options and restricted stock to its directors for up to approximately 250 thousand shares of its common stock. Under the 2004 Directors Stock Option Plan, the Company could have granted options to its directors for up to approximately 200 thousand shares of its common stock. | |||||||||||||||||||
Under each of these plans, the exercise price of each option equals the fair value of the Company’s stock on the date of grant, and an option’s maximum term is ten years. Options vest over five years from the date the options are granted for the employees plans and they are immediately vested under the directors’ plans. A summary of the status of TrustCo’s stock option plans as of December 31, 2013 and changes during the year then ended, are as follows: | |||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Weighted | Average | Weighted | Average | ||||||||||||||||
Average | Remaining | Average | Remaining | ||||||||||||||||
Exercise | Contractual | Exercise | Contractual | ||||||||||||||||
Shares | Price | Life | Shares | Price | Life | ||||||||||||||
Balance, January 1, 2013 | 2,892,000 | $ | 9.58 | 2,144,600 | $ | 11.01 | |||||||||||||
New options awarded-2013 | 281,500 | 7.05 | - | 0 | |||||||||||||||
Expired options - 2013 | - | 0 | - | 0 | |||||||||||||||
Cancelled options-2013 | - | 0 | - | 0 | |||||||||||||||
Exercised options - 2013 | (14,700 | ) | 5.15 | (14,700 | ) | 5.15 | |||||||||||||
Options became exercisable | - | 0 | 234,600 | 6.25 | |||||||||||||||
Balance, December 31, 2013 | 3,158,800 | $ | 9.54 | 5.1 years | 2,364,500 | $ | 10.78 | 3.4 years | |||||||||||
At December 31, 2013, the intrinsic value of outstanding stock options and vested stock options was approximately $1.2 million and $397 thousand, respectively. The Company expects all unvested options to vest according to plan provisions. | |||||||||||||||||||
During 2013, 15 thousand stock options were exercised. The intrinsic value and related tax benefits of stock options exercised in 2013 was not material. No stock options were exercised in 2012 or 2011. It is the Company’s policy to generally issue stock for stock option exercises from previously unissued shares of common stock or treasury shares. | |||||||||||||||||||
Unrecognized stock-based compensation expense related to non-vested stock options totaled $600 thousand at December 31, 2013. At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 3.9 years. | |||||||||||||||||||
Valuation of Stock-Based Compensation: The fair value of the Company’s employee and director stock options granted is estimated on the measurement date, which, for the Company, is the date of grant. The weighted-average fair value of stock options granted during 2013, 2012 and 2011 estimated using the Black-Scholes option pricing model, was $1.08, $0.76 and $0.98, respectively. The Company estimated expected market price volatility and the expected term of the options based on historical data and other factors. The assumptions used to determine the fair value of options granted during 2013, 2012 and 2011 are detailed in the table below: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Employees' | Employees' | ||||||||||||||||||
Plan | Plan | ||||||||||||||||||
Expected dividend yield | 3.72 | % | 5.08 | ||||||||||||||||
Risk-free interest rate | 1.45 | 0.8 | |||||||||||||||||
Expected volatility rate | 25.83 | 30.18 | |||||||||||||||||
Expected lives | 5.0 years | 5.0 years | |||||||||||||||||
2011 | |||||||||||||||||||
Employees' | Directors' | ||||||||||||||||||
Plan | Plan | ||||||||||||||||||
Expected dividend yield | 5.11 | % | 5.11 | ||||||||||||||||
Risk-free interest rate | 1.9 | 1.59 | |||||||||||||||||
Expected volatility rate | 26.64 | 28.5 | |||||||||||||||||
Expected lives | 7.5 years | 6.0 years | |||||||||||||||||
During 2011, the Company issued 99 thousand restricted common shares to certain eligible executive officers and another seven thousand restricted common shares to its board of directors. The restricted share awards hold the same voting powers as the Company’s common stock and become 100% vested after three years based upon a cliff-vesting schedule. The shares are also eligible to receive nonforfeitable dividend payments. The fair value of these awards was $5.14 per restricted share, the fair value of the Company’s common stock on the grant date. During 2013, 2012 and 2011, the Company recognized approximately $170 thousand, $170 thousand and $28 thousand in stock based compensation expense related to the employee awards, respectively. In addition, the Company recognized approximately $12 thousand, $12 thousand and $2 thousand related to the director awards, respectively. Unrecognized stock-based compensation expense related to the outstanding restricted shares totaled $151 thousand, $333 thousand and $515 thousand at December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, 2012 and 2011, all of the awards were unvested. The weighted average period over which the unrecognized expense is expected to be recognized was one year at December 31, 2013, two years as of December 31, 2012 and three years at December 31, 2011. | |||||||||||||||||||
The 2013 activity for the restricted common shares was as follows: | |||||||||||||||||||
Restricted common shares | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | |||||||||||||||||||
Shares | Price | ||||||||||||||||||
Balance, December 31, 2012 | 106,000 | $ | 5.14 | ||||||||||||||||
New awards granted | - | 0 | |||||||||||||||||
Awards became vested | - | 0 | |||||||||||||||||
Balance, December 31, 2013 | 106,000 | $ | 5.14 | ||||||||||||||||
(g) Stock Based Compensation Plans-Liability Awards | |||||||||||||||||||
Liability awards are types of stock based compensation that can be settled in cash (not shares). As such, the amount of compensation expense to be paid at the time of settlement is included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The Company granted both service based and performance based liability awards in 2013 and 2012. | |||||||||||||||||||
The activity for service based awards during 2013 was as follows: | |||||||||||||||||||
Restricted share units | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | |||||||||||||||||||
Units | Price | ||||||||||||||||||
Balance, December 31, 2012 | 82,500 | $ | 5.17 | ||||||||||||||||
New awards granted | 51,250 | 7.05 | |||||||||||||||||
Awards became vested | - | 0 | |||||||||||||||||
Balance, December 31, 2013 | 133,750 | $ | 5.89 | ||||||||||||||||
Service Based Awards: During 2013 and 2012, the Company issued restricted share units to certain eligible officers, executives and its board of directors. The restricted share units do not hold voting powers, nor are they eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule. Upon issuance, the fair value of these awards is the fair value of the Company’s common stock on the grant date. Thereafter, the amount of stock based compensation expense recognized, is based on the fair value of the Company’s stock. During 2013 and 2012, the Company recognized approximately $230 thousand and $23 thousand, respectively, in stock based compensation expense related to these awards. Unrecognized stock-based compensation expense related to the outstanding restricted share units totaled $710 thousand at December 31, 2013. At December 31, 2013 all of the awards were unvested. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 30 months as of December 31, 2013. | |||||||||||||||||||
The liability related to service based liability awards totaled $253 thousand and $23 thousand at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
The activity for performance based awards during 2013 was as follows: | |||||||||||||||||||
Performance share units | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | |||||||||||||||||||
Units | Price | ||||||||||||||||||
Balance, December 31, 2012 | 65,000 | $ | 5.17 | ||||||||||||||||
New awards granted | 81,500 | 7.05 | |||||||||||||||||
Awards became vested | - | 0 | |||||||||||||||||
Balance, December 31, 2013 | 146,500 | $ | 6.22 | ||||||||||||||||
Performance Based Awards: During 2013 and 2012, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, nor are they eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule. Upon issuance, fair value of these units was the fair value of the Company’s common stock on the grant date. Thereafter, the amount of stock based compensation expense recognized is based upon the Company’s achievement of certain performance criteria in accordance with Plan provisions as well as the fair value of the Company’s stock. | |||||||||||||||||||
For units granted in 2012, the Company expects to exceed its required performance criteria and therefore has adjusted its calculation for the increased number of units that would be settled in cash upon vesting. For units granted in 2013, the Company expects to meet its required performance criteria. During 2013 and 2012, the Company recognized approximately $239 thousand and $19 thousand, respectively, in stock based compensation expense related to these units. Unrecognized stock-based compensation expense related to the outstanding performance share units totaled $910 thousand at December 31, 2013. At December 31, 2013 all of the units were unvested. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 30 months as of December 31, 2013. | |||||||||||||||||||
The liability related to performance based liability awards totaled $258 thousand and $19 thousand at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
(h) Stock Based Compensation Expense | |||||||||||||||||||
Stock-based compensation expense totaled $847 thousand, $447 thousand and $274 thousand in 2013, 2012 and 2011, respectively, related to the 2010 and 2004 TrustCo Bank Corp NY Stock Option Plans. In 2011, $13 thousand of stock-based compensation expense was recognized related to the 2010 Directors Stock Option Plan. No such expense was recorded in 2013 and 2012 as no stock options were granted to directors in those years. | |||||||||||||||||||
Of the $847 thousand of stock based compensation expense recognized in 2013, $469 thousand related to liability awards as they may be settled in cash instead of shares, while the remaining $378 thousand related to equity awards. | |||||||||||||||||||
Of the $447 thousand of stock based compensation expense recognized in 2012, $42 thousand related to liability awards as they may be settled in cash instead of shares, while the remaining $405 thousand related to equity awards. | |||||||||||||||||||
Stock-based compensation expense is recognized ratably over the vesting period for all awards. Income tax benefits recognized in the accompanying consolidated statements of income related to stock-based compensation in 2013, 2012 and 2011 was approximately $296 thousand, $156 thousand and $100 thousand, respectively. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingent Liabilities [Abstract] | ' | ||||
Commitments and Contingent Liabilities | ' | ||||
(10) Commitments and Contingent Liabilities | |||||
(a) Leases | |||||
The Bank leases certain banking premises. These leases are accounted for as operating leases with minimum rental commitments in the amounts presented below. The majority of these leases contain options to renew. | |||||
(dollars in thousands) | |||||
2014 | $ | 6,860 | |||
2015 | 6,493 | ||||
2016 | 6,295 | ||||
2017 | 5,979 | ||||
2018 | 5,719 | ||||
2019 and after | 42,429 | ||||
$ | 73,775 | ||||
(b) Litigation | |||||
Existing litigation arising in the normal course of business is not expected to result in any material loss to the Company. | |||||
(c) Outsourced Services | |||||
The Company contracted with third-party service providers to perform certain banking functions beginning 2002. The outsourced services include data and item processing for the Bank and trust operations. The service expense can vary based upon volume and nature of transactions processed. Outsourced service expense was $5.1 million for 2013, 2012 and 2011. The Company is contractually obligated to pay these third-party service providers approximately $5 to $6 million per year through 2018. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
(11) Earnings Per Share | |||||||||||||
The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). TrustCo adopted FASB Staff Position on Emerging Issues Task Force 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, as codified in FASB ASC 260-10 (“ASC 260-10”), which clarified that unvested share-based payment awards that contain nonforfeitable rights to receive dividends or divided equivalents (whether paid or unpaid) are participating securities, and thus, should be included in the two-class method of computing earnings per share (“EPS”). Participating securities under this statement include the unvested employees’ and directors’ restricted stock awards with time-based vesting, which receive nonforfeitable dividend payments. | |||||||||||||
A reconciliation of the component parts of earnings per share for 2013, 2012 and 2011 follows: | |||||||||||||
(dollars in thousands, except per share data) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
For the years ended December 31: | |||||||||||||
Net income | $ | 39,812 | 37,534 | 33,087 | |||||||||
Less: Net income allocated to participating securities | 45 | 43 | 5 | ||||||||||
Net income allocated to common shareholders | $ | 39,767 | 37,491 | 33,082 | |||||||||
Basic EPS: | |||||||||||||
Distributed earnings allocated to common stock | $ | 24,745 | 24,607 | 22,389 | |||||||||
Undistributed earnings allocated to common stock | 15,022 | 12,884 | 10,693 | ||||||||||
Net income allocated to common shareholders | $ | 39,767 | 37,491 | 33,082 | |||||||||
Weighted average common shares outstanding including participating securities | 94,266 | 93,739 | 85,086 | ||||||||||
Less: Participating securities | 106 | 106 | 14 | ||||||||||
Weighted average common shares | 94,160 | 93,633 | 85,072 | ||||||||||
Basic EPS | $ | 0.422 | 0.4 | 0.389 | |||||||||
Diluted EPS: | |||||||||||||
Net income allocated to common shareholders | $ | 39,767 | 37,491 | 33,082 | |||||||||
Weighted average common shares for basic EPS | 94,160 | 93,633 | 85,072 | ||||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock Options | 46 | 4 | - | ||||||||||
Weighted average common shares including potential dilutive shares | 94,206 | 93,637 | 85,072 | ||||||||||
Diluted EPS | $ | 0.422 | 0.4 | 0.389 | |||||||||
As of December 31, 2013, 2012 and 2011, the weighted average number of antidilutive stock options excluded from diluted earnings per share was approximately 2.5 million, 2.9 million, and 2.8 million, respectively. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented. |
OffBalance_Sheet_Financial_Ins
Off-Balance Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Off Balance Sheet Financial Instruments [Abstract] | ' |
Off-Balance Sheet Financial Instruments | ' |
(12) Off-Balance Sheet Financial Instruments | |
Loan commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a fee. Commitments sometimes expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. These arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Bank’s normal credit policies, including obtaining collateral. The Bank’s maximum exposure to credit loss for loan commitments, including unused lines of credit, at December 31, 2013 and 2012, was $430.3 million and $388.2 million, respectively. Approximately 79% and 84% of these commitments were for variable rate products at the end of 2013 and 2012, respectively. | |
The Company does not issue any guarantees that require liability-recognition or disclosure, other than its standby letters of credit. The Company has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit totaled approximately $6.5 million and $5.6 million at December 31, 2013 and 2012, respectively, and represent the maximum potential future payments the Company could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Company policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan-to-value ratios are generally consistent with loan-to-value requirements for other commercial loans secured by similar types of collateral. The fair value of the Company’s standby letters of credit at December 31, 2013and 2012 was insignificant. | |
No losses are anticipated as a result of loan commitments or standby letters of credit. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
(13) Fair Value of Financial Instruments | |||||||||||||||||||||
Fair value measurements (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: | |||||||||||||||||||||
Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date. | |||||||||||||||||||||
Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices or similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||
Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability. | |||||||||||||||||||||
The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities: | |||||||||||||||||||||
Securities Available for Sale: The fair value of securities available for sale are determined utilizing an independent pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. This results in a Level 2 classification of the inputs for determining fair value. Interest and dividend income is recorded on the accrual method and included in the income statement in the respective investment class under total interest income. Also classified as available for sale securities are equity securities where fair value is determined by quoted market prices and these are designated as Level 1. The Company does not have any securities that would be designated as level 3. | |||||||||||||||||||||
Other Real Estate Owned: Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. This results in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||||||||
Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally have had a chargeoff through the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. When obtained, non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. | |||||||||||||||||||||
Indications of value for both collateral-dependent impaired loans and other real estate owned are obtained from third party providers or the Company’s internal Appraisal Department. All indications of value are reviewed for reasonableness by a member of the Appraisal Department for the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value via comparison with independent data sources such as recent market data or industry-wide statistics. | |||||||||||||||||||||
Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Securities available-for sale: | |||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 198,829 | - | 198,829 | - | ||||||||||||||||
State and political subdivisions | 7,758 | - | 7,758 | - | |||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | 532,449 | - | 532,449 | - | |||||||||||||||||
Corporate bonds | 10,471 | - | 10,471 | - | |||||||||||||||||
Small Business Administration-guaranteed participation securities | 103,029 | - | 103,029 | - | |||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - commercial | 10,558 | - | 10,558 | - | |||||||||||||||||
Other securities | 660 | 10 | 650 | - | |||||||||||||||||
Total securities available-for-sale | $ | 863,754 | 10 | 863,744 | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Securities available-for sale: | |||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 263,108 | - | 263,108 | - | ||||||||||||||||
State and political subdivisions | 26,457 | - | 26,457 | - | |||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | 518,776 | - | 518,776 | - | |||||||||||||||||
Corporate bonds | 26,529 | - | 26,529 | - | |||||||||||||||||
Small Business Administration-guaranteed participation securities | 76,562 | - | 76,562 | ||||||||||||||||||
Other securities | 660 | 10 | 650 | - | |||||||||||||||||
Total securities available-for-sale | $ | 912,092 | 10 | 912,082 | - | ||||||||||||||||
There were no transfers between Level 1 and Level 2 in 2013 and 2012. | |||||||||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 8,729 | - | - | 8,729 | ||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | 1,802 | - | - | 1,802 | |||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||
First mortgages | 2,425 | - | - | 2,425 | |||||||||||||||||
Home Equity Loans | 48 | - | - | 48 | |||||||||||||||||
Home Equity Lines of Credit | 810 | - | - | 810 | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 8,705 | - | - | 8,705 | ||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | 4,690 | - | - | 4,690 | |||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||
First mortgages | 5,421 | - | - | 5,421 | |||||||||||||||||
Home Equity Loans | 67 | - | - | 67 | |||||||||||||||||
Home Equity Lines of Credit | 581 | - | - | 581 | |||||||||||||||||
Other real estate owned, which is carried at fair value less costs to sell, approximates $8.7 million at December 31, 2013 and consisted of $5.0 million of commercial real estate and $3.7 million of residential real estate properties. A valuation charge of $2.2 million is included in earnings for the year ended December 31, 2013. | |||||||||||||||||||||
Of the total impaired loans of $29.3 million at December 31, 2013, $5.1 million are collateral dependent and have had a chargeoff taken and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2013. Gross charge-offs related to commercial impaired loans included in the table above were $761 thousand for the year ended December 31, 2013, while gross charge-offs related to residential impaired loans included in the table above amounted to $534 thousand. | |||||||||||||||||||||
Other real estate owned, which is carried at fair value less costs to sell, approximates $8.7 million at December 31, 2012 and consisted of $4.8 million of commercial real estate and $3.9 million of residential real estate properties. A valuation charge of $1.1 million is included in earnings for the year ended December 31, 2012. | |||||||||||||||||||||
Of the total impaired loans of $26.1 million at December 31, 2012, $10.8 million are collateral dependent and have had a chargeoff taken and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2012. Gross charge-offs related to commercial impaired loans were $2.5 million for the year ended December 31, 2012, while gross residential impaired loan charge-offs amounted to $1.7 million. | |||||||||||||||||||||
In accordance with ASC 825, the carrying amounts and estimated fair values of financial instruments, at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||
(dollars in thousands) | Fair Value Measurements at | ||||||||||||||||||||
Carrying | December 31, 2013 Using: | ||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 583,044 | 583,044 | - | - | 583,044 | |||||||||||||||
Securities available for sale | 863,754 | 10 | 863,744 | - | 863,754 | ||||||||||||||||
Held to maturity securities | 86,215 | - | 90,305 | - | 90,305 | ||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 10,500 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Net loans | 2,861,095 | - | - | 2,910,940 | 2,910,940 | ||||||||||||||||
Accrued interest receivable | 11,198 | - | 3,452 | 7,746 | 11,198 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Demand deposits | 318,456 | 318,456 | - | - | 318,456 | ||||||||||||||||
Interest bearing deposits | 3,608,615 | 2,477,567 | 1,132,025 | - | 3,609,592 | ||||||||||||||||
Short-term borrowings | 204,162 | - | 204,162 | - | 204,162 | ||||||||||||||||
Accrued interest payable | 468 | 101 | 367 | - | 468 | ||||||||||||||||
(dollars in thousands) | Fair Value Measurements at | ||||||||||||||||||||
Carrying | December 31, 2012 Using: | ||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 544,016 | 544,016 | - | - | 544,016 | |||||||||||||||
Securities available for sale | 912,092 | 10 | 912,082 | - | 912,092 | ||||||||||||||||
Held to maturity securities | 143,426 | - | 151,126 | - | 151,126 | ||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,632 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Net loans | 2,636,806 | - | - | 2,771,705 | 2,771,705 | ||||||||||||||||
Accrued interest receivable | 11,752 | - | 4,114 | 7,638 | 11,752 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Demand deposits | 300,544 | 300,544 | - | - | 300,544 | ||||||||||||||||
Interest bearing deposits | 3,503,649 | 2,426,170 | 1,079,663 | - | 3,505,833 | ||||||||||||||||
Short-term borrowings | 159,846 | - | 159,846 | - | 159,846 | ||||||||||||||||
Accrued interest payable | 449 | 103 | 346 | - | 449 | ||||||||||||||||
The specific estimation methods and assumptions used can have a substantial impact on the resulting fair values of financial instruments. Following is a brief summary of the significant methods and assumptions used in estimating fair values: | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
The carrying values of these financial instruments approximate fair values and are classified as level 1. | |||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | |||||||||||||||||||||
It is not practical to determine the fair value of Federal Reserve Bank and Federal Home Loan Bank stock due to their restrictive nature. | |||||||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||
Similar to securities available for sale described previously, the fair value of securities held to maturity are determined utilizing an independent pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. This results in a Level 2 classification of the inputs for determining fair value. Interest and dividend income is recorded on the accrual method and included in the income statement in the respective investment class under total interest income. The Company does not have any securities that would be designated as level 3. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
The fair values of all loans are estimated using discounted cash flow analyses with discount rates equal to the interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | |||||||||||||||||||||
Deposit Liabilities | |||||||||||||||||||||
The fair values disclosed for noninterest bearing demand deposits, interest bearing checking accounts, savings accounts, and money market accounts are, by definition, equal to the amount payable on demand at the balance sheet date resulting in a level 1 classification. The carrying value of all variable rate certificates of deposit approximates fair value resulting in a level 2 classification. The fair value of fixed rate certificates of deposit is estimated using discounted cash flow analyses with discount rates equal to the interest rates currently being offered on certificates of similar size and remaining maturity resulting in a level 2 classification. | |||||||||||||||||||||
Accrued Interest Receivable/Payable | |||||||||||||||||||||
The carrying amounts of accrued interest approximate fair value resulting in a Level 1, Level 2 or Level 3 classification consistent with the asset or liability that they are associated with. | |||||||||||||||||||||
Short-Term Borrowings and Other Financial Instruments | |||||||||||||||||||||
The fair value of all short-term borrowings, and other financial instruments approximates the carrying value resulting in a level 2 classification. | |||||||||||||||||||||
Financial Instruments with Off-Balance Sheet Risk | |||||||||||||||||||||
The Company is a party to financial instruments with off-balance sheet risk. Such financial instruments consist of commitments to extend financing and standby letters of credit. If the commitments are exercised by the prospective borrowers, these financial instruments will become interest earning assets of the Company. If the commitments expire, the Company retains any fees paid by the prospective borrower. The fair value of commitments is estimated based upon fees currently charged to enter into similar agreements, taking into consideration the remaining terms of the agreements and the present creditworthiness of the borrower. For fixed rate commitments, the fair value estimation takes into consideration an interest rate risk factor. The fair value of these off-balance sheet items approximates the recorded amounts of the related fees, which are considered to be immaterial. | |||||||||||||||||||||
The Company does not engage in activities involving interest rate swaps, forward placement contracts, or any other instruments commonly referred to as derivatives. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||
Regulatory Capital Requirements | ' | ||||||||||||||||
(14) Regulatory Capital Requirements | |||||||||||||||||
The Bank is subject to two overlapping sets of regulatory capital requirements, which require the Bank to maintain minimum levels of regulatory capital. Under the tangible, core/leverage and risk-based requirements in effect at December 31, 2013 and 2012, Trustco Bank was required to maintain a minimum tangible capital of 1.50% of adjusted total assets, a minimum leverage ratio of core capital to adjusted total assets of 4.00% and a minimum ratio of total capital to risk weighted assets of 8.00%. | |||||||||||||||||
Federal banking regulations also establish a “prompt corrective action” capital framework for the classification of banks into five categories: well capitalized, adequately capitalized, under capitalized, significantly under capitalized, and critically under capitalized. Generally, an institution is considered well capitalized if it has a leverage capital ratio of at least 5.00% (based on total adjusted quarterly assets), a Tier 1 risk-based capital ratio of at least 6.00%, and a total risk-based capital ratio of at least 10.00%. An institution is adequately capitalized if it has a leverage ratio of at least 4.00% (3.00% for the most highly rated institutions); a Tier 1 risk-based capital ratio of 4.00% or greater and a total risk-based capital ratio of 8.00% or greater. An institution is “undercapitalized” if it does not achieve the ratios to be considered to be adequately captitalized. | |||||||||||||||||
The foregoing capital ratios are based on specific quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the regulator about capital components, risk weighting and other factors. | |||||||||||||||||
As of December 31, 2013 and 2012, Trustco Bank met all capital adequacy requirements to which it was subject. Further, the most recent regulator notification categorized the Bank as a well-capitalized institution. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. | |||||||||||||||||
Under its prompt corrective action regulations, the OCC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. As stated above, the Bank has been classified as well capitalized for regulatory purposes, and therefore, these regulations do not apply. The following is a summary of actual capital amounts and ratios as of December 31, 2013 and 2012, for Trustco Bank: | |||||||||||||||||
(dollars in thousands) | As of December 31, 2013 | Well | Adequately | ||||||||||||||
Amount | Ratio | Capitalized* | Capitalized* | ||||||||||||||
Tier 1 (core) capital | $ | 365,954 | 8.07 | % | 5 | % | 4 | % | |||||||||
Tier 1 risk-based capital | 365,954 | 16.34 | 6 | 4 | |||||||||||||
Total risk-based capital | 394,200 | 17.6 | 10 | 8 | |||||||||||||
(dollars in thousands) | As of December 31, 2012 | Well | Adequately | ||||||||||||||
Amount | Ratio | Capitalized* | Capitalized* | ||||||||||||||
Tier 1 (core) capital | $ | 349,580 | 8.05 | % | 5 | % | 4 | % | |||||||||
Tier 1 risk-based capital | 349,580 | 16.35 | 6 | 4 | |||||||||||||
Total risk-based capital | 376,565 | 17.62 | 10 | 8 | |||||||||||||
*Regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized | |||||||||||||||||
TrustCo is not currently subject to formal capital requirements; however, under the Dodd-Frank Act, it will become subject to Federal Reserve regulations requiring minimum capital requirements in July 2015. The following is a summary of actual capital amounts and ratios as of December 31, 2013 and 2012 for TrustCo on a consolidated basis, with the calculations done on the same basis as for Trustco Bank. | |||||||||||||||||
(dollars in thousands) | As of December 31, 2013 | ||||||||||||||||
Amount | Ratio | ||||||||||||||||
Leverage capital | $ | 375,063 | 8.27 | % | |||||||||||||
Tier 1 risk-based capital | 375,063 | 16.74 | |||||||||||||||
Total risk-based capital | 403,317 | 18 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||
Amount | Ratio | ||||||||||||||||
Leverage capital | $ | 356,687 | 8.21 | % | |||||||||||||
Tier 1 risk-based capital | 356,687 | 16.68 | |||||||||||||||
Total risk-based capital | 383,678 | 17.94 | |||||||||||||||
In July 2013, the federal bank regulatory agencies issued a final rule that will revise their risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The final rule applies to all depository institutions, top-tier bank holding companies with total consolidated assets of $500 million or more and top-tier savings and loan holding companies. Among other matters, the rule establishes a new common equity Tier 1 minimum capital requirement of 4.50% of risk-weighted assets, increases the minimum Tier 1 capital to risk-based assets requirement from 4.00% to 6.00% of risk-weighted assets, changes the risk-weightings of certain assets, creates an additional capital conservation buffer over the required capital ratios and changes what qualifies as capital for purposes of meeting the various capital requirements. The implementation of the new rule will begin for TrustCo on January 1, 2015. |
Other_Comprehensive_Income
Other Comprehensive Income | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||
(15) Other Comprehensive Income | |||||||||||||||||||||
The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax: | |||||||||||||||||||||
For the year ended 12/31/13 | |||||||||||||||||||||
Other | Amount | Other | |||||||||||||||||||
Comprehensive | reclassified | Comprehensive | |||||||||||||||||||
Income (loss)- | from Accumulated | Income (loss)- | |||||||||||||||||||
Balance at | Before | Other Comprehensive | Year | Balance at | |||||||||||||||||
12/31/12 | Reclassifications | Income | ended 12/31/13 | 12/31/13 | |||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | 3,755 | (20,860 | ) | (973 | ) | (21,833 | ) | (18,078 | ) | |||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | (2,506 | ) | 6,349 | - | 6,349 | 3,843 | |||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | 309 | - | 123 | 123 | 432 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | 1,558 | (14,511 | ) | (850 | ) | (15,361 | ) | (13,803 | ) | |||||||||||
For the year ended 12/31/12 | |||||||||||||||||||||
Other | Amount | Other | |||||||||||||||||||
Comprehensive | reclassified | Comprehensive | |||||||||||||||||||
Income (loss)- | from Accumulated | Income (loss)- | |||||||||||||||||||
Balance at | Before | Other Comprehensive | Year | Balance at | |||||||||||||||||
12/31/11 | Reclassifications | Income | ended 12/31/12 | 12/31/12 | |||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (1,018 | ) | 6,070 | (1,297 | ) | 4,773 | 3,755 | |||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | (1,758 | ) | (748 | ) | - | (748 | ) | (2,506 | ) | ||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | 283 | - | 26 | 26 | 309 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (2,493 | ) | 5,322 | (1,271 | ) | 4,051 | 1,558 | |||||||||||||
For the year ended 12/31/11 | |||||||||||||||||||||
Other | Amount | Other | |||||||||||||||||||
Comprehensive | reclassified | Comprehensive | |||||||||||||||||||
Income (loss)- | from Accumulated | Income (loss)- | |||||||||||||||||||
Balance at | Before | Other Comprehensive | Year | Balance at | |||||||||||||||||
12/31/10 | Reclassifications | Income | ended 12/31/11 | 12/31/11 | |||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (5,607 | ) | 5,446 | (857 | ) | 4,589 | (1,018 | ) | ||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 1,100 | (2,858 | ) | - | (2,858 | ) | (1,758 | ) | |||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | 388 | - | (105 | ) | (105 | ) | 283 | ||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (4,119 | ) | 2,588 | (962 | ) | 1,626 | (2,493 | ) | ||||||||||||
The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Years Ended | Affected | ||||||||||||||||||||
December 31, | Line Item | ||||||||||||||||||||
2013 | 2012 | 2011 | in Statements | ||||||||||||||||||
Unrealized gains (losses) on securities available for sale | |||||||||||||||||||||
Realized gain on securities transactions | $ | 1,622 | 2,161 | 1,428 | Net gain on securities transactions | ||||||||||||||||
Income tax expense | (649 | ) | (864 | ) | (571 | ) | Income taxes | ||||||||||||||
Net of tax | 973 | 1,297 | 857 | ||||||||||||||||||
Amortization of pension and postretirement benefit items | |||||||||||||||||||||
Amortization of net actuarial loss | (467 | ) | (306 | ) | (85 | ) | Salaries and employee benefits | ||||||||||||||
Amortization of prior service credit | 262 | 262 | 262 | Salaries and employee benefits | |||||||||||||||||
Income tax benefit | 82 | 18 | (72 | ) | Income taxes | ||||||||||||||||
Net of tax | (123 | ) | (26 | ) | 105 | ||||||||||||||||
Total reclassifications, net of tax | $ | 850 | 1,271 | 962 |
Common_stock_offering
Common stock offering | 12 Months Ended |
Dec. 31, 2013 | |
Common stock offering [Abstract] | ' |
Common Stock Offering | ' |
(16) Common stock offering | |
On July 6, 2011, the Company completed a public offering of 15,640,000 shares of common stock, $1 par value per share. The 15,640,000 shares included 2,040,000 additional shares of common stock as a result of the underwriters exercising their over-allotment option. The common stock was sold at $4.60 per share. Net proceeds from the offering, after direct costs, were $67.6 million. |
Building_Held_for_Sale
Building Held for Sale | 12 Months Ended |
Dec. 31, 2013 | |
Building Held for Sale [Abstract] | ' |
Building Held for Sale | ' |
(17) Building Held for Sale | |
During July 2013, Trustco entered into an agreement to sell a building that was to be used as the regional operations center in Florida to a third party purchaser for approximately $5.0 million. As of December 31, 2013, the carrying value of the building was approximately $3.2 million and the building was held for sale and included in Other Assets in the Consolidated Statement of Financial Condition. The sale occurred during the first quarter of 2014 and the Company recognized a gain of $1.6 million. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
(18) Recent Accounting Pronouncements | |
Effective January 2012, the Company adopted ASU No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05). ASU 2011-05 is intended to increase the prominence of items reported in other comprehensive income and to facilitate convergence of accounting guidance in this area with that of the IASB. The amendments require that all nonowner changes in stockholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (ASU 2011-12). ASU 2011-12 defers the provisions of ASU 2011-05 that require the presentation of reclassification adjustments on the face of both the statement of income and statement of other comprehensive income. Amendments under ASU 2011-05 that were not deferred under ASU 2011-12 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update did not have a material impact on the consolidated financial statements. | |
Parent_Company_Only
Parent Company Only | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Only [Abstract] | ' | ||||||||||||
Parent Company Only | ' | ||||||||||||
(19) Parent Company Only | |||||||||||||
The following statements pertain to TrustCo Bank Corp NY (Parent Company): | |||||||||||||
Statements of Income | |||||||||||||
(dollars in thousands) | Years Ended December 31, | ||||||||||||
Income: | 2013 | 2012 | 2011 | ||||||||||
Dividends and interest from subsidiaries | $ | 24,491 | 24,475 | 19,635 | |||||||||
Net gain on securities transactions | - | - | 45 | ||||||||||
Income from other investments | - | - | 1 | ||||||||||
Total income | 24,491 | 24,475 | 19,681 | ||||||||||
Expense: | |||||||||||||
Operating supplies | 81 | 105 | 86 | ||||||||||
Professional services | 491 | 296 | 362 | ||||||||||
Miscellaneous expense | 1,042 | 737 | 555 | ||||||||||
Total expense | 1,614 | 1,138 | 1,003 | ||||||||||
Income before income taxes and subsidiaries'undistributed earnings | 22,877 | 23,337 | 18,678 | ||||||||||
Income tax benefit | (548 | ) | (364 | ) | (174 | ) | |||||||
Income before subsidiaries'undistributed earnings | 23,425 | 23,701 | 18,852 | ||||||||||
Equity in undistributed earnings of subsidiaries | 16,387 | 13,833 | 14,235 | ||||||||||
Net income | $ | 39,812 | 37,534 | 33,087 | |||||||||
Statements of Condition | |||||||||||||
(dollars in thousands) | December 31, | ||||||||||||
Assets: | 2013 | 2012 | |||||||||||
Cash in subsidiary bank | $ | 15,263 | 12,950 | ||||||||||
Investments in subsidiaries | 352,717 | 351,704 | |||||||||||
Securities available for sale | 10 | 10 | |||||||||||
Other assets | 227 | 178 | |||||||||||
Total assets | 368,217 | 364,842 | |||||||||||
Liabilities and shareholders' equity: | |||||||||||||
Accrued expenses and other liabilities | 6,404 | 6,044 | |||||||||||
Total liabilities | 6,404 | 6,044 | |||||||||||
Shareholders' equity | 361,813 | 358,798 | |||||||||||
Total liabilities and shareholders'equity | $ | 368,217 | 364,842 | ||||||||||
Statements of Cash Flows | |||||||||||||
(dollars in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Increase/(decrease) in cash and cash equivalents: | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 39,812 | 37,534 | 33,087 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | (16,387 | ) | (13,833 | ) | (14,235 | ) | |||||||
Stock based compensation expense | 378 | 405 | 287 | ||||||||||
Net gain on securities transactions | - | - | (45 | ) | |||||||||
Net change in other assets and accrued expenses | 277 | (158 | ) | (232 | ) | ||||||||
Total adjustments | (15,732 | ) | (13,586 | ) | (14,225 | ) | |||||||
Net cash provided by operating activities | 24,080 | 23,948 | 18,862 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Proceeds from sale of securities available for sale | - | - | 372 | ||||||||||
Investment in bank subsidiary | - | - | (67,000 | ) | |||||||||
Purchases of securities available for sale | - | - | (68 | ) | |||||||||
Net cash used in investing activities | - | - | (66,696 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from exercise of stock options and related tax benefits | 36 | - | - | ||||||||||
Dividends paid | (24,711 | ) | (24,574 | ) | (21,320 | ) | |||||||
Net proceeds from common stock offering | - | - | 67,578 | ||||||||||
Proceeds from sales of treasury stock | 2,908 | 2,913 | 2,900 | ||||||||||
Net cash provided by (used in) financing activities | (21,767 | ) | (21,661 | ) | 49,158 | ||||||||
Net increase in cash and cash equivalents | 2,313 | 2,287 | 1,324 | ||||||||||
Cash and cash equivalents at beginning of year | 12,950 | 10,663 | 9,339 | ||||||||||
Cash and cash equivalents at end of year | $ | 15,263 | 12,950 | 10,663 |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation [Abstract] | ' |
Consolidation | ' |
Consolidation | |
The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions. | |
Use of Estimates | ' |
Use of Estimates | |
To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses, other real estate owned and the fair value of financial instruments are particularly subject to change, which may be material. | |
Securities Available for Sale and Held to Maturity | ' |
Securities Available for Sale and Held to Maturity | |
Securities available for sale are carried at fair value with any unrealized appreciation or depreciation of value, net of tax, included as an element of accumulated other comprehensive income or loss in shareholders’ equity. Management maintains an available for sale portfolio in order to provide maximum flexibility in balance sheet management. The designation of available for sale is made at the time of purchase based upon management’s intent to hold the securities for an indefinite period of time. These securities, however, are available for sale in response to changes in market interest rates, related changes in liquidity needs, or changes in the availability of and yield on alternative investments. Unrealized losses on securities that reflect a decline in value which is other than temporary, if any, are charged to income. | |
The cost of debt securities available for sale is adjusted for amortization of premium and accretion of discount using the interest method. Premiums and discounts on securities are amortized on the interest method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. | |
Gains and losses on the sale of securities available for sale are based on the amortized cost of the specific security sold at trade date. | |
Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. | |
Other Than Temporary Impairment ("OTTI") | ' |
Other Than Temporary Impairment (“OTTI”) | |
A decline in the fair value of any available for sale or held to maturity security below cost that is deemed to be other than temporary is charged to earnings and/or accumulated other comprehensive income, resulting in the establishment of a new cost basis of the security. Management evaluates these types of securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Additional discussion of OTTI is included in Note 3 of the consolidated financial statements. | |
Federal Reserve Bank and Federal Home Loan Bank Stock | ' |
Federal Reserve Bank and Federal Home Loan Bank stock | |
The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of its regional Federal Reserve Bank. FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | |
Loans | ' |
Loans | |
Loans are carried at the principal amount outstanding net of unearned income and unamortized loan fees and costs, which are recognized as adjustments to interest income over the applicable loan term. Interest income on loans is accrued based on the principal amount outstanding. | |
Nonperforming loans include non-accrual loans, restructured loans, and loans which are three payments or more past due and still accruing interest. Generally, loans are placed in non-accrual status either due to the delinquent status of principal and/or interest payments, or a judgment by management that, although payments of principal and/or interest are current, such action is prudent based upon specific facts and circumstances surrounding the borrower. Typically, a loan is moved to non-accrual status after 90 days of non-payment in accordance with the Company’s policy. Past due status is based on the contractual terms of the loan. All interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Future payments received on nonperforming loans are recorded as interest income or principal reductions based upon management’s ultimate expectation for collection. Loans may be removed from non-accrual status when they become current as to principal and interest and have demonstrated a sustained ability to make loan payments in accordance with the contractual terms of the loan. Loans may also be removed from non-accrual status when, in the opinion of management, the loan is expected to be fully collectable as to principal and interest. When, in the opinion of management, the collection of principal appears unlikely, the loan balance is evaluated in light of its sources of repayment, and a charge-off is recorded when appropriate. | |
Loan origination fees, net of certain direct origination costs, are deferred and recognized using the level yield method without anticipating prepayments. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses | |
The allowance for loan losses is maintained at a level considered adequate by management to provide for probable incurred loan losses. The allowance is increased by provisions charged against income, while loan losses are charged against the allowance when management deems a loan balance to be uncollectible. Subsequent recoveries, if any, are credited to the allowance. | |
The Company performs an analysis of the adequacy of the allowance on at least a quarterly basis. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations, current economic conditions, past due and charge-off trends and other factors. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to change the allowance based on their judgments of information available to them at the time of their examination. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance methodology consists of specific and general components. The specific component relates to loans that are individually classified as impaired. | |
A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Additionally, loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (TDR’s) and classified as impaired. | |
Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |
Commercial and commercial real estate loans in non-accrual status are defined as impaired loans and are individually evaluated for impairment. The Company also has a portfolio of residential restructured loans that are defined as impaired. If a loan is impaired, a charge-off is taken so that the loan is reported at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral, if repayment is expected solely from the collateral. Residential real estate loans and consumer loans are collectively evaluated for impairment. | |
TDR’s are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral with any charge-off recognized at that time. For TDR’s that subsequently default, the Company determines the amount of additional charge-off, if any, in accordance with the accounting policy for the allowance for loan losses with respect to impaired loans described previously. | |
The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by geography for each portfolio segment and is based on the actual net loss history experienced by the Company over the most recent four years. This actual loss experience is supplemented with other economic factors based on the risks present in each geography and portfolio segment. These economic factors include consideration of the following: changes in national, regional and local economic trends and conditions; effects of any changes in interest rates; changes in the volume and severity of net charge-offs, delinquencies, nonperforming loans; changes in the experience, ability, and depth of lending management and other relevant staff; effects of any changes in credit concentrations; effects of any changes in underwriting standards, lending policies, procedures, and practices; and changes in the nature, volume and terms of loans. | |
The Company’s allowance methodology also includes additional allocation percentages for residential and installment loans in non-accrual status and residential and installment loans three payments past due and still accruing interest, commercial loans classified by the internal loan review grading process, and residential loans with loan-to-value ratios in excess of 90% at the time of origination. The reserve percentages are determined based upon a review of recent charge-offs and take into consideration the type of loan, the fixed or variable nature of the loan, and the type and geography of the underlying collateral, if any. | |
The following portfolio segments have been identified: commercial loans, 1-to-4 family residential real estate loans, and installment loans: | |
Commercial: | |
Commercial real estate loans and other commercial loans are made based primarily on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Commercial real estate collateral is generally located within the Bank’s geographic territories; while collateral for non-real estate secured commercial loans is typically accounts receivable, inventory, and/or equipment. Repayment is primarily dependent upon the borrower’s ability to service the debt based upon cash flows generated from the underlying business. Additional support involves liquidation of the pledged collateral and enforcement of a personal guarantee, if a guarantee is obtained. | |
Residential real estate: | |
Residential real estate loans, including first mortgages, home equity loans and home equity lines of credit, are collateralized by first or second liens on one-to-four family residences generally located within the Bank’s market areas. Proof of ownership title, clear mortgage title, and hazard insurance coverage are normally required. | |
Installment: | |
The Company’s installment loans are primarily made up of installment loans and personal lines of credit. The installment loans represent a relatively small portion of the loan portfolio and are primarily used for personal expenses and are secured by automobiles, equipment and other forms of collateral, while personal lines of credit are unsecured. | |
Bank Premises and Equipment | ' |
Bank Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight-line or accelerated methods over the remaining useful lives of the assets; generally 20 to 40 years for buildings, 3 to 7 years for furniture and equipment, and the shorter of the estimated life of the asset or the lease term for leasehold improvements. | |
Other Real Estate Owned | ' |
Other Real Estate Owned | |
Other real estate owned are assets acquired through foreclosures on loans. At both December 31, 2013 and 2012 there were $8.7 million of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. | |
Each other real estate owned property is recorded on an individual basis at the lower of (1) fair value minus estimated costs to sell or (2) “cost” (which is the fair value at initial foreclosure). When a property is acquired, the excess of the loan balance over fair value is charged to the allowance for loan losses. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are expensed. | |
Income Taxes | ' |
Income Taxes | |
Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. | |
Dividend Restrictions | ' |
Dividend Restrictions | |
The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements and the filing of notices or applications with the Bank’s and the Company’s regulators. The Bank’s primary regulator may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well capitalized institution. During 2014, the Bank could declare dividends of approximately $30.2 million plus any 2014 net profits retained to the date of the dividend declaration. | |
Benefit Plans | ' |
Benefit Plans | |
The Company has a defined benefit pension plan covering substantially all of its employees. The benefits are based on years of service and the employee’s compensation. This plan was frozen as of December 31, 2006. | |
The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company’s medical plan by which retirees pay all of their premiums. At age 65, the Company provides access to a Medicare Supplemental program for retirees. | |
Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements. | |
The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in accumulated other comprehensive income. | |
Stock-Based Compensation Plans | ' |
Stock Based Compensation Plans | |
The Company has stock based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the fair value of the Company’s common stock at the date of grant is used for restricted stock awards. Awards to be settled in cash based on the fair value of the Company’s stock at vesting are treated as liability based awards. | |
Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award’s vesting period or the retirement date for any awards that vest immediately upon eligible retirement. | |
Compensation costs for liability based awards are re-measured at each reporting date and recognized over the vesting period. For awards with performance based conditions, compensation cost is recognized over the performance period based on the Company’s expectation of meeting the specific performance criteria. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. | |
Reclassification of Prior Year Statements | ' |
Reclassification of Prior Year Statements | |
It is the Company’s policy to reclassify prior year consolidated financial statements to conform to the current year presentation. | |
Segment Reporting | ' |
Segment Reporting | |
The Company’s operations are exclusively in the financial services industry and include the provision of traditional banking services. Management evaluates the performance of the Company based on only one business segment, that of community banking. The Company operates primarily in the geographical region of Upstate New York with branches also in Florida and the mid-Hudson valley region of New York. In the opinion of management, the Company does not have any other reportable segments as defined by “Accounting Standards Codification” (ASC) Topic 280, “Disclosure about Segments of an Enterprise and Related Information”. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes. | |
Trust Assets | ' |
Trust Assets | |
Assets under management with the Trustco Financial Services Department are not included on the Company’s consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity. | |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders’ equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company’s pension plan and postretirement benefit plans, net of tax. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized cost and fair value of the securities available for sale | ' | ||||||||||||||||||||||||
The amortized cost and fair value of the securities available for sale are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 200,531 | 22 | 1,724 | 198,829 | ||||||||||||||||||||
State and political subdivisions | 7,623 | 135 | - | 7,758 | |||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 552,230 | 267 | 20,048 | 532,449 | |||||||||||||||||||||
Corporate bonds | 10,429 | 43 | 1 | 10,471 | |||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 111,383 | - | 8,354 | 103,029 | |||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,965 | - | 407 | 10,558 | |||||||||||||||||||||
Other | 650 | - | - | 650 | |||||||||||||||||||||
Total debt securities | 893,811 | 467 | 30,534 | 863,744 | |||||||||||||||||||||
Equity securities | 10 | - | - | 10 | |||||||||||||||||||||
Total securities available for sale | $ | 893,821 | 467 | 30,534 | 863,754 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 262,063 | 1,055 | 10 | 263,108 | ||||||||||||||||||||
State and political subdivisions | 25,815 | 642 | - | 26,457 | |||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 515,322 | 3,982 | 528 | 518,776 | |||||||||||||||||||||
Corporate bonds | 26,312 | 336 | 119 | 26,529 | |||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 75,674 | 888 | - | 76,562 | |||||||||||||||||||||
Other | 650 | - | - | 650 | |||||||||||||||||||||
Total debt securities | 905,836 | 6,903 | 657 | 912,082 | |||||||||||||||||||||
Equity securities | 10 | - | - | 10 | |||||||||||||||||||||
Total securities available for sale | $ | 905,846 | 6,903 | 657 | 912,092 | ||||||||||||||||||||
Investment [Line Items] | ' | ||||||||||||||||||||||||
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses | ' | ||||||||||||||||||||||||
The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | Year ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Proceeds from sales | $ | 160,820 | 154,944 | 47,296 | |||||||||||||||||||||
Proceeds from calls | 256,384 | 1,049,306 | 1,124,649 | ||||||||||||||||||||||
Gross realized gains | 1,702 | 2,584 | 1,472 | ||||||||||||||||||||||
Gross realized losses | 80 | 423 | 44 | ||||||||||||||||||||||
Amortized cost and fair value of the held to maturity securities | ' | ||||||||||||||||||||||||
The amortized cost and fair value of the held to maturity securities are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 76,270 | 2,744 | 138 | 78,876 | ||||||||||||||||||||
Corporate bonds | 9,945 | 1,484 | - | 11,429 | |||||||||||||||||||||
Total held to maturity | $ | 86,215 | 4,228 | 138 | 90,305 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 108,471 | 5,724 | - | 114,195 | ||||||||||||||||||||
Corporate bonds | 34,955 | 1,976 | - | 36,931 | |||||||||||||||||||||
Total held to maturity | $ | 143,426 | 7,700 | - | 151,126 | ||||||||||||||||||||
Securities held in available for sale and held to maturity greater than 10% of shareholders equity | ' | ||||||||||||||||||||||||
The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2013 that represent greater than 10% of shareholders equity: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Small Business Administration | $ | 111,383 | 103,029 | ||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 159,375 | 154,492 | |||||||||||||||||||||||
Government National Mortgage Association | 100,578 | 101,947 | |||||||||||||||||||||||
Federal National Mortgage Association | 538,260 | 523,070 | |||||||||||||||||||||||
Securities available for sale [Member] | ' | ||||||||||||||||||||||||
Investment [Line Items] | ' | ||||||||||||||||||||||||
Debt securities based on the securities final maturity | ' | ||||||||||||||||||||||||
The following table distributes the debt securities included in the available for sale portfolio as of December 31, 2013, based on the securities’ final maturity (mortgage-backed securities and collateralized mortgage obligations are stated using an estimated average life): | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | |||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 11,221 | 11,284 | ||||||||||||||||||||||
Due in one year through five years | 359,564 | 355,727 | |||||||||||||||||||||||
Due after five years through ten years | 520,721 | 494,395 | |||||||||||||||||||||||
Due after ten years | 2,305 | 2,338 | |||||||||||||||||||||||
$ | 893,811 | 863,744 | |||||||||||||||||||||||
Gross unrealized losses on investment securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position | ' | ||||||||||||||||||||||||
Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||
12 months | or more | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unreal. | Fair | Unreal. | Fair | Unreal. | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. government sponsored enterprises | $ | 198,023 | 1,724 | - | - | 198,023 | 1,724 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 466,056 | 17,698 | 54,835 | 2,350 | 520,891 | 20,048 | |||||||||||||||||||
Corporate bonds | 902 | 1 | - | - | 902 | 1 | |||||||||||||||||||
Small Business Administration-guaranteed participation securities | 103,029 | 8,354 | - | - | 103,029 | 8,354 | |||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,558 | 407 | - | - | 10,558 | 407 | |||||||||||||||||||
Total | $ | 778,568 | 28,184 | 54,835 | 2,350 | 833,403 | 30,534 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||
12 months | or more | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unreal. | Fair | Unreal. | Fair | Unreal. | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. government sponsored enterprises | $ | 15,491 | 10 | - | - | 15,491 | 10 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 178,689 | 528 | - | - | 178,689 | 528 | |||||||||||||||||||
Corporate bonds | 10,283 | 119 | - | - | 10,283 | 119 | |||||||||||||||||||
Total | $ | 204,463 | 657 | - | - | 204,463 | 657 | ||||||||||||||||||
Held to maturity securities [Member] | ' | ||||||||||||||||||||||||
Investment [Line Items] | ' | ||||||||||||||||||||||||
Debt securities based on the securities final maturity | ' | ||||||||||||||||||||||||
The following table distributes the debt securities included in the held to maturity portfolio as of December 31, 2013, based on the securities’ final maturity (mortgage-backed securities and collateralized mortgage obligations are stated using an estimated average life): | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | |||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | - | - | ||||||||||||||||||||||
Due in one year through five years | 86,215 | 90,305 | |||||||||||||||||||||||
Due in five years through ten years | - | - | |||||||||||||||||||||||
$ | 86,215 | 90,305 | |||||||||||||||||||||||
Gross unrealized losses on investment securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position | ' | ||||||||||||||||||||||||
Gross unrecognized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position at December 31, 2013, were as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Less than | 12 months | ||||||||||||||||||||||||
12 months | or more | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Fair | Unrec. | Fair | Unrec. | Fair | Unrec. | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 27,091 | 138 | - | - | 27,091 | 138 | ||||||||||||||||||
Total | $ | 27,091 | 138 | - | - | 27,091 | 138 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Recorded investment in loans by loan class | ' | ||||||||||||||||||||||||||||||||||||
The following tables present the recorded investment in loans by loan class: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 169,722 | 21,404 | 191,126 | |||||||||||||||||||||||||||||||||
Other | 32,323 | 32 | 32,355 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,909,447 | 378,361 | 2,287,808 | ||||||||||||||||||||||||||||||||||
Home equity loans | 47,494 | 3,642 | 51,136 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 304,044 | 36,445 | 340,489 | ||||||||||||||||||||||||||||||||||
Installment | 5,292 | 603 | 5,895 | ||||||||||||||||||||||||||||||||||
Total loans, net | $ | 2,468,322 | 440,487 | 2,908,809 | |||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | 47,714 | ||||||||||||||||||||||||||||||||||||
Net loans | $ | 2,861,095 | |||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 167,249 | 18,882 | 186,131 | |||||||||||||||||||||||||||||||||
Other | 33,381 | 65 | 33,446 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,814,214 | 275,764 | 2,089,978 | ||||||||||||||||||||||||||||||||||
Home equity loans | 35,601 | 1,089 | 36,690 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 301,338 | 32,571 | 333,909 | ||||||||||||||||||||||||||||||||||
Installment | 4,183 | 396 | 4,579 | ||||||||||||||||||||||||||||||||||
Total loans, net | $ | 2,355,966 | 328,767 | 2,684,733 | |||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | 47,927 | ||||||||||||||||||||||||||||||||||||
Net loans | $ | 2,636,806 | |||||||||||||||||||||||||||||||||||
* Includes New York, New Jersey, Vermont, and Massachusetts. | |||||||||||||||||||||||||||||||||||||
Recorded investment in non-accrual loans by loan class | ' | ||||||||||||||||||||||||||||||||||||
The following tables present the recorded investment in non-accrual loans by loan class: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Loans in nonaccrual status: | |||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,620 | - | 6,620 | |||||||||||||||||||||||||||||||||
Other | 332 | - | 332 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 26,713 | 4,781 | 31,494 | ||||||||||||||||||||||||||||||||||
Home equity loans | 691 | - | 691 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,641 | 356 | 3,997 | ||||||||||||||||||||||||||||||||||
Installment | 93 | - | 93 | ||||||||||||||||||||||||||||||||||
Total non-accrual loans | 38,090 | 5,137 | 43,227 | ||||||||||||||||||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 166 | - | 166 | ||||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 38,256 | 5,137 | 43,393 | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | New York and | ||||||||||||||||||||||||||||||||||||
other states* | Florida | Total | |||||||||||||||||||||||||||||||||||
Loans in nonaccrual status: | |||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,511 | 2,698 | 9,209 | |||||||||||||||||||||||||||||||||
Other | 124 | - | 124 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 30,329 | 7,319 | 37,648 | ||||||||||||||||||||||||||||||||||
Home equity loans | 694 | - | 694 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 4,263 | 501 | 4,764 | ||||||||||||||||||||||||||||||||||
Installment | 6 | 1 | 7 | ||||||||||||||||||||||||||||||||||
Total non-accrual loans | 41,927 | 10,519 | 52,446 | ||||||||||||||||||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 231 | - | 231 | ||||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 42,158 | 10,519 | 52,677 | |||||||||||||||||||||||||||||||||
Aging of the recorded investment in past due loans by loan class and by region | ' | ||||||||||||||||||||||||||||||||||||
The following tables present the aging of the recorded investment in past due loans by loan class and by region as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 583 | 1,426 | 3,379 | 5,388 | 164,334 | 169,722 | ||||||||||||||||||||||||||||||
Other | 209 | - | 123 | 332 | 31,991 | 32,323 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 4,664 | 2,042 | 17,624 | 24,330 | 1,885,117 | 1,909,447 | |||||||||||||||||||||||||||||||
Home equity loans | 46 | 18 | 552 | 616 | 46,878 | 47,494 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,014 | 331 | 1,897 | 3,242 | 300,802 | 304,044 | |||||||||||||||||||||||||||||||
Installment | 85 | 12 | 77 | 174 | 5,118 | 5,292 | |||||||||||||||||||||||||||||||
Total | $ | 6,601 | 3,829 | 23,652 | 34,082 | 2,434,240 | 2,468,322 | ||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 21,404 | 21,404 | ||||||||||||||||||||||||||||||
Other | - | - | - | - | 32 | 32 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 552 | - | 4,229 | 4,781 | 373,580 | 378,361 | |||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | 3,642 | 3,642 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 109 | - | 247 | 356 | 36,089 | 36,445 | |||||||||||||||||||||||||||||||
Installment | - | 2 | - | 2 | 601 | 603 | |||||||||||||||||||||||||||||||
Total | $ | 661 | 2 | 4,476 | 5,139 | 435,348 | 440,487 | ||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 583 | 1,426 | 3,379 | 5,388 | 185,738 | 191,126 | ||||||||||||||||||||||||||||||
Other | 209 | - | 123 | 332 | 32,023 | 32,355 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 5,216 | 2,042 | 21,853 | 29,111 | 2,258,697 | 2,287,808 | |||||||||||||||||||||||||||||||
Home equity loans | 46 | 18 | 552 | 616 | 50,520 | 51,136 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,123 | 331 | 2,144 | 3,598 | 336,891 | 340,489 | |||||||||||||||||||||||||||||||
Installment | 85 | 14 | 77 | 176 | 5,719 | 5,895 | |||||||||||||||||||||||||||||||
Total | $ | 7,262 | 3,831 | 28,128 | 39,221 | 2,869,588 | 2,908,809 | ||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | 3,225 | 3,225 | 164,024 | 167,249 | ||||||||||||||||||||||||||||||
Other | - | - | 4 | 4 | 33,377 | 33,381 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 6,364 | 2,248 | 21,341 | 29,953 | 1,784,261 | 1,814,214 | |||||||||||||||||||||||||||||||
Home equity loans | 177 | 216 | 464 | 857 | 34,744 | 35,601 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 604 | 350 | 3,044 | 3,998 | 297,340 | 301,338 | |||||||||||||||||||||||||||||||
Installment | 40 | 27 | - | 67 | 4,116 | 4,183 | |||||||||||||||||||||||||||||||
Total | $ | 7,185 | 2,841 | 28,078 | 38,104 | 2,317,862 | 2,355,966 | ||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | 2,698 | 2,698 | 16,184 | 18,882 | ||||||||||||||||||||||||||||||
Other | - | - | - | - | 65 | 65 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 862 | 452 | 5,390 | 6,704 | 269,060 | 275,764 | |||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | 1,089 | 1,089 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 59 | 29 | 442 | 530 | 32,041 | 32,571 | |||||||||||||||||||||||||||||||
Installment | 9 | - | 1 | 10 | 386 | 396 | |||||||||||||||||||||||||||||||
Total | $ | 930 | 481 | 8,531 | 9,942 | 318,825 | 328,767 | ||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 | 60-89 | 90 | + | Total | ||||||||||||||||||||||||||||||||
Days | Days | Days | 30+ days | Total | |||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | 5,923 | 5,923 | 180,208 | 186,131 | ||||||||||||||||||||||||||||||
Other | - | - | 4 | 4 | 33,442 | 33,446 | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 7,226 | 2,700 | 26,731 | 36,657 | 2,053,321 | 2,089,978 | |||||||||||||||||||||||||||||||
Home equity loans | 177 | 216 | 464 | 857 | 35,833 | 36,690 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 663 | 379 | 3,486 | 4,528 | 329,381 | 333,909 | |||||||||||||||||||||||||||||||
Installment | 49 | 27 | 1 | 77 | 4,502 | 4,579 | |||||||||||||||||||||||||||||||
Total | $ | 8,115 | 3,322 | 36,609 | 48,046 | 2,636,687 | 2,684,733 | ||||||||||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment | ' | ||||||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses by portfolio segment is summarized as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||
Mortgage- | |||||||||||||||||||||||||||||||||||||
Commercial | 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,771 | 44,069 | 87 | 47,927 | ||||||||||||||||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 1,072 | 6,572 | 68 | 7,712 | |||||||||||||||||||||||||||||||||
Florida | 100 | 1,020 | 6 | 1,126 | |||||||||||||||||||||||||||||||||
Total loan chargeoffs | 1,172 | 7,592 | 74 | 8,838 | |||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 14 | 715 | 17 | 746 | |||||||||||||||||||||||||||||||||
Florida | 505 | 374 | - | 879 | |||||||||||||||||||||||||||||||||
Total recoveries | 519 | 1,089 | 17 | 1,625 | |||||||||||||||||||||||||||||||||
Net loans charged off | 653 | 6,503 | 57 | 7,213 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 901 | 6,031 | 68 | 7,000 | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 4,019 | 43,597 | 98 | 47,714 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the year ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||
Mortgage- | |||||||||||||||||||||||||||||||||||||
Commercial | 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,140 | 44,479 | 98 | 48,717 | ||||||||||||||||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 1,307 | 6,919 | 128 | 8,354 | |||||||||||||||||||||||||||||||||
Florida | 1,192 | 3,920 | 13 | 5,125 | |||||||||||||||||||||||||||||||||
Total loan chargeoffs | 2,499 | 10,839 | 141 | 13,479 | |||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 112 | 375 | 49 | 536 | |||||||||||||||||||||||||||||||||
Florida | 26 | 127 | - | 153 | |||||||||||||||||||||||||||||||||
Total recoveries | 138 | 502 | 49 | 689 | |||||||||||||||||||||||||||||||||
Net loans charged off | 2,361 | 10,337 | 92 | 12,790 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 1,992 | 9,927 | 81 | 12,000 | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,771 | 44,069 | 87 | 47,927 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||
Mortgage- | |||||||||||||||||||||||||||||||||||||
Commercial | 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,228 | 37,447 | 236 | 41,911 | ||||||||||||||||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 171 | 4,315 | 80 | 4,566 | |||||||||||||||||||||||||||||||||
Florida | 1,000 | 6,990 | 2 | 7,992 | |||||||||||||||||||||||||||||||||
Total loan chargeoffs | 1,171 | 11,305 | 82 | 12,558 | |||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||||||||||
New York and other states* | 55 | 477 | 43 | 575 | |||||||||||||||||||||||||||||||||
Florida | 4 | 34 | 1 | 39 | |||||||||||||||||||||||||||||||||
Total recoveries | 59 | 511 | 44 | 614 | |||||||||||||||||||||||||||||||||
Net loans charged off | 1,112 | 10,794 | 38 | 11,944 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 1,024 | 17,826 | (100 | ) | 18,750 | ||||||||||||||||||||||||||||||||
Balance at end of period | $ | 4,140 | 44,479 | 98 | 48,717 | ||||||||||||||||||||||||||||||||
Allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method | ' | ||||||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
1-to-4 Family | |||||||||||||||||||||||||||||||||||||
Commercial Loans | Residential Real Estate | Installment Loans | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 4,019 | 43,597 | 98 | 47,714 | |||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 4,019 | 43,597 | 98 | 47,714 | ||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 8,082 | 21,258 | - | 29,340 | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 215,399 | 2,658,175 | 5,895 | 2,879,469 | |||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 223,481 | 2,679,433 | 5,895 | 2,908,809 | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
1-to-4 Family | |||||||||||||||||||||||||||||||||||||
Commercial Loans | Residential Real Estate | Installment Loans | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 3,771 | 44,069 | 87 | 47,927 | |||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 3,771 | 44,069 | 87 | 47,927 | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,333 | 16,740 | - | 26,073 | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 210,244 | 2,443,837 | 4,579 | 2,658,660 | |||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 219,577 | 2,460,577 | 4,579 | 2,684,733 | ||||||||||||||||||||||||||||||||
Impaired loans by loan class | ' | ||||||||||||||||||||||||||||||||||||
The following tables present impaired loans by loan class as of December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,620 | 8,039 | - | 6,013 | ||||||||||||||||||||||||||||||||
Other | 332 | 332 | - | 165 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 16,257 | 17,353 | - | 14,706 | |||||||||||||||||||||||||||||||||
Home equity loans | 561 | 614 | - | 636 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 2,528 | 2,825 | - | 2,051 | |||||||||||||||||||||||||||||||||
Total | $ | 26,298 | 29,163 | - | 23,571 | ||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,130 | 1,130 | - | 1,401 | ||||||||||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,630 | 1,922 | - | 1,611 | |||||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 282 | 380 | - | 100 | |||||||||||||||||||||||||||||||||
Total | $ | 3,042 | 3,432 | - | 3,112 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 7,750 | 9,169 | - | 7,414 | ||||||||||||||||||||||||||||||||
Other | 332 | 332 | - | 165 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 17,887 | 19,275 | - | 16,317 | |||||||||||||||||||||||||||||||||
Home equity loans | 561 | 614 | - | 636 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 2,810 | 3,205 | - | 2,151 | |||||||||||||||||||||||||||||||||
Total | $ | 29,340 | 32,595 | - | 26,683 | ||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,511 | 7,169 | - | 5,615 | ||||||||||||||||||||||||||||||||
Other | 124 | 124 | - | 107 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 12,964 | 14,143 | - | 6,075 | |||||||||||||||||||||||||||||||||
Home equity loans | 623 | 664 | - | 260 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,633 | 1,735 | - | 458 | |||||||||||||||||||||||||||||||||
Total | $ | 21,855 | 23,835 | - | 12,515 | ||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,698 | 3,890 | - | 5,871 | ||||||||||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 1,472 | 2,665 | - | 948 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 48 | 176 | - | 24 | |||||||||||||||||||||||||||||||||
Total | $ | 4,218 | 6,731 | - | 6,843 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,209 | 11,059 | - | 11,486 | ||||||||||||||||||||||||||||||||
Other | 124 | 124 | - | 107 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 14,436 | 16,808 | - | 7,023 | |||||||||||||||||||||||||||||||||
Home equity loans | 623 | 664 | - | 260 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,681 | 1,911 | - | 482 | |||||||||||||||||||||||||||||||||
Total | $ | 26,073 | 30,566 | - | 19,358 | ||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 4,968 | 5,684 | - | 5,198 | ||||||||||||||||||||||||||||||||
Other | 13 | 32 | - | 56 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 2,874 | 3,299 | - | 1,664 | |||||||||||||||||||||||||||||||||
Home equity loans | 151 | 199 | - | 69 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | - | 75 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 8,006 | 9,289 | - | 6,987 | ||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 5,000 | 9,042 | - | 6,774 | ||||||||||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 705 | 1,301 | - | 224 | |||||||||||||||||||||||||||||||||
Total | $ | 5,705 | 10,343 | - | 6,998 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,968 | 14,726 | - | 11,972 | ||||||||||||||||||||||||||||||||
Other | 13 | 32 | - | 56 | |||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 3,579 | 4,600 | - | 1,888 | |||||||||||||||||||||||||||||||||
Home equity loans | 151 | 199 | - | 69 | |||||||||||||||||||||||||||||||||
Home equity lines of credit | - | 75 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 13,711 | 19,632 | - | 13,985 | ||||||||||||||||||||||||||||||||
Modified loans by class that were determined to be TDR's | ' | ||||||||||||||||||||||||||||||||||||
The following table presents modified loans by class that were determined to be TDR’s that occurred during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2013 | Year ended 12/31/2012 | Year ended 12/31/2011 | |||||||||||||||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | Number of | Recorded | Recorded | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | Contracts | Investment | Investment | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 507 | 507 | 2 | $ | 138 | 138 | 1 | $ | 91 | 90 | |||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 50 | 5,852 | 5,852 | 95 | 10,636 | 10,636 | 21 | 2,758 | 2,518 | ||||||||||||||||||||||||||||
Home equity loans | 7 | 120 | 120 | 16 | 488 | 488 | 4 | 160 | 151 | ||||||||||||||||||||||||||||
Home equity lines of credit | 13 | 1,061 | 1,061 | 30 | 1,633 | 1,633 | - | - | - | ||||||||||||||||||||||||||||
Total | 71 | $ | 7,540 | 7,540 | 143 | $ | 12,895 | 12,895 | 26 | $ | 3,009 | 2,759 | |||||||||||||||||||||||||
Florida: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | Number of | Recorded | Recorded | |||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | Contracts | Investment | Investment | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | - | $ | - | - | |||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 8 | 1,149 | 1,149 | 12 | 1,265 | 1,265 | 6 | 852 | 705 | ||||||||||||||||||||||||||||
Home equity lines of credit | 3 | 282 | 282 | 2 | 48 | 48 | - | - | - | ||||||||||||||||||||||||||||
Total | 11 | $ | 1,431 | 1,431 | 14 | $ | 1,313 | 1,313 | 6 | $ | 852 | 705 | |||||||||||||||||||||||||
Loans by class modified as TDR's for which there was a payment default | ' | ||||||||||||||||||||||||||||||||||||
The following table presents loans by class modified as TDR’s that occurred during the years ended December 31, 2013, 2012 and 2011 for which there was a payment default during the same period: | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2013 | Year ended 12/31/2012 | Year ended 12/31/2011 | |||||||||||||||||||||||||||||||||||
New York and other states*: | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | $ | - | 1 | $ | 90 | ||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | 5 | 440 | 22 | 2,265 | 13 | 1,729 | |||||||||||||||||||||||||||||||
Home equity loans | 1 | 44 | 2 | 13 | 3 | 113 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 56 | 5 | 209 | - | - | |||||||||||||||||||||||||||||||
Total | 7 | $ | 540 | 29 | $ | 2,487 | 17 | $ | 1,932 | ||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||||||||
First mortgages | - | $ | - | 6 | $ | 605 | 6 | $ | 705 | ||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 1 | 47 | - | - | |||||||||||||||||||||||||||||||
Total | - | $ | - | 7 | $ | 652 | 6 | $ | 705 | ||||||||||||||||||||||||||||
Risk category of loans by class of loans | ' | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 159,024 | 10,698 | 169,722 | |||||||||||||||||||||||||||||||||
Other | 31,691 | 632 | 32,323 | ||||||||||||||||||||||||||||||||||
$ | 190,715 | 11,330 | 202,045 | ||||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,274 | 1,130 | 21,404 | |||||||||||||||||||||||||||||||||
Other | 32 | - | 32 | ||||||||||||||||||||||||||||||||||
$ | 20,306 | 1,130 | 21,436 | ||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
New York and other states: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 155,981 | 11,268 | 167,249 | |||||||||||||||||||||||||||||||||
Other | 33,067 | 314 | 33,381 | ||||||||||||||||||||||||||||||||||
$ | 189,048 | 11,582 | 200,630 | ||||||||||||||||||||||||||||||||||
Florida: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass | Classified | Total | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 12,454 | 6,428 | 18,882 | |||||||||||||||||||||||||||||||||
Other | 65 | - | 65 | ||||||||||||||||||||||||||||||||||
$ | 12,519 | 6,428 | 18,947 |
Bank_Premises_and_Equipment_Ta
Bank Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Bank Premises and Equipment [Abstract] | ' | ||||||||
Summary of premises and equipment | ' | ||||||||
A summary of premises and equipment at December 31, 2013 and 2012 follows: | |||||||||
(dollars in thousands) | |||||||||
2013 | 2012 | ||||||||
Land | $ | 2,413 | 2,413 | ||||||
Buildings | 30,010 | 29,584 | |||||||
Furniture, Fixtures and equipment | 43,697 | 42,636 | |||||||
Leasehold improvements | 25,391 | 24,070 | |||||||
Total bank premises and Equipment | 101,511 | 98,703 | |||||||
Accumulated depreciation and amortization | (67,097 | ) | (62,464 | ) | |||||
Total | $ | 34,414 | 36,239 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Interest expense on deposits | ' | ||||||||||||
Interest expense on deposits was as follows: | |||||||||||||
(dollars in thousands) | For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest bearing checking accounts | $ | 329 | 315 | 285 | |||||||||
Savings accounts | 3,333 | 3,872 | 3,788 | ||||||||||
Time deposits and money market accounts | 10,138 | 14,313 | 20,597 | ||||||||||
Total | $ | 13,800 | 18,500 | 24,670 | |||||||||
Maturity of total time deposits | ' | ||||||||||||
At December 31, 2013, the maturity of total time deposits is as follows: | |||||||||||||
(dollars in thousands) | |||||||||||||
Under 1 year | $ | 923,033 | |||||||||||
1 to 2 years | 141,394 | ||||||||||||
2 to 3 years | 57,431 | ||||||||||||
3 to 4 years | 4,712 | ||||||||||||
4 to 5 years | 4,353 | ||||||||||||
Over 5 years | 125 | ||||||||||||
$ | 1,131,048 |
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Short-Term Borrowings [Abstract] | ' | ||||||||||||
Short-term borrowings | ' | ||||||||||||
Short-term borrowings of the Company were cash management accounts as follows: | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amount outstanding at December 31, | $ | 204,162 | 159,846 | 147,563 | |||||||||
Maximum amount outstanding at any month end | 204,162 | 166,374 | 148,002 | ||||||||||
Average amount outstanding | 180,275 | 152,982 | 133,803 | ||||||||||
Weighted average interest rate: | |||||||||||||
For the year | 0.82 | % | 0.96 | 1.18 | |||||||||
As of year end | 0.82 | 0.89 | 1.13 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Summary of income tax expense/(benefit) | ' | ||||||||||||
A summary of income tax expense/(benefit) included in the Consolidated Statements of Income follows: | |||||||||||||
(dollars in thousands) | For the year ended | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 22,612 | 19,122 | 19,614 | |||||||||
State | 2,531 | 1,879 | 2,020 | ||||||||||
Total current tax expense | 25,143 | 21,001 | 21,634 | ||||||||||
Deferred tax expense (benefit) | (1,426 | ) | 1,440 | (2,336 | ) | ||||||||
Total income tax expense | $ | 23,717 | 22,441 | 19,298 | |||||||||
Tax effects of temporary differences | ' | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012, are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||
Deductible | Deductible | ||||||||||||
temporary | temporary | ||||||||||||
differences | differences | ||||||||||||
Benefits and deferred remuneration | $ | (4,256 | ) | (4,736 | ) | ||||||||
Difference in reporting the allowance for loan losses, net | 22,774 | 22,710 | |||||||||||
Other income or expense not yet reported for tax purposes | 3,008 | 2,582 | |||||||||||
Depreciable assets | (1,309 | ) | (1,413 | ) | |||||||||
Other items | 1,153 | 801 | |||||||||||
Net deferred tax asset at end of year | 21,370 | 19,944 | |||||||||||
Net deferred tax asset at beginning of year | 19,944 | 21,384 | |||||||||||
Deferred tax expense (benefit) | $ | (1,426 | ) | 1,440 | |||||||||
Effective income tax rate | ' | ||||||||||||
The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows: | |||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | 35 | |||||||||
Increase/(decrease) in taxes resulting from: | |||||||||||||
Tax exempt income | (0.3 | ) | (0.7 | ) | (1.6 | ) | |||||||
State income tax (including alternative minimum tax), net of federal tax benefit | 2.3 | 2.3 | 2 | ||||||||||
Other items | 0.3 | 0.8 | 1.4 | ||||||||||
Effective income tax rate | 37.3 | % | 37.4 | 36.8 | |||||||||
Reconciliation of unrecognized tax benefits | ' | ||||||||||||
For the years ended December 31, 2013 and 2012 the unrecognized tax benefits and change in those unrecognized tax benefits from the beginning of the year are as follows: | |||||||||||||
(dollars in thousands) | |||||||||||||
Balance January 1, 2012 | $ | 905 | |||||||||||
Decrease in prior unrecognized tax benefits | (342 | ) | |||||||||||
Lapse of statute of limitations | (350 | ) | |||||||||||
Balance December 31, 2012 | $ | 213 | |||||||||||
Change in unrecognized tax reserve | - | ||||||||||||
Balance December 31, 2013 | $ | 213 |
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||
Change in component of other comprehensive income related to retirement plan and post-retirement benefit plan | ' | ||||||||||||||||||
The following table details the change in the components of other comprehensive income related to the retirement plan and the post-retirement benefit plan, at December 31, 2013 and 2012, respectively: | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Post- | |||||||||||||||||||
Retirement | Retirement | ||||||||||||||||||
Plan | Benefit Plan | Total | |||||||||||||||||
Change in overfunded position of pension and postretirement benefits | $ | (8,156 | ) | (2,403 | ) | (10,559 | ) | ||||||||||||
Amortization of net actuarial gain (loss) | (516 | ) | 49 | (467 | ) | ||||||||||||||
Amortization of | |||||||||||||||||||
prior service credit | - | 262 | 262 | ||||||||||||||||
Total | $ | (8,672 | ) | (2,092 | ) | (10,764 | ) | ||||||||||||
31-Dec-12 | |||||||||||||||||||
Post- | |||||||||||||||||||
Retirement | Retirement | ||||||||||||||||||
Plan | Benefit Plan | Total | |||||||||||||||||
Change in overfunded position of pension and postretirement benefits | $ | 1,834 | (590 | ) | 1,244 | ||||||||||||||
Amortization of net actuarial gain (loss) | (335 | ) | 29 | (306 | ) | ||||||||||||||
Amortization of prior service credit | - | 262 | 262 | ||||||||||||||||
Total | $ | 1,499 | (299 | ) | 1,200 | ||||||||||||||
Asset allocation of pension and postretirement benefit plans | ' | ||||||||||||||||||
The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows: | |||||||||||||||||||
Pension Benefit | Postretirement Benefit | ||||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Debt Securities | 26 | % | 29 | 27 | 28 | ||||||||||||||
Equity Securities | 69 | 65 | 68 | 64 | |||||||||||||||
Other | 5 | 6 | 5 | 8 | |||||||||||||||
Total | 100 | % | 100 | 100 | 100 | ||||||||||||||
Fair value of plan assets by type of financial instrument and level hierarchy | ' | ||||||||||||||||||
The fair value of the plan assets at December 31, 2013 and 2012, by asset category, is as follows: | |||||||||||||||||||
Retirement Plan | Fair Value Measurements at | ||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 1,916 | 1,916 | - | - | ||||||||||||||
Equity mutual funds | 27,296 | 27,296 | - | - | |||||||||||||||
U.S. government sponsored enterprises | 5,091 | - | 5,091 | - | |||||||||||||||
Corporate bonds | 4,517 | - | 4,517 | - | |||||||||||||||
Fixed income mutual funds | 599 | 599 | - | - | |||||||||||||||
Total Plan Assets | $ | 39,419 | 29,811 | 9,608 | - | ||||||||||||||
Postretirement Benefits | Fair Value Measurements at | ||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 950 | 950 | - | - | ||||||||||||||
Equity mutual funds | 12,135 | 12,135 | - | - | |||||||||||||||
U.S. government sponsored enterprises | 1,020 | - | 1,020 | - | |||||||||||||||
Corporate bonds | 449 | - | 449 | - | |||||||||||||||
State and political subdivisions | 3,381 | - | 3,381 | - | |||||||||||||||
Total Plan Assets | $ | 17,935 | 13,085 | 4,850 | - | ||||||||||||||
Retirement Plan | Fair Value Measurements at | ||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 2,114 | 2,114 | - | - | ||||||||||||||
Equity mutual funds | 22,599 | 22,599 | - | - | |||||||||||||||
U.S. government sponsored enterprises | 4,574 | - | 4,574 | - | |||||||||||||||
Corporate bonds | 4,626 | - | 4,626 | - | |||||||||||||||
Fixed income mutual funds | 671 | 671 | - | - | |||||||||||||||
Total Plan Assets | $ | 34,584 | 25,384 | 9,200 | - | ||||||||||||||
Postretirement Benefits | Fair Value Measurements at | ||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||
Significant | |||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 1,148 | 1,148 | - | - | ||||||||||||||
Equity mutual funds | 9,718 | 9,718 | - | - | |||||||||||||||
State and political subdivisions | 4,160 | - | 4,160 | - | |||||||||||||||
Total Plan Assets | $ | 15,026 | 10,866 | 4,160 | - | ||||||||||||||
Summary of the status of stock option plans | ' | ||||||||||||||||||
Under each of these plans, the exercise price of each option equals the fair value of the Company’s stock on the date of grant, and an option’s maximum term is ten years. Options vest over five years from the date the options are granted for the employees plans and they are immediately vested under the directors’ plans. A summary of the status of TrustCo’s stock option plans as of December 31, 2013 and changes during the year then ended, are as follows: | |||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Weighted | Average | Weighted | Average | ||||||||||||||||
Average | Remaining | Average | Remaining | ||||||||||||||||
Exercise | Contractual | Exercise | Contractual | ||||||||||||||||
Shares | Price | Life | Shares | Price | Life | ||||||||||||||
Balance, January 1, 2013 | 2,892,000 | $ | 9.58 | 2,144,600 | $ | 11.01 | |||||||||||||
New options awarded-2013 | 281,500 | 7.05 | - | 0 | |||||||||||||||
Expired options - 2013 | - | 0 | - | 0 | |||||||||||||||
Cancelled options-2013 | - | 0 | - | 0 | |||||||||||||||
Exercised options - 2013 | (14,700 | ) | 5.15 | (14,700 | ) | 5.15 | |||||||||||||
Options became exercisable | - | 0 | 234,600 | 6.25 | |||||||||||||||
Balance, December 31, 2013 | 3,158,800 | $ | 9.54 | 5.1 years | 2,364,500 | $ | 10.78 | 3.4 years | |||||||||||
Assumptions used to determine the fair value of options granted | ' | ||||||||||||||||||
Valuation of Stock-Based Compensation: The fair value of the Company’s employee and director stock options granted is estimated on the measurement date, which, for the Company, is the date of grant. The weighted-average fair value of stock options granted during 2013, 2012 and 2011 estimated using the Black-Scholes option pricing model, was $1.08, $0.76 and $0.98, respectively. The Company estimated expected market price volatility and the expected term of the options based on historical data and other factors. The assumptions used to determine the fair value of options granted during 2013, 2012 and 2011 are detailed in the table below: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Employees' | Employees' | ||||||||||||||||||
Plan | Plan | ||||||||||||||||||
Expected dividend yield | 3.72 | % | 5.08 | ||||||||||||||||
Risk-free interest rate | 1.45 | 0.8 | |||||||||||||||||
Expected volatility rate | 25.83 | 30.18 | |||||||||||||||||
Expected lives | 5.0 years | 5.0 years | |||||||||||||||||
2011 | |||||||||||||||||||
Employees' | Directors' | ||||||||||||||||||
Plan | Plan | ||||||||||||||||||
Expected dividend yield | 5.11 | % | 5.11 | ||||||||||||||||
Risk-free interest rate | 1.9 | 1.59 | |||||||||||||||||
Expected volatility rate | 26.64 | 28.5 | |||||||||||||||||
Expected lives | 7.5 years | 6.0 years | |||||||||||||||||
Restricted common shares | ' | ||||||||||||||||||
The 2013 activity for the restricted common shares was as follows: | |||||||||||||||||||
Restricted common shares | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | |||||||||||||||||||
Shares | Price | ||||||||||||||||||
Balance, December 31, 2012 | 106,000 | $ | 5.14 | ||||||||||||||||
New awards granted | - | 0 | |||||||||||||||||
Awards became vested | - | 0 | |||||||||||||||||
Balance, December 31, 2013 | 106,000 | $ | 5.14 | ||||||||||||||||
Restricted share units | ' | ||||||||||||||||||
The activity for service based awards during 2013 was as follows: | |||||||||||||||||||
Restricted share units | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | |||||||||||||||||||
Units | Price | ||||||||||||||||||
Balance, December 31, 2012 | 82,500 | $ | 5.17 | ||||||||||||||||
New awards granted | 51,250 | 7.05 | |||||||||||||||||
Awards became vested | - | 0 | |||||||||||||||||
Balance, December 31, 2013 | 133,750 | $ | 5.89 | ||||||||||||||||
Performance share units | ' | ||||||||||||||||||
The activity for performance based awards during 2013 was as follows: | |||||||||||||||||||
Performance share units | |||||||||||||||||||
Weighted | |||||||||||||||||||
Average | |||||||||||||||||||
Units | Price | ||||||||||||||||||
Balance, December 31, 2012 | 65,000 | $ | 5.17 | ||||||||||||||||
New awards granted | 81,500 | 7.05 | |||||||||||||||||
Awards became vested | - | 0 | |||||||||||||||||
Balance, December 31, 2013 | 146,500 | $ | 6.22 | ||||||||||||||||
Retirement Plan [Member] | ' | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||
Change in projected/accumulated benefit obligation | ' | ||||||||||||||||||
The Company maintains a trusteed non-contributory pension plan covering employees that have completed one year of employment and 1,000 hours of service. The benefits are based on the sum of (a) a benefit equal to a prior service benefit plus the average of the employees’ highest five consecutive years’ compensation in the ten years preceding retirement multiplied by a percentage of service after a specified date plus (b) a benefit based upon career average compensation. The amounts contributed to the plan are determined annually on the basis of (a) the maximum amount that can be deducted for federal income tax purposes or (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974. Contributions are intended to provide for benefits attributed to service to date. Assets of the plan are administered by Trustco Bank’s Financial Services Department. This plan was frozen as of December 31, 2006. The following tables set forth the plan’s funded (unfunded) status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2013 and 2012. | |||||||||||||||||||
Change in Projected Benefit Obligation: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | 31,990 | 29,283 | ||||||||||||||||
Service cost | 69 | 55 | |||||||||||||||||
Interest cost | 1,273 | 1,426 | |||||||||||||||||
Benefits paid | (2,045 | ) | (2,036 | ) | |||||||||||||||
Net actuarial loss (gain) | (3,465 | ) | 3,262 | ||||||||||||||||
Projected benefit obligation at end of year | $ | 27,822 | 31,990 | ||||||||||||||||
Change in plan assets and reconciliation of funded status | ' | ||||||||||||||||||
Change in Plan Assets and Reconciliation of Funded Status: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Fair Value of plan assets at beginning of year | $ | 34,584 | 30,278 | ||||||||||||||||
Actual gain on plan assets | 6,880 | 3,342 | |||||||||||||||||
Company contributions | - | 3,000 | |||||||||||||||||
Benefits paid | (2,045 | ) | (2,036 | ) | |||||||||||||||
Fair value of plan assets at end of year | 39,419 | 34,584 | |||||||||||||||||
Funded status at end of year | $ | 11,597 | 2,593 | ||||||||||||||||
Amounts recognized in accumulated other comprehensive income | ' | ||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of the following as of: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Net actuarial loss | $ | 813 | 9,486 | ||||||||||||||||
Components of net periodic pension inome and other amounts recognized in other comprehensive income | ' | ||||||||||||||||||
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income: | |||||||||||||||||||
(dollars in thousands) | For the years ended | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Service cost | $ | 69 | 55 | 45 | |||||||||||||||
Interest cost | 1,273 | 1,426 | 1,515 | ||||||||||||||||
Expected return on plan assets | (2,190 | ) | (1,912 | ) | (1,985 | ) | |||||||||||||
Amortization of net actuarial loss | 516 | 335 | 156 | ||||||||||||||||
Net periodic pension income | (332 | ) | (96 | ) | (269 | ) | |||||||||||||
Amortization of net actuarial loss | (516 | ) | (335 | ) | (156 | ) | |||||||||||||
Net actuarial (gain) / loss included in other comprehensive income | (8,156 | ) | 1,834 | 3,689 | |||||||||||||||
(8,672 | ) | 1,499 | 3,533 | ||||||||||||||||
Total recognized in net periodic pension income and other comprehensive income | $ | (9,004 | ) | 1,401 | 3,264 | ||||||||||||||
Estimated future benefit payments | ' | ||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Year | Pension Benefits | ||||||||||||||||||
2014 | $ | 1,698 | |||||||||||||||||
2015 | 1,720 | ||||||||||||||||||
2016 | 1,750 | ||||||||||||||||||
2017 | 1,757 | ||||||||||||||||||
2018 | 1,780 | ||||||||||||||||||
2019 - 2023 | 9,141 | ||||||||||||||||||
Assumptions used to determine benefit obligation and net periodic expense | ' | ||||||||||||||||||
The assumptions used to determine benefit obligations at December 31 are as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 5.08 | % | 4.07 | 5.17 | |||||||||||||||
The assumptions used to determine net periodic pension expense for the years ended December 31 are as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 4.07 | % | 5.17 | 5.62 | |||||||||||||||
Expected long-term rate of return on assets | 6.5 | 6.5 | 6.5 | ||||||||||||||||
Post-Retirement Benefits Plan [Member] | ' | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||
Change in projected/accumulated benefit obligation | ' | ||||||||||||||||||
The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2013 and 2012: | |||||||||||||||||||
Change in Accumulated Benefit Obligation: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Accumulated benefit obligation at beginning of year | $ | 2,413 | 2,008 | ||||||||||||||||
Service cost | 50 | 33 | |||||||||||||||||
Interest cost | 101 | 97 | |||||||||||||||||
Plan amendments | 465 | - | |||||||||||||||||
Benefits paid | (60 | ) | (48 | ) | |||||||||||||||
Net actuarial (gain) loss | (456 | ) | 323 | ||||||||||||||||
Accumulated benefit obligation at end of year | $ | 2,513 | 2,413 | ||||||||||||||||
Change in plan assets and reconciliation of funded status | ' | ||||||||||||||||||
The $465 thousand plan amendment included in the above table is due to an additional executive becoming eligible for postretirement medical benefits during 2013. | |||||||||||||||||||
Change in Plan Assets and Reconciliation of Funded Status: | December 31, | ||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 15,026 | 13,662 | ||||||||||||||||
Actual gain on plan assets | 2,909 | 1,364 | |||||||||||||||||
Company contributions | 60 | 48 | |||||||||||||||||
Benefits paid | (60 | ) | (48 | ) | |||||||||||||||
Fair value of plan assets at end of year | 17,935 | 15,026 | |||||||||||||||||
Funded status at end of year | $ | 15,422 | 12,613 | ||||||||||||||||
Amounts recognized in accumulated other comprehensive income | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of the following as of: | 2013 | 2012 | |||||||||||||||||
Net actuarial gain | $ | (4,945 | ) | (2,125 | ) | ||||||||||||||
Prior service credit | (2,979 | ) | (3,706 | ) | |||||||||||||||
Total | $ | (7,924 | ) | (5,831 | ) | ||||||||||||||
Components of net periodic pension inome and other amounts recognized in other comprehensive income | ' | ||||||||||||||||||
Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income: | |||||||||||||||||||
For the years ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 50 | 33 | 26 | |||||||||||||||
Interest cost | 101 | 97 | 98 | ||||||||||||||||
Expected return on plan assets | (495 | ) | (451 | ) | (447 | ) | |||||||||||||
Amortization of net actuarial gain | (49 | ) | (29 | ) | (71 | ) | |||||||||||||
Amortization of prior service credit | (262 | ) | (262 | ) | (262 | ) | |||||||||||||
Net periodic benefit income | (655 | ) | (612 | ) | (656 | ) | |||||||||||||
Net (gain) loss | (2,868 | ) | (590 | ) | 531 | ||||||||||||||
Prior service cost | 465 | - | 533 | ||||||||||||||||
Amortization of prior service credit | 262 | 262 | 262 | ||||||||||||||||
Amortization of net actuarial gain | 49 | 29 | 71 | ||||||||||||||||
Total amount recognized in other comprehensive income | (2,092 | ) | (299 | ) | 1,397 | ||||||||||||||
Total amount recognized in net periodic benefit income and other comprehensive income | $ | (2,747 | ) | (911 | ) | 741 | |||||||||||||
Estimated future benefit payments | ' | ||||||||||||||||||
The following benefit payments are expected to be paid: | |||||||||||||||||||
Year | Postretirement Benefits | ||||||||||||||||||
2014 | $ | 56 | |||||||||||||||||
2015 | 59 | ||||||||||||||||||
2016 | 62 | ||||||||||||||||||
2017 | 65 | ||||||||||||||||||
2018 | 70 | ||||||||||||||||||
2019 - 2023 | 510 | ||||||||||||||||||
Assumptions used to determine benefit obligation and net periodic expense | ' | ||||||||||||||||||
The discount rate assumption used to determine benefit obligations at December 31 is as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 5.08 | % | 4.07 | 5.17 | |||||||||||||||
The assumptions used to determine net periodic pension benefit (credit) for the years ended December 31 are as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Discount rate | 4.07 | % | 5.17 | 5.62 | |||||||||||||||
Expected long-term rate of return on assets, net of tax | 3.3 | 3.3 | 3.3 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingent Liabilities [Abstract] | ' | ||||
Operating leases with minimum rental commitments | ' | ||||
The Bank leases certain banking premises. These leases are accounted for as operating leases with minimum rental commitments in the amounts presented below. The majority of these leases contain options to renew. | |||||
(dollars in thousands) | |||||
2014 | $ | 6,860 | |||
2015 | 6,493 | ||||
2016 | 6,295 | ||||
2017 | 5,979 | ||||
2018 | 5,719 | ||||
2019 and after | 42,429 | ||||
$ | 73,775 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of the component parts of earnings per share | ' | ||||||||||||
A reconciliation of the component parts of earnings per share for 2013, 2012 and 2011 follows: | |||||||||||||
(dollars in thousands, except per share data) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
For the years ended December 31: | |||||||||||||
Net income | $ | 39,812 | 37,534 | 33,087 | |||||||||
Less: Net income allocated to participating securities | 45 | 43 | 5 | ||||||||||
Net income allocated to common shareholders | $ | 39,767 | 37,491 | 33,082 | |||||||||
Basic EPS: | |||||||||||||
Distributed earnings allocated to common stock | $ | 24,745 | 24,607 | 22,389 | |||||||||
Undistributed earnings allocated to common stock | 15,022 | 12,884 | 10,693 | ||||||||||
Net income allocated to common shareholders | $ | 39,767 | 37,491 | 33,082 | |||||||||
Weighted average common shares outstanding including participating securities | 94,266 | 93,739 | 85,086 | ||||||||||
Less: Participating securities | 106 | 106 | 14 | ||||||||||
Weighted average common shares | 94,160 | 93,633 | 85,072 | ||||||||||
Basic EPS | $ | 0.422 | 0.4 | 0.389 | |||||||||
Diluted EPS: | |||||||||||||
Net income allocated to common shareholders | $ | 39,767 | 37,491 | 33,082 | |||||||||
Weighted average common shares for basic EPS | 94,160 | 93,633 | 85,072 | ||||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock Options | 46 | 4 | - | ||||||||||
Weighted average common shares including potential dilutive shares | 94,206 | 93,637 | 85,072 | ||||||||||
Diluted EPS | $ | 0.422 | 0.4 | 0.389 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Securities available-for sale: | |||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 198,829 | - | 198,829 | - | ||||||||||||||||
State and political subdivisions | 7,758 | - | 7,758 | - | |||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | 532,449 | - | 532,449 | - | |||||||||||||||||
Corporate bonds | 10,471 | - | 10,471 | - | |||||||||||||||||
Small Business Administration-guaranteed participation securities | 103,029 | - | 103,029 | - | |||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - commercial | 10,558 | - | 10,558 | - | |||||||||||||||||
Other securities | 660 | 10 | 650 | - | |||||||||||||||||
Total securities available-for-sale | $ | 863,754 | 10 | 863,744 | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Securities available-for sale: | |||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 263,108 | - | 263,108 | - | ||||||||||||||||
State and political subdivisions | 26,457 | - | 26,457 | - | |||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | 518,776 | - | 518,776 | - | |||||||||||||||||
Corporate bonds | 26,529 | - | 26,529 | - | |||||||||||||||||
Small Business Administration-guaranteed participation securities | 76,562 | - | 76,562 | ||||||||||||||||||
Other securities | 660 | 10 | 650 | - | |||||||||||||||||
Total securities available-for-sale | $ | 912,092 | 10 | 912,082 | - | ||||||||||||||||
Assets measured at fair value on a non-recurring basis | ' | ||||||||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 8,729 | - | - | 8,729 | ||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | 1,802 | - | - | 1,802 | |||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||
First mortgages | 2,425 | - | - | 2,425 | |||||||||||||||||
Home Equity Loans | 48 | - | - | 48 | |||||||||||||||||
Home Equity Lines of Credit | 810 | - | - | 810 | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||||||
Significant | |||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 8,705 | - | - | 8,705 | ||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | 4,690 | - | - | 4,690 | |||||||||||||||||
Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||
First mortgages | 5,421 | - | - | 5,421 | |||||||||||||||||
Home Equity Loans | 67 | - | - | 67 | |||||||||||||||||
Home Equity Lines of Credit | 581 | - | - | 581 | |||||||||||||||||
Carrying amounts and estimated fair values of financial instruments | ' | ||||||||||||||||||||
In accordance with ASC 825, the carrying amounts and estimated fair values of financial instruments, at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||
(dollars in thousands) | Fair Value Measurements at | ||||||||||||||||||||
Carrying | December 31, 2013 Using: | ||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 583,044 | 583,044 | - | - | 583,044 | |||||||||||||||
Securities available for sale | 863,754 | 10 | 863,744 | - | 863,754 | ||||||||||||||||
Held to maturity securities | 86,215 | - | 90,305 | - | 90,305 | ||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 10,500 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Net loans | 2,861,095 | - | - | 2,910,940 | 2,910,940 | ||||||||||||||||
Accrued interest receivable | 11,198 | - | 3,452 | 7,746 | 11,198 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Demand deposits | 318,456 | 318,456 | - | - | 318,456 | ||||||||||||||||
Interest bearing deposits | 3,608,615 | 2,477,567 | 1,132,025 | - | 3,609,592 | ||||||||||||||||
Short-term borrowings | 204,162 | - | 204,162 | - | 204,162 | ||||||||||||||||
Accrued interest payable | 468 | 101 | 367 | - | 468 | ||||||||||||||||
(dollars in thousands) | Fair Value Measurements at | ||||||||||||||||||||
Carrying | December 31, 2012 Using: | ||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 544,016 | 544,016 | - | - | 544,016 | |||||||||||||||
Securities available for sale | 912,092 | 10 | 912,082 | - | 912,092 | ||||||||||||||||
Held to maturity securities | 143,426 | - | 151,126 | - | 151,126 | ||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,632 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Net loans | 2,636,806 | - | - | 2,771,705 | 2,771,705 | ||||||||||||||||
Accrued interest receivable | 11,752 | - | 4,114 | 7,638 | 11,752 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Demand deposits | 300,544 | 300,544 | - | - | 300,544 | ||||||||||||||||
Interest bearing deposits | 3,503,649 | 2,426,170 | 1,079,663 | - | 3,505,833 | ||||||||||||||||
Short-term borrowings | 159,846 | - | 159,846 | - | 159,846 | ||||||||||||||||
Accrued interest payable | 449 | 103 | 346 | - | 449 |
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||
Summary of actual capital amounts and ratios | ' | ||||||||||||||||
Under its prompt corrective action regulations, the OCC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. As stated above, the Bank has been classified as well capitalized for regulatory purposes, and therefore, these regulations do not apply. The following is a summary of actual capital amounts and ratios as of December 31, 2013 and 2012, for Trustco Bank: | |||||||||||||||||
(dollars in thousands) | As of December 31, 2013 | Well | Adequately | ||||||||||||||
Amount | Ratio | Capitalized* | Capitalized* | ||||||||||||||
Tier 1 (core) capital | $ | 365,954 | 8.07 | % | 5 | % | 4 | % | |||||||||
Tier 1 risk-based capital | 365,954 | 16.34 | 6 | 4 | |||||||||||||
Total risk-based capital | 394,200 | 17.6 | 10 | 8 | |||||||||||||
(dollars in thousands) | As of December 31, 2012 | Well | Adequately | ||||||||||||||
Amount | Ratio | Capitalized* | Capitalized* | ||||||||||||||
Tier 1 (core) capital | $ | 349,580 | 8.05 | % | 5 | % | 4 | % | |||||||||
Tier 1 risk-based capital | 349,580 | 16.35 | 6 | 4 | |||||||||||||
Total risk-based capital | 376,565 | 17.62 | 10 | 8 | |||||||||||||
*Regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized | |||||||||||||||||
TrustCo is not currently subject to formal capital requirements; however, under the Dodd-Frank Act, it will become subject to Federal Reserve regulations requiring minimum capital requirements in July 2015. The following is a summary of actual capital amounts and ratios as of December 31, 2013 and 2012 for TrustCo on a consolidated basis, with the calculations done on the same basis as for Trustco Bank. | |||||||||||||||||
(dollars in thousands) | As of December 31, 2013 | ||||||||||||||||
Amount | Ratio | ||||||||||||||||
Leverage capital | $ | 375,063 | 8.27 | % | |||||||||||||
Tier 1 risk-based capital | 375,063 | 16.74 | |||||||||||||||
Total risk-based capital | 403,317 | 18 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||
Amount | Ratio | ||||||||||||||||
Leverage capital | $ | 356,687 | 8.21 | % | |||||||||||||
Tier 1 risk-based capital | 356,687 | 16.68 | |||||||||||||||
Total risk-based capital | 383,678 | 17.94 |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | ' | ||||||||||||||||||||
The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax: | |||||||||||||||||||||
For the year ended 12/31/13 | |||||||||||||||||||||
Other | Amount | Other | |||||||||||||||||||
Comprehensive | reclassified | Comprehensive | |||||||||||||||||||
Income (loss)- | from Accumulated | Income (loss)- | |||||||||||||||||||
Balance at | Before | Other Comprehensive | Year | Balance at | |||||||||||||||||
12/31/12 | Reclassifications | Income | ended 12/31/13 | 12/31/13 | |||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | 3,755 | (20,860 | ) | (973 | ) | (21,833 | ) | (18,078 | ) | |||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | (2,506 | ) | 6,349 | - | 6,349 | 3,843 | |||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | 309 | - | 123 | 123 | 432 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | 1,558 | (14,511 | ) | (850 | ) | (15,361 | ) | (13,803 | ) | |||||||||||
For the year ended 12/31/12 | |||||||||||||||||||||
Other | Amount | Other | |||||||||||||||||||
Comprehensive | reclassified | Comprehensive | |||||||||||||||||||
Income (loss)- | from Accumulated | Income (loss)- | |||||||||||||||||||
Balance at | Before | Other Comprehensive | Year | Balance at | |||||||||||||||||
12/31/11 | Reclassifications | Income | ended 12/31/12 | 12/31/12 | |||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (1,018 | ) | 6,070 | (1,297 | ) | 4,773 | 3,755 | |||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | (1,758 | ) | (748 | ) | - | (748 | ) | (2,506 | ) | ||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | 283 | - | 26 | 26 | 309 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (2,493 | ) | 5,322 | (1,271 | ) | 4,051 | 1,558 | |||||||||||||
For the year ended 12/31/11 | |||||||||||||||||||||
Other | Amount | Other | |||||||||||||||||||
Comprehensive | reclassified | Comprehensive | |||||||||||||||||||
Income (loss)- | from Accumulated | Income (loss)- | |||||||||||||||||||
Balance at | Before | Other Comprehensive | Year | Balance at | |||||||||||||||||
12/31/10 | Reclassifications | Income | ended 12/31/11 | 12/31/11 | |||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (5,607 | ) | 5,446 | (857 | ) | 4,589 | (1,018 | ) | ||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 1,100 | (2,858 | ) | - | (2,858 | ) | (1,758 | ) | |||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | 388 | - | (105 | ) | (105 | ) | 283 | ||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (4,119 | ) | 2,588 | (962 | ) | 1,626 | (2,493 | ) | ||||||||||||
Reclassifications out of accumulated other comprehensive income | ' | ||||||||||||||||||||
The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
Years Ended | Affected | ||||||||||||||||||||
December 31, | Line Item | ||||||||||||||||||||
2013 | 2012 | 2011 | in Statements | ||||||||||||||||||
Unrealized gains (losses) on securities available for sale | |||||||||||||||||||||
Realized gain on securities transactions | $ | 1,622 | 2,161 | 1,428 | Net gain on securities transactions | ||||||||||||||||
Income tax expense | (649 | ) | (864 | ) | (571 | ) | Income taxes | ||||||||||||||
Net of tax | 973 | 1,297 | 857 | ||||||||||||||||||
Amortization of pension and postretirement benefit items | |||||||||||||||||||||
Amortization of net actuarial loss | (467 | ) | (306 | ) | (85 | ) | Salaries and employee benefits | ||||||||||||||
Amortization of prior service credit | 262 | 262 | 262 | Salaries and employee benefits | |||||||||||||||||
Income tax benefit | 82 | 18 | (72 | ) | Income taxes | ||||||||||||||||
Net of tax | (123 | ) | (26 | ) | 105 | ||||||||||||||||
Total reclassifications, net of tax | $ | 850 | 1,271 | 962 |
Parent_Company_Only_Tables
Parent Company Only (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Only [Abstract] | ' | ||||||||||||
Statements of Income | ' | ||||||||||||
Statements of Income | |||||||||||||
(dollars in thousands) | Years Ended December 31, | ||||||||||||
Income: | 2013 | 2012 | 2011 | ||||||||||
Dividends and interest from subsidiaries | $ | 24,491 | 24,475 | 19,635 | |||||||||
Net gain on securities transactions | - | - | 45 | ||||||||||
Income from other investments | - | - | 1 | ||||||||||
Total income | 24,491 | 24,475 | 19,681 | ||||||||||
Expense: | |||||||||||||
Operating supplies | 81 | 105 | 86 | ||||||||||
Professional services | 491 | 296 | 362 | ||||||||||
Miscellaneous expense | 1,042 | 737 | 555 | ||||||||||
Total expense | 1,614 | 1,138 | 1,003 | ||||||||||
Income before income taxes and subsidiaries'undistributed earnings | 22,877 | 23,337 | 18,678 | ||||||||||
Income tax benefit | (548 | ) | (364 | ) | (174 | ) | |||||||
Income before subsidiaries'undistributed earnings | 23,425 | 23,701 | 18,852 | ||||||||||
Equity in undistributed earnings of subsidiaries | 16,387 | 13,833 | 14,235 | ||||||||||
Net income | $ | 39,812 | 37,534 | 33,087 | |||||||||
Statements of Condition | ' | ||||||||||||
Statements of Condition | |||||||||||||
(dollars in thousands) | December 31, | ||||||||||||
Assets: | 2013 | 2012 | |||||||||||
Cash in subsidiary bank | $ | 15,263 | 12,950 | ||||||||||
Investments in subsidiaries | 352,717 | 351,704 | |||||||||||
Securities available for sale | 10 | 10 | |||||||||||
Other assets | 227 | 178 | |||||||||||
Total assets | 368,217 | 364,842 | |||||||||||
Liabilities and shareholders' equity: | |||||||||||||
Accrued expenses and other liabilities | 6,404 | 6,044 | |||||||||||
Total liabilities | 6,404 | 6,044 | |||||||||||
Shareholders' equity | 361,813 | 358,798 | |||||||||||
Total liabilities and shareholders'equity | $ | 368,217 | 364,842 | ||||||||||
Statements of Cash Flows | ' | ||||||||||||
Statements of Cash Flows | |||||||||||||
(dollars in thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Increase/(decrease) in cash and cash equivalents: | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 39,812 | 37,534 | 33,087 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | (16,387 | ) | (13,833 | ) | (14,235 | ) | |||||||
Stock based compensation expense | 378 | 405 | 287 | ||||||||||
Net gain on securities transactions | - | - | (45 | ) | |||||||||
Net change in other assets and accrued expenses | 277 | (158 | ) | (232 | ) | ||||||||
Total adjustments | (15,732 | ) | (13,586 | ) | (14,225 | ) | |||||||
Net cash provided by operating activities | 24,080 | 23,948 | 18,862 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Proceeds from sale of securities available for sale | - | - | 372 | ||||||||||
Investment in bank subsidiary | - | - | (67,000 | ) | |||||||||
Purchases of securities available for sale | - | - | (68 | ) | |||||||||
Net cash used in investing activities | - | - | (66,696 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from exercise of stock options and related tax benefits | 36 | - | - | ||||||||||
Dividends paid | (24,711 | ) | (24,574 | ) | (21,320 | ) | |||||||
Net proceeds from common stock offering | - | - | 67,578 | ||||||||||
Proceeds from sales of treasury stock | 2,908 | 2,913 | 2,900 | ||||||||||
Net cash provided by (used in) financing activities | (21,767 | ) | (21,661 | ) | 49,158 | ||||||||
Net increase in cash and cash equivalents | 2,313 | 2,287 | 1,324 | ||||||||||
Cash and cash equivalents at beginning of year | 12,950 | 10,663 | 9,339 | ||||||||||
Cash and cash equivalents at end of year | $ | 15,263 | 12,950 | 10,663 |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | ||
Payment | ||
Basis of Presentation [Abstract] | ' | ' |
Number of past due payments on loans classified as nonperforming | 3 | ' |
Non-payment period of loans moved to non-accrual status | '90 days | ' |
Actual net loss history period used in determining historical loss | '4 years | ' |
Loan-to-value ratio applicable to additional allowance (in hundredths) | 90.00% | ' |
Other real estate owned | $8.70 | $8.70 |
Undistributed earnings | $30.20 | ' |
Age under which retirees can participate in company's medical plan | '65 years | ' |
Age at which company provides access to Medicare Supplemental program for retirees | '65 years | ' |
Number of reportable segment | 1 | ' |
Building [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' |
Building [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' |
Furniture and Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' |
Furniture and Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' |
Balances_at_Other_Banks_Detail
Balances at Other Banks (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Balances at Other Banks [Abstract] | ' | ' |
Balances at Other Banks | $83.60 | $75.70 |
Investment_Securities_Availabl
Investment Securities, Available-for-sale Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | $893,821 | $905,846 |
Gross Unrealized Gains | 467 | 6,903 |
Gross Unrealized Losses | 30,534 | 657 |
Total securities available for sale | 863,754 | 912,092 |
U. S. government sponsored enterprises [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 200,531 | 262,063 |
Gross Unrealized Gains | 22 | 1,055 |
Gross Unrealized Losses | 1,724 | 10 |
Total securities available for sale | 198,829 | 263,108 |
State and political subdivisions [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 7,623 | 25,815 |
Gross Unrealized Gains | 135 | 642 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale | 7,758 | 26,457 |
Mortgage-backed securities and collateralized mortgage obligations-residential [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 552,230 | 515,322 |
Gross Unrealized Gains | 267 | 3,982 |
Gross Unrealized Losses | 20,048 | 528 |
Total securities available for sale | 532,449 | 518,776 |
Corporate bonds [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 10,429 | 26,312 |
Gross Unrealized Gains | 43 | 336 |
Gross Unrealized Losses | 1 | 119 |
Total securities available for sale | 10,471 | 26,529 |
Small Business Administration-guaranteed participation securities [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 111,383 | 75,674 |
Gross Unrealized Gains | 0 | 888 |
Gross Unrealized Losses | 8,354 | 0 |
Total securities available for sale | 103,029 | 76,562 |
Mortgage-backed securities and collateralized mortgage obligations-Commercial [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 10,965 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | 407 | ' |
Total securities available for sale | 10,558 | ' |
Other [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 650 | 650 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale | 650 | 650 |
Debt securities [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 893,811 | 905,836 |
Gross Unrealized Gains | 467 | 6,903 |
Gross Unrealized Losses | 30,534 | 657 |
Total securities available for sale | 863,744 | 912,082 |
Equity securities [Member] | ' | ' |
Amortized cost and fair value of the securities available for sale [Abstract] | ' | ' |
Amortized Cost | 10 | 10 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale | $10 | $10 |
Investment_Securities_Availabl1
Investment Securities, Available-for-sale Securities, Maturities (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Amortized Cost [Abstract] | ' |
Due in one year or less | $11,221 |
Due in one year through five years | 359,564 |
Due after five years through ten years | 520,721 |
Due after ten years | 2,305 |
Amortized Cost | 893,811 |
Fair Value [Abstract] | ' |
Due in one year or less | 11,284 |
Due in one year through five years | 355,727 |
Due after five years through ten years | 494,395 |
Due after ten years | 2,338 |
Available for sale debt securities, fair value | $863,744 |
Investment_Securities_Availabl2
Investment Securities, Available-for-sale Securities, Gross Unrealized Loss Position (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ' | ' |
Less than 12 months - Fair Value | $778,568 | $204,463 |
12 months or more - Fair Value | 54,835 | 0 |
Total - Fair Value | 833,403 | 204,463 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ' | ' |
Less than 12 months - Gross Unrealized Loss | 28,184 | 657 |
12 months or more - Gross Unrealized Loss | 2,350 | 0 |
Total - Gross Unrealized Loss | 30,534 | 657 |
U. S. government sponsored enterprises [Member] | ' | ' |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ' | ' |
Less than 12 months - Fair Value | 198,023 | 15,491 |
12 months or more - Fair Value | 0 | 0 |
Total - Fair Value | 198,023 | 15,491 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ' | ' |
Less than 12 months - Gross Unrealized Loss | 1,724 | 10 |
12 months or more - Gross Unrealized Loss | 0 | 0 |
Total - Gross Unrealized Loss | 1,724 | 10 |
Mortgage-backed securities and collateralized mortgage obligations-residential [Member] | ' | ' |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ' | ' |
Less than 12 months - Fair Value | 466,056 | 178,689 |
12 months or more - Fair Value | 54,835 | 0 |
Total - Fair Value | 520,891 | 178,689 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ' | ' |
Less than 12 months - Gross Unrealized Loss | 17,698 | 528 |
12 months or more - Gross Unrealized Loss | 2,350 | 0 |
Total - Gross Unrealized Loss | 20,048 | 528 |
Corporate bonds [Member] | ' | ' |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ' | ' |
Less than 12 months - Fair Value | 902 | 10,283 |
12 months or more - Fair Value | 0 | 0 |
Total - Fair Value | 902 | 10,283 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ' | ' |
Less than 12 months - Gross Unrealized Loss | 1 | 119 |
12 months or more - Gross Unrealized Loss | 0 | 0 |
Total - Gross Unrealized Loss | 1 | 119 |
Small Business Administration-guaranteed participation securities [Member] | ' | ' |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ' | ' |
Less than 12 months - Fair Value | 103,029 | ' |
12 months or more - Fair Value | 0 | ' |
Total - Fair Value | 103,029 | ' |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ' | ' |
Less than 12 months - Gross Unrealized Loss | 8,354 | ' |
12 months or more - Gross Unrealized Loss | 0 | ' |
Total - Gross Unrealized Loss | 8,354 | ' |
Mortgage-backed securities and collateralized mortgage obligations-Commercial [Member] | ' | ' |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ' | ' |
Less than 12 months - Fair Value | 10,558 | ' |
12 months or more - Fair Value | 0 | ' |
Total - Fair Value | 10,558 | ' |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ' | ' |
Less than 12 months - Gross Unrealized Loss | 407 | ' |
12 months or more - Gross Unrealized Loss | 0 | ' |
Total - Gross Unrealized Loss | $407 | ' |
Investment_Securities_Availabl3
Investment Securities, Available-for-sale Securities, Transaction Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses [Abstract] | ' | ' | ' |
Proceeds from sales | $160,820,000 | $154,944,000 | $47,296,000 |
Proceeds from calls | 256,384,000 | 1,049,306,000 | 1,124,649,000 |
Gross realized gains | 1,702,000 | 2,584,000 | 1,472,000 |
Gross realized losses | 80,000 | 423,000 | 44,000 |
Income tax expense recognized on net gains on sales and calls of securities available for sale | 649,000 | 864,000 | 571,000 |
Securities available for sale pledged to secure short-term borrowings and for other purposes | $316,700,000 | $261,100,000 | ' |
Investment_Securities_Heldtoma
Investment Securities, Held-to-maturity Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ' | ' |
Amortized Cost | $86,215 | $143,426 |
Gross Unrecognized Gains | 4,228 | 7,700 |
Gross Unrecognized Losses | 138 | 0 |
Fair Value | 90,305 | 151,126 |
Mortgage-backed securities and collateralized mortgage obligations-residential [Member] | ' | ' |
Amortized cost and fair value of the held to maturity securities [Abstract] | ' | ' |
Amortized Cost | 76,270 | 108,471 |
Gross Unrecognized Gains | 2,744 | 5,724 |
Gross Unrecognized Losses | 138 | 0 |
Fair Value | 78,876 | 114,195 |
Corporate bonds [Member] | ' | ' |
Amortized cost and fair value of the held to maturity securities [Abstract] | ' | ' |
Amortized Cost | 9,945 | 34,955 |
Gross Unrecognized Gains | 1,484 | 1,976 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | $11,429 | $36,931 |
Investment_Securities_Heldtoma1
Investment Securities, Held-to-maturity Securities, Maturity (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Amortized Cost [Abstract] | ' |
Due in one year or less | $0 |
Due in one year through five years | 86,215 |
Due in five years through ten years | 0 |
Amortized Cost | 86,215 |
Fair Value [Abstract] | ' |
Due in one year or less | 0 |
Due in one year through five years | 90,305 |
Due in five years through ten years | 0 |
Fair Value | $90,305 |
Investment_Securities_Heldtoma2
Investment Securities, Held-to-maturity Securities, Loss Position (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Held to maturity unrecognized loss position - Fair Value [Abstract] | ' |
Less than 12 months - Fair Value | $27,091 |
12 months or more - Fair Value | 0 |
Total - Fair Value | 27,091 |
Held to maturity unrecognized loss position - Gross Unrec. Loss [Abstract] | ' |
Less than 12 months - Gross Unrec. Loss | 138 |
12 months or more - Gross Unrec. Loss | 0 |
Total - Gross Unrec. Loss | 138 |
Mortgage-backed securities and collateralized mortgage obligations-residential [Member] | ' |
Held to maturity unrecognized loss position - Fair Value [Abstract] | ' |
Less than 12 months - Fair Value | 27,091 |
12 months or more - Fair Value | 0 |
Total - Fair Value | 27,091 |
Held to maturity unrecognized loss position - Gross Unrec. Loss [Abstract] | ' |
Less than 12 months - Gross Unrec. Loss | 138 |
12 months or more - Gross Unrec. Loss | 0 |
Total - Gross Unrec. Loss | $138 |
Investment_Securities_Concentr
Investment Securities, Concentrations (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Small Business Administration [Member] | ' |
Securities Held In Available For Sale And Held To Maturity Portfolios That Represent Greater Than 10% Of Shareholders Equity [Abstract] | ' |
Amortized Cost | $111,383 |
Fair Value, Total | 103,029 |
Federal Home Loan Mortgage Corporation [Member] | ' |
Securities Held In Available For Sale And Held To Maturity Portfolios That Represent Greater Than 10% Of Shareholders Equity [Abstract] | ' |
Amortized Cost | 159,375 |
Fair Value, Total | 154,492 |
Government National Mortgage Association [Member] | ' |
Securities Held In Available For Sale And Held To Maturity Portfolios That Represent Greater Than 10% Of Shareholders Equity [Abstract] | ' |
Amortized Cost | 100,578 |
Fair Value, Total | 101,947 |
Federal National Mortgage Association [Member] | ' |
Securities Held In Available For Sale And Held To Maturity Portfolios That Represent Greater Than 10% Of Shareholders Equity [Abstract] | ' |
Amortized Cost | 538,260 |
Fair Value, Total | $523,070 |
Investment_Securities_OtherTha
Investment Securities, Other-Than-Temporary-Impairment (Details) | Dec. 31, 2013 |
Security | |
Investment security impairment - Other Than Temporary Impairment [Abstract] | ' |
Number of securities in portfolio | 209 |
Number of securities in portfolio in unrealized loss position | 111 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | $2,908,809,000 | $2,684,733,000 | ||
Less: Allowance for loan losses | 47,714,000 | 47,927,000 | ||
Net loans | 2,861,095,000 | 2,636,806,000 | ||
Due from Officers | 9,300,000 | 8,100,000 | ||
New loans | 2,700,000 | ' | ||
Repayments of loans | 1,500,000 | ' | ||
Commercial [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 223,481,000 | 219,577,000 | ||
Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 191,126,000 | 186,131,000 | ||
Commercial [Member] | Other [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 32,355,000 | 33,446,000 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 2,679,433,000 | 2,460,577,000 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 2,287,808,000 | 2,089,978,000 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 51,136,000 | 36,690,000 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 340,489,000 | 333,909,000 | ||
Installment [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 5,895,000 | 4,579,000 | ||
Real Estate Construction Loans [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 35,400,000 | 37,200,000 | ||
Residential Borrowers [Member] | First Mortgages [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 13,900,000 | 16,400,000 | ||
Commercial Borrowers Residential Purpose [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 21,500,000 | 20,800,000 | ||
New York and Other States [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 2,468,322,000 | [1] | 2,355,966,000 | [1] |
New York and Other States [Member] | Commercial [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 202,045,000 | 200,630,000 | ||
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 169,722,000 | [1] | 167,249,000 | [1] |
New York and Other States [Member] | Commercial [Member] | Other [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 32,323,000 | [1] | 33,381,000 | [1] |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 1,909,447,000 | [1] | 1,814,214,000 | [1] |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 47,494,000 | [1] | 35,601,000 | [1] |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 304,044,000 | [1] | 301,338,000 | [1] |
New York and Other States [Member] | Installment [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 5,292,000 | [1] | 4,183,000 | [1] |
Florida [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 440,487,000 | 328,767,000 | ||
Florida [Member] | Commercial [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 21,436,000 | 18,947,000 | ||
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 21,404,000 | 18,882,000 | ||
Florida [Member] | Commercial [Member] | Other [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 32,000 | 65,000 | ||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 378,361,000 | 275,764,000 | ||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 3,642,000 | 1,089,000 | ||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | 36,445,000 | 32,571,000 | ||
Florida [Member] | Installment [Member] | ' | ' | ||
Loans and Leases Receivable, Net Amount [Abstract] | ' | ' | ||
Total loans, net | $603,000 | $396,000 | ||
[1] | Includes New York, New Jersey, Vermont, and Massachusetts. |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses, Non-accrual Loans, By Loan Class (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | $43,227 | $52,446 |
Restructured real estate mortgages - 1 to 4 family | 166 | 231 |
Total nonperforming loans | 43,393 | 52,677 |
Commercial [Member] | Commercial Real Estate [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 6,620 | 9,209 |
Commercial [Member] | Other [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 332 | 124 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 31,494 | 37,648 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 691 | 694 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 3,997 | 4,764 |
Installment [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 93 | 7 |
New York and Other States [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 38,090 | 41,927 |
Restructured real estate mortgages - 1 to 4 family | 166 | 231 |
Total nonperforming loans | 38,256 | 42,158 |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 6,620 | 6,511 |
New York and Other States [Member] | Commercial [Member] | Other [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 332 | 124 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 26,713 | 30,329 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 691 | 694 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 3,641 | 4,263 |
New York and Other States [Member] | Installment [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 93 | 6 |
Florida [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 5,137 | 10,519 |
Restructured real estate mortgages - 1 to 4 family | 0 | 0 |
Total nonperforming loans | 5,137 | 10,519 |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 0 | 2,698 |
Florida [Member] | Commercial [Member] | Other [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 0 | 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 4,781 | 7,319 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 0 | 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | 356 | 501 |
Florida [Member] | Installment [Member] | ' | ' |
Non accrual loans by loan class [Abstract] | ' | ' |
Total non-accrual loans | $0 | $1 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses, Past Due (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | $7,262 | $8,115 | ||
60-89 Days Past Due | 3,831 | 3,322 | ||
90+ Days Past Due | 28,128 | 36,609 | ||
Total 30+ days Past Due | 39,221 | 48,046 | ||
Current | 2,869,588 | 2,636,687 | ||
Total loans | 2,908,809 | 2,684,733 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | ||
Number of days past due | '90 days | ' | ||
Commercial [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
Total loans | 223,481 | 219,577 | ||
Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 583 | 0 | ||
60-89 Days Past Due | 1,426 | 0 | ||
90+ Days Past Due | 3,379 | 5,923 | ||
Total 30+ days Past Due | 5,388 | 5,923 | ||
Current | 185,738 | 180,208 | ||
Total loans | 191,126 | 186,131 | ||
Commercial [Member] | Other [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 209 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
90+ Days Past Due | 123 | 4 | ||
Total 30+ days Past Due | 332 | 4 | ||
Current | 32,023 | 33,442 | ||
Total loans | 32,355 | 33,446 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
Total loans | 2,679,433 | 2,460,577 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 5,216 | 7,226 | ||
60-89 Days Past Due | 2,042 | 2,700 | ||
90+ Days Past Due | 21,853 | 26,731 | ||
Total 30+ days Past Due | 29,111 | 36,657 | ||
Current | 2,258,697 | 2,053,321 | ||
Total loans | 2,287,808 | 2,089,978 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 46 | 177 | ||
60-89 Days Past Due | 18 | 216 | ||
90+ Days Past Due | 552 | 464 | ||
Total 30+ days Past Due | 616 | 857 | ||
Current | 50,520 | 35,833 | ||
Total loans | 51,136 | 36,690 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 1,123 | 663 | ||
60-89 Days Past Due | 331 | 379 | ||
90+ Days Past Due | 2,144 | 3,486 | ||
Total 30+ days Past Due | 3,598 | 4,528 | ||
Current | 336,891 | 329,381 | ||
Total loans | 340,489 | 333,909 | ||
Installment [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 85 | 49 | ||
60-89 Days Past Due | 14 | 27 | ||
90+ Days Past Due | 77 | 1 | ||
Total 30+ days Past Due | 176 | 77 | ||
Current | 5,719 | 4,502 | ||
Total loans | 5,895 | 4,579 | ||
New York and Other States [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 6,601 | 7,185 | ||
60-89 Days Past Due | 3,829 | 2,841 | ||
90+ Days Past Due | 23,652 | 28,078 | ||
Total 30+ days Past Due | 34,082 | 38,104 | ||
Current | 2,434,240 | 2,317,862 | ||
Total loans | 2,468,322 | [1] | 2,355,966 | [1] |
New York and Other States [Member] | Commercial [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
Total loans | 202,045 | 200,630 | ||
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 583 | 0 | ||
60-89 Days Past Due | 1,426 | 0 | ||
90+ Days Past Due | 3,379 | 3,225 | ||
Total 30+ days Past Due | 5,388 | 3,225 | ||
Current | 164,334 | 164,024 | ||
Total loans | 169,722 | [1] | 167,249 | [1] |
New York and Other States [Member] | Commercial [Member] | Other [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 209 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
90+ Days Past Due | 123 | 4 | ||
Total 30+ days Past Due | 332 | 4 | ||
Current | 31,991 | 33,377 | ||
Total loans | 32,323 | [1] | 33,381 | [1] |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 4,664 | 6,364 | ||
60-89 Days Past Due | 2,042 | 2,248 | ||
90+ Days Past Due | 17,624 | 21,341 | ||
Total 30+ days Past Due | 24,330 | 29,953 | ||
Current | 1,885,117 | 1,784,261 | ||
Total loans | 1,909,447 | [1] | 1,814,214 | [1] |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 46 | 177 | ||
60-89 Days Past Due | 18 | 216 | ||
90+ Days Past Due | 552 | 464 | ||
Total 30+ days Past Due | 616 | 857 | ||
Current | 46,878 | 34,744 | ||
Total loans | 47,494 | [1] | 35,601 | [1] |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 1,014 | 604 | ||
60-89 Days Past Due | 331 | 350 | ||
90+ Days Past Due | 1,897 | 3,044 | ||
Total 30+ days Past Due | 3,242 | 3,998 | ||
Current | 300,802 | 297,340 | ||
Total loans | 304,044 | [1] | 301,338 | [1] |
New York and Other States [Member] | Installment [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 85 | 40 | ||
60-89 Days Past Due | 12 | 27 | ||
90+ Days Past Due | 77 | 0 | ||
Total 30+ days Past Due | 174 | 67 | ||
Current | 5,118 | 4,116 | ||
Total loans | 5,292 | [1] | 4,183 | [1] |
Florida [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 661 | 930 | ||
60-89 Days Past Due | 2 | 481 | ||
90+ Days Past Due | 4,476 | 8,531 | ||
Total 30+ days Past Due | 5,139 | 9,942 | ||
Current | 435,348 | 318,825 | ||
Total loans | 440,487 | 328,767 | ||
Florida [Member] | Commercial [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
Total loans | 21,436 | 18,947 | ||
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 0 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
90+ Days Past Due | 0 | 2,698 | ||
Total 30+ days Past Due | 0 | 2,698 | ||
Current | 21,404 | 16,184 | ||
Total loans | 21,404 | 18,882 | ||
Florida [Member] | Commercial [Member] | Other [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 0 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
90+ Days Past Due | 0 | 0 | ||
Total 30+ days Past Due | 0 | 0 | ||
Current | 32 | 65 | ||
Total loans | 32 | 65 | ||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 552 | 862 | ||
60-89 Days Past Due | 0 | 452 | ||
90+ Days Past Due | 4,229 | 5,390 | ||
Total 30+ days Past Due | 4,781 | 6,704 | ||
Current | 373,580 | 269,060 | ||
Total loans | 378,361 | 275,764 | ||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 0 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
90+ Days Past Due | 0 | 0 | ||
Total 30+ days Past Due | 0 | 0 | ||
Current | 3,642 | 1,089 | ||
Total loans | 3,642 | 1,089 | ||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 109 | 59 | ||
60-89 Days Past Due | 0 | 29 | ||
90+ Days Past Due | 247 | 442 | ||
Total 30+ days Past Due | 356 | 530 | ||
Current | 36,089 | 32,041 | ||
Total loans | 36,445 | 32,571 | ||
Florida [Member] | Installment [Member] | ' | ' | ||
Aging of the recorded investment in past due loans [Abstract] | ' | ' | ||
30-59 Days Past Due | 0 | 9 | ||
60-89 Days Past Due | 2 | 0 | ||
90+ Days Past Due | 0 | 1 | ||
Total 30+ days Past Due | 2 | 10 | ||
Current | 601 | 386 | ||
Total loans | $603 | $396 | ||
[1] | Includes New York, New Jersey, Vermont, and Massachusetts. |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses, Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $47,927 | $48,717 | $41,911 |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 8,838 | 13,479 | 12,558 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 1,625 | 689 | 614 |
Net loans charged off | 7,213 | 12,790 | 11,944 |
Provision for loan losses | 7,000 | 12,000 | 18,750 |
Balance at end of period | 47,714 | 47,927 | 48,717 |
Commercial [Member] | ' | ' | ' |
Allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 3,771 | 4,140 | 4,228 |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 1,172 | 2,499 | 1,171 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 519 | 138 | 59 |
Net loans charged off | 653 | 2,361 | 1,112 |
Provision for loan losses | 901 | 1,992 | 1,024 |
Balance at end of period | 4,019 | 3,771 | 4,140 |
Real Estate Mortgage - 1 to 4 Family [Member] | ' | ' | ' |
Allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 44,069 | 44,479 | 37,447 |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 7,592 | 10,839 | 11,305 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 1,089 | 502 | 511 |
Net loans charged off | 6,503 | 10,337 | 10,794 |
Provision for loan losses | 6,031 | 9,927 | 17,826 |
Balance at end of period | 43,597 | 44,069 | 44,479 |
Installment [Member] | ' | ' | ' |
Allowance for loan losses by portfolio segment [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 87 | 98 | 236 |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 74 | 141 | 82 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 17 | 49 | 44 |
Net loans charged off | 57 | 92 | 38 |
Provision for loan losses | 68 | 81 | -100 |
Balance at end of period | 98 | 87 | 98 |
New York and Other States [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 7,712 | 8,354 | 4,566 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 746 | 536 | 575 |
New York and Other States [Member] | Commercial [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 1,072 | 1,307 | 171 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 14 | 112 | 55 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 6,572 | 6,919 | 4,315 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 715 | 375 | 477 |
New York and Other States [Member] | Installment [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 68 | 128 | 80 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 17 | 49 | 43 |
Florida [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 1,126 | 5,125 | 7,992 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 879 | 153 | 39 |
Florida [Member] | Commercial [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 100 | 1,192 | 1,000 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 505 | 26 | 4 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 1,020 | 3,920 | 6,990 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | 374 | 127 | 34 |
Florida [Member] | Installment [Member] | ' | ' | ' |
Loans charged off [Abstract] | ' | ' | ' |
Total loan charge offs | 6 | 13 | 2 |
Recoveries of loans previously charged off [Abstract] | ' | ' | ' |
Total recoveries | $0 | $0 | $1 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses, Based on Impairment Review Method (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | $0 | $0 | ' | ' | ||
Collectively evaluated for impairment | 47,714 | 47,927 | ' | ' | ||
Total ending allowance balance | 47,714 | 47,927 | 48,717 | 41,911 | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | 29,340 | 26,073 | ' | ' | ||
Collectively evaluated for impairment | 2,879,469 | 2,658,660 | ' | ' | ||
Total ending loans balance | 2,908,809 | 2,684,733 | ' | ' | ||
Commercial [Member] | ' | ' | ' | ' | ||
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ' | ' | ||
Collectively evaluated for impairment | 4,019 | 3,771 | ' | ' | ||
Total ending allowance balance | 4,019 | 3,771 | 4,140 | 4,228 | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | 8,082 | 9,333 | ' | ' | ||
Collectively evaluated for impairment | 215,399 | 210,244 | ' | ' | ||
Total ending loans balance | 223,481 | 219,577 | ' | ' | ||
Real Estate Mortgage - 1 to 4 Family [Member] | ' | ' | ' | ' | ||
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ' | ' | ||
Collectively evaluated for impairment | 43,597 | 44,069 | ' | ' | ||
Total ending allowance balance | 43,597 | 44,069 | 44,479 | 37,447 | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | 21,258 | 16,740 | ' | ' | ||
Collectively evaluated for impairment | 2,658,175 | 2,443,837 | ' | ' | ||
Total ending loans balance | 2,679,433 | 2,460,577 | ' | ' | ||
Installment [Member] | ' | ' | ' | ' | ||
Allowance for loan losses [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ' | ' | ||
Collectively evaluated for impairment | 98 | 87 | ' | ' | ||
Total ending allowance balance | 98 | 87 | 98 | 236 | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ' | ' | ||
Collectively evaluated for impairment | 5,895 | 4,579 | ' | ' | ||
Total ending loans balance | 5,895 | 4,579 | ' | ' | ||
New York and Other States [Member] | ' | ' | ' | ' | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Total ending loans balance | 2,468,322 | [1] | 2,355,966 | [1] | ' | ' |
New York and Other States [Member] | Commercial [Member] | ' | ' | ' | ' | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Total ending loans balance | 202,045 | 200,630 | ' | ' | ||
New York and Other States [Member] | Installment [Member] | ' | ' | ' | ' | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Total ending loans balance | 5,292 | [1] | 4,183 | [1] | ' | ' |
Florida [Member] | ' | ' | ' | ' | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Total ending loans balance | 440,487 | 328,767 | ' | ' | ||
Florida [Member] | Commercial [Member] | ' | ' | ' | ' | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Total ending loans balance | 21,436 | 18,947 | ' | ' | ||
Florida [Member] | Installment [Member] | ' | ' | ' | ' | ||
Loans [Abstract] | ' | ' | ' | ' | ||
Total ending loans balance | $603 | $396 | ' | ' | ||
[1] | Includes New York, New Jersey, Vermont, and Massachusetts. |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses, Impaired Receivables (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | $29,340 | $26,073 | $13,711 |
Unpaid Principal Balance | 32,595 | 30,566 | 19,632 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 26,683 | 19,358 | 13,985 |
Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 7,750 | 9,209 | 9,968 |
Unpaid Principal Balance | 9,169 | 11,059 | 14,726 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 7,414 | 11,486 | 11,972 |
Commercial [Member] | Other [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 332 | 124 | 13 |
Unpaid Principal Balance | 332 | 124 | 32 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 165 | 107 | 56 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 17,887 | 14,436 | 3,579 |
Unpaid Principal Balance | 19,275 | 16,808 | 4,600 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 16,317 | 7,023 | 1,888 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 561 | 623 | 151 |
Unpaid Principal Balance | 614 | 664 | 199 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 636 | 260 | 69 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 2,810 | 1,681 | 0 |
Unpaid Principal Balance | 3,205 | 1,911 | 75 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 2,151 | 482 | 0 |
New York and Other States [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 26,298 | 21,855 | 8,006 |
Unpaid Principal Balance | 29,163 | 23,835 | 9,289 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 23,571 | 12,515 | 6,987 |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 6,620 | 6,511 | 4,968 |
Unpaid Principal Balance | 8,039 | 7,169 | 5,684 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 6,013 | 5,615 | 5,198 |
New York and Other States [Member] | Commercial [Member] | Other [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 332 | 124 | 13 |
Unpaid Principal Balance | 332 | 124 | 32 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 165 | 107 | 56 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 16,257 | 12,964 | 2,874 |
Unpaid Principal Balance | 17,353 | 14,143 | 3,299 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 14,706 | 6,075 | 1,664 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 561 | 623 | 151 |
Unpaid Principal Balance | 614 | 664 | 199 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 636 | 260 | 69 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 2,528 | 1,633 | 0 |
Unpaid Principal Balance | 2,825 | 1,735 | 75 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 2,051 | 458 | 0 |
Florida [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 3,042 | 4,218 | 5,705 |
Unpaid Principal Balance | 3,432 | 6,731 | 10,343 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 3,112 | 6,843 | 6,998 |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 1,130 | 2,698 | 5,000 |
Unpaid Principal Balance | 1,130 | 3,890 | 9,042 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 1,401 | 5,871 | 6,774 |
Florida [Member] | Commercial [Member] | Other [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 1,630 | 1,472 | 705 |
Unpaid Principal Balance | 1,922 | 2,665 | 1,301 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 1,611 | 948 | 224 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 0 | ' | ' |
Unpaid Principal Balance | 0 | ' | ' |
Related Allowance | 0 | ' | ' |
Average Recorded Investment | 0 | ' | ' |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' |
Impaired loans by loans class [Abstract] | ' | ' | ' |
Recorded Investment | 282 | 48 | ' |
Unpaid Principal Balance | 380 | 176 | ' |
Related Allowance | 0 | 0 | ' |
Average Recorded Investment | $100 | $24 | ' |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | New York and Other States [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | Florida [Member] | ||
Contract | Contract | Contract | Commercial [Member] | Commercial [Member] | Commercial [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Contract | Contract | Contract | Commercial [Member] | Commercial [Member] | Commercial [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | First Mortgages [Member] | First Mortgages [Member] | First Mortgages [Member] | Home Equity Loans [Member] | Home Equity Loans [Member] | Home Equity Loans [Member] | Home Equity Lines of Credit [Member] | Home Equity Lines of Credit [Member] | Home Equity Lines of Credit [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | First Mortgages [Member] | First Mortgages [Member] | First Mortgages [Member] | Home Equity Lines of Credit [Member] | Home Equity Lines of Credit [Member] | Home Equity Lines of Credit [Member] | |||||||||||
Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | |||||||||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TDR's classifications from previously performing loans | $4,000,000 | $8,600,000 | $10,600,000 | $10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral deficiency charge-offs for TDR's reclassifications | 804,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Modified loans by class determined to be TDR's [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Contracts | ' | ' | ' | ' | 71 | 143 | 26 | 1 | 2 | 1 | 50 | 95 | 21 | 7 | 16 | 4 | 13 | 30 | 0 | 11 | 14 | 6 | 0 | 0 | 0 | 8 | 12 | 6 | 3 | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | ' | 7,540,000 | 12,895,000 | 3,009,000 | 507,000 | 138,000 | 91,000 | 5,852,000 | 10,636,000 | 2,758,000 | 120,000 | 488,000 | 160,000 | 1,061,000 | 1,633,000 | 0 | 1,431,000 | 1,313,000 | 852,000 | 0 | 0 | 0 | 1,149,000 | 1,265,000 | 852,000 | 282,000 | 48,000 | 0 |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | ' | $7,540,000 | $12,895,000 | $2,759,000 | $507,000 | $138,000 | $90,000 | $5,852,000 | $10,636,000 | $2,518,000 | $120,000 | $488,000 | $151,000 | $1,061,000 | $1,633,000 | $0 | $1,431,000 | $1,313,000 | $705,000 | $0 | $0 | $0 | $1,149,000 | $1,265,000 | $705,000 | $282,000 | $48,000 | $0 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses, Modified Loans Payment Status (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contract | Contract | Contract | |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Deferral period of past due loans | '60 months | ' | ' |
Number of days past due when loans are considered to be in payment default | '90 days | ' | ' |
Contractual past due period for loans to be in payment default | '30 days | ' | ' |
Non-homogeneous loans over | $150 | ' | ' |
Internal grading of non-homogeneous loans over | 250 | ' | ' |
New York and Other States [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 7 | 29 | 17 |
Recorded Investment | 540 | 2,487 | 1,932 |
New York and Other States [Member] | Commercial [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 0 | 0 | 1 |
Recorded Investment | 0 | 0 | 90 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 5 | 22 | 13 |
Recorded Investment | 440 | 2,265 | 1,729 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 1 | 2 | 3 |
Recorded Investment | 44 | 13 | 113 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 1 | 5 | 0 |
Recorded Investment | 56 | 209 | 0 |
Florida [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 0 | 7 | 6 |
Recorded Investment | 0 | 652 | 705 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 0 | 6 | 6 |
Recorded Investment | 0 | 605 | 705 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' |
Loans modified for which there was payment default [Abstract] | ' | ' | ' |
Number of Contracts | 0 | 1 | 0 |
Recorded Investment | $0 | $47 | $0 |
Recovered_Sheet1
Loans and Allowance for Loan Losses, Risk Category of Loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | $2,908,809,000 | $2,684,733,000 | ||
Impaired loans included in classified loans | 8,100,000 | 9,300,000 | ||
Commercial [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 223,481,000 | 219,577,000 | ||
Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 191,126,000 | 186,131,000 | ||
Commercial [Member] | Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 32,355,000 | 33,446,000 | ||
New York and Other States [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 2,468,322,000 | [1] | 2,355,966,000 | [1] |
New York and Other States [Member] | Commercial [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 202,045,000 | 200,630,000 | ||
New York and Other States [Member] | Commercial [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 190,715,000 | 189,048,000 | ||
New York and Other States [Member] | Commercial [Member] | Classified [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 11,330,000 | 11,582,000 | ||
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 169,722,000 | [1] | 167,249,000 | [1] |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 159,024,000 | 155,981,000 | ||
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 10,698,000 | 11,268,000 | ||
New York and Other States [Member] | Commercial [Member] | Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 32,323,000 | [1] | 33,381,000 | [1] |
New York and Other States [Member] | Commercial [Member] | Other [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 31,691,000 | 33,067,000 | ||
New York and Other States [Member] | Commercial [Member] | Other [Member] | Classified [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 632,000 | 314,000 | ||
Florida [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 440,487,000 | 328,767,000 | ||
Florida [Member] | Commercial [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 21,436,000 | 18,947,000 | ||
Florida [Member] | Commercial [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 20,306,000 | 12,519,000 | ||
Florida [Member] | Commercial [Member] | Classified [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 1,130,000 | 6,428,000 | ||
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 21,404,000 | 18,882,000 | ||
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 20,274,000 | 12,454,000 | ||
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 1,130,000 | 6,428,000 | ||
Florida [Member] | Commercial [Member] | Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 32,000 | 65,000 | ||
Florida [Member] | Commercial [Member] | Other [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | 32,000 | 65,000 | ||
Florida [Member] | Commercial [Member] | Other [Member] | Classified [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans, net | $0 | $0 | ||
[1] | Includes New York, New Jersey, Vermont, and Massachusetts. |
Bank_Premises_and_Equipment_De
Bank Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total bank premises and Equipment | $101,511,000 | $98,703,000 | ' |
Accumulated depreciation and amortization | -67,097,000 | -62,464,000 | ' |
Total | 34,414,000 | 36,239,000 | ' |
Depreciation and amortization expense | 5,017,000 | 5,032,000 | 4,836,000 |
Rental expense of the Bank's premises incurred during the period in accordance with certain operating leases | 7,200,000 | 6,900,000 | 6,800,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total bank premises and Equipment | 2,413,000 | 2,413,000 | ' |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total bank premises and Equipment | 30,010,000 | 29,584,000 | ' |
Furniture, Fixtures and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total bank premises and Equipment | 43,697,000 | 42,636,000 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total bank premises and Equipment | $25,391,000 | $24,070,000 | ' |
Deposits_Details
Deposits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense, Deposits [Abstract] | ' | ' | ' |
Interest bearing checking accounts | $329 | $315 | $285 |
Savings accounts | 3,333 | 3,872 | 3,788 |
Time deposits and money market accounts | 10,138 | 14,313 | 20,597 |
Total interest expense | 13,800 | 18,500 | 24,670 |
Maturities of Time Deposits [Abstract] | ' | ' | ' |
Under 1 year | 923,033 | ' | ' |
1 to 2 years | 141,394 | ' | ' |
2 to 3 years | 57,431 | ' | ' |
3 to 4 years | 4,712 | ' | ' |
4 to 5 years | 4,353 | ' | ' |
Over 5 years | 125 | ' | ' |
Time Deposits, Total | $1,131,048 | ' | ' |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Short-term Debt [Line Items] | ' | ' | ' |
Amount outstanding at end of year | $204,162 | $159,846 | ' |
Cash Management [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Amount outstanding at end of year | 204,162 | 159,846 | 147,563 |
Maximum amount outstanding at any month end | 204,162 | 166,374 | 148,002 |
Average amount outstanding | $180,275 | $152,982 | $133,803 |
Weighted average interest rate, For the year (in hundredths) | 0.82% | 0.96% | 1.18% |
Weighted average interest rate, As of year end (in hundredths) | 0.82% | 0.89% | 1.13% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current tax expense: | ' | ' | ' |
Federal | $22,612,000 | $19,122,000 | $19,614,000 |
State | 2,531,000 | 1,879,000 | 2,020,000 |
Total current tax expense | 25,143,000 | 21,001,000 | 21,634,000 |
Deferred tax expense (benefit) | -1,426,000 | 1,440,000 | -2,336,000 |
Total income tax expense | 23,717,000 | 22,441,000 | 19,298,000 |
Components of deferred tax assets and liabilities [Abstract] | ' | ' | ' |
Benefits and deferred remuneration | -4,256,000 | -4,736,000 | ' |
Difference in reporting the allowance for loan losses, net | 22,774,000 | 22,710,000 | ' |
Other income or expense not yet reported for tax purposes | 3,008,000 | 2,582,000 | ' |
Depreciable assets | -1,309,000 | -1,413,000 | ' |
Other items | 1,153,000 | 801,000 | ' |
Net deferred tax assets at end of year | 21,370,000 | 19,944,000 | 21,384,000 |
Net deferred tax assets at beginning of year | 19,944,000 | 21,384,000 | ' |
Deferred tax expense (benefit) | -1,426,000 | 1,440,000 | -2,336,000 |
Deferred tax liability, unrealized gains on available-for-sale securities | ' | 2,500,000 | ' |
Deferred tax assets, unrealized losses on available-for-sale securities | 12,000,000 | ' | ' |
Deferred tax assets, unrecognized overfunded position in company's pension and postretirement benefit plans | ' | 1,500,000 | ' |
Deferred tax liability, unrecognized overfunded position in company's pension and postretirement benefit plans | 2,800,000 | ' | ' |
Reconciliation from statutory federal income tax rate to effective tax rate [Abstract] | ' | ' | ' |
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Increase/(decrease) in taxes resulting from: [Abstract] | ' | ' | ' |
Tax exempt income (in hundredths) | -0.30% | -0.70% | -1.60% |
State income tax (including alternative minimum tax),net of federal tax benefit | 2.30% | 2.30% | 2.00% |
Other items (in hundredths) | 0.30% | 0.80% | 1.40% |
Effective income tax rate (in hundredths) | 37.30% | 37.40% | 36.80% |
Unrecognized pre-tax benefit and changes in those benefits [Roll Forward] | ' | ' | ' |
Unrecognized tax benefit, beginning balance | 213,000 | 905,000 | ' |
Decrease in prior unrecognized tax benefits | 0 | -342,000 | ' |
Lapse of statute of limitations | ' | -350,000 | ' |
Unrecognized tax benefit, ending balance | $213,000 | $213,000 | $905,000 |
Federal [Member] | Minimum [Member] | ' | ' | ' |
Open Tax Years [Abstract] | ' | ' | ' |
Open tax year | '2008 | ' | ' |
Federal [Member] | Maximum [Member] | ' | ' | ' |
Open Tax Years [Abstract] | ' | ' | ' |
Open tax year | '2013 | ' | ' |
New York State [Member] | Minimum [Member] | ' | ' | ' |
Open Tax Years [Abstract] | ' | ' | ' |
Open tax year | '2008 | ' | ' |
New York State [Member] | Maximum [Member] | ' | ' | ' |
Open Tax Years [Abstract] | ' | ' | ' |
Open tax year | '2013 | ' | ' |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
H | |||
Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Requisite minimum period of employment | '1 year | ' | ' |
Requisite minimum hours of service (in hours) | 1,000 | ' | ' |
Number of consecutive years in highest compensation preceding retirement | '5 years | ' | ' |
Period preceding retirement considered in calculating benefits | '10 years | ' | ' |
Change in benefit obligation: [Roll Forward] | ' | ' | ' |
Projected benefit obligation at beginning of year | $31,990 | $29,283 | ' |
Service cost | 69 | 55 | 45 |
Interest cost | 1,273 | 1,426 | 1,515 |
Benefits paid | -2,045 | -2,036 | ' |
Net actuarial loss (gain) | -3,465 | 3,262 | ' |
Projected benefit obligation at end of year | 27,822 | 31,990 | 29,283 |
Post-Retirement Benefits Plan [Member] | ' | ' | ' |
Change in benefit obligation: [Roll Forward] | ' | ' | ' |
Service cost | 50 | 33 | 26 |
Interest cost | 101 | 97 | 98 |
Benefits paid | -60 | -48 | ' |
Net actuarial loss (gain) | ($456) | $323 | ' |
Benefit_Plans_Plan_Discosures_
Benefit Plans, Plan Discosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Plan [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | $34,584 | $30,278 | ' |
Actual gain on plan assets | 6,880 | 3,342 | ' |
Company contributions | 0 | 3,000 | ' |
Benefits paid | -2,045 | -2,036 | ' |
Fair value of plan assets | 39,419 | 34,584 | 30,278 |
Funded status at end of year | 11,597 | 2,593 | ' |
Amounts recognized in accumulated other comprehensive income: [Abstract] | ' | ' | ' |
Net actuarial loss | 813 | 9,486 | ' |
Components of the net periodic pension income and other amounts recognized in other comprehensive income: [Abstract] | ' | ' | ' |
Service Cost | 69 | 55 | 45 |
Interest cost | 1,273 | 1,426 | 1,515 |
Expected return on plan assets | -2,190 | -1,912 | -1,985 |
Amortization of net actuarial loss | 516 | 335 | 156 |
Net periodic pension income | -332 | -96 | -269 |
Amortization of net actuarial loss | -516 | -335 | -156 |
Net actuarial (gain) / loss included in other comprehensive income | -8,156 | 1,834 | 3,689 |
Total amount recognized in other comprehensive income | -8,672 | 1,499 | 3,533 |
Total recognized in net periodic benefit income and other comprehensive income | -9,004 | 1,401 | 3,264 |
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 0 | ' | ' |
Retirement Plan [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 39,419 | 34,584 | ' |
Retirement Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 29,811 | 25,384 | ' |
Retirement Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 9,608 | 9,200 | ' |
Retirement Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 1,916 | 2,114 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 1,916 | 2,114 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 27,296 | 22,599 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 27,296 | 22,599 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 5,091 | 4,574 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 5,091 | 4,574 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 4,517 | 4,626 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 4,517 | 4,626 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 599 | 671 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 599 | 671 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 15,026 | 13,662 | ' |
Actual gain on plan assets | 2,909 | 1,364 | ' |
Company contributions | 60 | 48 | ' |
Benefits paid | -60 | -48 | ' |
Fair value of plan assets | 17,935 | 15,026 | 13,662 |
Funded status at end of year | 15,422 | 12,613 | ' |
Amounts recognized in accumulated other comprehensive income: [Abstract] | ' | ' | ' |
Net actuarial loss | -4,945 | -2,125 | ' |
Prior service credit | -2,979 | -3,706 | ' |
Total | -7,924 | -5,831 | ' |
Components of the net periodic pension income and other amounts recognized in other comprehensive income: [Abstract] | ' | ' | ' |
Service Cost | 50 | 33 | 26 |
Interest cost | 101 | 97 | 98 |
Expected return on plan assets | -495 | -451 | -447 |
Amortization of net actuarial loss | -49 | -29 | -71 |
Net periodic pension income | -655 | -612 | -656 |
Amortization of net actuarial loss | 49 | 29 | 71 |
Net actuarial (gain) / loss included in other comprehensive income | -2,868 | -590 | 531 |
Total amount recognized in other comprehensive income | -2,092 | -299 | 1,397 |
Total recognized in net periodic benefit income and other comprehensive income | -2,747 | -911 | 741 |
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 468 | ' | ' |
Post-Retirement Benefits Plan [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 17,935 | 15,026 | ' |
Post-Retirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 13,085 | 10,866 | ' |
Post-Retirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 4,850 | 4,160 | ' |
Post-Retirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 950 | 1,148 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 950 | 1,148 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 12,135 | 9,718 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 12,135 | 9,718 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 1,020 | ' | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | ' | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 1,020 | ' | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | ' | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 3,381 | 4,160 | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 3,381 | 4,160 | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 449 | ' | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 0 | ' | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | 449 | ' | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets and reconciliation of funded status [Roll Forward] | ' | ' | ' |
Fair value of plan assets | $0 | ' | ' |
Benefit_Plans_Estimated_Future
Benefit Plans, Estimated Future Benefit Payments and Change in Obligation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assumptions used to determine net periodic pension expense [Abstract] | ' | ' | ' |
Rabbi Trust | $5,700,000 | $5,700,000 | ' |
Retirement Plan [Member] | ' | ' | ' |
Estimated future benefit payments [Abstract] | ' | ' | ' |
2014 | 1,698,000 | ' | ' |
2015 | 1,720,000 | ' | ' |
2016 | 1,750,000 | ' | ' |
2017 | 1,757,000 | ' | ' |
2018 | 1,780,000 | ' | ' |
2019 - 2023 | 9,141,000 | ' | ' |
Assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 5.08% | 4.07% | 5.17% |
Assumptions used to determine net periodic pension expense [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 4.07% | 5.17% | 5.62% |
Expected long-term rate of return on assets (in hundredths) | 6.50% | 6.50% | 6.50% |
Change in benefit obligation [Rollforward] | ' | ' | ' |
Service cost | 69,000 | 55,000 | 45,000 |
Interest cost | 1,273,000 | 1,426,000 | 1,515,000 |
Benefits paid | -2,045,000 | -2,036,000 | ' |
Net actuarial (gain) loss | -3,465,000 | 3,262,000 | ' |
Post-Retirement Benefits Plan [Member] | ' | ' | ' |
Estimated future benefit payments [Abstract] | ' | ' | ' |
2014 | 56,000 | ' | ' |
2015 | 59,000 | ' | ' |
2016 | 62,000 | ' | ' |
2017 | 65,000 | ' | ' |
2018 | 70,000 | ' | ' |
2019 - 2023 | 510,000 | ' | ' |
Assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 5.08% | 4.07% | 5.17% |
Assumptions used to determine net periodic pension expense [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 4.07% | 5.17% | 5.62% |
Expected long-term rate of return on assets (in hundredths) | 3.30% | 3.30% | 3.30% |
Age below which retirees are permitted to participate in company medical plan by making certain payments | '65 years | ' | ' |
Age at which the bank provides Medicare Supplemental program to retirees | '65 years | ' | ' |
Change in benefit obligation [Rollforward] | ' | ' | ' |
Accumulated benefit obligation at beginning of year | 2,413,000 | 2,008,000 | ' |
Service cost | 50,000 | 33,000 | 26,000 |
Interest cost | 101,000 | 97,000 | 98,000 |
Plan amendments | 465,000 | 0 | ' |
Benefits paid | -60,000 | -48,000 | ' |
Net actuarial (gain) loss | -456,000 | 323,000 | ' |
Accumulated benefit obligation at end of year | 2,513,000 | 2,413,000 | 2,008,000 |
Supplementary Pension Plan [Member] | ' | ' | ' |
Assumptions used to determine net periodic pension expense [Abstract] | ' | ' | ' |
Accumulated benefit obligation | 5,600,000 | 5,600,000 | ' |
Plan expense | $1,300,000 | $823,000 | $647,000 |
Benefit_Plans_Other_Comprehens
Benefit Plans, Other Comprehensive Income Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in component of other comprehensive income related to the retirement plan and the post-retirement benefit plan [Abstract] | ' | ' | ' |
Change in overfunded position of pension and postretirement benefits | ($10,559) | $1,244 | $4,753 |
Amortization of net actuarial gain (loss) | -467 | -306 | -85 |
Amortization of prior service credit | 262 | 262 | 262 |
Total | -10,764 | 1,200 | ' |
Retirement Plan [Member] | ' | ' | ' |
Components of the net periodic income and other amounts recognized in other comprehensive income [Abstract] | ' | ' | ' |
Service Cost | 69 | 55 | 45 |
Interest cost | 1,273 | 1,426 | 1,515 |
Expected return on plan assets | -2,190 | -1,912 | -1,985 |
Amortization of net actuarial gain | 516 | 335 | 156 |
Net periodic pension income | -332 | -96 | -269 |
Net (gain) loss | -8,156 | 1,834 | 3,689 |
Amortization of net actuarial gain | -516 | -335 | -156 |
Total amount recognized in other comprehensive income | -8,672 | 1,499 | 3,533 |
Total amount recognized in net periodic income and other comprehensive income | -9,004 | 1,401 | 3,264 |
Change in component of other comprehensive income related to the retirement plan and the post-retirement benefit plan [Abstract] | ' | ' | ' |
Change in overfunded position of pension and postretirement benefits | -8,156 | 1,834 | ' |
Amortization of net actuarial gain (loss) | -516 | -335 | ' |
Amortization of prior service credit | 0 | 0 | ' |
Total | -8,672 | 1,499 | ' |
Post-Retirement Benefits Plan [Member] | ' | ' | ' |
Components of the net periodic income and other amounts recognized in other comprehensive income [Abstract] | ' | ' | ' |
Service Cost | 50 | 33 | 26 |
Interest cost | 101 | 97 | 98 |
Expected return on plan assets | -495 | -451 | -447 |
Amortization of net actuarial gain | -49 | -29 | -71 |
Amortization of prior service credit | -262 | -262 | -262 |
Net periodic pension income | -655 | -612 | -656 |
Net (gain) loss | -2,868 | -590 | 531 |
Prior service cost | 465 | 0 | 533 |
Amortization of prior service credit | 262 | 262 | 262 |
Amortization of net actuarial gain | 49 | 29 | 71 |
Total amount recognized in other comprehensive income | -2,092 | -299 | 1,397 |
Total amount recognized in net periodic income and other comprehensive income | -2,747 | -911 | 741 |
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | ' | ' | ' |
Effect of one percentage point increase on in assumed health care cost | 500 | ' | ' |
Effect of one percentage point decrease on in assumed health care cost | 389 | ' | ' |
Effect of one percentage point increase on in interest and service components | 32 | ' | ' |
Effect of one percentage point decrease on in interest and service components | 24 | ' | ' |
Change in component of other comprehensive income related to the retirement plan and the post-retirement benefit plan [Abstract] | ' | ' | ' |
Change in overfunded position of pension and postretirement benefits | -2,403 | -590 | ' |
Amortization of net actuarial gain (loss) | 49 | 29 | ' |
Amortization of prior service credit | 262 | 262 | ' |
Total | ($2,092) | ($299) | ' |
Benefit_Plans_Allocation_of_Pl
Benefit Plans, Allocation of Plan Assets (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Retirement Plan [Member] | Retirement Plan [Member] | Retirement Plan [Member] | Retirement Plan [Member] | Retirement Plan [Member] | Retirement Plan [Member] | Retirement Plan [Member] | Retirement Plan [Member] | Post-Retirement Benefits Plan [Member] | Post-Retirement Benefits Plan [Member] | Post-Retirement Benefits Plan [Member] | Post-Retirement Benefits Plan [Member] | Post-Retirement Benefits Plan [Member] | Post-Retirement Benefits Plan [Member] | Post-Retirement Benefits Plan [Member] | Post-Retirement Benefits Plan [Member] | Pension and Postretirement Plans [Member] | Pension and Postretirement Plans [Member] | Pension and Postretirement Plans [Member] | |
Equity securities [Member] | Equity securities [Member] | Debt securities [Member] | Debt securities [Member] | Other [Member] | Other [Member] | Equity securities [Member] | Equity securities [Member] | Debt securities [Member] | Debt securities [Member] | Other [Member] | Other [Member] | Equity securities [Member] | Debt securities [Member] | Other [Member] | |||||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total asset allocation (in hundredths) | 100.00% | 100.00% | 69.00% | 65.00% | 26.00% | 29.00% | 5.00% | 6.00% | 100.00% | 100.00% | 68.00% | 64.00% | 27.00% | 28.00% | 5.00% | 8.00% | ' | ' | ' |
Assets target allocations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prescribed target allocations range, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | 0.00% |
Prescribed target allocation range, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | 40.00% | 10.00% |
Benefit_Plans_Fair_Value_of_Pl
Benefit Plans, Fair Value of Plan Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Retirement Plan [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | $39,419 | $34,584 | $30,278 |
Retirement Plan [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 39,419 | 34,584 | ' |
Retirement Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 29,811 | 25,384 | ' |
Retirement Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 9,608 | 9,200 | ' |
Retirement Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,916 | 2,114 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,916 | 2,114 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 27,296 | 22,599 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 27,296 | 22,599 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 5,091 | 4,574 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 5,091 | 4,574 | ' |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 4,517 | 4,626 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 4,517 | 4,626 | ' |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 599 | 671 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 599 | 671 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 17,935 | 15,026 | 13,662 |
Post-Retirement Benefits Plan [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 17,935 | 15,026 | ' |
Post-Retirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 13,085 | 10,866 | ' |
Post-Retirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 4,850 | 4,160 | ' |
Post-Retirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 950 | 1,148 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 950 | 1,148 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 12,135 | 9,718 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 12,135 | 9,718 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,020 | ' | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | ' | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,020 | ' | ' |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | ' | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 3,381 | 4,160 | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 3,381 | 4,160 | ' |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 449 | ' | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | ' | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | 449 | ' | ' |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair value of plan assets by asset category [Abstract] | ' | ' | ' |
Fair value of plan assets | $0 | ' | ' |
Benefit_Plans_Employee_Service
Benefit Plans, Employee Service Share-based Compensation, Aggregate Disclosures (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | $847,000 | $447,000 | $274,000 |
Number of awards in prior years (in shares) | 3,200,000 | ' | ' |
Weighted average strike price (in dollars per share) | $7.95 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Option's maximum term | 'P10Y | ' | ' |
Award vesting period | '5 years | ' | ' |
Summary of the status of company's stock option, Outstanding options [Roll Forward] | ' | ' | ' |
Beginning balance (in shares) | 2,892,000 | ' | ' |
New options awarded (in shares) | 281,500 | ' | ' |
Expired options (in shares) | 0 | ' | ' |
Cancelled options (in shares) | 0 | ' | ' |
Exercised options (in shares) | -14,700 | 0 | 0 |
Options became exercisable (in shares) | 0 | ' | ' |
Ending balance (in shares) | 3,158,800 | 2,892,000 | ' |
Summary of the status of company's stock option, Exercisable options [Roll Forward] | ' | ' | ' |
Beginning balance (in shares) | 2,144,600 | ' | ' |
New options awarded (in shares) | 0 | ' | ' |
Expired options (in shares) | 0 | ' | ' |
Cancelled options (in shares) | 0 | ' | ' |
Exercised options (in shares) | -14,700 | ' | ' |
Options became exercisable (in shares) | 234,600 | ' | ' |
Ending balance (in shares) | 2,364,500 | 2,144,600 | ' |
Weighted average remaining contractual life, options outstanding | '5 years 1 month 6 days | ' | ' |
Weighted average option price, Outstanding options [Roll Forward] | ' | ' | ' |
Beginning balance (in dollars per share) | $9.58 | ' | ' |
New options awarded (in dollars per share) | $7.05 | ' | ' |
Expired options (in dollars per share) | $0 | ' | ' |
Cancelled options (in dollars per share) | $0 | ' | ' |
Exercised option (in dollars per share) | $5.15 | ' | ' |
Options became exercisable (in dollars per share) | $0 | ' | ' |
Ending balance (in dollars per share) | $9.54 | $9.58 | ' |
Weighted average option price, Exercisable options [Roll Forward] | ' | ' | ' |
Beginning balance (in dollars per share) | $11.01 | ' | ' |
New options awarded (in dollars per share) | $0 | ' | ' |
Expired options (in dollars per share) | $0 | ' | ' |
Cancelled (in dollars per share) | $0 | ' | ' |
Exercised option (in dollars per share) | $5.15 | ' | ' |
Options became exercisable (in dollars per share) | $6.25 | ' | ' |
Ending balance (in dollars per share) | $10.78 | $11.01 | ' |
Weighted average remaining contractual life, exercisable outstanding | '3 years 4 months 24 days | ' | ' |
Intrinsic value of outstanding stock options | 1,200,000 | ' | ' |
Intrinsic value of vested stock options | 397,000 | ' | ' |
Restricted Common Shares [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | 170,000 | 170,000 | 28,000 |
Summary of the status of company's stock option, Outstanding options [Roll Forward] | ' | ' | ' |
New options awarded (in shares) | ' | ' | 99,000 |
Restricted Shares Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | 230,000 | 23,000 | ' |
Award vesting period | '3 years | ' | ' |
Performance Share Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | 239,000 | 19,000 | ' |
Award vesting period | '3 years | ' | ' |
Liability Awards [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | 469,000 | 42,000 | ' |
Equity Awards [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | 378,000 | 405,000 | ' |
401(k) Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Employer matching contribution, first match (in hundredths) | 100.00% | ' | ' |
Aggregate salary contribution matched by employer, first match (in hundredths) | 3.00% | ' | ' |
Employer matching contribution, next matched (in hundredths) | 50.00% | ' | ' |
Aggregate salary contribution matched by employer, next match (in hundredths) | 3.00% | ' | ' |
Expense related to 401(k) plan | 657,000 | 601,000 | 461,000 |
Directors' Plan [Member] | Restricted Common Shares [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | 12,000 | 12,000 | 2,000 |
Summary of the status of company's stock option, Outstanding options [Roll Forward] | ' | ' | ' |
New options awarded (in shares) | ' | ' | 7,000 |
Executive Incentive Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Expense for officers and executive incentive plan | 2,000,000 | 1,600,000 | 1,300,000 |
2010 Employee Stock Option Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Shares available for grant (in shares) | 2,000,000 | ' | ' |
2004 Employee Stock Option Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Shares available for grant (in shares) | 2,000,000 | ' | ' |
2010 Directors Stock Option Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock based compensation expense | $0 | $0 | $13,000 |
Shares available for grant (in shares) | 250,000 | ' | ' |
2004 Directors Stock Option Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Shares available for grant (in shares) | 200,000 | ' | ' |
Benefit_Plans_Valuation_StockB
Benefit Plans, Valuation, Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | $847 | $447 | $274 |
Stock Options [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Award vesting period | '5 years | ' | ' |
Unrecognized stock-based compensation expense related to non-vested stock options | 600 | ' | ' |
Unrecognized compensation expense, period of recognition | '3 years 10 months 24 days | ' | ' |
Weighted average fair value of stock options granted (in dollars per share) | $1.08 | $0.76 | $0.98 |
Weighted Average Price [Abstract] | ' | ' | ' |
Shares issued (in shares) | 281,500 | ' | ' |
Restricted Common Shares [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | 170 | 170 | 28 |
Unrecognized stock-based compensation expense | 151 | 333 | 515 |
Unrecognized compensation expense, period of recognition | '1 year | '2 years | '3 years |
Shares [Abstract] | ' | ' | ' |
Balance, December 31, 2012 (in shares) | 106,000 | ' | ' |
New awards granted (in shares) | 0 | ' | ' |
Awards became vested (in shares) | 0 | ' | ' |
Balance, December 31, 2013 (in shares) | 106,000 | 106,000 | ' |
Weighted Average Price [Abstract] | ' | ' | ' |
Balance, December 31, 2012 (in dollars per share) | $5.14 | ' | ' |
New awards granted (in dollars per share) | $0 | ' | ' |
Awards became vested (in dollars per share) | $0 | ' | ' |
Balance, December 31, 2013 (in dollars per share) | $5.14 | $5.14 | ' |
Shares issued (in shares) | ' | ' | 99,000 |
Shares vested after term (in hundredths) | ' | ' | 100.00% |
Awards granted, fair value | ' | ' | $5.14 |
Restricted Shares Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | 230 | 23 | ' |
Award vesting period | '3 years | ' | ' |
Unrecognized stock-based compensation expense | 710 | ' | ' |
Unrecognized compensation expense, period of recognition | '30 months | ' | ' |
Shares [Abstract] | ' | ' | ' |
Balance, December 31, 2012 (in shares) | 82,500 | ' | ' |
New awards granted (in shares) | 51,250 | ' | ' |
Awards became vested (in shares) | 0 | ' | ' |
Balance, December 31, 2013 (in shares) | 133,750 | 82,500 | ' |
Weighted Average Price [Abstract] | ' | ' | ' |
Balance, December 31, 2012 (in dollars per share) | $5.17 | ' | ' |
New awards granted (in dollars per share) | $7.05 | ' | ' |
Awards became vested (in dollars per share) | $0 | ' | ' |
Balance, December 31, 2013 (in dollars per share) | $5.89 | $5.17 | ' |
Shares vested after term (in hundredths) | 100.00% | ' | ' |
Liability related to awards | 253 | 23 | ' |
Performance Share Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | 239 | 19 | ' |
Award vesting period | '3 years | ' | ' |
Unrecognized stock-based compensation expense | 910 | ' | ' |
Unrecognized compensation expense, period of recognition | '30 months | ' | ' |
Shares [Abstract] | ' | ' | ' |
Balance, December 31, 2012 (in shares) | 65,000 | ' | ' |
New awards granted (in shares) | 81,500 | ' | ' |
Awards became vested (in shares) | 0 | ' | ' |
Balance, December 31, 2013 (in shares) | 146,500 | 65,000 | ' |
Weighted Average Price [Abstract] | ' | ' | ' |
Balance, December 31, 2012 (in dollars per share) | $5.17 | ' | ' |
New awards granted (in dollars per share) | $7.05 | ' | ' |
Awards became vested (in dollars per share) | $0 | ' | ' |
Balance, December 31, 2013 (in dollars per share) | $6.22 | $5.17 | ' |
Shares vested after term (in hundredths) | 100.00% | ' | ' |
Liability related to awards | 258 | 19 | ' |
Liability Awards [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | 469 | 42 | ' |
Equity Awards [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | 378 | 405 | ' |
Employees' Plan [Member] | ' | ' | ' |
Assumption used to determine fair value of options [Abstract] | ' | ' | ' |
Expected dividend yield (in hundredths) | 3.72% | 5.08% | 5.11% |
Risk-free interest rate (in hundredths) | 1.45% | 0.80% | 1.90% |
Expected volatility rate (in hundredths) | 25.83% | 30.18% | 26.64% |
Expected lives | '5 years | '5 years | '7 years 6 months |
Directors' Plan [Member] | ' | ' | ' |
Assumption used to determine fair value of options [Abstract] | ' | ' | ' |
Expected dividend yield (in hundredths) | ' | ' | 5.11% |
Risk-free interest rate (in hundredths) | ' | ' | 1.59% |
Expected volatility rate (in hundredths) | ' | ' | 28.50% |
Expected lives | ' | ' | '6 years |
Directors' Plan [Member] | Restricted Common Shares [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | 12 | 12 | 2 |
Weighted Average Price [Abstract] | ' | ' | ' |
Shares issued (in shares) | ' | ' | 7,000 |
2010 Directors Stock Option Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Stock based compensation expense | $0 | $0 | $13 |
Benefit_Plans_Stock_Based_Comp
Benefit Plans, Stock Based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | $847 | $447 | $274 |
Income tax benefit related to stock-based compensation | 296 | 156 | 100 |
Restricted Common Shares [Member] | ' | ' | ' |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | 170 | 170 | 28 |
Restricted Shares Units [Member] | ' | ' | ' |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | 230 | 23 | ' |
Performance Share Units [Member] | ' | ' | ' |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | 239 | 19 | ' |
Liability Awards [Member] | ' | ' | ' |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | 469 | 42 | ' |
Equity Awards [Member] | ' | ' | ' |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | 378 | 405 | ' |
Directors' Plan [Member] | Restricted Common Shares [Member] | ' | ' | ' |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | 12 | 12 | 2 |
2010 Directors Stock Option Plan [Member] | ' | ' | ' |
Stock Based Compensation Expense [Abstract] | ' | ' | ' |
Stock based compensation expense | $0 | $0 | $13 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating leases with minimum rental commitments [Abstract] | ' | ' | ' |
2014 | $6,860,000 | ' | ' |
2015 | 6,493,000 | ' | ' |
2016 | 6,295,000 | ' | ' |
2017 | 5,979,000 | ' | ' |
2018 | 5,719,000 | ' | ' |
2019 and after | 42,429,000 | ' | ' |
Total | 73,775,000 | ' | ' |
Outsourced service expense | 5,125,000 | 5,122,000 | 5,100,000 |
Contractual Obligation [Abstract] | ' | ' | ' |
Outsource Service expense, minimum payment | 5,000,000 | ' | ' |
Outsource Service expense, maximum payment | $6,000,000 | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of the component parts of earnings per share [Abstract] | ' | ' | ' |
Net income | $39,812 | $37,534 | $33,087 |
Less: Net income allocated to participating securities | 45 | 43 | 5 |
Net income allocated to common shareholders | 39,767 | 37,491 | 33,082 |
Basic EPS [Abstract] | ' | ' | ' |
Distributed earnings allocated to common stock | 24,745 | 24,607 | 22,389 |
Undistributed earnings allocated to common stock | 15,022 | 12,884 | 10,693 |
Net income allocated to common shareholders | 39,767 | 37,491 | 33,082 |
Weighted average common shares outstanding including participating securities (in shares) | 94,266,000 | 93,739,000 | 85,086,000 |
Less: Participating securities (in shares) | 106,000 | 106,000 | 14,000 |
Weighted average common shares (in shares) | 94,160,000 | 93,633,000 | 85,072,000 |
Basic EPS (in dollars per share) | $0.42 | $0.40 | $0.39 |
Diluted EPS [Abstract] | ' | ' | ' |
Net income allocated to common shareholders | $39,767 | $37,491 | $33,082 |
Weighted average common shares for basic EPS (in shares) | 94,160,000 | 93,633,000 | 85,072,000 |
Effect of Dilutive Securities [Abstract] | ' | ' | ' |
Stock Options (in shares) | 46,000 | 4,000 | 0 |
Weighted average common shares including potential dilutive shares (in shares) | 94,206,000 | 93,637,000 | 85,072,000 |
Diluted EPS (in dollars per share) | $0.42 | $0.40 | $0.39 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted average number of antidilutive stock options excluded from diluted earnings per share (in shares) | 2,500,000 | 2,900,000 | 2,800,000 |
OffBalance_Sheet_Financial_Ins1
Off-Balance Sheet Financial Instruments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet risks, amount | $430.30 | $388.20 |
Variable rate product commitments (in hundredths) | 79.00% | 84.00% |
Standby Letters of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet risks, amount | $6.50 | $5.60 |
Off balance sheet instrument term | '12 months | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments, Part 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Securities available-for sale [Abstract] | ' | ' |
Total securities available for sale | $863,754 | $912,092 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Securities available-for sale [Abstract] | ' | ' |
Total securities available for sale | 10 | 10 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Securities available-for sale [Abstract] | ' | ' |
Total securities available for sale | 863,744 | 912,082 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Securities available-for sale [Abstract] | ' | ' |
Total securities available for sale | 0 | 0 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Securities available-for sale [Abstract] | ' | ' |
U.S. government-sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage-backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration-guaranteed participation securities | 0 | 0 |
Mortgage-backed securities and collateralized mortgage obligations - commercial | 0 | ' |
Other securities | 10 | 10 |
Total securities available for sale | 10 | 10 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Securities available-for sale [Abstract] | ' | ' |
U.S. government-sponsored enterprises | 198,829 | 263,108 |
State and political subdivisions | 7,758 | 26,457 |
Mortgage-backed securities and collateralized mortgage obligations - residential | 532,449 | 518,776 |
Corporate bonds | 10,471 | 26,529 |
Small Business Administration-guaranteed participation securities | 103,029 | 76,562 |
Mortgage-backed securities and collateralized mortgage obligations - commercial | 10,558 | ' |
Other securities | 650 | 650 |
Total securities available for sale | 863,744 | 912,082 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Securities available-for sale [Abstract] | ' | ' |
U.S. government-sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage-backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration-guaranteed participation securities | 0 | 0 |
Mortgage-backed securities and collateralized mortgage obligations - commercial | 0 | ' |
Other securities | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring [Member] | Carrying Value [Member] | ' | ' |
Securities available-for sale [Abstract] | ' | ' |
U.S. government-sponsored enterprises | 198,829 | 263,108 |
State and political subdivisions | 7,758 | 26,457 |
Mortgage-backed securities and collateralized mortgage obligations - residential | 532,449 | 518,776 |
Corporate bonds | 10,471 | 26,529 |
Small Business Administration-guaranteed participation securities | 103,029 | 76,562 |
Mortgage-backed securities and collateralized mortgage obligations - commercial | 10,558 | ' |
Other securities | 660 | 660 |
Total securities available for sale | $863,754 | $912,092 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments, Part 2 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Real Estate Owned (ORE) [Abstract] | ' | ' | ' |
Other real estate owned, commercial real estate | $5,000,000 | $4,800,000 | ' |
Other real estate owned, residential real estate properties | 3,700,000 | 3,900,000 | ' |
Valuation charge on other real estate owned | 2,200,000 | 1,100,000 | ' |
Impaired loans [Abstract] | ' | ' | ' |
Impaired loans | 29,340,000 | 26,073,000 | 13,711,000 |
Collateral dependent impaired loans | 5,100,000 | 10,800,000 | ' |
Gross charge offs, commercial impaired loans | 761,000 | 2,500,000 | ' |
Gross charge offs, residential impaired loans | 534,000 | 1,700,000 | ' |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Other Real Estate Owned (ORE) [Abstract] | ' | ' | ' |
Other real estate owned | 0 | 0 | ' |
Impaired loans [Abstract] | ' | ' | ' |
Commercial real estate | 0 | 0 | ' |
Real estate mortgage 1 to 4 family: first mortgage | 0 | 0 | ' |
Home Equity Loans | 0 | 0 | ' |
Home Equity Lines of Credit | 0 | 0 | ' |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Other Real Estate Owned (ORE) [Abstract] | ' | ' | ' |
Other real estate owned | 0 | 0 | ' |
Impaired loans [Abstract] | ' | ' | ' |
Commercial real estate | 0 | 0 | ' |
Real estate mortgage 1 to 4 family: first mortgage | 0 | 0 | ' |
Home Equity Loans | 0 | 0 | ' |
Home Equity Lines of Credit | 0 | 0 | ' |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Other Real Estate Owned (ORE) [Abstract] | ' | ' | ' |
Other real estate owned | 8,729,000 | 8,705,000 | ' |
Impaired loans [Abstract] | ' | ' | ' |
Commercial real estate | 1,802,000 | 4,690,000 | ' |
Real estate mortgage 1 to 4 family: first mortgage | 2,425,000 | 5,421,000 | ' |
Home Equity Loans | 48,000 | 67,000 | ' |
Home Equity Lines of Credit | 810,000 | 581,000 | ' |
Nonrecurring [Member] | Carrying Value [Member] | ' | ' | ' |
Other Real Estate Owned (ORE) [Abstract] | ' | ' | ' |
Other real estate owned | 8,729,000 | 8,705,000 | ' |
Impaired loans [Abstract] | ' | ' | ' |
Commercial real estate | 1,802,000 | 4,690,000 | ' |
Real estate mortgage 1 to 4 family: first mortgage | 2,425,000 | 5,421,000 | ' |
Home Equity Loans | 48,000 | 67,000 | ' |
Home Equity Lines of Credit | $810,000 | $581,000 | ' |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments, Part 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $583,044 | $544,016 | $532,943 | $444,250 |
Securities available for sale | 863,754 | 912,092 | ' | ' |
Held to maturity securities | 90,305 | 151,126 | ' | ' |
Net loans | 2,910,940 | 2,771,705 | ' | ' |
Accrued interest receivable | 11,198 | 11,752 | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' | ' |
Demand deposits | 318,456 | 300,544 | ' | ' |
Interest bearing deposits | 3,609,592 | 3,505,833 | ' | ' |
Short-term borrowings | 204,162 | 159,846 | ' | ' |
Accrued interest payable | 468 | 449 | ' | ' |
Fair Value Measurements Using Level 1 [Member] | ' | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 583,044 | 544,016 | ' | ' |
Securities available for sale | 10 | 10 | ' | ' |
Held to maturity securities | 0 | 0 | ' | ' |
Net loans | 0 | 0 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' | ' |
Demand deposits | 318,456 | 300,544 | ' | ' |
Interest bearing deposits | 2,477,567 | 2,426,170 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Accrued interest payable | 101 | 103 | ' | ' |
Fair Value Measurements Using Level 2 [Member] | ' | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale | 863,744 | 912,082 | ' | ' |
Held to maturity securities | 90,305 | 151,126 | ' | ' |
Net loans | 0 | 0 | ' | ' |
Accrued interest receivable | 3,452 | 4,114 | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' | ' |
Demand deposits | 0 | 0 | ' | ' |
Interest bearing deposits | 1,132,025 | 1,079,663 | ' | ' |
Short-term borrowings | 204,162 | 159,846 | ' | ' |
Accrued interest payable | 367 | 346 | ' | ' |
Fair Value Measurements Using Level 3 [Member] | ' | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Held to maturity securities | 0 | 0 | ' | ' |
Net loans | 2,910,940 | 2,771,705 | ' | ' |
Accrued interest receivable | 7,746 | 7,638 | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' | ' |
Demand deposits | 0 | 0 | ' | ' |
Interest bearing deposits | 0 | 0 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 583,044 | 544,016 | ' | ' |
Securities available for sale | 863,754 | 912,092 | ' | ' |
Held to maturity securities | 86,215 | 143,426 | ' | ' |
Federal Reserve Bank and Federal Home Loan Bank stock | 10,500 | 9,632 | ' | ' |
Net loans | 2,878,540 | 2,636,806 | ' | ' |
Accrued interest receivable | 11,198 | 11,752 | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' | ' |
Demand deposits | 318,456 | 300,544 | ' | ' |
Interest bearing deposits | 3,608,615 | 3,503,649 | ' | ' |
Short-term borrowings | 204,162 | 159,846 | ' | ' |
Accrued interest payable | $468 | $449 | ' | ' |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Set | ||||
Tier One Risk Based Capital [Abstract] | ' | ' | ||
Tier One Risk Based Capital | $375,063,000 | $356,687,000 | ||
Total risk-based capital | 403,317,000 | 383,678,000 | ||
Risk Based Ratios [Abstract] | ' | ' | ||
Tier 1 risk-based capital, ratio (in hundredths) | 16.74% | 16.68% | ||
Total risk-based capital, ratio (in hundredths) | 18.00% | 17.94% | ||
Leverage Capital [Abstract] | ' | ' | ||
Leverage Capital | 375,063,000 | 356,687,000 | ||
Tier One Risk Based Capital | 375,063,000 | 356,687,000 | ||
Total risk-based capital | 403,317,000 | 383,678,000 | ||
Leverage Ratios [Abstract] | ' | ' | ||
Leverage Capital, ratio (in hundredths) | 8.27% | 8.21% | ||
Tier 1 risk-based capital, ratio (in hundredths) | 16.74% | 16.68% | ||
Total risk-based capital, ratio (in hundredths) | 18.00% | 17.94% | ||
Number of overlapping sets of regulatory capital requirements | 2 | ' | ||
Minimum tangible capital as percentage of tangible assets required (in hundredths) | 1.50% | ' | ||
Leverage ratio for the most highly rated institutions (in hundredths) | 3.00% | ' | ||
Top-tier savings and loans bank threshold total consolidated assets | 500,000,000 | ' | ||
Tier 1 minimum capital requirement, future common equity rule (in hundredths) | 4.50% | ' | ||
Minimum tier 1 capital to risk-based assets requirement affected on January 1, 2015 (in hundredths) | 6.00% | ' | ||
Trustco Bank [Member] | ' | ' | ||
Tier One Risk Based Capital [Abstract] | ' | ' | ||
Tier 1 (core) capital | 365,954,000 | 349,580,000 | ||
Tier One Risk Based Capital | 365,954,000 | 349,580,000 | ||
Total risk-based capital | 394,200,000 | 376,565,000 | ||
Risk Based Ratios [Abstract] | ' | ' | ||
Tier 1 (core) capital, ratio (in hundredths) | 8.07% | 8.05% | ||
Tier 1 (core) capital, Well Capitalized (in hundredths) | 5.00% | [1] | 5.00% | [1] |
Tier 1 (core) capital, Adequately Capitalized (in hundredths) | 4.00% | [1] | 4.00% | [1] |
Tier 1 risk-based capital, ratio (in hundredths) | 16.34% | 16.35% | ||
Tier 1 risk-based capital, Well Capitalized (in hundredths) | 6.00% | [1] | 6.00% | [1] |
Tier 1 risk-based capital, Adequately Capitalized (in hundredths) | 4.00% | [1] | 4.00% | [1] |
Total risk-based capital, ratio (in hundredths) | 17.60% | 17.62% | ||
Total risk-based capital, Well Capitalized (in hundredths) | 10.00% | [1] | 10.00% | [1] |
Total risk-based capital, Adequately Capitalized (in hundredths) | 8.00% | [1] | 8.00% | [1] |
Leverage Capital [Abstract] | ' | ' | ||
Tier One Risk Based Capital | 365,954,000 | 349,580,000 | ||
Total risk-based capital | $394,200,000 | $376,565,000 | ||
Leverage Ratios [Abstract] | ' | ' | ||
Tier 1 risk-based capital, ratio (in hundredths) | 16.34% | 16.35% | ||
Total risk-based capital, ratio (in hundredths) | 17.60% | 17.62% | ||
[1] | Regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, beginning of period | $1,558 | ($2,493) | ($4,119) |
Other comprehensive income (loss)- before reclassifications | -14,511 | 5,322 | 2,588 |
Amount reclassified from accumulated other comprehensive income | -850 | -1,271 | -962 |
Other comprehensive income (loss), net of tax | -15,361 | 4,051 | 1,626 |
Accumulated other comprehensive income (loss), net of tax, end of period | -13,803 | 1,558 | -2,493 |
Unrealized Gain (Losses) on Securities Available For Sale [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, beginning of period | 3,755 | -1,018 | -5,607 |
Other comprehensive income (loss)- before reclassifications | -20,860 | 6,070 | 5,446 |
Amount reclassified from accumulated other comprehensive income | -973 | -1,297 | -857 |
Other comprehensive income (loss), net of tax | -21,833 | 4,773 | 4,589 |
Accumulated other comprehensive income (loss), net of tax, end of period | -18,078 | 3,755 | -1,018 |
Net Change in Net Actuarial Loss and Prior Service Credit on Pension and Postretirement Benefit Plans, Net of Tax [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, beginning of period | 309 | 283 | 388 |
Other comprehensive income (loss)- before reclassifications | 0 | 0 | 0 |
Amount reclassified from accumulated other comprehensive income | 123 | 26 | -105 |
Other comprehensive income (loss), net of tax | 123 | 26 | -105 |
Accumulated other comprehensive income (loss), net of tax, end of period | 432 | 309 | 283 |
Change in overfunded position [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax, beginning of period | -2,506 | -1,758 | 1,100 |
Other comprehensive income (loss)- before reclassifications | 6,349 | -748 | -2,858 |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 6,349 | -748 | -2,858 |
Accumulated other comprehensive income (loss), net of tax, end of period | $3,843 | ($2,506) | ($1,758) |
Other_Comprehensive_Income_Rec
Other Comprehensive Income, Reclassifications out of accumulated other comprehensive income (loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net gain on securities transactions | $1,622 | $2,161 | $1,428 |
Salaries and employee benefits | 32,424 | 31,276 | 28,751 |
Income taxes | 23,717 | 22,441 | 19,298 |
Net income | 39,812 | 37,534 | 33,087 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net income | 850 | 1,271 | 962 |
Unrealized Gain (Losses) on Securities Available For Sale [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net gain on securities transactions | 1,622 | 2,161 | 1,428 |
Income taxes | -649 | -864 | -571 |
Net income | 973 | 1,297 | 857 |
Net Change in Net Actuarial Loss and Prior Service Credit on Pension and Postretirement Benefit Plans, Net of Tax [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income taxes | 82 | 18 | -72 |
Net income | -123 | -26 | 105 |
Amortization of Net Actuarial Loss [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Salaries and employee benefits | -467 | -306 | -85 |
Amortization Of Prior Service Cost [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Salaries and employee benefits | $262 | $262 | $262 |
Common_stock_offering_Details
Common stock offering (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock offering [Abstract] | ' | ' | ' |
Common stock public offering completion date | 6-Jul-11 | ' | ' |
Number of shares of common stock in public offering (in shares) | 15,640,000 | ' | ' |
Shares of common stock, par value (in dollars per share) | $1 | $1 | $1 |
Additional shares due to underwriters' exercise of over-allotment option ( in shares) | 2,040,000 | ' | ' |
Common stock sale price (in dollars per share) | $4.60 | ' | ' |
Net proceeds from common stock offering | $67.60 | ' | ' |
Building_Held_for_Sale_Details
Building Held for Sale (Details) (USD $) | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 |
Subsequent Event [Member] | ||
Building Held for Sale [Abstract] | ' | ' |
Agreement to sell operations center | $5 | ' |
Carrying value of building to be used as operations center | 3.2 | ' |
Subsequent Event [Line Items] | ' | ' |
Recognized gain from the sale of the building | ' | $1.60 |
Parent_Company_Only_Statements
Parent Company Only, Statements of Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Income [Abstract] | ' | ' | ' |
Net gain on securities transactions | $1,622 | $2,161 | $1,428 |
Expenses [Abstract] | ' | ' | ' |
Professional services | 5,649 | 6,040 | 5,729 |
Total noninterest expense | 85,005 | 83,977 | 82,142 |
Income taxes | 23,717 | 22,441 | 19,298 |
Net income | 39,812 | 37,534 | 33,087 |
TrustCo Bank Corp NY [Member] | ' | ' | ' |
Statement of Income [Abstract] | ' | ' | ' |
Dividends and interest from subsidiaries | 24,491 | 24,475 | 19,635 |
Net gain on securities transactions | 0 | 0 | 45 |
Income from other investments | 0 | 0 | 1 |
Total income | 24,491 | 24,475 | 19,681 |
Expenses [Abstract] | ' | ' | ' |
Operating supplies | 81 | 105 | 86 |
Professional services | 491 | 296 | 362 |
Miscellaneous expense | 1,042 | 737 | 555 |
Total noninterest expense | 1,614 | 1,138 | 1,003 |
Income before income taxes and subsidiaries' undistributed earnings | 22,877 | 23,337 | 18,678 |
Income taxes | -548 | -364 | -174 |
Income before subsidiaries' undistributed earnings | 23,425 | 23,701 | 18,852 |
Equity in undistributed earnings of subsidiaries | 16,387 | 13,833 | 14,235 |
Net income | $39,812 | $37,534 | $33,087 |
Parent_Company_Only_Statements1
Parent Company Only, Statements of Condition (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets [Abstract] | ' | ' | ' | ' |
Securities available for sale | $863,754 | $912,092 | ' | ' |
Other assets | 82,430 | 64,402 | ' | ' |
Total assets | 4,521,452 | 4,346,613 | ' | ' |
Liabilities and shareholders' equity [Abstract] | ' | ' | ' | ' |
Accrued expenses and other liabilities | 28,406 | 23,776 | ' | ' |
Total liabilities | 4,159,639 | 3,987,815 | ' | ' |
Shareholders' equity | 361,813 | 358,798 | 338,516 | 255,440 |
Total liabilities and shareholders' equity | 4,521,452 | 4,346,613 | ' | ' |
TrustCo Bank Corp NY [Member] | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' |
Cash in subsidiary bank | 15,263 | 12,950 | ' | ' |
Investments in subsidiaries | 352,717 | 351,704 | ' | ' |
Securities available for sale | 10 | 10 | ' | ' |
Other assets | 227 | 178 | ' | ' |
Total assets | 368,217 | 364,842 | ' | ' |
Liabilities and shareholders' equity [Abstract] | ' | ' | ' | ' |
Accrued expenses and other liabilities | 6,404 | 6,044 | ' | ' |
Total liabilities | 6,404 | 6,044 | ' | ' |
Shareholders' equity | 361,813 | 358,798 | ' | ' |
Total liabilities and shareholders' equity | $368,217 | $364,842 | ' | ' |
Parent_Company_Only_Statements2
Parent Company Only, Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $39,812 | $37,534 | $33,087 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Stock based compensation expense | 378 | 405 | 287 |
Net gain on securities transactions | -1,622 | -2,161 | -1,428 |
Total adjustments | 23,147 | 21,095 | 28,231 |
Net cash provided by operating activities | 62,959 | 58,629 | 61,318 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales and calls of securities available for sale | 417,204 | 1,204,250 | 1,171,945 |
Purchases of securities available for sale | -416,617 | -1,199,986 | -1,207,157 |
Net cash used in investing activities | -169,345 | -106,385 | -226,604 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options and related tax benefits | 36 | 0 | 0 |
Dividends paid | -24,724 | -24,587 | -21,333 |
Net proceeds from common stock offering | 0 | 0 | 67,578 |
Proceeds from sales of treasury stock | 2,908 | 2,913 | 2,900 |
Net cash provided by (used in) financing activities | 145,414 | 58,829 | 253,979 |
Net increase in cash and cash equivalents | 39,028 | 11,073 | 88,693 |
Cash and cash equivalents at beginning of period | 544,016 | 532,943 | 444,250 |
Cash and cash equivalents at end of period | 583,044 | 544,016 | 532,943 |
TrustCo Bank Corp NY [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 39,812 | 37,534 | 33,087 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed earnings of subsidiaries | -16,387 | -13,833 | -14,235 |
Stock based compensation expense | 378 | 405 | 287 |
Net gain on securities transactions | 0 | 0 | -45 |
Net change in other assets and accrued expenses | 277 | -158 | -232 |
Total adjustments | -15,732 | -13,586 | -14,225 |
Net cash provided by operating activities | 24,080 | 23,948 | 18,862 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales and calls of securities available for sale | 0 | 0 | 372 |
Investment in bank subsidiary | 0 | 0 | -67,000 |
Purchases of securities available for sale | 0 | 0 | -68 |
Net cash used in investing activities | 0 | 0 | -66,696 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options and related tax benefits | 36 | 0 | 0 |
Dividends paid | -24,711 | -24,574 | -21,320 |
Net proceeds from common stock offering | 0 | 0 | 67,578 |
Proceeds from sales of treasury stock | 2,908 | 2,913 | 2,900 |
Net cash provided by (used in) financing activities | -21,767 | -21,661 | 49,158 |
Net increase in cash and cash equivalents | 2,313 | 2,287 | 1,324 |
Cash and cash equivalents at beginning of period | 12,950 | 10,663 | 9,339 |
Cash and cash equivalents at end of period | $15,263 | $12,950 | $10,663 |