Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ConnectOne Bancorp, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 29,665,075 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000712771 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_STATEMENTS_OF_CON
CONSOLIDATED STATEMENTS OF CONDITION (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $41,041 | $82,692 |
Interest-bearing deposits with banks | 96,972 | ' |
Cash and cash equivalents | 138,013 | 82,692 |
Investment securities: | ' | ' |
Available-for-sale | 307,502 | 323,070 |
Held-to-maturity (fair value of $222,393 and $210,958) | 217,567 | 215,286 |
Loans held for sale | 920 | ' |
Loans receivable | 2,426,765 | 960,943 |
Less: Allowance for loan losses | 12,118 | 10,333 |
Net loans receivable | 2,414,647 | 950,610 |
Investment in restricted stock, at cost | 17,922 | 8,986 |
Bank premises and equipment, net | 20,900 | 13,681 |
Accrued interest receivable | 10,976 | 6,802 |
Bank-owned life insurance | 51,999 | 35,734 |
Other real estate owned | 1,442 | 220 |
Due from brokers for investment securities | ' | 8,759 |
Goodwill | 145,909 | 16,804 |
Core deposit intangibles | 5,070 | 24 |
Other assets | 23,390 | 10,414 |
Total assets | 3,356,257 | 1,673,082 |
Deposits: | ' | ' |
Noninterest-bearing | 471,151 | 227,370 |
Interest-bearing | 1,998,017 | 1,114,635 |
Total deposits | 2,469,168 | 1,342,005 |
Borrowings | 420,960 | 146,000 |
Subordinated debentures | 5,155 | 5,155 |
Other liabilities | 19,135 | 11,338 |
Total liabilities | 2,914,418 | 1,504,498 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock, $1,000 liquidation value per share, authorized 5,000,000 shares; issued and outstanding 11,250 shares of Series B preferred stock at September 30, 2014 and December 31, 2013; total liquidation value of $11,250,000 at September 30, 2014 and December 31, 2013 | 11,250 | 11,250 |
Common stock, no par value, authorized 50,000,000 shares; issued 31,728,997 shares at September 30, 2014 and 18,477,412 at December 31, 2013; outstanding 29,665,075 shares at September 30, 2014 and 16,369,012 at December 31, 2013 | 374,287 | 110,056 |
Additional paid-in capital | 5,818 | 4,986 |
Retained earnings | 66,623 | 61,914 |
Treasury stock, at cost (2,063,922 common shares at September 30, 2014 and 2,108,400 at December 31, 2013) | -16,717 | -17,078 |
Accumulated other comprehensive income (loss) | 578 | -2,544 |
Total stockholders’ equity | 441,839 | 168,584 |
Total liabilities and stockholders’ equity | $3,356,257 | $1,673,082 |
CONSOLIDATED_STATEMENTS_OF_CON1
CONSOLIDATED STATEMENTS OF CONDITION (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Held-to-maturity, fair value (in Dollars) | $222,393,000 | $210,958,000 |
Preferred stock, liquidation value (in Dollars per share) | $1,000 | $1,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, total liquidation value (in Dollars) | $11,250,000 | $11,250,000 |
Common stock, par value (in Dollars per share) | ' | ' |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,728,997 | 18,477,412 |
Common stock, shares outstanding | 29,665,075 | 16,369,012 |
Treasury Stock, Shares | 2,063,922 | 2,108,400 |
Series B Preferred Stock [Member] | ' | ' |
Preferred stock, shares issued | 11,250 | 11,250 |
Preferred stock, shares outstanding | 11,250 | 11,250 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income | ' | ' | ' | ' |
Interest and fees on loans | $28,098 | $10,148 | $48,670 | $29,963 |
Interest and dividends on investment securities: | ' | ' | ' | ' |
Taxable | 2,916 | 3,116 | 8,840 | 8,973 |
Tax-exempt | 892 | 1,151 | 2,840 | 3,308 |
Dividends | 349 | 126 | 639 | 378 |
Interest on federal funds sold and other short-term investments | 88 | ' | 88 | 2 |
Total interest income | 32,343 | 14,541 | 61,077 | 42,624 |
Interest expense | ' | ' | ' | ' |
Deposits | 2,725 | 1,330 | 5,343 | 3,897 |
Borrowings | 2,072 | 1,489 | 4,914 | 4,407 |
Total interest expense | 4,797 | 2,819 | 10,257 | 8,304 |
Net interest income | 27,546 | 11,722 | 50,820 | 34,320 |
Provision for loan losses | 1,300 | ' | 2,209 | ' |
Net interest income after provision for loan losses | 26,246 | 11,722 | 48,611 | 34,320 |
Noninterest income | ' | ' | ' | ' |
Service charges, commissions and fees | 315 | 780 | 1,645 | 1,890 |
Annuities and insurance commissions | 94 | 92 | 299 | 338 |
Bank-owned life insurance | 401 | 265 | 912 | 1,104 |
Net gains on sale of loans held for sale | 65 | 26 | 144 | 255 |
Net gains on sales of investment securities | 111 | 343 | 2,100 | 1,286 |
Other income | 187 | 37 | 322 | 222 |
Total other income | 1,173 | 1,543 | 5,422 | 5,095 |
Noninterest expense | ' | ' | ' | ' |
Salaries and employee benefits | 6,243 | 3,247 | 13,153 | 10,072 |
Occupancy and equipment | 1,781 | 839 | 3,658 | 2,556 |
FDIC insurance | 504 | 283 | 1,092 | 804 |
Professional and consulting | 530 | 352 | 1,289 | 801 |
Marketing and advertising | 209 | 94 | 276 | 257 |
Data processing | 902 | 362 | 1,761 | 1,058 |
Merger expenses | 8,784 | ' | 10,573 | ' |
Loss on extinguishment of debt | 4,550 | ' | 4,550 | ' |
Amortization of core deposit intangible | 248 | 6 | 260 | 19 |
Other expenses | 1,649 | 1,022 | 3,028 | 3,252 |
Total other expense | 25,400 | 6,205 | 39,640 | 18,819 |
Income before income tax expense | 2,019 | 7,060 | 14,393 | 20,596 |
Income tax expense | 253 | 1,966 | 3,851 | 5,655 |
Net Income | 1,766 | 5,094 | 10,542 | 14,941 |
Less: Preferred stock dividends | 28 | 28 | 84 | 112 |
Net income available to common stockholders | $1,738 | $5,066 | $10,458 | $14,829 |
Earnings per common share | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.06 | $0.31 | $0.50 | $0.91 |
Diluted (in Dollars per share) | $0.06 | $0.31 | $0.49 | $0.91 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic (in Shares) | 29,636,001 | 16,349,480 | 20,819,241 | 16,348,875 |
Diluted (in Shares) | 30,108,103 | 16,385,155 | 21,285,452 | 16,380,970 |
Dividends per common share (in Dollars per share) | $0.08 | $0.08 | $0.23 | $0.19 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $1,766 | $5,094 | $10,542 | $14,941 |
Unrealized gains and losses on securities available-for-sale: | ' | ' | ' | ' |
Unrealized holding (losses) gains on available-for-sale securities | -1,171 | 383 | 5,656 | -10,771 |
Tax effect | 584 | -118 | -1,882 | 4,371 |
Net of tax amount | -587 | 265 | 3,774 | -6,400 |
Reclassification adjustment of OTTI losses included in income | ' | ' | ' | 24 |
Tax effect | ' | ' | ' | -6 |
Net of tax amount | ' | ' | ' | 18 |
Reclassification adjustment for net gains arising during the period | -111 | -343 | -2,100 | -1,286 |
Tax effect | 42 | 96 | 601 | 353 |
Net of tax amount | -69 | -247 | -1,499 | -933 |
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity | 57 | -42 | 156 | 32 |
Tax effect | -24 | 15 | -67 | -13 |
Net of tax amount | 33 | -27 | 89 | 19 |
Pension plan: | ' | ' | ' | ' |
Actuarial gains | ' | ' | 1,281 | ' |
Tax effect | ' | ' | -523 | ' |
Net of tax amount | ' | ' | 758 | ' |
Total other comprehensive (loss) income | -623 | -9 | 3,122 | -7,296 |
Total comprehensive income | $1,143 | $5,085 | $13,664 | $7,645 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2012 | $11,250 | $110,056 | $4,801 | $46,753 | ($17,232) | $5,063 | $160,691 |
Net income | ' | ' | ' | 19,925 | ' | ' | 19,925 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | -7,607 | -7,607 |
Dividend on series B preferred stock | ' | ' | ' | -169 | ' | ' | -169 |
Issuance cost of common stock | ' | ' | ' | -13 | ' | ' | -13 |
Cash dividends declared on common stock | ' | ' | ' | -4,581 | ' | ' | -4,581 |
Issuance of restricted stock awards (18,829 shares) | ' | ' | 91 | ' | 152 | ' | 243 |
Dividend on restricted stock declared | ' | ' | ' | -1 | ' | ' | -1 |
Stock issued for options exercised | ' | ' | 19 | ' | 2 | ' | 21 |
Stock-based compensation | ' | ' | 75 | ' | ' | ' | 75 |
Balance at Dec. 31, 2013 | 11,250 | 110,056 | 4,986 | 61,914 | -17,078 | -2,544 | 168,584 |
Net income | ' | ' | ' | 10,542 | ' | ' | 10,542 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | 3,122 | 3,122 |
Dividend on series B preferred stock | ' | ' | ' | -84 | ' | ' | -84 |
Issuance cost of common stock | ' | ' | ' | -7 | ' | ' | -7 |
Cash dividends declared on common stock | ' | ' | ' | -5,742 | ' | ' | -5,742 |
Stock issued for options exercised | ' | ' | 424 | ' | 361 | ' | 785 |
Stock issued (13,221,152 shares) and options acquired (783,732 shares) in acquisition of Legacy ConnectOne | ' | 264,231 | ' | ' | ' | ' | 264,231 |
Stock-based compensation | ' | ' | 408 | ' | ' | ' | 408 |
Balance at Sep. 30, 2014 | $11,250 | $374,287 | $5,818 | $66,623 | ($16,717) | $578 | $441,839 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Cash dividends declared on common stock, per share (in Dollars per share) | $0.23 | $0.26 |
Issuance of restricted stock awards, shares | ' | 18,829 |
Stock issued for options exercised, shares | 74,911 | 2,268 |
Stock issued in acquisition | 13,221,152 | ' |
Options acquired in acquisition | 783,732 | ' |
Common Stock [Member] | ' | ' |
Stock issued in acquisition | 13,221,152 | ' |
Options acquired in acquisition | 783,732 | ' |
Additional Paid-in Capital [Member] | ' | ' |
Issuance of restricted stock awards, shares | ' | 18,829 |
Stock issued for options exercised, shares | 74,911 | 2,268 |
Retained Earnings [Member] | ' | ' |
Cash dividends declared on common stock, per share (in Dollars per share) | $0.23 | $0.26 |
Treasury Stock [Member] | ' | ' |
Issuance of restricted stock awards, shares | ' | 18,829 |
Stock issued for options exercised, shares | 74,911 | 2,268 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $10,542 | $14,941 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of premiums and accretion of discounts on investment securities, net | 1,966 | 2,665 |
Depreciation and amortization | 1,717 | 650 |
Provision for loan losses | 2,209 | ' |
Stock-based compensation (excluding tax benefit) | 51 | 41 |
Other-than-temporary impairment losses on investment securities | ' | 24 |
Gains on sales of investment securities, net | -2,100 | -1,286 |
Net loss on sale of other real estate owned | 23 | 75 |
Loans originated for resale | -7,316 | -14,045 |
Proceeds from sale of loans held for sale | 6,730 | 15,690 |
Gains on sale of loans held for sale | -144 | -255 |
Decrease in accrued interest receivable | 296 | 277 |
Increase in cash surrender value of bank-owned life insurance | -912 | -813 |
Life insurance death benefit | ' | -291 |
Decrease (increase) in other assets | 1,128 | -2,351 |
(Decrease) increase in other liabilities | -3,791 | 2,446 |
Net cash provided by operating activities | 10,399 | 17,768 |
Investment securities available-for-sale: | ' | ' |
Purchases | -31,550 | -137,152 |
Sales | 66,738 | 90,773 |
Maturities, calls and principal repayments | 20,951 | 38,634 |
Investment securities held-to-maturity: | ' | ' |
Purchases | -8,310 | -23,531 |
Maturities and principal repayments | 6,235 | 3,248 |
Net (purchases) redemption of restricted investment in bank stocks | 4,710 | -22 |
Net increase in loans | -167,314 | -68,099 |
Purchases of premises and equipment | -2,199 | -535 |
Proceeds from bank-owned life insurance death benefits | ' | 592 |
Proceeds from sale of other real estate owned | 1,562 | 1,230 |
Cash acquired in acquisition of Legacy ConnectOne | 70,318 | ' |
Net cash used in investing activities | -38,859 | -94,862 |
Cash flows from financing activities: | ' | ' |
Net increase in deposits | 75,821 | 7,395 |
Net increase in borrowings | 11,590 | ' |
Cash dividends on preferred stock | -84 | -112 |
Cash dividends paid on common stock | -4,681 | -3,025 |
Issuance of restricted stock awards | ' | 243 |
Issuance cost of common stock | -7 | -9 |
Tax benefit of options exercised | 357 | ' |
Proceeds from exercise of stock options | 785 | 21 |
Net cash provided by financing activities | 83,781 | 4,513 |
Net change in cash and cash equivalents | 55,321 | -72,581 |
Cash and cash equivalents at beginning of period | 82,692 | 106,138 |
Cash and cash equivalents at end of period | 138,013 | 33,557 |
Cash payments for: | ' | ' |
Interest paid on deposits and borrowings | 10,222 | 8,357 |
Income taxes | $4,653 | $2,195 |
Nature_of_Operations_and_Princ
Nature of Operations and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1. Nature of Operations and Principles of Consolidation | |
The consolidated financial statements of ConnectOne Bancorp, Inc. (the “Parent Corporation”) are prepared on an accrual basis and include the accounts of the Parent Corporation and its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s other direct and indirect subsidiaries, the “Corporation”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | |
The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey, through its twenty-three other banking offices. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from business operations. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the cash flows, real estate and general economic conditions in the area. | |
The following unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and, accordingly, do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014, or for any other interim period. The Corporation’s 2013 Annual Report on Form 10-K, should be read in conjunction with these financial statements. | |
In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, the other-than-temporary impairment evaluation of securities, the evaluation of the impairment of goodwill and the evaluation of deferred tax assets. | |
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Some items in the prior year financial statements were reclassified to conform with current presentation. Reclassifications had not effect on prior year net income for stockholders’ equity. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Changes and Error Corrections [Text Block] | ' |
Note 2. Recent Accounting Pronouncements | |
FASB ASU 2014-04: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. EITF Issue 13-E sought to define “in substance repossession or foreclosure” because of the diversity in practice regarding when entities were reclassifying loans receivable to other real estate owned instead of as a loan receivable. The timing of loan reclassifications to OREO may be qualitatively significant to regulators and other financial statement users. “In substance repossession or foreclosure” is clarified by the ASU. A creditor is considered to have received physical possession (resulting from an in substance repossession) of residential real estate property collateralizing a consumer mortgage loan only upon the occurrence of either of the following: a) The creditor obtains legal title to the residential real estate property upon completion of a foreclosure. A creditor may obtain legal title to the residential real estate property even if the borrower has redemption rights that provide the borrower with a legal right for a period of time after a foreclosure to reclaim the real estate property by paying certain amounts specified by law; or b) The borrower conveys all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The deed in lieu of foreclosure or similar legal agreement is completed when agreed-upon terms and conditions have been satisfied by both the borrower and the creditor. The ASU is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Corporation will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
FASB ASU No. 2014-09: Revenue from Contracts with Customers. In May 2014, the FASB issued an update creating FASB Topic 606, Revenue from Contracts with Customers. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. | |
FASB ASC ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In September 2014, the FASB issued an update impacting FASB ASC 860, Transfers and Servicing. The amendments in this update change the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require new disclosures. An entity is required to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. An entity must also provide additional information about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The amendments in this update become effective for the first interim or annual period beginning after December 15, 2014. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. | |
FASB ASC ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In September 2014, the FASB issued an update impacting FASB ASC 860, Transfers and Servicing. Generally, an award with a performance target also requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. An entity should apply guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the service has already been rendered. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements. | |
FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. This update requires the creditors to reclassify loans that are within the scope of the ASU to “other receivables” upon foreclosure, rather than reclassifying them to other real estate owned. The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. The new guidance is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The impact of adoption of this ASU by the Corporation is not expected to be material. |
Acquisition
Acquisition | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||
Note 3. Acquisition | |||||||||||||
On January 20, 2014, the Parent Corporation entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ConnectOne Bancorp, Inc., a New Jersey corporation (“Legacy ConnectOne”). Effective July 1, 2014 (the “Effective Time”), the Parent Corporation completed the merger contemplated by the Merger Agreement (the “Merger”) with Legacy ConnectOne. At closing, Legacy ConnectOne merged with and into the Parent Corporation, with the Parent Corporation as the surviving corporation. Also at closing, the Parent Corporation changed its name from “Center Bancorp, Inc.” to “ConnectOne Bancorp, Inc.” and changed its NASDAQ trading symbol to “CNOB” from “CNBC.” | |||||||||||||
Pursuant to the Merger Agreement, holders of Legacy ConnectOne common stock, no par value per share (the “Legacy ConnectOne Common Stock”), received 2.6 shares of common stock of the Parent Corporation, no par value per share (the “Company Common Stock”), for each share of Legacy ConnectOne Common Stock held immediately prior to the effective time of the Merger, with cash to be paid in lieu of fractional shares. Each outstanding share of Company Common Stock remained outstanding and was unaffected by the Merger. Each option granted by Legacy ConnectOne to purchase shares of Legacy ConnectOne Common Stock was converted into an option to purchase Company Common Stock on the same terms and conditions as were applicable prior to the Merger (taking into account any acceleration or vesting by reason of the consummation of the Merger and its related transactions), subject to adjustment of the exercise price and the number of shares of Company Common Stock issuable upon exercise of such option based on the 2.6 exchange ratio. | |||||||||||||
Immediately following the Merger, Union Center National Bank, a bank organized pursuant to the laws of the United States, and a wholly owned subsidiary of the Parent Corporation (“UNCB”), merged (the “Bank Merger”) with and into ConnectOne Bank, a New Jersey state-chartered commercial bank and a wholly owned subsidiary of Legacy ConnectOne, with ConnectOne Bank as the surviving entity (the “Bank”). The Bank now conducts business only in the name of and under the brand of ConnectOne. | |||||||||||||
The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of July 1, 2014 based on management’s best estimate using the information available as of the Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $129,105,000 and a core deposit intangible of $5,308,000. As of July 1, 2014, Legacy ConnectOne had assets with a carrying value of approximately $1.5 billion, including loans with a carrying value of approximately $1.2 billion, and deposits with a carrying value of approximately $1.1 billion. The table below summarizes the amounts recognized as of the Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Corporation’s financial statements at fair value at the Merger date (in thousands): | |||||||||||||
Consideration paid through Center Bancorp, Inc. common stock issued to Legacy ConnectOne shareholders and fair value of stock options acceleration was $264,231 | |||||||||||||
Legacy | Fair value | As recorded | |||||||||||
ConnectOne | adjustments | at | |||||||||||
carrying value | acquisition | ||||||||||||
Cash and cash equivalents | $ | 70,318 | $ | — | $ | 70,318 | |||||||
Investment securities | 28,436 | 16 | (a) | 28,452 | |||||||||
Restricted stock | 13,646 | — | 13,646 | ||||||||||
Loans held for sale | 190 | — | 190 | ||||||||||
Loans | 1,304,600 | (5,316) | (b) | 1,299,284 | |||||||||
Bank owned life insurance | 15,481 | — | 15,481 | ||||||||||
Premises and equipment | 7,380 | (905) | (c) | 6,475 | |||||||||
Accrued interest receivable | 4,470 | — | 4,470 | ||||||||||
Core deposit and other intangibles | — | 5,308 | (d) | 5,308 | |||||||||
Other real estate owned | 2,455 | — | 2,455 | ||||||||||
Other assets | 10,636 | 3,650 | (e) | 14,286 | |||||||||
Deposits | (1,049,666 | ) | (1,676) | (f) | (1,051,342 | ) | |||||||
FHLB borrowings | (262,046 | ) | (1,324) | (g) | (263,370 | ) | |||||||
Other liabilities | (10,527 | ) | — | (10,527 | ) | ||||||||
Total identifiable net assets | $ | 135,373 | $ | (247 | ) | $ | 135,126 | ||||||
Goodwill recorded in the Merger | $ | 129,105 | |||||||||||
The following provides an explanation of certain fair value adjustments presented in the above table: | |||||||||||||
a) | Represents the fair value adjustment on investment securities held to maturity. | ||||||||||||
b) | Represents the elimination of Legacy ConnectOne’s allowance for loan losses, deferred fees, deferred costs and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. | ||||||||||||
c) | Represent an adjustment to reflect the fair value of below-market rent on leased premises. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. | ||||||||||||
d) | Represents intangible assets recorded to reflect the fair value of core deposits and below market rent leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. | ||||||||||||
e) | Consist primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to acquired assets, liabilities assumed and identifiable intangibles recorded. | ||||||||||||
f) | Represents fair value adjustment on time deposits as the weighted average interest rates of time deposits assumed exceeded the costs of similar funding available in the market at the time of the Merger, as well as the elimination of fees paid on brokered time deposits. | ||||||||||||
g) | Represents the fair value adjustment on FHLB borrowings as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Merger. | ||||||||||||
The amount of goodwill recorded reflects the increased market share and lending capabilities; greater access to best-in-class banking technology, and related synergies that are expected to result from the acquisition, and represents the excess purchase price over the estimated fair value of the net assets acquired by ConnectOne. | |||||||||||||
Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from Legacy ConnectOne were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimated future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loan were derived from the eventual sale of the collateral. These values were discounted using marked derived rate of returns, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of Legacy ConnectOne allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Merger. | |||||||||||||
The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of July 1, 2014 was comprised of collateral dependent loans with deteriorated credit quality as follows (in thousands): | |||||||||||||
ASC 310-30 | |||||||||||||
Loans | |||||||||||||
Contractual principal and accrued interest at acquisition | $ | 23,284 | |||||||||||
Principal not expected to be collected (non-accretable discount) | (6,942 | ) | |||||||||||
Expected cash flows at acquisition | 16,342 | ||||||||||||
Interest component of expected cash flows (accretable discount) | (5,013 | ) | |||||||||||
Fair value of acquired loans | $ | 11,329 | |||||||||||
The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the accelerated method. Other intangibles consist of below market rents, which are amortized over the remaining life of each lease using the straight-line method. | |||||||||||||
Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. | |||||||||||||
The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowed funds was estimated by discounting the future cash flows using market rates for similar borrowings. | |||||||||||||
Direct acquisition and integration costs of the Merger were expensed as incurred and totaled $10.6 million. These items were recorded as merger-related expenses on the statement of operations. | |||||||||||||
The following table presents selected unaudited pro forma financial information reflecting the Merger assuming it was completed as of January 1, 2014 and January 1, 2013. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the Merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full fiscal year period. Pro forma basic and diluted earnings per common share were calculated using the Corporation’s actual weighted average shares outstanding for the periods presented, plus the incremental shares issued, assuming the Merger occurred at the beginning of the periods presented. The unaudited pro forma information is based on the actual financial statements of the Corporation for the periods presented, and on the actual financial statements of the Corporation for the 2013 period presented and in 2014 until the date of the Merger, at which time Legacy ConnectOne’s results of operations were included in the Corporation’s financial statements. | |||||||||||||
The unaudited pro forma information, for the nine months ended September 30, 2014 and 2013, set forth below reflects the adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion discounts. The unaudited pro forma information give effect to the Merger as if it occurred on January 1, 2014 with respect to the pro forma information for the nine months ended September 30, 2014 and on January 1, 2013 with respect to the pro forma information for the nine months ended September 30, 2013. In the table below, merger-related expenses of $13.5 million were excluded from pro forma non-interest expenses for the nine months ended September 30, 2014. Income taxes were also adjusted to exclude income tax benefits of $3.9 million related to the merger expenses for the nine months ended September 30, 2014. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated cost savings. | |||||||||||||
Pro Forma for the Nine | |||||||||||||
Months Ended September | |||||||||||||
30, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands, except per | |||||||||||||
share amounts) | |||||||||||||
Net interest income | $ | 78,872 | $ | 71,091 | |||||||||
Noninterest income | 6,168 | 5,948 | |||||||||||
Noninterest expense | (41,073 | ) | (34,352 | ) | |||||||||
Net income | 26,490 | 26,125 | |||||||||||
Pro forma earnings per share from continuing operations: | |||||||||||||
Basic | $ | 0.89 | $ | 0.91 | |||||||||
Diluted | 0.88 | 0.9 | |||||||||||
The Corporation has determined that it is impractical to report the amounts of revenue and earnings of legacy ConnectOne since the acquisition date, July 1, 2014. The back-office systems conversion of the combined entity took place on July 21, 2014. Accordingly, reliable and separate complete revenue and earnings information are no longer available. In addition, such amounts would require significant estimates related to the proper allocation of merger cost saves that cannot be objectively made. |
Earnings_per_Common_Share
Earnings per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Note 4. Earnings per Common Share | |||||||||||||||||
Basic earnings per common share (“EPS”) is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Corporation’s weighted average common shares outstanding for diluted EPS include the effect of stock options and restricted stock awards outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS. | |||||||||||||||||
Earnings per common share have been computed as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 1,766 | $ | 5,094 | $ | 10,542 | $ | 14,941 | |||||||||
Preferred stock dividends | (28 | ) | (28 | ) | (84 | ) | (112 | ) | |||||||||
Net income available to common stockholders | $ | 1,738 | $ | 5,066 | $ | 10,458 | $ | 14,829 | |||||||||
Basic weighted average common shares outstanding | 29,636,001 | 16,349,480 | 20,819,241 | 16,348,875 | |||||||||||||
Effect of dilutive options | 472,102 | 35,675 | 466,211 | 32,095 | |||||||||||||
Diluted weighted average common shares outstanding | 30,108,103 | 16,385,155 | 21,285,452 | 16,380,970 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.06 | $ | 0.31 | $ | 0.5 | $ | 0.91 | |||||||||
Diluted | 0.06 | 0.31 | 0.49 | 0.91 | |||||||||||||
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||||
Note 5. Investment Securities | |||||||||||||||||||||||||||
The Corporation’s investment securities are classified as available-for-sale and held-to-maturity at September 30, 2014 and December 31, 2013. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value at the balance sheet date. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 7 of the Notes to Consolidated Financial Statements for a further discussion. | |||||||||||||||||||||||||||
Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. | |||||||||||||||||||||||||||
The following tables present information related to the Corporation’s investment securities at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 11,517 | $ | — | $ | (132 | ) | $ | 11,385 | ||||||||||||||||||
Federal agency obligations | 33,110 | 75 | (193 | ) | 32,992 | ||||||||||||||||||||||
Residential mortgage pass-through securities | 58,459 | 1,332 | (100 | ) | 59,691 | ||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,057 | — | (41 | ) | 3,016 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,204 | 225 | — | 8,429 | |||||||||||||||||||||||
Trust preferred securities | 16,085 | 465 | (236 | ) | 16,314 | ||||||||||||||||||||||
Corporate bonds and notes | 129,550 | 6,300 | (10 | ) | 135,840 | ||||||||||||||||||||||
Asset-backed securities | 21,603 | 151 | (1 | ) | 21,753 | ||||||||||||||||||||||
Certificates of deposit | 2,098 | 32 | (6 | ) | 2,124 | ||||||||||||||||||||||
Equity securities | 376 | — | (87 | ) | 289 | ||||||||||||||||||||||
Mutual funds and money market funds | 15,808 | — | (139 | ) | 15,669 | ||||||||||||||||||||||
Total | $ | 299,867 | $ | 8,580 | $ | (945 | ) | $ | 307,502 | ||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,212 | $ | 251 | $ | — | $ | 28,463 | |||||||||||||||||||
Federal agency obligations | 21,119 | 112 | (74 | ) | 21,157 | ||||||||||||||||||||||
Residential mortgage pass-through securities | 2,616 | 7 | — | 2,623 | |||||||||||||||||||||||
Commercial mortgage pass-through securities | 4,304 | 38 | (19 | ) | 4,323 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 123,379 | 3,914 | (151 | ) | 127,142 | ||||||||||||||||||||||
Corporate bonds and notes | 37,937 | 762 | (14 | ) | 38,685 | ||||||||||||||||||||||
Total | $ | 217,567 | $ | 5,084 | $ | (258 | ) | $ | 222,393 | ||||||||||||||||||
Total investment securities | $ | 517,434 | $ | 13,664 | $ | (1,203 | ) | $ | 529,895 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 14,344 | $ | — | $ | (825 | ) | $ | 13,519 | ||||||||||||||||||
Federal agency obligations | 20,567 | 29 | (655 | ) | 19,941 | ||||||||||||||||||||||
Residential mortgage pass-through securities | 48,312 | 791 | (229 | ) | 48,874 | ||||||||||||||||||||||
Commercial mortgage pass-through securities | 7,145 | 3 | (157 | ) | 6,991 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 30,804 | 711 | (55 | ) | 31,460 | ||||||||||||||||||||||
Trust preferred securities | 19,763 | 150 | (510 | ) | 19,403 | ||||||||||||||||||||||
Corporate bonds and notes | 154,182 | 4,930 | (482 | ) | 158,630 | ||||||||||||||||||||||
Asset-backed securities | 15,733 | 246 | — | 15,979 | |||||||||||||||||||||||
Certificates of deposit | 2,250 | 32 | (20 | ) | 2,262 | ||||||||||||||||||||||
Equity securities | 376 | — | (89 | ) | 287 | ||||||||||||||||||||||
Mutual funds and money market funds | 5,671 | 68 | (15 | ) | 5,724 | ||||||||||||||||||||||
Total | $ | 319,147 | $ | 6,960 | $ | (3,037 | ) | $ | 323,070 | ||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,056 | $ | — | $ | (1,019 | ) | $ | 27,037 | ||||||||||||||||||
Federal agency obligations | 15,249 | 23 | (389 | ) | 14,883 | ||||||||||||||||||||||
Residential mortgage-backed securities | 2,246 | — | (64 | ) | 2,182 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 4,417 | 41 | (62 | ) | 4,396 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 127,418 | 1,303 | (3,688 | ) | 125,033 | ||||||||||||||||||||||
Corporate bonds and notes | 37,900 | 149 | (622 | ) | 37,427 | ||||||||||||||||||||||
Total | $ | 215,286 | $ | 1,516 | $ | (5,844 | ) | $ | 210,958 | ||||||||||||||||||
Total investment securities | $ | 534,433 | $ | 8,476 | $ | (8,881 | ) | $ | 534,028 | ||||||||||||||||||
The following table presents information for investment securities available-for-sale at September 30, 2014, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. | |||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
Due in one year or less | $ | 14,395 | $ | 14,543 | |||||||||||||||||||||||
Due after one year through five years | 43,153 | 44,425 | |||||||||||||||||||||||||
Due after five years through ten years | 110,494 | 115,594 | |||||||||||||||||||||||||
Due after ten years | 54,125 | 54,275 | |||||||||||||||||||||||||
Residential mortgage pass-through securities | 58,459 | 59,691 | |||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,057 | 3,016 | |||||||||||||||||||||||||
Equity securities | 376 | 289 | |||||||||||||||||||||||||
Mutual funds and money market funds | 15,808 | 15,669 | |||||||||||||||||||||||||
Total | $ | 299,867 | $ | 307,502 | |||||||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
Due in one year or less | $ | 7,059 | $ | 7,140 | |||||||||||||||||||||||
Due after one year through five years | 7,907 | 8,056 | |||||||||||||||||||||||||
Due after five years through ten years | 69,114 | 70,359 | |||||||||||||||||||||||||
Due after ten years | 126,567 | 129,892 | |||||||||||||||||||||||||
Residential mortgage-backed securities | 2,616 | 2,623 | |||||||||||||||||||||||||
Commercial mortgage pass-through securities | 4,304 | 4,323 | |||||||||||||||||||||||||
Total | $ | 217,567 | $ | 222,393 | |||||||||||||||||||||||
Total investment securities | $ | 517,434 | $ | 529,895 | |||||||||||||||||||||||
For the nine months ended September 30, 2014, proceeds of available-for-sale investment securities sold amounted to approximately $67.0 million. | |||||||||||||||||||||||||||
Gross gains and losses from the sales of investment securities for the three-month and nine-month periods ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Gross gains on sales of investment securities | $ | 111 | $ | 343 | $ | 2,122 | $ | 1,375 | |||||||||||||||||||
Gross losses on sales of investment securities | — | — | 22 | 89 | |||||||||||||||||||||||
Net gains on sales of investment securities | 111 | 343 | 2,100 | 1,286 | |||||||||||||||||||||||
Less: tax provision on gross gains | 42 | 96 | 601 | 353 | |||||||||||||||||||||||
Gross gains on sales of investments, net of tax | $ | 69 | $ | 247 | $ | 1,499 | $ | 933 | |||||||||||||||||||
The following summarizes OTTI charges for the periods indicated. | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Other than temporary impairment charges | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Principal losses on a variable rate CMO | — | — | — | 24 | |||||||||||||||||||||||
Total other-than-temporary impairment charges | $ | — | $ | — | $ | — | $ | 24 | |||||||||||||||||||
The Corporation performs regular analysis on all its investment securities to determine whether a decline in fair value indicates that an investment is other-than-temporarily impaired in accordance with FASB ASC 320-10. FASB ASC 320-10 requires companies to record OTTI charges through earnings if they have the intent to sell, or if it is more likely than not that they will be required to sell an impaired debt security before recovery of its amortized cost basis. If the Corporation 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 is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its estimated fair value at the balance sheet date. If the Corporation 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 is separated into the amount representing the credit loss and the amount related to all other factors. The amount of the 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. | |||||||||||||||||||||||||||
The Corporation’s assessment of whether an impairment is other than temporary includes factors such as whether the issuer has defaulted on scheduled payments, announced a restructuring and/or filed for bankruptcy, has disclosed severe liquidity problems that cannot be resolved, disclosed a deteriorating financial condition or sustained significant losses. The Corporation maintains a watch list for the identification and monitoring of securities experiencing problems that require a heightened level of review. This could result from credit rating downgrades. | |||||||||||||||||||||||||||
The following table presents detailed information for each trust preferred security held by the Corporation at September 30, 2014 which has at least one rating below investment grade. | |||||||||||||||||||||||||||
Issuer | Single | Class/ | Amortized | Fair | Gross | Lowest | Number of | Deferrals | Expected | ||||||||||||||||||
Issuer or | Tranche | Cost | Value | Unrealized | Credit | Banks | and | Deferral/Defaults | |||||||||||||||||||
Pooled | Gain (Loss) | Rating | Currently | Defaults | as % of | ||||||||||||||||||||||
Assigned | Performing | as % of | Remaining | ||||||||||||||||||||||||
Original | Performing | ||||||||||||||||||||||||||
Collateral | Collateral | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Countrywide Capital IV | Single | n/a | $ | 1,771 | $ | 1,813 | 42 | BB | 1 | None | None | ||||||||||||||||
Countrywide Capital V | Single | n/a | 2,747 | 2,827 | 80 | BB | 1 | None | None | ||||||||||||||||||
Countrywide Capital V | Single | n/a | 250 | 257 | 7 | BB | 1 | None | None | ||||||||||||||||||
Nationsbank Cap Trust III | Single | n/a | 1,575 | 1,339 | (236 | ) | BB | 1 | None | None | |||||||||||||||||
Morgan Stanley Cap Trust IV | Single | n/a | 2,500 | 2,517 | 17 | BB | 1 | None | None | ||||||||||||||||||
Morgan Stanley Cap Trust IV | Single | n/a | 1,742 | 1,760 | 18 | BB | 1 | None | None | ||||||||||||||||||
Goldman Sachs | Single | n/a | 1,000 | 1,137 | 137 | BB | 1 | None | None | ||||||||||||||||||
Stifel Financial | Single | n/a | 4,500 | 4,664 | 164 | BBB- | 1 | None | None | ||||||||||||||||||
Total | $ | 16,085 | $ | 16,314 | 229 | ||||||||||||||||||||||
Credit Loss Portion of OTTI Recognized in Earnings on Debt Securities | |||||||||||||||||||||||||||
Nine Months | Year | ||||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||||
September 30, | December | ||||||||||||||||||||||||||
2014 | 31, 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Balance of credit-related OTTI at January 1, | $ | — | $ | 4,450 | |||||||||||||||||||||||
Addition: | |||||||||||||||||||||||||||
Credit losses on investment securities for which other-than-temporary impairment was not previously recognized | — | 652 | |||||||||||||||||||||||||
Reduction: | |||||||||||||||||||||||||||
Credit losses on investment securities sold during the period | — | (5,102 | ) | ||||||||||||||||||||||||
Balance of credit-related OTTI at period end | $ | — | $ | — | |||||||||||||||||||||||
Temporarily Impaired Investments | |||||||||||||||||||||||||||
For all securities, the Corporation does not believe that the unrealized losses, which were comprised of 84 investment securities as of September 30, 2014, represent an other-than-temporary impairment. The gross unrealized losses of $1.2 million associated with U.S. Treasury and agency securities, federal agency obligations, mortgage-backed securities, corporate bonds, tax-exempt securities, asset-backed securities, mutual funds and equity securities are not considered to be other than temporary because these unrealized losses are related to changes in interest rates and do not affect the expected cash flows of the underlying collateral or issuer. | |||||||||||||||||||||||||||
Factors affecting the market price include credit risk, market risk, interest rates, economic cycles, and liquidity risk. The magnitude of any unrealized loss may be affected by the relative concentration of the Corporation’s investment in any one issuer or industry. The Corporation has established policies to reduce exposure through diversification of concentration of the investment portfolio including limits on concentrations to any one issuer. The Corporation believes the investment portfolio is prudently diversified. | |||||||||||||||||||||||||||
The decline in value is related to a change in interest rates and subsequent change in credit spreads required for these issues affecting market price. All issues are performing and are expected to continue to perform in accordance with their respective contractual terms and conditions. Short to intermediate average durations and in certain cases monthly principal payments should reduce further market value exposure to increases in rates. | |||||||||||||||||||||||||||
The Corporation evaluates all securities with unrealized losses quarterly to determine whether the loss is other than temporary. Unrealized losses in the corporate debt securities category consists primarily of senior unsecured corporate debt securities issued by large financial institutions, insurance companies and other corporate issuers and single issuer corporate trust preferred securities. None of the corporate issuers have defaulted on interest payments. The unrealized loss in equity securities consists of losses on other bank equities. The decline in fair value is due in large part to the lack of an active trading market for these securities, changes in market credit spreads and rating agency downgrades. Management concluded that these securities were not other-than-temporarily impaired at September 30, 2014. Future deterioration in the credit quality of these large financial institution issuers of TRUP debt securities could result in impairment charges in the future. | |||||||||||||||||||||||||||
In determining that the securities giving rise to the previously mentioned unrealized losses were not other-than-temporarily impaired, the Corporation evaluated the factors cited above, which the Corporation considers when assessing whether a security is other-than-temporarily impaired. In making these evaluations the Corporation must exercise considerable judgment. Accordingly there can be no assurance that the actual results will not differ from the Corporation’s judgments and that such differences may not require the future recognition of other-than-temporary impairment charges that could have a material effect on the Corporation’s financial position and results of operations. In addition, the value of, and the realization of any loss on an investment security are subject to numerous risks as cited above. | |||||||||||||||||||||||||||
The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 9,488 | $ | (132 | ) | $ | 4,744 | $ | (57 | ) | $ | 4,744 | $ | (75 | ) | ||||||||||||
Federal agency obligations | 22,682 | (193 | ) | 18,601 | (113 | ) | 4,081 | (80 | ) | ||||||||||||||||||
Residential mortgage pass-through securities | 16,327 | (100 | ) | 16,327 | (100 | ) | — | — | |||||||||||||||||||
Commercial mortgage pass-through securities | 3,016 | (41 | ) | — | — | 3,016 | (41 | ) | |||||||||||||||||||
Trust preferred securities | 1,338 | (236 | ) | — | — | 1,338 | (236 | ) | |||||||||||||||||||
Corporate bonds and notes | 3,002 | (10 | ) | 3,002 | (10 | ) | — | — | |||||||||||||||||||
Asset-backed securities | 1,952 | (1 | ) | 1,952 | (1 | ) | — | — | |||||||||||||||||||
Certificates of deposit | 216 | (6 | ) | 216 | (6 | ) | — | — | |||||||||||||||||||
Equity securities | 289 | (87 | ) | — | — | 289 | (87 | ) | |||||||||||||||||||
Mutual funds and money market funds | 11,361 | (139 | ) | 10,379 | (122 | ) | 982 | (17 | ) | ||||||||||||||||||
Total | 69,671 | $ | (945 | ) | $ | 55,221 | $ | (409 | ) | $ | 14,450 | $ | (536 | ) | |||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
Federal agency obligations | $ | 8,325 | $ | (74 | ) | $ | 8,325 | $ | (74 | ) | $ | — | $ | — | |||||||||||||
Commercial mortgage pass-through securities | 1,392 | (19 | ) | — | — | 1,392 | (19 | ) | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 14,789 | (151 | ) | 3,336 | (4 | ) | 11,453 | (147 | ) | ||||||||||||||||||
Corporate bonds and notes | 2,700 | (14 | ) | 2,700 | (14 | ) | — | — | |||||||||||||||||||
Total | 27,206 | (258 | ) | 14,361 | (92 | ) | 12,845 | (166 | ) | ||||||||||||||||||
Total Temporarily Impaired Securities | $ | 96,877 | $ | (1,203 | ) | $ | 69,582 | $ | (501 | ) | $ | 27,295 | $ | (702 | ) | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 13,519 | $ | (825 | ) | $ | 13,519 | $ | (825 | ) | $ | — | $ | — | |||||||||||||
Federal agency obligation | 17,200 | (655 | ) | 17,200 | (655 | ) | — | — | |||||||||||||||||||
Residential mortgage pass-through securities | 18,293 | (229 | ) | 18,293 | (229 | ) | — | — | |||||||||||||||||||
Commercial mortgage pass-through securities | 2,924 | (157 | ) | 2,924 | (157 | ) | — | — | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 4,199 | (55 | ) | 4,199 | (55 | ) | — | — | |||||||||||||||||||
Trust preferred securities | 5,306 | (510 | ) | 4,031 | (211 | ) | 1,275 | (299 | ) | ||||||||||||||||||
Corporate bonds and notes | 32,498 | (482 | ) | 30,533 | (448 | ) | 1,965 | (34 | ) | ||||||||||||||||||
Certificates of deposit | 552 | (20 | ) | 552 | (20 | ) | — | — | |||||||||||||||||||
Equity securities | 287 | (89 | ) | — | — | 287 | (89 | ) | |||||||||||||||||||
Mutual funds and money market funds | 985 | (15 | ) | — | — | 985 | (15 | ) | |||||||||||||||||||
Total | 95,763 | (3,037 | ) | 91,251 | (2,600 | ) | 4,512 | (437 | ) | ||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 27,037 | $ | (1,019 | ) | $ | 27,037 | $ | (1,019 | ) | $ | — | $ | — | |||||||||||||
Federal agency obligation | 13,492 | (389 | ) | 13,197 | (388 | ) | 295 | (1 | ) | ||||||||||||||||||
Residential mortgage pass-through securities | 2,182 | (64 | ) | 2,182 | (64 | ) | — | — | |||||||||||||||||||
Commercial mortgage pass-through securities | 1,395 | (62 | ) | 1,395 | (62 | ) | — | — | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 66,034 | (3,688 | ) | 57,072 | (2,957 | ) | 8,962 | (731 | ) | ||||||||||||||||||
Corporate bonds and notes | 27,210 | (622 | ) | 27,210 | (622 | ) | — | — | |||||||||||||||||||
Total | 137,350 | (5,844 | ) | 128,093 | (5,112 | ) | 9,257 | (732 | ) | ||||||||||||||||||
Total Temporarily Impaired Securities | $ | 233,113 | $ | (8,881 | ) | $ | 219,344 | $ | (7,712 | ) | $ | 13,769 | $ | (1,169 | ) | ||||||||||||
Investment securities having a carrying value of approximately $232.9 million and $109.3 million at September 30, 2014 and December 31, 2013, respectively, were pledged to secure public deposits, borrowings, Federal Reserve Discount Window, and Federal Home Loan Bank advances and for other purposes required or permitted by law. | |||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. |
Loans_and_the_Allowance_for_Lo
Loans and the Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
Note 6. Loans and the Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
Loans are stated at their principal amounts inclusive of net deferred loan origination fees. Interest income is credited as earned except when a loan becomes past due 90 days or more and doubt exists as to the ultimate collection of interest or principal. In those cases the recognition of income is discontinued. Past due status is based on the contractual terms of the loan. Loans that are past due 90 days or more that are both well secured and in the process of collection will remain on an accruing basis. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. | |||||||||||||||||||||||||||||||||
Payments received on non-accrual loans are generally applied against principal. A loan may only be restored to an accruing basis when it again becomes well secured and in the process of collection or all past due amounts have been collected. Loan origination fees and certain direct loan origination costs are deferred and recognized over the life of the loan as an adjustment to the loan’s yield using the level yield method. | |||||||||||||||||||||||||||||||||
Portfolio segments are defined as the level at which an entity develops and documents a systematic methodology to determine its allowance. Management has determined that the Corporation has two portfolio segments of loans and leases (commercial and consumer) in determining the allowance. Both quantitative and qualitative factors are used by management at the portfolio segment level in determining the adequacy of the allowance for the Corporation. Classes of loans and leases are a disaggregation of the Corporation’s portfolio segments. Classes are defined as a group of loans and leases, which share similar initial measurement attributes, risk characteristics, and methods for monitoring and assessing credit risk. Management has determined that the Corporation has five classes of loans and leases: commercial (including lease financing), commercial real estate, commercial construction, residential real estate (including home equity) and consumer. | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
The Corporation accounts for impaired loans in accordance with FASB ASC 310-10-35. The value of impaired loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or at the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Corporation will not be able to collect all amounts due from the borrower in accordance with the contractual terms of the loan, including scheduled interest payments. The Corporation has defined its population of impaired loans to include all classes of non-accrual, troubled debt restructuring (“TDR”) loans and loans with a specific reserve. As part of the evaluation of impaired loans, the Corporation individually reviews for impairment all non-homogeneous loans internally classified as substandard or below. Generally, smaller impaired non-homogeneous loans and impaired homogeneous loans are collectively evaluated for impairment. | |||||||||||||||||||||||||||||||||
When a loan has been identified as being impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral-dependent. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees or costs and unamortized premiums or discounts), impairment is recognized by creating or adjusting an existing allocation of the allowance, or by recording a partial charge-off of the loan to its fair value. Interest payments made on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest income may be accrued or recognized on a cash basis. | |||||||||||||||||||||||||||||||||
Loans Modified in a Troubled Debt Restructuring | |||||||||||||||||||||||||||||||||
Loans are considered to have been modified in a TDR when due to a borrower’s financial difficulties; the Corporation makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for a period of nine months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. | |||||||||||||||||||||||||||||||||
Reserve for Credit Losses | |||||||||||||||||||||||||||||||||
The Corporation’s reserve for credit losses is comprised of two components, the allowance for loan losses and the reserve for unfunded commitments (the “Unfunded Commitments”). | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
The allowance reflects management’s best estimate of probable losses within the existing loan portfolio. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risk inherent in the loan portfolio. Additions to the allowance for loan losses are made by charges to the provision for loan losses. Credit exposures deemed to be uncollectible are charged against the allowance for loan losses. Recoveries of previously charged-off amounts are credited to the allowance for loan losses. | |||||||||||||||||||||||||||||||||
The Corporation’s allowance for loan losses includes (1) specific valuation allowances for impaired loans evaluated in accordance with FASB Codification Topic 310: Receivables; (2) formulaic allowances based on historical loss experience by loan category, adjusted, as necessary, to reflect the impact of current conditions; and (3) unallocated general valuation allowances determined in accordance with FASB Codification Topic 450: Contingencies based on general economic conditions and other qualitative risk factors both internal and external to the Corporation. | |||||||||||||||||||||||||||||||||
Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses. In connection with the determination of the allowance for loan losses, management obtains independent appraisals for significant properties. | |||||||||||||||||||||||||||||||||
The ultimate collectability of a substantial portion of the Corporation’s loan portfolio is susceptible to changes in the real estate market and economic conditions in the State of New Jersey and the impact of such conditions on the creditworthiness of the borrowers. | |||||||||||||||||||||||||||||||||
Purchase Credit Impaired Loans | |||||||||||||||||||||||||||||||||
The Corporation purchases individual loans and groups of loans, some of which have shown evidence of credit deterioration since origination. These purchased credit impaired loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. | |||||||||||||||||||||||||||||||||
Such purchased credit impaired loans are accounted for individually. The Corporation estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | |||||||||||||||||||||||||||||||||
Over the life of the loan , expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | |||||||||||||||||||||||||||||||||
Reserve for Unfunded Commitments | |||||||||||||||||||||||||||||||||
The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facilities and is included in other liabilities in the consolidated statements of condition. The determination of the adequacy of the reserve is based upon an evaluation of the unfunded credit facilities, including an assessment of historical commitment utilization experience, and credit risk. Net adjustments to the reserve for unfunded commitments are included in other expense. | |||||||||||||||||||||||||||||||||
Composition of Loan Portfolio | |||||||||||||||||||||||||||||||||
The following table sets forth the composition of the Corporation’s loan portfolio, including net deferred fees and costs, at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 470,510 | $ | 229,688 | |||||||||||||||||||||||||||||
Commercial real estate | 1,570,854 | 536,539 | |||||||||||||||||||||||||||||||
Construction | 141,844 | 42,722 | |||||||||||||||||||||||||||||||
Residential real estate | 241,387 | 150,571 | |||||||||||||||||||||||||||||||
Consumer | 2,640 | 1,084 | |||||||||||||||||||||||||||||||
Subtotal | 2,427,235 | 960,604 | |||||||||||||||||||||||||||||||
Net deferred loan (fees) costs | (470 | ) | 339 | ||||||||||||||||||||||||||||||
Loans receivable | $ | 2,426,765 | $ | 960,943 | |||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, loan balances of approximately $987.5 million and $564.7 million, respectively, were pledged to secure borrowings from the Federal Home Loan Bank of New York. | |||||||||||||||||||||||||||||||||
Purchase Credit Impaired Loans | |||||||||||||||||||||||||||||||||
The Corporation holds purchased loans for which there was, at their acquisition date, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 7,255 | $ | — | |||||||||||||||||||||||||||||
Commercial real estate | 1,835 | — | |||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||
Residential real estate | 2,262 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | |||||||||||||||||||||||||||||||
Total carrying amount | $ | 11,352 | $ | — | |||||||||||||||||||||||||||||
For those purchased loans disclosed above, the Corporation did not increase the allowance for loan losses for the nine months ended September 30, 2014, nor did it increase the allowance for loan losses for purchased impaired loans during the nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||
The accretable yield, or income expected to be collected, on the purchased loans above is as follows at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 5,013 | |||||||||||||||||||||||||||||||
New loans purchased | — | ||||||||||||||||||||||||||||||||
Accretion of income | (76 | ) | |||||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | — | ||||||||||||||||||||||||||||||||
Disposals | — | ||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 4,937 | |||||||||||||||||||||||||||||||
The following table presents information about the recorded investment in loan receivables on non-accrual status by class at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Loans Receivable on Non-Accrual Status | |||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 634 | $ | 753 | |||||||||||||||||||||||||||||
Commercial real estate | 3,765 | 744 | |||||||||||||||||||||||||||||||
Residential real estate | 1,684 | 1,640 | |||||||||||||||||||||||||||||||
Total loans receivable on non-accrual status | $ | 6,083 | $ | 3,137 | |||||||||||||||||||||||||||||
Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. | |||||||||||||||||||||||||||||||||
The Corporation continuously monitors the credit quality of its loans receivable. In addition to its internal staff, the Corporation utilizes the services of a third party loan review firm to rate the credit quality of its loans receivable. Credit quality is monitored by reviewing certain credit quality indicators. Assets classified “Pass” are deemed to possess average to superior credit quality, requiring no more than normal attention. Assets classified as “Special Mention” have generally acceptable credit quality yet possess higher risk characteristics/circumstances than satisfactory assets. Such conditions include strained liquidity, slow pay, stale financial statements, or other conditions that require more stringent attention from the lending staff. These conditions, if not corrected, may weaken the loan quality or inadequately protect the Corporation’s credit position at some future date. Assets are classified “Substandard” if the asset has a well-defined weakness that requires management’s attention to a greater degree than for loans classified special mention. Such weakness, if left uncorrected, could possibly result in the compromised ability of the loan to perform to contractual requirements. An asset is classified as “Doubtful” if it is inadequately protected by the net worth and/or paying capacity of the obligor or of the collateral, if any, that secures the obligation. Assets classified as doubtful include assets for which there is a “distinct possibility” that a degree of loss will occur if the inadequacies are not corrected. The following table presents information, excluding net deferred costs, about the Corporation’s loan credit quality at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 449,688 | $ | 15,447 | $ | 5,073 | $ | 302 | $ | 470,510 | |||||||||||||||||||||||
Commercial real estate | 1,533,499 | 17,521 | 19,834 | — | 1,570,854 | ||||||||||||||||||||||||||||
Construction | 140,365 | — | 1,479 | — | 141,844 | ||||||||||||||||||||||||||||
Residential real estate | 238,516 | — | 2,871 | — | 241,387 | ||||||||||||||||||||||||||||
Consumer | 2,534 | — | 106 | — | 2,640 | ||||||||||||||||||||||||||||
Total loans | $ | 2,364,602 | $ | 32,968 | $ | 29,363 | $ | 302 | $ | 2,427,235 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 226,013 | $ | 1,719 | $ | 1,284 | $ | 672 | $ | 229,688 | |||||||||||||||||||||||
Commercial real estate | 509,679 | 14,544 | 12,316 | — | 536,539 | ||||||||||||||||||||||||||||
Construction | 41,492 | — | 1,230 | — | 42,722 | ||||||||||||||||||||||||||||
Residential real estate | 147,379 | 978 | 2,214 | — | 150,571 | ||||||||||||||||||||||||||||
Consumer | 964 | — | 120 | — | 1,084 | ||||||||||||||||||||||||||||
Total loans | $ | 925,527 | $ | 17,241 | $ | 17,164 | $ | 672 | $ | 960,604 | |||||||||||||||||||||||
The following table provides an analysis of the impaired loans, by class, at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
No Related Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial | $ | 890 | $ | 663 | $ | — | |||||||||||||||||||||||||||
Commercial real estate | 5,005 | 5,654 | — | ||||||||||||||||||||||||||||||
Residential real estate | 1,957 | 2,288 | — | ||||||||||||||||||||||||||||||
Consumer | 106 | 106 | — | ||||||||||||||||||||||||||||||
Total | $ | 7,958 | $ | 8,711 | — | ||||||||||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 3,600 | $ | 3,600 | $ | 323 | |||||||||||||||||||||||||||
Total | $ | 3,600 | $ | 3,600 | $ | 323 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial | $ | 890 | $ | 663 | $ | — | |||||||||||||||||||||||||||
Commercial real estate | 8,605 | 9,254 | — | ||||||||||||||||||||||||||||||
Residential real estate | 1,957 | 2,288 | — | ||||||||||||||||||||||||||||||
Consumer | 106 | 106 | — | ||||||||||||||||||||||||||||||
Total | $ | 11,558 | $ | 12,311 | $ | 323 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
No Related Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial | $ | 449 | $ | 449 | $ | — | |||||||||||||||||||||||||||
Commercial real estate | 10,482 | 10,783 | — | ||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | ||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | ||||||||||||||||||||||||||||||
Total | $ | 12,909 | $ | 13,352 | $ | — | |||||||||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial | $ | 672 | $ | 672 | $ | 300 | |||||||||||||||||||||||||||
Commercial real estate | 4,344 | 4,344 | 115 | ||||||||||||||||||||||||||||||
Total | $ | 5,016 | $ | 5,016 | $ | 415 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial | $ | 1,121 | $ | 1,121 | $ | 300 | |||||||||||||||||||||||||||
Commercial real estate | 14,826 | 15,127 | 115 | ||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | ||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | ||||||||||||||||||||||||||||||
Total | $ | 17,925 | $ | 18,368 | $ | 415 | |||||||||||||||||||||||||||
The following table provides an analysis related to the average recorded investment and interest income recognized on impaired loans by class as of and for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 897 | $ | — | $ | — | $ | — | $ | 778 | $ | 30 | $ | — | $ | — | |||||||||||||||||
Commercial real estate | 5,046 | 31 | 1,275 | 19 | 5,313 | 74 | 1,275 | 57 | |||||||||||||||||||||||||
Residential real estate | 1,975 | 0 | — | — | 2,044 | 31 | — | — | |||||||||||||||||||||||||
Consumer | 106 | 2 | — | — | 106 | 5 | — | — | |||||||||||||||||||||||||
Total | $ | 8,024 | 32 | $ | 1,275 | $ | 19 | $ | 8,241 | $ | 140 | $ | 1,275 | $ | 57 | ||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Commercial real estate | 3,600 | 37 | 175 | — | 3,600 | 122 | 2,302 | 68 | |||||||||||||||||||||||||
Residential real estate | — | — | 1,226 | 10 | — | — | 1,226 | 31 | |||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 3,600 | $ | 37 | $ | 1,401 | $ | 10 | $ | 3,600 | $ | 122 | $ | 3,428 | $ | 99 | |||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 897 | $ | — | $ | — | $ | — | $ | 778 | $ | 30 | $ | — | $ | — | |||||||||||||||||
Commercial real estate | 8,646 | 68 | 1,450 | 19 | 8,913 | 196 | 3,477 | 125 | |||||||||||||||||||||||||
Residential real estate | 1,975 | 0 | 1,226 | 10 | 2,044 | 31 | 1,226 | 31 | |||||||||||||||||||||||||
Consumer | 106 | 2 | — | — | 106 | 5 | — | — | |||||||||||||||||||||||||
Total | $ | 11,624 | $ | 69 | $ | 2,676 | $ | 29 | 11,841 | $ | 262 | $ | 4,703 | $ | 156 | ||||||||||||||||||
Included in impaired loans at September 30, 2014 are loans that are deemed troubled debt restructurings. The recorded investment in loans include accrued interest receivable and other capitalized costs such as real estate taxes paid on behalf of the borrower and loan origination fees, net, when applicable. Cash basis interest and interest income recognized on accrual basis approximate each other. | |||||||||||||||||||||||||||||||||
The following table provides an analysis of the aging of the recorded investment of loans, excluding net deferred costs that are past due at September 30, 2014 and December 31, 2013 by class: | |||||||||||||||||||||||||||||||||
Aging Analysis | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total Loans | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Greater Past | Due | Receivable | Receivable > 90 | ||||||||||||||||||||||||||||
Due | Days Past Due | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 405 | $ | — | $ | 752 | $ | 1,157 | $ | 469,353 | $ | 470,510 | $ | — | |||||||||||||||||||
Commercial real estate | 951 | 2,044 | 4,020 | 7,015 | 1,563,839 | 1,570,854 | — | ||||||||||||||||||||||||||
Construction | — | — | — | — | 141,844 | 141,844 | — | ||||||||||||||||||||||||||
Residential real estate | 347 | 1,763 | 3,403 | 5,513 | 235,874 | 241,387 | — | ||||||||||||||||||||||||||
Consumer | 17 | — | — | 17 | 2,623 | 2,640 | |||||||||||||||||||||||||||
Total | $ | 1,720 | $ | 3,807 | $ | 8,175 | $ | 13,702 | $ | 2,413,533 | $ | 2,427,235 | $ | — | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total Loans | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Greater Past | Due | Receivable | Receivable > 90 | ||||||||||||||||||||||||||||
Due | Days Past Due | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 18 | $ | — | $ | 753 | $ | 771 | $ | 228,917 | $ | 229,688 | $ | — | |||||||||||||||||||
Commercial Real Estate | 221 | — | 744 | 965 | 535,574 | 536,539 | — | ||||||||||||||||||||||||||
Construction | — | — | — | — | 42,722 | 42,722 | — | ||||||||||||||||||||||||||
Residential real estate | 990 | 258 | 1,640 | 2,888 | 147,683 | 150,571 | — | ||||||||||||||||||||||||||
Consumer | 5 | — | — | 5 | 1,079 | 1,084 | |||||||||||||||||||||||||||
Total | $ | 1,234 | $ | 258 | $ | 3,137 | $ | 4,629 | $ | 955,975 | $ | 960,604 | $ | — | |||||||||||||||||||
The following table details the amount of loans receivable that are evaluated individually, and collectively, for impairment (excluding net deferred costs), acquired, and the related portion of the allowance for loan loss that is allocated to each loan portfolio class: | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 323 | $ | — | $ | — | $ | — | $ | — | $ | 323 | |||||||||||||||||||
Collectively evaluated for impairment | 2,478 | 6,699 | 524 | 1,052 | 5 | 1,037 | 11,795 | ||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 2,478 | $ | 7,022 | $ | 524 | $ | 1,052 | $ | 5 | $ | 1,037 | $ | 12,118 | |||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 68 | $ | 5,983 | $ | — | $ | 1,733 | $ | 106 | $ | — | $ | 7,890 | |||||||||||||||||||
Collectively evaluated for impairment | 463,187 | 1,563,036 | 141,844 | 237,391 | 2,534 | — | 2,407,992 | ||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 7,255 | 1,835 | — | 2,263 | — | — | 11,353 | ||||||||||||||||||||||||||
Total | $ | 470,510 | $ | 1,570,854 | $ | 141,844 | $ | 241,387 | $ | 2,640 | $ | — | $ | 2,427,235 | |||||||||||||||||||
The tables above include approximately $1,275,000,000 of acquired loans for the period ended September 30, 2014 reported as collectively evaluated for impairment. | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 300 | $ | 115 | $ | — | $ | — | $ | — | $ | — | $ | 415 | |||||||||||||||||||
Collectively evaluated for impairment | 1,398 | 5,631 | 362 | 990 | 146 | 1,391 | 9,918 | ||||||||||||||||||||||||||
Total | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,121 | $ | 14,826 | $ | — | $ | 1,858 | $ | 120 | $ | — | $ | 17,925 | |||||||||||||||||||
Collectively evaluated for impairment | 228,567 | 521,713 | 42,722 | 148,713 | 964 | — | 942,679 | ||||||||||||||||||||||||||
Total | $ | 229,688 | $ | 536,539 | $ | 42,722 | $ | 150,571 | $ | 1,084 | $ | — | $ | 960,604 | |||||||||||||||||||
The tables above include approximately $34,000,000 of acquired loans for the period ended December 31, 2013 reported as collectively evaluated for impairment. | |||||||||||||||||||||||||||||||||
The Corporation’s allowance for loan losses is analyzed quarterly. Many factors are considered, including growth in the portfolio, delinquencies, nonaccrual loan levels, and other factors inherent in the extension of credit. There have been no material changes to the allowance for loan loss methodology as disclosed in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
A summary of the activity in the allowance for loan losses is as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at July 1, | $ | 2,142 | $ | 5,741 | $ | 504 | $ | 1,011 | $ | 63 | $ | 1,364 | $ | 10,825 | |||||||||||||||||||
Charge offs | — | — | — | — | (18 | ) | — | (18 | ) | ||||||||||||||||||||||||
Recoveries | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||
Provision | 336 | 1,281 | 20 | 41 | (51 | ) | (327 | ) | 1,300 | ||||||||||||||||||||||||
Balance at September 30, | $ | 2,478 | $ | 7,022 | $ | 524 | $ | 1,052 | $ | 5 | $ | 1,037 | $ | 12,118 | |||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial | Commercial real estate | Construction | Residential real estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||||||
Charge offs | (333 | ) | — | — | (108 | ) | (7 | ) | — | (448 | ) | ||||||||||||||||||||||
Recoveries | — | — | — | 11 | 13 | — | 24 | ||||||||||||||||||||||||||
Provision | 1,113 | 1,276 | 162 | 159 | (147 | ) | (354 | ) | 2,209 | ||||||||||||||||||||||||
Balance at September 30, | $ | 2,478 | $ | 7,022 | $ | 524 | $ | 1,052 | $ | 5 | $ | 1,037 | $ | 12,118 | |||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at July 1, | $ | 2,422 | $ | 5,333 | $ | 318 | $ | 1,341 | $ | 29 | $ | 759 | $ | 10,202 | |||||||||||||||||||
Charge offs | (6 | ) | — | — | — | (4 | ) | — | (10 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||
Provision | (702 | ) | 455 | 51 | (37 | ) | 67 | 166 | — | ||||||||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | |||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial | Commercial real estate | Construction | Residential real estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | |||||||||||||||||||
Charge offs | (6 | ) | (50 | ) | — | — | (20 | ) | — | (76 | ) | ||||||||||||||||||||||
Recoveries | 21 | 8 | — | — | 4 | — | 33 | ||||||||||||||||||||||||||
Provision | (725 | ) | 507 | 56 | (228 | ) | (3 | ) | 393 | — | |||||||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | |||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
At September 30, 2014, there were 0 commitments to lend additional funds to borrowers whose loans were on non-accrual status or were contractually past due in excess of 90 days and still accruing interest, or whose terms have been modified in troubled debt restructurings. | |||||||||||||||||||||||||||||||||
The policy of the Corporation generally is to grant commercial, mortgage and consumer loans to residents and businesses within its market area. The borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Corporation. The Corporation is therefore subject to risk of loss. The Corporation believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for virtually all loans. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. | |||||||||||||||||||||||||||||||||
Loans modified in a troubled debt restructuring totaled a recorded investment of $2.8 million at September 30, 2014, of which $1.0 million were on non-accrual status. The remaining loans modified were current and have complied with the terms of their restructure agreement. At December 31, 2013, loans modified in a troubled debt restructuring totaled $6.6 million, of which $826,000 was on non-accrual status. The remaining loans modified were current at the time of the restructuring and have complied with the terms of their restructure agreement. The Corporation has allocated no specific allocations with respect to loans whose loan terms had been modified in troubled debt restructurings as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the nine months ended September 30, 2014 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||
Loans | Investment | Investment | |||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 672 | $ | 315 | ||||||||||||||||||||||||||||
Commercial real estate | 1 | 136 | 93 | ||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||
Residential real estate | 2 | 275 | 273 | ||||||||||||||||||||||||||||||
Total | 4 | $ | 1,083 | $ | 681 | ||||||||||||||||||||||||||||
The Corporation had a $333,000 charge-off in connection with a loan modification at the time of modification during the nine months ended September 30, 2014. There were 0 troubled debt restructurings for which there was a payment default within twelve months following the modification during the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||
There were 0 troubled debt restructurings that occurred during the year ended December 31, 2013. The Corporation had 0 loans charged-off in connection with a loan modification at the time of the modification during the year ended December 31, 2013. There were 0 troubled debt restructurings for which there was a payment default within twelve months following the modification during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
In an effort to proactively manage delinquent loans, the Corporation has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, principal or interest forgiveness, adjusted repayment terms, forbearance agreements, or combinations of two or more of these concessions. As of September 30, 2014, loans on which concessions were made with respect to adjusted repayment terms amounted to $2.0 million, and deemed troubled debt restructurings. Loans on which combinations of two or more concessions were made amounted to $1.3 million. The concessions granted included principal concessions, rate reduction, adjusted repayment, extended maturity and payment deferral. |
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
Note 7. Fair Value Measurements and Fair Value of Financial Instruments | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Management uses its best judgment in estimating the fair value of the Corporation’s financial instruments; however, there are inherent weaknesses in any estimation technique. The estimated fair value amounts have been measured as of September 30, 2014 and December 31, 2013, and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period end. | |||||||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: | |||||||||||||||||||||
· | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||||||||||||||||||
· | Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for 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 reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Investment Securities Available-for-Sale | |||||||||||||||||||||
Where quoted prices are available in an active market, investment securities are classified in Level 1 of the valuation hierarchy. Level 1 inputs include investment securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Examples of instruments, which would generally be classified within Level 2 of the valuation hierarchy, include municipal bonds and certain agency collateralized mortgage obligations. In certain cases where there is limited activity in the market for a particular instrument, assumptions must be made to determine its fair value and it is classified as Level 3. Due to the inactive condition of the markets amidst the financial crisis, the Corporation treated certain investment securities as Level 3 assets in order to provide more appropriate valuations. For assets in an inactive market, the infrequent trades that do occur are not a true indication of fair value. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Corporation’s valuations are based on market data and the Corporation employs combinations of these approaches for its valuation methods depending on the asset class. In certain cases where there were limited or less transparent information provided by the Corporation’s third-party pricing service, fair value was estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. | |||||||||||||||||||||
On a quarterly basis, management reviews the pricing information received from the Corporation’s third-party pricing service. This review process includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the Corporation’s third-party pricing service. | |||||||||||||||||||||
Management primarily identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the securities being valued. As of September 30, 2014 and December 31, 2013, management made no adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets. | |||||||||||||||||||||
The Corporation determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs will be equally or more representative of fair value than the market approach valuation technique used at the prior measurement dates. As a result, the Corporation used the discount rate adjustment technique to determine fair value. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | September 30, | Quoted | Significant | Significant | |||||||||||||||||
2014 | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
U.S. Treasury & agency securities | $ | 11,385 | $ | 11,385 | $ | — | $ | — | |||||||||||||
Federal agency obligations | 32,992 | — | 32,992 | — | |||||||||||||||||
Residential mortgage pass-through securities | 59,691 | — | 59,691 | — | |||||||||||||||||
Commercial mortgage pass-through securities | 3,016 | — | 3,016 | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,429 | — | 8,429 | — | |||||||||||||||||
Trust preferred securities | 16,314 | — | 16,314 | — | |||||||||||||||||
Corporate bonds and notes | 135,840 | — | 135,840 | — | |||||||||||||||||
Asset-backed securities | 21,753 | — | 21,753 | — | |||||||||||||||||
Certificates of deposit | 2,124 | — | 2,124 | — | |||||||||||||||||
Equity securities | 289 | 289 | — | — | |||||||||||||||||
Mutual funds and money market funds | 15,669 | 15,669 | — | — | |||||||||||||||||
Investment securities available-for-sale | $ | 307,502 | $ | 27,343 | $ | 280,159 | $ | — | |||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | December 31, | Quoted | Significant | Significant | |||||||||||||||||
2013 | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||
for | (Level 2) | ||||||||||||||||||||
Identical | |||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
U.S. Treasury and agency securities | $ | 13,519 | $ | 13,519 | $ | — | $ | — | |||||||||||||
Federal agency obligations | 19,941 | — | 19,941 | — | |||||||||||||||||
Residential mortgage pass-through securities | 48,874 | — | 48,874 | — | |||||||||||||||||
Commercial mortgage pass-through securities | 6,991 | — | 6,991 | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 31,460 | — | 31,460 | — | |||||||||||||||||
Trust preferred securities | 19,403 | — | 19,403 | — | |||||||||||||||||
Corporate bonds and notes | 158,630 | — | 158,630 | — | |||||||||||||||||
Asset-backed securities | 15,979 | — | 15,979 | — | |||||||||||||||||
Certificates of deposit | 2,262 | — | 2,262 | — | |||||||||||||||||
Equity securities | 287 | 287 | — | — | |||||||||||||||||
Mutual funds and money market funds | 5,724 | 5,724 | — | — | |||||||||||||||||
Investment securities available-for-sale | $ | 323,070 | $ | 19,530 | $ | 303,540 | $ | — | |||||||||||||
The fair values used by the Corporation are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1 inputs) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems (Level 2). | |||||||||||||||||||||
The following tables present the changes in investment securities available-for-sale with significant unobservable inputs (Level 3) for the three months ended September 30, 2014 and 2013. | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance, beginning of the period | $ | — | $ | 72 | $ | — | $ | 36 | |||||||||||||
Interest payment deferrals | — | 14 | — | 43 | |||||||||||||||||
Principal repayments | — | — | — | — | |||||||||||||||||
Total net losses included in net income | — | — | — | — | |||||||||||||||||
Total net unrealized (losses) gains | — | 8 | — | 15 | |||||||||||||||||
Balance, end of the period | — | $ | 94 | — | $ | 94 | |||||||||||||||
For the nine months ended September 30, 2014, there were no transfers of investment securities available-for-sale into or out of Level 1, Level 2, or Level 3 assets. | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
Range | |||||||||||||||||||||
Impaired Loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Commercial | Discounted cash flow model | Discount rate | 0% | 6% | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates, Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Range | |||||||||||||||||||||
Impaired Loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Commercial | Discounted cash flow model | Discount rate | 0% | 6% | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates, Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | September 30, | Quoted | Significant | Significant | |||||||||||||||||
2014 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial real estate | $ | 3,277 | $ | — | $ | — | $ | 3,277 | |||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | 1,442 | — | — | 1,442 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | December 31, | Quoted | Significant | Significant | |||||||||||||||||
2013 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial | $ | 372 | $ | — | $ | — | $ | 372 | |||||||||||||
Commercial real estate | 4,229 | — | — | 4,229 | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | 220 | — | — | 220 | |||||||||||||||||
The following methods and assumptions were used to estimate the fair values of the Corporation’s assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Impaired Loans. The value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral if the loan is collateral dependent. Smaller balance homogeneous loans that are collectively evaluated for impairment, such as residential mortgage loans are specifically excluded from the impaired loan portfolio. The Corporation’s impaired loans are primarily collateral dependent. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Impaired loans at September 30, 2014 that required a valuation allowance during 2014 were $3.6 million with a related valuation allowance of $323,000 compared to $5.0 million with a related valuation allowance of $415,000 at December 31, 2013. Additional provision for loan losses of $0 and $210,500 for the third quarter and first nine months of 2014, respectively, were recorded. Additional provision for loan losses of $415,000 for the year ended December 31, 2013 were recorded. | |||||||||||||||||||||
Other Real Estate Owned. Other real estate owned (“OREO”) is measured at fair value less costs to sell, generally a decline of 0% to 25% for residential OREO and a decline of 0% to 15% for commercial OREO. The Corporation believes that the fair value component in its valuation follows the provisions of FASB ASC 820-10-05. The fair value of OREO is determined by sales agreements or appraisals by qualified licensed appraisers approved and hired by the Corporation. Costs to sell associated with OREO are based on estimation per the terms and conditions of the sales agreements or appraisals. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
FASB ASC 825-10 requires all entities to disclose the estimated fair value of their financial instrument assets and liabilities. For the Corporation, as for most financial institutions, the majority of its assets and liabilities are considered financial instruments as defined in FASB ASC 825-10. Many of the Corporation’s financial instruments, however, lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. It is also the Corporation’s general practice and intent to hold its financial instruments to maturity and not to engage in trading or sales activities except for loans held-for-sale and investment securities available-for-sale. Therefore, significant estimations and assumptions, as well as present value calculations, were used by the Corporation for the purposes of this disclosure. | |||||||||||||||||||||
Cash and due from banks and interest bearing deposits: The carrying amounts of cash and short-term instruments approximate fair values and care classified as Level 1. | |||||||||||||||||||||
Investment in Restricted Stock: It is not practical to determine the fair value of FHLB Stock due to restrictions placed on its transferability. | |||||||||||||||||||||
Investment Securities Held-to-Maturity. The fair value of the Corporation’s investment securities held-to-maturity was primarily measured using information from a third-party pricing service. If quoted prices were not available, fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models. In cases where there may be limited or less transparent information provided by the Corporation’s third-party pricing service, fair value may be estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. | |||||||||||||||||||||
Loans Held-for-Sale. Fair value is estimated using the prices of the Corporation’s existing commitments to sell such loans and/or the quoted market price for commitments to sell similar loans. | |||||||||||||||||||||
Loans. The fair value of the Corporation’s loans was estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans were segregated by types such as commercial, residential and consumer loans. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. | |||||||||||||||||||||
Noninterest-Bearing Deposits. The fair value for noninterest-bearing deposits is equal to the amount payable on demand at the reporting date. | |||||||||||||||||||||
Interest-Bearing Deposits. The fair values of the Corporation’s interest-bearing deposits were estimated using discounted cash flow analyses. The discounted rates used were based on rates currently offered for deposits with similar remaining maturities. The fair values of the Corporation’s interest-bearing deposits do not take into consideration the value of the Corporation’s long-term relationships with depositors, which may have significant value. | |||||||||||||||||||||
Term Borrowings and Subordinated Debentures. The fair value of the Corporation’s long-term borrowings and subordinated debentures were calculated using a discounted cash flow approach and applying discount rates currently offered based on weighted remaining maturities. | |||||||||||||||||||||
Accrued Interest Receivable/Payable. The carrying amounts of accrued interest approximate fair value resulting in a Level 2 or Level 3 classification based on the level of the asset or liability with which the accrual is associated. | |||||||||||||||||||||
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair Value | Quoted | Significant | Significant | |||||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 138,013 | $ | 138,013 | $ | 138,013 | $ | — | $ | — | |||||||||||
Investment securities available-for-sale | 307,502 | 307,502 | 27,343 | 280,159 | — | ||||||||||||||||
Investment securities held-to-maturity | 217,567 | 222,393 | 28,463 | 175,105 | 18,825 | ||||||||||||||||
Investment in restricted stock, at cost | 17,922 | n/a | n/a | n/a | n/a | ||||||||||||||||
Net loans | 2,414,647 | 2,427,263 | — | — | 2,427,263 | ||||||||||||||||
Accrued interest receivable | 10,976 | 10,976 | 278 | 3,176 | 7,522 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | $ | 471,151 | $ | 471,151 | $ | 471,151 | $ | — | $ | — | |||||||||||
Interest-bearing deposits | 1,998,017 | 2,004,084 | — | 2,004,084 | — | ||||||||||||||||
Borrowings | 420,960 | 436,366 | — | 436,366 | — | ||||||||||||||||
Subordinated debentures | 5,155 | 4,786 | — | 4,786 | — | ||||||||||||||||
Accrued interest payable | 3,811 | 3,811 | — | 3,811 | — | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair Value | Quoted | Significant | Significant | |||||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 82,692 | $ | 82,692 | $ | 82,692 | $ | — | $ | — | |||||||||||
Investment securities available-for-sale | 323,070 | 323,070 | 19,530 | 303,540 | — | ||||||||||||||||
Investment securities held-to-maturity | 215,286 | 210,958 | 27,037 | 164,940 | 18,981 | ||||||||||||||||
Investment in restricted stock, at cost | 8,986 | n/a | n/a | n/a | n/a | ||||||||||||||||
Net loans | 950,610 | 948,606 | — | — | 948,606 | ||||||||||||||||
Accrued interest receivable | 6,802 | 6,802 | 102 | 4,034 | 2,666 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | 227,370 | 227,370 | 227,370 | — | — | ||||||||||||||||
Interest-bearing deposits | 1,114,635 | 1,115,781 | — | 1,115,781 | — | ||||||||||||||||
Borrowings | 146,000 | 157,440 | — | 157,440 | — | ||||||||||||||||
Subordinated debentures | 5,155 | 5,143 | — | 5,143 | — | ||||||||||||||||
Accrued interest payable | 963 | 963 | — | 963 | — | ||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||
Note 8. Accumulated Other Comprehensive Income | |||||||||
Accumulated other comprehensive income (loss) at September 30, 2014 and December 31, 2013 consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Net unrealized gain on investment securities available-for-sale, net of tax | $ | 4,650 | $ | 2,374 | |||||
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | (1,336 | ) | (1,425 | ) | |||||
Defined benefit pension and post-retirement plans, net of tax | (2,736 | ) | (3,493 | ) | |||||
Total accumulated other comprehensive income (loss) | $ | 578 | $ | (2,544 | ) | ||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 9. Stock-Based Compensation | |||||||||||||||||
The Corporation maintains two stock-based compensation plans from which new grants could be issued. The Corporation’s stock-based compensation plans permit Parent Corporation common stock to be issued to key employees and directors of the Corporation and its subsidiaries. The options granted under the plans are intended to be either incentive stock options or non-qualified options. Under the 2009 Equity Incentive Plan, a total of 363,081 shares are available for grant and issuance as of September 30, 2014. Under the 2003 Non-Employee Director Stock Option Plan, a total of 380,644 shares remain available for grant and issuance under the plan as of September 30, 2014. In addition, a total of 237,621 shares remain available for grant and issuance under Legacy ConnectOne equity plans. Options may be exercised with shares issued from Treasury shares, newly issued shares or a combination of both. | |||||||||||||||||
Options have been granted to purchase common stock principally at the fair market value of the stock at the date of grant. Options are exercisable over a three-year vesting period starting one year after the date of grant and generally expire ten years from the date of grant. | |||||||||||||||||
Stock-based compensation expense for share-based payment awards is based on the grant date fair value estimated on the date of grant. The Corporation recognizes compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three years. The Corporation estimates the forfeiture rate based on its historical experience during the preceding seven fiscal years. | |||||||||||||||||
For the nine months ended September 30, 2014 and September 30, 2013, total stock compensation (excluding tax benefit) was $51,000 and $60,000, respectively. | |||||||||||||||||
Under the principal stock-based compensation plans, the Corporation may also grant stock awards to certain employees. Stock awards are independent of option grants and are generally subject to forfeiture if employment terminates prior to the release of any applicable restrictions. Unless fully vested at the time of grant, such awards generally vest within 30 days to five years from the date of grant. During that period, ownership of the shares cannot be transferred. Restricted stock and stock awards that are fully vested at the time of grant have the same cash dividend and voting rights as other common stock and are considered to be currently issued and outstanding. The Corporation expenses the cost of stock awards, which is determined to be the fair market value of the shares at the date of grant, ratably over the period during which any restrictions lapse. | |||||||||||||||||
There were 52,467 and 18,829 restricted stock awards outstanding at September 30, 2014 and September 30, 2013, respectively. These awards were issued with an award price equal to the market price of the Corporation’s common stock on the award date and with a three year vesting period. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. A total of 37,110 shares of restricted stock became fully vested on July 1, 2014. | |||||||||||||||||
There were 0 and 31,257 shares of common stock underlying options that were granted during the three and nine months ended September 30, 2014 and 2013, respectively. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values at the time the grants were awarded: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted average fair value of grants | n/a | $ | 3.34 | ||||||||||||||
Risk-free interest rate | n/a | 1.97 | % | ||||||||||||||
Dividend yield | n/a | 1.32 | % | ||||||||||||||
Expected volatility | n/a | 25.84 | % | ||||||||||||||
Expected life in months | n/a | 74 | |||||||||||||||
Activity under the stock-based compensation plans as of September 30, 2014 and changes during the ninth months ended September 30, 2014 were as follows: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2013 | 214,263 | $ | 10.59 | ||||||||||||||
Options assumed in merger | 783,732 | 4.73 | |||||||||||||||
Exercised | (74,911 | ) | $ | 10.48 | |||||||||||||
Canceled/expired | — | ||||||||||||||||
Forfeited | — | ||||||||||||||||
Outstanding at September 30, 2014 | 923,084 | $ | 5.58 | 3.12 | $ | 12,522,584 | |||||||||||
Exercisable at September 30, 2014 | 923,084 | $ | 5.58 | 3.12 | $ | 12,522,584 | |||||||||||
The aggregate intrinsic value of options above represents the total pre-tax intrinsic value (the difference between the Corporation’s closing stock price on the last trading day of the second quarter of 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2014. This amount changes based on the fair value of the Corporation’s stock. | |||||||||||||||||
As of September 30, 2014, there was approximately $0 of total unrecognized compensation expense relating to unvested stock options. As of September 30, 2014, there was approximately $425,329 of total unrecognized compensation expense relating to unvested restricted stock awards. These costs are expected to be recognized over a weighted average period of 1.8 years. |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension Cost | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
Note 10. Components of Net Periodic Pension Cost | |||||||||||||||||
The Corporation maintained a non-contributory defined benefit pension plan for substantially all of its employees until September 30, 2007, at which time the Corporation froze the plan. The following table sets forth the net periodic pension cost of the Corporation’s pension plan for the periods indicated. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Interest cost | $ | 143 | $ | 133 | $ | 429 | $ | 397 | |||||||||
Expected return on plan assets | (148 | ) | (122 | ) | (444 | ) | (366 | ) | |||||||||
Net amortization and deferral | 55 | 93 | 165 | 281 | |||||||||||||
Net periodic pension cost | $ | 50 | $ | 104 | $ | 150 | $ | 312 | |||||||||
Contributions | |||||||||||||||||
The Corporation presently estimates that it will not contribute to its Pension Trust for 2014. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust. |
Supplemental_Disclosure_of_Non
Supplemental Disclosure of Non-Cash Activities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||
Note 11. Supplemental disclosure of non-cash activities | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Investing: | |||||||||
Due to broker, net | $ | — | $ | 2,983 | |||||
Transfer of loans to other real estate owned | 352 | 236 | |||||||
Transfer of investment securities available-for-sale to investment securities held-to-maturity | — | 75,694 | |||||||
Financing: | |||||||||
Dividends declared, not paid | $ | 1,061 | $ | 327 | |||||
Acquisition of legacy ConnectOne: | |||||||||
Non-cash assets acquired: | |||||||||
Securities available-for-sale | $ | 28,452 | $ | — | |||||
Restricted investments | 13,646 | — | |||||||
Loans held for sale | 190 | — | |||||||
Loans | 1,299,284 | — | |||||||
Accrued interest receivable | 4,470 | — | |||||||
Premise and equipment, net | 6,475 | — | |||||||
Goodwill | 129,105 | — | |||||||
Core deposit intangible | 5,308 | — | |||||||
Bank-owned life insurance | 15,481 | — | |||||||
Other real estate owned | 2,455 | — | |||||||
Other assets | 14,286 | — | |||||||
Total non-cash assets acquired | $ | 1,519,152 | $ | — | |||||
Non-cash liabilities assumed: | |||||||||
Deposits | $ | 1,051,342 | $ | — | |||||
Borrowings | 263,370 | — | |||||||
Other liabilities | 10,527 | — | |||||||
Total non-cash liabilities assumed | $ | 1,325,239 | $ | — | |||||
Net non-cash assets acquired | $ | 193,913 | $ | — | |||||
Borrowings
Borrowings | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||
Note 12. Borrowings | |||||||||||
The components of borrowings are as follows (dollars in thousands): | |||||||||||
30-Sep-14 | |||||||||||
Type | Maturity | Interest Rate | Oustanding | ||||||||
Date | |||||||||||
FRB Discount Window | 10/1/14 | 0.07 | % | $ | 50,000 | ||||||
FHLB | 10/28/14 | 0.38 | 25,000 | ||||||||
FHLB | 10/29/14 | 0.3 | 50,000 | ||||||||
FHLB | 2/23/15 | 0.88 | 10,000 | ||||||||
FHLB | 5/7/15 | 0.81 | 15,000 | ||||||||
FHLB | 5/11/15 | 2.17 | 785 | ||||||||
FHLB | 5/11/15 | 2.91 | 5,000 | ||||||||
FHLB | 6/9/15 | 0.44 | 25,000 | ||||||||
FHLB | 6/26/15 | 0.48 | 25,000 | ||||||||
FHLB | 8/5/15 | 1.49 | 2,000 | ||||||||
FHLB | 8/3/16 | 1.93 | 10,000 | ||||||||
FHLB | 8/26/16 | 1.04 | 5,000 | ||||||||
FHLB | 10/11/16 | 1.15 | 5,000 | ||||||||
FHLB | 1/23/17 | 1.16 | 10,000 | ||||||||
FHLB | 4/28/17 | 1.26 | 5,000 | ||||||||
Citi REPO | 6/15/17 | 5.95 | 15,000 | ||||||||
FHLB | 6/26/17 | 1.3 | 25,000 | ||||||||
FHLB | 7/8/17 | 1.29 | 5,000 | ||||||||
FHLB | 9/25/17 | 1.41 | 11,000 | ||||||||
FHLB | 2/12/18 | 1.56 | 10,000 | ||||||||
FHLB | 4/2/18 | 2.5 | 2,500 | ||||||||
FHLB | 4/2/18 | 1.98 | 7,500 | ||||||||
FHLB | 4/30/18 | 1.75 | 5,000 | ||||||||
FHLB | 7/16/18 | 2.99 | 5,000 | ||||||||
Citi REPO | 8/8/18 | 5.85 | 16,000 | ||||||||
FHLB | 9/11/18 | 4.15 | 5,000 | ||||||||
FHLB | 10/23/18 | 1.68 | 10,000 | ||||||||
FHLB | 11/19/18 | 1.68 | 10,000 | ||||||||
FHLB | 1/30/19 | 1.79 | 4,000 | ||||||||
FHLB | 2/11/19 | 1.99 | 6,000 | ||||||||
FHLB | 10/30/20 | 3.23 | 20,000 | ||||||||
FHLB | 11/2/20 | 3.61 | 20,000 | ||||||||
$ | 419,785 | ||||||||||
Fair value mark: | 1,175 | ||||||||||
$ | 420,960 | ||||||||||
31-Dec-13 | |||||||||||
Citi REPO | 6/15/17 | 5.95 | % | $ | 15,000 | ||||||
FHLB | 11/16/17 | 3.18 | 5,000 | ||||||||
FHLB | 11/16/17 | 3.29 | 5,000 | ||||||||
FHLB | 11/16/17 | 3.1 | 5,000 | ||||||||
FHLB | 11/16/17 | 3.49 | 10,000 | ||||||||
FHLB | 11/27/17 | 3.16 | 5,000 | ||||||||
FHLB | 11/27/17 | 3.4 | 5,000 | ||||||||
FHLB | 1/3/18 | 3.25 | 4,000 | ||||||||
FHLB | 1/3/18 | 2.99 | 3,000 | ||||||||
FHLB | 1/3/18 | 2.74 | 3,000 | ||||||||
FHLB | 1/31/18 | 3.34 | 10,000 | ||||||||
FHLB | 1/31/18 | 2.44 | 10,000 | ||||||||
FHLB | 1/31/18 | 2.78 | 5,000 | ||||||||
Citi REPO | 8/8/18 | 5.85 | 16,000 | ||||||||
FHLB | 9/12/18 | 4.16 | 5,000 | ||||||||
FHLB | 11/2/20 | 3.62 | 20,000 | ||||||||
FHLB | 11/30/20 | 3.24 | 20,000 | ||||||||
$ | 146,000 | ||||||||||
On September 30, 2014, the Corporation extinguished $70,000,000 of FHLBNY advances with a weighted average rate of 3.10 percent and a weighted average maturity of 3.2 years. The advances were putable at the option of the FHLBNY. A pre-tax prepayment penalty of $4.6 million associated with the extinguishment was recorded to noninterest expense. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 13. Subsequent Event | |
On November 5, 2014, the Corporation discovered that during the fourth quarter the account of one its business customers had been the target of a fraud involving hacking of the customer’s e-mail account and subsequent unauthorized funds transfers. The fraud did not involve an intrusion of the Corporation’s computer systems. The Corporation is still investigating the matter and the after-tax charge, to be recorded during the fourth quarter of 2014, is expected to be no higher than $1.5 million. The Corporation is reviewing all available avenues of recovery, including the return of funds from recipient financial institutions and potential insurance claims. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
The consolidated financial statements of ConnectOne Bancorp, Inc. (the “Parent Corporation”) are prepared on an accrual basis and include the accounts of the Parent Corporation and its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s other direct and indirect subsidiaries, the “Corporation”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | |
Use of Estimates, Policy [Policy Text Block] | ' |
In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, the other-than-temporary impairment evaluation of securities, the evaluation of the impairment of goodwill and the evaluation of deferred tax assets. | |
Basis of Accounting, Policy [Policy Text Block] | ' |
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
FASB ASU 2014-04: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. EITF Issue 13-E sought to define “in substance repossession or foreclosure” because of the diversity in practice regarding when entities were reclassifying loans receivable to other real estate owned instead of as a loan receivable. The timing of loan reclassifications to OREO may be qualitatively significant to regulators and other financial statement users. “In substance repossession or foreclosure” is clarified by the ASU. A creditor is considered to have received physical possession (resulting from an in substance repossession) of residential real estate property collateralizing a consumer mortgage loan only upon the occurrence of either of the following: a) The creditor obtains legal title to the residential real estate property upon completion of a foreclosure. A creditor may obtain legal title to the residential real estate property even if the borrower has redemption rights that provide the borrower with a legal right for a period of time after a foreclosure to reclaim the real estate property by paying certain amounts specified by law; or b) The borrower conveys all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The deed in lieu of foreclosure or similar legal agreement is completed when agreed-upon terms and conditions have been satisfied by both the borrower and the creditor. The ASU is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Corporation will adopt the methodologies prescribed by this ASU by the date required, and does not anticipate that the ASU will have a material effect on its financial position or results of operations. | |
FASB ASU No. 2014-09: Revenue from Contracts with Customers. In May 2014, the FASB issued an update creating FASB Topic 606, Revenue from Contracts with Customers. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. | |
FASB ASC ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In September 2014, the FASB issued an update impacting FASB ASC 860, Transfers and Servicing. The amendments in this update change the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require new disclosures. An entity is required to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. An entity must also provide additional information about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The amendments in this update become effective for the first interim or annual period beginning after December 15, 2014. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. | |
FASB ASC ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In September 2014, the FASB issued an update impacting FASB ASC 860, Transfers and Servicing. Generally, an award with a performance target also requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. An entity should apply guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the service has already been rendered. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements. | |
FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. This update requires the creditors to reclassify loans that are within the scope of the ASU to “other receivables” upon foreclosure, rather than reclassifying them to other real estate owned. The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. The new guidance is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The impact of adoption of this ASU by the Corporation is not expected to be material. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments | |
FASB ASC 825-10 requires all entities to disclose the estimated fair value of their financial instrument assets and liabilities. For the Corporation, as for most financial institutions, the majority of its assets and liabilities are considered financial instruments as defined in FASB ASC 825-10. Many of the Corporation’s financial instruments, however, lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. It is also the Corporation’s general practice and intent to hold its financial instruments to maturity and not to engage in trading or sales activities except for loans held-for-sale and investment securities available-for-sale. Therefore, significant estimations and assumptions, as well as present value calculations, were used by the Corporation for the purposes of this disclosure. |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 'The table below summarizes the amounts recognized as of the Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Corporation’s financial statements at fair value at the Merger date (in thousands): | ||||||||||||
Legacy | Fair value | As recorded | |||||||||||
ConnectOne | adjustments | at | |||||||||||
carrying value | acquisition | ||||||||||||
Cash and cash equivalents | $ | 70,318 | $ | — | $ | 70,318 | |||||||
Investment securities | 28,436 | 16 | (a) | 28,452 | |||||||||
Restricted stock | 13,646 | — | 13,646 | ||||||||||
Loans held for sale | 190 | — | 190 | ||||||||||
Loans | 1,304,600 | (5,316) | (b) | 1,299,284 | |||||||||
Bank owned life insurance | 15,481 | — | 15,481 | ||||||||||
Premises and equipment | 7,380 | (905) | (c) | 6,475 | |||||||||
Accrued interest receivable | 4,470 | — | 4,470 | ||||||||||
Core deposit and other intangibles | — | 5,308 | (d) | 5,308 | |||||||||
Other real estate owned | 2,455 | — | 2,455 | ||||||||||
Other assets | 10,636 | 3,650 | (e) | 14,286 | |||||||||
Deposits | (1,049,666 | ) | (1,676) | (f) | (1,051,342 | ) | |||||||
FHLB borrowings | (262,046 | ) | (1,324) | (g) | (263,370 | ) | |||||||
Other liabilities | (10,527 | ) | — | (10,527 | ) | ||||||||
Total identifiable net assets | $ | 135,373 | $ | (247 | ) | $ | 135,126 | ||||||
Goodwill recorded in the Merger | $ | 129,105 | |||||||||||
a) | Represents the fair value adjustment on investment securities held to maturity. | ||||||||||||
b) | Represents the elimination of Legacy ConnectOne’s allowance for loan losses, deferred fees, deferred costs and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. | ||||||||||||
c) | Represent an adjustment to reflect the fair value of below-market rent on leased premises. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. | ||||||||||||
d) | Represents intangible assets recorded to reflect the fair value of core deposits and below market rent leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. | ||||||||||||
e) | Consist primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to acquired assets, liabilities assumed and identifiable intangibles recorded. | ||||||||||||
f) | Represents fair value adjustment on time deposits as the weighted average interest rates of time deposits assumed exceeded the costs of similar funding available in the market at the time of the Merger, as well as the elimination of fees paid on brokered time deposits. | ||||||||||||
g) | Represents the fair value adjustment on FHLB borrowings as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Merger. | ||||||||||||
Schedule of Accountable Loans for Business Combinations in Accordance with FASB ASC 310-30 [Table Text Block] | 'The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of July 1, 2014 was comprised of collateral dependent loans with deteriorated credit quality as follows (in thousands): | ||||||||||||
ASC 310-30 | |||||||||||||
Loans | |||||||||||||
Contractual principal and accrued interest at acquisition | $ | 23,284 | |||||||||||
Principal not expected to be collected (non-accretable discount) | (6,942 | ) | |||||||||||
Expected cash flows at acquisition | 16,342 | ||||||||||||
Interest component of expected cash flows (accretable discount) | (5,013 | ) | |||||||||||
Fair value of acquired loans | $ | 11,329 | |||||||||||
Schedule of Operating Results Attributable to Business Combinations [Table Text Block] | 'The unaudited pro forma information, for the nine months ended September 30, 2014 and 2013, set forth below reflects the adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion discounts. | ||||||||||||
Pro Forma for the Nine | |||||||||||||
Months Ended September | |||||||||||||
30, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands, except per | |||||||||||||
share amounts) | |||||||||||||
Net interest income | $ | 78,872 | $ | 71,091 | |||||||||
Noninterest income | 6,168 | 5,948 | |||||||||||
Noninterest expense | (41,073 | ) | (34,352 | ) | |||||||||
Net income | 26,490 | 26,125 | |||||||||||
Pro forma earnings per share from continuing operations: | |||||||||||||
Basic | $ | 0.89 | $ | 0.91 | |||||||||
Diluted | 0.88 | 0.9 |
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'Earnings per common share have been computed as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 1,766 | $ | 5,094 | $ | 10,542 | $ | 14,941 | |||||||||
Preferred stock dividends | (28 | ) | (28 | ) | (84 | ) | (112 | ) | |||||||||
Net income available to common stockholders | $ | 1,738 | $ | 5,066 | $ | 10,458 | $ | 14,829 | |||||||||
Basic weighted average common shares outstanding | 29,636,001 | 16,349,480 | 20,819,241 | 16,348,875 | |||||||||||||
Effect of dilutive options | 472,102 | 35,675 | 466,211 | 32,095 | |||||||||||||
Diluted weighted average common shares outstanding | 30,108,103 | 16,385,155 | 21,285,452 | 16,380,970 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.06 | $ | 0.31 | $ | 0.5 | $ | 0.91 | |||||||||
Diluted | 0.06 | 0.31 | 0.49 | 0.91 |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | 'The following tables present information related to the Corporation’s investment securities at September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 11,517 | $ | — | $ | (132 | ) | $ | 11,385 | ||||||||||||||||||
Federal agency obligations | 33,110 | 75 | (193 | ) | 32,992 | ||||||||||||||||||||||
Residential mortgage pass-through securities | 58,459 | 1,332 | (100 | ) | 59,691 | ||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,057 | — | (41 | ) | 3,016 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,204 | 225 | — | 8,429 | |||||||||||||||||||||||
Trust preferred securities | 16,085 | 465 | (236 | ) | 16,314 | ||||||||||||||||||||||
Corporate bonds and notes | 129,550 | 6,300 | (10 | ) | 135,840 | ||||||||||||||||||||||
Asset-backed securities | 21,603 | 151 | (1 | ) | 21,753 | ||||||||||||||||||||||
Certificates of deposit | 2,098 | 32 | (6 | ) | 2,124 | ||||||||||||||||||||||
Equity securities | 376 | — | (87 | ) | 289 | ||||||||||||||||||||||
Mutual funds and money market funds | 15,808 | — | (139 | ) | 15,669 | ||||||||||||||||||||||
Total | $ | 299,867 | $ | 8,580 | $ | (945 | ) | $ | 307,502 | ||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,212 | $ | 251 | $ | — | $ | 28,463 | |||||||||||||||||||
Federal agency obligations | 21,119 | 112 | (74 | ) | 21,157 | ||||||||||||||||||||||
Residential mortgage pass-through securities | 2,616 | 7 | — | 2,623 | |||||||||||||||||||||||
Commercial mortgage pass-through securities | 4,304 | 38 | (19 | ) | 4,323 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 123,379 | 3,914 | (151 | ) | 127,142 | ||||||||||||||||||||||
Corporate bonds and notes | 37,937 | 762 | (14 | ) | 38,685 | ||||||||||||||||||||||
Total | $ | 217,567 | $ | 5,084 | $ | (258 | ) | $ | 222,393 | ||||||||||||||||||
Total investment securities | $ | 517,434 | $ | 13,664 | $ | (1,203 | ) | $ | 529,895 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 14,344 | $ | — | $ | (825 | ) | $ | 13,519 | ||||||||||||||||||
Federal agency obligations | 20,567 | 29 | (655 | ) | 19,941 | ||||||||||||||||||||||
Residential mortgage pass-through securities | 48,312 | 791 | (229 | ) | 48,874 | ||||||||||||||||||||||
Commercial mortgage pass-through securities | 7,145 | 3 | (157 | ) | 6,991 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 30,804 | 711 | (55 | ) | 31,460 | ||||||||||||||||||||||
Trust preferred securities | 19,763 | 150 | (510 | ) | 19,403 | ||||||||||||||||||||||
Corporate bonds and notes | 154,182 | 4,930 | (482 | ) | 158,630 | ||||||||||||||||||||||
Asset-backed securities | 15,733 | 246 | — | 15,979 | |||||||||||||||||||||||
Certificates of deposit | 2,250 | 32 | (20 | ) | 2,262 | ||||||||||||||||||||||
Equity securities | 376 | — | (89 | ) | 287 | ||||||||||||||||||||||
Mutual funds and money market funds | 5,671 | 68 | (15 | ) | 5,724 | ||||||||||||||||||||||
Total | $ | 319,147 | $ | 6,960 | $ | (3,037 | ) | $ | 323,070 | ||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,056 | $ | — | $ | (1,019 | ) | $ | 27,037 | ||||||||||||||||||
Federal agency obligations | 15,249 | 23 | (389 | ) | 14,883 | ||||||||||||||||||||||
Residential mortgage-backed securities | 2,246 | — | (64 | ) | 2,182 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 4,417 | 41 | (62 | ) | 4,396 | ||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 127,418 | 1,303 | (3,688 | ) | 125,033 | ||||||||||||||||||||||
Corporate bonds and notes | 37,900 | 149 | (622 | ) | 37,427 | ||||||||||||||||||||||
Total | $ | 215,286 | $ | 1,516 | $ | (5,844 | ) | $ | 210,958 | ||||||||||||||||||
Total investment securities | $ | 534,433 | $ | 8,476 | $ | (8,881 | ) | $ | 534,028 | ||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | 'The following table presents information for investment securities available-for-sale at September 30, 2014, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. | ||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
Due in one year or less | $ | 14,395 | $ | 14,543 | |||||||||||||||||||||||
Due after one year through five years | 43,153 | 44,425 | |||||||||||||||||||||||||
Due after five years through ten years | 110,494 | 115,594 | |||||||||||||||||||||||||
Due after ten years | 54,125 | 54,275 | |||||||||||||||||||||||||
Residential mortgage pass-through securities | 58,459 | 59,691 | |||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,057 | 3,016 | |||||||||||||||||||||||||
Equity securities | 376 | 289 | |||||||||||||||||||||||||
Mutual funds and money market funds | 15,808 | 15,669 | |||||||||||||||||||||||||
Total | $ | 299,867 | $ | 307,502 | |||||||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
Due in one year or less | $ | 7,059 | $ | 7,140 | |||||||||||||||||||||||
Due after one year through five years | 7,907 | 8,056 | |||||||||||||||||||||||||
Due after five years through ten years | 69,114 | 70,359 | |||||||||||||||||||||||||
Due after ten years | 126,567 | 129,892 | |||||||||||||||||||||||||
Residential mortgage-backed securities | 2,616 | 2,623 | |||||||||||||||||||||||||
Commercial mortgage pass-through securities | 4,304 | 4,323 | |||||||||||||||||||||||||
Total | $ | 217,567 | $ | 222,393 | |||||||||||||||||||||||
Total investment securities | $ | 517,434 | $ | 529,895 | |||||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | 'Gross gains and losses from the sales of investment securities for the three-month and nine-month periods ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Gross gains on sales of investment securities | $ | 111 | $ | 343 | $ | 2,122 | $ | 1,375 | |||||||||||||||||||
Gross losses on sales of investment securities | — | — | 22 | 89 | |||||||||||||||||||||||
Net gains on sales of investment securities | 111 | 343 | 2,100 | 1,286 | |||||||||||||||||||||||
Less: tax provision on gross gains | 42 | 96 | 601 | 353 | |||||||||||||||||||||||
Gross gains on sales of investments, net of tax | $ | 69 | $ | 247 | $ | 1,499 | $ | 933 | |||||||||||||||||||
Schedule of OTTI Charges for period | 'The following summarizes OTTI charges for the periods indicated. | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Other than temporary impairment charges | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Principal losses on a variable rate CMO | — | — | — | 24 | |||||||||||||||||||||||
Total other-than-temporary impairment charges | $ | — | $ | — | $ | — | $ | 24 | |||||||||||||||||||
Schedule of Preferred Security and Associated Ratings [Table Text Block] | 'The following table presents detailed information for each trust preferred security held by the Corporation at September 30, 2014 which has at least one rating below investment grade. | ||||||||||||||||||||||||||
Issuer | Single | Class/ | Amortized | Fair | Gross | Lowest | Number of | Deferrals | Expected | ||||||||||||||||||
Issuer or | Tranche | Cost | Value | Unrealized | Credit | Banks | and | Deferral/Defaults | |||||||||||||||||||
Pooled | Gain (Loss) | Rating | Currently | Defaults | as % of | ||||||||||||||||||||||
Assigned | Performing | as % of | Remaining | ||||||||||||||||||||||||
Original | Performing | ||||||||||||||||||||||||||
Collateral | Collateral | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Countrywide Capital IV | Single | n/a | $ | 1,771 | $ | 1,813 | 42 | BB | 1 | None | None | ||||||||||||||||
Countrywide Capital V | Single | n/a | 2,747 | 2,827 | 80 | BB | 1 | None | None | ||||||||||||||||||
Countrywide Capital V | Single | n/a | 250 | 257 | 7 | BB | 1 | None | None | ||||||||||||||||||
Nationsbank Cap Trust III | Single | n/a | 1,575 | 1,339 | (236 | ) | BB | 1 | None | None | |||||||||||||||||
Morgan Stanley Cap Trust IV | Single | n/a | 2,500 | 2,517 | 17 | BB | 1 | None | None | ||||||||||||||||||
Morgan Stanley Cap Trust IV | Single | n/a | 1,742 | 1,760 | 18 | BB | 1 | None | None | ||||||||||||||||||
Goldman Sachs | Single | n/a | 1,000 | 1,137 | 137 | BB | 1 | None | None | ||||||||||||||||||
Stifel Financial | Single | n/a | 4,500 | 4,664 | 164 | BBB- | 1 | None | None | ||||||||||||||||||
Total | $ | 16,085 | $ | 16,314 | 229 | ||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | 'Credit Loss Portion of OTTI Recognized in Earnings on Debt Securities | ||||||||||||||||||||||||||
Nine Months | Year | ||||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||||
September 30, | December | ||||||||||||||||||||||||||
2014 | 31, 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Balance of credit-related OTTI at January 1, | $ | — | $ | 4,450 | |||||||||||||||||||||||
Addition: | |||||||||||||||||||||||||||
Credit losses on investment securities for which other-than-temporary impairment was not previously recognized | — | 652 | |||||||||||||||||||||||||
Reduction: | |||||||||||||||||||||||||||
Credit losses on investment securities sold during the period | — | (5,102 | ) | ||||||||||||||||||||||||
Balance of credit-related OTTI at period end | $ | — | $ | — | |||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | 'The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 9,488 | $ | (132 | ) | $ | 4,744 | $ | (57 | ) | $ | 4,744 | $ | (75 | ) | ||||||||||||
Federal agency obligations | 22,682 | (193 | ) | 18,601 | (113 | ) | 4,081 | (80 | ) | ||||||||||||||||||
Residential mortgage pass-through securities | 16,327 | (100 | ) | 16,327 | (100 | ) | — | — | |||||||||||||||||||
Commercial mortgage pass-through securities | 3,016 | (41 | ) | — | — | 3,016 | (41 | ) | |||||||||||||||||||
Trust preferred securities | 1,338 | (236 | ) | — | — | 1,338 | (236 | ) | |||||||||||||||||||
Corporate bonds and notes | 3,002 | (10 | ) | 3,002 | (10 | ) | — | — | |||||||||||||||||||
Asset-backed securities | 1,952 | (1 | ) | 1,952 | (1 | ) | — | — | |||||||||||||||||||
Certificates of deposit | 216 | (6 | ) | 216 | (6 | ) | — | — | |||||||||||||||||||
Equity securities | 289 | (87 | ) | — | — | 289 | (87 | ) | |||||||||||||||||||
Mutual funds and money market funds | 11,361 | (139 | ) | 10,379 | (122 | ) | 982 | (17 | ) | ||||||||||||||||||
Total | 69,671 | $ | (945 | ) | $ | 55,221 | $ | (409 | ) | $ | 14,450 | $ | (536 | ) | |||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
Federal agency obligations | $ | 8,325 | $ | (74 | ) | $ | 8,325 | $ | (74 | ) | $ | — | $ | — | |||||||||||||
Commercial mortgage pass-through securities | 1,392 | (19 | ) | — | — | 1,392 | (19 | ) | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 14,789 | (151 | ) | 3,336 | (4 | ) | 11,453 | (147 | ) | ||||||||||||||||||
Corporate bonds and notes | 2,700 | (14 | ) | 2,700 | (14 | ) | — | — | |||||||||||||||||||
Total | 27,206 | (258 | ) | 14,361 | (92 | ) | 12,845 | (166 | ) | ||||||||||||||||||
Total Temporarily Impaired Securities | $ | 96,877 | $ | (1,203 | ) | $ | 69,582 | $ | (501 | ) | $ | 27,295 | $ | (702 | ) | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 13,519 | $ | (825 | ) | $ | 13,519 | $ | (825 | ) | $ | — | $ | — | |||||||||||||
Federal agency obligation | 17,200 | (655 | ) | 17,200 | (655 | ) | — | — | |||||||||||||||||||
Residential mortgage pass-through securities | 18,293 | (229 | ) | 18,293 | (229 | ) | — | — | |||||||||||||||||||
Commercial mortgage pass-through securities | 2,924 | (157 | ) | 2,924 | (157 | ) | — | — | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 4,199 | (55 | ) | 4,199 | (55 | ) | — | — | |||||||||||||||||||
Trust preferred securities | 5,306 | (510 | ) | 4,031 | (211 | ) | 1,275 | (299 | ) | ||||||||||||||||||
Corporate bonds and notes | 32,498 | (482 | ) | 30,533 | (448 | ) | 1,965 | (34 | ) | ||||||||||||||||||
Certificates of deposit | 552 | (20 | ) | 552 | (20 | ) | — | — | |||||||||||||||||||
Equity securities | 287 | (89 | ) | — | — | 287 | (89 | ) | |||||||||||||||||||
Mutual funds and money market funds | 985 | (15 | ) | — | — | 985 | (15 | ) | |||||||||||||||||||
Total | 95,763 | (3,037 | ) | 91,251 | (2,600 | ) | 4,512 | (437 | ) | ||||||||||||||||||
Investment Securities Held-to-Maturity: | |||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 27,037 | $ | (1,019 | ) | $ | 27,037 | $ | (1,019 | ) | $ | — | $ | — | |||||||||||||
Federal agency obligation | 13,492 | (389 | ) | 13,197 | (388 | ) | 295 | (1 | ) | ||||||||||||||||||
Residential mortgage pass-through securities | 2,182 | (64 | ) | 2,182 | (64 | ) | — | — | |||||||||||||||||||
Commercial mortgage pass-through securities | 1,395 | (62 | ) | 1,395 | (62 | ) | — | — | |||||||||||||||||||
Obligations of U.S. states and political subdivisions | 66,034 | (3,688 | ) | 57,072 | (2,957 | ) | 8,962 | (731 | ) | ||||||||||||||||||
Corporate bonds and notes | 27,210 | (622 | ) | 27,210 | (622 | ) | — | — | |||||||||||||||||||
Total | 137,350 | (5,844 | ) | 128,093 | (5,112 | ) | 9,257 | (732 | ) | ||||||||||||||||||
Total Temporarily Impaired Securities | $ | 233,113 | $ | (8,881 | ) | $ | 219,344 | $ | (7,712 | ) | $ | 13,769 | $ | (1,169 | ) |
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 'The following table sets forth the composition of the Corporation’s loan portfolio, including net deferred fees and costs, at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 470,510 | $ | 229,688 | |||||||||||||||||||||||||||||
Commercial real estate | 1,570,854 | 536,539 | |||||||||||||||||||||||||||||||
Construction | 141,844 | 42,722 | |||||||||||||||||||||||||||||||
Residential real estate | 241,387 | 150,571 | |||||||||||||||||||||||||||||||
Consumer | 2,640 | 1,084 | |||||||||||||||||||||||||||||||
Subtotal | 2,427,235 | 960,604 | |||||||||||||||||||||||||||||||
Net deferred loan (fees) costs | (470 | ) | 339 | ||||||||||||||||||||||||||||||
Loans receivable | $ | 2,426,765 | $ | 960,943 | |||||||||||||||||||||||||||||
Loans and Leases Receivable Purchase Credit Impaired Loans [Table Text Block] | 'The carrying amount of those loans is as follows at September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 7,255 | $ | — | |||||||||||||||||||||||||||||
Commercial real estate | 1,835 | — | |||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||
Residential real estate | 2,262 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | |||||||||||||||||||||||||||||||
Total carrying amount | $ | 11,352 | $ | — | |||||||||||||||||||||||||||||
Loans and Leases Receivable Purchased Loans [Table Text Block] | 'The accretable yield, or income expected to be collected, on the purchased loans above is as follows at September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 5,013 | |||||||||||||||||||||||||||||||
New loans purchased | — | ||||||||||||||||||||||||||||||||
Accretion of income | (76 | ) | |||||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | — | ||||||||||||||||||||||||||||||||
Disposals | — | ||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 4,937 | |||||||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | 'The following table presents information about the recorded investment in loan receivables on non-accrual status by class at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Loans Receivable on Non-Accrual Status | |||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 634 | $ | 753 | |||||||||||||||||||||||||||||
Commercial real estate | 3,765 | 744 | |||||||||||||||||||||||||||||||
Residential real estate | 1,684 | 1,640 | |||||||||||||||||||||||||||||||
Total loans receivable on non-accrual status | $ | 6,083 | $ | 3,137 | |||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | 'The following table presents information, excluding net deferred costs, about the Corporation’s loan credit quality at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 449,688 | $ | 15,447 | $ | 5,073 | $ | 302 | $ | 470,510 | |||||||||||||||||||||||
Commercial real estate | 1,533,499 | 17,521 | 19,834 | — | 1,570,854 | ||||||||||||||||||||||||||||
Construction | 140,365 | — | 1,479 | — | 141,844 | ||||||||||||||||||||||||||||
Residential real estate | 238,516 | — | 2,871 | — | 241,387 | ||||||||||||||||||||||||||||
Consumer | 2,534 | — | 106 | — | 2,640 | ||||||||||||||||||||||||||||
Total loans | $ | 2,364,602 | $ | 32,968 | $ | 29,363 | $ | 302 | $ | 2,427,235 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 226,013 | $ | 1,719 | $ | 1,284 | $ | 672 | $ | 229,688 | |||||||||||||||||||||||
Commercial real estate | 509,679 | 14,544 | 12,316 | — | 536,539 | ||||||||||||||||||||||||||||
Construction | 41,492 | — | 1,230 | — | 42,722 | ||||||||||||||||||||||||||||
Residential real estate | 147,379 | 978 | 2,214 | — | 150,571 | ||||||||||||||||||||||||||||
Consumer | 964 | — | 120 | — | 1,084 | ||||||||||||||||||||||||||||
Total loans | $ | 925,527 | $ | 17,241 | $ | 17,164 | $ | 672 | $ | 960,604 | |||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | 'The following table provides an analysis of the impaired loans, by class, at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
No Related Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial | $ | 890 | $ | 663 | $ | — | |||||||||||||||||||||||||||
Commercial real estate | 5,005 | 5,654 | — | ||||||||||||||||||||||||||||||
Residential real estate | 1,957 | 2,288 | — | ||||||||||||||||||||||||||||||
Consumer | 106 | 106 | — | ||||||||||||||||||||||||||||||
Total | $ | 7,958 | $ | 8,711 | — | ||||||||||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 3,600 | $ | 3,600 | $ | 323 | |||||||||||||||||||||||||||
Total | $ | 3,600 | $ | 3,600 | $ | 323 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial | $ | 890 | $ | 663 | $ | — | |||||||||||||||||||||||||||
Commercial real estate | 8,605 | 9,254 | — | ||||||||||||||||||||||||||||||
Residential real estate | 1,957 | 2,288 | — | ||||||||||||||||||||||||||||||
Consumer | 106 | 106 | — | ||||||||||||||||||||||||||||||
Total | $ | 11,558 | $ | 12,311 | $ | 323 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
No Related Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial | $ | 449 | $ | 449 | $ | — | |||||||||||||||||||||||||||
Commercial real estate | 10,482 | 10,783 | — | ||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | ||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | ||||||||||||||||||||||||||||||
Total | $ | 12,909 | $ | 13,352 | $ | — | |||||||||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||||||||||||
Commercial | $ | 672 | $ | 672 | $ | 300 | |||||||||||||||||||||||||||
Commercial real estate | 4,344 | 4,344 | 115 | ||||||||||||||||||||||||||||||
Total | $ | 5,016 | $ | 5,016 | $ | 415 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Commercial | $ | 1,121 | $ | 1,121 | $ | 300 | |||||||||||||||||||||||||||
Commercial real estate | 14,826 | 15,127 | 115 | ||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | ||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | ||||||||||||||||||||||||||||||
Total | $ | 17,925 | $ | 18,368 | $ | 415 | |||||||||||||||||||||||||||
Schedule of Average Balance and Interest Income Recognized on Impaired Loans [Table Text Block] | 'The following table provides an analysis related to the average recorded investment and interest income recognized on impaired loans by class as of and for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 897 | $ | — | $ | — | $ | — | $ | 778 | $ | 30 | $ | — | $ | — | |||||||||||||||||
Commercial real estate | 5,046 | 31 | 1,275 | 19 | 5,313 | 74 | 1,275 | 57 | |||||||||||||||||||||||||
Residential real estate | 1,975 | 0 | — | — | 2,044 | 31 | — | — | |||||||||||||||||||||||||
Consumer | 106 | 2 | — | — | 106 | 5 | — | — | |||||||||||||||||||||||||
Total | $ | 8,024 | 32 | $ | 1,275 | $ | 19 | $ | 8,241 | $ | 140 | $ | 1,275 | $ | 57 | ||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Commercial real estate | 3,600 | 37 | 175 | — | 3,600 | 122 | 2,302 | 68 | |||||||||||||||||||||||||
Residential real estate | — | — | 1,226 | 10 | — | — | 1,226 | 31 | |||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 3,600 | $ | 37 | $ | 1,401 | $ | 10 | $ | 3,600 | $ | 122 | $ | 3,428 | $ | 99 | |||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||||||
Commercial | $ | 897 | $ | — | $ | — | $ | — | $ | 778 | $ | 30 | $ | — | $ | — | |||||||||||||||||
Commercial real estate | 8,646 | 68 | 1,450 | 19 | 8,913 | 196 | 3,477 | 125 | |||||||||||||||||||||||||
Residential real estate | 1,975 | 0 | 1,226 | 10 | 2,044 | 31 | 1,226 | 31 | |||||||||||||||||||||||||
Consumer | 106 | 2 | — | — | 106 | 5 | — | — | |||||||||||||||||||||||||
Total | $ | 11,624 | $ | 69 | $ | 2,676 | $ | 29 | 11,841 | $ | 262 | $ | 4,703 | $ | 156 | ||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | 'The following table provides an analysis of the aging of the recorded investment of loans, excluding net deferred costs that are past due at September 30, 2014 and December 31, 2013 by class: | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total Loans | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Greater Past | Due | Receivable | Receivable > 90 | ||||||||||||||||||||||||||||
Due | Days Past Due | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 405 | $ | — | $ | 752 | $ | 1,157 | $ | 469,353 | $ | 470,510 | $ | — | |||||||||||||||||||
Commercial real estate | 951 | 2,044 | 4,020 | 7,015 | 1,563,839 | 1,570,854 | — | ||||||||||||||||||||||||||
Construction | — | — | — | — | 141,844 | 141,844 | — | ||||||||||||||||||||||||||
Residential real estate | 347 | 1,763 | 3,403 | 5,513 | 235,874 | 241,387 | — | ||||||||||||||||||||||||||
Consumer | 17 | — | — | 17 | 2,623 | 2,640 | |||||||||||||||||||||||||||
Total | $ | 1,720 | $ | 3,807 | $ | 8,175 | $ | 13,702 | $ | 2,413,533 | $ | 2,427,235 | $ | — | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total Loans | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Greater Past | Due | Receivable | Receivable > 90 | ||||||||||||||||||||||||||||
Due | Days Past Due | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial | $ | 18 | $ | — | $ | 753 | $ | 771 | $ | 228,917 | $ | 229,688 | $ | — | |||||||||||||||||||
Commercial Real Estate | 221 | — | 744 | 965 | 535,574 | 536,539 | — | ||||||||||||||||||||||||||
Construction | — | — | — | — | 42,722 | 42,722 | — | ||||||||||||||||||||||||||
Residential real estate | 990 | 258 | 1,640 | 2,888 | 147,683 | 150,571 | — | ||||||||||||||||||||||||||
Consumer | 5 | — | — | 5 | 1,079 | 1,084 | |||||||||||||||||||||||||||
Total | $ | 1,234 | $ | 258 | $ | 3,137 | $ | 4,629 | $ | 955,975 | $ | 960,604 | $ | — | |||||||||||||||||||
Schedule of Recorded Investment in Financing Receivables [Table Text Block] | 'The following table details the amount of loans receivable that are evaluated individually, and collectively, for impairment (excluding net deferred costs), acquired, and the related portion of the allowance for loan loss that is allocated to each loan portfolio class: | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 323 | $ | — | $ | — | $ | — | $ | — | $ | 323 | |||||||||||||||||||
Collectively evaluated for impairment | 2,478 | 6,699 | 524 | 1,052 | 5 | 1,037 | 11,795 | ||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 2,478 | $ | 7,022 | $ | 524 | $ | 1,052 | $ | 5 | $ | 1,037 | $ | 12,118 | |||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 68 | $ | 5,983 | $ | — | $ | 1,733 | $ | 106 | $ | — | $ | 7,890 | |||||||||||||||||||
Collectively evaluated for impairment | 463,187 | 1,563,036 | 141,844 | 237,391 | 2,534 | — | 2,407,992 | ||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 7,255 | 1,835 | — | 2,263 | — | — | 11,353 | ||||||||||||||||||||||||||
Total | $ | 470,510 | $ | 1,570,854 | $ | 141,844 | $ | 241,387 | $ | 2,640 | $ | — | $ | 2,427,235 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 300 | $ | 115 | $ | — | $ | — | $ | — | $ | — | $ | 415 | |||||||||||||||||||
Collectively evaluated for impairment | 1,398 | 5,631 | 362 | 990 | 146 | 1,391 | 9,918 | ||||||||||||||||||||||||||
Total | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,121 | $ | 14,826 | $ | — | $ | 1,858 | $ | 120 | $ | — | $ | 17,925 | |||||||||||||||||||
Collectively evaluated for impairment | 228,567 | 521,713 | 42,722 | 148,713 | 964 | — | 942,679 | ||||||||||||||||||||||||||
Total | $ | 229,688 | $ | 536,539 | $ | 42,722 | $ | 150,571 | $ | 1,084 | $ | — | $ | 960,604 | |||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 'A summary of the activity in the allowance for loan losses is as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at July 1, | $ | 2,142 | $ | 5,741 | $ | 504 | $ | 1,011 | $ | 63 | $ | 1,364 | $ | 10,825 | |||||||||||||||||||
Charge offs | — | — | — | — | (18 | ) | — | (18 | ) | ||||||||||||||||||||||||
Recoveries | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||
Provision | 336 | 1,281 | 20 | 41 | (51 | ) | (327 | ) | 1,300 | ||||||||||||||||||||||||
Balance at September 30, | $ | 2,478 | $ | 7,022 | $ | 524 | $ | 1,052 | $ | 5 | $ | 1,037 | $ | 12,118 | |||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial | Commercial real estate | Construction | Residential real estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||||||
Charge offs | (333 | ) | — | — | (108 | ) | (7 | ) | — | (448 | ) | ||||||||||||||||||||||
Recoveries | — | — | — | 11 | 13 | — | 24 | ||||||||||||||||||||||||||
Provision | 1,113 | 1,276 | 162 | 159 | (147 | ) | (354 | ) | 2,209 | ||||||||||||||||||||||||
Balance at September 30, | $ | 2,478 | $ | 7,022 | $ | 524 | $ | 1,052 | $ | 5 | $ | 1,037 | $ | 12,118 | |||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
real estate | real estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at July 1, | $ | 2,422 | $ | 5,333 | $ | 318 | $ | 1,341 | $ | 29 | $ | 759 | $ | 10,202 | |||||||||||||||||||
Charge offs | (6 | ) | — | — | — | (4 | ) | — | (10 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||
Provision | (702 | ) | 455 | 51 | (37 | ) | 67 | 166 | — | ||||||||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | |||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial | Commercial real estate | Construction | Residential real estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | |||||||||||||||||||
Charge offs | (6 | ) | (50 | ) | — | — | (20 | ) | — | (76 | ) | ||||||||||||||||||||||
Recoveries | 21 | 8 | — | — | 4 | — | 33 | ||||||||||||||||||||||||||
Provision | (725 | ) | 507 | 56 | (228 | ) | (3 | ) | 393 | — | |||||||||||||||||||||||
Balance at September 30, | $ | 1,714 | $ | 5,788 | $ | 369 | $ | 1,304 | $ | 94 | $ | 925 | $ | 10,194 | |||||||||||||||||||
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | 'The following table presents loans by class modified as troubled debt restructurings that occurred during the nine months ended September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||
Loans | Investment | Investment | |||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 672 | $ | 315 | ||||||||||||||||||||||||||||
Commercial real estate | 1 | 136 | 93 | ||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||
Residential real estate | 2 | 275 | 273 | ||||||||||||||||||||||||||||||
Total | 4 | $ | 1,083 | $ | 681 |
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 'For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | September 30, | Quoted | Significant | Significant | |||||||||||||||||
2014 | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
U.S. Treasury & agency securities | $ | 11,385 | $ | 11,385 | $ | — | $ | — | |||||||||||||
Federal agency obligations | 32,992 | — | 32,992 | — | |||||||||||||||||
Residential mortgage pass-through securities | 59,691 | — | 59,691 | — | |||||||||||||||||
Commercial mortgage pass-through securities | 3,016 | — | 3,016 | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,429 | — | 8,429 | — | |||||||||||||||||
Trust preferred securities | 16,314 | — | 16,314 | — | |||||||||||||||||
Corporate bonds and notes | 135,840 | — | 135,840 | — | |||||||||||||||||
Asset-backed securities | 21,753 | — | 21,753 | — | |||||||||||||||||
Certificates of deposit | 2,124 | — | 2,124 | — | |||||||||||||||||
Equity securities | 289 | 289 | — | — | |||||||||||||||||
Mutual funds and money market funds | 15,669 | 15,669 | — | — | |||||||||||||||||
Investment securities available-for-sale | $ | 307,502 | $ | 27,343 | $ | 280,159 | $ | — | |||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | December 31, | Quoted | Significant | Significant | |||||||||||||||||
2013 | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||
for | (Level 2) | ||||||||||||||||||||
Identical | |||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
U.S. Treasury and agency securities | $ | 13,519 | $ | 13,519 | $ | — | $ | — | |||||||||||||
Federal agency obligations | 19,941 | — | 19,941 | — | |||||||||||||||||
Residential mortgage pass-through securities | 48,874 | — | 48,874 | — | |||||||||||||||||
Commercial mortgage pass-through securities | 6,991 | — | 6,991 | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 31,460 | — | 31,460 | — | |||||||||||||||||
Trust preferred securities | 19,403 | — | 19,403 | — | |||||||||||||||||
Corporate bonds and notes | 158,630 | — | 158,630 | — | |||||||||||||||||
Asset-backed securities | 15,979 | — | 15,979 | — | |||||||||||||||||
Certificates of deposit | 2,262 | — | 2,262 | — | |||||||||||||||||
Equity securities | 287 | 287 | — | — | |||||||||||||||||
Mutual funds and money market funds | 5,724 | 5,724 | — | — | |||||||||||||||||
Investment securities available-for-sale | $ | 323,070 | $ | 19,530 | $ | 303,540 | $ | — | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 'The following tables present the changes in investment securities available-for-sale with significant unobservable inputs (Level 3) for the three months ended September 30, 2014 and 2013. | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance, beginning of the period | $ | — | $ | 72 | $ | — | $ | 36 | |||||||||||||
Interest payment deferrals | — | 14 | — | 43 | |||||||||||||||||
Principal repayments | — | — | — | — | |||||||||||||||||
Total net losses included in net income | — | — | — | — | |||||||||||||||||
Total net unrealized (losses) gains | — | 8 | — | 15 | |||||||||||||||||
Balance, end of the period | — | $ | 94 | — | $ | 94 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | 'For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
Range | |||||||||||||||||||||
Impaired Loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Commercial | Discounted cash flow model | Discount rate | 0% | 6% | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates, Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Range | |||||||||||||||||||||
Impaired Loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Commercial | Discounted cash flow model | Discount rate | 0% | 6% | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates, Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | September 30, | Quoted | Significant | Significant | |||||||||||||||||
2014 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial real estate | $ | 3,277 | $ | — | $ | — | $ | 3,277 | |||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | 1,442 | — | — | 1,442 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | December 31, | Quoted | Significant | Significant | |||||||||||||||||
2013 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Commercial | $ | 372 | $ | — | $ | — | $ | 372 | |||||||||||||
Commercial real estate | 4,229 | — | — | 4,229 | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||
Residential | 220 | — | — | 220 | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 'The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair Value | Quoted | Significant | Significant | |||||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 138,013 | $ | 138,013 | $ | 138,013 | $ | — | $ | — | |||||||||||
Investment securities available-for-sale | 307,502 | 307,502 | 27,343 | 280,159 | — | ||||||||||||||||
Investment securities held-to-maturity | 217,567 | 222,393 | 28,463 | 175,105 | 18,825 | ||||||||||||||||
Investment in restricted stock, at cost | 17,922 | n/a | n/a | n/a | n/a | ||||||||||||||||
Net loans | 2,414,647 | 2,427,263 | — | — | 2,427,263 | ||||||||||||||||
Accrued interest receivable | 10,976 | 10,976 | 278 | 3,176 | 7,522 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | $ | 471,151 | $ | 471,151 | $ | 471,151 | $ | — | $ | — | |||||||||||
Interest-bearing deposits | 1,998,017 | 2,004,084 | — | 2,004,084 | — | ||||||||||||||||
Borrowings | 420,960 | 436,366 | — | 436,366 | — | ||||||||||||||||
Subordinated debentures | 5,155 | 4,786 | — | 4,786 | — | ||||||||||||||||
Accrued interest payable | 3,811 | 3,811 | — | 3,811 | — | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair Value | Quoted | Significant | Significant | |||||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 82,692 | $ | 82,692 | $ | 82,692 | $ | — | $ | — | |||||||||||
Investment securities available-for-sale | 323,070 | 323,070 | 19,530 | 303,540 | — | ||||||||||||||||
Investment securities held-to-maturity | 215,286 | 210,958 | 27,037 | 164,940 | 18,981 | ||||||||||||||||
Investment in restricted stock, at cost | 8,986 | n/a | n/a | n/a | n/a | ||||||||||||||||
Net loans | 950,610 | 948,606 | — | — | 948,606 | ||||||||||||||||
Accrued interest receivable | 6,802 | 6,802 | 102 | 4,034 | 2,666 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | 227,370 | 227,370 | 227,370 | — | — | ||||||||||||||||
Interest-bearing deposits | 1,114,635 | 1,115,781 | — | 1,115,781 | — | ||||||||||||||||
Borrowings | 146,000 | 157,440 | — | 157,440 | — | ||||||||||||||||
Subordinated debentures | 5,155 | 5,143 | — | 5,143 | — | ||||||||||||||||
Accrued interest payable | 963 | 963 | — | 963 | — |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 'Accumulated other comprehensive income (loss) at September 30, 2014 and December 31, 2013 consisted of the following: | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Net unrealized gain on investment securities available-for-sale, net of tax | $ | 4,650 | $ | 2,374 | |||||
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | (1,336 | ) | (1,425 | ) | |||||
Defined benefit pension and post-retirement plans, net of tax | (2,736 | ) | (3,493 | ) | |||||
Total accumulated other comprehensive income (loss) | $ | 578 | $ | (2,544 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 'The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values at the time the grants were awarded: | ||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted average fair value of grants | n/a | $ | 3.34 | ||||||||||||||
Risk-free interest rate | n/a | 1.97 | % | ||||||||||||||
Dividend yield | n/a | 1.32 | % | ||||||||||||||
Expected volatility | n/a | 25.84 | % | ||||||||||||||
Expected life in months | n/a | 74 | |||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 'Activity under the stock-based compensation plans as of September 30, 2014 and changes during the ninth months ended September 30, 2014 were as follows: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2013 | 214,263 | $ | 10.59 | ||||||||||||||
Options assumed in merger | 783,732 | 4.73 | |||||||||||||||
Exercised | (74,911 | ) | $ | 10.48 | |||||||||||||
Canceled/expired | — | ||||||||||||||||
Forfeited | — | ||||||||||||||||
Outstanding at September 30, 2014 | 923,084 | $ | 5.58 | 3.12 | $ | 12,522,584 | |||||||||||
Exercisable at September 30, 2014 | 923,084 | $ | 5.58 | 3.12 | $ | 12,522,584 |
Components_of_Net_Periodic_Pen1
Components of Net Periodic Pension Cost (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | 'The following table sets forth the net periodic pension cost of the Corporation’s pension plan for the periods indicated. | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Interest cost | $ | 143 | $ | 133 | $ | 429 | $ | 397 | |||||||||
Expected return on plan assets | (148 | ) | (122 | ) | (444 | ) | (366 | ) | |||||||||
Net amortization and deferral | 55 | 93 | 165 | 281 | |||||||||||||
Net periodic pension cost | $ | 50 | $ | 104 | $ | 150 | $ | 312 |
Supplemental_Disclosure_of_Non1
Supplemental Disclosure of Non-Cash Activities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 'Supplemental disclosure of non-cash activities | ||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Investing: | |||||||||
Due to broker, net | $ | — | $ | 2,983 | |||||
Transfer of loans to other real estate owned | 352 | 236 | |||||||
Transfer of investment securities available-for-sale to investment securities held-to-maturity | — | 75,694 | |||||||
Financing: | |||||||||
Dividends declared, not paid | $ | 1,061 | $ | 327 | |||||
Acquisition of legacy ConnectOne: | |||||||||
Non-cash assets acquired: | |||||||||
Securities available-for-sale | $ | 28,452 | $ | — | |||||
Restricted investments | 13,646 | — | |||||||
Loans held for sale | 190 | — | |||||||
Loans | 1,299,284 | — | |||||||
Accrued interest receivable | 4,470 | — | |||||||
Premise and equipment, net | 6,475 | — | |||||||
Goodwill | 129,105 | — | |||||||
Core deposit intangible | 5,308 | — | |||||||
Bank-owned life insurance | 15,481 | — | |||||||
Other real estate owned | 2,455 | — | |||||||
Other assets | 14,286 | — | |||||||
Total non-cash assets acquired | $ | 1,519,152 | $ | — | |||||
Non-cash liabilities assumed: | |||||||||
Deposits | $ | 1,051,342 | $ | — | |||||
Borrowings | 263,370 | — | |||||||
Other liabilities | 10,527 | — | |||||||
Total non-cash liabilities assumed | $ | 1,325,239 | $ | — | |||||
Net non-cash assets acquired | $ | 193,913 | $ | — |
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 'The components of borrowings are as follows (dollars in thousands): | ||||||||||
30-Sep-14 | |||||||||||
Type | Maturity | Interest Rate | Oustanding | ||||||||
Date | |||||||||||
FRB Discount Window | 10/1/14 | 0.07 | % | $ | 50,000 | ||||||
FHLB | 10/28/14 | 0.38 | 25,000 | ||||||||
FHLB | 10/29/14 | 0.3 | 50,000 | ||||||||
FHLB | 2/23/15 | 0.88 | 10,000 | ||||||||
FHLB | 5/7/15 | 0.81 | 15,000 | ||||||||
FHLB | 5/11/15 | 2.17 | 785 | ||||||||
FHLB | 5/11/15 | 2.91 | 5,000 | ||||||||
FHLB | 6/9/15 | 0.44 | 25,000 | ||||||||
FHLB | 6/26/15 | 0.48 | 25,000 | ||||||||
FHLB | 8/5/15 | 1.49 | 2,000 | ||||||||
FHLB | 8/3/16 | 1.93 | 10,000 | ||||||||
FHLB | 8/26/16 | 1.04 | 5,000 | ||||||||
FHLB | 10/11/16 | 1.15 | 5,000 | ||||||||
FHLB | 1/23/17 | 1.16 | 10,000 | ||||||||
FHLB | 4/28/17 | 1.26 | 5,000 | ||||||||
Citi REPO | 6/15/17 | 5.95 | 15,000 | ||||||||
FHLB | 6/26/17 | 1.3 | 25,000 | ||||||||
FHLB | 7/8/17 | 1.29 | 5,000 | ||||||||
FHLB | 9/25/17 | 1.41 | 11,000 | ||||||||
FHLB | 2/12/18 | 1.56 | 10,000 | ||||||||
FHLB | 4/2/18 | 2.5 | 2,500 | ||||||||
FHLB | 4/2/18 | 1.98 | 7,500 | ||||||||
FHLB | 4/30/18 | 1.75 | 5,000 | ||||||||
FHLB | 7/16/18 | 2.99 | 5,000 | ||||||||
Citi REPO | 8/8/18 | 5.85 | 16,000 | ||||||||
FHLB | 9/11/18 | 4.15 | 5,000 | ||||||||
FHLB | 10/23/18 | 1.68 | 10,000 | ||||||||
FHLB | 11/19/18 | 1.68 | 10,000 | ||||||||
FHLB | 1/30/19 | 1.79 | 4,000 | ||||||||
FHLB | 2/11/19 | 1.99 | 6,000 | ||||||||
FHLB | 10/30/20 | 3.23 | 20,000 | ||||||||
FHLB | 11/2/20 | 3.61 | 20,000 | ||||||||
$ | 419,785 | ||||||||||
Fair value mark: | 1,175 | ||||||||||
$ | 420,960 | ||||||||||
31-Dec-13 | |||||||||||
Citi REPO | 6/15/17 | 5.95 | % | $ | 15,000 | ||||||
FHLB | 11/16/17 | 3.18 | 5,000 | ||||||||
FHLB | 11/16/17 | 3.29 | 5,000 | ||||||||
FHLB | 11/16/17 | 3.1 | 5,000 | ||||||||
FHLB | 11/16/17 | 3.49 | 10,000 | ||||||||
FHLB | 11/27/17 | 3.16 | 5,000 | ||||||||
FHLB | 11/27/17 | 3.4 | 5,000 | ||||||||
FHLB | 1/3/18 | 3.25 | 4,000 | ||||||||
FHLB | 1/3/18 | 2.99 | 3,000 | ||||||||
FHLB | 1/3/18 | 2.74 | 3,000 | ||||||||
FHLB | 1/31/18 | 3.34 | 10,000 | ||||||||
FHLB | 1/31/18 | 2.44 | 10,000 | ||||||||
FHLB | 1/31/18 | 2.78 | 5,000 | ||||||||
Citi REPO | 8/8/18 | 5.85 | 16,000 | ||||||||
FHLB | 9/12/18 | 4.16 | 5,000 | ||||||||
FHLB | 11/2/20 | 3.62 | 20,000 | ||||||||
FHLB | 11/30/20 | 3.24 | 20,000 | ||||||||
$ | 146,000 |
Nature_of_Operations_and_Princ1
Nature of Operations and Principles of Consolidation (Details) | Sep. 30, 2014 |
Disclosure Text Block [Abstract] | ' |
Number of offices merge | 23 |
Acquisition_Details
Acquisition (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Jul. 01, 2014 | |
Acquisition (Details) [Line Items] | ' | ' |
Common Stock Conversion Ratio Shares (in Shares) | 2.6 | ' |
Goodwill Recorded in Business Acquisition | $129,105,000 | $129,105,000 |
Finite Lived Intangible Asset Acquired | ' | 5,308,000 |
Business Combination, Consideration Transferred | 264,231 | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' |
Business Combination, Acquisition Related Costs | 10,600,000 | ' |
Business Combination Expenses Excluded from Non Interest Expenses | 13,500,000 | ' |
Business Combination Income Tax Benefits Related To Merger Expenses | 3,900,000 | ' |
Legacy ConnectOne [Member] | ' | ' |
Acquisition (Details) [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | 1,500,000,000 |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Non Current Loans | ' | 1,200,000,000 |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Non Current Deposits | ' | $1,100,000,000 |
Acquisition_Details_Schedule_o
Acquisition (Details) - Schedule of Business Combinations (USD $) | Sep. 30, 2014 | Jul. 01, 2014 | |
Business Acquisition [Line Items] | ' | ' | |
Cash and cash equivalents | $70,318,000 | ' | |
Investment securities | 28,452,000 | ' | |
Restricted stock | 13,646,000 | ' | |
Loans held for sale | 190,000 | ' | |
Loans | 1,299,284,000 | ' | |
Bank owned life insurance | 15,481,000 | ' | |
Premises and equipment | 6,475,000 | ' | |
Accrued interest receivable | 4,470,000 | ' | |
Core deposit and other intangibles | 5,308,000 | ' | |
Other real estate owned | 2,455,000 | ' | |
Other assets | 14,286,000 | ' | |
Deposits | -1,051,342,000 | ' | |
FHLB borrowings | -263,370,000 | ' | |
Other liabilities | -10,527,000 | ' | |
Total identifiable net assets | 135,126,000 | ' | |
Goodwill recorded in the Merger | 129,105,000 | 129,105,000 | |
Fair Value Adjustments [Member] | ' | ' | |
Business Acquisition [Line Items] | ' | ' | |
Investment securities | 16,000 | [1] | ' |
Loans | -5,316,000 | [2] | ' |
Premises and equipment | -905,000 | [3] | ' |
Core deposit and other intangibles | 5,308,000 | [4] | ' |
Other assets | 3,650,000 | [5] | ' |
Deposits | -1,676,000 | [6] | ' |
FHLB borrowings | -1,324,000 | [7] | ' |
Total identifiable net assets | -247,000 | ' | |
Legacy ConnectOne [Member] | ' | ' | |
Business Acquisition [Line Items] | ' | ' | |
Cash and cash equivalents | 70,318,000 | ' | |
Investment securities | 28,436,000 | ' | |
Restricted stock | 13,646,000 | ' | |
Loans held for sale | 190,000 | ' | |
Loans | 1,304,600,000 | ' | |
Bank owned life insurance | 15,481,000 | ' | |
Premises and equipment | 7,380,000 | ' | |
Accrued interest receivable | 4,470,000 | ' | |
Other real estate owned | 2,455,000 | ' | |
Other assets | 10,636,000 | ' | |
Deposits | -1,049,666,000 | ' | |
FHLB borrowings | -262,046,000 | ' | |
Other liabilities | -10,527,000 | ' | |
Total identifiable net assets | $135,373,000 | ' | |
[1] | Represents the fair value adjustment on investment securities held to maturity. | ||
[2] | Represents the elimination of Legacy ConnectOne's allowance for loan losses, deferred fees, deferred costs and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. | ||
[3] | Represent an adjustment to reflect the fair value of below-market rent on leased premises. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. | ||
[4] | Represents intangible assets recorded to reflect the fair value of core deposits and below market rent leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. | ||
[5] | Consist primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to acquired assets, liabilities assumed and identifiable intangibles recorded. | ||
[6] | Represents fair value adjustment on time deposits as the weighted average interest rates of time deposits assumed exceeded the costs of similar funding available in the market at the time of the Merger, as well as the elimination of fees paid on brokered time deposits. | ||
[7] | Represents the fair value adjustment on FHLB borrowings as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Merger. |
Acquisition_Details_Loans_Acco
Acquisition (Details) - Loans Accounted for in Accordance with ASC 310-30 (USD $) | Sep. 30, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | Loans accounted for in accordance with FASB ASC 310-30 [Member] | |
Acquisition (Details) - Loans Accounted for in Accordance with ASC 310-30 [Line Items] | ' | ' |
Contractual principal and accrued interest at acquisition | ' | $23,284 |
Principal not expected to be collected (non-accretable discount) | ' | -6,942 |
Expected cash flows at acquisition | ' | 16,342 |
Interest component of expected cash flows (accretable discount) | ' | -5,013 |
Fair value of acquired loans | $1,175 | $11,329 |
Acquisition_Details_Schedule_o1
Acquisition (Details) - Schedule of Operating Results Attributable to Business Combinations (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Acquisition (Details) - Schedule of Operating Results Attributable to Business Combinations [Line Items] | ' | ' | ' | ' | ' |
Net interest income | $27,546 | $11,722 | $50,820 | $34,320 | ' |
Noninterest income | 1,173 | 1,543 | 5,422 | 5,095 | ' |
Net income | 1,766 | 5,094 | 10,542 | 14,941 | 19,925 |
Legacy ConnectOne [Member] | ' | ' | ' | ' | ' |
Acquisition (Details) - Schedule of Operating Results Attributable to Business Combinations [Line Items] | ' | ' | ' | ' | ' |
Net interest income | ' | ' | 78,872 | 71,091 | ' |
Noninterest income | ' | ' | 6,168 | 5,948 | ' |
Noninterest expense | ' | ' | -41,073 | -34,352 | ' |
Net income | ' | ' | $26,490 | $26,125 | ' |
Pro forma earnings per share from continuing operations: | ' | ' | ' | ' | ' |
Basic (in Dollars per share) | ' | ' | $0.89 | $0.91 | ' |
Diluted (in Dollars per share) | ' | ' | $0.88 | $0.90 | ' |
Earnings_per_Common_Share_Deta
Earnings per Common Share (Details) - Schedule of Earning Per Share (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Schedule of Earning Per Share [Abstract] | ' | ' | ' | ' | ' |
Net income | $1,766 | $5,094 | $10,542 | $14,941 | $19,925 |
Preferred stock dividends | -28 | -28 | -84 | -112 | ' |
Net income available to common stockholders | $1,738 | $5,066 | $10,458 | $14,829 | ' |
Basic weighted average common shares outstanding | 29,636,001 | 16,349,480 | 20,819,241 | 16,348,875 | ' |
Effect of dilutive options | 472,102 | 35,675 | 466,211 | 32,095 | ' |
Diluted weighted average common shares outstanding | 30,108,103 | 16,385,155 | 21,285,452 | 16,380,970 | ' |
Earnings per common share: | ' | ' | ' | ' | ' |
Basic | $0.06 | $0.31 | $0.50 | $0.91 | ' |
Diluted | $0.06 | $0.31 | $0.49 | $0.91 | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities | $66,738,000 | $90,773,000 | ' |
Number of Investment Securities Sold | 84 | ' | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | 1,200,000 | ' | ' |
Available-for-sale Securities Pledged as Collateral | $232,900,000 | ' | $109,300,000 |
Description of Holding Securities | 'there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. | ' | ' |
Investment_Securities_Details_
Investment Securities (Details) - Unrealized gains on investment securities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | $299,867 | $319,147 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 8,580 | 6,960 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -945 | -3,037 |
Investment Securities Available-for-Sale, Fair Value | 307,502 | 323,070 |
Investment Securities Held-to-Maturity, Amortized Cost | 217,567 | 215,286 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 5,084 | 1,516 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -258 | -5,844 |
Investment Securities Held-to-Maturity, Fair Value | 222,393 | 210,958 |
Total, Amortized Cost | 517,434 | 534,433 |
Total, Gross Unrealized Gains | 13,664 | 8,476 |
Total, Gross Unrealized Losses | -1,203 | -8,881 |
Total, Fair Value | 529,895 | 534,028 |
US Treasury Securities [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 11,517 | 14,344 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -132 | -825 |
Investment Securities Available-for-Sale, Fair Value | 11,385 | 13,519 |
Investment Securities Held-to-Maturity, Amortized Cost | 28,212 | 28,056 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 251 | ' |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | ' | -1,019 |
Investment Securities Held-to-Maturity, Fair Value | 28,463 | 27,037 |
Federal Agency Obligations [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 33,110 | 20,567 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 75 | 29 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -193 | -655 |
Investment Securities Available-for-Sale, Fair Value | 32,992 | 19,941 |
Investment Securities Held-to-Maturity, Amortized Cost | 21,119 | 15,249 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 112 | 23 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -74 | -389 |
Investment Securities Held-to-Maturity, Fair Value | 21,157 | 14,883 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 58,459 | 48,312 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 1,332 | 791 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -100 | -229 |
Investment Securities Available-for-Sale, Fair Value | 59,691 | 48,874 |
Investment Securities Held-to-Maturity, Amortized Cost | 2,616 | 2,246 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 7 | ' |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | ' | -64 |
Investment Securities Held-to-Maturity, Fair Value | 2,623 | 2,182 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 3,057 | 7,145 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | ' | 3 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -41 | -157 |
Investment Securities Available-for-Sale, Fair Value | 3,016 | 6,991 |
Investment Securities Held-to-Maturity, Amortized Cost | 4,304 | 4,417 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 38 | 41 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -19 | -62 |
Investment Securities Held-to-Maturity, Fair Value | 4,323 | 4,396 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 8,204 | 30,804 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 225 | 711 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | ' | -55 |
Investment Securities Available-for-Sale, Fair Value | 8,429 | 31,460 |
Investment Securities Held-to-Maturity, Amortized Cost | 123,379 | 127,418 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 3,914 | 1,303 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -151 | -3,688 |
Investment Securities Held-to-Maturity, Fair Value | 127,142 | 125,033 |
Trust Preferred Securities [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 16,085 | 19,763 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 465 | 150 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -236 | -510 |
Investment Securities Available-for-Sale, Fair Value | 16,314 | 19,403 |
Corporate Bonds and Notes [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 129,550 | 154,182 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 6,300 | 4,930 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -10 | -482 |
Investment Securities Available-for-Sale, Fair Value | 135,840 | 158,630 |
Investment Securities Held-to-Maturity, Amortized Cost | 37,937 | 37,900 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 762 | 149 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -14 | -622 |
Investment Securities Held-to-Maturity, Fair Value | 38,685 | 37,427 |
Asset-backed Securities [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 21,603 | 15,733 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 151 | 246 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -1 | ' |
Investment Securities Available-for-Sale, Fair Value | 21,753 | 15,979 |
Certificates of Deposit [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 2,098 | 2,250 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 32 | 32 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -6 | -20 |
Investment Securities Available-for-Sale, Fair Value | 2,124 | 2,262 |
Equity Securities [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 376 | 376 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -87 | -89 |
Investment Securities Available-for-Sale, Fair Value | 289 | 287 |
Money Market Funds [Member] | ' | ' |
Investment Securities (Details) - Unrealized gains on investment securities [Line Items] | ' | ' |
Investment Securities Available-for-Sale, Amortized Cost | 15,808 | 5,671 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | ' | 68 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -139 | -15 |
Investment Securities Available-for-Sale, Fair Value | $15,669 | $5,724 |
Investment_Securities_Details_1
Investment Securities (Details) - Investments classified by maturity date (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities Available-for-Sale: | ' | ' |
Due in one year or less | $14,395 | ' |
Due in one year or less | 14,543 | ' |
Due after one year through five years | 43,153 | ' |
Due after one year through five years | 44,425 | ' |
Due after five years through ten years | 110,494 | ' |
Due after five years through ten years | 115,594 | ' |
Due after ten years | 54,125 | ' |
Due after ten years | 54,275 | ' |
Total | 299,867 | ' |
Total | 307,502 | 323,070 |
Investment Securities Held-to-Maturity: | ' | ' |
Due in one year or less | 7,059 | ' |
Due in one year or less | 7,140 | ' |
Due after one year through five years | 7,907 | ' |
Due after one year through five years | 8,056 | ' |
Due after five years through ten years | 69,114 | ' |
Due after five years through ten years | 70,359 | ' |
Due after ten years | 126,567 | ' |
Due after ten years | 129,892 | ' |
Total | 217,567 | 215,286 |
Total | 222,393 | 210,958 |
Total investment securities | 517,434 | ' |
Total investment securities | 529,895 | ' |
Residential Mortgage Backed Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 58,459 | ' |
Investment Securities Available-for-Sale: fair value | 59,691 | ' |
Total | 59,691 | 48,874 |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Held-to-Maturity: amoritzed cost | 2,616 | ' |
Investment Securities Held-to-Maturity: fair value | 2,623 | ' |
Total | 2,623 | 2,182 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 3,057 | ' |
Investment Securities Available-for-Sale: fair value | 3,016 | ' |
Total | 3,016 | 6,991 |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Held-to-Maturity: amoritzed cost | 4,304 | ' |
Investment Securities Held-to-Maturity: fair value | 4,323 | ' |
Total | 4,323 | 4,396 |
Equity Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 376 | ' |
Investment Securities Available-for-Sale: fair value | 289 | ' |
Total | 289 | 287 |
Money Market Funds [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Investment Securities Available-for-Sale: amortized cost | 15,808 | ' |
Investment Securities Available-for-Sale: fair value | 15,669 | ' |
Total | $15,669 | $5,724 |
Investment_Securities_Details_2
Investment Securities (Details) - Schedule of realized gains and losses (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of realized gains and losses [Abstract] | ' | ' | ' | ' |
Gross gains on sales of investment securities | $111 | $343 | $2,122 | $1,375 |
Gross losses on sales of investment securities | ' | ' | 22 | 89 |
Net gains on sales of investment securities | 111 | 343 | 2,100 | 1,286 |
Less: tax provision on gross gains | 42 | 96 | 601 | 353 |
Gross gains on sales of investments, net of tax | $69 | $247 | $1,499 | $933 |
Investment_Securities_Details_3
Investment Securities (Details) - Schedule of OTTI charges for period (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Schedule of OTTI charges for period [Abstract] | ' |
Principal losses on a variable rate CMO | $24 |
Total other-than-temporary impairment charges | $24 |
Investment_Securities_Details_4
Investment Securities (Details) - Schedule of preferred security and associated ratings (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | $299,867 | $319,147 |
Available-for-sale Securities, Fair Value | 307,502 | 323,070 |
Trust Preferred Securities [Member] | Additional Deal Value [Member] | Countrywide Capital V [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 250 | ' |
Available-for-sale Securities, Fair Value | 257 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 7 | ' |
Lowest Credit Rating Assigned | 'BB | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | Additional Deal Value [Member] | Morgan Stanley Cap Trust IV [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,742 | ' |
Available-for-sale Securities, Fair Value | 1,760 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 18 | ' |
Lowest Credit Rating Assigned | 'BB | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | Countrywide Capital IV [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,771 | ' |
Available-for-sale Securities, Fair Value | 1,813 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 42 | ' |
Lowest Credit Rating Assigned | 'BB | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | Countrywide Capital V [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 2,747 | ' |
Available-for-sale Securities, Fair Value | 2,827 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 80 | ' |
Lowest Credit Rating Assigned | 'BB | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | Nationsbank Cap Trust III [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,575 | ' |
Available-for-sale Securities, Fair Value | 1,339 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -236 | ' |
Lowest Credit Rating Assigned | 'BB | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | Morgan Stanley Cap Trust IV [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 2,500 | ' |
Available-for-sale Securities, Fair Value | 2,517 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 17 | ' |
Lowest Credit Rating Assigned | 'BB | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | Goldman Sachs [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,000 | ' |
Available-for-sale Securities, Fair Value | 1,137 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 137 | ' |
Lowest Credit Rating Assigned | 'BB | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | Stifel Financial [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 4,500 | ' |
Available-for-sale Securities, Fair Value | 4,664 | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 164 | ' |
Lowest Credit Rating Assigned | 'BBB- | ' |
Number of Banks Currently Performing | 1 | ' |
Trust Preferred Securities [Member] | ' | ' |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 16,085 | 19,763 |
Available-for-sale Securities, Fair Value | 16,314 | 19,403 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $229 | ' |
Investment_Securities_Details_5
Investment Securities (Details) - Credit loss portion of OTTI recognized in earnings on debt securities (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Credit loss portion of OTTI recognized in earnings on debt securities [Abstract] | ' |
Balance of credit-related OTTI at January 1, | $4,450 |
Addition: | ' |
Credit losses on investment securities for which other-than-temporary impairment was not previously recognized | 652 |
Reduction: | ' |
Credit losses on investment securities sold during the period | ($5,102) |
Investment_Securities_Details_6
Investment Securities (Details) - Schedule of unrealized losses not recognized in income (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | $69,671 | $95,763 |
Total, unrealized losses | -945 | -3,037 |
Fair Value, Less than 12 months | 55,221 | 91,251 |
Unrealized Losses, Less than 12 months | -409 | -2,600 |
Fair Value, 12 months or Longer | 14,450 | 4,512 |
Unrealized Losses, 12 months or longer | -536 | -437 |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Available-for-Sale: Total, fair value | 27,206 | 137,350 |
Investment Securities Available-for-Sale: Total, unrealized losses | -258 | -5,844 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 14,361 | 128,093 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -92 | -5,112 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 12,845 | 9,257 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -166 | -732 |
Investment Securities Available-for-Sale: Total, fair value | 96,877 | 233,113 |
Investment Securities Available-for-Sale: Total, unrealized losses | -1,203 | -8,881 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 69,582 | 219,344 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -501 | -7,712 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 27,295 | 13,769 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -702 | -1,169 |
US Government Agencies Debt Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 9,488 | 13,519 |
Total, unrealized losses | -132 | -825 |
Fair Value, Less than 12 months | 4,744 | 13,519 |
Unrealized Losses, Less than 12 months | -57 | -825 |
Fair Value, 12 months or Longer | 4,744 | ' |
Unrealized Losses, 12 months or longer | -75 | ' |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Available-for-Sale: Total, fair value | ' | 27,037 |
Investment Securities Available-for-Sale: Total, unrealized losses | ' | -1,019 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | ' | 27,037 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | ' | -1,019 |
Federal Agency Obligations [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 22,682 | 17,200 |
Total, unrealized losses | -193 | -655 |
Fair Value, Less than 12 months | 18,601 | 17,200 |
Unrealized Losses, Less than 12 months | -113 | -655 |
Fair Value, 12 months or Longer | 4,081 | ' |
Unrealized Losses, 12 months or longer | -80 | ' |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Available-for-Sale: Total, fair value | 8,325 | 13,492 |
Investment Securities Available-for-Sale: Total, unrealized losses | -74 | -389 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 8,325 | 13,197 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -74 | -388 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | ' | 295 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | ' | -1 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 16,327 | 18,293 |
Total, unrealized losses | -100 | -229 |
Fair Value, Less than 12 months | 16,327 | 18,293 |
Unrealized Losses, Less than 12 months | -100 | -229 |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Available-for-Sale: Total, fair value | ' | 2,182 |
Investment Securities Available-for-Sale: Total, unrealized losses | ' | -64 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | ' | 2,182 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | ' | -64 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 3,016 | 2,924 |
Total, unrealized losses | -41 | -157 |
Fair Value, Less than 12 months | ' | 2,924 |
Unrealized Losses, Less than 12 months | ' | -157 |
Fair Value, 12 months or Longer | 3,016 | ' |
Unrealized Losses, 12 months or longer | -41 | ' |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Available-for-Sale: Total, fair value | 1,392 | 1,395 |
Investment Securities Available-for-Sale: Total, unrealized losses | -19 | -62 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | ' | 1,395 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | ' | -62 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 1,392 | ' |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | -19 | ' |
Trust Preferred Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 1,338 | 5,306 |
Total, unrealized losses | -236 | -510 |
Fair Value, Less than 12 months | ' | 4,031 |
Unrealized Losses, Less than 12 months | ' | -211 |
Fair Value, 12 months or Longer | 1,338 | 1,275 |
Unrealized Losses, 12 months or longer | -236 | -299 |
Corporate Bonds and Notes [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 3,002 | 32,498 |
Total, unrealized losses | -10 | -482 |
Fair Value, Less than 12 months | 3,002 | 30,533 |
Unrealized Losses, Less than 12 months | -10 | -448 |
Fair Value, 12 months or Longer | ' | 1,965 |
Unrealized Losses, 12 months or longer | ' | -34 |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Available-for-Sale: Total, fair value | 2,700 | 27,210 |
Investment Securities Available-for-Sale: Total, unrealized losses | -14 | -622 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 2,700 | 27,210 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -14 | -622 |
Asset-backed Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 1,952 | ' |
Total, unrealized losses | -1 | ' |
Fair Value, Less than 12 months | 1,952 | ' |
Unrealized Losses, Less than 12 months | -1 | ' |
Certificate of Deposit [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 216 | 552 |
Total, unrealized losses | -6 | -20 |
Fair Value, Less than 12 months | 216 | 552 |
Unrealized Losses, Less than 12 months | -6 | -20 |
Equity Securities [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 289 | 287 |
Total, unrealized losses | -87 | -89 |
Fair Value, 12 months or Longer | 289 | 287 |
Unrealized Losses, 12 months or longer | -87 | -89 |
Money Market Funds [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | 11,361 | 985 |
Total, unrealized losses | -139 | -15 |
Fair Value, Less than 12 months | 10,379 | ' |
Unrealized Losses, Less than 12 months | -122 | ' |
Fair Value, 12 months or Longer | 982 | 985 |
Unrealized Losses, 12 months or longer | -17 | -15 |
Obligation of U.S. States and Political Subdivisions [Member] | ' | ' |
Investment Securities Available-for-Sale: | ' | ' |
Total fair value | ' | 4,199 |
Total, unrealized losses | ' | -55 |
Fair Value, Less than 12 months | ' | 4,199 |
Unrealized Losses, Less than 12 months | ' | -55 |
Investment Securities Held-to-Maturity: | ' | ' |
Investment Securities Available-for-Sale: Total, fair value | 14,789 | 66,034 |
Investment Securities Available-for-Sale: Total, unrealized losses | -151 | -3,688 |
Investment Securities Available-for-Sale: Less than 12 months, fair value | 3,336 | 57,072 |
Investment Securities Available-for-Sale: Less than 12 months, unrealized losses | -4 | -2,957 |
Investment Securities Available-for-Sale: 12 Months or Longer, fair value | 11,453 | 8,962 |
Investment Securities Available-for-Sale: 12 months or longer, unrealized losses | ($147) | ($731) |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan Losses (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Loans and the Allowance for Loan Losses (Details) [Line Items] | ' | ' |
Non Accrual Contractual Due | '90 days | ' |
Number of Loans and Leases Receivable Types | 2 | ' |
Number of Classes of Loans and Leases | 5 | ' |
Duration for Payments Received to Demonstrate Loan Terms | '9 months | ' |
Number of Credit Losses Components | 2 | ' |
Loans Pledged as Collateral | $987,500,000 | $564,700,000 |
Financing Receivable, Collectively Evaluated for Impairment | 2,407,992,000 | 942,679,000 |
Commitments to Lend Additional Funds | 0 | ' |
Financing Receivable, Modifications, Recorded Investment | 2,800,000 | 6,600,000 |
Loans Modified In Troubled Debt Restructuring On Non Accrual Status | 1,000,000 | 826,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 333,000 | 0 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Modifications, Number of Contracts | 4 | 0 |
Loans on Which Concessions Were Made | 2,000,000 | ' |
Loans on Which Two or More Concessions Were Made | 1,300,000 | ' |
Acquired Loans [Member] | ' | ' |
Loans and the Allowance for Loan Losses (Details) [Line Items] | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | $1,275,000,000 | $34,000,000 |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan Losses (Details) - Composition of Loan Portfolio (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | $2,427,235 | $960,604 |
Net deferred loan (fees) costs | -470 | 339 |
Loans receivable | 2,426,765 | 960,943 |
Commercial Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 470,510 | 229,688 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 1,570,854 | 536,539 |
Construction Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 141,844 | 42,722 |
Residential Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 241,387 | 150,571 |
Consumer Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | $2,640 | $1,084 |
Loans_and_the_Allowance_for_Lo4
Loans and the Allowance for Loan Losses (Details) - Purchase Credit Impaired Loans (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans and the Allowance for Loan Losses (Details) - Purchase Credit Impaired Loans [Line Items] | ' | ' |
Total carrying amount | $11,352 | ' |
Commercial Portfolio Segment [Member] | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Purchase Credit Impaired Loans [Line Items] | ' | ' |
Total carrying amount | 7,255 | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Purchase Credit Impaired Loans [Line Items] | ' | ' |
Total carrying amount | 1,835 | ' |
Residential Portfolio Segment [Member] | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Purchase Credit Impaired Loans [Line Items] | ' | ' |
Total carrying amount | $2,262 | ' |
Loans_and_the_Allowance_for_Lo5
Loans and the Allowance for Loan Losses (Details) - Schedule of accretable yield, or income expected to be collected (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Schedule of accretable yield, or income expected to be collected [Abstract] | ' |
Balance at July 1 | $5,013 |
Accretion of income | -76 |
Balance at September 30 | $4,937 |
Loans_and_the_Allowance_for_Lo6
Loans and the Allowance for Loan Losses (Details) - Loans Receivable on Non-Accrual Status (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans and the Allowance for Loan Losses (Details) - Loans Receivable on Non-Accrual Status [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $6,083 | $3,137 |
Commercial Portfolio Segment [Member] | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Loans Receivable on Non-Accrual Status [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 634 | 753 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Loans Receivable on Non-Accrual Status [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,765 | 744 |
Residential Portfolio Segment [Member] | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Loans Receivable on Non-Accrual Status [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $1,684 | $1,640 |
Loans_and_the_Allowance_for_Lo7
Loans and the Allowance for Loan Losses (Details) - Credit Quality Indicators (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $2,427,235 | $960,604 |
Commercial Portfolio Segment [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 449,688 | 226,013 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 15,447 | 1,719 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 5,073 | 1,284 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 302 | 672 |
Commercial Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 470,510 | 229,688 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,533,499 | 509,679 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 17,521 | 14,544 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 19,834 | 12,316 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,570,854 | 536,539 |
Commercial Real Estate Construction Financing Receivable [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 140,365 | 41,492 |
Commercial Real Estate Construction Financing Receivable [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,479 | 1,230 |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 141,844 | 42,722 |
Residential Portfolio Segment [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 238,516 | 147,379 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | ' | 978 |
Residential Portfolio Segment [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,871 | 2,214 |
Residential Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 241,387 | 150,571 |
Consumer Portfolio Segment [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,534 | 964 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 106 | 120 |
Consumer Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,640 | 1,084 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,364,602 | 925,527 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 32,968 | 17,241 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 29,363 | 17,164 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $302 | $672 |
Loans_and_the_Allowance_for_Lo8
Loans and the Allowance for Loan Losses (Details) - Schedule of analysis of impaired loans, by class (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
No related allowance recorded, Recorded Investment | $7,958,000 | $12,909,000 |
No related allowance recorded, Unpaid Principal Balance | 8,711,000 | 13,352,000 |
With an allowance recorded, Recorded Investment | 3,600,000 | 5,016,000 |
With an allowance recorded, Unpaid Principal Balance | 3,600,000 | 5,016,000 |
With an allowance recorded, Related Allowance | 323,000 | 415,000 |
Total | ' | ' |
Total, Recorded Investment | 11,558,000 | 17,925,000 |
Total, Unpaid Principal Balance | 12,311,000 | 18,368,000 |
Total, Related Allowance | 323,000 | 415,000 |
Commercial Portfolio Segment [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
No related allowance recorded, Recorded Investment | 890,000 | 449,000 |
No related allowance recorded, Unpaid Principal Balance | 663,000 | 449,000 |
With an allowance recorded, Recorded Investment | ' | 672,000 |
With an allowance recorded, Unpaid Principal Balance | ' | 672,000 |
With an allowance recorded, Related Allowance | ' | 300,000 |
Total | ' | ' |
Total, Recorded Investment | 890,000 | 1,121,000 |
Total, Unpaid Principal Balance | 663,000 | 1,121,000 |
Total, Related Allowance | ' | 300,000 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
No related allowance recorded, Recorded Investment | 5,005,000 | 10,482,000 |
No related allowance recorded, Unpaid Principal Balance | 5,654,000 | 10,783,000 |
With an allowance recorded, Recorded Investment | 3,600,000 | 4,344,000 |
With an allowance recorded, Unpaid Principal Balance | 3,600,000 | 4,344,000 |
With an allowance recorded, Related Allowance | 323,000 | 115,000 |
Total | ' | ' |
Total, Recorded Investment | 8,605,000 | 14,826,000 |
Total, Unpaid Principal Balance | 9,254,000 | 15,127,000 |
Total, Related Allowance | 323,000 | 115,000 |
Residential Portfolio Segment [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
No related allowance recorded, Recorded Investment | 1,957,000 | 1,858,000 |
No related allowance recorded, Unpaid Principal Balance | 2,288,000 | 2,000,000 |
Total | ' | ' |
Total, Recorded Investment | 1,957,000 | 1,858,000 |
Total, Unpaid Principal Balance | 2,288,000 | 2,000,000 |
Consumer Portfolio Segment [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
No related allowance recorded, Recorded Investment | 106,000 | 120,000 |
No related allowance recorded, Unpaid Principal Balance | 106,000 | 120,000 |
Total | ' | ' |
Total, Recorded Investment | 106,000 | 120,000 |
Total, Unpaid Principal Balance | $106,000 | $120,000 |
Loans_and_the_Allowance_for_Lo9
Loans and the Allowance for Loan Losses (Details) - Schedule of Analysis related to the average recorded investment (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Loans and the Allowance for Loan Losses (Details) - Schedule of Analysis related to the average recorded investment [Line Items] | ' | ' | ' | ' |
Impaired loans with no related allowance recorded, Average Recorded Investment | $8,024 | $1,275 | $8,241 | $1,275 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 32 | 19 | 140 | 57 |
Impaired loans with an allowance recorded, Average Recorded Investment | 3,600 | 1,401 | 3,600 | 3,428 |
Impaired loans with an allowance recorded, Interest Income Recognized | 37 | 10 | 122 | 99 |
Total impaired loans, Average Recorded Investment | 11,624 | 2,676 | 11,841 | 4,703 |
Total impaired loans, Interest Income Recognized | 69 | 29 | 262 | 156 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Schedule of Analysis related to the average recorded investment [Line Items] | ' | ' | ' | ' |
Impaired loans with no related allowance recorded, Average Recorded Investment | 897 | ' | 778 | ' |
Impaired loans with no related allowance recorded, Interest Income Recognized | ' | ' | 30 | ' |
Total impaired loans, Average Recorded Investment | 897 | ' | 778 | ' |
Total impaired loans, Interest Income Recognized | ' | ' | 30 | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Schedule of Analysis related to the average recorded investment [Line Items] | ' | ' | ' | ' |
Impaired loans with no related allowance recorded, Average Recorded Investment | 5,046 | 1,275 | 5,313 | 1,275 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 31 | 19 | 74 | 57 |
Impaired loans with an allowance recorded, Average Recorded Investment | 3,600 | 175 | 3,600 | 2,302 |
Impaired loans with an allowance recorded, Interest Income Recognized | 37 | ' | 122 | 68 |
Total impaired loans, Average Recorded Investment | 8,646 | 1,450 | 8,913 | 3,477 |
Total impaired loans, Interest Income Recognized | 68 | 19 | 196 | 125 |
Residential Portfolio Segment [Member] | ' | ' | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Schedule of Analysis related to the average recorded investment [Line Items] | ' | ' | ' | ' |
Impaired loans with no related allowance recorded, Average Recorded Investment | 1,975 | ' | 2,044 | ' |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | ' | 31 | ' |
Impaired loans with an allowance recorded, Average Recorded Investment | ' | 1,226 | ' | 1,226 |
Impaired loans with an allowance recorded, Interest Income Recognized | ' | 10 | ' | 31 |
Total impaired loans, Average Recorded Investment | 1,975 | 1,226 | 2,044 | 1,226 |
Total impaired loans, Interest Income Recognized | 0 | 10 | 31 | 31 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' |
Loans and the Allowance for Loan Losses (Details) - Schedule of Analysis related to the average recorded investment [Line Items] | ' | ' | ' | ' |
Impaired loans with no related allowance recorded, Average Recorded Investment | 106 | ' | 106 | ' |
Impaired loans with no related allowance recorded, Interest Income Recognized | 2 | ' | 5 | ' |
Total impaired loans, Average Recorded Investment | 106 | ' | 106 | ' |
Total impaired loans, Interest Income Recognized | $2 | ' | $5 | ' |
Recovered_Sheet1
Loans and the Allowance for Loan Losses (Details) - Aging Analysis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $1,720 | $1,234 |
60-89 Days Past Due | 3,807 | 258 |
90 Days or Greater Past Due | 8,175 | 3,137 |
Total Past Due | 13,702 | 4,629 |
Current | 2,413,533 | 955,975 |
Total Loans Receivable | 2,427,235 | 960,604 |
Commercial Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 405 | 18 |
90 Days or Greater Past Due | 752 | 753 |
Total Past Due | 1,157 | 771 |
Current | 469,353 | 228,917 |
Total Loans Receivable | 470,510 | 229,688 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 951 | 221 |
60-89 Days Past Due | 2,044 | ' |
90 Days or Greater Past Due | 4,020 | 744 |
Total Past Due | 7,015 | 965 |
Current | 1,563,839 | 535,574 |
Total Loans Receivable | 1,570,854 | 536,539 |
Construction Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 141,844 | 42,722 |
Total Loans Receivable | 141,844 | 42,722 |
Residential Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 347 | 990 |
60-89 Days Past Due | 1,763 | 258 |
90 Days or Greater Past Due | 3,403 | 1,640 |
Total Past Due | 5,513 | 2,888 |
Current | 235,874 | 147,683 |
Total Loans Receivable | 241,387 | 150,571 |
Consumer Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 17 | 5 |
Total Past Due | 17 | 5 |
Current | 2,623 | 1,079 |
Total Loans Receivable | $2,640 | $1,084 |
Recovered_Sheet2
Loans and the Allowance for Loan Losses (Details) - Allowance for loan and lease losses (USD $) | Sep. 30, 2014 | Jul. 01, 2014 | Jan. 01, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 01, 2013 | Jan. 01, 2013 |
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses, individually evaluated for impairment | $323,000 | ' | ' | $415,000 | ' | ' | ' |
Allowance for loan and lease losses, collectively evaluated for impairment | 11,795,000 | ' | ' | 9,918,000 | ' | ' | ' |
Allowance for loan and lease losses, total | 12,118,000 | 10,825,000 | 10,333,000 | 10,333,000 | 10,194,000 | 10,202,000 | 10,237,000 |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, individually evaluated for impairment | 7,890,000 | ' | ' | 17,925,000 | ' | ' | ' |
Loans Receivable, collectively evaluated for impairment | 2,407,992,000 | ' | ' | 942,679,000 | ' | ' | ' |
Acquired with deteriorated credit quality | 11,352,000 | ' | ' | ' | ' | ' | ' |
Loans Receivable, Total | 2,427,235,000 | ' | ' | 960,604,000 | ' | ' | ' |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses, individually evaluated for impairment | ' | ' | ' | 300,000 | ' | ' | ' |
Allowance for loan and lease losses, collectively evaluated for impairment | 2,478,000 | ' | ' | 1,398,000 | ' | ' | ' |
Allowance for loan and lease losses, total | 2,478,000 | 2,142,000 | 1,698,000 | 1,698,000 | 1,714,000 | 2,422,000 | 2,424,000 |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, individually evaluated for impairment | 68,000 | ' | ' | 1,121,000 | ' | ' | ' |
Loans Receivable, collectively evaluated for impairment | 463,187,000 | ' | ' | 228,567,000 | ' | ' | ' |
Acquired with deteriorated credit quality | 7,255,000 | ' | ' | ' | ' | ' | ' |
Loans Receivable, Total | 470,510,000 | ' | ' | 229,688,000 | ' | ' | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses, individually evaluated for impairment | 323,000 | ' | ' | 115,000 | ' | ' | ' |
Allowance for loan and lease losses, collectively evaluated for impairment | 6,699,000 | ' | ' | 5,631,000 | ' | ' | ' |
Allowance for loan and lease losses, total | 7,022,000 | 5,741,000 | 5,746,000 | 5,746,000 | 5,788,000 | 5,333,000 | 5,323,000 |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, individually evaluated for impairment | 5,983,000 | ' | ' | 14,826,000 | ' | ' | ' |
Loans Receivable, collectively evaluated for impairment | 1,563,036,000 | ' | ' | 521,713,000 | ' | ' | ' |
Acquired with deteriorated credit quality | 1,835,000 | ' | ' | ' | ' | ' | ' |
Loans Receivable, Total | 1,570,854,000 | ' | ' | 536,539,000 | ' | ' | ' |
Construction Loans [Member] | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses, collectively evaluated for impairment | 524,000 | ' | ' | 362,000 | ' | ' | ' |
Allowance for loan and lease losses, total | 524,000 | 504,000 | 362,000 | 362,000 | 369,000 | 318,000 | 313,000 |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, collectively evaluated for impairment | 141,844,000 | ' | ' | 42,722,000 | ' | ' | ' |
Loans Receivable, Total | 141,844,000 | ' | ' | 42,722,000 | ' | ' | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses, collectively evaluated for impairment | 1,052,000 | ' | ' | 990,000 | ' | ' | ' |
Allowance for loan and lease losses, total | 1,052,000 | 1,011,000 | 990,000 | 990,000 | 1,304,000 | 1,341,000 | 1,532,000 |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, individually evaluated for impairment | 1,733,000 | ' | ' | 1,858,000 | ' | ' | ' |
Loans Receivable, collectively evaluated for impairment | 237,391,000 | ' | ' | 148,713,000 | ' | ' | ' |
Acquired with deteriorated credit quality | 2,262,000 | ' | ' | ' | ' | ' | ' |
Loans Receivable, Total | 241,387,000 | ' | ' | 150,571,000 | ' | ' | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses, collectively evaluated for impairment | 5,000 | ' | ' | 146,000 | ' | ' | ' |
Allowance for loan and lease losses, total | 5,000 | 63,000 | 146,000 | 146,000 | 94,000 | 29,000 | 113,000 |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, individually evaluated for impairment | 106,000 | ' | ' | 120,000 | ' | ' | ' |
Loans Receivable, collectively evaluated for impairment | 2,534,000 | ' | ' | 964,000 | ' | ' | ' |
Loans Receivable, Total | 2,640,000 | ' | ' | 1,084,000 | ' | ' | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan and lease losses, collectively evaluated for impairment | 1,037,000 | ' | ' | 1,391,000 | ' | ' | ' |
Allowance for loan and lease losses, total | $1,037,000 | $1,364,000 | $1,391,000 | $1,391,000 | $925,000 | $759,000 | $532,000 |
Recovered_Sheet3
Loans and the Allowance for Loan Losses (Details) - Schedule of Allowance for Loan Losses (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 01, 2014 | Jan. 01, 2014 | Dec. 31, 2013 | Jul. 01, 2013 | Jan. 01, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | $12,118 | $10,194 | $12,118 | $10,194 | $10,825 | $10,333 | $10,333 | $10,202 | $10,237 |
Charge offs | -18 | -10 | -448 | -76 | ' | ' | ' | ' | ' |
Recoveries | 11 | 2 | 24 | 33 | ' | ' | ' | ' | ' |
Provision | 1,300 | ' | 2,209 | ' | ' | ' | ' | ' | ' |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 2,478 | 1,714 | 2,478 | 1,714 | 2,142 | 1,698 | 1,698 | 2,422 | 2,424 |
Charge offs | ' | -6 | -333 | -6 | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | 21 | ' | ' | ' | ' | ' |
Provision | 336 | -702 | 1,113 | -725 | ' | ' | ' | ' | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 7,022 | 5,788 | 7,022 | 5,788 | 5,741 | 5,746 | 5,746 | 5,333 | 5,323 |
Charge offs | ' | ' | ' | -50 | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | 8 | ' | ' | ' | ' | ' |
Provision | 1,281 | 455 | 1,276 | 507 | ' | ' | ' | ' | ' |
Construction Loans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 524 | 369 | 524 | 369 | 504 | 362 | 362 | 318 | 313 |
Provision | 20 | 51 | 162 | 56 | ' | ' | ' | ' | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 1,052 | 1,304 | 1,052 | 1,304 | 1,011 | 990 | 990 | 1,341 | 1,532 |
Charge offs | ' | ' | -108 | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | 11 | ' | ' | ' | ' | ' | ' |
Provision | 41 | -37 | 159 | -228 | ' | ' | ' | ' | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 5 | 94 | 5 | 94 | 63 | 146 | 146 | 29 | 113 |
Charge offs | -18 | -4 | -7 | -20 | ' | ' | ' | ' | ' |
Recoveries | 11 | 2 | 13 | 4 | ' | ' | ' | ' | ' |
Provision | -51 | 67 | -147 | -3 | ' | ' | ' | ' | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | 1,037 | 925 | 1,037 | 925 | 1,364 | 1,391 | 1,391 | 759 | 532 |
Provision | ($327) | $166 | ($354) | $393 | ' | ' | ' | ' | ' |
Recovered_Sheet4
Loans and the Allowance for Loan Losses (Details) - Schedule of Troubled Debt Restructuring by Class (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Troubled debt restructurings: | ' | ' |
Number of Loans | 4 | 0 |
Pre-Modification Outstanding Recorded Investment | $1,083 | ' |
Post-Modification Outstanding Recorded Investment | 681 | ' |
Commercial Portfolio Segment [Member] | ' | ' |
Troubled debt restructurings: | ' | ' |
Number of Loans | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 672 | ' |
Post-Modification Outstanding Recorded Investment | 315 | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Troubled debt restructurings: | ' | ' |
Number of Loans | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 136 | ' |
Post-Modification Outstanding Recorded Investment | 93 | ' |
Residential Portfolio Segment [Member] | ' | ' |
Troubled debt restructurings: | ' | ' |
Number of Loans | 2 | ' |
Pre-Modification Outstanding Recorded Investment | 275 | ' |
Post-Modification Outstanding Recorded Investment | $273 | ' |
Fair_Value_Measurements_and_Fa2
Fair Value Measurements and Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $3,600,000 | $3,600,000 | $5,016,000 |
Impaired Financing Receivable, Related Allowance | 323,000 | 323,000 | 415,000 |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | 210,500 | 415,000 |
Commercial Real Estate Portfolio Segment [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ' | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Comparability Adjustments | ' | 0.00% | ' |
Commercial Real Estate Portfolio Segment [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ' | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Comparability Adjustments | ' | 15.00% | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,600,000 | 3,600,000 | 4,344,000 |
Impaired Financing Receivable, Related Allowance | $323,000 | $323,000 | $115,000 |
Residential Portfolio Segment [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ' | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Comparability Adjustments | ' | 0.00% | ' |
Residential Portfolio Segment [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ' | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Comparability Adjustments | ' | 25.00% | ' |
Fair_Value_Measurements_and_Fa3
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | $307,502 | $323,070 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 11,385 | 13,519 |
US Treasury Securities [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 11,385 | 13,519 |
Federal Agency Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 32,992 | 19,941 |
Federal Agency Obligations [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 32,992 | 19,941 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 59,691 | 48,874 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 59,691 | 48,874 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 3,016 | 6,991 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 3,016 | 6,991 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 8,429 | 31,460 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 8,429 | 31,460 |
Trust Preferred Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 16,314 | 19,403 |
Trust Preferred Securities [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 16,314 | 19,403 |
Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 135,840 | 158,630 |
Corporate Bonds and Notes [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 135,840 | 158,630 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 21,753 | 15,979 |
Asset-backed Securities [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 21,753 | 15,979 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 2,124 | 2,262 |
Certificates of Deposit [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 2,124 | 2,262 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 289 | 287 |
Equity Securities [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 289 | 287 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 15,669 | 5,724 |
Money Market Funds [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 15,669 | 5,724 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | 27,343 | 19,530 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Investment securities: Available-for-sale, Fair Value | $280,159 | $303,540 |
Fair_Value_Measurements_and_Fa4
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Changes in Investment Securities Available-for-Sale (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Schedule of Changes in Investment Securities Available-for-Sale [Abstract] | ' | ' |
Balance, beginning of the period | $72 | $36 |
Interest payment deferrals | 14 | 43 |
Total net unrealized (losses) gains | 8 | 15 |
Balance, end of the period | $94 | $94 |
Fair_Value_Measurements_and_Fa5
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Valuation Technique | 'Appraisals of collateral value | 'Appraisals of collateral value |
Discounted Cash Flow Model [Member] | Commercial Portfolio Segment [Member] | Impaired Loans [Member] | Minimum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 0.00% | 0.00% |
Discounted Cash Flow Model [Member] | Commercial Portfolio Segment [Member] | Impaired Loans [Member] | Maximum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 6.00% | 6.00% |
Discounted Cash Flow Model [Member] | Commercial Portfolio Segment [Member] | Impaired Loans [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Valuation Technique | 'Discounted cash flow model | 'Discounted cash flow model |
Appraisals of Collateral Valuation Technique [Member] | Commercial Real Estate Portfolio Segment [Member] | Impaired Loans [Member] | Minimum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 8.00% | 8.00% |
Appraisals of Collateral Valuation Technique [Member] | Commercial Real Estate Portfolio Segment [Member] | Impaired Loans [Member] | Maximum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 12.00% | 12.00% |
Appraisals of Collateral Valuation Technique [Member] | Commercial Real Estate Portfolio Segment [Member] | Impaired Loans [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Valuation Technique | 'Appraisals of collateral value | 'Appraisals of collateral value |
Appraisals of Collateral Valuation Technique [Member] | Residential Portfolio Segment [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 0.00% | 0.00% |
Appraisals of Collateral Valuation Technique [Member] | Residential Portfolio Segment [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 25.00% | 25.00% |
Appraisals of Collateral Valuation Technique [Member] | Residential Portfolio Segment [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Valuation Technique | 'Appraisals of collateral value | 'Appraisals of collateral value |
Minimum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 0.00% | 0.00% |
Maximum [Member] | ' | ' |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' |
Discounted Range | 25.00% | 25.00% |
Fair_Value_Measurements_and_Fa6
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ' | ' |
Impaired Loans | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | $3,277 | $4,229 |
Commercial Real Estate Portfolio Segment [Member] | Impaired Loans [Member] | ' | ' |
Impaired Loans | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 3,277 | 4,229 |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ' | ' |
Impaired Loans | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 1,442 | 220 |
Residential Portfolio Segment [Member] | Other Real Estate Owned [Member] | ' | ' |
Impaired Loans | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 1,442 | 220 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ' | ' |
Impaired Loans | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | 372 |
Commercial Portfolio Segment [Member] | Impaired Loans [Member] | ' | ' |
Impaired Loans | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | $372 |
Fair_Value_Measurements_and_Fa7
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value Hierarchy (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $138,013 | $82,692 | $33,557 | $106,138 |
Cash and cash equivalents, Fair Value | 138,013 | 82,692 | ' | ' |
Investment securities available-for-sale, Carrying Amount | 307,502 | 323,070 | ' | ' |
Investment securities: available-for-sale, Fair Value | 307,502 | 323,070 | ' | ' |
Investment securities held-to-maturity, Carrying Amount | 217,567 | 215,286 | ' | ' |
Investment securities held-to-maturity, Fair Value | 222,393 | 210,958 | ' | ' |
Investment in restricted stock, at cost, Carrying Amount | 17,922 | 8,986 | ' | ' |
Investment in restricted stock, at cost, Fair Value | ' | ' | ' | ' |
Net loans, Carrying Amount | 2,414,647 | 950,610 | ' | ' |
Net loans, Fair Value | 2,427,263 | 948,606 | ' | ' |
Accrued interest receivable, Carrying Amount | 10,976 | 6,802 | ' | ' |
Accrued interest receivable, Fair Value | 10,976 | 6,802 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Noninterest-bearing deposits, Carrying Amount | 471,151 | 227,370 | ' | ' |
Noninterest-bearing deposits, Fair Value | 471,151 | 227,370 | ' | ' |
Interest-bearing deposits, Carrying Amount | 1,998,017 | 1,114,635 | ' | ' |
Interest-bearing deposits, Fair Value | 2,004,084 | 1,115,781 | ' | ' |
Borrowings, Carrying Amount | 420,960 | 146,000 | ' | ' |
Borrowings, Fair Value | 436,366 | 157,440 | ' | ' |
Subordinated debentures, Carrying Amount | 5,155 | 5,155 | ' | ' |
Subordinated debentures, Fair Value | 4,786 | 5,143 | ' | ' |
Accrued interest payable, Carrying Amount | 3,811 | 963 | ' | ' |
Accrued interest payable, Fair Value | 3,811 | 963 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 138,013 | 82,692 | ' | ' |
Investment securities: available-for-sale, Fair Value | 27,343 | 19,530 | ' | ' |
Investment securities held-to-maturity, Fair Value | 28,463 | 27,037 | ' | ' |
Investment in restricted stock, at cost, Fair Value | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | 278 | 102 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Noninterest-bearing deposits, Fair Value | 471,151 | 227,370 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities: available-for-sale, Fair Value | 280,159 | 303,540 | ' | ' |
Investment securities held-to-maturity, Fair Value | 175,105 | 164,940 | ' | ' |
Investment in restricted stock, at cost, Fair Value | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | 3,176 | 4,034 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Interest-bearing deposits, Fair Value | 2,004,084 | 1,115,781 | ' | ' |
Borrowings, Fair Value | 436,366 | 157,440 | ' | ' |
Subordinated debentures, Fair Value | 4,786 | 5,143 | ' | ' |
Accrued interest payable, Fair Value | 3,811 | 963 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Investment securities held-to-maturity, Fair Value | 18,825 | 18,981 | ' | ' |
Investment in restricted stock, at cost, Fair Value | ' | ' | ' | ' |
Net loans, Fair Value | 2,427,263 | 948,606 | ' | ' |
Accrued interest receivable, Fair Value | $7,522 | $2,666 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Net unrealized gain on investment securities available-for-sale, net of tax | $4,650 | $2,374 |
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | -1,336 | -1,425 |
Defined benefit pension and post-retirement plans, net of tax | -2,736 | -3,493 |
Total accumulated other comprehensive income (loss) | $578 | ($2,544) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jul. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | 'The Corporation maintains two stock-based compensation plans from which new grants could be issued. The Corporation’s stock-based compensation plans permit Parent Corporation common stock to be issued to key employees and directors of the Corporation and its subsidiaries. The options granted under the plans are intended to be either incentive stock options or non-qualified options. Under the 2009 Equity Incentive Plan, a total of 363,081 shares are available for grant and issuance as of September 30, 2014. Under the 2003 Non-Employee Director Stock Option Plan, a total of 380,644 shares remain available for grant and issuance under the plan as of September 30, 2014. In addition, a total of 237,621 shares remain available for grant and issuance under Legacy ConnectOne equity plans. Options may be exercised with shares issued from Treasury shares, newly issued shares or a combination of both.Options have been granted to purchase common stock principally at the fair market value of the stock at the date of grant. Options are exercisable over a three-year vesting period starting one year after the date of grant and generally expire ten years from the date of grant.Stock-based compensation expense for share-based payment awards is based on the grant date fair value estimated on the date of grant. The Corporation recognizes compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three years. The Corporation estimates the forfeiture rate based on its historical experience during the preceding seven fiscal years. | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Number of Plans | ' | 2 | ' | 2 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '3 years | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | $51,000 | $60,000 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | 18,829 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 37,110 | ' | ' | ' | ' | ' |
Common Stock Underlying Grant Options | ' | 0 | 0 | 31,257 | 31,257 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '3 years | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | 52,467 | 18,829 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | 425,329 | ' | 425,329 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | '1 year 292 days | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | 0 | ' | $0 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '30 days | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '5 years | ' | ' |
Employee Director Stock Option Plan 2009 [Member] | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | 363,081 | ' | 363,081 | ' | ' |
Non Employee Director Stock Option Plan 2003 Member | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | 380,644 | ' | 380,644 | ' | ' |
Legacy ConnectOne Equity Plan [Member] | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | 237,621 | ' | 237,621 | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Abstract] | ' | ' |
Weighted average fair value of grants (in Dollars per share) | ' | $3.34 |
Risk-free interest rate | ' | 1.97% |
Dividend yield | ' | 1.32% |
Expected volatility | ' | 25.84% |
Expected life in months | ' | '74 months |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details) - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | ' | ' |
Outstanding Beginning Balance - shares | 923,084 | 214,263 |
Outstanding Beginning Balance - weighted average exercise price | $5.58 | $10.59 |
Outstanding Ending Balance - weighted average remaining contractual term (years) | '3 years 43 days | ' |
Outstanding Ending Balance - aggregate intrinsic value | $12,522,584 | ' |
Exercisable at September 30, 2014 | 923,084 | ' |
Exercisable at September 30, 2014 | $5.58 | ' |
Exercisable at September 30, 2014 | '3 years 43 days | ' |
Exercisable at September 30, 2014 | $12,522,584 | ' |
Options assumed in merger | 783,732 | ' |
Options assumed in merger | $4.73 | ' |
Exercised | -74,911 | -2,268 |
Exercised | $10.48 | ' |
Components_of_Net_Periodic_Pen2
Components of Net Periodic Pension Cost (Details) - Schedule of Net Periodic Pension Cost (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Net Periodic Pension Cost [Abstract] | ' | ' | ' | ' |
Interest cost | $143 | $133 | $429 | $397 |
Expected return on plan assets | -148 | -122 | -444 | -366 |
Net amortization and deferral | 55 | 93 | 165 | 281 |
Net periodic pension cost | $50 | $104 | $150 | $312 |
Supplemental_Disclosure_of_Non2
Supplemental Disclosure of Non-Cash Activities (Details) - Schedule of supplemental disclosure of non-cash activities (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Investing: | ' | ' |
Due to broker, net | ' | $2,983 |
Transfer of loans to other real estate owned | 352 | 236 |
Transfer of investment securities available-for-sale to investment securities held-to-maturity | ' | 75,694 |
Financing: | ' | ' |
Dividends declared, not paid | 1,061 | 327 |
Non-cash assets acquired: | ' | ' |
Securities available-for-sale | 28,452 | ' |
Restricted investments | 13,646 | ' |
Loans held for sale | 190 | ' |
Loans | 1,299,284 | ' |
Accrued interest receivable | 4,470 | ' |
Premise and equipment, net | 6,475 | ' |
Goodwill | 129,105 | ' |
Core deposit intangible | 5,308 | ' |
Bank-owned life insurance | 15,481 | ' |
Other real estate owned | 2,455 | ' |
Other assets | 14,286 | ' |
Total non-cash assets acquired | 1,519,152 | ' |
Non-cash liabilities assumed: | ' | ' |
Deposits | 1,051,342 | ' |
Borrowings | 263,370 | ' |
Other liabilities | 10,527 | ' |
Total non-cash liabilities assumed | 1,325,239 | ' |
Net non-cash assets acquired | $193,913 | ' |
Borrowings_Details
Borrowings (Details) (Federal Home Loan Bank Advances Ny [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Federal Home Loan Bank Advances Ny [Member] | ' |
Borrowings (Details) [Line Items] | ' |
Extinguishment of Debt, Amount | $70,000,000 |
Long-term Debt, Weighted Average Interest Rate | 3.10% |
Debt Instrument Weighted Average Maturity Terms | '3 years 73 days |
Extinguishment of Debt Gain Loss Pretax Prepayment Penalty | $4,600,000 |
Borrowings_Details_Schedule_of
Borrowings (Details) - Schedule of components of borrowings (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Outstanding | $419,785 | ' |
Fair value mark: | 1,175 | ' |
420,960 | 146,000 | |
FRB Discount Window [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 1-Oct-14 | ' |
Interest Rate | 0.07% | ' |
Outstanding | 50,000 | ' |
Federal Home Loan Bank Zero Point Three Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 28-Oct-14 | ' |
Interest Rate | 0.38% | ' |
Outstanding | 25,000 | ' |
Federal Home Loan Bank Zero Point Three Zero [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 29-Oct-14 | ' |
Interest Rate | 0.30% | ' |
Outstanding | 50,000 | ' |
Federal Home Loan Bank Zero Point Eight Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 23-Feb-15 | ' |
Interest Rate | 0.88% | ' |
Outstanding | 10,000 | ' |
Federal Home Loan Bank Zero Point Eight One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 7-May-15 | ' |
Interest Rate | 0.81% | ' |
Outstanding | 15,000 | ' |
Federal Home Loan Bank Two Point One Seven [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 11-May-15 | ' |
Interest Rate | 2.17% | ' |
Outstanding | 785 | ' |
Federal Home Loan Bank Two Point Nine One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 11-May-15 | ' |
Interest Rate | 2.91% | ' |
Outstanding | 5,000 | ' |
Federal Home Loan Bank Zero Point Four Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 9-Jun-15 | ' |
Interest Rate | 0.44% | ' |
Outstanding | 25,000 | ' |
Federal Home Loan Bank Zero Point Four Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 26-Jun-15 | ' |
Interest Rate | 0.48% | ' |
Outstanding | 25,000 | ' |
Federal Home Loan Bank One Point Four Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 5-Aug-15 | ' |
Interest Rate | 1.49% | ' |
Outstanding | 2,000 | ' |
Federal Home Loan Bank One Point Nine Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 3-Aug-16 | ' |
Interest Rate | 1.93% | ' |
Outstanding | 10,000 | ' |
Federal Home Loan Bank One Point Zero Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 26-Aug-16 | ' |
Interest Rate | 1.04% | ' |
Outstanding | 5,000 | ' |
Federal Home Loan Bank One Point One Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 11-Oct-16 | ' |
Interest Rate | 1.15% | ' |
Outstanding | 5,000 | ' |
Federal Home Loan Bank One Point One Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 23-Jan-17 | ' |
Interest Rate | 1.16% | ' |
Outstanding | 10,000 | ' |
Federal Home Loan Bank One Point Two Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 28-Apr-17 | ' |
Interest Rate | 1.26% | ' |
Outstanding | 5,000 | ' |
Citi Repo Five Point Nine Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 15-Jun-17 | 15-Jun-17 |
Interest Rate | 5.95% | 5.95% |
Outstanding | 15,000 | 15,000 |
Federal Home Loan Bank One Point Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 26-Jun-17 | ' |
Interest Rate | 1.30% | ' |
Outstanding | 25,000 | ' |
Federal Home Loan Bank One Point Two Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 8-Jul-17 | ' |
Interest Rate | 1.29% | ' |
Outstanding | 5,000 | ' |
Federal Home Loan Bank One Point Four One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 25-Sep-17 | ' |
Interest Rate | 1.41% | ' |
Outstanding | 11,000 | ' |
Federal Home Loan Bank One Point Five Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 12-Feb-18 | ' |
Interest Rate | 1.56% | ' |
Outstanding | 10,000 | ' |
Federal Home Loan Bank Two Point Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 2-Apr-18 | ' |
Interest Rate | 2.50% | ' |
Outstanding | 2,500 | ' |
Federal Home Loan Bank One Point Nine Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 2-Apr-18 | ' |
Interest Rate | 1.98% | ' |
Outstanding | 7,500 | ' |
Federal Home Loan Bank One Point Seven Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 30-Apr-18 | ' |
Interest Rate | 1.75% | ' |
Outstanding | 5,000 | ' |
Federal Home Loan Bank Two Point Nine Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 16-Jul-18 | 3-Jan-18 |
Interest Rate | 2.99% | 2.99% |
Outstanding | 5,000 | 3,000 |
Citi Repo Five Point Eight Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 8-Aug-18 | ' |
Interest Rate | 5.85% | ' |
Outstanding | 16,000 | ' |
Federal Home Loan Bank Four Point One Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 11-Sep-18 | ' |
Interest Rate | 4.15% | ' |
Outstanding | 5,000 | ' |
Federal Home Loan Bank One Point Six Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 23-Oct-18 | ' |
Interest Rate | 1.68% | ' |
Outstanding | 10,000 | ' |
Federal Home Loan Bank One One Point Six Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 19-Nov-18 | ' |
Interest Rate | 1.68% | ' |
Outstanding | 10,000 | ' |
Federal Home Loan Bank One Point Seven Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 30-Jan-19 | ' |
Interest Rate | 1.79% | ' |
Outstanding | 4,000 | ' |
Federal Home Loan Bank One Point Nine Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 11-Feb-19 | ' |
Interest Rate | 1.99% | ' |
Outstanding | 6,000 | ' |
Federal Home Loan Bank Three Point Two Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 30-Oct-20 | ' |
Interest Rate | 3.23% | ' |
Outstanding | 20,000 | ' |
Federal Home Loan Bank Three Point Six One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 2-Nov-20 | ' |
Interest Rate | 3.61% | ' |
Outstanding | 20,000 | ' |
Federal Home Loan Bank Three Point One Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 16-Nov-17 |
Interest Rate | ' | 3.18% |
Outstanding | ' | 5,000 |
Federal Home Loan Bank Three Point Two Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 16-Nov-17 |
Interest Rate | ' | 3.29% |
Outstanding | ' | 5,000 |
Federal Home Loan Bank Three Point One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 16-Nov-17 |
Interest Rate | ' | 3.10% |
Outstanding | ' | 5,000 |
Federal Home Loan Bank Three Point Four Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 16-Nov-17 |
Interest Rate | ' | 3.49% |
Outstanding | ' | 10,000 |
Federal Home Loan Bank Three Point One Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 27-Nov-17 |
Interest Rate | ' | 3.16% |
Outstanding | ' | 5,000 |
Federal Home Loan Bank Three Point Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 27-Nov-17 |
Interest Rate | ' | 3.40% |
Outstanding | ' | 5,000 |
Federal Home Loan Bank Three Point Two Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 3-Jan-18 |
Interest Rate | ' | 3.25% |
Outstanding | ' | 4,000 |
Federal Home Loan Bank Two Point Seven Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 3-Jan-18 |
Interest Rate | ' | 2.74% |
Outstanding | ' | 3,000 |
Federal Home Loan Bank Three Point Three Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 31-Jan-18 |
Interest Rate | ' | 3.34% |
Outstanding | ' | 10,000 |
Federal Home Loan Bank Two Point Four Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 31-Jan-18 |
Interest Rate | ' | 2.44% |
Outstanding | ' | 10,000 |
Federal Home Loan Bank Two Point Seven Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 31-Jan-18 |
Interest Rate | ' | 2.78% |
Outstanding | ' | 5,000 |
Repo Five Point Eight Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 8-Aug-18 |
Interest Rate | ' | 5.85% |
Outstanding | ' | 16,000 |
Federal Home Loan Bank Four Point One Six [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 12-Sep-18 |
Interest Rate | ' | 4.16% |
Outstanding | ' | 5,000 |
Federal Home Loan Bank Three Point Six Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 2-Nov-20 |
Interest Rate | ' | 3.62% |
Outstanding | ' | 20,000 |
Federal Home Loan Bank Three Point Two Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | ' | 30-Nov-20 |
Interest Rate | ' | 3.24% |
Outstanding | ' | $20,000 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event (Details) [Line Items] | ' |
Expected Amount Under Investigation After Tax | $1.50 |