Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 03, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ConnectOne Bancorp, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 29,864,602 | ||
Entity Public Float | $302,800,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 712771 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $31,813 | $82,692 |
Interest-bearing deposits with banks | 95,034 | |
Cash and due from banks | 126,847 | 82,692 |
Investment securities: | ||
Securities available-for-sale | 289,532 | 323,070 |
Securities held-to-maturity (fair value of $231,445 and $210,958) | 224,682 | 215,286 |
Loans receivable | 2,538,641 | 960,943 |
Less: Allowance for loan losses | 14,160 | 10,333 |
Net loans receivable | 2,524,481 | 950,610 |
Investment in restricted stock, at cost | 23,535 | 8,986 |
Bank premises and equipment, net | 20,653 | 13,681 |
Accrued interest receivable | 11,700 | 6,802 |
Bank-owned life insurance | 52,518 | 35,734 |
Other real estate owned | 1,108 | 220 |
Due from brokers for investment securities | 8,759 | |
Goodwill | 145,909 | 16,804 |
Core deposit intangibles | 4,825 | 24 |
Other assets | 22,782 | 10,414 |
Total assets | 3,448,572 | 1,673,082 |
Deposits: | ||
Noninterest-bearing | 492,516 | 227,370 |
Interest-bearing | 1,983,091 | 1,114,635 |
Total deposits | 2,475,607 | 1,342,005 |
Borrowings | 495,553 | 146,000 |
Subordinated debentures | 5,155 | 5,155 |
Accounts payable and accrued liabilities | 26,038 | 11,338 |
Total liabilities | 3,002,353 | 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 December 31, 2014 and 2013; total liquidation value of $11,250 at December 31, 2014 and 2013 | 11,250 | 11,250 |
Common stock, no par value: Authorized 50,000,000 shares; issued 31,758,558 shares at December 31, 2014 and 18,477,412 shares at December 31, 2013; outstanding 29,694,636 shares at December 31, 2014 and 16,369,012 at December 31, 2013 | 374,287 | 110,056 |
Additional paid-in capital | 6,015 | 4,986 |
Retained earnings | 72,398 | 61,914 |
Treasury stock, at cost (2,063,922 shares at December 31, 2014 and 2,108,400 at December 31, 2013) | -16,717 | -17,078 |
Accumulated other comprehensive loss | -1,014 | -2,544 |
Total stockholders’ equity | 446,219 | 168,584 |
Total liabilities and stockholders’ equity | $3,448,572 | $1,673,082 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Held-to-maturity, fair value (in Dollars) | $231,445,000 | $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 | $11,250 |
Common stock, par value (in Dollars per share) | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,758,558 | 18,477,412 |
Common stock, shares outstanding | 29,694,636 | 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 $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Interest and fees on loans | $77,669 | $40,132 | $38,921 |
Interest and dividends on investment securities: | |||
Taxable | 12,024 | 12,189 | 12,269 |
Nontaxable | 3,740 | 4,422 | 3,507 |
Dividends | 636 | 523 | 567 |
Interest on federal funds sold and other short-term investment | 138 | 2 | 8 |
Total interest income | 94,207 | 57,268 | 55,272 |
Interest expense: | |||
Deposits | 8,260 | 5,219 | 5,408 |
Borrowings | 6,548 | 5,863 | 6,368 |
Total interest expense | 14,808 | 11,082 | 11,776 |
Net interest income | 79,399 | 46,186 | 43,496 |
Provision for loan losses | 4,683 | 350 | 325 |
Net interest income after provision for loan losses | 74,716 | 45,836 | 43,171 |
Noninterest income: | |||
Annuity and insurance | 382 | 489 | 204 |
Bank-owned life insurance commissions | 1,303 | 1,364 | 1,018 |
Net gains on sale of loans held for sale | 182 | 294 | 484 |
Bargain gain on acquisition | 899 | ||
Deposit, loan and other income | 2,813 | 2,993 | 2,593 |
Total other-than-temporary impairment losses | -652 | -870 | |
Net gains on sale of investment securities | 2,818 | 2,363 | 2,882 |
Net investment securities gains | 2,818 | 1,711 | 2,012 |
Total noninterest income | 7,498 | 6,851 | 7,210 |
Noninterest expense: | |||
Salaries and employee benefits | 18,829 | 13,465 | 12,571 |
Occupancy and equipment | 5,312 | 3,518 | 2,987 |
FDIC Insurance | 1,618 | 1,098 | 1,154 |
Professional and consulting | 1,661 | 1,111 | 1,077 |
Marketing and advertising | 498 | 304 | 186 |
Data processing | 2,575 | 1,422 | 1,419 |
Repurchase agreement prepayment and termination fee | 1,012 | ||
Merger-related expenses | 12,388 | 482 | |
Loss on extinguishment of debt | 4,550 | ||
Amortization of core deposit intangible | 506 | 30 | |
Charge due to wire fraud | 2,374 | ||
Other expenses | 4,493 | 4,330 | 4,309 |
Total noninterest expenses | 54,804 | 25,278 | 25,197 |
Income before income tax expense | 27,410 | 27,409 | 25,184 |
Income tax expense | 8,845 | 7,484 | 7,677 |
Net income | 18,565 | 19,925 | 17,507 |
Less: Preferred stock dividends and accretion | 112 | 141 | 281 |
Net income available to common stockholders | $18,453 | $19,784 | $17,226 |
Earnings per common share: | |||
Basic (in Dollars per share) | $0.80 | $1.21 | $1.05 |
Diluted (in Dollars per share) | $0.79 | $1.21 | $1.05 |
Weighted average common shares outstanding: | |||
Basic (in Shares) | 23,029,813 | 16,349,204 | 16,340,197 |
Diluted (in Shares) | 23,479,074 | 16,385,692 | 16,351,046 |
Dividends per common share (in Dollars per share) | $0.30 | $0.28 | $0.20 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $18,565 | $19,925 | $17,507 |
Unrealized gains and losses on securities available-for-sale: | |||
Unrealized holding gains (losses) on available for sale securities | 6,966 | -8,741 | 19,819 |
Tax effect | -2,635 | 3,578 | -7,444 |
Net of tax amount | 4,331 | -5,163 | 12,375 |
Reclassification adjustments for OTTI losses included in income | 652 | 870 | |
Tax effect | -178 | -265 | |
Net of tax amount | 474 | 605 | |
Reclassification adjustment for realized gains arising during this period | -2,818 | -2,363 | -2,882 |
Tax effect | 986 | 645 | 879 |
Net of tax amount | -1,832 | -1,718 | -2,003 |
Unrealized holding losses on securities transferred from available-for-sale to held-to-maturity securities | -2,612 | ||
Tax effect | 1,064 | ||
Net of tax amount | -1,548 | ||
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity securities | 215 | -58 | -2 |
Tax effect | -91 | 19 | 1 |
Net of tax amount | 124 | -39 | -1 |
Unrealized holding gain on cash flow hedge | 48 | ||
Tax effect | -20 | ||
Net of tax amount | 28 | ||
Pension plan: | |||
Actuarial gains (losses) | -1,896 | 654 | -790 |
Tax effect | 775 | -267 | 323 |
Net of tax amount | -1,121 | 387 | -467 |
Total other comprehensive income (loss) | 1,530 | -7,607 | 10,509 |
Total comprehensive income | $20,095 | $12,318 | $28,016 |
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, 2011 | $11,250 | $110,056 | $4,715 | $32,695 | ($17,354) | ($5,446) | $135,916 |
Net income | 17,507 | 17,507 | |||||
Other comprehensive income (loss), net of taxes | 10,509 | 10,509 | |||||
Dividends on series B preferred stock | -253 | -253 | |||||
Cash dividends declared on common stock | -3,188 | -3,188 | |||||
Issuance cost of common stock | -8 | -8 | |||||
Exercise of stock options | 19 | 122 | 141 | ||||
Stock-based compensation expense | 67 | 67 | |||||
Balance as of December 31, 2014 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 taxes | -7,607 | -7,607 | |||||
Dividends on series B preferred stock | -169 | -169 | |||||
Cash dividends declared on common stock | -4,581 | -4,581 | |||||
Dividend on restricted stock declared | -1 | -1 | |||||
Issuance cost of common stock | -13 | -13 | |||||
Issuance of restricted stock award (18,829 shares) | 91 | 152 | 243 | ||||
Exercise of stock options | 19 | 2 | 21 | ||||
Stock-based compensation expense | 75 | 75 | |||||
Balance as of December 31, 2014 at Dec. 31, 2013 | 11,250 | 110,056 | 4,986 | 61,914 | -17,078 | -2,544 | 168,584 |
Net income | 18,565 | 18,565 | |||||
Other comprehensive income (loss), net of taxes | 1,530 | 1,530 | |||||
Dividends on series B preferred stock | -112 | -112 | |||||
Cash dividends declared on common stock | -7,962 | -7,962 | |||||
Issuance cost of common stock | -7 | -7 | |||||
Exercise of stock options | 806 | 361 | 1,167 | ||||
Stock-based compensation expense | 223 | 223 | |||||
Stock issued in acquisition of legacy ConnectOne Bancorp, Inc. (13,221,152 shares) | 264,231 | 264,231 | |||||
Balance as of December 31, 2014 at Dec. 31, 2014 | $11,250 | $374,287 | $6,015 | $72,398 | ($16,717) | ($1,014) | $446,219 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash dividends declared on common stock (in Dollars per share) | $0.30 | $0.28 | $0.20 |
Stock issued for options exercised | 100,911 | 2,268 | 15,588 |
Issuance of restricted stock award, shares | 18,829 | ||
Exercise of stock options, tax benefits (in Dollars) | $282 | ||
Stock issued in acquisition | 13,221,152 | ||
Common Stock [Member] | |||
Stock issued in acquisition | 13,221,152 | ||
Additional Paid-in Capital [Member] | |||
Stock issued for options exercised | 100,911 | 2,268 | 15,588 |
Issuance of restricted stock award, shares | 18,829 | ||
Exercise of stock options, tax benefits (in Dollars) | 282 | ||
Retained Earnings [Member] | |||
Cash dividends declared on common stock (in Dollars per share) | $0.30 | $0.28 | $0.20 |
Treasury Stock [Member] | |||
Stock issued for options exercised | 100,911 | 2,268 | 15,588 |
Issuance of restricted stock award, shares | 18,829 | ||
Exercise of stock options, tax benefits (in Dollars) | $282 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||||
Net income | $8,023,000 | $18,565,000 | $19,925,000 | $17,507,000 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||
Depreciation and amortization | 2,045,000 | 886,000 | 914,000 | ||
Provision for loan losses | 4,683,000 | 350,000 | 325,000 | ||
Net deferred income tax expense | 184,000 | 1,739,000 | 1,912,000 | ||
Stock-based compensation expense | 223,000 | 59,000 | 39,000 | ||
Net other-than-temporary impairment losses | 652,000 | 870,000 | |||
Net gains on sales of available-for-sale securities | -2,818,000 | -2,363,000 | -2,882,000 | ||
Net gains on sales of loans held for sale | -261,000 | -294,000 | -484,000 | ||
Net loans originated for sale | -10,994,000 | -14,816,000 | -22,013,000 | ||
Proceeds from sales of loans held for sale | 11,445,000 | 16,601,000 | 22,024,000 | ||
Net gains on disposition of premises and equipment | 66,000 | -2,000 | |||
Net loss on sales of other real estate owned | 23,000 | 75,000 | 9,000 | ||
Life insurance death benefit | -291,000 | ||||
Increase in cash surrender value of bank owned life insurance | -1,303,000 | -1,073,000 | -1,018,000 | ||
Net amortization of securities | 2,074,000 | 3,316,000 | 4,589,000 | ||
Increase in accrued interest receivable | -428,000 | -233,000 | -241,000 | ||
Decrease (increase) in other assets | 2,200,000 | 414,000 | -1,465,000 | ||
Increase (decrease) in other liabilities | 377,000 | -1,792,000 | 980,000 | ||
Net cash provided by operating activities | 26,015,000 | 23,153,000 | 21,066,000 | ||
Investment securities available-for-sale: | |||||
Purchases | -37,886,000 | -155,464,000 | -207,880,000 | ||
Sales | 80,449,000 | 122,165,000 | 130,059,000 | ||
Maturities, calls and principal repayment | 33,496,000 | 46,378,000 | 48,406,000 | ||
Investment securities held-to-maturity: | |||||
Purchases | -20,860,000 | -23,531,000 | -16,606,000 | ||
Maturities and principal repayment | 10,766,000 | 3,830,000 | 30,258,000 | ||
Net (purchase) redemption of restricted investment in bank stock | -903,000 | -22,000 | 319,000 | ||
Net increase in loans | -279,270,000 | -71,761,000 | -83,478,000 | ||
Purchases of premises and equipment | -2,037,000 | -973,000 | -842,000 | ||
Purchase of bank-owned life insurance | -5,000,000 | ||||
Proceeds from life insurance death benefits | 592,000 | ||||
Proceeds from sale of premises and equipment | 2,000 | ||||
Proceeds from sale of other real estate owned | 1,544,000 | 1,230,000 | 500,000 | ||
Cash and cash equivalent acquired in acquisition | 70,318,000 | 6,195,000 | |||
Cash consideration paid in acquisition | -10,251,000 | ||||
Net cash used in investing activities | -144,383,000 | -77,554,000 | -108,320,000 | ||
Cash flows from financing activities: | |||||
Net increase in deposits | 82,260,000 | 35,083,000 | 100,271,000 | ||
Net increase in borrowings | 161,183,000 | ||||
Payments on borrowings | -75,000,000 | -15,000,000 | |||
Cash dividends on common stock | -6,940,000 | -4,254,000 | -2,778,000 | ||
Cash dividends on preferred stock | -140,000 | -141,000 | -363,000 | ||
Issuance cost of common stock | -7,000 | -13,000 | -8,000 | ||
Tax benefit from exercise of stock options | 282,000 | 16,000 | 28,000 | ||
Issuance of restricted stock award | 243,000 | ||||
Proceeds from exercise of stock options | 885,000 | 21,000 | 141,000 | ||
Net cash provided by financing activities | 162,523,000 | 30,955,000 | 82,291,000 | ||
Net (decrease) increase in cash and cash equivalents | 44,155,000 | -23,446,000 | -4,963,000 | ||
Cash and cash equivalents at beginning of year | 82,692,000 | 106,138,000 | 111,101,000 | ||
Cash and cash equivalents at end of year | 126,847,000 | 126,847,000 | 126,847,000 | 82,692,000 | 106,138,000 |
Cash paid during year for: | |||||
Interest paid on deposits and borrowings | 14,785,000 | 10,993,000 | 11,894,000 | ||
Income taxes | 4,993,000 | 4,727,000 | 6,280,000 | ||
Investing: | |||||
Trade date accounting settlement for investments | 8,759,000 | ||||
Transfer of loans to other real estate owned | 352,000 | 236,000 | 1,300,000 | ||
Transfer from investment securities available-for-sale to investment securities held-to-maturity | 138,800,000 | ||||
Financing: | |||||
Dividends declared, not paid | 2,250,000 | 1,256,000 | 899,000 | ||
Noncash assets acquired: | |||||
Investment securities | 28,452,000 | 28,452,000 | 28,452,000 | 37,143,000 | |
Restricted investments | 13,646,000 | 13,646,000 | 13,646,000 | ||
Loans held for sale | 190,000 | 190,000 | 190,000 | ||
Loans | 1,299,284,000 | 1,299,284,000 | 1,299,284,000 | 52,192,000 | |
Accrued interest receivable | 4,470,000 | 4,470,000 | 4,470,000 | ||
Premises and equipment, net | 6,475,000 | 6,475,000 | 6,475,000 | 1,262,000 | |
Goodwill | 129,105,000 | 129,105,000 | 129,105,000 | ||
Core deposit intangible | 5,308,000 | 5,308,000 | 5,308,000 | ||
Bank-owned life insurance | 15,481,000 | 15,481,000 | 15,481,000 | ||
Other real estate owned | 2,455,000 | 2,455,000 | 2,455,000 | ||
Other assets | 14,286,000 | 14,286,000 | 14,286,000 | 389,000 | |
Total noncash assets acquired | 1,519,152,000 | 1,519,152,000 | 1,519,152,000 | 90,986,000 | |
Noncash liabilities assumed: | |||||
Deposits | 1,051,342,000 | 1,051,342,000 | 1,051,342,000 | 85,236,000 | |
Borrowings | 263,370,000 | 263,370,000 | 263,370,000 | ||
Other liabilities | 10,527,000 | 10,527,000 | 10,527,000 | 795,000 | |
Total noncash liabilities assumed | 1,325,239,000 | 1,325,239,000 | 1,325,239,000 | 86,031,000 | |
Net noncash assets acquired | 193,913,000 | 193,913,000 | 193,913,000 | 4,056,000 | |
Bargain gain on acquisition | 899,000 | ||||
Net cash and cash equivalents acquired | 70,318,000 | 6,195,000 | |||
Cash consideration paid in acquisition | $10,251,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation: The consolidated financial statements of ConnectOne Bancorp, Inc. (formerly known as Center 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 “Company”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business: 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments: FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment; a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates: In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the reported periods. These estimates and assumptions affect the amounts reported in the financial statements and the disclosure provided, and actual results could differ. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents: Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities: The Company accounts for its investment securities in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10-05. Investments are classified into the following categories: (1) held to maturity securities, for which the Company has both the positive intent and ability to hold until maturity, which are reported at amortized cost; (2) trading securities, which are purchased and held principally for the purpose of selling in the near term and are reported at fair value with unrealized gains and losses included in earnings; and (3) available-for-sale securities, which do not meet the criteria of the other two categories and which management believes may be sold prior to maturity due to changes in interest rates, prepayment, risk, liquidity or other factors, and are reported at fair value, with unrealized gains and losses, net of applicable income taxes, reported as a component of accumulated other comprehensive income, which is included in stockholders’ equity and excluded from earnings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. FASB ASC 320-10-65 clarifies the interaction of the factors that should be considered when determining whether a debt security is other–than-temporarily impaired. For debt securities, management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are done before assessing whether the entity will recover the cost basis of the investment. In instances when a determination is made that an other-than-temporary impairment exists but the investor does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, FASB ASC 320-10-65 changed the presentation and amount of the other-than-temporary impairment recognized in the statement of income. The other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized through earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized through other comprehensive income. Impairment charges on certain investment securities of approximately $0, $0.7 million, and $0.9 million were recognized in earnings during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held for Sale: Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For loans carried at the lower of cost or estimated fair value, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan segments 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 Company has five segments of loans and leases: commercial (including lease financing), commercial real estate, commercial construction, residential real estate (including home equity) and consumer. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income on commercial, commercial real estate, commercial construction and residential loans are discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The policy of the Company is to generally grant commercial, residential and consumer loans to New Jersey 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 Company. The Company is therefore subject to risk of loss. The Company 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 a large majority of the Company’s loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Loss: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. As part of the evaluation of impaired loans, the Company 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Bank has defined its population of impaired loans to include all loans on non-accrual status; all troubled debt restructuring loans; and all loans (above an established dollar threshold of $250,000) internally classified as “Special Mention” or below that require a specific reserve. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience, the primary factor, is determined by loan class and is based on the actual loss history experienced by the Bank over an actual three year rolling calculation. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. This actual loss experience is supplemented with the exogenous factor adjustments based on the risks present for each loan categories. These exogenous factors (nine total) include consideration of the following: concentrations of credit; delinquency & non-accrual trends; economic & business conditions including evaluation of the national and regional economies and industries with significant loan concentrations; external factors including legal, regulatory or competitive pressures that may impact the loan portfolio; changes in the experience, ability, or size of the lending staff, management, or board of directors that may impact the loan portfolio; changes in underwriting standards, collection procedures, charge-off practices, or other changes in lending policies and procedures that may impact the loan portfolio; loss and recovery trends; changes in portfolio size and mix; and trends in problem loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Credit-Impaired Loans: The Company purchases groups of loans in conjunction with mergers, 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 Company estimates the amount and timing of expected cash flows for each loan 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: The Company records cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock: The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends on the stock are reported as income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment: Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 39 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned: Other real estate owned (“OREO”), representing property acquired through foreclosure and held for sale, are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing: As of December 31, 2013, the Company had performed various servicing functions on loans owned by others. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received for those services. At December 31, 2014 and 2013, the Company was servicing approximately $0 million and $8.4 million, respectively, of loans for others. The servicing rights related to the remaining loan portfolio were transferred to a third-party agency as of December 31, 2014 with 0 consideration paid to the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Related to Representation and Warranty Provisions: The Company sold residential mortgage loans in the secondary market primarily to Fannie Mae. The Company sold residential mortgage loans to Fannie Mae that includes various representations and warranties regarding the origination and characteristics of the residential mortgage loans. Although the specific representations and warranties vary, they typically cover ownership of the loan, validity of the lien securing the loan, the absence of delinquent taxes or liens against the property securing the loan, compliance with loan criteria set forth in the applicable agreement, compliance with applicable federal, state, and local laws, and other matters. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the unpaid principal balance of the Company’s portfolio of residential mortgage loans sold to Fannie Mae was $0 and $8.4 million, respectively. These loans are generally sold on a nonrecourse basis. The agreements under which the Company sells residential mortgage loans require the Company to deliver various documents to the investor or its document custodian. Although these loans are primarily sold on a nonrecourse basis, the Company may be obligated to repurchase residential mortgage loans where required documents are not delivered or are defective. Investors may require the immediate repurchase of a mortgage loan when an early payment default discovered in an underwriting review reveals significant underwriting deficiencies, even if the mortgage loan has subsequently been brought current. As of December 31, 2014, there were 0 pending repurchase requests related to representation and warranty provisions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans: The Company had a noncontributory pension plan that covered all eligible employees up until September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of September 30, 2007 were preserved. The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. The costs associated with the plan are accrued based on actuarial assumptions and included in other expense. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715-30. FASB ASC 715-30 requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. FASB ASC 715-30 also requires companies to measure the funded status of the plan as of the date of its fiscal year-end. Employee 401 (k) and profit sharing plan expense is the amount of matching contributions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation: Stock compensation accounting guidance (FASB ASC 718, “Compensation-Stock Compensation”) requires that the compensation cost related to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. See Note 18 of the Notes to Consolidated Financial Statements for a further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share: Basic Earnings per Share (“EPS”) is computed by dividing income available to common shareholders 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 Company’s weighted average common shares outstanding for diluted EPS include the effect of stock options outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share have been computed based on the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 18,565 | $ | 19,925 | $ | 17,507 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends and accretion | 112 | 141 | 281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 18,453 | $ | 19,784 | $ | 17,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of common shares outstanding | 23,030 | 16,349 | 16,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive options | 449 | 37 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | 23,479 | 16,386 | 16,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anti-dilutive common shares outstanding | — | 14 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.8 | $ | 1.21 | $ | 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | $ | 0.79 | $ | 1.21 | $ | 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock: Subject to limitations applicable to the Parent Corporation, treasury stock purchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. Shares repurchased are added to the corporate treasury and will be used for future stock dividends and other issuances. The repurchased shares are recorded as treasury stock, which results in a decrease in stockholders’ equity. Treasury stock is recorded using the cost method and accordingly is presented as a reduction of stockholders’ equity. During the years ended December 31, 2014, 2013 and 2012, the Parent Corporation did not purchase any of its shares. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill: The Company adopted the provisions of FASB ASC 350-10 (previously SFAS No. 142, “Goodwill and Other Intangible Assets”), which requires that goodwill be tested for impairment annually, or more frequently if impairment indicators arise for impairment. The Company has selected December 31 as the date to perform the annual impairment test. No impairment charge was deemed necessary for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As provided by ASU 2011-08 management has evaluated and assessed the following events and circumstances relevant to determining whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Macroeconomic conditions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Industry and market conditions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Overall financial performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets: Other intangible assets consist of core deposits arising from business combinations that are amortized over their estimated useful lives to their estimated residual value. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income: Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedge, net of taxes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of comprehensive income for the years ended December 31, 2014, 2013 and 2012 is presented in the Consolidated Statements of Comprehensive Income and presented in detail in Note 16 of the Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Restriction: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Parent Corporation or by the Parent Corporation to the stockholders. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank-Owned Life Insurance: The Company invests in Bank-Owned Life Insurance (“BOLI”) to help offset the rising cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of other income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising Costs: The Company recognizes its marketing and advertising cost as incurred. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications: Certain reclassifications have been made in the consolidated financial footnotes for 2013 and 2012 to conform to the classifications presented in 2014. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | NOTE 2—RECENT ACCOUNTING PRONOUNCEMENTS |
The Company does not anticipate any recently adopted or newly issued accounting standards that could have a material effect on our financial statements. |
CASH_AND_CASH_EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3—CASH AND CASH EQUIVALENTS |
The Bank maintained cash balances reserved to meet regulatory requirements of the Federal Reserve Board of approximately $0 and $ $2.5 million at December 31, 2014 and 2013, respectively. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | NOTE 4—BUSINESS COMBINATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On January 20, 2014, the Company 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 Company completed the merger contemplated by the Merger Agreement (the “Merger”) with Legacy ConnectOne, and Legacy ConnectOne merged with and into the Company, with the Company as the surviving corporation. Also at closing, the Company 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 Company, 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 Company (“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 Company’s financial statements at fair value at the Merger date (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration paid through Company 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 acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
carrying value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 70,318 | $ | — | $ | 70,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | 28,436 | 16 | (a) | 28,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted investments | 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, net | 7,380 | (905 | )(c) | 6,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 4,470 | — | 4,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit intangible | — | 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 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 above-market rent on leased premises. The above-market rent adjustment will be amortized on a straight-line basis over the remaining term of the respective leases. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d) | Represents intangible assets recorded to reflect the fair value of core deposits. 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 represents the excess purchase price over the estimated fair value of the net assets acquired by the Company and reflects the economies of scale, 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC 310-30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual principal and accrued interest at acquisition | $ | 23,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal not expected to be collected (nonaccretable 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 an accelerated 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 $12.4 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 Company’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 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. In the table below, merger-related expenses of $12.4 million were excluded from pro forma non-interest expenses for the year ended December 31, 2014. Income taxes were also adjusted to exclude income tax benefits of $5.6 million related to the merger expenses for the year ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 107,988 | $ | 95,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 8,244 | 8,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | (54,749 | ) | (45,827 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 45,981 | 35,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma earnings per share from continuing operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.55 | $ | 0.91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 1.53 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company is still in the process of evaluating the final purchase accounting allocation with respect to its impact on deferred tax assets related solely to the state of New Jersey. Any adjustment resulting from our evaluation of the deferred tax assets would impact goodwill and is not expected to be material. In accordance with FASB ASC 805-10 (Subtopic 25-15), the Company has up to one year from date of acquisition to complete this assessment. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 following tables present information related to the Company’s portfolio of securities available-for-sale and held-to-maturity at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 32,650 | $ | 217 | $ | (50 | ) | $ | 32,817 | |||||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 58,836 | 1,531 | (11 | ) | 60,356 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,042 | 4 | — | 3,046 | ||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,201 | 205 | — | 8,406 | ||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | 16,086 | 489 | (269 | ) | 16,306 | |||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 119,838 | 5,950 | (11 | ) | 125,777 | |||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 27,393 | 140 | (31 | ) | 27,502 | |||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 2,098 | 27 | (2 | ) | 2,123 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 376 | — | (69 | ) | 307 | |||||||||||||||||||||||||||||||||||||||
Other securities | 12,941 | 33 | (82 | ) | 12,892 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 281,461 | $ | 8,596 | $ | (525 | ) | $ | 289,532 | |||||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,264 | $ | 920 | $ | — | $ | 29,184 | ||||||||||||||||||||||||||||||||||||
Federal agency obligations | 27,103 | 322 | (28 | ) | 27,397 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 5,955 | 28 | — | 5,983 | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,266 | 50 | — | 4,316 | ||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 120,144 | 4,512 | (60 | ) | 124,596 | |||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 38,950 | 1,026 | (7 | ) | 39,969 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 224,682 | $ | 6,858 | $ | (95 | ) | $ | 231,445 | |||||||||||||||||||||||||||||||||||
Total investment securities | $ | 506,143 | $ | 15,454 | $ | (620 | ) | $ | 520,977 | |||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||
Other securities | 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 available-for-sale securities are reported at fair value with unrealized gains or losses included in equity, net of taxes. 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 21 of the Notes to Consolidated Financial Statements for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||||
During 2013, the Company transferred from its available-for-sale category to its held-to-maturity category $138.3 million of securities. Transfers of 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 table presents information for investments in securities available-for-sale and held-to-maturity at December 31, 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. Securities not due at a single maturity date are shown separately. | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 12,903 | $ | 13,054 | ||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | 42,369 | 43,670 | ||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 93,793 | 98,615 | ||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 57,201 | 57,592 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 58,836 | 60,356 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,042 | 3,046 | ||||||||||||||||||||||||||||||||||||||||||
Equity securities | 376 | 307 | ||||||||||||||||||||||||||||||||||||||||||
Other securities | 12,941 | 12,892 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 281,461 | $ | 289,532 | ||||||||||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 5,001 | $ | 5,054 | ||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | 9,211 | 9,367 | ||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 70,030 | 72,302 | ||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 130,219 | 134,423 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 5,955 | 5,983 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,266 | 4,316 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 224,682 | $ | 231,445 | ||||||||||||||||||||||||||||||||||||||||
Total investment securities | $ | 506,143 | $ | 520,977 | ||||||||||||||||||||||||||||||||||||||||
Gross gains and losses from the sales calls and maturities of investment securities for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds | $ | 81,844 | $ | 122,165 | $ | 130,059 | ||||||||||||||||||||||||||||||||||||||
Gross gains on sales of investment securities | 2,837 | 2,451 | 2,905 | |||||||||||||||||||||||||||||||||||||||||
Gross losses on sales of investment securities | 19 | 88 | 23 | |||||||||||||||||||||||||||||||||||||||||
Net gains on sales of investment securities | 2,818 | 2,363 | 2,882 | |||||||||||||||||||||||||||||||||||||||||
Less: tax provision on net gains | (986 | ) | (645 | ) | (879 | ) | ||||||||||||||||||||||||||||||||||||||
Net gains on sales of investment securities | $ | 1,832 | $ | 1,718 | $ | 2,003 | ||||||||||||||||||||||||||||||||||||||
Other-than-Temporarily Impaired Investments | ||||||||||||||||||||||||||||||||||||||||||||
Summary of Other-than-Temporary Impairment Charges | ||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
One variable rate private label CMO | $ | — | $ | — | $ | 484 | ||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | — | 628 | 68 | |||||||||||||||||||||||||||||||||||||||||
Principal losses on a variable rate CMO | — | 24 | 318 | |||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairment charges | $ | — | $ | 652 | $ | 870 | ||||||||||||||||||||||||||||||||||||||
The Company performs regular analysis on the available-for-sale securities portfolio 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 other-than- temporary impairment (“OTTI”) charges, through earnings, if they have the intent to sell, or more likely than not be required to sell, an impaired debt security before recovery of its amortized cost basis. If the Company 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, less any current period credit loss, 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 Company does not intend to sell the security and it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current period loss, and as such, it determines that a decline in fair value is other than temporary, 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 Company reviews all securities for potential recognition of other-than-temporary impairment. The Company maintains a watch list for the identification and monitoring of securities experiencing problems that require a heightened level of review. This could include credit rating downgrades. | ||||||||||||||||||||||||||||||||||||||||||||
The Company’s assessment of whether an investment in the portfolio of assets is other than temporary includes factors such as whether the issuer has defaulted on scheduled payments, announced restructuring and/or filed for bankruptcy, has disclosed severe liquidity problems that cannot be resolved, disclosed deteriorating financial condition or sustained significant losses. | ||||||||||||||||||||||||||||||||||||||||||||
The following table presents detailed information for each single issue trust preferred security held by the Company at December 31, 2014, of which all but one has at least one rating below investment grade. | ||||||||||||||||||||||||||||||||||||||||||||
Issuer | Class/ | Amortized | Fair | Gross | Lowest | |||||||||||||||||||||||||||||||||||||||
Tranche | Cost | Value | Unrealized | Credit | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Rating | |||||||||||||||||||||||||||||||||||||||||||
Assigned | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Countrywide Capital IV | n/a | $ | 1,771 | $ | 1,805 | 34 | BB | |||||||||||||||||||||||||||||||||||||
Countrywide Capital V | n/a | 2,747 | 2,833 | 86 | BB | |||||||||||||||||||||||||||||||||||||||
Countrywide Capital V | n/a | 250 | 257 | 7 | BB | |||||||||||||||||||||||||||||||||||||||
Nationsbank Cap Trust III | n/a | 1,575 | 1,306 | (269 | ) | BB | ||||||||||||||||||||||||||||||||||||||
Morgan Stanley Cap Trust IV | n/a | 2,500 | 2,535 | 35 | BB | |||||||||||||||||||||||||||||||||||||||
Morgan Stanley Cap Trust IV | n/a | 1,743 | 1,773 | 30 | BB | |||||||||||||||||||||||||||||||||||||||
Goldman Sachs | n/a | 1,000 | 1,185 | 185 | BB | |||||||||||||||||||||||||||||||||||||||
Stifel Financial | n/a | 4,500 | 4,612 | 112 | BBB | - | ||||||||||||||||||||||||||||||||||||||
Total | $ | 16,086 | $ | 16,306 | 220 | |||||||||||||||||||||||||||||||||||||||
During 2013, the one pooled trust preferred security (“Pooled TRUP”), incurred an other-than-temporary impairment charge of $628,000 and subsequently was sold at its book value. As such, there were 0 OTTI charges taken for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
Temporarily Impaired Investments | ||||||||||||||||||||||||||||||||||||||||||||
For all other securities, the Company does not believe that the unrealized losses, which were comprised of 54 and 170 investment securities as of December 31, 2014 and December 31, 2013, respectively, represent an other-than-temporary impairment. The gross unrealized losses associated with U.S. Treasury and agency securities, federal agency obligations, mortgage-backed securities, corporate bonds, tax- exempt securities, asset-backed securities, trust preferred 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 Company’s investment in any one issuer or industry. The Company has established policies to reduce exposure through diversification of concentration of the investment portfolio including limits on concentrations to any one issuer. The Company 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 Company 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. Single issuer corporate trust preferred securities are also included, and in the case of one holding the market valuation loss is largely based upon the floating rate coupon and corresponding market valuation. That trust preferred issuer, nor any other 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 December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
In determining that the securities giving rise to the previously mentioned unrealized losses were not other than temporary, the Company evaluated the factors cited above, which the Company considers when assessing whether a security is other-than-temporarily impaired. In making these evaluations the Company must exercise considerable judgment. Accordingly, there can be no assurance that the actual results will not differ from the Company’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 Company’s financial position and results of operations. In addition, the value of, and the realization of any loss on, an investment security is 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||||||||
Federal agency obligation | $ | 6,755 | $ | (50 | ) | $ | 2,770 | $ | (9 | ) | $ | 3,985 | $ | (41 | ) | |||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 5,694 | (11 | ) | 5,694 | (11 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Trust preferred securities | 1,307 | (269 | ) | — | — | 1,307 | (269 | ) | ||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 1,961 | (11 | ) | 1,961 | (11 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | 9,773 | (31 | ) | 9,773 | (31 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Certificates of deposit | 369 | (2 | ) | 369 | (2 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Equity securities | 307 | (69 | ) | — | — | 307 | (69 | ) | ||||||||||||||||||||||||||||||||||||
Other securities | 5,417 | (82 | ) | 1,978 | (21 | ) | 3,439 | (61 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 31,583 | $ | (525 | ) | $ | 22,545 | $ | (85 | ) | $ | 9,038 | $ | (440 | ) | |||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Federal agency obligation | 3,228 | (28 | ) | 3,228 | (28 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,341 | (60 | ) | 1,401 | (3 | ) | 6,940 | (57 | ) | |||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 993 | (7 | ) | 993 | (7 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Total | 12,562 | (95 | ) | 5,622 | (38 | ) | 6,940 | (57 | ) | |||||||||||||||||||||||||||||||||||
Total Temporarily Impaired Securities | $ | 44,145 | $ | (620 | ) | $ | 28,167 | $ | (123 | ) | $ | 15,978 | $ | (497 | ) | |||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||
(Dollars 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 | ) | ||||||||||||||||||||||||||||||||||||
Other securities | 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-backed 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_LO
LOANS AND THE ALLOWANCE FOR LOAN LOSSES | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 6—LOANS AND THE ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred fees and costs, at December 31, 2014 and 2013, respectively: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 499,816 | $ | 229,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,634,510 | 536,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 167,359 | 42,722 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 234,967 | 150,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,879 | 1,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loans | 2,539,531 | 960,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred loan (fees) costs | (890 | ) | 339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable | $ | 2,538,641 | $ | 960,943 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The loan segments in the above table have unique risk characteristics with respect to credit quality: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | The repayment of commercial loans is generally dependent on the creditworthiness and cash flow of borrowers, and if applicable, guarantors, which may be negatively impacted by adverse economic conditions. While the majority of these loans are secured, collateral type, marketing, coverage, valuation and monitoring is not as uniform as in other portfolio classes and recovery from liquidation of such collateral may be subject to greater variability. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Payment on commercial mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Properties underlying construction, land and land development loans often do not generate sufficient cash flows to service debt and thus repayment is subject to ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | The ability of borrowers to service debt in the residential and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and/or second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Credit Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company 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 December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 7,199 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,816 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 806 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total carrying amount | $ | 9,821 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For those purchased loans disclosed above, the Company did not increase the allowance for loan losses for the year ended December 31, 2014. No allowances for loan losses were reversed during 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accretable yield, or income expected to be collected, on the purchased loans above is as follows at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2014 | $ | 5,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New loans purchased | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of income | (142 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | (66 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 4,805 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents nonaccrual loans by class of loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable on Non-Accrual Status | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 616 | $ | 753 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 8,197 | 744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 2,796 | 1,640 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable on non-accrual status | $ | 11,609 | $ | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, loan balances of approximately $1.0 billion and $564.7 million were pledged to secure borrowings from the Federal Reserve Bank of New York and Federal Home Loan Bank Advances. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, the net investment in direct financing lease consists of a minimum lease receivable of $4,267,000 and $4,483,000, respectively, and unearned interest income of $538,000 and $733,000, respectively, for a net investment in direct financing lease of $3,729,000 and $3,750,000, respectively. The net investment in direct financing lease is carried as a component of loans in the Company’s consolidated statements of condition and included in the commercial loan segment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum future lease receipts of the direct financing lease are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For years ending December 31, | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 228 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 2,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total minimum future lease receipts | $ | 3,729 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company continuously monitors the credit quality of its loans receivable. In addition to the internal staff, the Company 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 Company’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. All loans past due 90 days or more and all impaired loans are included in the appropriate category below. The following table presents information about the loan credit quality by loan segment at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 481,638 | $ | 3,686 | $ | 14,203 | $ | 289 | $ | 499,816 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,596,606 | 14,140 | 23,764 | — | 1,634,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 165,880 | 1,479 | — | — | 167,359 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 230,772 | — | 4,195 | — | 234,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,778 | — | 101 | — | 2,879 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,477,674 | $ | 19,305 | $ | 42,263 | $ | 289 | $ | 2,539,531 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 226,013 | $ | 1,719 | $ | 1,284 | $ | 672 | $ | 229,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 509,679 | 14,544 | 12,316 | — | 536,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial 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 segment at December 31, 2014 and 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No Related Allowance Recorded | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 481 | $ | 527 | $ | — | $ | 494 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,890 | 6,857 | — | 6,276 | 129 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,406 | — | 3,170 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 109 | 101 | — | 107 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,552 | $ | 10,622 | $ | — | $ | 10,047 | $ | 171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With An Allowance Recorded | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 387 | $ | 389 | $ | 111 | $ | 389 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,520 | 3,520 | 151 | 3,584 | 171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,907 | $ | 3,910 | $ | 262 | $ | 3,973 | $ | 171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 868 | $ | 917 | $ | 111 | $ | 883 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 9,410 | 10,107 | 151 | 9,860 | 300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,406 | — | 3,170 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 109 | 101 | — | 106 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (including related allowance) | $ | 13,459 | $ | 14,532 | $ | 262 | $ | 14,020 | $ | 342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No Related Allowance Recorded | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 449 | $ | 449 | $ | — | $ | 494 | $ | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 10,482 | 10,783 | — | 10,658 | 496 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | 1,892 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | 128 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 12,909 | $ | 13,352 | $ | — | $ | 13,172 | $ | 621 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With An Allowance Recorded | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 672 | $ | 672 | $ | 300 | $ | 687 | $ | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,344 | 4,344 | 115 | 4,359 | 200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,016 | $ | 5,016 | $ | 415 | $ | 5,046 | $ | 243 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,121 | $ | 1,121 | $ | 300 | $ | 1,181 | $ | 68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 14,826 | 15,127 | 115 | 15,017 | 696 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | 1,892 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | 128 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (including related allowance) | $ | 17,925 | $ | 18,368 | $ | 415 | $ | 18,218 | $ | 864 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans are considered to have been modified in a troubled debt restructuring when due to a borrower’s financial difficulties, the Company 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 nonaccrual loan that has been modified in a troubled debt restructuring remains on nonaccrual status for a period of six 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 nonaccrual status. Included in impaired loans at December 31, 2014 are loans that are deemed troubled debt restructurings. Of these loans, $1.8 million at December 31, 2014 and $5.7 million at December 31, 2013, of which are included in the tables above, are performing under the restructured terms and are accruing interest. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides an analysis of the aging of the loans by segment, excluding net deferred costs that are past due at December 31, 2014 and December 31, 2013 by class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aging Analysis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 6,060 | $ | — | $ | 662 | $ | 6,722 | $ | 493,094 | $ | 499,816 | $ | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,937 | 638 | 5,961 | 11,535 | 1,622,975 | 1,634,510 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 167,359 | 167,359 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,821 | 210 | 3,200 | 5,231 | 229,736 | 234,967 | 557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 30 | 1 | — | 31 | 2,848 | 2,879 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 12,848 | $ | 849 | $ | 9,823 | $ | 23,520 | $ | 2,516,011 | $ | 2,539,531 | $ | 1,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial 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 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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 111 | $ | 151 | $ | — | $ | — | $ | — | $ | — | $ | 262 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 2,972 | 7,648 | 1,239 | 1,113 | 7 | 919 | 13,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,083 | $ | 7,799 | $ | 1,239 | $ | 1,113 | $ | 7 | $ | 919 | $ | 14,160 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 452 | $ | 6,284 | $ | — | $ | 2,180 | $ | 101 | $ | — | $ | 9,017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 492,165 | 1,626,410 | 167,359 | 231,981 | 2,778 | — | 2,520,693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 7,199 | 1,816 | — | 806 | — | — | 9,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 499,816 | $ | 1,634,510 | $ | 167,359 | $ | 234,967 | $ | 2,879 | $ | — | $ | 2,539,531 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The tables above include approximately $1.2 billion of acquired loans for the period ended December 31, 2014 reported as collectively evaluated for impairment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $34.0 million of acquired loans for the period ended December 31, 2013 reported as collectively evaluated for impairment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’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 Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A summary of the activity in the allowance for loan losses is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (379 | ) | (398 | ) | — | (159 | ) | — | — | (936 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 50 | — | — | 19 | 11 | — | 80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,714 | 2,451 | 877 | 263 | (150 | ) | (472 | ) | 4,683 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 3,083 | $ | 7,799 | $ | 1,239 | $ | 1,113 | $ | 7 | $ | 919 | $ | 14,160 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (6 | ) | (126 | ) | — | (175 | ) | (22 | ) | — | (329 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 41 | 28 | — | — | 6 | — | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | (761 | ) | 521 | 49 | (367 | ) | 49 | 859 | 350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1,527 | $ | 5,972 | $ | 707 | $ | 1,263 | $ | 51 | $ | 82 | $ | 9,602 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | — | (57 | ) | — | (454 | ) | (16 | ) | — | (527 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | — | 80 | 540 | 210 | 7 | — | 837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 892 | (783 | ) | (934 | ) | 509 | 72 | 569 | 325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,419 | $ | 5,212 | $ | 313 | $ | 1,528 | $ | 114 | $ | 651 | $ | 10,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, there were 0 commitments to lend additional funds to borrowers whose loans were nonaccrual or contractually past due in excess of 90 days and still accruing interest, or whose terms have been modified in troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the years ending December 31, 2014, 2013 and 2012, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans modified in a troubled debt restructuring totaled a recorded investment of $2.8 million at December 31, 2014, of which $1.0 million were on non-accrual status. Loans modified in a troubled debt restructuring totaled $6.6 million at December 31, 2013 of which $0.8 million were on non-accrual status. The remaining loans modified were current and have complied with the terms of their restructure agreement. The Company has allocated 0 specific allocations with respect to loans whose loan terms had been modified in troubled debt restructurings as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 672 | $ | 289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 2 | 275 | 272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 947 | $ | 561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1 | 714 | 675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1 | 1,354 | 137 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 2,293 | $ | 1,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company had a $333,000 charge-off in connection with a loan modification at the time of modification during the year ended December 31, 2014. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the year ended December 31, 2014. The TDRs presented as of December 31, 2014 did not increase the allowance for loan loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There were 0 troubled debt restructurings that occurred during the year ended December 31, 2013. The Company 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. The TDRs presented as of December 31, 2013 did not increase the allowance for loan loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company had 0 loans charged-off in connection with a loan modification at the time of the modification during the year ended December 31, 2012. The Corporation had one loan that defaulted during the twelve months ended December 31, 2012 that had previously been modified as a TDR within the previous twelve months. The TDRs presented as of December 31, 2012 did not increase the allowance for loan loss. |
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7—PREMISES AND EQUIPMENT | |||||||||||||||||||||
Premises and equipment are summarized as follows: | ||||||||||||||||||||||
Estimated | 2014 | 2013 | ||||||||||||||||||||
Useful Life | ||||||||||||||||||||||
(Years) | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Land | — | $ | 2,403 | $ | 2,403 | |||||||||||||||||
Buildings | 5 – 40 | 16,490 | 13,675 | |||||||||||||||||||
Furniture, fixtures and equipment | 2 – 20 | 24,809 | 17,604 | |||||||||||||||||||
Leasehold improvements | 5 – 30 | 10,757 | 3,184 | |||||||||||||||||||
Subtotal | 54,459 | 36,866 | ||||||||||||||||||||
Less: accumulated depreciation and amortization | 32,977 | 23,185 | ||||||||||||||||||||
Subtotal | 21,482 | 13,681 | ||||||||||||||||||||
Less: fair value adjustment for leases | (829 | ) | — | |||||||||||||||||||
Total premises and equipment, net | $ | 20,653 | $ | 13,681 | ||||||||||||||||||
Depreciation and amortization expense of premises and equipment for the three years ended December 31, amounted to $1.5 million in 2014 and $0.9 million in 2013 and 2012. | ||||||||||||||||||||||
Capital Leases: As a result of the Merger, the Company acquired lease agreement for a building under a capital lease. The lease arrangement requires monthly payments through 2028. | ||||||||||||||||||||||
The Company has included this lease in premises and equipment as follows (dollars in thousands): | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Capital Lease | $ | 3,422 | $ | — | ||||||||||||||||||
Less: accumulated amortization | 1,026 | — | ||||||||||||||||||||
$ | 2,396 | $ | — | |||||||||||||||||||
The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments at December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||
2015 | $ | 291 | ||||||||||||||||||||
2016 | 292 | |||||||||||||||||||||
2017 | 292 | |||||||||||||||||||||
2018 | 294 | |||||||||||||||||||||
2019 | 321 | |||||||||||||||||||||
Thereafter | 3,018 | |||||||||||||||||||||
Total minimum lease payments | 4,508 | |||||||||||||||||||||
Less amount representing interest | 1,509 | |||||||||||||||||||||
Present value of net minimum lease payments | $ | 2,999 | ||||||||||||||||||||
Operating Leases: Occupancy and equipment expense includes rentals for premises and equipment of $1,557,000 in 2014, $1,094,000 in 2013 and $805,000 in 2012. At December 31, 2014, the Company was obligated under a number of noncancelable leases for premises and equipment, many of which provide for increased rentals based upon increases in real estate taxes and the cost of living index. These leases, most of which have renewal provisions, are principally operating leases. | ||||||||||||||||||||||
2015 | $ | 2,062 | ||||||||||||||||||||
2016 | 1,902 | |||||||||||||||||||||
2017 | 1,548 | |||||||||||||||||||||
2018 | 1,493 | |||||||||||||||||||||
2019 | 1,326 | |||||||||||||||||||||
Thereafter | 7,509 | |||||||||||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 8—GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||
A goodwill impairment test is required under ASC 350, Intangibles—Goodwill and Other, and the FASB issued ASU No. 2011-08, “Testing Goodwill for Impairment,” allowing an initial qualitative assessment of goodwill commonly known as step zero impairment testing. In general, the step zero test allows an entity to first assess qualitative factors to determine whether it is more likely than not (i.e., more than 50%) that the fair value of a reporting unit is less than its carrying value. If a step zero impairment test results in the conclusion that it is more likely than not that the fair value of the reporting unit exceeds its carrying value, then no further testing is required. | ||||||||||||||||||||||
While step zero impairment testing is an assessment of qualitative factors that affect the likelihood of impairment. Based upon management’s review, the Company’s intangible assets were not impaired and there has been no impairment through December 31, 2014. Management concludes that the ASC 350 goodwill step zero test has been passed, and no further testing is required. | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||
The change in goodwill during the year is as follows (dollars in thousands): | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Beginning of year | $ | 16,804 | $ | 16,804 | ||||||||||||||||||
Acquired goodwill | 129,105 | — | ||||||||||||||||||||
Impairment | — | — | ||||||||||||||||||||
End of year | $ | 145,909 | $ | 16,804 | ||||||||||||||||||
Acquired Intangible Assets | ||||||||||||||||||||||
The table below provides information regarding the carrying amounts and accumulated amortization of amortized intangible assets as of the dates set forth below. | ||||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Core deposits | $ | 6,011 | $ | (1,186 | ) | $ | 4,825 | |||||||||||||||
Total intangible assets | 6,011 | (1,186 | ) | 4,825 | ||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||
Core deposits | $ | 703 | $ | (679 | ) | $ | 24 | |||||||||||||||
Total intangible assets | 703 | (679 | ) | 24 | ||||||||||||||||||
Aggregate amortization expense was $507,000, $30,000 and $44,000 for the years ended, December 31, 2014, December 31, 2013 and December 31, 2012, respectively. Estimated amortization expense for each of the next five years (in thousands): | ||||||||||||||||||||||
2015 | $ | 917 | ||||||||||||||||||||
2016 | 820 | |||||||||||||||||||||
2017 | 724 | |||||||||||||||||||||
2018 | 627 | |||||||||||||||||||||
2019 | 531 | |||||||||||||||||||||
DEPOSITS
DEPOSITS | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure Text Block [Abstract] | ||||||||
Deposit Liabilities Disclosures [Text Block] | NOTE 9—DEPOSITS | |||||||
Time Deposits | ||||||||
As of December 31, 2014 and 2013, the Company’s total time deposits were $668.7 million and $152.0 million, respectively. As of December 31, 2014, the contractual maturities of these time deposits were as follows: | ||||||||
(dollars in thousands) | Amount | |||||||
2015 | $ | 366,168 | ||||||
2016 | 95,622 | |||||||
2017 | 93,400 | |||||||
2018 | 71,507 | |||||||
2019 | 42,003 | |||||||
Total | $ | 668,700 | ||||||
The amount of time deposits with balances of $250,000 or more was $108.0 million and $61.9 million as of December 31, 2014 and 2013, respectively. |
BORROWED_FUNDS
BORROWED FUNDS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||
Debt Disclosure [Text Block] | NOTE 10—BORROWED FUNDS: | |||||||||||||||||||||
The components of borrowings are as follows (dollars in thousands): | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
Type | Maturity | Interest | Oustanding | |||||||||||||||||||
Date | Rate | |||||||||||||||||||||
FHLB | 1/15/15 | 0.35 | % | $ | 25,000 | |||||||||||||||||
FHLB | 2/23/15 | 0.88 | 10,000 | |||||||||||||||||||
FHLB | 3/2/15 | 0.35 | 25,000 | |||||||||||||||||||
FHLB | 3/30/15 | 0.38 | 25,000 | |||||||||||||||||||
FHLB | 3/31/15 | 0.37 | 25,000 | |||||||||||||||||||
FHLB | 5/1/15 | 0.39 | 25,000 | |||||||||||||||||||
FHLB | 5/7/15 | 0.81 | 15,000 | |||||||||||||||||||
FHLB | 5/11/15 | 2.17 | 525 | |||||||||||||||||||
FHLB | 5/11/15 | 2.91 | 5,000 | |||||||||||||||||||
FHLB | 6/1/15 | 0.41 | 25,000 | |||||||||||||||||||
FHLB | 6/1/15 | 0.46 | 25,000 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | 12/17/18 | 1.78 | 25,000 | |||||||||||||||||||
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 | |||||||||||||||||||
494,525 | ||||||||||||||||||||||
Add Fair Value Mark: | 1,028 | |||||||||||||||||||||
$ | 495,553 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Type | Maturity | Interest | Oustanding | |||||||||||||||||||
Date | Rate | |||||||||||||||||||||
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 | |||||||||||||||||||
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 | ||||||||||||||||||||||
Three of the FHLB notes ($2,500,000 and $7,500,000 each due April 2, 2018, and $5,000,000 due July 16, 2018) contain a convertible option which allows the FHLB, at quarterly intervals as, to convert the fixed convertible advance into replacement funding for the same or lesser principal based on any advance then offered by the FHLB at their current market rate. The Company has the option to repay these advances, if converted, without penalty. The remaining advances are payable at its stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed while the REPOs are variable rate advances. The advances at December 31, 2014 were collateralized by approximately $772,000,000 of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At December 31, 2014 the Company had remaining borrowing capacity of approximately $308,000,000. | ||||||||||||||||||||||
On September 30, 2014, the Company extinguished $70,000,000 of FHLBNY advances with a weighted average rate of 3.1 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. |
SUBORDINATED_DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Subordinated Borrowings [Abstract] | ||||||||||||||||
Subordinated Borrowings Disclosure [Text Block] | NOTE 11—SUBORDINATED DEBENTURES: | |||||||||||||||
During 2003, the Company formed a statutory business trust, which exists for the exclusive purpose of (i) issuing Trust Securities representing undivided beneficial interests in the assets of the Trust; (ii) investing the gross proceeds of the Trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of the Company; and (iii) engaging in only those activities necessary or incidental thereto. On December 19, 2003, Center Bancorp Statutory Trust II, a statutory business trust and wholly-owned subsidiary of the Parent Corporation issued $5.0 million of, MMCapS capital securities to investors due on January 23, 2034. The capital securities presently qualify as Tier I capital. The trust loaned the proceeds of this offering to the Company and received in exchange $5.2 million of the Parent Corporation’s subordinated debentures. The subordinated debentures are redeemable in whole or in part prior to maturity. The floating interest rate on the subordinate debentures is three-month LIBOR plus 2.85 percent and reprices quarterly. The rate at December 31, 2014 was 3.08 percent. These subordinated debentures and the related income effects are not eliminated in the consolidated financial statements as the statutory business trust is not consolidated in accordance with FASB ASC 810-10. Distributions on the subordinated debentures owned by the subsidiary trust have been classified as interest expense in the Consolidated Statements of Income. | ||||||||||||||||
The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II at December 31, 2014 and 2013. | ||||||||||||||||
2014 | ||||||||||||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | |||||||||||
Issued | Issuer Beginning | |||||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital | Floating 3-month | 1/23/34 | 1/23/09 | ||||||||||
Security | LIBOR + 285 Basis | |||||||||||||||
Points | ||||||||||||||||
2013 | ||||||||||||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | |||||||||||
Issued | Issuer Beginning | |||||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital | Floating 3-month | 1/23/34 | 1/23/09 | ||||||||||
Security | LIBOR + 285 Basis | |||||||||||||||
Points | ||||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income Tax Disclosure [Text Block] | NOTE 12—INCOME TAXES | |||||||||||||||||||||
The current and deferred amounts of income tax expense for the years ended December 31, 2014, 2013 and 2012, respectively, are as follows (dollars in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 7,715 | $ | 5,658 | $ | 5,506 | ||||||||||||||||
State | 946 | 87 | 259 | |||||||||||||||||||
Subtotal | 8,661 | 5,745 | 5,765 | |||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | 223 | 1,906 | 1,085 | |||||||||||||||||||
State | (39 | ) | (167 | ) | 827 | |||||||||||||||||
Subtotal | 184 | 1,739 | 1,912 | |||||||||||||||||||
Income tax expense | $ | 8,845 | $ | 7,484 | $ | 7,677 | ||||||||||||||||
Reconciliation between the amount of reported income tax expense and the amount computed by applying the statutory Federal income tax rate is as follows (dollars in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Income before income tax expense | $ | 27,410 | $ | 27,409 | $ | 25,184 | ||||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||||||||||||
Computed “expected” Federal income tax expense | 9,593 | 9,593 | 8,814 | |||||||||||||||||||
State tax, net of Federal tax benefit | 589 | (53 | ) | 706 | ||||||||||||||||||
Bank owned life insurance | (456 | ) | (477 | ) | (356 | ) | ||||||||||||||||
Tax-exempt interest and dividends | (1,511 | ) | (1,645 | ) | (1,228 | ) | ||||||||||||||||
Bargain gain on Saddle River Valley Bank acquisition | — | — | (314 | ) | ||||||||||||||||||
Other, net | 630 | 66 | 55 | |||||||||||||||||||
Income tax | $ | 8,845 | $ | 7,484 | $ | 7,677 | ||||||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2014 and 2013 are presented in the following table: | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Impaired assets | $ | — | $ | 1,221 | ||||||||||||||||||
Allowance for loan losses | 5,681 | 4,118 | ||||||||||||||||||||
Pension actuarial losses | 2,980 | 2,206 | ||||||||||||||||||||
Purchase accounting | 9,221 | — | ||||||||||||||||||||
Deferred compensation | 1,066 | — | ||||||||||||||||||||
Accrued rent | 476 | — | ||||||||||||||||||||
Other | 594 | 466 | ||||||||||||||||||||
NJ NOL | 902 | 399 | ||||||||||||||||||||
NJ AMA credits | — | 137 | ||||||||||||||||||||
Total deferred tax assets | $ | 20,920 | $ | 8,547 | ||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Employee benefit plans | $ | 1,199 | $ | 1,281 | ||||||||||||||||||
Depreciation | 886 | 416 | ||||||||||||||||||||
Market discount accretion | 91 | 200 | ||||||||||||||||||||
Deferred loan costs, net of fees | 317 | 385 | ||||||||||||||||||||
Prepaid expenses | 393 | — | ||||||||||||||||||||
Other | 64 | — | ||||||||||||||||||||
Purchase accounting | — | 522 | ||||||||||||||||||||
Unrealized gains on securities available-for-sale | 2,403 | 547 | ||||||||||||||||||||
Total deferred tax liabilities | 5,353 | 3,351 | ||||||||||||||||||||
Net deferred tax asset | $ | 15,567 | $ | 5,196 | ||||||||||||||||||
At December 31, 2014, the Company has approximately $15.4 million state income tax loss carry forwards which expire in 2034. | ||||||||||||||||||||||
In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income, and tax planning strategies in making this assessment. During 2014 and 2013, based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes the net deferred tax assets are more likely than not to be realized. | ||||||||||||||||||||||
The Company’s federal income tax returns are open and subject to examination from the 2010 tax return year and forward. The Company’s state income tax returns are generally open from the 2010 and later tax return years based on individual state statutes of limitations. |
COMMITMENTS_CONTINGENCIES_AND_
COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS OF CREDIT RISK | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 13—COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS OF CREDIT RISK | ||||||||||||||
In the normal course of business, the Company has outstanding commitments and contingent liabilities, such as standby and commercial letters of credit, unused portions of lines of credit and commitments to extend various types of credit. Commitments to extend credit and standby letters of credit generally do not exceed one year. | |||||||||||||||
These financial instruments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the consolidated financial statements. The commitment or contract amount of these financial instruments is an indicator of the Company’s level of involvement in each type of instrument as well as the exposure to credit loss in the event of nonperformance by the other party to the financial instrument. | |||||||||||||||
The Company controls the credit risk of these financial instruments through credit approvals, limits and monitoring procedures. To minimize potential credit risk, the Company generally requires collateral and other credit-related terms and conditions from the customer. In the opinion of management, the financial condition of the Company will not be materially affected by the final outcome of these commitments and contingent liabilities. | |||||||||||||||
A substantial portion of the Bank’s loans are secured by real estate located in New Jersey. Accordingly, the collectability of a substantial portion of the loan portfolio of the Bank is susceptible to changes in the New Jersey real estate market. | |||||||||||||||
The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2014 and 2013: | |||||||||||||||
2014 | 2013 | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Commitments under commercial loans and lines of credit | $ | 236,447 | $ | 109,661 | |||||||||||
Home equity and other revolving lines of credit | 56,031 | 41,836 | |||||||||||||
Outstanding commercial mortgage loan commitments | 169,043 | 48,129 | |||||||||||||
Standby letters of credit | 27,500 | 9,655 | |||||||||||||
Performance letters of credit | — | 21,844 | |||||||||||||
Outstanding residential mortgage loan commitments | — | 1,858 | |||||||||||||
Overdraft protection lines | 800 | 5,273 | |||||||||||||
Total | $ | 489,821 | $ | 238,256 | |||||||||||
The Company is subject to claims and lawsuits that arise in the ordinary course of business. Based upon the information currently available in connection with such claims, it is the opinion of management that the disposition or ultimate determination of such claims will not have a material adverse impact on the consolidated financial position, results of operations, or liquidity of the Company. |
TRANSACTIONS_WITH_EXECUTIVE_OF
TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS AND PRINCIPAL STOCKHOLDERS | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Leases [Abstract] | |||||||||||||||
Sale Leaseback Transaction Disclosure [Text Block] | NOTE 14—TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS AND PRINCIPAL STOCKHOLDERS | ||||||||||||||
Loans to principal officers, directors, and their affiliates during the years ended December 31, 2014 and 2013, were as follows (dollars in thousands): | |||||||||||||||
2014 | 2013 | ||||||||||||||
Beginning balance | $ | 20,365 | $ | 18,977 | |||||||||||
New loans | 150 | 11,613 | |||||||||||||
Loans assumed in Merger | 31,325 | — | |||||||||||||
Repayments | (7,487 | ) | (10,225 | ) | |||||||||||
Ending balance | $ | 44,353 | $ | 20,365 | |||||||||||
Deposits from principal officers, directors, and their affiliates at December 31, 2014 were $19,400,000. | |||||||||||||||
The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties). The Company leases branch facilities from related party entities. In addition, the Company also utilizes an advertising and public relations agency at which one of the Company’s directors is President and CEO and a principal owner. For these transactions, the expenses are not significant to the operations of the Company. |
STOCKHOLDERS_EQUITY_AND_REGULA
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 15—STOCKHOLDERS’ EQUITY AND REGULATORY REQUIREMENTS | ||||||||||||||||||||||||||||||||||||||||||
On January 12, 2009, the Company issued $10 million in nonvoting senior preferred stock to the U.S. Department of Treasury under the Capital Purchase Program. As part of the transaction, the Company also issued warrants to the U.S. Treasury to purchase 173,410 shares of common stock of the Company at an exercise price of $8.65 per share. As a result of the successful completion of a rights offering in October 2009, the number of shares underlying the warrants held by the U.S. Treasury was reduced to 86,705 shares, or 50% of the original 173,410 shares as outlined by the provisions of the Capital Purchase Program. | |||||||||||||||||||||||||||||||||||||||||||
On September 15, 2011, the Company issued $ 11.25 million in nonvoting senior preferred stock to the Treasury under the Small Business Lending Fund Program (“SBLF Program”). Under the Securities Purchase Agreement, the Company issued to the Treasury a total of 11,250 shares of the Company’s Senior Noncumulative Perpetual Preferred Stock, Series B, having a liquidation value of $1,000 per share. Simultaneously, using the proceeds from the issuance of the SBLF Preferred Stock, the Company redeemed from the Treasury, all 10,000 outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, liquidation amount $1,000 per share, for a redemption price of $10,041,667, including accrued but unpaid dividends up to the date of redemption. The investment in the SBLF program provides the Company with approximately $1.25 million additional Tier 1 capital. The capital received under the program will allow the Company to continue to serve its small business clients through the commercial lending program. The current dividend rate is 1.0% and will increase to 9.0% on January 1, 2016. The Company expects to repurchase all $11.25 million of this preferred stock prior to January 1, 2016 | |||||||||||||||||||||||||||||||||||||||||||
On December 7, 2011, the Company repurchased the warrants issued on January 12, 2009 to the U.S. Treasury as part of its participation in the U.S. Treasury’s TARP Capital Purchase Program. In the repurchase, the Company paid the U.S. Treasury $245,000 for the warrants. | |||||||||||||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation (“FDIC”) and the Board of Governors of the Federal Reserve System (“FRB”) regulations require banks to maintain minimum levels of regulatory capital. Under the regulations in effect at December 31, 2013 (but subject to the enhanced requirement described below), the Bank was required to maintain (i) a minimum leverage ratio of Tier I capital to total adjusted assets of 4.00 percent, and (ii) minimum ratios of Tier I and total capital to risk-weighted assets of 4.00 percent and 8.00 percent, respectively. | |||||||||||||||||||||||||||||||||||||||||||
Under its prompt corrective action regulations, the regulators are required to take certain supervisory actions with respect to an undercapitalized institution. Such actions could have a direct material effect on the institution’s financial statements. The regulations establish a framework for the classification of financial institutions into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Generally, an institution is considered well capitalized if it has a leverage (Tier I) capital ratio of at least 5.00 percent; a Tier I risk-based capital ratio of at least 6.00 percent; and a total risk-based capital ratio of at least 10.00 percent. At year-end 2014 and 2013, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. | |||||||||||||||||||||||||||||||||||||||||||
The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the regulators about capital components, risk weightings and other factors. | |||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, management believes that the Bank and the Parent Corporation met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||||||||||||||||||||
The following is a summary of the Bank’s and the Parent Corporation’s actual capital amounts and ratios as of December 31, 2014 and 2013, compared to the FRB and FDIC minimum capital adequacy requirements and the FRB and FDIC requirements for classification as a well-capitalized institution. | |||||||||||||||||||||||||||||||||||||||||||
The Bank | Amount | Ratio | Minimum Capital Adequacy | For Classification Under Corrective Action Plan as Well Capitalized | |||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 300,399 | 9.33 | % | $ | 128,729 | 4 | % | $ | 160,911 | 5 | % | |||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 300,399 | 10.4 | % | $ | 115,493 | 4 | % | $ | 173,239 | 6 | % | |||||||||||||||||||||||||||||||
Total | 314,769 | 10.9 | % | 230,986 | 8 | % | 288,732 | 10 | % | ||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 159,431 | 9.69 | % | $ | 65,813 | 4 | % | $ | 82,266 | 5 | % | |||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 159,431 | 12.1 | % | $ | 52,704 | 4 | % | $ | 79,057 | 6 | % | |||||||||||||||||||||||||||||||
Total | 169,974 | 12.91 | % | 105,329 | 8 | % | 131,661 | 10 | % | ||||||||||||||||||||||||||||||||||
The Company | Amount | Ratio | Minimum Capital Adequacy | For Classification as Well Capitalized | |||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 301,593 | 9.37 | % | $ | 128,747 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 301,593 | 10.44 | % | $ | 115,561 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Total | 315,963 | 10.94 | % | 231,121 | 8 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 159,316 | 9.69 | % | $ | 65,765 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 159,316 | 12.1 | % | $ | 52,666 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Total | 169,894 | 12.9 | % | 105,361 | 8 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||
The Company issued $ 5.2 million of subordinated debentures in 2003. These securities are included as a component of Tier 1 Capital for regulatory purposes. |
COMPREHENSIVE_INCOME
COMPREHENSIVE INCOME | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | NOTE 16—COMPREHENSIVE INCOME | |||||||||||||||||||||||
Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, net of taxes. | ||||||||||||||||||||||||
Details about Accumulated Other | Amounts Reclassified from Accumulated | Affected Line Item in the | ||||||||||||||||||||||
Comprehensive Income Components | Other Comprehensive Income | Statement Where Net Income is | ||||||||||||||||||||||
Presented | ||||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
OTTI losses | $ | — | $ | (652 | ) | $ | (870 | ) | Net investment securities gains | |||||||||||||||
— | 178 | 265 | Tax benefit | |||||||||||||||||||||
— | (474 | ) | (605 | ) | Net of tax | |||||||||||||||||||
Sale of investment securities available-for-sale | 2,818 | 2,363 | 2,882 | Net investment securities gains | ||||||||||||||||||||
(986 | ) | (645 | ) | (879 | ) | Tax expense | ||||||||||||||||||
1,832 | 1,718 | 2,003 | Net of tax | |||||||||||||||||||||
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity | (215 | ) | 58 | 2 | Interest income | |||||||||||||||||||
91 | (19 | ) | (1 | ) | Tax expense | |||||||||||||||||||
(124 | ) | 39 | 1 | Net of tax | ||||||||||||||||||||
Pension plan actuarial (gains) losses | 204 | (654 | ) | 790 | Before tax | |||||||||||||||||||
(83 | ) | 267 | (323 | ) | Tax benefit (expense) | |||||||||||||||||||
121 | (387 | ) | 467 | Net of tax | ||||||||||||||||||||
Total reclassification | $ | 1,829 | $ | 896 | $ | 1,866 | Net of tax | |||||||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Investment securities available for sale, net of tax | $ | 4,874 | $ | 2,374 | ||||||||||||||||||||
Cash flow hedge | 28 | — | ||||||||||||||||||||||
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | (1,301 | ) | (1,425 | ) | ||||||||||||||||||||
Defined benefit pension and post-retirement plans, net of tax | (4,615 | ) | (3,493 | ) | ||||||||||||||||||||
Total | $ | (1,014 | ) | $ | (2,544 | ) | ||||||||||||||||||
PENSION_AND_OTHER_BENEFITS
PENSION AND OTHER BENEFITS | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 17—PENSION AND OTHER BENEFITS | ||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||
The Company maintains a frozen noncontributory pension plan for substantially all of its employees. The benefits are based on years of service and the employee’s compensation over the prior five-year period. The plan’s benefits are payable in the form of a ten year certain and life annuity. The plan is intended to be a tax-qualified defined benefit plan under Section 401(a) of the Internal Revenue Code. Payments may be made under the Pension Plan once attaining the normal retirement age of 65 and are generally equal to 44 percent of a participant’s highest average compensation over a 5-year period. | |||||||||||||||||||||||||||||
The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 13,569 | $ | 13,533 | |||||||||||||||||||||||||
Interest cost | 576 | 529 | |||||||||||||||||||||||||||
Actuarial loss | 2,023 | 255 | |||||||||||||||||||||||||||
Benefits paid | (701 | ) | (748 | ) | |||||||||||||||||||||||||
Settlements | (393 | ) | — | ||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 15,074 | $ | 13,569 | |||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning year | $ | 11,026 | $ | 7,034 | |||||||||||||||||||||||||
Actual return on plan assets | 413 | 1,040 | |||||||||||||||||||||||||||
Employer contributions | — | 3,700 | |||||||||||||||||||||||||||
Benefits paid | (701 | ) | (748 | ) | |||||||||||||||||||||||||
Settlements | (324 | ) | — | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 10,414 | $ | 11,026 | |||||||||||||||||||||||||
Funded status | $ | (4,660 | ) | $ | (2,543 | ) | |||||||||||||||||||||||
The accumulated benefit obligation was $15.1 million and $13.6 million as of the year ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
The net periodic pension expense for 2014, 2013 and 2012 includes the following: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Interest cost | $ | 576 | $ | 529 | $ | 555 | |||||||||||||||||||||||
Expected return on plan assets | (596 | ) | (488 | ) | (377 | ) | |||||||||||||||||||||||
Net amortization | 223 | 375 | 294 | ||||||||||||||||||||||||||
Recognized settlement loss | 1 | — | — | ||||||||||||||||||||||||||
Total net periodic pension expense | $ | 204 | $ | 416 | $ | 472 | |||||||||||||||||||||||
Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for the plan are presented in the following table. The Company expects to recognize approximately $434,000 of the net actuarial loss reported in the following table as of December 31, 2014 as a component of net periodic pension expense during 2015. | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Net acturial loss | 7,595 | 5,699 | |||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | 7,595 | $ | 5,699 | |||||||||||||||||||||||||
Total recognized in net periodic expense and other comprehensive income (before tax) | $ | 7,799 | $ | 6,115 | |||||||||||||||||||||||||
The following table presents the assumptions used to calculate the projected benefit obligation in each of the last three years. | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 3.76 | % | 4.84 | % | 4.03 | % | |||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 5.5 | % | 5.5 | % | 5.5 | % | |||||||||||||||||||||||
The following information is provided for the year ended December 31: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 | |||||||||||||||||||||||||||||
Discount rate | 4.84 | % | 4.03 | % | 4.64 | % | |||||||||||||||||||||||
Expected long-term return on plan assets | 5.5 | % | 5.5 | % | 5.5 | % | |||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
The process of determining the overall expected long-term rate of return on plan assets begins with a review of appropriate investment data, including current yields on fixed income securities, historical investment data, historical plan performance and forecasts of inflation and future total returns for the various asset classes. This data forms the basis for the construction of a best-estimate range of real investment return for each asset class. An average, weighted real-return range is computed reflecting the plan’s expected asset mix, and that range, when combined with an expected inflation range, produces an overall best-estimate expected return range. Specific factors such as the plan’s investment policy, reinvestment risk and investment volatility are taken into consideration during the construction of the best estimate real return range, as well as in the selection of the final return assumption from within the range. | |||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||
The general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2014 and 2013, target allocation for 2015, and expected long-term rate of return by assets are as follows: | |||||||||||||||||||||||||||||
No Related Allowance Recorded | Target | % of Plan | % of Plan | Weighted | |||||||||||||||||||||||||
Allocation | Assets— | Assets— | Average | ||||||||||||||||||||||||||
Year Ended | Year Ended | Expected | |||||||||||||||||||||||||||
2014 | 2013 | Long-Term | |||||||||||||||||||||||||||
Rate of | |||||||||||||||||||||||||||||
Return | |||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||
Domestic | 45 | % | 42 | % | 39 | % | 6.5 | % | |||||||||||||||||||||
International | 15 | % | 13 | % | 14 | % | 6.5 | % | |||||||||||||||||||||
Debt and/or fixed income securities | 39 | % | 36 | % | 39 | % | 4 | % | |||||||||||||||||||||
Cash and other alternative investments, including real estate funds, hedge funds and equity structured notes | 1 | % | 9 | % | 8 | % | 0 | % | |||||||||||||||||||||
Total | 100 | % | $ | 100 | % | $ | 100 | % | $ | 5.5 | % | ||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2014 and 2013, by asset class, are as follows: | |||||||||||||||||||||||||||||
Asset Class | 31-Dec-14 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Cash | $ | 869 | $ | 869 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
U.S. companies | 4,304 | 4,304 | — | — | |||||||||||||||||||||||||
International companies | 1,394 | 1,394 | — | — | |||||||||||||||||||||||||
Debt and/or fixed income securities | 3,754 | 3,754 | |||||||||||||||||||||||||||
Real estate funds | 93 | 93 | — | — | |||||||||||||||||||||||||
Total | $ | 10,414 | $ | 10,414 | $ | — | $ | — | |||||||||||||||||||||
Asset Class | 31-Dec-13 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Cash | $ | 865 | $ | 865 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
U.S. companies | 4,310 | 4,310 | — | — | |||||||||||||||||||||||||
International companies | 1,495 | 1,495 | — | — | |||||||||||||||||||||||||
Debt and/or fixed income securities | 4,356 | 4,356 | — | — | |||||||||||||||||||||||||
Total | $ | 11,026 | $ | 11,026 | $ | — | $ | — | |||||||||||||||||||||
Fair Value of Plan Assets | |||||||||||||||||||||||||||||
The Company used the following valuation methods and assumptions to estimate the fair value of assets held by the plan: | |||||||||||||||||||||||||||||
Equity securities and real estate funds: The fair values for equity securities and real estate funds are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). | |||||||||||||||||||||||||||||
Debt and fixed income securities: Certain debt securities are valued at the closing price reported in the active market in which the bond is traded (Level 1 inputs). Other debt securities are valued based upon recent bid prices or the average of recent bid and asked prices when available (Level 2 inputs) and, if not available, they are valued through matrix pricing models developed by sources considered by management to be reliable. Matrix pricing, which is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread to swap and LIBOR curves that are updated to incorporate loss severities, volatility, credit spread and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations. | |||||||||||||||||||||||||||||
The investment manager is not authorized to purchase, acquire or otherwise hold certain types of market securities (subordinated bonds, real estate investment trusts, limited partnerships, naked puts, naked calls, stock index futures, oil, gas or mineral exploration ventures or unregistered securities) or to employ certain types of market techniques (margin purchases or short sales) or to mortgage, pledge, hypothecate, or in any manner transfer as security for indebtedness, any security owned or held by the Plan. | |||||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||
The Bank expects to contribute $ 2,000,000 to its Pension Trust in 2015. | |||||||||||||||||||||||||||||
The Moving Ahead for Progress in the 21st Century Act which was enacted on July 6, 2012 contained special rules related to funding stabilization for single employer defined benefit plans. Under these provisions, the interest rates used to calculate the plan’s funding percentages and minimum required contribution are adjusted as necessary to fall within a specified range that is determined based on an average of rates for the 25 year period ending on September 30 of the calendar year preceding the first day of the Plan year. For Plan years beginning in 2013, the range is 85% - 115 % of the 25 year average. The application of the adjusted rates produced a 2013 required minimum contribution to the Plan to approximately $400,000. However, a decision was made to contribute a total of $3,700,000 for the 2013 plan year in order to make significant progress toward fully funding Plan liabilities and that amount has been contributed for the 2013 Plan Year. | |||||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (in thousands): | |||||||||||||||||||||||||||||
2015 | $ | 777 | |||||||||||||||||||||||||||
2016 | 764 | ||||||||||||||||||||||||||||
2017 | 759 | ||||||||||||||||||||||||||||
2018 | 743 | ||||||||||||||||||||||||||||
2019 | 764 | ||||||||||||||||||||||||||||
2020-2024 | 3,880 | ||||||||||||||||||||||||||||
401(k) Benefit Plan | |||||||||||||||||||||||||||||
The Company maintains a 401(k) employee savings plan to provide for defined contributions which covers substantially all employees of the Company. Prior to 2013, the Company’s contribution to its 401(k) plan provided a dollar-for-dollar matching contribution up to six percent of salary deferrals for the periods presented. Beginning with the 2013 Plan Year, the Plan was amended to provide for a 3% nonelective safe harbor contribution for all participants. For 2014, 2013 and 2012, employer contributions amounted to $291,000, $265,000 and $405,000, respectively. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 18—STOCK BASED COMPENSATION | ||||||||||||||||||||||||||||
Stock Option Plans | |||||||||||||||||||||||||||||
The Company maintains three stock-based compensation plans from which new grants could be issued. The Company’s stock-based compensation plans permit Parent Corporation common stock to be issued to key employees and directors of the Company 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 December 31, 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 December 31, 2014. In addition, a total of 237,621 shares are available for grant and issuance under Legacy ConnectOne equity plan. 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. | |||||||||||||||||||||||||||||
The total compensation expense related to these plans was $58,000, $59,000 and $39,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Under the principal option plans, the Company may grant restricted stock awards to certain employees. Restricted stock awards are non-vested stock awards. Restricted stock awards are independent of option grants and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. Such awards generally vest during a period specified at the date of grant. During that period, ownership of the shares cannot be transferred. Restricted stock has the same cash dividend and voting rights as other common stock and is considered to be currently issued and outstanding. The Company expenses the cost of the restricted 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 the restrictions lapse. During 2014, 0 restricted shares were awarded. During 2013, 18,829 shares were awarded while in 2012, 2,125 shares were awarded. 2013 shares were issued from treasury stock, while 2012 shares were purchased in the open market. The amount of compensation cost related to restricted stock awards included in salary expense was $165,000, $24,000 and $25,000 in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Options covering 41,639 shares were granted on August 27 and March 1, 2013, while 27,784 were granted on March 1, 2012. 0 options were issued during 2014. The fair value of stock option payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Weighted average fair value of grants | $ | — | $ | 2.50 – 5.87 | $ | 2.03 | |||||||||||||||||||||||
Risk-free interest rate | — | % | 1.86 – 2.29 | % | 2.03 | % | |||||||||||||||||||||||
Dividend yield | — | % | 1.76 – 2.11 | % | 1.24 | % | |||||||||||||||||||||||
Expected volatility | — | % | 23.21 – 33.74 | % | 22.04 | % | |||||||||||||||||||||||
Expected life in months | 69 – 90 | 68 | |||||||||||||||||||||||||||
Option activity under the principal option plans as of December 31, 2014 and changes during the twelve months ended December 31, 2014 were as follows: | |||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||||||||||||||
Exercise | Remaining | ||||||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
(In Years) | |||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 188,380 | $ | 10.55 | ||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Assumed In Merger | 795,188 | 4.73 | |||||||||||||||||||||||||||
Exercised | (100,911 | ) | 8.77 | ||||||||||||||||||||||||||
Forfeited/cancelled/expired | — | — | |||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 882,657 | $ | 5.65 | 4.38 | $ | 11,784,579 | |||||||||||||||||||||||
Exercisable at December 31, 2014 | 882,657 | $ | 5.65 | 4.38 | $ | 11,784,579 | |||||||||||||||||||||||
Information related to the stock option plan during 2014: | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Intrinsic value of options exercised | $ | 1,011,000 | |||||||||||||||||||||||||||
Cash received from options exercised | 885,000 | ||||||||||||||||||||||||||||
Tax benefit realized from options exercised | 282,000 | ||||||||||||||||||||||||||||
Weighted average fair value of options granted | — | ||||||||||||||||||||||||||||
The aggregate intrinsic value of options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day 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 December 31, 2014. This amount changes based on the fair market value of the Parent Corporation’s stock. | |||||||||||||||||||||||||||||
In conjunction with the plans above, the Company granted restricted shares to certain executive officers. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date. The fair value of the stock granted prior to the Legacy ConnectOne IPO was based on the book value of stock on the date of the grant. The fair value of the stock granted after the Legacy ConnectOne IPO was based on the closing market price of its common stock as of the grant date. Generally, grants of restricted shares vest one-third, each, on the first, second and third anniversaries of the grant date. | |||||||||||||||||||||||||||||
Nonvested | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Nonvested at December 31, 2013 | 18,829 | $ | 18.76 | ||||||||||||||||||||||||||
Assumed in Merger | 52,468 | 11.65 | |||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Vested | (20,994 | ) | 17.62 | ||||||||||||||||||||||||||
Forfeited/cancelled/expired | — | — | |||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 50,303 | $ | 11.79 | ||||||||||||||||||||||||||
As of December 31, 2014, there was $475,000 of total unrecognized compensation cost related to nonvested shares granted under the plans. The cost is expected to be recognized over a weighted average period of 18.1 months. The total fair value of shares vested during year ended December 31, 2014 and 2013, was $374,000 and 0, respectively. There were 0 material expenses related to vesting of restricted stock expense in 2014, 2013 and 2012. |
DIVIDENDS_AND_OTHER_RESTRICTIO
DIVIDENDS AND OTHER RESTRICTIONS | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Restrictions on Dividends, Loans and Advances [Text Block] | NOTE 19—DIVIDENDS AND OTHER RESTRICTIONS |
Certain restrictions, including capital requirements, exist on the availability of undistributed net profits of the Bank for the future payment of dividends to the Parent Corporation. A dividend may not be paid if it would impair the capital of the Bank. At December 31, 2014, approximately $110.2 million was available for payment of dividends based on regulatory guidelines. |
DERIVATIVES
DERIVATIVES | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 20—DERIVATIVES | |||||||||||||||||||||
The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swap does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. | ||||||||||||||||||||||
Interest Rate Swaps Designated as Cash Flow Hedges: Interest rate swaps with a notional amount totaling $25.0 million and $25.0 million were entered into on October 15, 2014 and December 30, 2014, respectively and were designated as cash flow hedges of certain Federal Home Loan Bank advances. The swaps were determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swaps is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining term of the swaps. | ||||||||||||||||||||||
Summary information about the interest rate swap designated as a cash flow hedges as of year-end is as follows (dollars in thousands): | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
Notional Amounts | $ | 50,000 | ||||||||||||||||||||
Weighted average pay rates | 1.58 | % | ||||||||||||||||||||
Weighted average receivable rates | 0.24 | |||||||||||||||||||||
Weighted average maturity | 4.4 years | |||||||||||||||||||||
Unrealized gains | $ | 48 | ||||||||||||||||||||
Interest expense recorded on these swaps transactions totaled approximately $60,000 during 2014 and is reported as a component of interest expense on FHLB Advances. There are 0 related expenses for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||
Cash Flow Hedge | ||||||||||||||||||||||
The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidate Statements of Income relating to the cash flow derivative instruments for the year ended December 31: | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | ||||||||||||||||||||
(Loss) Recognized in | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||
OCI (Effective | from OCI to Interest | Other Non-interest | ||||||||||||||||||||
Portion) | Income | Income (Ineffective | ||||||||||||||||||||
Portion) | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Interest Rate Contracts | $ | 48 | $ | — | $ | — | ||||||||||||||||
The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of December 31, 2014: | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
Notional | Fair Value | |||||||||||||||||||||
Amount | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Included in other asset/(liabilities): | ||||||||||||||||||||||
Interest rate swap related to FHLB Advances | $ | 50,000 | $ | 48 | ||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_AND_FA
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 21—FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||||||||||
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 value: | ||||||||||||||||||||||||||||||||||||
FASB ASC 820-10-05 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. | ||||||||||||||||||||||||||||||||||||
FASB ASC 820-10-65 provides additional guidance for estimating fair value in accordance with FASB ASC 820-10-05 when the volume and level of activity for the asset or liability have significantly decreased. This ASC also includes guidance on identifying circumstances that indicate a transaction is not orderly. | ||||||||||||||||||||||||||||||||||||
FASB ASC 820-10-05 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820-10-05 are as follows: | ||||||||||||||||||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||||||||||||||||||||||
Level 2: Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||||||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no market activity). | ||||||||||||||||||||||||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Corporation since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||
Where quoted prices are available in an active market, securities are classified with Level 1 of the valuation hierarchy. Level 1 inputs include 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 their fair value and are classified as Level 3. Due to the inactive condition of the markets amidst the financial crisis, the Company treated certain securities as Level 3 securities 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 Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class. | ||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||
The fair value of derivatives are based on valuation models using observable market data as of the measurement date (level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rate, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. | ||||||||||||||||||||||||||||||||||||
Loans Held for Sale | ||||||||||||||||||||||||||||||||||||
Loans held for sale are required to be measured at the lower of cost or fair value. Under FASB ASC 820-10-05, market value is to represent fair value. Management obtains quotes or bids on all or part of these loans directly from the purchasing financial institutions. | ||||||||||||||||||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||||||||||||||||||
The fair value of performing loans, except residential mortgages, is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risks inherent in the loan. The estimate of maturity is based on the historical experience of the Bank with prepayments for each loan classification, modified as required by an estimate of the effect of current economic and lending conditions. For performing residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using discount rates based on secondary market sources adjusted to reflect differences in servicing and credit costs. | ||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Financial Instruments | ||||||||||||||||||||||||||||||||||||
The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rate and the committed rates. | ||||||||||||||||||||||||||||||||||||
The fair value of financial standby letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties. | ||||||||||||||||||||||||||||||||||||
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 December 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 32,817 | $ | — | $ | 32,817 | $ | — | ||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 60,356 | — | 60,356 | — | ||||||||||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,046 | — | 3,046 | — | ||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivision | 8,406 | — | 8,406 | — | ||||||||||||||||||||||||||||||||
Trust preferred securities | 16,306 | — | 16,306 | — | ||||||||||||||||||||||||||||||||
Corporate bonds and notes | 125,777 | — | 125,777 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 27,502 | — | 27,502 | — | ||||||||||||||||||||||||||||||||
Certificates of deposit | 2,123 | — | 2,123 | — | ||||||||||||||||||||||||||||||||
Equity securities | 307 | 307 | — | — | ||||||||||||||||||||||||||||||||
Other securities | 12,892 | 12,892 | — | — | ||||||||||||||||||||||||||||||||
Securities available-for-sale | $ | 289,532 | $ | 13,199 | $ | 276,333 | $ | — | ||||||||||||||||||||||||||||
Derivatives | $ | 48 | $ | — | $ | 48 | $ | — | ||||||||||||||||||||||||||||
31-Dec-13 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||
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 subdivision | 31,460 | — | 31,460 | — | ||||||||||||||||||||||||||||||||
Trust preferred securities | 19,403 | — | 19,403 | 36 | ||||||||||||||||||||||||||||||||
Corporate bonds and notes | 158,630 | — | 158,630 | — | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 15,979 | — | 15,979 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 15,979 | — | 15,979 | — | ||||||||||||||||||||||||||||||||
Equity securities | 287 | 287 | — | — | ||||||||||||||||||||||||||||||||
Other securities | 5,724 | 5,724 | — | — | ||||||||||||||||||||||||||||||||
Securities available-for-sale | $ | 323,070 | $ | 19,530 | $ | 303,540 | $ | 36 | ||||||||||||||||||||||||||||
The fair values used by the Company 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 fair values of the federal agency obligations, obligations of states and political subdivision and corporate bonds and notes measured at fair value using Level 1 inputs at December 31, 2014 and 2013 represented the purchase price of the securities since they were acquired near year-end 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
The following table presents the changes in securities available-for-sale with significant unobservable inputs (Level 3) for the year ended December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, | $ | — | $ | 36 | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | (260 | ) | |||||||||||||||||||||||||||||||||
Principal interest deferrals | — | 58 | ||||||||||||||||||||||||||||||||||
Principal paydown | — | — | ||||||||||||||||||||||||||||||||||
Total net losses included in net income | — | (628 | ) | |||||||||||||||||||||||||||||||||
Total net unrealized gains | — | 794 | ||||||||||||||||||||||||||||||||||
Ending balance, December 31, | $ | — | $ | — | ||||||||||||||||||||||||||||||||
There are no transfers between Level 1, Level 2 and Level 3 during the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||||||||||||||||||
The Company may be required periodically to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or impairment write-downs of individual assets. The Company primarily utilized appraisal value less cost to sell and other unobservable market inputs to determine fair value of assets, and therefore, is classified as a Level 3 measurement. For assets measured at fair value on a non-recurring basis, the fair value measurements at December 31, 2014 and 2013 are 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 real estate | Appraisals of collateral value | Market capitalization rates, Market rental | 8% | 12% | ||||||||||||||||||||||||||||||||
rates for similar properties | ||||||||||||||||||||||||||||||||||||
Construction | Appraisals of collateral value | Adjustment for age comparable sales | 5% | 0% | ||||||||||||||||||||||||||||||||
Other Real Estate Owned | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of | 0% | 25% | ||||||||||||||||||||||||||||||||
comparable sales | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Adjustment for age of comparable sales | 15% | 0% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
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 real estate | Appraisals of collateral value | Market capitalization rates, Market rental | 8% | 12% | ||||||||||||||||||||||||||||||||
rates for similar properties | ||||||||||||||||||||||||||||||||||||
Construction | Appraisals of collateral value | Adjustment for age comparable sales | 5% | 0% | ||||||||||||||||||||||||||||||||
Other Real Estate Owned | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of | 0% | 25% | ||||||||||||||||||||||||||||||||
comparable sales | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Adjustment for age of comparable sales | 15% | 0% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 3,907 | $ | — | $ | — | $ | 3,907 | ||||||||||||||||||||||||||||
Other real estate owned | 1,108 | — | — | 1,108 | ||||||||||||||||||||||||||||||||
31-Dec-13 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 4,601 | $ | — | $ | — | $ | 4,601 | ||||||||||||||||||||||||||||
Other real estate owned | 220 | — | — | 220 | ||||||||||||||||||||||||||||||||
The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at December 31, 2014 and 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 and installment loans, are specifically excluded from the impaired loan portfolio. The Company’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. At December 31, 2014 and 2013, impaired loans with related valuation allowance totaled $3.9 million and $5.0 million, respectively. The amount of related valuation allowances was $262,000 at December 31, 2014 and $415,000 at December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Other Real Estate Owned. Certain assets such as OREO are measured at fair value less cost to sell. The Company believes that the fair value component in its valuation follows the provisions of FASB ASC 820-10-05. Fair value of OREO is determined by sales agreements or appraisals by qualified licensed appraisers approved and hired by the Company. Costs to sell associated with OREO are based on estimation per the terms and conditions of the sales agreements or appraisal. | ||||||||||||||||||||||||||||||||||||
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 Company, 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 Company’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 Company’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 Company for the purposes of this disclosure. | ||||||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity. The fair value of the Company’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 Company’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. The fair value of the Company’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. | ||||||||||||||||||||||||||||||||||||
Interest-Bearing Deposits. The fair values of the Company’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 Company’s interest-bearing deposits do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. | ||||||||||||||||||||||||||||||||||||
Term Borrowings and Subordinated Debentures. The fair value of the Company’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. | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents. The carrying amounts of cash and short-term instruments approximate fair values. | ||||||||||||||||||||||||||||||||||||
FHLB stock. It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. | ||||||||||||||||||||||||||||||||||||
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Carrying | Fair | Fair Value Measurements | ||||||||||||||||||||||||||||||||||
Amount | Value | Quoted | Significant | Significant | ||||||||||||||||||||||||||||||||
Prices in | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 126,847 | $ | 126,847 | $ | 126,847 | $ | — | $ | — | ||||||||||||||||||||||||||
Investment securities available-for-sale | 289,532 | 289,532 | 13,199 | 276,333 | — | |||||||||||||||||||||||||||||||
Investment securities held-to-maturity | 224,682 | 231,445 | 29,184 | 183,489 | 18,772 | |||||||||||||||||||||||||||||||
Restricted investment in bank stocks | 23,535 | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||
Net loans | 2,524,481 | 2,538,415 | — | — | 2,538,415 | |||||||||||||||||||||||||||||||
Derivatives | 48 | 48 | — | 48 | — | |||||||||||||||||||||||||||||||
Accrued interest receivable | 11,700 | 11,700 | 68 | 3,674 | 7,958 | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 492,516 | 492,516 | 492,516 | — | — | |||||||||||||||||||||||||||||||
Interest-bearing deposits | 1,983,091 | 1,990,484 | — | 1,990,484 | — | |||||||||||||||||||||||||||||||
Borrowings | 495,553 | 505,641 | — | 505,641 | — | |||||||||||||||||||||||||||||||
Subordinated debentures | 5,155 | 4,768 | — | 4,768 | — | |||||||||||||||||||||||||||||||
Accrued interest payable | 3,930 | 3,930 | — | 3,930 | — | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Restricted investment in bank stocks | 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 | — | |||||||||||||||||||||||||||||||
Long-term borrowings | 146,000 | 157,440 | — | 157,440 | — | |||||||||||||||||||||||||||||||
Subordinated debentures | 5,155 | 5,143 | — | 5,143 | — | |||||||||||||||||||||||||||||||
Accrued interest payable | 963 | 963 | — | 963 | — | |||||||||||||||||||||||||||||||
The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. | ||||||||||||||||||||||||||||||||||||
Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. | ||||||||||||||||||||||||||||||||||||
The Company’s remaining assets and liabilities, which are not considered financial instruments, have not been valued differently than has been customary with historical cost accounting. No disclosure of the relationship value of the Company’s core deposit base is required by FASB ASC 825-10. | ||||||||||||||||||||||||||||||||||||
Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, there are certain significant assets and liabilities that are not considered financial assets or liabilities, such as the brokerage network, deferred taxes, premises and equipment, and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. | ||||||||||||||||||||||||||||||||||||
Management believes that reasonable comparability between financial institutions may not be likely, due to the wide range of permitted valuation techniques and numerous estimates which must be made, given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. |
PARENT_CORPORATION_ONLY_FINANC
PARENT CORPORATION ONLY FINANCIAL STATEMENTS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22—PARENT CORPORATION ONLY FINANCIAL STATEMENTS | |||||||||||||||||||||
The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 19 of the Notes to Consolidated Financial Statements). | ||||||||||||||||||||||
Condensed financial statements of the Parent Corporation only are as follows: | ||||||||||||||||||||||
CONDENSED STATEMENTS OF CONDITION | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Cash and cash equivalents | $ | 274 | $ | 285 | ||||||||||||||||||
Investment in subsidiaries | 450,185 | 173,658 | ||||||||||||||||||||
Securities available for sale | 463 | 442 | ||||||||||||||||||||
Other assets | 2,250 | 271 | ||||||||||||||||||||
Total assets | $ | 453,172 | $ | 174,656 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||
Other liabilities | $ | 1,798 | $ | 917 | ||||||||||||||||||
Subordinated debentures | 5,155 | 5,155 | ||||||||||||||||||||
Stockholders’ equity | 446,219 | 168,584 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 453,172 | $ | 174,656 | ||||||||||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||||||||||||||
For Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Income: | ||||||||||||||||||||||
Dividend income from subsidiaries | $ | 9,276 | $ | 4,393 | $ | 2,079 | ||||||||||||||||
Other income | 6 | 6 | 15 | |||||||||||||||||||
Net gains on available for sale securities | — | 22 | 26 | |||||||||||||||||||
Management fees | 100 | 353 | 409 | |||||||||||||||||||
Total Income | 9,382 | 4,774 | 2,529 | |||||||||||||||||||
Expenses | (707 | ) | (765 | ) | (731 | ) | ||||||||||||||||
Income before equity in undistributed earnings of subsidiaries | 8,675 | 4,009 | 1,798 | |||||||||||||||||||
Equity in undistributed earnings of subsidiaries | 9,890 | 15,916 | 15,709 | |||||||||||||||||||
Net Income | $ | 18,565 | $ | 19,925 | $ | 17,507 | ||||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||
For Years Ended December 31 | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||
Net income | $ | 18,565 | $ | 19,925 | $ | 17,507 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||
Net gains on sales of available for sale securities | — | (22 | ) | (26 | ) | |||||||||||||||||
Equity in undistributed earnings of subsidiary | (9,890 | ) | (15,916 | ) | (15,709 | ) | ||||||||||||||||
(Increase) decrease in other assets | (1,979 | ) | (167 | ) | 563 | |||||||||||||||||
Decrease in other liabilities | (1,010 | ) | (276 | ) | (772 | ) | ||||||||||||||||
Stock based compensation | 223 | 59 | 39 | |||||||||||||||||||
Net cash provided by operating activities | 5,909 | 3,603 | 1,602 | |||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | — | 181 | 375 | |||||||||||||||||||
Purchase of available-for-sale securities | — | — | (410 | ) | ||||||||||||||||||
Net cash provided by (used in) investing activities | — | 181 | (35 | ) | ||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||
Cash dividends on common stock | (6,940 | ) | (4,254 | ) | (2,778 | ) | ||||||||||||||||
Cash dividends on preferred stock | (140 | ) | (141 | ) | (363 | ) | ||||||||||||||||
Issuance of restricted stock award | — | 243 | — | |||||||||||||||||||
Issuance cost of common stock | (7 | ) | (13 | ) | (8 | ) | ||||||||||||||||
Proceeds from exercise of stock options | 885 | 21 | 141 | |||||||||||||||||||
Tax expense from stock based compensation | 282 | 16 | 28 | |||||||||||||||||||
Net cash used in financing activities | (5,920 | ) | (4,128 | ) | (2,980 | ) | ||||||||||||||||
Decrease in cash and cash equivalents | (11 | ) | (344 | ) | (1,413 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of year | 285 | 629 | 2,042 | |||||||||||||||||||
Cash and cash equivalents at the end of year | $ | 274 | $ | 285 | $ | 629 | ||||||||||||||||
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION OF CONNECTONE BANCORP, INC. (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 23—QUARTERLY FINANCIAL INFORMATION OF CONNECTONE BANCORP, INC. (UNAUDITED) | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||||||||||||||
Total interest income | $ | 33,130 | $ | 32,343 | $ | 14,401 | $ | 14,337 | |||||||||||||||||||||
Total interest expense | 4,550 | 4,797 | 2,733 | 2,727 | |||||||||||||||||||||||||
Net interest income | 28,580 | 27,546 | 11,668 | 11,610 | |||||||||||||||||||||||||
Provision for loan losses | 2,474 | 1,300 | 284 | 625 | |||||||||||||||||||||||||
Total other income, net of securities gains | 1,358 | 1,062 | 1,150 | 1,106 | |||||||||||||||||||||||||
Net securities gains | 718 | 111 | 574 | 1,415 | |||||||||||||||||||||||||
Other expense | 15,164 | 25,400 | 6,744 | 7,496 | |||||||||||||||||||||||||
Income before income taxes | 13,018 | 2,019 | 6,364 | 6,010 | |||||||||||||||||||||||||
Provision from income taxes | 4,995 | 253 | 1,986 | 1,612 | |||||||||||||||||||||||||
Net income | $ | 8,023 | $ | 1,766 | $ | 4,378 | $ | 4,398 | |||||||||||||||||||||
Net income available to common stockholders | $ | 7,995 | $ | 1,738 | $ | 4,350 | $ | 4,370 | |||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | 0.06 | $ | 0.27 | $ | 0.27 | |||||||||||||||||||||
Diluted | $ | 0.27 | $ | 0.06 | $ | 0.26 | $ | 0.27 | |||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 29,699,301 | 29,636,001 | 16,372,885 | 16,350,183 | |||||||||||||||||||||||||
Diluted | 30,149,244 | 30,108,103 | 16,430,376 | 16,405,540 | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||||||||||||||
Total interest income | $ | 14,644 | $ | 14,541 | $ | 13,979 | $ | 14,104 | |||||||||||||||||||||
Total interest expense | 2,778 | 2,819 | 2,751 | 2,734 | |||||||||||||||||||||||||
Net interest income | 11,866 | 11,722 | 11,228 | 11,370 | |||||||||||||||||||||||||
Provision for loan losses | 350 | — | — | — | |||||||||||||||||||||||||
Total other income, net of securities gains | 1,307 | 1,200 | 1,107 | 1,526 | |||||||||||||||||||||||||
Net securities (losses) gains | 449 | 343 | 600 | 319 | |||||||||||||||||||||||||
Other expense | 6,459 | 6,205 | 6,076 | 6,538 | |||||||||||||||||||||||||
Income before income taxes | 6,813 | 7,060 | 6,859 | 6,677 | |||||||||||||||||||||||||
Provision from income taxes | 1,829 | 1,966 | 1,936 | 1,753 | |||||||||||||||||||||||||
Net income | $ | 4,984 | $ | 5,094 | $ | 4,923 | $ | 4,924 | |||||||||||||||||||||
Net income available to common stockholders | $ | 4,955 | $ | 5,066 | $ | 4,895 | $ | 4,868 | |||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||
Basic | $ | 0.3 | $ | 0.31 | $ | 0.3 | $ | 0.3 | |||||||||||||||||||||
Diluted | $ | 0.3 | $ | 0.31 | $ | 0.3 | $ | 0.3 | |||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 16,350,183 | 16,349,480 | 16,348,915 | 16,348,215 | |||||||||||||||||||||||||
Diluted | 16,396,931 | 16,385,155 | 16,375,774 | 16,373,588 | |||||||||||||||||||||||||
Note: Due to rounding, quarterly earnings per share may not sum to reported annual earnings per share. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The consolidated financial statements of ConnectOne Bancorp, Inc. (formerly known as Center 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 “Company”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Policy [Policy Text Block] | Business: 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Policy [Policy Text Block] | Segments: FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment; a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the reported periods. These estimates and assumptions affect the amounts reported in the financial statements and the disclosure provided, and actual results could differ. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment, Policy [Policy Text Block] | Investment Securities: The Company accounts for its investment securities in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10-05. Investments are classified into the following categories: (1) held to maturity securities, for which the Company has both the positive intent and ability to hold until maturity, which are reported at amortized cost; (2) trading securities, which are purchased and held principally for the purpose of selling in the near term and are reported at fair value with unrealized gains and losses included in earnings; and (3) available-for-sale securities, which do not meet the criteria of the other two categories and which management believes may be sold prior to maturity due to changes in interest rates, prepayment, risk, liquidity or other factors, and are reported at fair value, with unrealized gains and losses, net of applicable income taxes, reported as a component of accumulated other comprehensive income, which is included in stockholders’ equity and excluded from earnings. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. FASB ASC 320-10-65 clarifies the interaction of the factors that should be considered when determining whether a debt security is other–than-temporarily impaired. For debt securities, management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are done before assessing whether the entity will recover the cost basis of the investment. In instances when a determination is made that an other-than-temporary impairment exists but the investor does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, FASB ASC 320-10-65 changed the presentation and amount of the other-than-temporary impairment recognized in the statement of income. The other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized through earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized through other comprehensive income. Impairment charges on certain investment securities of approximately $0, $0.7 million, and $0.9 million were recognized in earnings during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale: Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For loans carried at the lower of cost or estimated fair value, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Policy [Policy Text Block] | Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan segments 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 Company has five segments of loans and leases: commercial (including lease financing), commercial real estate, commercial construction, residential real estate (including home equity) and consumer. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income on commercial, commercial real estate, commercial construction and residential loans are discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The policy of the Company is to generally grant commercial, residential and consumer loans to New Jersey 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 Company. The Company is therefore subject to risk of loss. The Company 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 a large majority of the Company’s loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Loss: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. As part of the evaluation of impaired loans, the Company 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Bank has defined its population of impaired loans to include all loans on non-accrual status; all troubled debt restructuring loans; and all loans (above an established dollar threshold of $250,000) internally classified as “Special Mention” or below that require a specific reserve. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience, the primary factor, is determined by loan class and is based on the actual loss history experienced by the Bank over an actual three year rolling calculation. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. This actual loss experience is supplemented with the exogenous factor adjustments based on the risks present for each loan categories. These exogenous factors (nine total) include consideration of the following: concentrations of credit; delinquency & non-accrual trends; economic & business conditions including evaluation of the national and regional economies and industries with significant loan concentrations; external factors including legal, regulatory or competitive pressures that may impact the loan portfolio; changes in the experience, ability, or size of the lending staff, management, or board of directors that may impact the loan portfolio; changes in underwriting standards, collection procedures, charge-off practices, or other changes in lending policies and procedures that may impact the loan portfolio; loss and recovery trends; changes in portfolio size and mix; and trends in problem loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivable, Policy [Policy Text Block] | Purchased Credit-Impaired Loans: The Company purchases groups of loans in conjunction with mergers, 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 Company estimates the amount and timing of expected cash flows for each loan 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Policy [Policy Text Block] | Derivatives: The Company records cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Policy Text Block] | Restricted Stock: The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends on the stock are reported as income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment: Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 39 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block] | Other Real Estate Owned: Other real estate owned (“OREO”), representing property acquired through foreclosure and held for sale, are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Mortgage Servicing: As of December 31, 2013, the Company had performed various servicing functions on loans owned by others. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received for those services. At December 31, 2014 and 2013, the Company was servicing approximately $0 million and $8.4 million, respectively, of loans for others. The servicing rights related to the remaining loan portfolio were transferred to a third-party agency as of December 31, 2014 with 0 consideration paid to the Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | Risk Related to Representation and Warranty Provisions: The Company sold residential mortgage loans in the secondary market primarily to Fannie Mae. The Company sold residential mortgage loans to Fannie Mae that includes various representations and warranties regarding the origination and characteristics of the residential mortgage loans. Although the specific representations and warranties vary, they typically cover ownership of the loan, validity of the lien securing the loan, the absence of delinquent taxes or liens against the property securing the loan, compliance with loan criteria set forth in the applicable agreement, compliance with applicable federal, state, and local laws, and other matters. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the unpaid principal balance of the Company’s portfolio of residential mortgage loans sold to Fannie Mae was $0 and $8.4 million, respectively. These loans are generally sold on a nonrecourse basis. The agreements under which the Company sells residential mortgage loans require the Company to deliver various documents to the investor or its document custodian. Although these loans are primarily sold on a nonrecourse basis, the Company may be obligated to repurchase residential mortgage loans where required documents are not delivered or are defective. Investors may require the immediate repurchase of a mortgage loan when an early payment default discovered in an underwriting review reveals significant underwriting deficiencies, even if the mortgage loan has subsequently been brought current. As of December 31, 2014, there were 0 pending repurchase requests related to representation and warranty provisions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans: The Company had a noncontributory pension plan that covered all eligible employees up until September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of September 30, 2007 were preserved. The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. The costs associated with the plan are accrued based on actuarial assumptions and included in other expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715-30. FASB ASC 715-30 requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. FASB ASC 715-30 also requires companies to measure the funded status of the plan as of the date of its fiscal year-end. Employee 401 (k) and profit sharing plan expense is the amount of matching contributions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation: Stock compensation accounting guidance (FASB ASC 718, “Compensation-Stock Compensation”) requires that the compensation cost related to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. See Note 18 of the Notes to Consolidated Financial Statements for a further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share: Basic Earnings per Share (“EPS”) is computed by dividing income available to common shareholders 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 Company’s weighted average common shares outstanding for diluted EPS include the effect of stock options outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share have been computed based on the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except per Share Amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 18,565 | $ | 19,925 | $ | 17,507 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends and accretion | 112 | 141 | 281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 18,453 | $ | 19,784 | $ | 17,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of common shares outstanding | 23,030 | 16,349 | 16,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive options | 449 | 37 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | 23,479 | 16,386 | 16,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anti-dilutive common shares outstanding | — | 14 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.8 | $ | 1.21 | $ | 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | $ | 0.79 | $ | 1.21 | $ | 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Policy [Policy Text Block] | Treasury Stock: Subject to limitations applicable to the Parent Corporation, treasury stock purchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. Shares repurchased are added to the corporate treasury and will be used for future stock dividends and other issuances. The repurchased shares are recorded as treasury stock, which results in a decrease in stockholders’ equity. Treasury stock is recorded using the cost method and accordingly is presented as a reduction of stockholders’ equity. During the years ended December 31, 2014, 2013 and 2012, the Parent Corporation did not purchase any of its shares. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: The Company adopted the provisions of FASB ASC 350-10 (previously SFAS No. 142, “Goodwill and Other Intangible Assets”), which requires that goodwill be tested for impairment annually, or more frequently if impairment indicators arise for impairment. The Company has selected December 31 as the date to perform the annual impairment test. No impairment charge was deemed necessary for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As provided by ASU 2011-08 management has evaluated and assessed the following events and circumstances relevant to determining whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Macroeconomic conditions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Industry and market conditions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Overall financial performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets: Other intangible assets consist of core deposits arising from business combinations that are amortized over their estimated useful lives to their estimated residual value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income: Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedge, net of taxes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of comprehensive income for the years ended December 31, 2014, 2013 and 2012 is presented in the Consolidated Statements of Comprehensive Income and presented in detail in Note 16 of the Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restrictions on Cash [Policy Text Block] | Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholders' Dividend, Policy [Policy Text Block] | Dividend Restriction: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Parent Corporation or by the Parent Corporation to the stockholders. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Settlement Contracts, Policy [Policy Text Block] | Bank-Owned Life Insurance: The Company invests in Bank-Owned Life Insurance (“BOLI”) to help offset the rising cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of other income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Costs: The Company recognizes its marketing and advertising cost as incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain reclassifications have been made in the consolidated financial footnotes for 2013 and 2012 to conform to the classifications presented in 2014. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per common share have been computed based on the following: | |||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(In Thousands, Except per Share Amounts) | ||||||||||||||||||||||
Net income | $ | 18,565 | $ | 19,925 | $ | 17,507 | ||||||||||||||||
Preferred stock dividends and accretion | 112 | 141 | 281 | |||||||||||||||||||
Net income available to common stockholders | $ | 18,453 | $ | 19,784 | $ | 17,226 | ||||||||||||||||
Average number of common shares outstanding | 23,030 | 16,349 | 16,340 | |||||||||||||||||||
Effect of dilutive options | 449 | 37 | 11 | |||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | 23,479 | 16,386 | 16,351 | |||||||||||||||||||
Anti-dilutive common shares outstanding | — | 14 | 42 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||
Basic | $ | 0.8 | $ | 1.21 | $ | 1.05 | ||||||||||||||||
Diluted | $ | 0.79 | $ | 1.21 | $ | 1.05 |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 Company’s financial statements at fair value at the Merger date (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy | Fair value | As recorded | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ConnectOne | adjustments | at acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
carrying value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 70,318 | $ | — | $ | 70,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | 28,436 | 16 | (a) | 28,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted investments | 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, net | 7,380 | (905 | )(c) | 6,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 4,470 | — | 4,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit intangible | — | 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 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 above-market rent on leased premises. The above-market rent adjustment will be amortized on a straight-line basis over the remaining term of the respective leases. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
d) | Represents intangible assets recorded to reflect the fair value of core deposits. 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC 310-30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual principal and accrued interest at acquisition | $ | 23,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal not expected to be collected (nonaccretable 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 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. In the table below, merger-related expenses of $12.4 million were excluded from pro forma non-interest expenses for the year ended December 31, 2014. Income taxes were also adjusted to exclude income tax benefits of $5.6 million related to the merger expenses for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 107,988 | $ | 95,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 8,244 | 8,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | (54,749 | ) | (45,827 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 45,981 | 35,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma earnings per share from continuing operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.55 | $ | 0.91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 1.53 | 0.9 |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables present information related to the Company’s portfolio of securities available-for-sale and held-to-maturity at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 32,650 | $ | 217 | $ | (50 | ) | $ | 32,817 | |||||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 58,836 | 1,531 | (11 | ) | 60,356 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,042 | 4 | — | 3,046 | ||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,201 | 205 | — | 8,406 | ||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | 16,086 | 489 | (269 | ) | 16,306 | |||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 119,838 | 5,950 | (11 | ) | 125,777 | |||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 27,393 | 140 | (31 | ) | 27,502 | |||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 2,098 | 27 | (2 | ) | 2,123 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 376 | — | (69 | ) | 307 | |||||||||||||||||||||||||||||||||||||||
Other securities | 12,941 | 33 | (82 | ) | 12,892 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 281,461 | $ | 8,596 | $ | (525 | ) | $ | 289,532 | |||||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,264 | $ | 920 | $ | — | $ | 29,184 | ||||||||||||||||||||||||||||||||||||
Federal agency obligations | 27,103 | 322 | (28 | ) | 27,397 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 5,955 | 28 | — | 5,983 | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,266 | 50 | — | 4,316 | ||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 120,144 | 4,512 | (60 | ) | 124,596 | |||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 38,950 | 1,026 | (7 | ) | 39,969 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 224,682 | $ | 6,858 | $ | (95 | ) | $ | 231,445 | |||||||||||||||||||||||||||||||||||
Total investment securities | $ | 506,143 | $ | 15,454 | $ | (620 | ) | $ | 520,977 | |||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||
Other securities | 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 investments in securities available-for-sale and held-to-maturity at December 31, 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. | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 12,903 | $ | 13,054 | ||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | 42,369 | 43,670 | ||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 93,793 | 98,615 | ||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 57,201 | 57,592 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 58,836 | 60,356 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,042 | 3,046 | ||||||||||||||||||||||||||||||||||||||||||
Equity securities | 376 | 307 | ||||||||||||||||||||||||||||||||||||||||||
Other securities | 12,941 | 12,892 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 281,461 | $ | 289,532 | ||||||||||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 5,001 | $ | 5,054 | ||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | 9,211 | 9,367 | ||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 70,030 | 72,302 | ||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 130,219 | 134,423 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 5,955 | 5,983 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,266 | 4,316 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 224,682 | $ | 231,445 | ||||||||||||||||||||||||||||||||||||||||
Total investment securities | $ | 506,143 | $ | 520,977 | ||||||||||||||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | Gross gains and losses from the sales calls and maturities of investment securities for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds | $ | 81,844 | $ | 122,165 | $ | 130,059 | ||||||||||||||||||||||||||||||||||||||
Gross gains on sales of investment securities | 2,837 | 2,451 | 2,905 | |||||||||||||||||||||||||||||||||||||||||
Gross losses on sales of investment securities | 19 | 88 | 23 | |||||||||||||||||||||||||||||||||||||||||
Net gains on sales of investment securities | 2,818 | 2,363 | 2,882 | |||||||||||||||||||||||||||||||||||||||||
Less: tax provision on net gains | (986 | ) | (645 | ) | (879 | ) | ||||||||||||||||||||||||||||||||||||||
Net gains on sales of investment securities | $ | 1,832 | $ | 1,718 | $ | 2,003 | ||||||||||||||||||||||||||||||||||||||
Schedule of OTTI Charges for period | Summary of Other-than-Temporary Impairment Charges | |||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
One variable rate private label CMO | $ | — | $ | — | $ | 484 | ||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | — | 628 | 68 | |||||||||||||||||||||||||||||||||||||||||
Principal losses on a variable rate CMO | — | 24 | 318 | |||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairment charges | $ | — | $ | 652 | $ | 870 | ||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Security and Associated Ratings [Table Text Block] | The following table presents detailed information for each single issue trust preferred security held by the Company at December 31, 2014, of which all but one has at least one rating below investment grade. | |||||||||||||||||||||||||||||||||||||||||||
Issuer | Class/ | Amortized | Fair | Gross | Lowest | |||||||||||||||||||||||||||||||||||||||
Tranche | Cost | Value | Unrealized | Credit | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Rating | |||||||||||||||||||||||||||||||||||||||||||
Assigned | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Countrywide Capital IV | n/a | $ | 1,771 | $ | 1,805 | 34 | BB | |||||||||||||||||||||||||||||||||||||
Countrywide Capital V | n/a | 2,747 | 2,833 | 86 | BB | |||||||||||||||||||||||||||||||||||||||
Countrywide Capital V | n/a | 250 | 257 | 7 | BB | |||||||||||||||||||||||||||||||||||||||
Nationsbank Cap Trust III | n/a | 1,575 | 1,306 | (269 | ) | BB | ||||||||||||||||||||||||||||||||||||||
Morgan Stanley Cap Trust IV | n/a | 2,500 | 2,535 | 35 | BB | |||||||||||||||||||||||||||||||||||||||
Morgan Stanley Cap Trust IV | n/a | 1,743 | 1,773 | 30 | BB | |||||||||||||||||||||||||||||||||||||||
Goldman Sachs | n/a | 1,000 | 1,185 | 185 | BB | |||||||||||||||||||||||||||||||||||||||
Stifel Financial | n/a | 4,500 | 4,612 | 112 | BBB | - | ||||||||||||||||||||||||||||||||||||||
Total | $ | 16,086 | $ | 16,306 | 220 | |||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||||||||
Federal agency obligation | $ | 6,755 | $ | (50 | ) | $ | 2,770 | $ | (9 | ) | $ | 3,985 | $ | (41 | ) | |||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 5,694 | (11 | ) | 5,694 | (11 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Trust preferred securities | 1,307 | (269 | ) | — | — | 1,307 | (269 | ) | ||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 1,961 | (11 | ) | 1,961 | (11 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | 9,773 | (31 | ) | 9,773 | (31 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Certificates of deposit | 369 | (2 | ) | 369 | (2 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Equity securities | 307 | (69 | ) | — | — | 307 | (69 | ) | ||||||||||||||||||||||||||||||||||||
Other securities | 5,417 | (82 | ) | 1,978 | (21 | ) | 3,439 | (61 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 31,583 | $ | (525 | ) | $ | 22,545 | $ | (85 | ) | $ | 9,038 | $ | (440 | ) | |||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Federal agency obligation | 3,228 | (28 | ) | 3,228 | (28 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,341 | (60 | ) | 1,401 | (3 | ) | 6,940 | (57 | ) | |||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 993 | (7 | ) | 993 | (7 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Total | 12,562 | (95 | ) | 5,622 | (38 | ) | 6,940 | (57 | ) | |||||||||||||||||||||||||||||||||||
Total Temporarily Impaired Securities | $ | 44,145 | $ | (620 | ) | $ | 28,167 | $ | (123 | ) | $ | 15,978 | $ | (497 | ) | |||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||
(Dollars 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 | ) | ||||||||||||||||||||||||||||||||||||
Other securities | 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-backed 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) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred fees and costs, at December 31, 2014 and 2013, respectively: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 499,816 | $ | 229,688 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,634,510 | 536,539 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 167,359 | 42,722 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 234,967 | 150,571 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,879 | 1,084 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross loans | 2,539,531 | 960,604 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred loan (fees) costs | (890 | ) | 339 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable | $ | 2,538,641 | $ | 960,943 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Purchase Credit Impaired Loans [Table Text Block] | The carrying amount of those loans is as follows at December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 7,199 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,816 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 806 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total carrying amount | $ | 9,821 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2014 | $ | 5,013 | ||||||||||||||||||||||||||||||||||||||||||||||||
New loans purchased | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of income | (142 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from non-accretable difference | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | (66 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 4,805 | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents nonaccrual loans by class of loans: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 616 | $ | 753 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 8,197 | 744 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 2,796 | 1,640 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable on non-accrual status | $ | 11,609 | $ | 3,137 | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Financing Leases [Table Text Block] | Minimum future lease receipts of the direct financing lease are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
For years ending December 31, | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 228 | ||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 265 | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 265 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 265 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 265 | |||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 2,441 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total minimum future lease receipts | $ | 3,729 | ||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents information about the loan credit quality by loan segment at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 481,638 | $ | 3,686 | $ | 14,203 | $ | 289 | $ | 499,816 | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,596,606 | 14,140 | 23,764 | — | 1,634,510 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 165,880 | 1,479 | — | — | 167,359 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 230,772 | — | 4,195 | — | 234,967 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,778 | — | 101 | — | 2,879 | |||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,477,674 | $ | 19,305 | $ | 42,263 | $ | 289 | $ | 2,539,531 | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 226,013 | $ | 1,719 | $ | 1,284 | $ | 672 | $ | 229,688 | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 509,679 | 14,544 | 12,316 | — | 536,539 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial 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 segment at December 31, 2014 and 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
No Related Allowance Recorded | 31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 481 | $ | 527 | $ | — | $ | 494 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,890 | 6,857 | — | 6,276 | 129 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,406 | — | 3,170 | 41 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 109 | 101 | — | 107 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,552 | $ | 10,622 | $ | — | $ | 10,047 | $ | 171 | ||||||||||||||||||||||||||||||||||||||||
With An Allowance Recorded | Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 387 | $ | 389 | $ | 111 | $ | 389 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,520 | 3,520 | 151 | 3,584 | 171 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,907 | $ | 3,910 | $ | 262 | $ | 3,973 | $ | 171 | ||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 868 | $ | 917 | $ | 111 | $ | 883 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 9,410 | 10,107 | 151 | 9,860 | 300 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,406 | — | 3,170 | 41 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 109 | 101 | — | 106 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total (including related allowance) | $ | 13,459 | $ | 14,532 | $ | 262 | $ | 14,020 | $ | 342 | ||||||||||||||||||||||||||||||||||||||||
No Related Allowance Recorded | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 449 | $ | 449 | $ | — | $ | 494 | $ | 25 | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 10,482 | 10,783 | — | 10,658 | 496 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | 1,892 | 94 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | 128 | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 12,909 | $ | 13,352 | $ | — | $ | 13,172 | $ | 621 | ||||||||||||||||||||||||||||||||||||||||
With An Allowance Recorded | Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 672 | $ | 672 | $ | 300 | $ | 687 | $ | 43 | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,344 | 4,344 | 115 | 4,359 | 200 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,016 | $ | 5,016 | $ | 415 | $ | 5,046 | $ | 243 | ||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,121 | $ | 1,121 | $ | 300 | $ | 1,181 | $ | 68 | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 14,826 | 15,127 | 115 | 15,017 | 696 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,858 | 2,000 | — | 1,892 | 94 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 120 | 120 | — | 128 | 6 | |||||||||||||||||||||||||||||||||||||||||||||
Total (including related allowance) | $ | 17,925 | $ | 18,368 | $ | 415 | $ | 18,218 | $ | 864 | ||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | The following table provides an analysis of the aging of the loans by segment, excluding net deferred costs that are past due at December 31, 2014 and December 31, 2013 by class: | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 6,060 | $ | — | $ | 662 | $ | 6,722 | $ | 493,094 | $ | 499,816 | $ | 45 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,937 | 638 | 5,961 | 11,535 | 1,622,975 | 1,634,510 | 609 | |||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 167,359 | 167,359 | — | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,821 | 210 | 3,200 | 5,231 | 229,736 | 234,967 | 557 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 30 | 1 | — | 31 | 2,848 | 2,879 | — | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 12,848 | $ | 849 | $ | 9,823 | $ | 23,520 | $ | 2,516,011 | $ | 2,539,531 | $ | 1,211 | ||||||||||||||||||||||||||||||||||||
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 | — | |||||||||||||||||||||||||||||||||||||||||||
Commercial 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 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: | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 111 | $ | 151 | $ | — | $ | — | $ | — | $ | — | $ | 262 | ||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 2,972 | 7,648 | 1,239 | 1,113 | 7 | 919 | 13,898 | |||||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,083 | $ | 7,799 | $ | 1,239 | $ | 1,113 | $ | 7 | $ | 919 | $ | 14,160 | ||||||||||||||||||||||||||||||||||||
Gross loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 452 | $ | 6,284 | $ | — | $ | 2,180 | $ | 101 | $ | — | $ | 9,017 | ||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 492,165 | 1,626,410 | 167,359 | 231,981 | 2,778 | — | 2,520,693 | |||||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | 7,199 | 1,816 | — | 806 | — | — | 9,821 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 499,816 | $ | 1,634,510 | $ | 167,359 | $ | 234,967 | $ | 2,879 | $ | — | $ | 2,539,531 | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | 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 | ||||||||||||||||||||||||||||||||||||
Gross loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | ||||||||||||||||||||||||||||||||||||
Loans charged-off | (379 | ) | (398 | ) | — | (159 | ) | — | — | (936 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 50 | — | — | 19 | 11 | — | 80 | |||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,714 | 2,451 | 877 | 263 | (150 | ) | (472 | ) | 4,683 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 3,083 | $ | 7,799 | $ | 1,239 | $ | 1,113 | $ | 7 | $ | 919 | $ | 14,160 | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 2,424 | $ | 5,323 | $ | 313 | $ | 1,532 | $ | 113 | $ | 532 | $ | 10,237 | ||||||||||||||||||||||||||||||||||||
Loans charged-off | (6 | ) | (126 | ) | — | (175 | ) | (22 | ) | — | (329 | ) | ||||||||||||||||||||||||||||||||||||||
Recoveries | 41 | 28 | — | — | 6 | — | 75 | |||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | (761 | ) | 521 | 49 | (367 | ) | 49 | 859 | 350 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||
real estate | construction | real estate | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1,527 | $ | 5,972 | $ | 707 | $ | 1,263 | $ | 51 | $ | 82 | $ | 9,602 | ||||||||||||||||||||||||||||||||||||
Loans charged-off | — | (57 | ) | — | (454 | ) | (16 | ) | — | (527 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | — | 80 | 540 | 210 | 7 | — | 837 | |||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 892 | (783 | ) | (934 | ) | 509 | 72 | 569 | 325 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,419 | $ | 5,212 | $ | 313 | $ | 1,528 | $ | 114 | $ | 651 | $ | 10,237 | ||||||||||||||||||||||||||||||||||||
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 672 | $ | 289 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 2 | 275 | 272 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 947 | $ | 561 | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 225 | 225 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1 | 714 | 675 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1 | 1,354 | 137 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 2,293 | $ | 1,037 | |||||||||||||||||||||||||||||||||||||||||||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Premises and equipment are summarized as follows: | |||||||||||||||||||||
Estimated | 2014 | 2013 | ||||||||||||||||||||
Useful Life | ||||||||||||||||||||||
(Years) | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Land | — | $ | 2,403 | $ | 2,403 | |||||||||||||||||
Buildings | 5 – 40 | 16,490 | 13,675 | |||||||||||||||||||
Furniture, fixtures and equipment | 2 – 20 | 24,809 | 17,604 | |||||||||||||||||||
Leasehold improvements | 5 – 30 | 10,757 | 3,184 | |||||||||||||||||||
Subtotal | 54,459 | 36,866 | ||||||||||||||||||||
Less: accumulated depreciation and amortization | 32,977 | 23,185 | ||||||||||||||||||||
Subtotal | 21,482 | 13,681 | ||||||||||||||||||||
Less: fair value adjustment for leases | (829 | ) | — | |||||||||||||||||||
Total premises and equipment, net | $ | 20,653 | $ | 13,681 | ||||||||||||||||||
Schedule of Capital Lease in Premises and Equipment [Table Text Block] | The Company has included this lease in premises and equipment as follows (dollars in thousands): | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Capital Lease | $ | 3,422 | $ | — | ||||||||||||||||||
Less: accumulated amortization | 1,026 | — | ||||||||||||||||||||
$ | 2,396 | $ | — | |||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments at December 31, 2014 (dollars in thousands): | |||||||||||||||||||||
2015 | $ | 291 | ||||||||||||||||||||
2016 | 292 | |||||||||||||||||||||
2017 | 292 | |||||||||||||||||||||
2018 | 294 | |||||||||||||||||||||
2019 | 321 | |||||||||||||||||||||
Thereafter | 3,018 | |||||||||||||||||||||
Total minimum lease payments | 4,508 | |||||||||||||||||||||
Less amount representing interest | 1,509 | |||||||||||||||||||||
Present value of net minimum lease payments | $ | 2,999 | ||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | These leases, most of which have renewal provisions, are principally operating leases. | |||||||||||||||||||||
2015 | $ | 2,062 | ||||||||||||||||||||
2016 | 1,902 | |||||||||||||||||||||
2017 | 1,548 | |||||||||||||||||||||
2018 | 1,493 | |||||||||||||||||||||
2019 | 1,326 | |||||||||||||||||||||
Thereafter | 7,509 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The change in goodwill during the year is as follows (dollars in thousands): | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Beginning of year | $ | 16,804 | $ | 16,804 | ||||||||||||||||||
Acquired goodwill | 129,105 | — | ||||||||||||||||||||
Impairment | — | — | ||||||||||||||||||||
End of year | $ | 145,909 | $ | 16,804 | ||||||||||||||||||
Intangible Assets Disclosure [Text Block] | The table below provides information regarding the carrying amounts and accumulated amortization of amortized intangible assets as of the dates set forth below. | |||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Core deposits | $ | 6,011 | $ | (1,186 | ) | $ | 4,825 | |||||||||||||||
Total intangible assets | 6,011 | (1,186 | ) | 4,825 | ||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||
Core deposits | $ | 703 | $ | (679 | ) | $ | 24 | |||||||||||||||
Total intangible assets | 703 | (679 | ) | 24 | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense for each of the next five years (in thousands): | |||||||||||||||||||||
2015 | $ | 917 | ||||||||||||||||||||
2016 | 820 | |||||||||||||||||||||
2017 | 724 | |||||||||||||||||||||
2018 | 627 | |||||||||||||||||||||
2019 | 531 |
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure Text Block [Abstract] | ||||||||
Schedule Of Time Deposits [Table Text Block] | As of December 31, 2014 and 2013, the Company’s total time deposits were $668.7 million and $152.0 million, respectively. As of December 31, 2014, the contractual maturities of these time deposits were as follows: | |||||||
(dollars in thousands) | Amount | |||||||
2015 | $ | 366,168 | ||||||
2016 | 95,622 | |||||||
2017 | 93,400 | |||||||
2018 | 71,507 | |||||||
2019 | 42,003 | |||||||
Total | $ | 668,700 | ||||||
BORROWED_FUNDS_Tables
BORROWED FUNDS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The components of borrowings are as follows (dollars in thousands): | |||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
Type | Maturity | Interest | Oustanding | |||||||||||||||||||
Date | Rate | |||||||||||||||||||||
FHLB | 1/15/15 | 0.35 | % | $ | 25,000 | |||||||||||||||||
FHLB | 2/23/15 | 0.88 | 10,000 | |||||||||||||||||||
FHLB | 3/2/15 | 0.35 | 25,000 | |||||||||||||||||||
FHLB | 3/30/15 | 0.38 | 25,000 | |||||||||||||||||||
FHLB | 3/31/15 | 0.37 | 25,000 | |||||||||||||||||||
FHLB | 5/1/15 | 0.39 | 25,000 | |||||||||||||||||||
FHLB | 5/7/15 | 0.81 | 15,000 | |||||||||||||||||||
FHLB | 5/11/15 | 2.17 | 525 | |||||||||||||||||||
FHLB | 5/11/15 | 2.91 | 5,000 | |||||||||||||||||||
FHLB | 6/1/15 | 0.41 | 25,000 | |||||||||||||||||||
FHLB | 6/1/15 | 0.46 | 25,000 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | 12/17/18 | 1.78 | 25,000 | |||||||||||||||||||
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 | |||||||||||||||||||
494,525 | ||||||||||||||||||||||
Add Fair Value Mark: | 1,028 | |||||||||||||||||||||
$ | 495,553 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Type | Maturity | Interest | Oustanding | |||||||||||||||||||
Date | Rate | |||||||||||||||||||||
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 | |||||||||||||||||||
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 | ||||||||||||||||||||||
SUBORDINATED_DEBENTURES_Tables
SUBORDINATED DEBENTURES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Subordinated Borrowings [Abstract] | ||||||||||||||||
Schedule of Subordinated Borrowing [Table Text Block] | The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II at December 31, 2014 and 2013. | |||||||||||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | |||||||||||
Issued | Issuer Beginning | |||||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital | Floating 3-month | 1/23/34 | 1/23/09 | ||||||||||
Security | LIBOR + 285 Basis | |||||||||||||||
Points | ||||||||||||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | |||||||||||
Issued | Issuer Beginning | |||||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital | Floating 3-month | 1/23/34 | 1/23/09 | ||||||||||
Security | LIBOR + 285 Basis | |||||||||||||||
Points |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The current and deferred amounts of income tax expense for the years ended December 31, 2014, 2013 and 2012, respectively, are as follows (dollars in thousands): | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 7,715 | $ | 5,658 | $ | 5,506 | ||||||||||||||||
State | 946 | 87 | 259 | |||||||||||||||||||
Subtotal | 8,661 | 5,745 | 5,765 | |||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | 223 | 1,906 | 1,085 | |||||||||||||||||||
State | (39 | ) | (167 | ) | 827 | |||||||||||||||||
Subtotal | 184 | 1,739 | 1,912 | |||||||||||||||||||
Income tax expense | $ | 8,845 | $ | 7,484 | $ | 7,677 | ||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation between the amount of reported income tax expense and the amount computed by applying the statutory Federal income tax rate is as follows (dollars in thousands): | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Income before income tax expense | $ | 27,410 | $ | 27,409 | $ | 25,184 | ||||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||||||||||||
Computed “expected” Federal income tax expense | 9,593 | 9,593 | 8,814 | |||||||||||||||||||
State tax, net of Federal tax benefit | 589 | (53 | ) | 706 | ||||||||||||||||||
Bank owned life insurance | (456 | ) | (477 | ) | (356 | ) | ||||||||||||||||
Tax-exempt interest and dividends | (1,511 | ) | (1,645 | ) | (1,228 | ) | ||||||||||||||||
Bargain gain on Saddle River Valley Bank acquisition | — | — | (314 | ) | ||||||||||||||||||
Other, net | 630 | 66 | 55 | |||||||||||||||||||
Income tax | $ | 8,845 | $ | 7,484 | $ | 7,677 | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2014 and 2013 are presented in the following table: | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Impaired assets | $ | — | $ | 1,221 | ||||||||||||||||||
Allowance for loan losses | 5,681 | 4,118 | ||||||||||||||||||||
Pension actuarial losses | 2,980 | 2,206 | ||||||||||||||||||||
Purchase accounting | 9,221 | — | ||||||||||||||||||||
Deferred compensation | 1,066 | — | ||||||||||||||||||||
Accrued rent | 476 | — | ||||||||||||||||||||
Other | 594 | 466 | ||||||||||||||||||||
NJ NOL | 902 | 399 | ||||||||||||||||||||
NJ AMA credits | — | 137 | ||||||||||||||||||||
Total deferred tax assets | $ | 20,920 | $ | 8,547 | ||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Employee benefit plans | $ | 1,199 | $ | 1,281 | ||||||||||||||||||
Depreciation | 886 | 416 | ||||||||||||||||||||
Market discount accretion | 91 | 200 | ||||||||||||||||||||
Deferred loan costs, net of fees | 317 | 385 | ||||||||||||||||||||
Prepaid expenses | 393 | — | ||||||||||||||||||||
Other | 64 | — | ||||||||||||||||||||
Purchase accounting | — | 522 | ||||||||||||||||||||
Unrealized gains on securities available-for-sale | 2,403 | 547 | ||||||||||||||||||||
Total deferred tax liabilities | 5,353 | 3,351 | ||||||||||||||||||||
Net deferred tax asset | $ | 15,567 | $ | 5,196 | ||||||||||||||||||
COMMITMENTS_CONTINGENCIES_AND_1
COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS OF CREDIT RISK (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||
Supply Commitment [Table Text Block] | The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2014 and 2013: | ||||||||||||||
2014 | 2013 | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Commitments under commercial loans and lines of credit | $ | 236,447 | $ | 109,661 | |||||||||||
Home equity and other revolving lines of credit | 56,031 | 41,836 | |||||||||||||
Outstanding commercial mortgage loan commitments | 169,043 | 48,129 | |||||||||||||
Standby letters of credit | 27,500 | 9,655 | |||||||||||||
Performance letters of credit | — | 21,844 | |||||||||||||
Outstanding residential mortgage loan commitments | — | 1,858 | |||||||||||||
Overdraft protection lines | 800 | 5,273 | |||||||||||||
Total | $ | 489,821 | $ | 238,256 | |||||||||||
TRANSACTIONS_WITH_EXECUTIVE_OF1
TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS AND PRINCIPAL STOCKHOLDERS (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Leases [Abstract] | |||||||||||||||
Schedule of Participating Mortgage Loans [Table Text Block] | The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties). The Company leases branch facilities from related party entities. In addition, the Company also utilizes an advertising and public relations agency at which one of the Company’s directors is President and CEO and a principal owner. For these transactions, the expenses are not significant to the operations of the Company. | ||||||||||||||
2014 | 2013 | ||||||||||||||
Beginning balance | $ | 20,365 | $ | 18,977 | |||||||||||
New loans | 150 | 11,613 | |||||||||||||
Loans assumed in Merger | 31,325 | — | |||||||||||||
Repayments | (7,487 | ) | (10,225 | ) | |||||||||||
Ending balance | $ | 44,353 | $ | 20,365 |
STOCKHOLDERS_EQUITY_AND_REGULA1
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following is a summary of the Bank’s and the Parent Corporation’s actual capital amounts and ratios as of December 31, 2014 and 2013, compared to the FRB and FDIC minimum capital adequacy requirements and the FRB and FDIC requirements for classification as a well-capitalized institution | ||||||||||||||||||||||||||||||||||||||||||
The Bank | Amount | Ratio | Minimum Capital Adequacy | For Classification Under Corrective Action Plan as Well Capitalized | |||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 300,399 | 9.33 | % | $ | 128,729 | 4 | % | $ | 160,911 | 5 | % | |||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 300,399 | 10.4 | % | $ | 115,493 | 4 | % | $ | 173,239 | 6 | % | |||||||||||||||||||||||||||||||
Total | 314,769 | 10.9 | % | 230,986 | 8 | % | 288,732 | 10 | % | ||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 159,431 | 9.69 | % | $ | 65,813 | 4 | % | $ | 82,266 | 5 | % | |||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 159,431 | 12.1 | % | $ | 52,704 | 4 | % | $ | 79,057 | 6 | % | |||||||||||||||||||||||||||||||
Total | 169,974 | 12.91 | % | 105,329 | 8 | % | 131,661 | 10 | % | ||||||||||||||||||||||||||||||||||
The Company | Amount | Ratio | Minimum Capital Adequacy | For Classification as Well Capitalized | |||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 301,593 | 9.37 | % | $ | 128,747 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 301,593 | 10.44 | % | $ | 115,561 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Total | 315,963 | 10.94 | % | 231,121 | 8 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||
Leverage (Tier 1) capital | $ | 159,316 | 9.69 | % | $ | 65,765 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Risk-Based Capital: | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 | $ | 159,316 | 12.1 | % | $ | 52,666 | 4 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Total | 169,894 | 12.9 | % | 105,361 | 8 | % | N/A | N/A |
COMPREHENSIVE_INCOME_Tables
COMPREHENSIVE INCOME (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, net of taxes. | |||||||||||||||||||||||
Details about Accumulated Other | Amounts Reclassified from Accumulated | Affected Line Item in the | ||||||||||||||||||||||
Comprehensive Income Components | Other Comprehensive Income | Statement Where Net Income is | ||||||||||||||||||||||
Presented | ||||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
OTTI losses | $ | — | $ | (652 | ) | $ | (870 | ) | Net investment securities gains | |||||||||||||||
— | 178 | 265 | Tax benefit | |||||||||||||||||||||
— | (474 | ) | (605 | ) | Net of tax | |||||||||||||||||||
Sale of investment securities available-for-sale | 2,818 | 2,363 | 2,882 | Net investment securities gains | ||||||||||||||||||||
(986 | ) | (645 | ) | (879 | ) | Tax expense | ||||||||||||||||||
1,832 | 1,718 | 2,003 | Net of tax | |||||||||||||||||||||
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity | (215 | ) | 58 | 2 | Interest income | |||||||||||||||||||
91 | (19 | ) | (1 | ) | Tax expense | |||||||||||||||||||
(124 | ) | 39 | 1 | Net of tax | ||||||||||||||||||||
Pension plan actuarial (gains) losses | 204 | (654 | ) | 790 | Before tax | |||||||||||||||||||
(83 | ) | 267 | (323 | ) | Tax benefit (expense) | |||||||||||||||||||
121 | (387 | ) | 467 | Net of tax | ||||||||||||||||||||
Total reclassification | $ | 1,829 | $ | 896 | $ | 1,866 | Net of tax | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) at December 31, 2014 and 2013 consisted of the following: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Investment securities available for sale, net of tax | $ | 4,874 | $ | 2,374 | ||||||||||||||||||||
Cash flow hedge | 28 | — | ||||||||||||||||||||||
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | (1,301 | ) | (1,425 | ) | ||||||||||||||||||||
Defined benefit pension and post-retirement plans, net of tax | (4,615 | ) | (3,493 | ) | ||||||||||||||||||||
Total | $ | (1,014 | ) | $ | (2,544 | ) | ||||||||||||||||||
PENSION_AND_OTHER_BENEFITS_Tab
PENSION AND OTHER BENEFITS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 13,569 | $ | 13,533 | |||||||||||||||||||||||||
Interest cost | 576 | 529 | |||||||||||||||||||||||||||
Actuarial loss | 2,023 | 255 | |||||||||||||||||||||||||||
Benefits paid | (701 | ) | (748 | ) | |||||||||||||||||||||||||
Settlements | (393 | ) | — | ||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 15,074 | $ | 13,569 | |||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning year | $ | 11,026 | $ | 7,034 | |||||||||||||||||||||||||
Actual return on plan assets | 413 | 1,040 | |||||||||||||||||||||||||||
Employer contributions | — | 3,700 | |||||||||||||||||||||||||||
Benefits paid | (701 | ) | (748 | ) | |||||||||||||||||||||||||
Settlements | (324 | ) | — | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 10,414 | $ | 11,026 | |||||||||||||||||||||||||
Funded status | $ | (4,660 | ) | $ | (2,543 | ) | |||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension expense for 2014, 2013 and 2012 includes the following: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Interest cost | $ | 576 | $ | 529 | $ | 555 | |||||||||||||||||||||||
Expected return on plan assets | (596 | ) | (488 | ) | (377 | ) | |||||||||||||||||||||||
Net amortization | 223 | 375 | 294 | ||||||||||||||||||||||||||
Recognized settlement loss | 1 | — | — | ||||||||||||||||||||||||||
Total net periodic pension expense | $ | 204 | $ | 416 | $ | 472 | |||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for the plan are presented in the following table. | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Net acturial loss | 7,595 | 5,699 | |||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | 7,595 | $ | 5,699 | |||||||||||||||||||||||||
Total recognized in net periodic expense and other comprehensive income (before tax) | $ | 7,799 | $ | 6,115 | |||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table presents the assumptions used to calculate the projected benefit obligation in each of the last three years | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 3.76 | % | 4.84 | % | 4.03 | % | |||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 5.5 | % | 5.5 | % | 5.5 | % | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 | |||||||||||||||||||||||||||||
Discount rate | 4.84 | % | 4.03 | % | 4.64 | % | |||||||||||||||||||||||
Expected long-term return on plan assets | 5.5 | % | 5.5 | % | 5.5 | % | |||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2014 and 2013, target allocation for 2015, and expected long-term rate of return by assets are as follows: | ||||||||||||||||||||||||||||
No Related Allowance Recorded | Target | % of Plan | % of Plan | Weighted | |||||||||||||||||||||||||
Allocation | Assets— | Assets— | Average | ||||||||||||||||||||||||||
Year Ended | Year Ended | Expected | |||||||||||||||||||||||||||
2014 | 2013 | Long-Term | |||||||||||||||||||||||||||
Rate of | |||||||||||||||||||||||||||||
Return | |||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||
Domestic | 45 | % | 42 | % | 39 | % | 6.5 | % | |||||||||||||||||||||
International | 15 | % | 13 | % | 14 | % | 6.5 | % | |||||||||||||||||||||
Debt and/or fixed income securities | 39 | % | 36 | % | 39 | % | 4 | % | |||||||||||||||||||||
Cash and other alternative investments, including real estate funds, hedge funds and equity structured notes | 1 | % | 9 | % | 8 | % | 0 | % | |||||||||||||||||||||
Total | 100 | % | $ | 100 | % | $ | 100 | % | $ | 5.5 | % | ||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair values of the Company’s pension plan assets at December 31, 2014 and 2013, by asset class, are as follows: | ||||||||||||||||||||||||||||
Asset Class | 31-Dec-14 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Cash | $ | 869 | $ | 869 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
U.S. companies | 4,304 | 4,304 | — | — | |||||||||||||||||||||||||
International companies | 1,394 | 1,394 | — | — | |||||||||||||||||||||||||
Debt and/or fixed income securities | 3,754 | 3,754 | |||||||||||||||||||||||||||
Real estate funds | 93 | 93 | — | — | |||||||||||||||||||||||||
Total | $ | 10,414 | $ | 10,414 | $ | — | $ | — | |||||||||||||||||||||
Asset Class | 31-Dec-13 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Cash | $ | 865 | $ | 865 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
U.S. companies | 4,310 | 4,310 | — | — | |||||||||||||||||||||||||
International companies | 1,495 | 1,495 | — | — | |||||||||||||||||||||||||
Debt and/or fixed income securities | 4,356 | 4,356 | — | — | |||||||||||||||||||||||||
Total | $ | 11,026 | $ | 11,026 | $ | — | $ | — | |||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (in thousands): | ||||||||||||||||||||||||||||
2015 | $ | 777 | |||||||||||||||||||||||||||
2016 | 764 | ||||||||||||||||||||||||||||
2017 | 759 | ||||||||||||||||||||||||||||
2018 | 743 | ||||||||||||||||||||||||||||
2019 | 764 | ||||||||||||||||||||||||||||
2020-2024 | 3,880 |
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 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 stock option payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Weighted average fair value of grants | $ | — | $ | 2.50 – 5.87 | $ | 2.03 | |||||||||||||||||||||||
Risk-free interest rate | — | % | 1.86 – 2.29 | % | 2.03 | % | |||||||||||||||||||||||
Dividend yield | — | % | 1.76 – 2.11 | % | 1.24 | % | |||||||||||||||||||||||
Expected volatility | — | % | 23.21 – 33.74 | % | 22.04 | % | |||||||||||||||||||||||
Expected life in months | 69 – 90 | 68 | |||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Option activity under the principal option plans as of December 31, 2014 and changes during the twelve months ended December 31, 2014 were as follows: | ||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||||||||||||||
Exercise | Remaining | ||||||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
(In Years) | |||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 188,380 | $ | 10.55 | ||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Assumed In Merger | 795,188 | 4.73 | |||||||||||||||||||||||||||
Exercised | (100,911 | ) | 8.77 | ||||||||||||||||||||||||||
Forfeited/cancelled/expired | — | — | |||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 882,657 | $ | 5.65 | 4.38 | $ | 11,784,579 | |||||||||||||||||||||||
Exercisable at December 31, 2014 | 882,657 | $ | 5.65 | 4.38 | $ | 11,784,579 | |||||||||||||||||||||||
Schedule of Share Based Compensation Stock Option Plan Table Text Block | Information related to the stock option plan during 2014: | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Intrinsic value of options exercised | $ | 1,011,000 | |||||||||||||||||||||||||||
Cash received from options exercised | 885,000 | ||||||||||||||||||||||||||||
Tax benefit realized from options exercised | 282,000 | ||||||||||||||||||||||||||||
Weighted average fair value of options granted | — | ||||||||||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The fair value of the stock granted after the Legacy ConnectOne IPO was based on the closing market price of its common stock as of the grant date. Generally, grants of restricted shares vest one-third, each, on the first, second and third anniversaries of the grant date | ||||||||||||||||||||||||||||
Nonvested | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Nonvested at December 31, 2013 | 18,829 | $ | 18.76 | ||||||||||||||||||||||||||
Assumed in Merger | 52,468 | 11.65 | |||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||
Vested | (20,994 | ) | 17.62 | ||||||||||||||||||||||||||
Forfeited/cancelled/expired | — | — | |||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 50,303 | $ | 11.79 | ||||||||||||||||||||||||||
DERIVATIVES_Tables
DERIVATIVES (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | Summary information about the interest rate swap designated as a cash flow hedges as of year-end is as follows (dollars in thousands): | |||||||||||||||||||||
2014 | ||||||||||||||||||||||
Notional Amounts | $ | 50,000 | ||||||||||||||||||||
Weighted average pay rates | 1.58 | % | ||||||||||||||||||||
Weighted average receivable rates | 0.24 | |||||||||||||||||||||
Weighted average maturity | 4.4 years | |||||||||||||||||||||
Unrealized gains | $ | 48 | ||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidate Statements of Income relating to the cash flow derivative instruments for the year ended December 31: | |||||||||||||||||||||
2014 | ||||||||||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | ||||||||||||||||||||
(Loss) Recognized in | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||
OCI (Effective | from OCI to Interest | Other Non-interest | ||||||||||||||||||||
Portion) | Income | Income (Ineffective | ||||||||||||||||||||
Portion) | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Interest Rate Contracts | $ | 48 | $ | — | $ | — | ||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of December 31, 2014: | |||||||||||||||||||||
2014 | ||||||||||||||||||||||
Notional | Fair Value | |||||||||||||||||||||
Amount | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Included in other asset/(liabilities): | ||||||||||||||||||||||
Interest rate swap related to FHLB Advances | $ | 50,000 | $ | 48 |
FAIR_VALUE_MEASUREMENTS_AND_FA1
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||||||||||||
31-Dec-14 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 32,817 | $ | — | $ | 32,817 | $ | — | ||||||||||||||||||||||||||||
Residential mortgage pass-through securities | 60,356 | — | 60,356 | — | ||||||||||||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,046 | — | 3,046 | — | ||||||||||||||||||||||||||||||||
Obligations of U.S. states and political subdivision | 8,406 | — | 8,406 | — | ||||||||||||||||||||||||||||||||
Trust preferred securities | 16,306 | — | 16,306 | — | ||||||||||||||||||||||||||||||||
Corporate bonds and notes | 125,777 | — | 125,777 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 27,502 | — | 27,502 | — | ||||||||||||||||||||||||||||||||
Certificates of deposit | 2,123 | — | 2,123 | — | ||||||||||||||||||||||||||||||||
Equity securities | 307 | 307 | — | — | ||||||||||||||||||||||||||||||||
Other securities | 12,892 | 12,892 | — | — | ||||||||||||||||||||||||||||||||
Securities available-for-sale | $ | 289,532 | $ | 13,199 | $ | 276,333 | $ | — | ||||||||||||||||||||||||||||
Derivatives | $ | 48 | $ | — | $ | 48 | $ | — | ||||||||||||||||||||||||||||
31-Dec-13 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||
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 subdivision | 31,460 | — | 31,460 | — | ||||||||||||||||||||||||||||||||
Trust preferred securities | 19,403 | — | 19,403 | 36 | ||||||||||||||||||||||||||||||||
Corporate bonds and notes | 158,630 | — | 158,630 | — | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 15,979 | — | 15,979 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 15,979 | — | 15,979 | — | ||||||||||||||||||||||||||||||||
Equity securities | 287 | 287 | — | — | ||||||||||||||||||||||||||||||||
Other securities | 5,724 | 5,724 | — | — | ||||||||||||||||||||||||||||||||
Securities available-for-sale | $ | 323,070 | $ | 19,530 | $ | 303,540 | $ | 36 | ||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents the changes in securities available-for-sale with significant unobservable inputs (Level 3) for the year ended December 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, | $ | — | $ | 36 | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | (260 | ) | |||||||||||||||||||||||||||||||||
Principal interest deferrals | — | 58 | ||||||||||||||||||||||||||||||||||
Principal paydown | — | — | ||||||||||||||||||||||||||||||||||
Total net losses included in net income | — | (628 | ) | |||||||||||||||||||||||||||||||||
Total net unrealized gains | — | 794 | ||||||||||||||||||||||||||||||||||
Ending balance, December 31, | $ | — | $ | — | ||||||||||||||||||||||||||||||||
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 fair value measurements at December 31, 2014 and 2013 are 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 real estate | Appraisals of collateral value | Market capitalization rates, Market rental | 8% | 12% | ||||||||||||||||||||||||||||||||
rates for similar properties | ||||||||||||||||||||||||||||||||||||
Construction | Appraisals of collateral value | Adjustment for age comparable sales | 5% | 0% | ||||||||||||||||||||||||||||||||
Other Real Estate Owned | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of | 0% | 25% | ||||||||||||||||||||||||||||||||
comparable sales | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Adjustment for age of comparable sales | 15% | 0% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
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 real estate | Appraisals of collateral value | Market capitalization rates, Market rental | 8% | 12% | ||||||||||||||||||||||||||||||||
rates for similar properties | ||||||||||||||||||||||||||||||||||||
Construction | Appraisals of collateral value | Adjustment for age comparable sales | 5% | 0% | ||||||||||||||||||||||||||||||||
Other Real Estate Owned | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Adjustment for age of | 0% | 25% | ||||||||||||||||||||||||||||||||
comparable sales | ||||||||||||||||||||||||||||||||||||
Residential | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Adjustment for age of comparable sales | 15% | 0% | ||||||||||||||||||||||||||||||||
Commercial | Appraisals of collateral value | Estimated selling costs | 6% | 8% | ||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||
31-Dec-14 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 3,907 | $ | — | $ | — | $ | 3,907 | ||||||||||||||||||||||||||||
Other real estate owned | 1,108 | — | — | 1,108 | ||||||||||||||||||||||||||||||||
31-Dec-13 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 4,601 | $ | — | $ | — | $ | 4,601 | ||||||||||||||||||||||||||||
Other real estate owned | 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 Company’s financial instruments as of December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||
Carrying | Fair | Fair Value Measurements | ||||||||||||||||||||||||||||||||||
Amount | Value | Quoted | Significant | Significant | ||||||||||||||||||||||||||||||||
Prices in | Other | Unobservable | ||||||||||||||||||||||||||||||||||
Active | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 126,847 | $ | 126,847 | $ | 126,847 | $ | — | $ | — | ||||||||||||||||||||||||||
Investment securities available-for-sale | 289,532 | 289,532 | 13,199 | 276,333 | — | |||||||||||||||||||||||||||||||
Investment securities held-to-maturity | 224,682 | 231,445 | 29,184 | 183,489 | 18,772 | |||||||||||||||||||||||||||||||
Restricted investment in bank stocks | 23,535 | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||
Net loans | 2,524,481 | 2,538,415 | — | — | 2,538,415 | |||||||||||||||||||||||||||||||
Derivatives | 48 | 48 | — | 48 | — | |||||||||||||||||||||||||||||||
Accrued interest receivable | 11,700 | 11,700 | 68 | 3,674 | 7,958 | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 492,516 | 492,516 | 492,516 | — | — | |||||||||||||||||||||||||||||||
Interest-bearing deposits | 1,983,091 | 1,990,484 | — | 1,990,484 | — | |||||||||||||||||||||||||||||||
Borrowings | 495,553 | 505,641 | — | 505,641 | — | |||||||||||||||||||||||||||||||
Subordinated debentures | 5,155 | 4,768 | — | 4,768 | — | |||||||||||||||||||||||||||||||
Accrued interest payable | 3,930 | 3,930 | — | 3,930 | — | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Restricted investment in bank stocks | 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 | — | |||||||||||||||||||||||||||||||
Long-term borrowings | 146,000 | 157,440 | — | 157,440 | — | |||||||||||||||||||||||||||||||
Subordinated debentures | 5,155 | 5,143 | — | 5,143 | — | |||||||||||||||||||||||||||||||
Accrued interest payable | 963 | 963 | — | 963 | — |
PARENT_CORPORATION_ONLY_FINANC1
PARENT CORPORATION ONLY FINANCIAL STATEMENTS (Tables) (Parent Company [Member]) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Parent Company [Member] | ||||||||||||||||||||||
PARENT CORPORATION ONLY FINANCIAL STATEMENTS (Tables) [Line Items] | ||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed financial statements of the Parent Corporation only are as follows: | |||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Cash and cash equivalents | $ | 274 | $ | 285 | ||||||||||||||||||
Investment in subsidiaries | 450,185 | 173,658 | ||||||||||||||||||||
Securities available for sale | 463 | 442 | ||||||||||||||||||||
Other assets | 2,250 | 271 | ||||||||||||||||||||
Total assets | $ | 453,172 | $ | 174,656 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||
Other liabilities | $ | 1,798 | $ | 917 | ||||||||||||||||||
Subordinated debentures | 5,155 | 5,155 | ||||||||||||||||||||
Stockholders’ equity | 446,219 | 168,584 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 453,172 | $ | 174,656 | ||||||||||||||||||
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF INCOME | |||||||||||||||||||||
For Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Income: | ||||||||||||||||||||||
Dividend income from subsidiaries | $ | 9,276 | $ | 4,393 | $ | 2,079 | ||||||||||||||||
Other income | 6 | 6 | 15 | |||||||||||||||||||
Net gains on available for sale securities | — | 22 | 26 | |||||||||||||||||||
Management fees | 100 | 353 | 409 | |||||||||||||||||||
Total Income | 9,382 | 4,774 | 2,529 | |||||||||||||||||||
Expenses | (707 | ) | (765 | ) | (731 | ) | ||||||||||||||||
Income before equity in undistributed earnings of subsidiaries | 8,675 | 4,009 | 1,798 | |||||||||||||||||||
Equity in undistributed earnings of subsidiaries | 9,890 | 15,916 | 15,709 | |||||||||||||||||||
Net Income | $ | 18,565 | $ | 19,925 | $ | 17,507 | ||||||||||||||||
Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For Years Ended December 31 | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||
Net income | $ | 18,565 | $ | 19,925 | $ | 17,507 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||
Net gains on sales of available for sale securities | — | (22 | ) | (26 | ) | |||||||||||||||||
Equity in undistributed earnings of subsidiary | (9,890 | ) | (15,916 | ) | (15,709 | ) | ||||||||||||||||
(Increase) decrease in other assets | (1,979 | ) | (167 | ) | 563 | |||||||||||||||||
Decrease in other liabilities | (1,010 | ) | (276 | ) | (772 | ) | ||||||||||||||||
Stock based compensation | 223 | 59 | 39 | |||||||||||||||||||
Net cash provided by operating activities | 5,909 | 3,603 | 1,602 | |||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | — | 181 | 375 | |||||||||||||||||||
Purchase of available-for-sale securities | — | — | (410 | ) | ||||||||||||||||||
Net cash provided by (used in) investing activities | — | 181 | (35 | ) | ||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||
Cash dividends on common stock | (6,940 | ) | (4,254 | ) | (2,778 | ) | ||||||||||||||||
Cash dividends on preferred stock | (140 | ) | (141 | ) | (363 | ) | ||||||||||||||||
Issuance of restricted stock award | — | 243 | — | |||||||||||||||||||
Issuance cost of common stock | (7 | ) | (13 | ) | (8 | ) | ||||||||||||||||
Proceeds from exercise of stock options | 885 | 21 | 141 | |||||||||||||||||||
Tax expense from stock based compensation | 282 | 16 | 28 | |||||||||||||||||||
Net cash used in financing activities | (5,920 | ) | (4,128 | ) | (2,980 | ) | ||||||||||||||||
Decrease in cash and cash equivalents | (11 | ) | (344 | ) | (1,413 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of year | 285 | 629 | 2,042 | |||||||||||||||||||
Cash and cash equivalents at the end of year | $ | 274 | $ | 285 | $ | 629 | ||||||||||||||||
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION OF CONNECTONE BANCORP, INC. (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | QUARTERLY FINANCIAL INFORMATION OF CONNECTONE BANCORP, INC. (UNAUDITED) | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||||||||||||||
Total interest income | $ | 33,130 | $ | 32,343 | $ | 14,401 | $ | 14,337 | |||||||||||||||||||||
Total interest expense | 4,550 | 4,797 | 2,733 | 2,727 | |||||||||||||||||||||||||
Net interest income | 28,580 | 27,546 | 11,668 | 11,610 | |||||||||||||||||||||||||
Provision for loan losses | 2,474 | 1,300 | 284 | 625 | |||||||||||||||||||||||||
Total other income, net of securities gains | 1,358 | 1,062 | 1,150 | 1,106 | |||||||||||||||||||||||||
Net securities gains | 718 | 111 | 574 | 1,415 | |||||||||||||||||||||||||
Other expense | 15,164 | 25,400 | 6,744 | 7,496 | |||||||||||||||||||||||||
Income before income taxes | 13,018 | 2,019 | 6,364 | 6,010 | |||||||||||||||||||||||||
Provision from income taxes | 4,995 | 253 | 1,986 | 1,612 | |||||||||||||||||||||||||
Net income | $ | 8,023 | $ | 1,766 | $ | 4,378 | $ | 4,398 | |||||||||||||||||||||
Net income available to common stockholders | $ | 7,995 | $ | 1,738 | $ | 4,350 | $ | 4,370 | |||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | 0.06 | $ | 0.27 | $ | 0.27 | |||||||||||||||||||||
Diluted | $ | 0.27 | $ | 0.06 | $ | 0.26 | $ | 0.27 | |||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 29,699,301 | 29,636,001 | 16,372,885 | 16,350,183 | |||||||||||||||||||||||||
Diluted | 30,149,244 | 30,108,103 | 16,430,376 | 16,405,540 | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||||||||||||||||
(Dollars in thousands, except share data) | |||||||||||||||||||||||||||||
Total interest income | $ | 14,644 | $ | 14,541 | $ | 13,979 | $ | 14,104 | |||||||||||||||||||||
Total interest expense | 2,778 | 2,819 | 2,751 | 2,734 | |||||||||||||||||||||||||
Net interest income | 11,866 | 11,722 | 11,228 | 11,370 | |||||||||||||||||||||||||
Provision for loan losses | 350 | — | — | — | |||||||||||||||||||||||||
Total other income, net of securities gains | 1,307 | 1,200 | 1,107 | 1,526 | |||||||||||||||||||||||||
Net securities (losses) gains | 449 | 343 | 600 | 319 | |||||||||||||||||||||||||
Other expense | 6,459 | 6,205 | 6,076 | 6,538 | |||||||||||||||||||||||||
Income before income taxes | 6,813 | 7,060 | 6,859 | 6,677 | |||||||||||||||||||||||||
Provision from income taxes | 1,829 | 1,966 | 1,936 | 1,753 | |||||||||||||||||||||||||
Net income | $ | 4,984 | $ | 5,094 | $ | 4,923 | $ | 4,924 | |||||||||||||||||||||
Net income available to common stockholders | $ | 4,955 | $ | 5,066 | $ | 4,895 | $ | 4,868 | |||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||
Basic | $ | 0.3 | $ | 0.31 | $ | 0.3 | $ | 0.3 | |||||||||||||||||||||
Diluted | $ | 0.3 | $ | 0.31 | $ | 0.3 | $ | 0.3 | |||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 16,350,183 | 16,349,480 | 16,348,915 | 16,348,215 | |||||||||||||||||||||||||
Diluted | 16,396,931 | 16,385,155 | 16,375,774 | 16,373,588 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number of offices merge | 23 | ||
Number of Operating Segments | 1 | 1 | |
Maximum Maturity of Cash and Cash Equivalents | 90 years | ||
Asset Impairment Charges | $0 | $700,000 | $900,000 |
Number of Segments of Loans and Leases | 5 | ||
Loans Delinquent Period | 90 days | ||
Non Accrual Contractual Due | 90 days | ||
Non Accrual Payment Status | 90 days | ||
Threshold Amount of Loan for Evaluation of Impairment | 250,000 | ||
Rolling Calculations Years | 3 years | ||
Life Insurance, Corporate or Bank Owned, Amount | $0 | $8,400,000 | |
Effective Income Tax Rate Reconciliation, Deduction, Medicare Prescription Drug Benefit, Percent | 50.00% | ||
Land, Buildings and Improvements [Member] | Minimum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 4 years | ||
Land, Buildings and Improvements [Member] | Maximum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Furniture Fixtures and Equipment [Member] | Minimum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture Fixtures and Equipment [Member] | Maximum [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of earnings per common share basic and diluted (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of earnings per common share basic and diluted [Abstract] | |||||||||||
Net income (in Dollars) | $8,023 | $1,766 | $4,378 | $4,398 | $4,984 | $5,094 | $4,923 | $4,924 | $18,565 | $19,925 | $17,507 |
Preferred stock dividends and accretion (in Dollars) | 112 | 141 | 281 | ||||||||
Net income available to common stockholders (in Dollars) | $7,995 | $1,738 | $4,350 | $4,370 | $4,955 | $5,066 | $4,895 | $4,868 | $18,453 | $19,784 | $17,226 |
Average number of common shares outstanding | 29,699,301 | 29,636,001 | 16,372,885 | 16,350,183 | 16,350,183 | 16,349,480 | 16,348,915 | 16,348,215 | 23,029,813 | 16,349,204 | 16,340,197 |
Effect of dilutive options | 449,000 | 37,000 | 11,000 | ||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | 30,149,244 | 30,108,103 | 16,430,376 | 16,405,540 | 16,396,931 | 16,385,155 | 16,375,774 | 16,373,588 | 23,479,074 | 16,385,692 | 16,351,046 |
Anti-dilutive common shares outstanding | 14,000 | 42,000 | |||||||||
Earnings per common share: | |||||||||||
Basic (in Dollars per share) | $0.27 | $0.06 | $0.27 | $0.27 | $0.30 | $0.31 | $0.30 | $0.30 | $0.80 | $1.21 | $1.05 |
Diluted (in Dollars per share) | $0.27 | $0.06 | $0.26 | $0.27 | $0.30 | $0.31 | $0.30 | $0.30 | $0.79 | $1.21 | $1.05 |
CASH_AND_CASH_EQUIVALENTS_Deta
CASH AND CASH EQUIVALENTS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ||
Cash Reserve Deposit Required and Made | $0 | $2.50 |
BUSINESS_COMBINATIONS_Details
BUSINESS COMBINATIONS (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jul. 01, 2014 | |
BUSINESS COMBINATIONS (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 | 12,400,000 | |
Business Combination Expenses Excluded from Non Interest Expenses | 12,400,000 | |
Business Combination Income Tax Benefits Related To Merger Expenses | 5,600,000 | |
Legacy ConnectOne [Member] | ||
BUSINESS COMBINATIONS (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 |
BUSINESS_COMBINATIONS_Details_
BUSINESS COMBINATIONS (Details) - Schedule of Business Combinations (USD $) | Dec. 31, 2014 | Jul. 01, 2014 | |
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $70,318,000 | ||
Investment securities | 28,452,000 | ||
Restricted investments | 13,646,000 | ||
Loans held for sale | 190,000 | ||
Loans | 1,299,284,000 | ||
Bank owned life insurance | 15,481,000 | ||
Premises and equipment, net | 6,475,000 | ||
Accrued interest receivable | 4,470,000 | ||
Core deposit intangible | 5,308,000 | ||
Other real estate owned | 2,455,000 | ||
Other assets | 14,286,000 | ||
Deposits | -1,051,342,000 | ||
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, net | -905,000 | [3] | |
Core deposit intangible | 5,308,000 | [4] | |
Other assets | 3,650,000 | [5] | |
Deposits | -1,676,000 | [6] | |
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 investments | 13,646,000 | ||
Loans held for sale | 190,000 | ||
Loans | 1,304,600,000 | ||
Bank owned life insurance | 15,481,000 | ||
Premises and equipment, net | 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 | ||
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 above-market rent on leased premises. The above-market rent adjustment will be amortized on a straight-line basis over the remaining term of the respective leases. | ||
[4] | Represents intangible assets recorded to reflect the fair value of core deposits. 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. |
BUSINESS_COMBINATIONS_Details_1
BUSINESS COMBINATIONS (Details) - Loans Accounted for in Accordance with ASC 310-30 (USD $) | Dec. 31, 2014 | Jul. 01, 2014 |
ASC 310-30 Loans | ||
Fair value of acquired loans | $1,028,000 | |
Loans accounted for in accordance with FASB ASC 310-30 [Member] | ||
ASC 310-30 Loans | ||
Contractual principal and accrued interest at acquisition | 23,284 | |
Principal not expected to be collected (nonaccretable 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 |
BUSINESS_COMBINATIONS_Details_2
BUSINESS COMBINATIONS (Details) - Schedule of Operating Results Attributable to Business Combinations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
BUSINESS COMBINATIONS (Details) - Schedule of Operating Results Attributable to Business Combinations [Line Items] | |||||||||||
Net interest income | $28,580 | $27,546 | $11,668 | $11,610 | $11,866 | $11,722 | $11,228 | $11,370 | $79,399 | $46,186 | $43,496 |
Noninterest income | 7,498 | 6,851 | 7,210 | ||||||||
Net income | 8,023 | 1,766 | 4,378 | 4,398 | 4,984 | 5,094 | 4,923 | 4,924 | 18,565 | 19,925 | 17,507 |
Legacy ConnectOne [Member] | |||||||||||
BUSINESS COMBINATIONS (Details) - Schedule of Operating Results Attributable to Business Combinations [Line Items] | |||||||||||
Net interest income | 107,988 | 95,749 | |||||||||
Noninterest income | 8,244 | 8,053 | |||||||||
Noninterest expense | -54,749 | -45,827 | |||||||||
Net income | $45,981 | $35,984 | |||||||||
Pro forma earnings per share from continuing operations: | |||||||||||
Basic (in Dollars per share) | $1.55 | $0.91 | |||||||||
Diluted (in Dollars per share) | $1.53 | $0.90 |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ||
Reclassification Of Available For Sale Investment Securities To Held To Maturity At Fair Value | $138,300,000 | |
Other Asset Impairment Charges | $0 | $628,000 |
Number of Investment Securities Sold | 54 | 170 |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details) - Unrealized gains on investment securities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | $281,461 | $319,147 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 8,596 | 6,960 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -525 | -3,037 |
Investment Securities Available-for-Sale, Fair Value | 289,532 | 323,070 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 224,682 | 215,286 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 6,858 | 1,516 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -95 | -5,844 |
Investment Securities Held-to-Maturity, Fair Value | 231,445 | 210,958 |
Total, Amortized Cost | 506,143 | 534,433 |
Total, Gross Unrealized Gains | 15,454 | 8,476 |
Total, Gross Unrealized Losses | -620 | -8,881 |
Total, Fair Value | 520,977 | 534,028 |
Federal Agency Obligations [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 32,650 | 20,567 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 217 | 29 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -50 | -655 |
Investment Securities Available-for-Sale, Fair Value | 32,817 | 19,941 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 27,103 | 15,249 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 322 | 23 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -28 | -389 |
Investment Securities Held-to-Maturity, Fair Value | 27,397 | 14,883 |
Residential Mortgage Backed Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 58,836 | 48,312 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 1,531 | 791 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -11 | -229 |
Investment Securities Available-for-Sale, Fair Value | 60,356 | 48,874 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 5,955 | 2,246 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 28 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -64 | |
Investment Securities Held-to-Maturity, Fair Value | 5,983 | 2,182 |
Commercial Mortgage Backed Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 3,042 | 7,145 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 4 | 3 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -157 | |
Investment Securities Available-for-Sale, Fair Value | 3,046 | 6,991 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 4,266 | 4,417 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 50 | 41 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -62 | |
Investment Securities Held-to-Maturity, Fair Value | 4,316 | 4,396 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 8,201 | 30,804 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 205 | 711 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -55 | |
Investment Securities Available-for-Sale, Fair Value | 8,406 | 31,460 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 120,144 | 127,418 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 4,512 | 1,303 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -60 | -3,688 |
Investment Securities Held-to-Maturity, Fair Value | 124,596 | 125,033 |
Trust Preferred Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 16,086 | 19,763 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 489 | 150 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -269 | -510 |
Investment Securities Available-for-Sale, Fair Value | 16,306 | 19,403 |
Corporate Bonds and Notes [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 119,838 | 154,182 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 5,950 | 4,930 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -11 | -482 |
Investment Securities Available-for-Sale, Fair Value | 125,777 | 158,630 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 38,950 | 37,900 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 1,026 | 149 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -7 | -622 |
Investment Securities Held-to-Maturity, Fair Value | 39,969 | 37,427 |
Asset-backed Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 27,393 | 15,733 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 140 | 246 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -31 | |
Investment Securities Available-for-Sale, Fair Value | 27,502 | 15,979 |
Certificate of Deposit [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 2,098 | 2,250 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 27 | 32 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -2 | -20 |
Investment Securities Available-for-Sale, Fair Value | 2,123 | 2,262 |
Equity Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 376 | 376 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -69 | -89 |
Investment Securities Available-for-Sale, Fair Value | 307 | 287 |
Other Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 12,941 | 5,671 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 33 | 68 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -82 | -15 |
Investment Securities Available-for-Sale, Fair Value | 12,892 | 5,724 |
US Treasury Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 14,344 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -825 | |
Investment Securities Available-for-Sale, Fair Value | 13,519 | |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 28,264 | 28,056 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 920 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -1,019 | |
Investment Securities Held-to-Maturity, Fair Value | $29,184 | $27,037 |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details) - Investments classified by maturity date (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities Available-for-Sale: | ||
Due in one year or less | $12,903 | |
Due in one year or less | 13,054 | |
Due after one year through five years | 42,369 | |
Due after one year through five years | 43,670 | |
Due after five years through ten years | 93,793 | |
Due after five years through ten years | 98,615 | |
Due after ten years | 57,201 | |
Due after ten years | 57,592 | |
Total | 281,461 | 319,147 |
Total | 289,532 | |
Investment Securities Held-to-Maturity: | ||
Due in one year or less | 5,001 | |
Due in one year or less | 5,054 | |
Due after one year through five years | 9,211 | |
Due after one year through five years | 9,367 | |
Due after five years through ten years | 70,030 | |
Due after five years through ten years | 72,302 | |
Due after ten years | 130,219 | |
Due after ten years | 134,423 | |
Total | 224,682 | 215,286 |
Total | 231,445 | 210,958 |
Total investment securities | 506,143 | |
Total investment securities | 520,977 | |
Residential Mortgage Backed Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale: amortized cost | 58,836 | |
Investment Securities Available-for-Sale: fair value | 60,356 | |
Total | 58,836 | 48,312 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity: amoritzed cost | 5,955 | |
Investment Securities Held-to-Maturity: fair value | 5,983 | |
Total | 5,983 | 2,182 |
Commercial Mortgage Backed Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale: amortized cost | 3,042 | |
Investment Securities Available-for-Sale: fair value | 3,046 | |
Total | 3,042 | 7,145 |
Investment Securities Held-to-Maturity: | ||
Investment Securities Held-to-Maturity: amoritzed cost | 4,266 | |
Investment Securities Held-to-Maturity: fair value | 4,316 | |
Total | 4,316 | 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 | 307 | |
Total | 376 | 376 |
Other Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Investment Securities Available-for-Sale: amortized cost | 12,941 | |
Investment Securities Available-for-Sale: fair value | 12,892 | |
Total | $12,941 | $5,671 |
INVESTMENT_SECURITIES_Details_2
INVESTMENT SECURITIES (Details) - Schedule of realized gains and losses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of realized gains and losses [Abstract] | |||
Proceeds | $81,844 | $122,165 | $130,059 |
Gross gains on sales of investment securities | 2,837 | 2,451 | 2,905 |
Gross losses on sales of investment securities | 19 | 88 | 23 |
Net gains on sales of investment securities | 2,818 | 2,363 | 2,882 |
Less: tax provision on net gains | -986 | -645 | -879 |
Net gains on sales of investment securities | $1,832 | $1,718 | $2,003 |
INVESTMENT_SECURITIES_Details_3
INVESTMENT SECURITIES (Details) - Schedule of OTTI charges (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of OTTI charges [Abstract] | ||
One variable rate private label CMO | $484 | |
Pooled trust preferred securities | 628 | 68 |
Principal losses on a variable rate CMO | 24 | 318 |
Total other-than-temporary impairment charges | $652 | $870 |
INVESTMENT_SECURITIES_Details_4
INVESTMENT SECURITIES (Details) - Schedule of preferred security and associated ratings (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
INVESTMENT SECURITIES (Details) - Schedule of preferred security and associated ratings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $281,461 | $319,147 |
Available-for-sale Securities, Fair Value | 289,532 | 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 | |
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 | 1,743 | |
Available-for-sale Securities, Fair Value | 1,773 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 30 | |
Lowest Credit Rating Assigned | BB | |
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 | 1,805 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 34 | |
Lowest Credit Rating Assigned | BB | |
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 | 2,833 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 86 | |
Lowest Credit Rating Assigned | BB | |
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 | 1,306 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -269 | |
Lowest Credit Rating Assigned | BB | |
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 | 2,535 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 35 | |
Lowest Credit Rating Assigned | BB | |
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 | 1,185 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 185 | |
Lowest Credit Rating Assigned | BB | |
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 | 4,612 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 112 | |
Lowest Credit Rating Assigned | BBB | |
Trust Preferred Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of preferred security and associated ratings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 16,086 | 19,763 |
Available-for-sale Securities, Fair Value | 16,306 | 19,403 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $220 |
INVESTMENT_SECURITIES_Details_5
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | $31,583 | $95,763 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -525 | -3,037 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 22,545 | 91,251 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -85 | -2,600 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 9,038 | 4,512 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -440 | -437 |
Investment Securities Held-to-Maturity: Total, Fair Value | 12,562 | 137,350 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -95 | -5,844 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 5,622 | 128,093 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -38 | -5,112 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 6,940 | 9,257 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | -57 | -732 |
Total Temporarily Impaired Securities, Total, Fair Value | 44,145 | 233,113 |
Total Temporarily Impaired Securities, Total, Unrealized Losses | -620 | -8,881 |
Total Temporarily Impaired Securities, Less than 12 Months, Fair Value | 28,167 | 219,344 |
Total Temporarily Impaired Securities, Less than 12 Months, Unrealized Losses | -123 | -7,712 |
Total Temporarily Impaired Securities, 12 Months or Longer, Fair Value | 15,978 | 13,769 |
Total Temporarily Impaired Securities, 12 Months or Longer, Unrealized Losses | -497 | -1,169 |
Federal Agency Obligations [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 6,755 | 17,200 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -50 | -655 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 2,770 | 17,200 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -9 | -655 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 3,985 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -41 | |
Investment Securities Held-to-Maturity: Total, Fair Value | 3,228 | 13,492 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -28 | -389 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 3,228 | 13,197 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -28 | -388 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 295 | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | -1 | |
Residential Mortgage Backed Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 5,694 | 18,293 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -11 | -229 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 5,694 | 18,293 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -11 | -229 |
Investment Securities Held-to-Maturity: Total, Fair Value | 2,182 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -64 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 2,182 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -64 | |
Trust Preferred Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,307 | 5,306 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -269 | -510 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 4,031 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -211 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 1,307 | 1,275 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -269 | -299 |
Corporate Bonds and Notes [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,961 | 32,498 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -11 | -482 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,961 | 30,533 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -11 | -448 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 1,965 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -34 | |
Investment Securities Held-to-Maturity: Total, Fair Value | 993 | 27,210 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -7 | -622 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 993 | 27,210 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -7 | -622 |
Asset-backed Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 9,773 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -31 | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 9,773 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -31 | |
Certificate of Deposit [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 369 | 552 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -2 | -20 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 369 | 552 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -2 | -20 |
Equity Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 307 | 287 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -69 | -89 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 307 | 287 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -69 | -89 |
Other Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 5,417 | 985 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -82 | -15 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,978 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -21 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 3,439 | 985 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -61 | -15 |
Obligation of U.S. States and Political Subdivisions [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 4,199 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -55 | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 4,199 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -55 | |
Investment Securities Held-to-Maturity: Total, Fair Value | 8,341 | 66,034 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -60 | -3,688 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 1,401 | 57,072 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -3 | -2,957 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 6,940 | 8,962 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | -57 | -731 |
US Government Agencies Debt Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 13,519 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -825 | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 13,519 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -825 | |
Investment Securities Held-to-Maturity: Total, Fair Value | 27,037 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -1,019 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 27,037 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -1,019 | |
Commercial Mortgage Backed Securities [Member] | ||
INVESTMENT SECURITIES (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 2,924 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -157 | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 2,924 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -157 | |
Investment Securities Held-to-Maturity: Total, Fair Value | 1,395 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -62 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 1,395 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | ($62) |
LOANS_AND_THE_ALLOWANCE_FOR_LO2
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Non Accrual Contractual Due | 90 days | ||
Loans Pledged as Collateral | $1,000,000,000 | $564,700,000 | |
Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received | 4,267,000 | 4,483,000 | |
Capital Leases Net Investment In Direct Financing Leases Unearned Interest Income | 538,000 | 733,000 | |
Capital Leases, Net Investment in Direct Financing Leases | 3,729,000 | 3,750,000 | |
Loans performing under the restructured terms | 1,800,000 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 5,700,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,520,693,000 | 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 | 800,000 | 1,000,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 333,000 | 0 | |
Financing Receivable, Modifications, Number of Contracts | 3 | 0 | 3 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Acquired Loans [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | $1,200,000,000 | $34,000,000 |
LOANS_AND_THE_ALLOWANCE_FOR_LO3
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Composition of Loan Portfolio (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $2,539,531 | $960,604 |
Net deferred loan (fees) costs | -890 | 339 |
Total loans receivable | 2,538,641 | 960,943 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 499,816 | 229,688 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,634,510 | 536,539 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 167,359 | 42,722 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 234,967 | 150,571 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $2,879 | $1,084 |
LOANS_AND_THE_ALLOWANCE_FOR_LO4
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Purchase Credit Impaired Loans (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Purchase Credit Impaired Loans [Line Items] | |
Total carrying amount | $9,821 |
Commercial Portfolio Segment [Member] | |
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Purchase Credit Impaired Loans [Line Items] | |
Total carrying amount | 7,199 |
Commercial Real Estate Portfolio Segment [Member] | |
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Purchase Credit Impaired Loans [Line Items] | |
Total carrying amount | 1,816 |
Residential Portfolio Segment [Member] | |
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Purchase Credit Impaired Loans [Line Items] | |
Total carrying amount | $806 |
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 $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of accretable yield, or income expected to be collected [Abstract] | ||
Balance at July 1, 2014 | $5,013 | |
Accretion of income | -142 | |
Disposals | -66 | 2 |
Balance at December 31, 2014 | $4,805 |
LOANS_AND_THE_ALLOWANCE_FOR_LO6
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Loans Receivable on Non-Accrual Status (USD $) | Dec. 31, 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 | $11,609 | $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 | 616 | 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 | 8,197 | 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 | $2,796 | $1,640 |
LOANS_AND_THE_ALLOWANCE_FOR_LO7
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Minimum future lease receipts of the direct financing lease are as follows: (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum future lease receipts of the direct financing lease are as follows: [Abstract] | |
2015 | $228 |
2016 | 265 |
2017 | 265 |
2018 | 265 |
2019 | 265 |
Thereafter | 2,441 |
Total minimum future lease receipts | $3,729 |
LOANS_AND_THE_ALLOWANCE_FOR_LO8
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Credit Quality Indicators (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $2,539,531 | $960,604 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 481,638 | 226,013 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,686 | 1,719 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 14,203 | 1,284 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 289 | 672 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 499,816 | 229,688 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,596,606 | 509,679 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 14,140 | 14,544 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 23,764 | 12,316 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,634,510 | 536,539 |
Commercial Real Estate Construction Financing Receivable [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 165,880 | 41,492 |
Commercial Real Estate Construction Financing Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,479 | |
Commercial Real Estate Construction Financing Receivable [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,230 | |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 167,359 | 42,722 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 230,772 | 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 | 4,195 | 2,214 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 234,967 | 150,571 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,778 | 964 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 101 | 120 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,879 | 1,084 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,477,674 | 925,527 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 19,305 | 17,241 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 42,263 | 17,164 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $289 | $672 |
LOANS_AND_THE_ALLOWANCE_FOR_LO9
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Schedule of analysis of impaired loans, by class (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | ||
No Related Allowance Recorded Invesment | $9,552,000 | $12,909,000 |
No Related Allowance Unpaid Principal Balance | 10,622,000 | 13,352,000 |
No Related Allowance Average Recorded Investment | 10,047,000 | 13,172,000 |
No Related Allowance Interest Income Recognized | 171,000 | 621,000 |
With An Allowance Recorded Recorded Investment | 3,907,000 | 5,016,000 |
With An Allowance Recorded Unpaid Principal Balance | 3,910,000 | 5,016,000 |
With An Allowance Recorded Related Allowance | 262,000 | 415,000 |
With An Allowance Recorded Average Recorded Investment | 3,973,000 | 5,046,000 |
With An Allowance Recorded Interest Income Recognized | 171,000 | 243,000 |
Total Impaired Recorded Investment | 13,459,000 | 17,925,000 |
Total Impaired Unpaid Principal Balance | 14,532,000 | 18,368,000 |
Total Impaired Related Allowance | 262,000 | 415,000 |
Total Impaired Average Recorded Investment | 14,020,000 | 18,218,000 |
Total Impaired Interest Income Recognized | 342,000 | 864,000 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No Related Allowance Recorded Invesment | 481,000 | 449,000 |
No Related Allowance Unpaid Principal Balance | 527,000 | 449,000 |
No Related Allowance Average Recorded Investment | 494,000 | 494,000 |
No Related Allowance Interest Income Recognized | 25,000 | |
With An Allowance Recorded Recorded Investment | 387,000 | 672,000 |
With An Allowance Recorded Unpaid Principal Balance | 389,000 | 672,000 |
With An Allowance Recorded Related Allowance | 111,000 | 300,000 |
With An Allowance Recorded Average Recorded Investment | 389,000 | 687,000 |
With An Allowance Recorded Interest Income Recognized | 43,000 | |
Total Impaired Recorded Investment | 868,000 | 1,121,000 |
Total Impaired Unpaid Principal Balance | 917,000 | 1,121,000 |
Total Impaired Related Allowance | 111,000 | 300,000 |
Total Impaired Average Recorded Investment | 883,000 | 1,181,000 |
Total Impaired Interest Income Recognized | 68,000 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No Related Allowance Recorded Invesment | 5,890,000 | 10,482,000 |
No Related Allowance Unpaid Principal Balance | 6,857,000 | 10,783,000 |
No Related Allowance Average Recorded Investment | 6,276,000 | 10,658,000 |
No Related Allowance Interest Income Recognized | 129,000 | 496,000 |
With An Allowance Recorded Recorded Investment | 3,520,000 | 4,344,000 |
With An Allowance Recorded Unpaid Principal Balance | 3,520,000 | 4,344,000 |
With An Allowance Recorded Related Allowance | 151,000 | 115,000 |
With An Allowance Recorded Average Recorded Investment | 3,584,000 | 4,359,000 |
With An Allowance Recorded Interest Income Recognized | 171,000 | 200,000 |
Total Impaired Recorded Investment | 9,410,000 | 14,826,000 |
Total Impaired Unpaid Principal Balance | 10,107,000 | 15,127,000 |
Total Impaired Related Allowance | 151,000 | 115,000 |
Total Impaired Average Recorded Investment | 9,860,000 | 15,017,000 |
Total Impaired Interest Income Recognized | 300,000 | 696,000 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No Related Allowance Recorded Invesment | 3,072,000 | 1,858,000 |
No Related Allowance Unpaid Principal Balance | 3,406,000 | 2,000,000 |
No Related Allowance Average Recorded Investment | 3,170,000 | 1,892,000 |
No Related Allowance Interest Income Recognized | 41,000 | 94,000 |
Total Impaired Recorded Investment | 3,072,000 | 1,858,000 |
Total Impaired Unpaid Principal Balance | 3,406,000 | 2,000,000 |
Total Impaired Average Recorded Investment | 3,170,000 | 1,892,000 |
Total Impaired Interest Income Recognized | 41,000 | 94,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No Related Allowance Recorded Invesment | 109,000 | 120,000 |
No Related Allowance Unpaid Principal Balance | 101,000 | 120,000 |
No Related Allowance Average Recorded Investment | 107,000 | 128,000 |
No Related Allowance Interest Income Recognized | 6,000 | |
Total Impaired Recorded Investment | 109,000 | 120,000 |
Total Impaired Unpaid Principal Balance | 101,000 | 120,000 |
Total Impaired Average Recorded Investment | 106,000 | 128,000 |
Total Impaired Interest Income Recognized | $6,000 |
Recovered_Sheet1
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Aging Analysis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $12,848 | $1,234 |
60-89 Days Past Due | 849 | 258 |
90 Days or Greater Past Due | 9,823 | 3,137 |
Total Past Due | 23,520 | 4,629 |
Current | 2,516,011 | 955,975 |
Total Loans Receivable | 2,539,531 | 960,604 |
Loans Receivable > 90 Days Past Due and Accruing | 1,211 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 6,060 | 18 |
90 Days or Greater Past Due | 662 | 753 |
Total Past Due | 6,722 | 771 |
Current | 493,094 | 228,917 |
Total Loans Receivable | 499,816 | 229,688 |
Loans Receivable > 90 Days Past Due and Accruing | 45 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 4,937 | 221 |
60-89 Days Past Due | 638 | |
90 Days or Greater Past Due | 5,961 | 744 |
Total Past Due | 11,535 | 965 |
Current | 1,622,975 | 535,574 |
Total Loans Receivable | 1,634,510 | 536,539 |
Loans Receivable > 90 Days Past Due and Accruing | 609 | |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 167,359 | 42,722 |
Total Loans Receivable | 167,359 | 42,722 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 1,821 | 990 |
60-89 Days Past Due | 210 | 258 |
90 Days or Greater Past Due | 3,200 | 1,640 |
Total Past Due | 5,231 | 2,888 |
Current | 229,736 | 147,683 |
Total Loans Receivable | 234,967 | 150,571 |
Loans Receivable > 90 Days Past Due and Accruing | 557 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 30 | 5 |
60-89 Days Past Due | 1 | |
Total Past Due | 31 | 5 |
Current | 2,848 | 1,079 |
Total Loans Receivable | $2,879 | $1,084 |
Recovered_Sheet2
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Allowance for loan and lease losses (USD $) | Dec. 31, 2014 | Jan. 01, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Dec. 31, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||||||
Allowance for loan and lease losses: | ||||||
Allowance for loan and lease losses, individually evaluated for impairment | $262 | $415 | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | 13,898 | 9,918 | ||||
Allowance for loan and lease losses, total | 14,160 | 10,333 | 10,333 | 10,237 | 10,237 | 9,602 |
Gross loans: | ||||||
Loans Receivable, individually evaluated for impairment | 9,017 | 17,925 | ||||
Loans Receivable, collectively evaluated for impairment | 2,520,693 | 942,679 | ||||
Acquired with deteriorated credit quality | 9,821 | |||||
Loans Receivable, Total | 2,539,531 | 960,604 | ||||
Commercial Portfolio Segment [Member] | ||||||
Allowance for loan and lease losses: | ||||||
Allowance for loan and lease losses, individually evaluated for impairment | 111 | 300 | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | 2,972 | 1,398 | ||||
Allowance for loan and lease losses, total | 3,083 | 1,698 | 1,698 | 2,424 | 2,419 | 1,527 |
Gross loans: | ||||||
Loans Receivable, individually evaluated for impairment | 452 | 1,121 | ||||
Loans Receivable, collectively evaluated for impairment | 492,165 | 228,567 | ||||
Acquired with deteriorated credit quality | 7,199 | |||||
Loans Receivable, Total | 499,816 | 229,688 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Allowance for loan and lease losses: | ||||||
Allowance for loan and lease losses, individually evaluated for impairment | 151 | 115 | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | 7,648 | 5,631 | ||||
Allowance for loan and lease losses, total | 7,799 | 5,746 | 5,746 | 5,323 | 5,212 | 5,972 |
Gross loans: | ||||||
Loans Receivable, individually evaluated for impairment | 6,284 | 14,826 | ||||
Loans Receivable, collectively evaluated for impairment | 1,626,410 | 521,713 | ||||
Acquired with deteriorated credit quality | 1,816 | |||||
Loans Receivable, Total | 1,634,510 | 536,539 | ||||
Construction Loans [Member] | ||||||
Allowance for loan and lease losses: | ||||||
Allowance for loan and lease losses, collectively evaluated for impairment | 1,239 | 362 | ||||
Allowance for loan and lease losses, total | 1,239 | 362 | 362 | 313 | 313 | 707 |
Gross loans: | ||||||
Loans Receivable, collectively evaluated for impairment | 167,359 | 42,722 | ||||
Loans Receivable, Total | 167,359 | 42,722 | ||||
Residential Portfolio Segment [Member] | ||||||
Allowance for loan and lease losses: | ||||||
Allowance for loan and lease losses, collectively evaluated for impairment | 1,113 | 990 | ||||
Allowance for loan and lease losses, total | 1,113 | 990 | 990 | 1,532 | 1,528 | 1,263 |
Gross loans: | ||||||
Loans Receivable, individually evaluated for impairment | 2,180 | 1,858 | ||||
Loans Receivable, collectively evaluated for impairment | 231,981 | 148,713 | ||||
Acquired with deteriorated credit quality | 806 | |||||
Loans Receivable, Total | 234,967 | 150,571 | ||||
Consumer Portfolio Segment [Member] | ||||||
Allowance for loan and lease losses: | ||||||
Allowance for loan and lease losses, collectively evaluated for impairment | 7 | 146 | ||||
Allowance for loan and lease losses, total | 7 | 146 | 146 | 113 | 114 | 51 |
Gross loans: | ||||||
Loans Receivable, individually evaluated for impairment | 101 | 120 | ||||
Loans Receivable, collectively evaluated for impairment | 2,778 | 964 | ||||
Loans Receivable, Total | 2,879 | 1,084 | ||||
Unallocated Financing Receivables [Member] | ||||||
Allowance for loan and lease losses: | ||||||
Allowance for loan and lease losses, collectively evaluated for impairment | 919 | 1,391 | ||||
Allowance for loan and lease losses, total | $919 | $1,391 | $1,391 | $532 | $651 | $82 |
Recovered_Sheet3
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Schedule of Allowance for Loan Losses (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2014 | Jan. 01, 2013 | Jan. 01, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Balance | $14,160 | $10,333 | $14,160 | $14,160 | $10,333 | $10,237 | $10,333 | $10,237 | $9,602 | ||||
Charge offs | -936 | -329 | -527 | ||||||||||
Recoveries | 837 | 80 | 75 | ||||||||||
Provision | 2,474 | 1,300 | 284 | 625 | 350 | 4,683 | 325 | 4,683 | 350 | 325 | |||
Commercial Portfolio Segment [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Balance | 3,083 | 1,698 | 3,083 | 3,083 | 1,698 | 2,419 | 1,698 | 2,424 | 1,527 | ||||
Charge offs | -379 | -6 | |||||||||||
Recoveries | 50 | 41 | |||||||||||
Provision | 1,714 | 892 | -761 | ||||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Balance | 7,799 | 5,746 | 7,799 | 7,799 | 5,746 | 5,212 | 5,746 | 5,323 | 5,972 | ||||
Charge offs | -398 | -126 | -57 | ||||||||||
Recoveries | 80 | 28 | |||||||||||
Provision | 2,451 | -783 | 521 | ||||||||||
Construction Loans [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Balance | 1,239 | 362 | 1,239 | 1,239 | 362 | 313 | 362 | 313 | 707 | ||||
Recoveries | 540 | ||||||||||||
Provision | 877 | -934 | 49 | ||||||||||
Residential Portfolio Segment [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Balance | 1,113 | 990 | 1,113 | 1,113 | 990 | 1,528 | 990 | 1,532 | 1,263 | ||||
Charge offs | -159 | -175 | -454 | ||||||||||
Recoveries | 210 | 19 | |||||||||||
Provision | 263 | 509 | -367 | ||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Balance | 7 | 146 | 7 | 7 | 146 | 114 | 146 | 113 | 51 | ||||
Charge offs | -22 | -16 | |||||||||||
Recoveries | 7 | 11 | 6 | ||||||||||
Provision | -150 | 72 | 49 | ||||||||||
Unallocated Financing Receivables [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Balance | 919 | 1,391 | 919 | 919 | 1,391 | 651 | 1,391 | 532 | 82 | ||||
Provision | ($472) | $569 | $859 |
Recovered_Sheet4
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) - Schedule of Troubled Debt Restructuring by Class (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Troubled debt restructurings: | |||
Number of Loans | 3 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $947 | $2,293 | |
Post-Modification Outstanding Recorded Investment | 561 | 1,037 | |
Commercial Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | 1 | ||
Pre-Modification Outstanding Recorded Investment | 672 | ||
Post-Modification Outstanding Recorded Investment | 289 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | 1 | ||
Pre-Modification Outstanding Recorded Investment | 225 | ||
Post-Modification Outstanding Recorded Investment | 225 | ||
Residential Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | 2 | 1 | |
Pre-Modification Outstanding Recorded Investment | 275 | 714 | |
Post-Modification Outstanding Recorded Investment | 272 | 675 | |
Consumer Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | 1 | ||
Pre-Modification Outstanding Recorded Investment | 1,354 | ||
Post-Modification Outstanding Recorded Investment | $137 |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Amortization | $1,500,000 | $900,000 | $900,000 |
Operating Leases, Rent Expense, Net | $1,557,000 | $1,094,000 | $805,000 |
PREMISES_AND_EQUIPMENT_Details1
PREMISES AND EQUIPMENT (Details) - Schedule of Premises and Equipment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 54,459 | $36,866 |
Less: accumulated depreciation and amortization | 32,977 | 23,185 |
Subtotal | 21,482 | 13,681 |
Less: fair value adjustment for leases | -829 | |
Total premises and equipment, net | 20,653 | 13,681 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,403 | 2,403 |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 5 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 40 years | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 16,490 | 13,675 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 2 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 20 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 24,809 | 17,604 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 30 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,757 | $3,184 |
PREMISES_AND_EQUIPMENT_Details2
PREMISES AND EQUIPMENT (Details) - Schedule of Capital Lease in Premises and Equipment (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Capital Lease in Premises and Equipment [Abstract] | |
Capital Lease | $3,422 |
Less: accumulated amortization | 1,026 |
$2,396 |
PREMISES_AND_EQUIPMENT_Details3
PREMISES AND EQUIPMENT (Details) - Schedule of Future Minimum Lease Payments for Capitalization leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Future Minimum Lease Payments for Capitalization leases [Abstract] | |
2015 | $291 |
2016 | 292 |
2017 | 292 |
2018 | 294 |
2019 | 321 |
Thereafter | 3,018 |
Total minimum lease payments | 4,508 |
Less amount representing interest | 1,509 |
Present value of net minimum lease payments | $2,999 |
PREMISES_AND_EQUIPMENT_Details4
PREMISES AND EQUIPMENT (Details) - Schedule of Operating Leases Included Renewal Provisions (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Operating Leases Included Renewal Provisions [Abstract] | |
2015 | $2,062 |
2016 | 1,902 |
2017 | 1,548 |
2018 | 1,493 |
2019 | 1,326 |
Thereafter | $7,509 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $507,000 | $30,000 | $44,000 |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - Schedule of change in goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
Schedule of change in goodwill [Abstract] | ||
Beginning of year | $16,804 | $16,804 |
Acquired goodwill | 129,105 | |
End of year | $145,909 | $16,804 |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - Intangible Assets Disclosure (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Amount | $6,011 | $703 |
Accumulated Amortization | -1,186 | -679 |
Net Carrying Amount | 4,825 | 24 |
Core Deposits [Member] | ||
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Amount | 6,011 | 703 |
Accumulated Amortization | -1,186 | -679 |
Net Carrying Amount | $4,825 | $24 |
GOODWILL_AND_OTHER_INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - Estimated amortization expense (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated amortization expense [Abstract] | |
2015 | $917 |
2016 | 820 |
2017 | 724 |
2018 | 627 |
2019 | $531 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Disclosure Text Block [Abstract] | ||
Time Deposits Maturities, after Next Twelve Months | $668.70 | $152 |
Time Deposits 250000 or More | $108 | $61.90 |
DEPOSITS_Details_Schedule_of_T
DEPOSITS (Details) - Schedule of Time Deposits (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Time Deposits [Abstract] | |
2015 | $366,168 |
2016 | 95,622 |
2017 | 93,400 |
2018 | 71,507 |
2019 | 42,003 |
Total | $668,700 |
BORROWED_FUNDS_Details
BORROWED FUNDS (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2014 | |
BORROWED FUNDS (Details) [Line Items] | ||
Number of Federal Home Loan Bank Notes | 3 | |
Extinguishment of Debt, Amount | $70,000,000 | |
Long-term Line of Credit | 772,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 308,000,000 | |
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 | |
Federal Home Loan Bank Note One [Member] | ||
BORROWED FUNDS (Details) [Line Items] | ||
Extinguishment of Debt, Amount | 2,500,000 | |
Debt Instrument, Maturity Date | 2-Apr-18 | |
Federal Home Loan Bank Note Two [Member] | ||
BORROWED FUNDS (Details) [Line Items] | ||
Extinguishment of Debt, Amount | 7,500,000 | |
Debt Instrument, Maturity Date | 2-Apr-18 | |
Federal Home Loan Bank Note Three [Member] | ||
BORROWED FUNDS (Details) [Line Items] | ||
Extinguishment of Debt, Amount | $5,000,000 | |
Debt Instrument, Maturity Date | 16-Jul-18 |
BORROWED_FUNDS_Details_Schedul
BORROWED FUNDS (Details) - Schedule of components of borrowings (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Outstanding | $494,525,000 | |
Add Fair Value Mark: | 1,028,000 | |
495,553,000 | 146,000,000 | |
Federal Home Loan Bank Zero Point Three Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 15-Jan-15 | |
Interest Rate | 0.35% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Eight Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 23-Feb-15 | |
Interest Rate | 0.88% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank Zero Zero Point Three Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2-Mar-15 | |
Interest Rate | 0.35% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Three Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 30-Mar-15 | |
Interest Rate | 0.38% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Three Seven [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 31-Mar-15 | |
Interest Rate | 0.37% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Three Nine [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 1-May-15 | |
Interest Rate | 0.39% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Eight One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 7-May-15 | |
Interest Rate | 0.81% | |
Outstanding | 15,000,000 | |
Federal Home Loan Bank Two Point One Seven [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 11-May-15 | |
Interest Rate | 2.17% | |
Outstanding | 525,000 | |
Federal Home Loan Bank Two Point Nine One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 11-May-15 | |
Interest Rate | 2.91% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Zero Point Four One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 1-Jun-15 | |
Interest Rate | 0.41% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Four Six [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 1-Jun-15 | |
Interest Rate | 0.46% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Four Four [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 9-Jun-15 | |
Interest Rate | 0.44% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank Zero Point Four Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 26-Jun-15 | |
Interest Rate | 0.48% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank One Point Four Nine [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 5-Aug-15 | |
Interest Rate | 1.49% | |
Outstanding | 2,000,000 | |
Federal Home Loan Bank One Point Nine Three [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 3-Aug-16 | |
Interest Rate | 1.93% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank One Point Zero Four [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 26-Aug-16 | |
Interest Rate | 1.04% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank One Point One Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 11-Oct-16 | |
Interest Rate | 1.15% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank One Point One Six [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 23-Jan-17 | |
Interest Rate | 1.16% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank One Point Two Six [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 28-Apr-17 | |
Interest Rate | 1.26% | |
Outstanding | 5,000,000 | |
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 | 15,000,000 | 15,000,000 |
Federal Home Loan Bank One Point Three [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 26-Jun-17 | |
Interest Rate | 1.30% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank One Point Two Nine [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 8-Jul-17 | |
Interest Rate | 1.29% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank One Point Four One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 25-Sep-17 | |
Interest Rate | 1.41% | |
Outstanding | 11,000,000 | |
Federal Home Loan Bank One Point Five Six [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 12-Feb-18 | |
Interest Rate | 1.56% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank Two Point Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2-Apr-18 | |
Interest Rate | 2.50% | |
Outstanding | 2,500,000 | |
Federal Home Loan Bank One Point Nine Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2-Apr-18 | |
Interest Rate | 1.98% | |
Outstanding | 7,500,000 | |
Federal Home Loan Bank One Point Seven Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 30-Apr-18 | |
Interest Rate | 1.75% | |
Outstanding | 5,000,000 | |
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 | 5,000,000 | 3,000,000 |
Repo Five Point Eight Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 8-Aug-18 | 8-Aug-18 |
Interest Rate | 5.85% | 5.85% |
Outstanding | 16,000,000 | 16,000,000 |
Federal Home Loan Bank Four Point One Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 11-Sep-18 | |
Interest Rate | 4.15% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank One Point Six Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 23-Oct-18 | |
Interest Rate | 1.68% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank One One Point Six Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 19-Nov-18 | |
Interest Rate | 1.68% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank One Point Seven Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 17-Dec-18 | |
Interest Rate | 1.78% | |
Outstanding | 25,000,000 | |
Federal Home Loan Bank One Point Seven Nine [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 30-Jan-19 | |
Interest Rate | 1.79% | |
Outstanding | 4,000,000 | |
Federal Home Loan Bank One Point Nine Nine [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 11-Feb-19 | |
Interest Rate | 1.99% | |
Outstanding | 6,000,000 | |
Federal Home Loan Bank Three Point Two Three [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 30-Oct-20 | |
Interest Rate | 3.23% | |
Outstanding | 20,000,000 | |
Federal Home Loan Bank Three Point Six One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2-Nov-20 | |
Interest Rate | 3.61% | |
Outstanding | 20,000,000 | |
Federal Home Loan Bank Three Point One Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 16-Nov-17 | |
Interest Rate | 3.18% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Three Point Two Nine [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 16-Nov-17 | |
Interest Rate | 3.29% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Three Point One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 16-Nov-17 | |
Interest Rate | 3.10% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Three Point Four Nine [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 16-Nov-17 | |
Interest Rate | 3.49% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank Three Point One Six [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 27-Nov-17 | |
Interest Rate | 3.16% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Three Point Four [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 27-Nov-17 | |
Interest Rate | 3.40% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Three Point Two Five [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 3-Jan-18 | |
Interest Rate | 3.25% | |
Outstanding | 4,000,000 | |
Federal Home Loan Bank Two Point Seven Four [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 3-Jan-18 | |
Interest Rate | 2.74% | |
Outstanding | 3,000,000 | |
Federal Home Loan Bank Three Point Three Four [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 31-Jan-18 | |
Interest Rate | 3.34% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank Two Point Four Four [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 31-Jan-18 | |
Interest Rate | 2.44% | |
Outstanding | 10,000,000 | |
Federal Home Loan Bank Two Point Seven Eight [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 31-Jan-18 | |
Interest Rate | 2.78% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Four Point One Six [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 12-Sep-18 | |
Interest Rate | 4.16% | |
Outstanding | 5,000,000 | |
Federal Home Loan Bank Three Point Six Two [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2-Nov-20 | |
Interest Rate | 3.62% | |
Outstanding | 20,000,000 | |
Federal Home Loan Bank Three Point Two Four [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 30-Nov-20 | |
Interest Rate | 3.24% | |
Outstanding | $20,000,000 |
SUBORDINATED_DEBENTURES_Detail
SUBORDINATED DEBENTURES (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Subordinated Borrowings [Abstract] | |
Value of subordinated debentures received by Trust | $5.20 |
Floating interest rate on subordinated debentures | 3.08% |
SUBORDINATED_DEBENTURES_Detail1
SUBORDINATED DEBENTURES (Details) - Schedule of subordinated Borrowing (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2003 | |
Schedule of subordinated Borrowing [Abstract] | |||
Issuance Date | 19-Dec-03 | 19-Dec-03 | |
Securities Issued | $5,000,000 | $5,000,000 | $5,200,000 |
Liquidation Value | $1,000 per Capital Security | $1,000 per Capital Security | |
Coupon Rate | Floating 3-month LIBOR + 285 Basis Points | Floating 3-month LIBOR + 285 Basis Points | |
Maturity | 23-Jan-34 | 23-Jan-34 | |
Redeemable by Issuer Beginning | 23-Jan-09 | 23-Jan-09 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $15.40 |
Operating Loss Carry forward Expiration Date | expire in 2034 |
INCOME_TAXES_Details_Schedule_
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Components of Income Tax Expense (Benefit) [Abstract] | |||
Federal | $7,715 | $5,658 | $5,506 |
State | 946 | 87 | 259 |
Subtotal | 8,661 | 5,745 | 5,765 |
Federal | 223 | 1,906 | 1,085 |
State | -39 | -167 | 827 |
Subtotal | 184 | 1,739 | 1,912 |
Income tax expense | $8,845 | $7,484 | $7,677 |
INCOME_TAXES_Details_Schedule_1
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
Income before income tax expense | $13,018 | $2,019 | $6,364 | $6,010 | $6,813 | $7,060 | $6,859 | $6,677 | $27,410 | $27,409 | $25,184 |
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Computed “expected†Federal income tax expense | 9,593 | 9,593 | 8,814 | ||||||||
State tax, net of Federal tax benefit | 589 | -53 | 706 | ||||||||
Bank owned life insurance | -456 | -477 | -356 | ||||||||
Tax-exempt interest and dividends | -1,511 | -1,645 | -1,228 | ||||||||
Bargain gain on Saddle River Valley Bank acquisition | -314 | ||||||||||
Other, net | 630 | 66 | 55 | ||||||||
Income tax | $8,845 | $7,484 | $7,677 |
INCOME_TAXES_Details_Schedule_2
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Impaired assets | $1,221 | |
Allowance for loan losses | 5,681 | 4,118 |
Pension actuarial losses | 2,980 | 2,206 |
Purchase accounting | 9,221 | |
Deferred compensation | 1,066 | |
Accrued rent | 476 | |
Other | 594 | 466 |
NJ NOL | 902 | 399 |
NJ AMA credits | 137 | |
Total deferred tax assets | 20,920 | 8,547 |
Deferred tax liabilities: | ||
Employee benefit plans | 1,199 | 1,281 |
Depreciation | 886 | 416 |
Market discount accretion | 91 | 200 |
Deferred loan costs, net of fees | 317 | 385 |
Prepaid expenses | 393 | |
Other | 64 | |
Purchase accounting | 522 | |
Unrealized gains on securities available-for-sale | 2,403 | 547 |
Total deferred tax liabilities | 5,353 | 3,351 |
Net deferred tax asset | $15,567 | $5,196 |
COMMITMENTS_CONTINGENCIES_AND_2
COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS OF CREDIT RISK (Details) - Summary of Financial Instruments with Off-Balance Sheet Risk (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | $489,821 | $238,256 |
Commercial Portfolio Segment [Member] | Supply Commitment [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 236,447 | 109,661 |
Home Equity Line of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 56,031 | 41,836 |
Commercial Real Estate Portfolio Segment [Member] | Supply Commitment [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 169,043 | 48,129 |
Standby Letters of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 27,500 | 9,655 |
Financial Standby Letter of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 21,844 | |
Residential Portfolio Segment [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 1,858 | |
Overdraft Protection Lines [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | $800 | $5,273 |
TRANSACTIONS_WITH_EXECUTIVE_OF2
TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS AND PRINCIPAL STOCKHOLDERS (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Proceeds from Other Deposits | $19,400,000 |
TRANSACTIONS_WITH_EXECUTIVE_OF3
TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS AND PRINCIPAL STOCKHOLDERS (Details) - Loans to principal officers, directors, and their affiliates (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans to principal officers, directors, and their affiliates [Abstract] | ||
Beginning balance | $20,365 | $18,977 |
New loans | 150 | 11,613 |
Loans assumed in Merger | 31,325 | |
Repayments | -7,487 | -10,225 |
Ending balance | $44,353 | $20,365 |
STOCKHOLDERS_EQUITY_AND_REGULA2
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Sep. 15, 2011 | Jan. 12, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2003 | |
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Details) [Line Items] | ||||||
Nonvoting senior preferred stock issued, value (in Dollars) | $11,250,000 | $10,000,000 | ||||
Warrants issued to treasury for purchase of common stock, shares (in Shares) | 173,410 | |||||
Exercise price of warrants issued for common stock (in Dollars per share) | $8.65 | |||||
Date rights offering was complete | Oct-09 | |||||
Number of shares underlying the warrants held by Treasury (in Shares) | 86,705 | |||||
Percentage of original amount of warrants left | 50.00% | |||||
Tier One Leverage Capital (in Dollars) | 1,250,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | |||||
Preferred Stock Increase Dividend Rate Percentage | 9.00% | |||||
Payments for Repurchase of Trust Preferred Securities (in Dollars) | 11,250,000 | |||||
Payments for Repurchase of Warrants (in Dollars) | 245,000 | |||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |||||
Tier One Leverage Capital to Average Assets | 4.00% | |||||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 8.00% | |||||
Tier One Risk Based Capital to Risk Weighted Assets | 5.00% | |||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | |||||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |||||
Proceeds from Issuance of Trust Preferred Securities (in Dollars) | 5,000,000 | 5,000,000 | 5,200,000 | |||
Series B [Member] | ||||||
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Details) [Line Items] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | 11,250 | |||||
Series A [Member] | ||||||
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Details) [Line Items] | ||||||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $1,000 | |||||
Fixed Rate Cumulative Perpetual Preferred Stock Redemption Shares (in Shares) | 10,000 | |||||
Preferred Stock, Redemption Amount (in Dollars) | $10,041,667 |
STOCKHOLDERS_EQUITY_AND_REGULA3
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Details) - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (USD $) | Dec. 31, 2014 | Sep. 15, 2011 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier One Leverage Capital | $1,250 | ||
Tier One Leverage Capital to Average Assets | 4.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | ||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 8.00% | ||
Tier One Risk Based Capital to Risk Weighted Assets | 5.00% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | ||
Union Center National Bank [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier One Leverage Capital | 300,399 | 159,431 | |
Tier One Leverage Capital to Average Assets | 9.33% | 9.69% | |
Tier One Leverage Capital Required for Capital Adequacy | 128,729 | 65,813 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized | 160,911 | 82,266 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% | |
Tier One Risk Based Capital | 300,399 | 159,431 | |
Tier One Risk Based Capital to Risk Weighted Assets | 10.40% | 12.10% | |
Tier One Risk Based Capital Required for Capital Adequacy | 115,493 | 52,704 | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% | |
Tier One Risk Based Capital Required to be Well Capitalized | 173,239 | 79,057 | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% | |
Capital | 314,769 | 169,974 | |
Capital to Risk Weighted Assets | 10.90% | 12.91% | |
Capital Required for Capital Adequacy | 230,986 | 105,329 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Capital Required to be Well Capitalized | 288,732 | 131,661 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | |
Parent Company [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier One Leverage Capital | 301,593 | 159,316 | |
Tier One Leverage Capital to Average Assets | 9.37% | 9.69% | |
Tier One Leverage Capital Required for Capital Adequacy | 128,747 | 65,765 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized | |||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | |||
Tier One Risk Based Capital | 301,593 | 159,316 | |
Tier One Risk Based Capital to Risk Weighted Assets | 10.44% | 12.10% | |
Tier One Risk Based Capital Required for Capital Adequacy | 115,561 | 52,666 | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% | |
Tier One Risk Based Capital Required to be Well Capitalized | |||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | |||
Capital | 315,963 | 169,894 | |
Capital to Risk Weighted Assets | 10.94% | 12.90% | |
Capital Required for Capital Adequacy | 231,121 | 105,361 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Capital Required to be Well Capitalized | |||
Capital Required to be Well Capitalized to Risk Weighted Assets |
COMPREHENSIVE_INCOME_Details_C
COMPREHENSIVE INCOME (Details) - Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
COMPREHENSIVE INCOME (Details) - Comprehensive Income (Loss) [Line Items] | |||
OTTI losses | $652 | $870 | |
178 | 265 | ||
Sale of investment securities available-for-sale | 6,966 | -8,741 | 19,819 |
2,635 | -3,578 | 7,444 | |
-1,548 | |||
Total reclassification | 1,530 | -7,607 | 10,509 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
COMPREHENSIVE INCOME (Details) - Comprehensive Income (Loss) [Line Items] | |||
OTTI losses | -652 | -870 | |
178 | 265 | ||
-474 | -605 | ||
Sale of investment securities available-for-sale | 2,818 | 2,363 | 2,882 |
-986 | -645 | -879 | |
1,832 | 1,718 | 2,003 | |
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity | -215 | 58 | 2 |
91 | -19 | -1 | |
-124 | 39 | 1 | |
Pension plan actuarial (gains) losses | 204 | -654 | 790 |
-83 | 267 | -323 | |
121 | -387 | 467 | |
Total reclassification | $1,829 | $896 | $1,866 |
COMPREHENSIVE_INCOME_Details_S
COMPREHENSIVE INCOME (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Investment securities available for sale, net of tax | $4,874 | $2,374 |
Cash flow hedge | 28 | |
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | -1,301 | -1,425 |
Defined benefit pension and post-retirement plans, net of tax | -4,615 | -3,493 |
Total | ($1,014) | ($2,544) |
PENSION_AND_OTHER_BENEFITS_Det
PENSION AND OTHER BENEFITS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
PENSION AND OTHER BENEFITS (Details) [Line Items] | |||
General Discussion of Pension and Other Postretirement Benefits | The Company maintains a frozen noncontributory pension plan for substantially all of its employees. The benefits are based on years of service and the employee’s compensation over the prior five-year period. The plan’s benefits are payable in the form of a ten year certain and life annuity. The plan is intended to be a tax-qualified defined benefit plan under Section 401(a) of the Internal Revenue Code. Payments may be made under the Pension Plan once attaining the normal retirement age of 65 and are generally equal to 44 percent of a participant’s highest average compensation over a 5-year period. | ||
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | $15,100,000 | $13,600,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 434,000 | ||
Defined Benefit Plan, Contributions by Employer | 291,000 | 265,000 | 405,000 |
Defined Benefit Plan Minimum Contributions By Employer | 400,000 | ||
Defined Benefit Plan, Contributions by Plan Participants | 3,700,000 | ||
Defined Benefit Plan, Description of Plan Amendment | Beginning with the 2013 Plan Year, the Plan was amended to provide for a 3% nonelective safe harbor contribution for all participants. | ||
Pension Trust Subsequent Event [Member] | |||
PENSION AND OTHER BENEFITS (Details) [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $2,000,000 | ||
Minimum [Member] | |||
PENSION AND OTHER BENEFITS (Details) [Line Items] | |||
Defined Benefit Plan, Funded Percentage | 85.00% | ||
Maximum [Member] | |||
PENSION AND OTHER BENEFITS (Details) [Line Items] | |||
Defined Benefit Plan, Funded Percentage | 115.00% |
PENSION_AND_OTHER_BENEFITS_Det1
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Projected Benefit Obligations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Changes in Projected Benefit Obligations [Abstract] | |||
Projected benefit obligation at beginning of year | $13,569 | $13,533 | |
Interest cost | 576 | 529 | 555 |
Actuarial loss | 2,023 | 255 | |
Benefits paid | -701 | -748 | |
Settlements | -393 | ||
Projected benefit obligation at end of year | 15,074 | 13,569 | 13,533 |
Fair value of plan assets at beginning year | 11,026 | 7,034 | |
Actual return on plan assets | 413 | 1,040 | |
Employer contributions | 3,700 | ||
Benefits paid | -701 | -748 | |
Settlements | -324 | ||
Fair value of plan assets at end of year | 10,414 | 11,026 | 7,034 |
Funded status | ($4,660) | ($2,543) |
PENSION_AND_OTHER_BENEFITS_Det2
PENSION AND OTHER BENEFITS (Details) - Schedule of Net Periodic Pension Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Net Periodic Pension Expense [Abstract] | |||
Interest cost | $576 | $529 | $555 |
Expected return on plan assets | -596 | -488 | -377 |
Net amortization | 223 | 375 | 294 |
Recognized settlement loss | 1 | ||
Total net periodic pension expense | $204 | $416 | $472 |
PENSION_AND_OTHER_BENEFITS_Det3
PENSION AND OTHER BENEFITS (Details) - Component of Accumulated Other Comprehensive Loss have not been Recognized as a Component of Net Periodic Pension Expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Component of Accumulated Other Comprehensive Loss have not been Recognized as a Component of Net Periodic Pension Expense [Abstract] | ||
Net acturial loss | $7,595 | $5,699 |
Total recognized in other comprehensive income | 7,595 | 5,699 |
Total recognized in net periodic expense and other comprehensive income (before tax) | $7,799 | $6,115 |
PENSION_AND_OTHER_BENEFITS_Det4
PENSION AND OTHER BENEFITS (Details) - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Abstract] | |||
Discount rate | 3.76% | 4.84% | 4.03% |
Rate of compensation increase | |||
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% |
Discount rate | 4.84% | 4.03% | 4.64% |
Expected long-term return on plan assets | 5.50% | 5.50% | 5.50% |
Rate of compensation increase |
PENSION_AND_OTHER_BENEFITS_Det5
PENSION AND OTHER BENEFITS (Details) - Schedule of Allocation of Plan Assets | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Securities | |||
Target Allocation | 100.00% | ||
% of Plan Assets | 100.00% | 100.00% | |
Weighted Average Expected Long-Term Rate of Return | 5.50% | 5.50% | 5.50% |
Domestic Equity Securities [Member] | |||
Equity Securities | |||
Target Allocation | 45.00% | ||
% of Plan Assets | 42.00% | 39.00% | |
Weighted Average Expected Long-Term Rate of Return | 6.50% | ||
International Equity Securities [Member] | |||
Equity Securities | |||
Target Allocation | 15.00% | ||
% of Plan Assets | 13.00% | 14.00% | |
Weighted Average Expected Long-Term Rate of Return | 6.50% | ||
Debt And Fixed Income Securities [Member] | |||
Equity Securities | |||
Target Allocation | 39.00% | ||
% of Plan Assets | 36.00% | 39.00% | |
Weighted Average Expected Long-Term Rate of Return | 4.00% | ||
Cash And Other Alternative Investments [Member] | |||
Equity Securities | |||
Target Allocation | 1.00% | ||
% of Plan Assets | 9.00% | 8.00% | |
Weighted Average Expected Long-Term Rate of Return | 0.00% |
PENSION_AND_OTHER_BENEFITS_Det6
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | $10,414 | $11,026 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 869 | 865 |
Cash [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 869 | 865 |
Us Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 4,304 | 4,310 |
Us Companies [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 4,304 | 4,310 |
International Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 1,394 | 1,495 |
International Companies [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 1,394 | 1,495 |
Debt And Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 3,754 | 4,356 |
Debt And Fixed Income Securities [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 3,754 | 4,356 |
Real Estate Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 93 | |
Real Estate Fund [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 93 | |
Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | $10,414 | $11,026 |
PENSION_AND_OTHER_BENEFITS_Det7
PENSION AND OTHER BENEFITS (Details) - Estimated Future Benefit Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated Future Benefit Payments [Abstract] | |
2015 | $777 |
2016 | 764 |
2017 | 759 |
2018 | 743 |
2019 | 764 |
2020-2024 | $3,880 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
STOCK BASED COMPENSATION (Details) [Line Items] | |||
Share Based Compensation Arrangement by Share Based Payment Award Number of Plans | 3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Allocated Share-based Compensation Expense | $58,000 | ||
Share-based Compensation | 223,000 | 59,000 | 39,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 18,829 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $4.73 | ||
Stock Issued During Period, Shares, Treasury Stock Reissued (in Shares) | 2,013 | ||
Restricted Stock Awards Compensation Expense Included In Salary Expense | 165,000 | 24,000 | 25,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 795,188 | 41,639 | 27,784 |
Options issued during period (in Shares) | 0 | ||
Unrecognized compensation cost related to nonvested shares | 475,000 | ||
Weighted average period related to compesation cost | 18 years 36 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 374,000 | 0 | |
Restricted Stock or Unit Expense | $0 | $0 | $0 |
Restricted Stock [Member] | |||
STOCK BASED COMPENSATION (Details) [Line Items] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $18,829 | $2,125 | |
Employee Director Stock Option Plan 2009 [Member] | |||
STOCK BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 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 (in Shares) | 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 (in Shares) | 237,621 |
STOCK_BASED_COMPENSATION_Detai1
STOCK BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
STOCK BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Weighted average fair value of grants (in Dollars per share) | $2.03 | |
Risk-free interest rate | 2.03% | |
Dividend yield | 1.24% | |
Expected volatility | 22.04% | |
Expected life in months | 68 months | |
Minimum [Member] | ||
STOCK BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Weighted average fair value of grants (in Dollars per share) | $2.50 | |
Risk-free interest rate | 1.86% | |
Dividend yield | 1.76% | |
Expected volatility | 23.21% | |
Expected life in months | 69 months | |
Maximum [Member] | ||
STOCK BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Weighted average fair value of grants (in Dollars per share) | $5.87 | |
Risk-free interest rate | 2.29% | |
Dividend yield | 2.11% | |
Expected volatility | 33.74% | |
Expected life in months | 90 months |
STOCK_BASED_COMPENSATION_Detai2
STOCK BASED COMPENSATION (Details) - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | ||||
Outstanding Beginning Balance - Shares | 882,657 | 188,380 | ||
Outstanding Beginning Balance - Weighted average exercise price | $5.65 | $10.55 | ||
Outstanding Ending Balance - Weighted average remaining contractual term (years) | 4 years 138 days | |||
Outstanding Ending Balance - Aggregate intrinsic value | $11,784,579 | |||
Exercisable at December 31, 2014 | 882,657 | |||
Exercisable at December 31, 2014 | $5.65 | |||
Exercisable at December 31, 2014 | 4 years 138 days | |||
Exercisable at December 31, 2014 | $11,784,579 | |||
Assumed In Merger | 795,188 | 41,639 | 27,784 | |
Assumed In Merger | $4.73 | |||
Exercised | -100,911 | |||
Exercised | $8.77 |
STOCK_BASED_COMPENSATION_Detai3
STOCK BASED COMPENSATION (Details) - Disclosure related to stock option plan (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
2014 | |||
Intrinsic value of options exercised | $1,011,000 | ||
Cash received from options exercised | 885,000 | 21,000 | 141,000 |
Tax benefit realized from options exercised | $282,000 | $16,000 | $28,000 |
STOCK_BASED_COMPENSATION_Detai4
STOCK BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Nonvested Shares (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Share-based Payment Award, Nonvested Shares [Abstract] | ||
Stock based compensation, Nonvested Shares | 50,303 | 18,829 |
Stock based compensation, Weighted-Average Grant Date Fair Value | $11.79 | $18.76 |
Assumed in Merger | 52,468 | |
Assumed in Merger | $11.65 | |
Vested | -20,994 | |
Vested | $17.62 |
DIVIDENDS_AND_OTHER_RESTRICTIO1
DIVIDENDS AND OTHER RESTRICTIONS (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $110.20 |
DERIVATIVES_Details
DERIVATIVES (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 15, 2014 | |
DERIVATIVES (Details) [Line Items] | ||||||||||||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $25,000,000 | $25,000,000 | $25,000,000 | |||||||||
Interest Expense | 4,550,000 | 4,797,000 | 2,733,000 | 2,727,000 | 2,778,000 | 2,819,000 | 2,751,000 | 2,734,000 | 14,808,000 | 11,082,000 | 11,776,000 | |
Interest Rate Swap [Member] | ||||||||||||
DERIVATIVES (Details) [Line Items] | ||||||||||||
Interest Expense | $60,000 | $0 | $0 |
DERIVATIVES_Details_Summary_of
DERIVATIVES (Details) - Summary of interest rate swap designated as a cash flow hedges (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
2014 | |
Notional Amounts | $50,000 |
Weighted average pay rates | 1.58% |
Weighted average receivable rates (in Dollars per share) | $0.24 |
Weighted average maturity | 4 years 146 days |
Unrealized gains | $48 |
DERIVATIVES_Details_Summary_of1
DERIVATIVES (Details) - Summary of net gains (losses) recorded in accumulated other comprehensive income and statements of income relating to cash flow derivative instruments (Interest Rate Contract [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Interest Rate Contract [Member] | |
DERIVATIVES (Details) - Summary of net gains (losses) recorded in accumulated other comprehensive income and statements of income relating to cash flow derivative instruments [Line Items] | |
Interest Rate Contracts | $48 |
DERIVATIVES_Details_Summary_of2
DERIVATIVES (Details) - Summary of cash flow hedges included in the consolidated balance sheets (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Included in other asset/(liabilities): | |
Interest rate swap related to FHLB Advances | $50,000 |
Interest rate swap related to FHLB Advances | 48 |
Interest Rate Swap [Member] | |
Included in other asset/(liabilities): | |
Interest rate swap related to FHLB Advances | 50,000 |
Interest rate swap related to FHLB Advances | $48 |
FAIR_VALUE_MEASUREMENTS_AND_FA2
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $3,907,000 | $5,016,000 |
Impaired Financing Receivable, Related Allowance | $262,000 | $415,000 |
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 $) | Dec. 31, 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 | $289,532 | $323,070 |
Derivatives | 48 | |
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 | 32,817 | 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 | 32,817 | 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 | 60,356 | 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 | 60,356 | 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 | 3,046 | 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 | 3,046 | 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 | 8,406 | 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 | 8,406 | 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 | 16,306 | 19,403 |
Trust Preferred Securities [Member] | Fair Value, Inputs, Level 3 [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 | 36 | |
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 | 16,306 | 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 | 125,777 | 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 | 125,777 | 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 | 27,502 | 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 | 27,502 | 15,979 |
Certificate 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 | 2,123 | |
Certificate 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 | 2,123 | 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 | 307 | 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 | 307 | 287 |
Other 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 | 12,892 | 5,724 |
Other 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 | 12,892 | 5,724 |
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 | 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 | 13,519 | |
Collateralized Mortgage 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 | 15,979 | |
Collateralized Mortgage 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 | 15,979 | |
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 | 13,199 | 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 | 276,333 | 303,540 |
Derivatives | 48 | |
Fair Value, Inputs, Level 3 [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 | $36 |
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 $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule of Changes in Investment Securities Available-for-Sale [Abstract] | |
Beginning balance, January 1, | $36 |
Transfers out of Level 3 | -260 |
Principal interest deferrals | 58 |
Total net losses included in net income | -628 |
Total net unrealized gains | $794 |
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 (Appraisals of Collateral Valuation Technique [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Residential 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% |
Residential 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 | 25.00% | 25.00% |
Residential 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 |
Other Real Estate Owned | ||
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
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% |
Other Real Estate Owned | ||
Discounted Range | 6.00% | 6.00% |
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% |
Other Real Estate Owned | ||
Discounted Range | 8.00% | 8.00% |
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 |
Other Real Estate Owned | ||
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
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% |
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% |
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 |
Other Real Estate Owned | ||
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
Construction Loans [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 | 5.00% | 5.00% |
Construction Loans [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 | 0.00% | 0.00% |
Construction Loans [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 |
Other Real Estate Owned | ||
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
Commercial 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 | 15.00% | 15.00% |
Other Real Estate Owned | ||
Discounted Range | 6.00% | 6.00% |
Commercial 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 | 0.00% | 0.00% |
Other Real Estate Owned | ||
Discounted Range | 8.00% | 8.00% |
Commercial 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 |
Other Real Estate Owned | ||
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Assets at Fair Value on Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $3,907 | |
Commercial Real Estate Portfolio Segment [Member] | Impaired Loans [Member] | ||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Assets at Fair Value on Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 3,907 | |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Assets at Fair Value on Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,108 | 220 |
Residential Portfolio Segment [Member] | Other Real Estate Owned [Member] | ||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Assets at Fair Value on Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,108 | 220 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Assets at Fair Value on Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,601 | |
Commercial Portfolio Segment [Member] | Impaired Loans [Member] | ||
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Assets at Fair Value on Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $4,601 |
FAIR_VALUE_MEASUREMENTS_AND_FA7
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value Hierarchy (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financial assets: | ||||
Cash and cash equivalents, Carrying Amount | $126,847 | $82,692 | $106,138 | $111,101 |
Cash and cash equivalents, Fair Value | 126,847 | 82,692 | ||
Investment securities available-for-sale, Carrying Amount | 289,532 | 323,070 | ||
Investment securities: available-for-sale, Fair Value | 289,532 | 323,070 | ||
Investment securities held-to-maturity, Carrying Amount | 224,682 | 215,286 | ||
Investment securities held-to-maturity, Fair Value | 231,445 | 210,958 | ||
Investment in restricted stock, at cost, Carrying Amount | 23,535 | 8,986 | ||
Investment in restricted stock, at cost, Fair Value | ||||
Net loans, Carrying Amount | 2,524,481 | 950,610 | ||
Net loans, Fair Value | 2,538,415 | 948,606 | ||
Derivatives | 48 | |||
Derivatives | 48 | |||
Accrued interest receivable, Carrying Amount | 11,700 | 6,802 | ||
Accrued interest receivable, Fair Value | 11,700 | 6,802 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits, Carrying Amount | 492,516 | 227,370 | ||
Noninterest-bearing deposits, Fair Value | 492,516 | 227,370 | ||
Interest-bearing deposits, Carrying Amount | 1,983,091 | 1,114,635 | ||
Interest-bearing deposits, Fair Value | 1,990,484 | 1,115,781 | ||
Borrowings, Carrying Amount | 495,553 | 146,000 | ||
Borrowings, Fair Value | 505,641 | 157,440 | ||
Subordinated debentures, Carrying Amount | 5,155 | 5,155 | ||
Subordinated debentures, Fair Value | 4,768 | 5,143 | ||
Accrued interest payable, Carrying Amount | 3,930 | 963 | ||
Accrued interest payable, Fair Value | 3,930 | 963 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 126,847 | 82,692 | ||
Investment securities: available-for-sale, Fair Value | 13,199 | 19,530 | ||
Investment securities held-to-maturity, Fair Value | 29,184 | 27,037 | ||
Investment in restricted stock, at cost, Fair Value | ||||
Accrued interest receivable, Fair Value | 68 | 102 | ||
Financial liabilities: | ||||
Noninterest-bearing deposits, Fair Value | 492,516 | 227,370 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Investment securities: available-for-sale, Fair Value | 276,333 | 303,540 | ||
Investment securities held-to-maturity, Fair Value | 183,489 | 164,940 | ||
Investment in restricted stock, at cost, Fair Value | ||||
Derivatives | 48 | |||
Accrued interest receivable, Fair Value | 3,674 | 4,034 | ||
Financial liabilities: | ||||
Interest-bearing deposits, Fair Value | 1,990,484 | 1,115,781 | ||
Borrowings, Fair Value | 505,641 | 157,440 | ||
Subordinated debentures, Fair Value | 4,768 | 5,143 | ||
Accrued interest payable, Fair Value | 3,930 | 963 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Investment securities: available-for-sale, Fair Value | 36 | |||
Investment securities held-to-maturity, Fair Value | 18,772 | 18,981 | ||
Investment in restricted stock, at cost, Fair Value | ||||
Net loans, Fair Value | 2,538,415 | 948,606 | ||
Accrued interest receivable, Fair Value | $7,958 | $2,666 |
PARENT_CORPORATION_ONLY_FINANC2
PARENT CORPORATION ONLY FINANCIAL STATEMENTS (Details) - Condensed Statements of Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $31,813 | $82,692 |
Securities available for sale | 289,532 | 323,070 |
Other assets | 22,782 | 10,414 |
Total assets | 3,448,572 | 1,673,082 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Subordinated debentures | 5,155 | 5,155 |
Stockholders’ equity | 446,219 | 168,584 |
Total liabilities and stockholders’ equity | 3,448,572 | 1,673,082 |
Parent Company [Member] | ||
ASSETS | ||
Cash and cash equivalents | 274 | 285 |
Investment in subsidiaries | 450,185 | 173,658 |
Securities available for sale | 463 | 442 |
Other assets | 2,250 | 271 |
Total assets | 453,172 | 174,656 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Other liabilities | 1,798 | 917 |
Subordinated debentures | 5,155 | 5,155 |
Stockholders’ equity | 446,219 | 168,584 |
Total liabilities and stockholders’ equity | $453,172 | $174,656 |
PARENT_CORPORATION_ONLY_FINANC3
PARENT CORPORATION ONLY FINANCIAL STATEMENTS (Details) - Condensed Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividend income from subsidiaries | $636 | $523 | $567 | ||||||||
Net Income | 8,023 | 1,766 | 4,378 | 4,398 | 4,984 | 5,094 | 4,923 | 4,924 | 18,565 | 19,925 | 17,507 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividend income from subsidiaries | 9,276 | 4,393 | 2,079 | ||||||||
Other income | 6 | 6 | 15 | ||||||||
Net gains on available for sale securities | 22 | 26 | |||||||||
Management fees | 100 | 353 | 409 | ||||||||
Total Income | 9,382 | 4,774 | 2,529 | ||||||||
Expenses | -707 | -765 | -731 | ||||||||
Income before equity in undistributed earnings of subsidiaries | 8,675 | 4,009 | 1,798 | ||||||||
Equity in undistributed earnings of subsidiaries | 9,890 | 15,916 | 15,709 | ||||||||
Net Income | $18,565 | $19,925 | $17,507 |
PARENT_CORPORATION_ONLY_FINANC4
PARENT CORPORATION ONLY FINANCIAL STATEMENTS (Details) - Condensed Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net income | $18,565,000 | $19,925,000 | $17,507,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Increase) decrease in other assets | 2,200,000 | 414,000 | -1,465,000 |
Decrease in other liabilities | 377,000 | -1,792,000 | 980,000 |
Stock based compensation | 223,000 | 59,000 | 39,000 |
Cash flows from financing activities: | |||
Cash dividends on common stock | -6,940,000 | -4,254,000 | -2,778,000 |
Cash dividends on preferred stock | -140,000 | -141,000 | -363,000 |
Proceeds from exercise of stock options | 885,000 | 21,000 | 141,000 |
Decrease in cash and cash equivalents | 44,155,000 | -23,446,000 | -4,963,000 |
Cash and cash equivalents at beginning of year | 82,692,000 | 106,138,000 | 111,101,000 |
Cash and cash equivalents at the end of year | 126,847,000 | 82,692,000 | 106,138,000 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 18,565,000 | 19,925,000 | 17,507,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net gains on sales of available for sale securities | -22,000 | -26,000 | |
Equity in undistributed earnings of subsidiary | -9,890,000 | -15,916,000 | -15,709,000 |
(Increase) decrease in other assets | -1,979,000 | -167,000 | 563,000 |
Decrease in other liabilities | -1,010,000 | -276,000 | -772,000 |
Stock based compensation | 223,000 | 59,000 | 39,000 |
Net cash provided by operating activities | 5,909,000 | 3,603,000 | 1,602,000 |
Cash flows from investing activities: | |||
Proceeds from sales of available-for-sale securities | 181,000 | 375,000 | |
Purchase of available-for-sale securities | -410,000 | ||
Net cash provided by (used in) investing activities | 181,000 | -35,000 | |
Cash flows from financing activities: | |||
Cash dividends on common stock | -6,940,000 | -4,254,000 | -2,778,000 |
Cash dividends on preferred stock | -140,000 | -141,000 | -363,000 |
Issuance of restricted stock award | 243,000 | ||
Issuance cost of common stock | -7,000 | -13,000 | -8,000 |
Proceeds from exercise of stock options | 885,000 | 21,000 | 141,000 |
Tax expense from stock based compensation | 282,000 | 16,000 | 28,000 |
Net cash used in financing activities | -5,920,000 | -4,128,000 | -2,980,000 |
Decrease in cash and cash equivalents | -11,000 | -344,000 | -1,413,000 |
Cash and cash equivalents at beginning of year | 285,000 | 629,000 | 2,042,000 |
Cash and cash equivalents at the end of year | $274,000 | $285,000 | $629,000 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION OF CONNECTONE BANCORP, INC. (UNAUDITED) (Details) - Schedule of Quarterly Financial Information (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Quarterly Financial Information [Abstract] | |||||||||||||
Total interest income | $33,130 | $32,343 | $14,401 | $14,337 | $14,644 | $14,541 | $13,979 | $14,104 | $94,207 | $57,268 | $55,272 | ||
Total interest expense | 4,550 | 4,797 | 2,733 | 2,727 | 2,778 | 2,819 | 2,751 | 2,734 | 14,808 | 11,082 | 11,776 | ||
Net interest income | 28,580 | 27,546 | 11,668 | 11,610 | 11,866 | 11,722 | 11,228 | 11,370 | 79,399 | 46,186 | 43,496 | ||
Provision for loan losses | 2,474 | 1,300 | 284 | 625 | 350 | 4,683 | 325 | 4,683 | 350 | 325 | |||
Total other income, net of securities gains | 1,358 | 1,062 | 1,150 | 1,106 | 1,307 | 1,200 | 1,107 | 1,526 | |||||
Net securities gains | 718 | 111 | 574 | 1,415 | 449 | 343 | 600 | 319 | 2,818 | 1,711 | 2,012 | ||
Other expense | 15,164 | 25,400 | 6,744 | 7,496 | 6,459 | 6,205 | 6,076 | 6,538 | |||||
Income before income taxes | 13,018 | 2,019 | 6,364 | 6,010 | 6,813 | 7,060 | 6,859 | 6,677 | 27,410 | 27,409 | 25,184 | ||
Provision from income taxes | 4,995 | 253 | 1,986 | 1,612 | 1,829 | 1,966 | 1,936 | 1,753 | |||||
Net income | 8,023 | 1,766 | 4,378 | 4,398 | 4,984 | 5,094 | 4,923 | 4,924 | 18,565 | 19,925 | 17,507 | ||
Net income available to common stockholders | $7,995 | $1,738 | $4,350 | $4,370 | $4,955 | $5,066 | $4,895 | $4,868 | $18,453 | $19,784 | $17,226 | ||
Earnings per share: | |||||||||||||
Basic (in Dollars per share) | $0.27 | $0.06 | $0.27 | $0.27 | $0.30 | $0.31 | $0.30 | $0.30 | $0.80 | $1.21 | $1.05 | ||
Diluted (in Dollars per share) | $0.27 | $0.06 | $0.26 | $0.27 | $0.30 | $0.31 | $0.30 | $0.30 | $0.79 | $1.21 | $1.05 | ||
Weighted average common shares outstanding: | |||||||||||||
Basic (in Shares) | 29,699,301 | 29,636,001 | 16,372,885 | 16,350,183 | 16,350,183 | 16,349,480 | 16,348,915 | 16,348,215 | 23,029,813 | 16,349,204 | 16,340,197 | ||
Diluted (in Shares) | 30,149,244 | 30,108,103 | 16,430,376 | 16,405,540 | 16,396,931 | 16,385,155 | 16,375,774 | 16,373,588 | 23,479,074 | 16,385,692 | 16,351,046 |